美团-2025 年第四季度回顾：维持 GTV 规模领先，盈利复苏路径更清晰；维持买入评级

28 March 2026 | 1:30AM HKT Equity Research Meituan (3690.HK) 4Q25 review: Sustaining GTV scale leadership with a clearer path to profit recovery; maintain Buy 3690.HK 12m Price Target: HK$112.00 Price: HK$85.90 Upside: 30.4% We see a clearer path to Meituan's food delivery eventual profit turnaround (albeit at a lower normalized long-term profit level, which is already in our base case) on the back of Meituan's continued food delivery unit economics advantage helped by a sticky user base (Exhibit 1), Alibab ...