美团-NDR 会议要点：外卖业务规模领先优势稳固，单位经济优势凸显，买入评级

Meituan (3690.HK): NDR highlights: Sustaining food delivery scale leadership and unit economics advantage; Buy We hosted Meituan's Capital Markets team with investors on Mar 30th post its 4Q25 results. Investors' key focuses centered around latest food delivery competitive landscape and longer-term unit economics outlook, in-store competition & margin trajectory, Instashopping's growth and margin outlook, investment scale for overseas expansion (Keeta) and other grocery new initiatives (e.g. Ella/Xiaoxiang ...