not vested
<Research>Citi Expects MEITUAN-W to Report Adj. Loss of RMB16.3B in 3Q, Cuts TP to $117 with Neutral Rating
Citi released a research report on MEITUAN-W (03690.HK), of which food delivery subsidy amounts may have peaked in 3Q25, leading to further adjustments in loss assumptions.
Citi estimated Meituan's core local commerce (CLC) and on-demand delivery operations, to have incurred losses of RMB15 billion and RMB20 billion respectively in 3Q25, while losses from new initiative are expected to remain around RMB2.37 billion.
Citi's forecast for Meituan's adjusted operating loss and EBITDA loss for 3Q25 are RMB17.3 billion and RMB16 billion respectively.
Citi believed that the anticipated improvement in unit economics (UE) by competitors in October is more attributed to increased order density and operational efficiency rather than significant subsidy cuts.
After adjusting forecasts, Citi slashed Meituan's target price from HKD133 to HKD117, maintaining a Neutral rating and anticipating persistent short-term pressure.
Citi expected Meituan's total revenue for 3Q25 to be RMB97.25 billion, implying a YoY growth of 3.9%, with an adjusted loss of RMB16.3 billion.
The market consensus expected revenue of RMB98.1 billion and an adjusted loss of RMB12.3 billion.
Source: AASTOCKS Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Meituan 3690 02 (Jun 23 - Dec 27)
Re: Meituan 3690
by winston » Fri Oct 17, 2025 2:12 pm
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Meituan 3690
by winston » Mon Oct 20, 2025 7:47 am
not vested
MEITUAN-W: Customers Inclined to Seek Super Value for Money; AI Can Help Restaurants Make Operational Decisions
Chinese media learned from data released by MEITUAN-W (03690.HK) that about 70% of its new food delivery orders this year, fell into the low-price range of under RMB15 and nearly 50% of the order growth driven by subsidies came from beverages after the food delivery wars in May.
Meanwhile, the growth rate of China's restaurant industry has also slowed noticeably in recent years and the 2025 dine-in spending per customer has dropped back to the level of ten years ago.
Wang Puzhong, CEO of MEITUAN-W's core local commerce sector, said that customers' pursuit of super value for money is reshaping the restaurant industry but he reminded that value for money should come from structural cost advantages and improvement in overall operational capabilities, instead of from involutionary competition.
Wang also highlighted AI's helping role in restaurant operations. MEITUAN-W has recently launched different AI tools to assist merchants in making decisions regarding site selection, menu development and operational strategies, among others.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
MEITUAN-W: Customers Inclined to Seek Super Value for Money; AI Can Help Restaurants Make Operational Decisions
Chinese media learned from data released by MEITUAN-W (03690.HK) that about 70% of its new food delivery orders this year, fell into the low-price range of under RMB15 and nearly 50% of the order growth driven by subsidies came from beverages after the food delivery wars in May.
Meanwhile, the growth rate of China's restaurant industry has also slowed noticeably in recent years and the 2025 dine-in spending per customer has dropped back to the level of ten years ago.
Wang Puzhong, CEO of MEITUAN-W's core local commerce sector, said that customers' pursuit of super value for money is reshaping the restaurant industry but he reminded that value for money should come from structural cost advantages and improvement in overall operational capabilities, instead of from involutionary competition.
Wang also highlighted AI's helping role in restaurant operations. MEITUAN-W has recently launched different AI tools to assist merchants in making decisions regarding site selection, menu development and operational strategies, among others.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Thu Nov 13, 2025 1:41 pm
not vested
<Research>CLSA Chops MEITUAN-W (03690.HK) TP to $135, Projects 3Q Loss to Be RMB16.3B
CLSA anticipated that MEITUAN-W (03690.HK)'s 3Q25 core local commerce revenue will decline by 1% YoY to RMB68 billion due to intense competition. Total revenue growth rate will slow to a YoY growth of 4%, reaching RMB97 billion.
Due to increased subsidies and rider costs in core local commerce and higher global losses from global expansion, CLSA estimated that MEITUAN-W will record a loss of RMB16.3 billion in 3Q25.
The loss is expected to narrow in 4Q25, but downside risks remain.
The broker lowered its FY2025/ 2026/ 2027 adjusted net profit forecasts for MEITUAN-W by RMB1.6 billion/ RMB15 billion/ RMB9.7 billion respectively.
CLSA also chopped its target price from $143 to $135, with rating kept at Outperform.
Source: AASTOCKS Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>CLSA Chops MEITUAN-W (03690.HK) TP to $135, Projects 3Q Loss to Be RMB16.3B
CLSA anticipated that MEITUAN-W (03690.HK)'s 3Q25 core local commerce revenue will decline by 1% YoY to RMB68 billion due to intense competition. Total revenue growth rate will slow to a YoY growth of 4%, reaching RMB97 billion.
Due to increased subsidies and rider costs in core local commerce and higher global losses from global expansion, CLSA estimated that MEITUAN-W will record a loss of RMB16.3 billion in 3Q25.
The loss is expected to narrow in 4Q25, but downside risks remain.
The broker lowered its FY2025/ 2026/ 2027 adjusted net profit forecasts for MEITUAN-W by RMB1.6 billion/ RMB15 billion/ RMB9.7 billion respectively.
CLSA also chopped its target price from $143 to $135, with rating kept at Outperform.
Source: AASTOCKS Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Mon Dec 01, 2025 9:44 am
not vested
3Q25: Earnings Miss; FD Loss To Narrow In 4Q25 Amid Vague Visibility
Meituan’s 3Q25 earnings missed expectations.
Total revenue grew 2% yoy to Rmb95.5b, 2-4% below our and consensus estimates.
Non-IFRS net loss came in at Rmb16b, with net margin at a loss of 17%, missing consensus estimates.
For 4Q25, Meituan expects to see narrowing FD losses on easing competition.
In 2026, margin pressure will remain pressured due to FD overseas expansion but total investment will be at or below 2025 levels.
Maintain SELL with a slightly lower target price of HK$79.00.
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
3Q25: Earnings Miss; FD Loss To Narrow In 4Q25 Amid Vague Visibility
Meituan’s 3Q25 earnings missed expectations.
Total revenue grew 2% yoy to Rmb95.5b, 2-4% below our and consensus estimates.
Non-IFRS net loss came in at Rmb16b, with net margin at a loss of 17%, missing consensus estimates.
For 4Q25, Meituan expects to see narrowing FD losses on easing competition.
In 2026, margin pressure will remain pressured due to FD overseas expansion but total investment will be at or below 2025 levels.
Maintain SELL with a slightly lower target price of HK$79.00.
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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- Joined: Wed May 07, 2008 9:28 am
Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Mon Dec 01, 2025 11:46 am
not vested
<Research>Nomura Foresees MEITUAN-W Food Delivery Earnings Outlook Challenging; Stock Downgraded to Neutral
Competition in China's food delivery market has evolved into a protracted one, Nomura said in its research report.
MEITUAN-W (03690.HK) is expected to keep facing competition across multiple business lines, with both its food delivery and in-store services being under constant competitive pressure.
This persisted competition may keep Meituan's food delivery profitability fragile in the coming quarters.
The in-store segment is Meituan's only profitable business in 3Q25, but its profitability is projected to be dented by competitors like Douyin's subsidy war to garner market share.
Meituan's management lowered its long-term profit margin guidance for the in-store segment from approximately 35% to 25-30%, reflecting the escalating market competition.
Related News: M Stanley Lowers MEITUAN-W's TP to HKD120; Signs of Bottoming Out Emerge; HK Operations Reach Breakeven Earlier Than Expected
Nomura downgraded Meituan from Buy to Neutral, lowered its target price from HK$123 to HK$107, and reduced its operating profit forecasts for FY2025/ 26 by 65%/ 58%.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>Nomura Foresees MEITUAN-W Food Delivery Earnings Outlook Challenging; Stock Downgraded to Neutral
Competition in China's food delivery market has evolved into a protracted one, Nomura said in its research report.
MEITUAN-W (03690.HK) is expected to keep facing competition across multiple business lines, with both its food delivery and in-store services being under constant competitive pressure.
This persisted competition may keep Meituan's food delivery profitability fragile in the coming quarters.
The in-store segment is Meituan's only profitable business in 3Q25, but its profitability is projected to be dented by competitors like Douyin's subsidy war to garner market share.
Meituan's management lowered its long-term profit margin guidance for the in-store segment from approximately 35% to 25-30%, reflecting the escalating market competition.
Related News: M Stanley Lowers MEITUAN-W's TP to HKD120; Signs of Bottoming Out Emerge; HK Operations Reach Breakeven Earlier Than Expected
Nomura downgraded Meituan from Buy to Neutral, lowered its target price from HK$123 to HK$107, and reduced its operating profit forecasts for FY2025/ 26 by 65%/ 58%.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 114229
- Joined: Wed May 07, 2008 9:28 am
Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Mon Dec 01, 2025 2:33 pm
not vested
Brokers│Views
Huatai Securities│High-value user barriers protect long-term competitive edge
Daiwa│Bottomed out in 3Q25, though the recovery will be slow
CMSI│High customer order share steady, expecting earnings to recover next year
CLSA│Competition still fierce
Jefferies│Core local business improved, replicating successful experience overseas
CICC│Food delivery business loss peaked out in 3Q25, in-store hotel and travel
business competition resurging
Goldman Sachs│Gross transaction volume maintained leading position
Morgan Stanley│Initial signs of bottoming out emerged
Citi│Core local business expected to continue reporting losses in 4Q25, Keeta operations progressing positively
HSBC Global Research│Focus on high-quality order market share
BofA Securities│Brutal competition in food delivery heaped pressure on 3Q25
results, and losses will narrow in 4Q25, though competition will remain intense
JPMorgan│Defended local business leadership at the expense of profitability
Bernstein│The battle isn't yet decided
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Brokers│Views
Huatai Securities│High-value user barriers protect long-term competitive edge
Daiwa│Bottomed out in 3Q25, though the recovery will be slow
CMSI│High customer order share steady, expecting earnings to recover next year
CLSA│Competition still fierce
Jefferies│Core local business improved, replicating successful experience overseas
CICC│Food delivery business loss peaked out in 3Q25, in-store hotel and travel
business competition resurging
Goldman Sachs│Gross transaction volume maintained leading position
Morgan Stanley│Initial signs of bottoming out emerged
Citi│Core local business expected to continue reporting losses in 4Q25, Keeta operations progressing positively
HSBC Global Research│Focus on high-quality order market share
BofA Securities│Brutal competition in food delivery heaped pressure on 3Q25
results, and losses will narrow in 4Q25, though competition will remain intense
JPMorgan│Defended local business leadership at the expense of profitability
Bernstein│The battle isn't yet decided
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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- Joined: Wed May 07, 2008 9:28 am
Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Tue Dec 02, 2025 8:31 am
not vested
Meituan Instant delivery loss likely to narrow qoq for 4Q25F
Total revenue reached Rmb 95.5bn in 3Q25, up 2% yoy, slightly below our expectation, due to an intensifying food delivery war.
Meituan recorded 3Q25 adjusted (adj.) operating loss of Rmb17.1bn and adj. net loss of Rmb16.0bn, largely in line with our expectation.
We expect Meituan to achieve total revenue growth of 4.7% yoy to Rmb92.6bn in 4Q25F, with adj. net loss of Rmb15bn on easing of delivery subsidies.
We reiterate Add, with a lower DCF-based TP of HK$108.
Source: CGS
https://rfs.cgsi.com/api/download?file= ... 1A8A13E95E
Meituan Instant delivery loss likely to narrow qoq for 4Q25F
Total revenue reached Rmb 95.5bn in 3Q25, up 2% yoy, slightly below our expectation, due to an intensifying food delivery war.
Meituan recorded 3Q25 adjusted (adj.) operating loss of Rmb17.1bn and adj. net loss of Rmb16.0bn, largely in line with our expectation.
We expect Meituan to achieve total revenue growth of 4.7% yoy to Rmb92.6bn in 4Q25F, with adj. net loss of Rmb15bn on easing of delivery subsidies.
We reiterate Add, with a lower DCF-based TP of HK$108.
Source: CGS
https://rfs.cgsi.com/api/download?file= ... 1A8A13E95E
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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- Joined: Wed May 07, 2008 9:28 am
Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Tue Dec 02, 2025 11:26 am
not vested
<Research>CMS Rates MEITUAN-W as Overweight, Predicts 4Q Core Local Biz Operating Loss RMB11.8B
China Merchants Securities has published a research report anticipating that MEITUAN-W (03690.HK)'s earnings will recover next year in light of its stable high customer order share.
MEITUAN-W's 3Q25 revenue grew by 2% YoY to RMB95.5 billion, 2% below expectations, while its gross profit declined by 31% YoY.
The adjusted operating loss was RMB15.3 billion, in line with forecasts.
Related News: Citi Drops MEITUAN-W (03690.HK) TP to $115, Keeps Neutral Rating
In China Merchants Securities' estimate, MEITUAN-W's 4Q25 core local business operating loss will reach RMB11.8 billion, with an absolute investment scale of around RMB22 billion.
China Merchants Securities kept MEITUAN-W's target price at HKD139, with a rating of Overweight.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>CMS Rates MEITUAN-W as Overweight, Predicts 4Q Core Local Biz Operating Loss RMB11.8B
China Merchants Securities has published a research report anticipating that MEITUAN-W (03690.HK)'s earnings will recover next year in light of its stable high customer order share.
MEITUAN-W's 3Q25 revenue grew by 2% YoY to RMB95.5 billion, 2% below expectations, while its gross profit declined by 31% YoY.
The adjusted operating loss was RMB15.3 billion, in line with forecasts.
Related News: Citi Drops MEITUAN-W (03690.HK) TP to $115, Keeps Neutral Rating
In China Merchants Securities' estimate, MEITUAN-W's 4Q25 core local business operating loss will reach RMB11.8 billion, with an absolute investment scale of around RMB22 billion.
China Merchants Securities kept MEITUAN-W's target price at HKD139, with a rating of Overweight.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 114229
- Joined: Wed May 07, 2008 9:28 am
Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Tue Dec 02, 2025 11:26 am
not vested
<Research>CMS Rates MEITUAN-W as Overweight, Predicts 4Q Core Local Biz Operating Loss RMB11.8B
China Merchants Securities has published a research report anticipating that MEITUAN-W (03690.HK)'s earnings will recover next year in light of its stable high customer order share.
MEITUAN-W's 3Q25 revenue grew by 2% YoY to RMB95.5 billion, 2% below expectations, while its gross profit declined by 31% YoY.
The adjusted operating loss was RMB15.3 billion, in line with forecasts.
Related News: Citi Drops MEITUAN-W (03690.HK) TP to $115, Keeps Neutral Rating
In China Merchants Securities' estimate, MEITUAN-W's 4Q25 core local business operating loss will reach RMB11.8 billion, with an absolute investment scale of around RMB22 billion.
China Merchants Securities kept MEITUAN-W's target price at HKD139, with a rating of Overweight.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
<Research>CMS Rates MEITUAN-W as Overweight, Predicts 4Q Core Local Biz Operating Loss RMB11.8B
China Merchants Securities has published a research report anticipating that MEITUAN-W (03690.HK)'s earnings will recover next year in light of its stable high customer order share.
MEITUAN-W's 3Q25 revenue grew by 2% YoY to RMB95.5 billion, 2% below expectations, while its gross profit declined by 31% YoY.
The adjusted operating loss was RMB15.3 billion, in line with forecasts.
Related News: Citi Drops MEITUAN-W (03690.HK) TP to $115, Keeps Neutral Rating
In China Merchants Securities' estimate, MEITUAN-W's 4Q25 core local business operating loss will reach RMB11.8 billion, with an absolute investment scale of around RMB22 billion.
China Merchants Securities kept MEITUAN-W's target price at HKD139, with a rating of Overweight.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Meituan 3690 02 (Jun 23 - Dec 27)
by winston » Wed Dec 03, 2025 3:27 pm
not vested
Prosus, Subsidiary of Naspers, Cuts Stake in MEITUAN-W by 39M+ Shrs within 5 Mths
The latest information disclosed by Prosus, a subsidiary of Naspers, a South African media group and major shareholder of TENCENT (00700.HK) was released.
As of the end of November, Prosus held 218.4 million shares of MEITUAN-W (03690.HK), down 39.1 million shares since early July.
Prosus CEO Fabricio Bloisi stated that the funding for the unlimited buyback plan comes not only from reducing its stake in TENCENT but also from selling investments lacking potential.
According to Prosus' interim report, the company reduced its stake in MEITUAN-W by US$249 million during the period from July to September and further sold US$300 million worth of MEITUAN-W shares in October, cashing in approximately US$549 million in combined.
The company has not disclosed the number of shares involved in the reduction.
Source: AASTOCKS Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Prosus, Subsidiary of Naspers, Cuts Stake in MEITUAN-W by 39M+ Shrs within 5 Mths
The latest information disclosed by Prosus, a subsidiary of Naspers, a South African media group and major shareholder of TENCENT (00700.HK) was released.
As of the end of November, Prosus held 218.4 million shares of MEITUAN-W (03690.HK), down 39.1 million shares since early July.
Prosus CEO Fabricio Bloisi stated that the funding for the unlimited buyback plan comes not only from reducing its stake in TENCENT but also from selling investments lacking potential.
According to Prosus' interim report, the company reduced its stake in MEITUAN-W by US$249 million during the period from July to September and further sold US$300 million worth of MEITUAN-W shares in October, cashing in approximately US$549 million in combined.
The company has not disclosed the number of shares involved in the reduction.
Source: AASTOCKS Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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