External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Meituan reported (28 Nov) its 3Q25 results: revenue was RMB95.5bn, up 2.0% YoY, 2% shy of both our forecast and Bloomberg consensus, while adj. net loss reached RMB16.0bn (3Q24: +RMB12.8bn), shy of consensus at RMB14.0bn due to more intensified-than-market expected competition in food delivery (FD) but was better than our forecast of loss of RMB16.6bn.</li><li>With a moderation in industry competition QoQ in 4Q25 QTD, we believe FD investment has peaked out in 3Q25. Although competition in FD industry remains dynamic, and Meituan is facing increasing competition in in-store business, the strategy to enhance mindshare of the core user base should help Meituan better support long-term growth.</li><li>The greater-than-peers order contribution from high-value FD orders and better operating efficiency should help Meituan sustain its UE advantage over peers for FD business, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan reported (28 Nov) its 3Q25 results: revenue was RMB95.5bn, up 2.0% YoY, 2% shy of both our forecast and Bloomberg consensus, while adj. net loss reached RMB16.0bn (3Q24: +RMB12.8bn), shy of consensus at RMB14.0bn due to more intensified-than-market expected competition in food delivery (FD) but was better than our forecast of loss of RMB16.6bn.With a moderation in industry competition QoQ in 4Q25 QTD, we believe FD investment has peaked out in 3Q25. Although competition in FD industry remains dynamic, and Meituan is facing increasing competition in in-store business, the strategy to enhance mindshare of the core user base should help Meituan better support long-term growth.The greater-than-peers order contribution from high-value FD orders and better operating efficiency should help Meituan sustain its UE advantage over peers for FD business, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - FD Investment Peaked Out Driving Value Creation...

<ul><li>For 3Q25E, we estimate Meituan achieved revenue of RMB97.8bn, inline with Bloomberg consensus, translating into 4.6% YoY growth.</li><li>During the period, we expect the company inked adjusted net loss of RMB16.6bn, higher than consensus of RMB12.6bn, owing to fierce industry competition in the food delivery business.</li><li>Although we believe the impact from incremental investment on operating profit from food delivery business should be at its peak in 3Q25, the pace of improvement in the competitive environment remains worth observing, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25E, we estimate Meituan achieved revenue of RMB97.8bn, inline with Bloomberg consensus, translating into 4.6% YoY growth.During the period, we expect the company inked adjusted net loss of RMB16.6bn, higher than consensus of RMB12.6bn, owing to fierce industry competition in the food delivery business.Although we believe the impact from incremental investment on operating profit from food delivery business should be at its peak in 3Q25, the pace of improvement in the competitive environment remains worth observing, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - Competition Remains Fierce While Investment Impact Likely Peaked Out

<ul><li>Meituan reported (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn, down 89% YoY, and was 85% lower than Bloomberg consensus estimates due to strategic investment to maintain market share in the food delivery (FD) business.</li><li>The RMB3.7bn OP for the core local commerce (CLC) segment was 69% lower than consensus, while RMB1.9bn operating loss of new initiatives was better than consensus at RMB2.4bn loss.</li><li>Meituan is seeking efficient ways to respond to intense competition in the FD business, such as leveraging Shenqiangshou and Pinhaofan model to address consumer’s value for money demand, and it targets to maintain market share in core categories which has a decent average order value (AOV) such as main meal to retain customers and orders that could maintain sufficient demand even after subsidies are reduced in the future. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan reported (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn, down 89% YoY, and was 85% lower than Bloomberg consensus estimates due to strategic investment to maintain market share in the food delivery (FD) business.The RMB3.7bn OP for the core local commerce (CLC) segment was 69% lower than consensus, while RMB1.9bn operating loss of new initiatives was better than consensus at RMB2.4bn loss.Meituan is seeking efficient ways to respond to intense competition in the FD business, such as leveraging Shenqiangshou and Pinhaofan model to address consumer’s value for money demand, and it targets to maintain market share in core categories which has a decent average order value (AOV) such as main meal to retain customers and orders that could maintain sufficient demand even after subsidies are reduced in the future. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - Seeking Efficient Ways to Respond to Intense Competition

<ul><li>Meituan reported (26 May) its 1Q25 results: revenue was RMB86.6bn, up 18% YoY, 1% higher than both our forecast and Bloomberg consensus estimate, while adj. NP reached RMB10.9bn, up 46% YoY, and was 12/13% higher than our forecast/consensus estimates.</li><li>The RMB13.5bn OP for the core local commerce (CLC) segment was 10% better than consensus, mainly attributable to the beat in OP of food delivery (FD) business aided by optimization in user subsidy, in our view.</li><li>Since competition is gearing up for the food delivery business, and industry players are deploying more resources to accelerate the development of instant retail business, Meituan is proactively responding and trading off short-term profitability to enhance user stickiness, to ride on the tide of accelerated industry penetration. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan reported (26 May) its 1Q25 results: revenue was RMB86.6bn, up 18% YoY, 1% higher than both our forecast and Bloomberg consensus estimate, while adj. NP reached RMB10.9bn, up 46% YoY, and was 12/13% higher than our forecast/consensus estimates.The RMB13.5bn OP for the core local commerce (CLC) segment was 10% better than consensus, mainly attributable to the beat in OP of food delivery (FD) business aided by optimization in user subsidy, in our view.Since competition is gearing up for the food delivery business, and industry players are deploying more resources to accelerate the development of instant retail business, Meituan is proactively responding and trading off short-term profitability to enhance user stickiness, to ride on the tide of accelerated industry penetration. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - Proactively Responding to Competition in Food Delivery Market

Thematic (Sector/Industry)

<ul><li>For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;</li><li>2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and</li><li>3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand remains resilient, with solid increases in both the number of tourists and per capita consumption;2) outbound travel demand remained strong and inbound travel could become an important long-term growth driver for the travel industry over the long-run; and3) although overall consumption sentiment likely still takes time to recover, retail sales GMV growth during the holiday period was strong, and “national subsidy” remains a solid driver for growth in key categories such as home appliances and communication equipment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - Trends Observed from 2025 Spring Festival

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Meituan (3690 HK) - FD Investment Peaked Out Driving Value Creation...

Meituan reported (28 Nov) its 3Q25 results: revenue was RMB95.5bn, up 2.0% YoY, 2% shy of both our forecast and Bloomberg consensus, while adj. net...

CMB International

Meituan (3690 HK) - Competition Remains Fierce While Investment Impact Likely Peaked Out

For 3Q25E, we estimate Meituan achieved revenue of RMB97.8bn, inline with Bloomberg consensus, translating into 4.6% YoY growth.

CMB International

Meituan (3690 HK) - Seeking Efficient Ways to Respond to Intense Competition

Meituan reported (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn,...

CMB International

Meituan (3690 HK) - Proactively Responding to Competition in Food Delivery Market

Meituan reported (26 May) its 1Q25 results: revenue was RMB86.6bn, up 18% YoY, 1% higher than both our forecast and Bloomberg consensus estimate,...

CMB International

Internet - Trends Observed from 2025 Spring Festival

For this year’s Spring Festival Holiday (SFH), we identified several key trends regarding travel and consumption: 1) overall domestic travel demand...

CMB International

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