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 (25 May) its 1Q23 results: revenue was RMB58.6bn, up 26.7% YoY, 3/2% higher than our forecast/consensus estimate.</li><li>Adjusted net profit during 1Q23 reached RMB5.5bn, better than our/consensus forecast of RMB2.0/1.9bn, due to better-than-expected operating profit generated from core local commerce business aided by better operating leverage improvement, and more stringent than expected cost control from new initiatives.</li><li>Meituan remains determined to invest in driving for better consumer mindshare and merchants ROI in local consumer services industry, in order to fend off escalating competition from Douyin. </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 (25 May) its 1Q23 results: revenue was RMB58.6bn, up 26.7% YoY, 3/2% higher than our forecast/consensus estimate.Adjusted net profit during 1Q23 reached RMB5.5bn, better than our/consensus forecast of RMB2.0/1.9bn, due to better-than-expected operating profit generated from core local commerce business aided by better operating leverage improvement, and more stringent than expected cost control from new initiatives.Meituan remains determined to invest in driving for better consumer mindshare and merchants ROI in local consumer services industry, in order to fend off escalating competition from Douyin. 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) – Determined to maintain local consumer services industry consumer mind share

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by foreign on-demand service leaders foodpanda and Deliveroo.</li><li>Meituan is hiring delivery workers including motorcycle and bike riders as well as so-called foot soldiers who can dispatch orders by foot, a recruitment document showed.</li><li>As an incentive, Meituan said new riders who complete a certain volume of orders will receive a bonus of HK$2,500 ($319).</li></ul>

Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by foreign on-demand service leaders foodpanda and Deliveroo.Meituan is hiring delivery workers including motorcycle and bike riders as well as so-called foot soldiers who can dispatch orders by foot, a recruitment document showed.As an incentive, Meituan said new riders who complete a certain volume of orders will receive a bonus of HK$2,500 ($319).

Meituan Gears Up for Hong Kong Expansion With Rider Recruitment

<ul><li>Meituan reported (25 November) its 3Q22 results: revenue was RMB62.6bn, up 28.2% YoY, 0.9/0.4% higher than our forecast and consensus estimate.</li><li>Adjusted net profit during 3Q22 reached RMB3.5bn (3Q21: loss of RMB5.5bn), better than our/consensus forecast of RMB1.5/0.8bn, mainly on better-thanexpected profit from core local commerce business segment, and narrowerthan-expected loss from new initiatives and others.</li><li>Recent pandemic resurgence nationwide likely brings short-term headwind to Meituan, and management aims to drive for continuous YoY profitability improvement through optimization in user subsidy and more efficient business operation for new initiatives. </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 (25 November) its 3Q22 results: revenue was RMB62.6bn, up 28.2% YoY, 0.9/0.4% higher than our forecast and consensus estimate.Adjusted net profit during 3Q22 reached RMB3.5bn (3Q21: loss of RMB5.5bn), better than our/consensus forecast of RMB1.5/0.8bn, mainly on better-thanexpected profit from core local commerce business segment, and narrowerthan-expected loss from new initiatives and others.Recent pandemic resurgence nationwide likely brings short-term headwind to Meituan, and management aims to drive for continuous YoY profitability improvement through optimization in user subsidy and more efficient business operation for new initiatives. 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) – Long-term development intact despite short-term headwinds

<ul><li>Prosus NV, the Dutch unit of Tencent Holdings Ltd.’s largest shareholder Naspers Ltd., said it will consider selling the $4.6 billion of Meituan shares it will receive from Tencent as a special dividend.</li><li>South African media giant Naspers owns about 28% of the Chinese internet giant indirectly via Prosus.</li><li>On Nov. 16, Tencent announced a special distribution of 958 million Meituan shares to shareholders.</li></ul>

Prosus NV, the Dutch unit of Tencent Holdings Ltd.’s largest shareholder Naspers Ltd., said it will consider selling the $4.6 billion of Meituan shares it will receive from Tencent as a special dividend.South African media giant Naspers owns about 28% of the Chinese internet giant indirectly via Prosus.On Nov. 16, Tencent announced a special distribution of 958 million Meituan shares to shareholders.

Top Tencent Investor Naspers Considers Selling Meituan Shares

<div><ul><li>Long-term UE expansion for FD business remains on track.</li><li>ISHT: awaits operational recovery next year.</li><li>New businesses: eyes on UE improvement for Meituan Select in the ST, and business model evolvement over the long term.</li></ul></div>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.

Long-term UE expansion for FD business remains on track.ISHT: awaits operational recovery next year.New businesses: eyes on UE improvement for Meituan Select in the ST, and business model evolvement over the long term.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) – Balancing Growth and Efficiency

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

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Meituan (3690 HK)

Meituan Gears Up for Hong Kong Expansion With Rider Recruitment

Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by...

Caixin Global

Meituan (3690 HK) – Long-term development intact despite short-term headwinds

Meituan reported (25 November) its 3Q22 results: revenue was RMB62.6bn, up 28.2% YoY, 0.9/0.4% higher than our forecast and consensus estimate.

CMB International

Top Tencent Investor Naspers Considers Selling Meituan Shares

Prosus NV, the Dutch unit of Tencent Holdings Ltd.’s largest shareholder Naspers Ltd., said it will consider selling the $4.6 billion...

Caixin Global

Meituan (3690 HK) – Balancing Growth and Efficiency

ISHT: awaits operational recovery next year. New businesses: eyes on UE improvement for Meituan Select in the ST, and business model evolvement...

CMB International

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