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 (1 Jun) its 1Q26 results: revenue of RMB91.0bn (+5.6% YoY) was in line with both our and Bloomberg consensus estimates, while the adjusted net loss of RMB5.0bn came in well ahead of our/consensus forecasts of RMB6.9bn/6.8bn.</li><li>The beat was driven by a smaller-than-feared loss in the Core Local Commerce (CLC) business and a narrower-than-expected loss in new initiatives.</li><li>CLC operating loss narrowed 80% QoQ in 1Q26, and we expect the segment to swing to an operating profit of RMB3.0bn in 2Q26, aided by more disciplined user subsidies in food delivery (FD) as industry competition turns more rational. </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 (1 Jun) its 1Q26 results: revenue of RMB91.0bn (+5.6% YoY) was in line with both our and Bloomberg consensus estimates, while the adjusted net loss of RMB5.0bn came in well ahead of our/consensus forecasts of RMB6.9bn/6.8bn.The beat was driven by a smaller-than-feared loss in the Core Local Commerce (CLC) business and a narrower-than-expected loss in new initiatives.CLC operating loss narrowed 80% QoQ in 1Q26, and we expect the segment to swing to an operating profit of RMB3.0bn in 2Q26, aided by more disciplined user subsidies in food delivery (FD) as industry competition turns more rational. 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) - 1Q Results Beat; Expecting Food Delivery Business to Return to Breakeven in 2Q26

<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

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.</li><li>However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.</li><li>As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.</li></ul>

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

<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 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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

Meituan (3690 HK) - 1Q Results Beat; Expecting Food Delivery Business to Return to Breakeven in 2Q26

Meituan reported (1 Jun) its 1Q26 results: revenue of RMB91.0bn (+5.6% YoY) was in line with both our and Bloomberg consensus estimates

CMB International

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

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881...

Quam Securities

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)