External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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