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>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><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>

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...