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 (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><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 (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