Meituan
3690.HK · HKSE
Company research
Meituan (3690.HK) is a leading Chinese technology-driven retail company headquartered in Beijing, China, founded in 2010 by Wang Xing and listed on the Hong Kong Stock Exchange in September 2018. Operating as a comprehensive "super-app," Meituan connects over 770 million annual transaction users with more than 14.5 million active merchants across its two core segments: Core Local Commerce — encompassing on-demand food delivery, in-store services, and hotel and travel bookings — and New Initiatives, which includes community group purchasing (Meituan Select), instant retail (Meituan Instashopping), B2B food distribution, bike and e-moped sharing, and micro-lending services. As China's dominant food delivery platform, the company generated full-year 2024 revenue of RMB 337.6 billion, reflecting 22% year-on-year growth, underpinned by its "Retail + Technology" strategy and extensive AI and big data capabilities. With approximately 114,731 full-time employees and a market capitalization of approximately HKD 423 billion, Meituan remains one of China's most prominent technology giants, competing alongside Alibaba, JD.com, and PDD Holdings in the local services and e-commerce landscape.
Research reports
The report argues that earnings in Meituan’s Core Local Commerce segment are bottoming as regulatory guidance in food delivery and more disciplined competition in in-store services support healthier growth and improved unit economics. It maintains a DCF-based target price of HK$141.1 (c. 62.7% upside) with a BUY rating, while flagging continued competition, macro headwinds and execution on subsidy optimization as key risks to the recovery path.
PhillipCapital Hong Kong / Phillip Securities (Hong Kong) Ltd · September 5, 2025Meituan (3690.HK) – Intensified competition may continue to put pressure on the profitabilityThe analyst highlights that aggressive subsidy campaigns by JD Delivery, Taobao Flash Purchase and other rivals have driven food delivery order growth but severely compressed margins, turning per‑order unit economics negative and pushing Core Local Commerce profitability under pressure. Using a SOTP framework, they project revenue and net profit recovery through 2026–2027 and set an Accumulate rating with a HK$118.3 target (c. 17.7% upside), but emphasize risks from intensified competition, new business underperformance and weaker-than-expected consumer demand.
Flash / StockSentinel.ai (independent Research Platform) · November 26, 2025Meituan (3690.HK) Research ReportThis long-form fundamental analysis presents Meituan as a scale-driven local services platform with strong logistics density and merchant lock-in, breaking down performance and unit economics across food delivery, Instashopping and in‑store/hotel/travel while linking 2025 margin pressure to a “subsidy war” against JD, Taobao Flash Purchase and Douyin. It takes an optimistic view on Meituan’s revenue quality, network effects and competitive moat but stresses that escalating subsidies, ESG-driven rider cost inflation and intensifying platform competition remain key risks that investors must monitor closely.