Meituan (HK:3690)
:3690
Top Page
Meituan
(3690)
Select Model
Select Model
Rating:68Neutral
Price Target:
HK$114.00
▲(42.06% Upside)
Action:DowngradedDate:01/14/26
The score is primarily supported by strong financial performance—healthy margins, solid ROE, and manageable leverage—offset by slowing free cash flow growth and some operating margin pressure. Technicals are mixed with improving short-term trend but weakness versus the 200-day average, while valuation is a drag due to the negative P/E and lack of a stated dividend yield.
Positive Factors
Profitability and margins
Meituan's high gross margin and positive net margin reflect durable unit economics across its platform businesses. Sustainable margins support reinvestment in product, marketing and logistics, enabling long-term competitiveness and the ability to fund growth without excessive dilution or leverage.
Negative Factors
Declining free cash flow growth
A near-term drop in FCF growth signals weakening incremental cash generation versus prior periods. If persistent, this can constrain reinvestment, slow product and delivery network expansion, and limit strategic initiatives that require sustained free cash over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and margins
Meituan's high gross margin and positive net margin reflect durable unit economics across its platform businesses. Sustainable margins support reinvestment in product, marketing and logistics, enabling long-term competitiveness and the ability to fund growth without excessive dilution or leverage.
Read all positive factors
Meituan (3690) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$495.52B
Dividend YieldN/A
Average Volume (3M)60.47M
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue Growth11.91%
EPS Growth-106.71%
CountryHK
Employees114,731
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-2.81
Shares Outstanding5,595,230,500
10 Day Avg. Volume84,340,771
30 Day Avg. Volume60,473,603
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)5.05
Price to Sales (P/S)2.59
P/FCF Ratio18.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$115.27Price Target Upside43.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)-0.96
Revenue Forecast (FY)HK$405.31B
Meituan Business Overview & Revenue Model
Company Description
Meituan operates an e-commerce platform for various services. It operates through Food Delivery; In-store, Hotel & Travel; and New Initiatives and Others segments. The Food delivery segment provides consumers place orders of food prepared by merch...
How the Company Makes Money
Meituan generates revenue through multiple key streams, primarily from its food delivery services, which account for a significant portion of its earnings. The company charges restaurants a commission on each order placed through its platform. Add...
Meituan Earnings Call Summary
Earnings Call Date:Nov 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Jun 01, 2026
Earnings Call Sentiment Neutral
The call balanced strong operational and strategic positives — robust user and engagement growth (DAU +20%), notable progress in quick commerce, membership upgrades, AI milestones, Keeta achieving profitability in Hong Kong, and a healthy cash buffer (RMB 141.3bn) — against significant near-term financial pain: meaningful operating and adjusted net losses (RMB 15.3bn and RMB 16.0bn), negative operating cash flow (RMB -22.1bn), and sharp margin compression driven by elevated incentives and marketing spend. Management framed losses as deliberate, strategic investments to defend leadership and grow long-term value. Given sizable operational strengths and clear strategic rationale but material near-term financial deterioration, the overall tone is cautious and transitional.Positive Updates
User Growth and Engagement
Meituan app DAU jumped over 20% year-over-year in Q3 2025; platform serves over 800 million consumers. Food delivery DAU and MTU hit all-time highs and core users transact at least weekly with top-tier users engaging daily.
Negative Updates
Significant Operating Losses and Net Loss
Total segment operating loss of RMB 15.3 billion in Q3 2025 and an adjusted net loss of RMB 16.0 billion, reflecting heavy strategic investments amid intensified competition.
Read all updates
Q3-2025 Updates
Positive
Negative
User Growth and Engagement
Meituan app DAU jumped over 20% year-over-year in Q3 2025; platform serves over 800 million consumers. Food delivery DAU and MTU hit all-time highs and core users transact at least weekly with top-tier users engaging daily.
Read all positive updates
Company Guidance
Management's guidance emphasized continued strategic investment in Q4 even as Q3 showed modest top‑line growth and pressured profitability: Q3 revenue was RMB95.5bn (+2% YoY) with a total segment operating loss of RMB15.3bn and an adjusted net loss of RMB16bn; cost of revenue was 73.6% (+12.9pp YoY), S&M 35.9% (+16.7pp), R&D 7.3% and G&A 3.1%; cash and short‑term investments were RMB141.3bn and operating cash flow was -RMB22.1bn. Management said food‑delivery losses likely peaked in Q3 but will remain substantial in Q4 as they defend leadership (long‑term target: 100m high‑quality daily orders), and Instashopping losses may widen slightly in Q4 even as new initiatives revenue grew 15.9% YoY to RMB28bn with operating loss narrowing QoQ to RMB1.3bn (4.6%). Operationally they highlighted app DAU +20% YoY, food‑delivery DAU/MTU at all‑time highs, GTV share for net AOV>RMB15 >2/3 and >70% for >RMB30, Keeta profitable in Hong Kong (Oct, ~29 months post‑launch), InstaMarts at 207, merchant/user bases ≈+20% YoY, and >20bn reviews (3.5bn added in past 12 months).Meituan Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 360.46B | 337.59B | 276.74B | 219.95B | 179.13B | 114.79B |
| Gross Profit | 133.03B | 129.78B | 97.19B | 61.75B | 42.47B | 34.05B |
| EBITDA | 38.06B | 41.51B | 23.44B | 340.71M | -13.56B | 1.38B |
| Net Income | 29.51B | 35.81B | 13.86B | -6.69B | -23.54B | 4.71B |
Balance Sheet | ||||||
| Total Assets | 330.20B | 324.35B | 293.03B | 244.48B | 240.65B | 166.57B |
| Cash, Cash Equivalents and Short-Term Investments | 171.02B | 168.24B | 145.16B | 112.03B | 116.80B | 61.09B |
| Total Debt | 50.98B | 61.51B | 60.62B | 58.09B | 58.92B | 24.06B |
| Total Liabilities | 145.90B | 151.75B | 141.07B | 115.78B | 115.10B | 68.94B |
| Stockholders Equity | 184.36B | 172.66B | 152.01B | 128.76B | 125.61B | 97.69B |
Cash Flow | ||||||
| Free Cash Flow | 52.78B | 46.15B | 33.64B | 5.68B | -13.02B | -7.35B |
| Operating Cash Flow | 47.01B | 57.15B | 40.52B | 11.41B | -4.01B | 8.48B |
| Investing Cash Flow | 10.78B | 10.21B | -24.66B | -14.71B | -58.49B | -21.23B |
| Financing Cash Flow | -11.84B | -30.41B | -2.78B | -9.99B | 78.60B | 17.42B |
Meituan Technical Analysis
Negative
80.25
Price Trends
85.30
Negative
93.25
Negative
103.61
Negative
Market Momentum
-0.23
Negative
45.84
Neutral
37.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3690, the sentiment is Negative. The current price of 80.25 is below the 20-day moving average (MA) of 80.53, below the 50-day MA of 85.30, and below the 200-day MA of 103.61, indicating a bearish trend. The MACD of -0.23 indicates Negative momentum. The RSI at 45.84 is Neutral, neither overbought nor oversold. The STOCH value of 37.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3690.
Meituan Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$1.99T | 36.89 | 12.42% | 1.34% | 4.89% | 50.48% | |
68 Neutral | HK$495.52B | -24.78 | -13.46% | ― | 11.91% | -106.71% | |
68 Neutral | HK$39.70B | 28.28 | 20.24% | 3.18% | 13.14% | -19.58% | |
67 Neutral | HK$324.89B | 14.92 | 8.57% | 3.48% | 16.27% | -3.87% | |
62 Neutral | HK$152.99B | 41.95 | 5.69% | 1.81% | -10.42% | -37.88% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
43 Neutral | HK$941.44M | -0.15 | ― | ― | 49.53% | 22.07% |
* Consumer Cyclical Sector Average
HK:3690
Meituan
80.25
-60.35
-42.92%
HK:0493
GOME Retail Holdings
0.01
>-0.01
-27.78%
HK:9618
JD.com, Inc. Class A
111.90
-25.70
-18.68%
HK:9896
MINISO Group Holding Ltd.
32.04
2.49
8.43%
HK:9988
Alibaba Group Holding Ltd.
118.50
17.69
17.55%
HK:1880
China Tourism Group Duty Free Corporation Limited Class H
66.55
21.88
48.98%
Meituan Corporate Events
Meituan Reports Revenue Growth Amidst Operating Losses in Q3 2025
Nov 28, 2025
Meituan announced its unaudited consolidated results for the three months ended September 30, 2025, showing a slight revenue increase of 2% year-over-year to RMB 95.5 billion. However, the company reported a significant operating loss of RMB 19.8 ...
Meituan Schedules Board Meeting to Review Q3 2025 Financial Results
Nov 18, 2025
Meituan has announced that its board of directors will convene on November 28, 2025, to review and approve the unaudited financial results for the third quarter of 2025. This meeting is significant for stakeholders as it will provide insights into...
Meituan Issues Senior Notes to Bolster Financial Flexibility
Oct 29, 2025
Meituan has announced the issuance of senior notes totaling approximately US$1,993.7 million and CNY7,080 million. The proceeds from these notes will primarily be used for refinancing existing offshore indebtedness and general corporate purposes. ...
Meituan Grants Over 11 Million RSUs to Align Employee Interests
Oct 28, 2025
Meituan has announced the grant of 11,828,615 Restricted Share Units (RSUs) under its Post-IPO Share Award Scheme, aimed at aligning the interests of its employees and service providers with the long-term growth of the company. This initiative, wh...
Meituan Proposes International Offering of Senior Notes
Oct 27, 2025
Meituan has announced a proposed international offering of USD and CNY denominated senior notes, targeting professional investors. The proceeds from this issuance are intended for refinancing existing offshore debt and general corporate purposes. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.