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Meituan
(OTC:3690)
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Rating:53Neutral
Price Target:
HK$72.00
▼(-16.76% Downside)
Action:Reiterated
Date:06/03/26
The score is weighed down primarily by the 2025 financial reversal—profits and cash flow swung sharply negative after strong 2023–2024 performance—raising volatility and execution risk. Technicals are mixed with only a modest near-term rebound signal within a longer-term downtrend. Valuation is constrained by losses (negative P/E) and the absence of a provided dividend yield.
Positive Factors
Market-leading local on-demand platform
Meituan’s integrated on-demand marketplace and nationwide last-mile network create durable network effects: large consumer traffic, merchant relationships, and logistics scale. This multi-service platform lowers marginal costs for new categories and supports sustained order frequency and monetization over months.
Negative Factors
2025 profitability and cash-flow reversal
A sudden 2025 reversal into negative operating and free cash flow shows earnings volatility and raises financing and execution risk. Durable plans and investments may be constrained while management restores margins and cash generation, increasing the probability of strategic trade-offs over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Market-leading local on-demand platform
Meituan’s integrated on-demand marketplace and nationwide last-mile network create durable network effects: large consumer traffic, merchant relationships, and logistics scale. This multi-service platform lowers marginal costs for new categories and supports sustained order frequency and monetization over months.
Read all positive factors
Meituan (3690) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$442.11B
Dividend YieldN/A
Average Volume (3M)49.50M
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth7.15%
EPS Growth-200.57%
CountryHK
Employees114,731
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)4.88
Shares Outstanding5,595,613,000
10 Day Avg. Volume44,891,500
30 Day Avg. Volume49,500,806
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)3.66
Price to Sales (P/S)1.51
P/FCF Ratio-20.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$114.28Price Target Upside32.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering28
EPS Forecast (FY)-0.56
Revenue Forecast (FY)HK$402.92B
Meituan Business Overview & Revenue Model
Company Description
Meituan manages a comprehensive online platform that facilitates a diverse range of services. Its operations are organized into three principal segments: Food Delivery; In-store, Hotel & Travel; and New Initiatives and Others. The Food Delivery di...
How the Company Makes Money
Meituan primarily makes money by monetizing transactions and traffic across its local commerce marketplace and on-demand delivery infrastructure. Key revenue streams typically include: (1) Commissions and transaction fees from merchants for orders...
Meituan Earnings Call Summary
Earnings Call Date:Nov 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Sep 02, 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
58
Neutral
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 360.46B | 364.85B | 337.59B | 276.74B | 219.95B | 179.13B |
| Gross Profit | 133.03B | 111.01B | 129.78B | 97.19B | 61.75B | 42.47B |
| EBITDA | 38.06B | -24.05B | 41.51B | 23.44B | 340.71M | -13.56B |
| Net Income | 29.51B | -23.36B | 35.81B | 13.86B | -6.69B | -23.54B |
Balance Sheet | ||||||
| Total Assets | 330.20B | 347.06B | 324.35B | 293.03B | 244.48B | 240.65B |
| Cash, Cash Equivalents and Short-Term Investments | 171.02B | 188.55B | 168.24B | 145.16B | 112.03B | 116.80B |
| Total Debt | 50.98B | 86.66B | 61.51B | 60.62B | 58.09B | 58.92B |
| Total Liabilities | 145.90B | 196.01B | 151.75B | 141.07B | 115.78B | 115.10B |
| Stockholders Equity | 184.36B | 151.11B | 172.66B | 152.01B | 128.76B | 125.61B |
Cash Flow | ||||||
| Free Cash Flow | 52.78B | -27.09B | 46.15B | 33.64B | 5.68B | -13.02B |
| Operating Cash Flow | 47.01B | -13.82B | 57.15B | 40.52B | 11.41B | -4.01B |
| Investing Cash Flow | 10.78B | 29.77B | 10.21B | -24.66B | -14.71B | -58.49B |
| Financing Cash Flow | -11.84B | 21.24B | -30.41B | -2.78B | -9.99B | 78.60B |
Meituan Technical Analysis
Neutral
86.50
Price Trends
78.91
Negative
81.28
Negative
91.09
Negative
Market Momentum
-3.37
Positive
43.45
Neutral
41.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3690, the sentiment is Neutral. The current price of 86.5 is above the 20-day moving average (MA) of 73.69, above the 50-day MA of 78.91, and below the 200-day MA of 91.09, indicating a bearish trend. The MACD of -3.37 indicates Positive momentum. The RSI at 43.45 is Neutral, neither overbought nor oversold. The STOCH value of 41.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | HK$1.81T | 14.40 | 10.00% | 1.34% | 4.59% | -16.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | HK$119.95B | 31.05 | 6.39% | 1.81% | 1.12% | 5.68% | |
56 Neutral | HK$285.70B | 18.08 | 6.15% | 3.48% | 12.29% | -67.34% | |
53 Neutral | HK$442.11B | -9.32 | -24.63% | ― | 7.15% | -200.57% | |
52 Neutral | HK$28.97B | 8.09 | 18.80% | 3.18% | 30.69% | -13.06% | |
41 Neutral | HK$724.18M | -0.07 | ― | ― | 13.45% | 48.65% |
* Consumer Cyclical Sector Average
HK:3690
Meituan
71.60
-49.20
-40.73%
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23.38
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94.10
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China Tourism Group Duty Free Corporation Limited Class H
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-10.33%
Meituan Corporate Events
Meituan Shareholders Approve All AGM Resolutions and Refresh Board
Jun 26, 2026
Meituan shareholders approved all resolutions at the 26 June 2026 annual general meeting, including adoption of the 2025 audited financial statements and authorization for the board to set director remuneration. Investors also backed a general man...
Meituan Updates Board Composition and Committee Roles
Jun 26, 2026
Meituan has updated the market on the composition of its board of directors and the allocation of roles across its key governance committees. The board is led by chairman and chief executive officer Wang Xing, with fellow executive director Mu Ron...
Meituan Sets 2026 AGM to Approve 2025 Results and Share Issuance Mandate
Jun 4, 2026
Meituan has called its annual general meeting for June 26, 2026, in Beijing, where shareholders will review and adopt the company’s audited consolidated financial statements for the year ended December 31, 2025, and vote on director appointm...
Meituan Refreshes Board With Appointment of Veteran Regulator Stephen Yiu
Jun 4, 2026
Meituan announced a planned board refresh, proposing the election of veteran executive and regulator Stephen Yiu Kin Wah as an independent non-executive director at its upcoming annual general meeting, succeeding outgoing director Orr Gordon Rober...
Meituan Returns to Loss in Q1 2026 as Retail-Focused Strategy Reshapes Revenue Mix
Jun 1, 2026
Meituan reported first-quarter 2026 revenues of RMB 91.0 billion, a 5.6% year-on-year increase, but swung to an operating loss of RMB 6.47 billion and a net loss of RMB 6.83 billion, compared with solid profits a year earlier. The reversal in prof...
Meituan Sets Board Meeting to Review First-Quarter 2026 Results
May 19, 2026
Meituan’s board of directors has scheduled a meeting for June 1, 2026, to review and approve the group’s unaudited financial results for the first quarter of 2026. The board may also address other corporate matters at this meeting, sig...
Meituan Issues Over 79 Million RSUs to Employees and Service Providers
Apr 13, 2026
Meituan has granted 79,317,581 restricted share units under its Post-IPO Share Award Scheme, with 79,174,927 RSUs allocated to employee participants and 142,654 to service providers at no purchase price, based on a grant-date market price of HK$86...
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.