Meituan (HK:3690)
:3690
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Meituan
(3690)
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Rating:50Neutral
Price Target:
HK$82.00
▼(-5.20% Downside)
Action:ReiteratedDate:04/28/26
The score is held back primarily by the sharp 2025 deterioration in profitability and cash flow after a strong 2023–2024 period. Technicals also lean weak with the stock below key longer-term moving averages and below-neutral momentum indicators. Valuation is constrained by negative earnings (negative P/E) and no dividend yield data.
Positive Factors
Diversified monetization and scale effects
Meituan’s breadth across food delivery, in-store services, instant retail and merchant tools creates multiple revenue levers and strong network effects. Scale-driven rider/utilization gains are durable advantages that can lower per-order costs and support margin recovery as volumes normalize.
Negative Factors
Sharp 2025 profitability reversal
The company’s earnings swung from healthy profits to sizable losses in 2025, revealing execution risk and margin vulnerability. Persistent profitability deterioration would reduce reinvestment capacity, weaken merchant/rider economics, and make long-term planning and capital allocation more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified monetization and scale effects
Meituan’s breadth across food delivery, in-store services, instant retail and merchant tools creates multiple revenue levers and strong network effects. Scale-driven rider/utilization gains are durable advantages that can lower per-order costs and support margin recovery as volumes normalize.
Read all positive factors
Meituan (3690) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$509.10B
Dividend YieldN/A
Average Volume (3M)52.77M
Price to Earnings (P/E)―
Beta (1Y)1.55
Revenue Growth8.12%
EPS Growth-166.15%
CountryHK
Employees114,731
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-2.83
Shares Outstanding5,595,230,500
10 Day Avg. Volume36,152,002
30 Day Avg. Volume52,771,056
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)3.73
Price to Sales (P/S)1.59
P/FCF Ratio-20.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$114.72Price Target Upside32.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering23
EPS Forecast (FY)-1.13
Revenue Forecast (FY)HK$403.61B
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 primarily makes money by charging fees to merchants and service providers for facilitating transactions, providing delivery fulfillment, and selling advertising/marketing services on its platform.
1) Food delivery monetization
- Commissio...
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
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 | 355.41B | 337.59B | 276.74B | 219.95B | 179.13B |
| Gross Profit | 133.03B | 108.14B | 129.78B | 97.19B | 61.75B | 42.47B |
| EBITDA | 38.06B | -19.98B | 41.51B | 23.44B | 340.71M | -13.56B |
| Net Income | 29.51B | -22.75B | 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
83.65
Positive
92.07
Negative
101.76
Negative
Market Momentum
1.22
Negative
53.75
Neutral
69.82
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 84.24, above the 50-day MA of 83.65, and below the 200-day MA of 101.76, indicating a neutral trend. The MACD of 1.22 indicates Negative momentum. The RSI at 53.75 is Neutral, neither overbought nor oversold. The STOCH value of 69.82 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$2.53T | 36.89 | 8.82% | 1.34% | 3.66% | -21.74% | |
68 Neutral | HK$36.75B | -69.15 | 11.27% | 3.18% | 26.38% | -53.61% | |
62 Neutral | HK$324.91B | 14.92 | 8.57% | 3.48% | 13.05% | -51.28% | |
62 Neutral | HK$146.42B | 40.86 | 5.69% | 1.81% | -4.22% | -16.53% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | HK$509.10B | -24.78 | -13.46% | ― | 8.12% | -166.15% | |
43 Neutral | HK$869.02M | -0.04 | ― | ― | 13.45% | 48.65% |
* Consumer Cyclical Sector Average
HK:3690
Meituan
81.85
-50.25
-38.04%
HK:0493
GOME Retail Holdings
0.01
>-0.01
-17.65%
HK:9618
JD.com, Inc. Class A
117.00
-7.39
-5.94%
HK:9896
MINISO Group Holding Ltd.
29.52
-3.14
-9.62%
HK:9988
Alibaba Group Holding Ltd.
130.20
17.10
15.12%
HK:1880
China Tourism Group Duty Free Corporation Limited Class H
63.60
13.82
27.76%
Meituan Corporate Events
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...
Meituan Revenue Rises but 2025 Results Swing Deeply Into Loss
Mar 26, 2026
Meituan reported audited consolidated results for 2025 showing solid top-line expansion but a sharp swing into losses, underscoring the cost of its strategic push in local services. Annual revenue rose 8.1% year-on-year to RMB 364.9 billion, yet t...
Meituan Sets March 26 Board Meeting to Approve 2025 Annual Results
Mar 16, 2026
Meituan has scheduled a board meeting for March 26, 2026 to review and approve its audited annual results for the financial year ended December 31, 2025. The meeting will also address other board business, signaling that the company is moving into...
Meituan Flags 2025 Loss as Competition Forces Heavy Investment in Core Local Commerce
Feb 13, 2026
Meituan has warned investors that it expects to swing to a net loss of about RMB23.3 billion to RMB24.3 billion in 2025 from a profit of RMB35.8 billion in 2024, driven by a reversal from operating profit to operating loss in its Core Local Commer...
Meituan to Acquire Dingdong Fresh Subsidiary in US$717 Million Deal
Feb 5, 2026
Meituan has agreed to acquire all issued shares of Dingdong Fresh Holding Limited’s direct wholly owned subsidiary for an initial consideration of US$717 million, subject to adjustments, in a deal announced on 5 February 2026 outside trading...
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.