Market LeadershipMaintain BUY on Meituan, supported by its long-term market leadership and steady progress in Keeta’s expansion.
Operational EfficiencyMeituan's operating loss for new initiatives was narrower than expected, indicating improvement in operating efficiency and strategic transformation.
Revenue GrowthThe new initiatives and others (NIO) segment showed accelerated revenue growth of 23% year over year, with improvements in unit economics in regions like Saudi Arabia and Hong Kong.