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Meituan
(3690)
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Rating:48Neutral
Price Target:
HK$81.00
▲(4.52% Upside)
Action:Reiterated
Date:09/06/26
The score is held down primarily by weakening financial fundamentals—losses, compressed margins, and significant negative operating/free cash flow—despite strong reported revenue growth. Technicals add modest pressure with negative MACD and the stock trading below key moving averages. Offsetting these is a notably stronger earnings-call read-through, with management reporting a return to profitability, improving unit economics, and strong liquidity, though near-term margin pressure risks remain.
Positive Factors
Scalable local-services marketplace
The integrated marketplace combines consumer demand, merchant acquisition, transaction processing and delivery fulfillment in one ecosystem. This network can reinforce platform utility as order density grows, supporting recurring commission, advertising and service revenue across multiple local-services categories.
Negative Factors
Material cash burn
Sustained negative operating and free cash flow weakens the quality of reported growth and reduces internally generated funding for expansion. If cash conversion does not recover, continued investment in delivery, retail and overseas operations could consume liquidity and constrain capital allocation flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Scalable local-services marketplace
The integrated marketplace combines consumer demand, merchant acquisition, transaction processing and delivery fulfillment in one ecosystem. This network can reinforce platform utility as order density grows, supporting recurring commission, advertising and service revenue across multiple local-services categories.
Read all positive factors
Meituan (3690) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$494.37B
Dividend YieldN/A
Average Volume (3M)44.49M
Price to Earnings (P/E)―
Beta (1Y)1.55
Revenue Growth9.80%
EPS Growth-230.88%
CountryHK
Employees111,298
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-6.29
Shares Outstanding5,596,332,000
10 Day Avg. Volume48,761,668
30 Day Avg. Volume44,490,300
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$115.43Price Target Upside48.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)0.07
Revenue Forecast (FY)HK$414.06B
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 flowing through its local services marketplace and its on-demand fulfillment (delivery) network. Key revenue streams typically include: (1) Commissions on transactions: Meituan c...
Meituan Earnings Call Summary
Earnings Call Date:Aug 28, 2026
(Q2-2026)
| Next Earnings Date:Nov 27, 2026
Earnings Call Sentiment Positive
The call emphasized clear operational and financial progress: revenue rose 14.4% to RMB 104.6 billion, unit economics turned positive, segments improved to profitability (core commerce) and new initiatives showed revenue growth with narrowing losses. Strong cash and investment positions, rapid grocery and overseas expansion, and significant AI progress were highlighted. Near-term challenges include elevated industry subsidies, Q3 seasonality and cost headwinds (including nationwide courier insurance rollout), continued scale losses in some new initiatives, and intense competition in certain markets. Overall, the positives—accelerating revenue, return to profitability, improved margins and strong strategic investments—outweigh the highlighted near-term pressures.Positive Updates
Revenue Growth and Profitability
Total revenue grew 14.4% year-over-year to RMB 104.6 billion in Q2 2026; the company turned profitable with total segment operating profit of RMB 3.9 billion and adjusted net profit of RMB 2.5 billion.
Negative Updates
Elevated Industry Subsidy Levels
Management noted industry subsidy levels remain well above 2024 levels; normalization is expected to take several quarters, which continues to pressure near-term unit economics and requires cautious resource allocation.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Profitability
Total revenue grew 14.4% year-over-year to RMB 104.6 billion in Q2 2026; the company turned profitable with total segment operating profit of RMB 3.9 billion and adjusted net profit of RMB 2.5 billion.
Read all positive updates
Company Guidance
Management guided that Meituan expects continued focus on quality growth and efficiency, noting Q2 results of total revenue up 14.4% YoY to RMB 104.6 billion, cost of revenue ratio at 66.5%, S&M ratio 23.6%, R&D ratio 7.3% and G&A 3.1%; the company turned profitable with total segment operating profit of RMB 3.9 billion and adjusted net profit of RMB 2.5 billion (core segment operating profit reported at RMB 5.7 billion), while cash and short-term Treasury investments stood at RMB 168.3 billion and the investment portfolio near RMB 77.3 billion (RMB 22.2 billion FV gain in OCI). Management expects food‑delivery unit economics (UE) to improve meaningfully YoY and to remain positive in Q3 despite seasonal headwinds (Q3 delivery cost per order to be higher than Q2) and said industry subsidy normalization will take a few quarters; new initiatives revenue grew 25% to RMB 33.1 billion with segment loss narrowing to RMB 1.7 billion and management reiterated that 2026 new‑initiative losses should not exceed 2025 levels. They signaled continued AI and grocery retail investment (Xiaoxiang in 68 cities, Happy Monkey 40 stores), targeted expansion (nearly 400 counties and >0.5 million SMBs to be supported in H2), disciplined capital allocation including ongoing buybacks and potential monetization of parts of the ~RMB 70+ billion stake portfolio, and a medium‑to‑long‑term path to margin recovery after near‑term reinvestment.Meituan Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
56
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 380.84B | 364.85B | 337.59B | 276.74B | 219.95B | 179.13B |
| Gross Profit | 108.85B | 111.01B | 129.78B | 97.19B | 61.75B | 42.47B |
| EBITDA | -40.37B | -24.05B | 41.51B | 23.44B | 340.71M | -13.56B |
| Net Income | -38.39B | -23.36B | 35.81B | 13.86B | -6.69B | -23.54B |
Balance Sheet | ||||||
| Total Assets | 384.61B | 347.06B | 324.35B | 293.03B | 244.48B | 240.65B |
| Cash, Cash Equivalents and Short-Term Investments | 190.23B | 188.55B | 168.24B | 145.16B | 112.03B | 116.80B |
| Total Debt | 95.82B | 86.66B | 61.51B | 60.62B | 58.09B | 58.92B |
| Total Liabilities | 215.49B | 196.01B | 151.75B | 141.07B | 115.78B | 115.10B |
| Stockholders Equity | 169.18B | 151.11B | 172.66B | 152.01B | 128.76B | 125.61B |
Cash Flow | ||||||
| Free Cash Flow | -39.27B | -27.09B | 46.15B | 33.64B | 5.68B | -13.02B |
| Operating Cash Flow | -26.00B | -13.82B | 57.15B | 40.52B | 11.41B | -4.01B |
| Investing Cash Flow | -9.75B | 29.77B | 10.21B | -24.66B | -14.71B | -58.49B |
| Financing Cash Flow | 40.66B | 21.24B | -30.41B | -2.78B | -9.99B | 78.60B |
Meituan Technical Analysis
Neutral
77.50
Price Trends
83.98
Negative
81.81
Negative
87.06
Negative
Market Momentum
-1.93
Positive
45.63
Neutral
78.99
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 77.5 is below the 20-day moving average (MA) of 82.43, below the 50-day MA of 83.98, and below the 200-day MA of 87.06, indicating a bearish trend. The MACD of -1.93 indicates Positive momentum. The RSI at 45.63 is Neutral, neither overbought nor oversold. The STOCH value of 78.99 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$296.52B | 17.24 | 6.63% | 3.61% | 7.53% | -57.52% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$125.07B | 30.69 | 6.50% | 1.59% | 3.25% | 19.01% | |
52 Neutral | HK$2.18T | 24.21 | 7.04% | 0.94% | 8.06% | -48.95% | |
48 Neutral | HK$494.37B | -10.96 | -24.10% | ― | 9.80% | -230.88% | |
47 Neutral | HK$22.67B | 16.14 | 14.11% | 7.06% | 30.79% | -44.14% | |
41 Neutral | HK$758.47M | -0.08 | 21.77% | 3.96% | -28.44% | 42.64% |
* Consumer Cyclical Sector Average
HK:3690
Meituan
80.60
-21.10
-20.75%
HK:0493
GOME Retail Holdings
0.01
-0.01
-50.00%
HK:9618
JD.com, Inc. Class A
108.60
-18.88
-14.81%
HK:9896
MINISO Group Holding Ltd.
18.48
-29.87
-61.78%
HK:9988
Alibaba Group Holding Ltd.
109.50
-32.04
-22.64%
HK:1880
China Tourism Group Duty Free Corporation Limited Class H
49.80
-10.62
-17.57%
Meituan Corporate Events
Meituan Posts Strong Q2 Profit Rebound but First-Half Results Slide into Loss
Aug 28, 2026
Meituan reported solid revenue growth for the second quarter of 2026, with revenues rising 14.4% year-on-year to RMB 104.6 billion, while operating profit jumped sharply to RMB 2.7 billion and profit for the period surged to RMB 2.2 billion, suppo...
Meituan Sets Late-August Board Meeting to Approve Interim 2026 Results
Aug 18, 2026
Meituan has announced that its board of directors will convene a meeting on August 28, 2026, to review and approve the group’s interim results for the six months ended June 30, 2026. The board may also address other corporate matters at the ...
Meituan Grants 13.5 Million RSUs Under Post-IPO Share Award Scheme
Jul 15, 2026
Meituan has approved a new round of equity incentives under its Post-IPO Share Award Scheme, granting 13,509,283 restricted share units with no purchase price attached, at a reference market price of HK$83.40 per Class B share. The bulk of the awa...
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...
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.