Meituan Class B

03690: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Earnings Recovery Continues at a Measured Pace for Meituan

Chelsey Tam

Aug 31, 2026

Business Strategy and Outlook

We expect Meituan’s losses to narrow in 2026, driven by a more rational competitive environment as Alibaba and JD.com gradually scale back on-demand delivery subsidies following the price war that began in 2025. We estimate Meituan’s food delivery gross transaction volume share exceeded 50% as of the first quarter of 2026. We expect Meituan to remain the largest food delivery platform in China in the foreseeable future.

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Meituan Class B

Earnings Recovery Continues at a Measured Pace for Meituan

Business Strategy and Outlook

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