Morningstar

Meituan Class B 03690

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Stock XHKG Rating as of
HK$91.65 −1.40 (1.50%)
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As of Delayed Price Closed

Company Report

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Meituan Is Reducing Losses as Price War Moderates

Chelsey Tam

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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Price vs Fair Value

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03690 is trading at a LOCK|%gTMCD% premium.
Price
HK$93.05
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Community group purchases could achieve profitability in the near term, boosting Meituan’s valuation.

Bears

Due to saturation in user and order frequency, growth in Meituan’s food delivery segment could decelerate earlier than anticipated.

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News

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Trading Information

Previous Close Price
HK$93.05
Day Range
HK$89.80–92.30
52-Week Range
HK$63.65–127.00
Bid/Ask
HK$91.60 / HK$91.65
Shares Outstanding
6.17B
Market Cap
HK$565.65B
Volume/Avg
33M / 54M

Key Statistics

Price/Earnings (Normalized)
15.00
Price/Sales
1.41
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
0.07%

Company Profile

Despite intense competition, Meituan remains the largest food delivery platform in China as of April 2026, according to our estimates. In 2025, the firm generated 72% of its revenue from the core local commerce segment, which includes on-demand food delivery and retail, in-store services (such as visiting beauty and entertainment stores after purchasing deals on Meituan), and hotel and travel booking. The remaining revenue came from the new initiatives segment, such as the community group purchase business Meituan Select and the overseas food delivery business.
Sector
Consumer Cyclical
Industry
Internet Retail
Stock Style Box
Large Core
Total Number of Employees
111,298
Website
https://www.meituan.com

Competitors

Valuation

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Metric
03690
BABA
TCOM
Price/Earnings (Normalized)
 15.0033.8712.58
Price/Book Value
 3.331.931.22
Price/Sales
 1.412.133.51
Price/Cash Flow
 —22.1211.54
Price/Earnings
03690
BABA
TCOM

Financial Strength

Metric
03690
BABA
TCOM
Quick Ratio
 1.571.051.21
Current Ratio
 1.821.281.53
Interest Coverage
 −13.245.2853.86
Quick Ratio
03690
BABA
TCOM

Profitability

Metric
03690
BABA
TCOM
Return on Assets (Normalized)
 −5.59%3.46%12.12%
Return on Equity (Normalized)
 −11.01%6.25%19.75%
Return on Invested Capital (Normalized)
 −7.96%0.35%15.26%
Return on Assets
03690
BABA
TCOM

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