3690.HK · Hong Kong · A-shares
3690.HK Meituan: local services network + instant retail
Meituan In-store + delivery network effects intact; competition/subsidies swing margins. Instant retail and overseas extend the story—watch core local commerce op. profit and new-business
Cite a section with a deep link, e.g. /en/r/meituan-3690-research#thesis
Snapshot
- Price
- CNY 120
- Mkt cap
- CNY 550.0B
- Revenue
- CNY 330.0B
- Op. profit improvement
- 1.2
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Meituan In-store + delivery network effects intact; competition/subsidies swing margins. Instant retail and overseas extend the story—watch core local commerce op. profit and new-business losses.
Business
Model: commissions + ads + delivery fees. Flagships: food delivery; in-store; instant retail. Edge: courier network + high-frequency entry. Strategy: efficiency, instant retail, autonomy experiments.
Value chain
Local-services platform; upstream merchants/couriers; downstream consumers. Risks: antitrust/labor rules; subsidy wars; weather/labor costs.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 120 | 3690.HK · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Platform growth on op. profit and order growth.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Volume: orders; price: AOV/take-rate; cost: delivery and subsidies.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 核心 | 本地商业 | 利润锚 | 外卖+到店 |
| 新业务 | 即时零售等 | 亏损收窄中 | 叙事 |
| 竞争 | 阿里本地等 | 激烈 | 补贴敏感 |
| 技术 | 配送调度/自动驾驶试点 | 降本 | 长期 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 美团 | 本地生活龙头 | 中 | 网络 | 竞争补贴 |
| 阿里本地 | 生态协同 | — | 流量 | 履约弱于美团历史 |
| DoorDash 等 | 海外对照 | 中 | 模型 | 中国市场不同 |
| 京东到家等 | 即时零售 | 中 | 供应链 | 餐饮弱 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | 王兴 | 长期 | 稳定 |
| COO/核心业务 | 核心高管 | 在任 | 执行 |
| CFO | 财务负责人 | 在任 | 连续 |
Stability: Founder-led; rebalancing growth vs profits.
Outlook
Track order growth, op. margin, instant-retail unit economics, competitive intensity.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.meituan.com/
- https://www.hkexnews.hk/ {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
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