Hang Seng · Local commerce · #1 food-delivery GTV
Meituan
China's largest local-commerce platform, dominating urban-life demand by bundling food delivery, in-store and hotel & travel in one app, with 60%+ delivery-GTV share as its moat (HKEX 3690). FY2025 revenue rose to RMB 364.9bn (+8.1%), but the subsidy war triggered by JD's entry into delivery flipped a 2024 profit of RMB 35.8bn into a net loss of RMB 23.4bn — a 'cost of defending share' that swallowed profit whole. Re-rating runs on two tracks — overseas Keeta reached #3 in Saudi Arabia within four months, letting New Initiatives (+19%) open the next growth story, while autonomous delivery (drones, unmanned vehicles) and the domestically-trained LongCat AI structurally reduce long-term rider dependence. Being Li Auto's No.2 owner (~21.5%) adds option value beyond the core business.
3690.HK Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Meituan is directly linked to 3 companies (1 supply, 0 revenue, 2 investment relationships) and reaches 7 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · RMB 364.85bn (FY2025, +8.1%)
- Customer concentration · The year a JD-triggered subsidy war swallowed the core's profit whole (net loss RMB 23.4bn) — what matters is how long that defense cost persists and how fast Keeta and autonomous delivery drive the structural shift.
- Segments · Core Local Commerce (food delivery, in-store, hotel & travel) · New Initiatives (Xiaoxiang retail, overseas Keeta)
Revenue from
- Consumers & merchants (Core Local Commerce) High confidence· Amount ¥260.8B · FY2025 핵심로컬커머스
Core Local Commerce (food delivery, in-store, hotel & travel) FY2025 revenue RMB 260.8bn — delivery services 96.1bn, commissions 99.2bn, online marketing 51.5bn, other 14.1bn. Food-delivery GTV share held above 60%. Subsidy war triggered by JD and Alibaba (Ele.me) flipped segment operating profit to a loss of RMB 6.9bn. Autonomous delivery (drones on 65 routes, 740k+ cumulative orders) offsets gig-labor cost.Mentions EN Analyst consensus (24 firms) Published May 1, 2026: Meituan (3690) analyst consensus — Strong Buy, target HK$113.9Confirms EN BigGo Finance Published Mar 27, 2026: Meituan reports 2025 loss of RMB23.4bn; AI and overseas as new engines - Retail & overseas consumers (New Initiatives: Xiaoxiang, Keeta) High confidence· Amount ¥104B · FY2025 신사업
New Initiatives (Xiaoxiang instant grocery + overseas delivery Keeta) FY2025 revenue RMB 104.0bn (+19%). Keeta turned unit-economics positive in Hong Kong, reached #3 in Saudi Arabia within four months (~10% share) and expanded into the Middle East and Brazil. Segment operating loss widened to RMB 10.1bn on overseas investment.
Pays to
- Delivery riders (gig labor) High confidence· Amount ¥96.1B · FY2025 배달서비스 매출(라이더비 대응)
Delivery-rider cost is the largest variable cost of Core Local Commerce — 3M+ riders nationwide. The 2025 subsidy war drove cost of revenue up (Q4 +23.5%), turning Core Local Commerce operating profit to a loss of RMB 6.9bn. Autonomous delivery (drones, unmanned vehicles) aims to ease long-term rider dependence. - Pony.ai (autonomous-delivery domain controller supplier) Medium confidence
Supplier of a core autonomous-delivery component — Pony.ai supplies Meituan a bespoke self-driving domain controller (built on dual NVIDIA DRIVE Orin, liquid-cooled). A 2023 partnership targets large-scale deployment of delivery robots in tier-1 cities. Procurement value undisclosed.Confirms EN Gasgoo Published Mar 23, 2023: Pony.ai to supply Meituan with autonomous delivery domain controllers
Investors
- Tencent (stake & WeChat partnership) Low confidence
Formerly the largest strategic shareholder; in Nov 2022 Tencent distributed ~15.5% (958M shares, $20.3bn) as a special dividend, cutting its direct stake to a small residual. Business cooperation via WeChat payments and traffic persists. (A symmetric, qualified investment edge exists on the Tencent node.)Confirms EN Inside Retail Asia Published Nov 17, 2022: Tencent to hand $20bn Meituan stake to shareholders
Investments
- Li Auto (equity stake) High confidence· Market share 21.5% · 2025 상반기
Meituan and CEO Wang Xing together hold ~21.5%, the second-largest owner after founder Li Xiang (H1 2025), including Wang Xing's personal ~5.13% via Zijin Global. Trimmed gradually since 2023 but remains strategic backing; Wang Xing sits as a non-executive director.Confirms EN Yicai Global Published Jun 18, 2025: Meituan founder trims Li Auto stake, remains No.2 owner
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Meituan | node | -38.1 | -20.7 | -64.2 | +137.6 | -34.6 | -19 |
| Tencent Holdings Limited | benef1 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Li Auto | benef1 | · | +1.2 | +11.6 | -12.7 | -28.7 | -28.1 |
| Pony.ai | benef1 | · | · | · | · | +1 | -54.6 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| JD.com | benef2 | -19.1 | -16.9 | -62.5 | +81.5 | -28.2 | -1.5 |
| Hesai Group | benef2 | · | · | · | +55.1 | +62.1 | -27.9 |
| Beijing Kingsoft Office Software | benef2 | -41.3 | +16 | -23.7 | +47.1 | +7.6 | -30.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
Meituan's thesis is China's largest local-commerce platform — food delivery, in-store, hotel/travel bound into one app with 60%+ delivery GTV — now paying a defense cost. FY2025 revenue grew to RMB 364.8bn (+8.1%), but the subsidy war triggered by JD's entry into delivery flipped 2024's profit (+RMB 35.8bn) into a net loss of RMB 23.4bn, as 'share-defense cost' ate all the profit — with rider cost (3M+ nationwide) the largest variable cost, surging cost of revenue turned core local-commerce operating income to -RMB 6.9bn. There are two re-rating axes: overseas Keeta reaching #3 in Saudi Arabia within four months opens the next growth story (new business +19%), and autonomous delivery (drones, Pony.ai vehicles) plus LongCat AI trained on domestic chips is a structural shift reducing long-term rider dependence. Re-rating triggers are the persistence of this defense cost, Keeta's unit economics, and the pace of the autonomous-delivery shift, while a ~21.5% Li Auto stake adds option value beyond the core.
Analysis generated from returns as of 2026-07-10