Meituan HK SDR 5to1(HMTD.SG)

Last Updated 07:30:00 SGT
longbridge loading

BABA 'Happy Oyster' Unveils Virtual World; Meituan 'Shrimp 345' Expands AI Ecosystem | Daily News Recap

HK
03690
+1.10%
HK
83690
+1.19%
US
MPNGY
+1.81%
HK
03690
+1.10%
HK
83690
+1.19%
US
MPNGY
+1.81%

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

US
COST
+1.66%
US
META
-1.41%
US
U
-2.24%
US
COST
+1.66%
US
META
-1.41%
US
U
-2.24%

Meituan (Trans): Q1 food delivery continued to narrow losses; Douyin is ramping up spend.

HK
03690
+1.10%
US
MPNGY
+1.81%
HK
83690
+1.19%
HK
03690
+1.10%
US
MPNGY
+1.81%
HK
83690
+1.19%

Meituan: Three Headwinds — Will Food Delivery Stay Down? ---

SG
HMTD
0.00%
HK
03690
+1.10%
US
MPNGY
+1.81%
SG
HMTD
0.00%
HK
03690
+1.10%
US
MPNGY
+1.81%

Meituan 4Q25 First Take: With the prior profit warning, losses under GAAP for Core Local Commerce and the group were largely flagged, so the headline print was broadly in line. That said, underlying profitability still came in a bit below expectations. In detail, two points stand out. See below. 1) First, by segment. Losses in new initiatives were ~RMB 1.2bn above expectations. 2) On costs and expenses, GP clearly missed while OP roughly matched forecasts. This is because non-operating items booked within OP this quarter, including changes in financial asset values and other gains/losses, totaled ~RMB 2.2bn, distorting the true profit picture. On a core OP basis (GP minus S&M, R&D and G&A), the quarter posted a loss of ~RMB 18.3bn. Compared with ~RMB 19.0bn in the prior quarter, the narrowing was actually very limited. In other words, on an underlying basis, most of the improvement in Core Local Commerce was offset by losses in new initiatives. As for key metrics, Core Local Commerce revenue decline narrowed from ~3% YoY last quarter to 1% YoY, and marketing spend fell by ~RMB 2.5bn QoQ; these align with the industry-wide pullback in food delivery spending and losses, and were broadly in line with expectations, with nothing particularly noteworthy. $MEITUAN(03690.HK) $Meituan(MPNGY.US) $MEITUAN-WR(83690.HK)

SG
HMTD
0.00%
HK
03690
+1.10%
US
MPNGY
+1.81%
SG
HMTD
0.00%
HK
03690
+1.10%
US
MPNGY
+1.81%

SpaceX IPO Push: Latest Update; GOOGL Unveils AI Memory-Compression Game-Changer | Daily News Recap

US
GOOGL
-2.34%
US
META
-1.41%
US
C
-1.99%
US
GOOGL
-2.34%
US
META
-1.41%
US
C
-1.99%

PDD 4Q25 First Take: As Dolphin Research has noted, PDD has stayed out of the food-delivery land grab and is not chasing AI hype, emerging as the most focused, pure-play, value-oriented retailer in e-commerce. This was again the steadiest print among peers, with most metrics largely in line with the Street. Key signals: domestic operations were broadly stable, and PDD was less affected as state subsidies faded. Temu’s growth was stronger than expected, specifically: 1) Total revenue rose 12% YoY, fully in line. By line item, online marketing revenue grew 5.3% YoY, below Bloomberg consensus of 8%; even GS was at 6%, so it still lagged. Referencing recent prints from JD and Alibaba, this likely reflects a sluggish 4Q e-commerce backdrop. QoQ, growth eased only from 8% to 5%, suggesting the fade of state subsidies was a marginal positive for PDD. 2) The upside came from transaction services revenue, up 19% YoY and clearly ahead of the Street. Given weak domestic trends this quarter, most of the beat likely came from Temu. With Meituan largely exiting community retail, Duoduo Maicai may have also contributed. 3) GPM was a touch below expectations, likely a mix headwind as Temu scaled and its weight increased. The gap is immaterial. The largest expense, sales & marketing, was RMB 34.4bn (+9.6% YoY), also in line. Notably, sales expense growth accelerated vs. the prior two quarters. Dolphin Research believes that as the impact of state subsidies faded, marketing spend on the domestic core app likely did not rise much. That implies heavier Temu investment, consistent with its upside this quarter. 4) Lastly, G&A and R&D moved in opposite directions, largely offsetting. The former reflects higher productivity, the latter ongoing AI investments. OP was broadly in line; on an adj. basis, up ~5% YoY. $PDD(PDD.US) $KraneShares 2x Long PDD Daily ETF(KPDD.US)

US
PDD
+2.50%
US
KPDD
+5.27%
SG
HMTD
0.00%
US
PDD
+2.50%
US
KPDD
+5.27%
SG
HMTD
0.00%

Food-delivery war spreads to Brazil; DiDi also suffers.

US
DIDIY
+3.07%
HK
03690
+1.10%
HK
83690
+1.19%
US
DIDIY
+3.07%
HK
03690
+1.10%
HK
83690
+1.19%

VIPS: Negative Growth Again? 10% Shareholder Return to the Rescue

US
VIPS
+1.22%
HK
01519
-0.11%
HK
03690
+1.10%
US
VIPS
+1.22%
HK
01519
-0.11%
HK
03690
+1.10%

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap ---

HK
00700
+2.40%
HK
80700
+2.98%
US
TCEHY
+2.05%
HK
00700
+2.40%
HK
80700
+2.98%
US
TCEHY
+2.05%
© 2026 Longbridge｜Disclaimer