晨间快照：香港及中国市场每日

HongKong&ChinaMarketDaily 03 June 2026 What’s Hot Today: ►Meituan (3690 HK, HK$85.50, HK$528bn) Profitabilitywithin sight Meituan’s1Q26totalrevenuereachedRMB91bn(+5%YoY/-1%QoQ)andnetlossnarrowedsharplytoRMB6.5bnonaQoQbasisfromalossofRMB15bnin4Q25andbeatingmarketexpectationsofaRMB9bnloss.Thefooddeliverysegmentcontinuedtoseelossesshrinkingwhilemarketshareremainedsteady,reflectinghealthy core fundamentals.Management has guided for a highprobabilitythatthedeliverybusinesswillturnprofitablein2Q26. Source: Company Data, Sunwah Kingsway Research Fooddeliverylossnarrowingasexpected-LocalcommercerevenuereachedRMB64.1bn(flatYoY/-1%QoQ),withoperatinglosstrimmedtoonlyRMB2bncomparedtoaRMB10bnlossinthepreviousquarter.ExcludinginstoreoperatingprofitofanestimateofroughlyRMB4bn,thelossfromfooddeliveryandrelatedsubsidiesisexpectedtobearoundRMB6bn,asignificantimprovementfromtheestimatedlossofRMB15bnin4Q25.Assuch,theMgtishighlyconfidenttoreportaprofitable2Q26forthisbusiness. 1)DeliveryUEimprovementbeatsexpectations:RevenuereachedRMB25bn(-3%YoY/+6%QoQ).Industrytrackingsuggestsaveragedailyfooddeliveryordersof66mn(+14%YoY/-12%QoQ)andflashbuyordersof13mn(+26%YoY/-4%QoQ),bringingtotalaveragedailyordersto79mn(+16%YoY/-11%QoQ).OrdervolumegrewYoY,butrevenuedeclined,mainlyduetohigherridersubsidiesdirectlydeductedfromdeliveryrevenue. MorningSnapshot HongKong&ChinaMarketDaily 03 June 2026 Intermsofmarketshare,Meituan’sfooddeliveryordershare(onlycountingMeituanandAlibaba)remainedstableat55%,whileitsshareoforderswithAOVaboveRMB30stayedabove70%.Flashbuyordersharewasaround60%.On the profitability front,loss per order improved significantly from RMB1.8 in 4Q25 toapproximatelyRMB1(beatingthepreviousexpectationofRMB1.3),primarilydrivenbyreducedconsumerdiscounts.TheUE(unitearnings)gapwithcompetitorshaswidenedtoaboutRMB2-3,thankstoitshigh-precisiondeliverysystems,higherconcentrationoflargeticketsizeordersandalargecustomerbase. TheMgthasindicatedthatthedeliverybusinesshasalreadyachievedpositiveUEinAprilandMay.Althoughthe"618"shoppingfestivalmayentailincrementalsubsidycostsinJune,apositiveUEfor2Q26remainshighlyprobable. 2)In-storegrowthslowsduetoDouyin’scompetition:Startedfrom1Q26,Meituancombinedcommissionandonlinemarketingintomerchantservicesrevenue,coveringin-store(dining,hotel,travel)anddelivery(fooddelivery,flashbuy).RevenuestoodatRMB35.6bn(flatYoY/-4%QoQ),draggedbydeliverybusinesswherereducedconsumersubsidiesledtonegativecommission/adgrowth,offsettingin-storegrowth. In-storebusinesscontinuestogrow-Basedonindustrydata,GTVincreasedtodoubledigitsYoYgrowth,hotelwithHSDgrowth,payingmerchants+8%YoY,advertisingrevenueroseto42%,takerateremainedat7%-10%,andOPMwasstableataround25%.However,theslowinggrowthwasmainlyduethecompetitionfromDouyin's"Doushengsheng(抖省省)“,withitsin-storeGTVestimatedtogrowby+25%YoYin1Q26andMAUbeatingexpectations.Itisanticipatedtobeakeencompetitorinthissegment.However,theMgtexpectstheretobeonlyanear-termslowdownbutthissegmentshouldremaincompetitivewithstablegrowth.Segment’sOPMisexpectedtoremainstableinnear-term,withroomtoexpandto30%oftotalsalesinthelongterm. Source: Company Data, Sunwah Kingsway Research MorningSnapshot HongKong&ChinaMarketDaily 03 June 2026 Newinitiatives losses also narrowed:Revenue hit RMB27bn(+22%YoY/-1%QoQ),maintaining a 30%contributiontototalrevenue.GrowthwasprimarilydrivenbyXiaoxiangSupermarket(小象超市)andKuailu(快馿),withproductsalescontributingRMB18bn(+41%YoY/+2%QoQ),accountingfor67%ofnewinitiatives’revenue.FortheoverseasbusinessKeeta,merchantservicesrevenuestoodatRMB2.5bn(+98%YoY/-18%QoQ),continuingitsstrongmomentum. Basedonmarketdata,Keeta'smarketshareinHongKongreached44%.SingaporeandMalaysiahaveachievedper-cityprofitability.IntheMiddleEast,despitemanageablegeopoliticaldisruptions,Keeta'smarketshareinSaudiArabiahasexceeded10%(topthreeandcovering20cities)andwithoveralluniteconomicscontinuingtoimprove.Itisexpectedtoachievemonthlybreakeventhisyearandfull-yearbreakevennextyear.Brazilalsodeliveredsolidperformance. Segmentoperatinglossnarrowedfrom RMB4.6bnin4Q25to RMB2.1bnin1Q26.TheMgt isprioritizingimprovingoperationinexistingmarketsovernewexpansionthisyear. Corelossesnarrowedfurther:GPMdeclined9pptsYoYbutimproved2.3pptsQoQto28.5%,whilecoreoperatinglossnarrowedfurthertoRMB7bn,animprovementcomparedto4Q25,mainlydrivenbyOPEXoptimizationto36.2%.SalesandmarketingexpensesfelltoRMB23bnamidreducedconsumerdiscounts,whileR&DremainedatRMB7bnwithcontinuedAIinvestments.NetlossimprovedtoRMB6.5bnwithNPMof-7%. Source: Company Data, Sunwah Kingsway Research MorningSnapshot HongKong&ChinaMarketDaily Source: Company Data, Sunwah Kingsway Research Ourviews:WeremainpositiveaboutMeituan,particularlyinitsabilitytoturnaroundthedeliverybusiness.GiventhatbothAlibabaandJDarebothseekingtoreducelossesinthedeliveryservices,thechanceofafurtherpricewarisunlikely.Inaddition,weareoftheviewthatdespitethechallengefromDouyininthein-storebusiness,itisalsounlikelytoresultinanyaggressivepricewarsasDouyinhastodeployheavyinvestm