On November 28, Meituan released its Q3 2025 financial report, with revenue of RMB 95.488 billion falling short of market expectations. The company reported an operating loss of RMB 19.759 billion, compared to an operating profit of RMB 13.685 billion for the same period last year. Management stated that recent market competition remains extremely intense and forecasted that the trend of operating losses would continue into the fourth quarter. The company will make necessary investments to maintain its leadership position but will not engage in price wars. On November 25, Alibaba's latest earnings report showed that its Q2 revenue for the fiscal year 2026 exceeded market expectations, with AI and cloud businesses performing better than anticipated. However, during the earnings call, it was noted that the first phase of scale expansion for Taobao's flash purchase service has concluded! Profit erosion from intensified food delivery competition is becoming evident. Will Meituan’s share price suffer another significant setback after this earnings report? What is your operational strategy?