[Comment to Win Points] Meituan's Q2 earnings are here! Instant retail enters the "deep water zone"—how can ecosystem efficiency break through again?

As the promise of "delivering everything to your door within 30 minutes" evolves from a slogan into a daily routine for more people, the competition in local lifestyle services has long moved beyond just delivery speed. It is now about who can build an unreplicable moat by balancing fulfillment capabilities, supply chain strength, and consumer mindshare.

$MEITUAN-W (03690.HK)$ It will release its Q2 2026 financial report on August 28 (Beijing Time).Institutions expect Meituan to achieve revenue of RMB 100.765 billion in Q2 2026, with an expected EPS of -RMB 0.458.

Unlike the previous phase, where the market focused heavily on order volume scale and user growth, this quarter's key point of analysis is how Meituan finds more efficient synergy between its core businesses and innovative ventures—specifically, whether the flywheel of instant retail is spinning steadily.

🔎Our analysis of Meituan focuses on three core highlights:

First, the food delivery baseline: The "counter-cyclical" resilience of a high-frequency entry point.

Food delivery remains the foundation of Meituan's ecosystem. The market is concerned about whether Meituan can stabilize delivery frequency and user stickiness through product tiering and refined operations amidst consumption stratification. From "Pin Hao Fan" (group-buying meals) to "Shen Qiang Shou" (flash sales), and further upgrading its membership system, Meituan is attempting to retain users across different spending power levels on its platform. The moat built on high-frequency, essential needs serves not only as the traffic baseline but also as the soil for the sustained growth of other businesses like Instashopping and in-store services.

Second, Instashopping: Expanding from "meals" to "everything"—is category expansion a sweet opportunity or a poison pill?

The most critical variable in instant retail is whether users are willing to pay for non-food items. Previously, Instashopping mainly catered to emergency needs, but it is now expanding into fresh produce, consumer electronics, beauty and personal care, pet supplies, and even pharmaceuticals. Models like "Lightning Warehouses" have lowered the cost of category expansion but also increased the complexity of inventory management and fulfillment. What the market truly cares about is not how large Instashopping's GMV can grow, but whether the per-order profitability model remains healthy after category expansion. If users begin to treat Instashopping as a daily shopping channel rather than just an occasional emergency solution, its growth ceiling will be significantly raised.

Third, In-Store & New Businesses: The "Balancing Act" Between Profitability and Loss Reduction

In-store hotel and travel services are Meituan's core profit driver. However, as competition becomes normalized, maintaining stable margins will depend on the depth of merchant operations and differentiation driven by user review systems. Meanwhile, new businesses are shifting from a "broad net" approach to "focused breakthroughs," with community group buying concentrating on core regions and overseas expansion proceeding cautiously. The market does not expect immediate profitability from new businesses but wants to see a clear trajectory of narrowing losses. The key to Meituan's overall earnings elasticity lies in profit release from its core commerce combined with timely loss containment in new businesses.

This time, the market's focus may not just be on Meituan's quarterly results, but also on whether the ecosystem moat of instant retail can support the next phase of growth narrative for local lifestyle services.

So, here comes the question:

✅ Can food delivery order volume and average order value (AOV) remain resilient amidst consumption fluctuations?

✅ Will the expansion of Flash Shopping categories drag down the per-order profitability model?

✅ Can profit margins stabilize after the normalization of in-store competition?

✅ Now, it's up to your judgment, fellow investors! Join this prize-winning interaction quickly, share your views on Meituan's instant retail ecosystem, and win point rewards! 👇👇

🏆 Event: Bull Circle Opinion Leader ✨

Meituan's earnings are revealed. Has the instant retail ecosystem entered a harvest period? With the dual-engine drive of food delivery and in-store services, can Flash Shopping and new businesses take over the growth momentum? Let's discuss your observations!

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Note: All aforementioned activities will end at 16:00 Beijing Time on August 28. Rewards will be distributed uniformly after the conclusion of this earnings season.

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