On July 5, MEITUAN-W (03690.HK)  -1.600 (-1.268%)    Short selling $1.14B; Ratio 20.121%   announced its instant retail daily order volume had surpassed 120 million orders, with over 100 million orders from food delivery and more than 20 million from Meituan Instashopping, according to BOCOMI's research report.

The broker believes this July peak was driven by an industry-wide subsidy battle. After Alibaba announced a RMB50 billion investment in Taobao Instant Commerce, Meituan was the first to break through the 100 million daily order milestone.

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In BOCOMI's opinion, while the subsidy battle is beneficial for user engagement, as the product mix in food delivery is optimized and industry subsidies recede, user stickiness will need to be monitored.

Since merchant and rider operations and dispatch remain key to maintaining market share, Meituan Waimai still holds a leading advantage and is highly likely to maintain its market share. Short-term profit adjustments won't affect the long-term outlook, and the downside potential for MEITUAN-W is limited.

BOCOMI kept a Buy rating and its target price at HKD165 for MEITUAN-W.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-16 12:25.)

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