BofA Securities released a report on MEITUAN-W (03690.HK) +6.500 (+4.947%) Short selling $1.22B; Ratio 20.856% , which fared solidly in 1Q25, with revenue and net profit topping market expectations. Food delivery and on-demand orders grew by a low teens percentage YoY, while the total transaction value of in-store and hotel businesses elevated by over 30%. However, intense competition in 2Q disrupted this healthy growth trend. Meituan stated that it increased spending to stabilize market share and wrestled for long-term consumer mind share, prompting short-term growth slowdown and suppressed profitability. Related NewsCICC: MEITUAN-W Vows to Stand Resolutely in Food Delivery Battle; ST Results Likely to Erode, but LT Confidence RemainsBofA Securities trimmed its projected revenue and adjusted net profit for Meituan for 2025-26 by 1-3% and 8-15%, respectively, reflecting the actual performance in 1Q and the higher spending amid intensified competition in the instant delivery segment since April. The broker lately forecast a 14% revenue growth and an adjusted net profit of RMB43.6 billion for 2025. The target price was slashed from HKD180 to HKD155. The Buy rating was reiterated, primarily based on its strong competitiveness in core local businesses, robust execution amid fierce competition, growth potential in overseas expansion, and potential catalysts from offline consumption stimulus. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-29 12:25.)