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<Research>CLSA Lowers MEITUAN-W (03690.HK) TP to HKD120 Due to 4Q25 Results Miss
MEITUAN-W (03690.HK) delivered 4Q25 results miss, with total revenue growing by 4% YoY to RMB92 billion, CLSA said in a research report. The quarterly adjusted LBIT recorded RMB14....
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<Research>CLSA Lowers MEITUAN-W (03690.HK) TP to HKD120 Due to 4Q25 Results Miss
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MEITUAN-W (03690.HK)  -1.700 (-2.074%)    Short selling $939.39M; Ratio 62.972%   delivered 4Q25 results miss, with total revenue growing by 4% YoY to RMB92 billion, CLSA said in a research report. The quarterly adjusted LBIT recorded RMB14.7 billion, 12% above the broker's expectations, due to higher new initiative losses.

The core local commerce continued to face intense competition. Meituan is shifting towards pursuing quality growth and reducing subsidies on low-value orders and non-core categories. This move will slow revenue growth but accelerate improvements in unit economics (UE).

Related News Jefferies: MEITUAN (03690.HK) Core Local Commerce Fundamentals Improve, Rating 'Buy'
The broker lowered its adjusted net profit forecasts for FY26 and FY27 by 8% and 5%, respectively, and reduced the target price from HKD135 to HKD120, maintaining an Outperform rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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