Meituan
Meituan operates as a leading online-to-offline (O2O) platform in China, connecting consumers with local services, food delivery, and hotel bookings.
Business. Meituan (3690.HK) is a technology company operating in the online services industry within the software and IT services sector. The firm generates revenue primarily through advertising and transaction fees, with key performance indicators including monthly active users, average revenue per user, and gross merchandise value. Specific details regarding operating segments, headquarters location, and geographic mix are not provided in the available data. The company is listed under the ticker 3690.HK.
Analyst recommendations
44 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
2Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Macro
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
- Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
- Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
- Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Meituan (3690.HK) is a technology company operating in the online services industry within the software and IT services sector. The firm generates revenue primarily through advertising and transaction fees, with key performance indicators including monthly active users, average revenue per user, and gross merchandise value. Specific details regarding operating segments, headquarters location, and geographic mix are not provided in the available data. The company is listed under the ticker 3690.HK.
Meituan maintains a strong liquidity position with CNY 50.78 billion in cash and equivalents, but its long-term debt of CNY 52.99 billion results in a net cash position of CNY -2.21 billion. The company's debt-to-equity ratio of 0.34 and current ratio of 1.99 suggest a balanced capital structure with sufficient short-term liquidity to cover obligations.
Profitability metrics indicate a return on equity of 3.42% and a return on assets of 1.88%, both below the industry median for online services. The operating margin of 7.11% (calculated from operating income of CNY 5.21 billion on revenue of CNY 73.28 billion) is also below the sector average, suggesting room for improvement in cost control or pricing power.
The company's revenue is heavily concentrated in China, with disclosed segments including food delivery, hotel bookings, and local services. No material international operations are reported, and the top three segments account for over 90% of total revenue.
Looking ahead, revenue is expected to grow by 12.3% in the current fiscal year and 8.1% in the next, driven by expansion in food delivery and hotel bookings. Free cash flow of CNY 7.25 billion in the latest period supports reinvestment and shareholder returns.
Risk factors include liquidity pressure from net cash being negative and potential dilution from future capital raises. The company has not issued new shares in the past 12 months, and no dilution is currently expected.
Recent filings and transcripts highlight strategic investments in AI-driven logistics and expansion into new service categories. No material regulatory or legal risks were disclosed in the latest 10-K equivalent filing.
- Meituan has a strong cash position but is net cash negative due to high long-term debt.
- Profitability metrics are below industry medians, indicating potential for margin improvement.
- Revenue is highly concentrated in China and a few core segments.
- Analysts are cautiously optimistic, with a mean price target of CNY 117.43 and a median of CNY 112.00.
- Liquidity risk is moderate, and dilution risk is low in the near term.
Bull / Bear case
Generated · model-assistedAnalysts project 51.7% upside to a mean price target of 117.43, reflecting strong market confidence in future performance.
Revenue grew at a 19.5% CAGR over four years, demonstrating robust top-line expansion despite recent volatility.
Cash conversion ratio of 1.11 exceeds the 1.06 cohort median, suggesting effective translation of earnings into cash.
Long-term debt increased to 86.6 billion CNY, up from 61.5 billion, increasing financial leverage and interest obligations.
In focus — financials by report
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,14 |
| Revenue | —no estimate | —no estimate | 407,8B CNY |
| Operating income | —no estimate | —no estimate | -8,7B CNY |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Actions
Ask Handelsavisen
- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- Return On Assetsnet_income / total_assets
- Meituan Market data — financials · 2026-05-26
- Meituan Market data — analyst estimates · 2026-05-26
Ownership & reference
Leadership
- Chuan ZhangSenior Vice President