中国互联网：融合——将美团评级下调至中性

17 June 2025China InternetChina Internet: The convergence - downgrading Meituan toMarket-PerformRobin Zhu+852 2123 2659robin.zhu@bernsteinsg.comCharles Gou+852 2123 2618charles.gou@bernsteinsg.comMin-Joo Kang+852 2123 2644minjoo.kang@bernsteinsg.comCharlie Peng+81 3 6777 6993charlie.peng@bernsteinsg.comThe convergence of domestic competition. This note represents our latest quarterlylook back at China Internet reporting, competitive trends across the key verticals,and reassessing risk-reward across our stock coverage. Since the start of May, stockperformance in the sector has largely been gaming and media good, real economy bad.JD is moving to manage unit food delivery losses, as expected, but… BetweenMeituan declaring “whatever it takes”, provincial governments scaling back applianceincentives, and JD scaling back merchant incentives, the last few weeks have brought somerelief for Meituan’s shares. But Alibaba and JD using food delivery to drive traffic growthdrags Meituan into the 6-