英文美团（3690 HK，增持） - 财报电话会议相关

Specialist SalesAPAC Specialist Sales26 May 2025JPMORGANMeituan(3690 HK, OW) - Off the earnings call… Lisa Otani+852 2800 8871lisa.otani@jpmorgan.comThe key takeaway from the call was their strong intent to defend market share from competition in on-demand services (incl. Food Delivery), which they’ve admitted will cause short-term volatility in Financials near-term (sees 2Q core local commerce growth to decelerate vs Q1 and OP to ‘significantly decrease YoY’). On their overseas expansion (HK, Saudi and Brazil), they have similarly viewed that it will impact short-term profitability, but in the long-term expects global expansion to present a promising growth opportunity for them. Overall, they appeared very confident on their leadership long-term in “on-demand” services. In 2025e, JPM’s Alex Yao (as of Apr 22) expects consolidated revenue/ OP/adj. NP to grow 16%/13%/7% YoY, assuming core local commerce OP +15% y/y. Assumptions include limited tit-for-tat price subsidy strategy, moderat