Understanding the Market | Meituan-W rises over 4% again as regulators interview food delivery platform companies; institutions say that the slowdown in the subsidy war is beneficial for Meituan, with UE rebounding from the bottom

Zhitong
2025.07.21 02:30
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Meituan-W rose over 4% again, as of the time of writing, up 4.08%, priced at HKD 132.5, with a transaction volume of HKD 4.782 billion. In terms of news, on July 18, according to CCTV News, the State Administration for Market Regulation summoned three platform companies: Ele.me, Meituan, and JD.com, calling for rational participation in competition. Preliminary statistics show that in the past week, restaurant industry associations in more than 10 provinces and cities, including Hubei, Shaanxi, Yunnan, as well as Beijing, Qingdao, Dalian, Datong, Chongqing, and Shenzhen, have successively issued relevant initiatives, urging takeaway platforms to stop "involutionary" competition. Guojin Securities pointed out that the end of the subsidy war at this stage is better than market expectations, and attention should be paid to changes in subsidy intensity on Saturday. Previously, Saturday was a day for each company to push orders, and this Saturday, the subsidy intensity from each company remains significant, but the "0 yuan purchase" situation has eased. Meituan still has a strong market advantage in high-quality orders, and its market share is expected to stabilize and rebound after the subsidy decline. If the subsidy war slows down marginally, Meituan's UE is expected to bottom out and rebound. In this round of competition, Meituan has played more of a defensive role, and previous pessimistic expectations mainly stemmed from the inability to see the bottom of UE. If subsidies begin to slow down marginally, it can be basically determined that the current UE has already bottomed out

According to the Zhitong Finance APP, Meituan-W (03690) has risen over 4% again, with a current increase of 4.08%, priced at HKD 132.5, and a transaction volume of HKD 4.782 billion.

In terms of news, on July 18, according to CCTV News, the State Administration for Market Regulation summoned three platform companies: Ele.me, Meituan, and JD.com, calling for rational participation in competition. Preliminary statistics show that in the past week, restaurant industry associations in more than 10 provinces and cities, including Hubei, Shaanxi, Yunnan, as well as Beijing, Qingdao, Dalian, Datong, Chongqing, and Shenzhen, have successively issued related initiatives, urging takeaway platforms to stop "involutionary" competition.

Guojin Securities pointed out that the end of the subsidy war at this stage is better than market expectations, and attention should be paid to changes in subsidy intensity on Saturday. Previously, Saturday was a day for each company to push orders, and this Saturday, the subsidy intensity from each company remains significant, but the "0 yuan purchase" situation has eased. Meituan still has a strong market advantage in high-quality orders, and its market share is expected to stabilize and rebound after the reduction of subsidies. If the subsidy war slows down marginally, Meituan's user engagement (UE) is likely to bottom out and rebound. In this round of competition, Meituan has taken more of a defensive position, and previous pessimistic expectations mainly stemmed from the inability to see the bottom of UE. If subsidies begin to slow down marginally, it can be basically determined that the current UE has already bottomed out

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