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Chinese local-services super-app for food delivery, in-store dining/leisure bookings and on-demand retail.
Chinese local-services super-app for food delivery, in-store dining/leisure bookings and on-demand retail.
Earns mainly commissions taken from each order that restaurants and shops receive, plus delivery fees and advertising fees from merchants paying for better placement in the app. Food delivery and in-store hotel and travel bookings carry the profit, while newer lines such as grocery delivery and overseas expansion usually run at a loss while they scale.
In one line: China's DoorDash plus Yelp plus Instacart combined.
Moat: narrow (network effects, scale, distribution). Largest merchant and rider network in China's local-services delivery market, though rivals subsidize heavily.
Headquarters: Beijing, China · Founded: 2010 · Employees: 111,298
Size Meituan-w (3690.HK) is a Hong Kong Consumer Discretionary company (Packaged Software) with a market value of $63.3B, the 31st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$80.40 on 6 Nov 2026.
Performance Over six months the shares fell 4.6%, against -13.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th highest of 14 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +11.3%); the operating margin is -11.9% (peer median 7.5%).
Valuation It trades at 303.1× forward earnings against a peer median of 12.6× (most expensive of 14).
Capital Return on invested capital runs 59.7 points below its cost of capital (10.4% WACC).
Credit Meituan-w has 5 bonds outstanding ($4.55B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 105 bp.
Next results Next results expected around 27 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$427B | HK$396B | HK$366B | HK$306B | HK$256B |
| Revenue growth | — | +8% | +20% | +20% | — |
| Gross profit | HK$122B | HK$115B | HK$138B | HK$104B | HK$68.7B |
| EBITDA | -HK$38.2B | -HK$22.2B | HK$45.0B | HK$16.4B | HK$709M |
| Net income | -HK$42.2B | -HK$25.3B | HK$38.8B | HK$15.3B | -HK$7.78B |
| Free cash flow | n/a | -HK$28.3B | HK$49.9B | HK$41.8B | HK$8.55B |
| Capital expenditure | n/a | HK$14.4B | HK$11.9B | HK$7.60B | HK$6.66B |
| Total debt | HK$111B | HK$96.5B | HK$68.7B | HK$66.7B | HK$65.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Meituan-w 3690.HK | $63.3B | -5% | +10% | -12% | 303.1× | n/a |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 16.4× | n/a |
| Jd-sw 9618.HK | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% |
| PDD Holdings Inc. Sponsored ADR PDD | $117B | -16% | +14% | 22% | 7.5× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3690.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.6% | -0.4% | 2nd highest of 14 |
| 6-month return | -4.6% | -13.0% | 5th highest of 14 |
| Distance from 52-week high | -25.6% | -29.5% | 7th highest of 14 |
| Revenue growth (TTM) | +9.8% | +11.3% | 7th lowest of 14 |
| Operating margin | -11.9% | 7.5% | lowest of 14 |
| Forward P/E | 303.1× | 12.6× | most expensive of 14 |
| ROIC minus cost of capital | -59.7 pp | +5.2 pp | lowest of 13 |
| Bond spread | 105 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Meituan-w 3690.HK | Hong Kong | $63.3B | -5% | +10% | -12% | 303.1× | n/a | n/a |
| BYD 1211.HK | Hong Kong | $98.9B | -26% | 0% | 4% | 15.8× | n/a | n/a |
| Midea 0300.HK | Hong Kong | $100B | +23% | +7% | 9% | 13.8× | -1.8% | +9.2% |
| Jd-sw 9618.HK | Hong Kong | $34.8B | -5% | +8% | 0% | 9.2× | 14.4% | +11.1% |
| Trip.com-s 9961.HK | Hong Kong | $29.0B | -17% | +18% | 16% | 12.6× | 4.6% | +26.9% |
| Anta Sports 2020.HK | Hong Kong | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% | +16.9% |
| Haier Smarthome 6690.HK | Hong Kong | $27.6B | -2% | -4% | 7% | 9.3× | -3.8% | +6.8% |
| Weichai Power 2338.HK | Hong Kong | $24.0B | -50% | +14% | 7% | 11.0× | -7.0% | +2.6% |
| Pop Mart 9992.HK | Hong Kong | $23.8B | -11% | +87% | 45% | 17.5× | 3.8% | +70.1% |
| Fuyao Glass Industry 3606.HK | Hong Kong | $21.3B | -13% | +13% | 22% | 13.5× | 3.7% | +17.4% |
| Lens Technology 6613.HK | Hong Kong | $20.7B | -29% | -7% | 5% | 18.1× | -0.7% | +14.2% |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |
Meituan-w has 5 bonds outstanding with $4.55B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.71%, a spread of 105 bp over government bonds.