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Meituan

The worst profit damage is behind; the share war is not fully over

Pie, bars, and a timeline. Start with instant-retail share, then loss narrowing and Keeta.

Read Meituan through three questions

  1. What did the trillion-scale war buy: about ten points of share shift.
  2. Is loss narrowing real: core local and new businesses both healing.
  3. Can Keeta reopen a growth multiple: Hong Kong profit, Saudi faster.

Updated 2026-08-05 · Research notes, not investment advice.

  1. 1. Instant retail: Meituan about half, Alibaba about two fifths, JD about one tenthPie
  2. 2. How far losses have narrowedBar
  3. 3. Where overseas Keeta standsTimeline
  4. 4. A trillion-scale war bought ten pointsBar
  5. 5. The real threat is in-storeThesis cards