# Meituan (3690.HK)

Canonical: https://gigainvestors.com/s/3690.HK

Analysis as of: 2026-10-16T07:33:50.493Z. Financial observations: FY2018–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 75.45 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 4

- Operating margin variation: 2.43×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.21×

- FY2019: 0.03×

- FY2020: -0.02×

- FY2021: -0.12×

- FY2022: -0.03×

- FY2023: 0.03×

- FY2024: 0.10×

- FY2025: -0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -7.7%

- ROIC, second-lowest year: -54.7%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 30.0%

- Recent gross margin (lower of latest and 3-year median): 30.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: -5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -484.8%

- FY2019: 30.0%

- FY2020: -4.6%

- FY2021: -43.4%

- FY2022: -10.9%

- FY2023: 19.9%

- FY2024: 84.1%

- FY2025: -54.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -4.8B

- Net income, five-year total: CNY -3.9B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.0 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY -24B

- FY2022: CNY -3.8B

- FY2023: CNY 14B

- FY2024: CNY 35B

- FY2025: CNY -25B

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -4.6% vs 19.9%

- Per-share earnings: 0.12 to 2.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: CNY -537B

- Cumulative retained earnings: CNY 2.8B

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 79.5%

- Per-share value change: CNY 2.08

- Per-share value, starting three-year median: CNY 0.12

- Per-share value, ending three-year median: CNY 2.20

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.8%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -4.6%

- ROIC, last three-year median: 19.9%

Chart: Earnings per share; fiscal year observations.

- FY2018: CNY -4.03

- FY2019: CNY 0.12

- FY2020: CNY 0.80

- FY2021: CNY -4.00

- FY2022: CNY -1.09

- FY2023: CNY 2.20

- FY2024: CNY 5.75

- FY2025: CNY -3.84

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -88.1%

- FY2019: -2.2%

- FY2020: -2.3%

- FY2021: -8.1%

- FY2022: -7.4%

- FY2023: -9.1%

- FY2024: -6.6%

- FY2025: -2.7%

## Holders

## Price story

Down 72% since Oct 2021 · "Meituan slides into loss in 'milk tea' subsidy war with instant commerce rival Alibaba" (finance.yahoo.com, Nov 2025) · sales +8.1%

Story as of 2026-10-16T09:59:57.970Z; price observation 2026-10-15.

- 2025-04-22: JD.com, Meituan Shares Plunge as Delivery Competition Heats Up ([finance.yahoo.com](https://finance.yahoo.com/news/jd-com-meituan-shares-plunge-043058693.html))

- 2025-05-26: Meituan Profit Soars as Revenue Beats Estimates Despite Rising Competition ([finance.yahoo.com](https://finance.yahoo.com/m/5a457c27-4143-347b-bdcf-9b72b10e8ed0/meituan-profit-soars-as.html))

- 2025-08-27: Meituan sales weaken, profit plummets amid 'irrational' delivery price war ([finance.yahoo.com](https://finance.yahoo.com/news/meituan-sales-weaken-profit-plummets-093000058.html))

- 2025-11-28: Meituan slides into loss in 'milk tea' subsidy war with instant commerce rival Alibaba ([finance.yahoo.com](https://finance.yahoo.com/news/meituan-slides-loss-milk-tea-093000231.html))

### Sales · FY2024–2025

sales +8.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: CNY 65B 

- FY2019: CNY 97B 

- FY2020: CNY 115B 

- FY2021: CNY 179B 

- FY2022: CNY 220B 

- FY2023: CNY 277B 

- FY2024: CNY 338B 

- FY2025: CNY 365B 

### Gross margin · FY2025

gross margin 30.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 23.2% 

- FY2019: 34.1% 

- FY2020: 29.7% 

- FY2021: 23.7% 

- FY2022: 28.1% 

- FY2023: 35.1% 

- FY2024: 38.4% 

- FY2025: 30.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are CNY 364.9 billion.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2025-12-31 (filed 2026-10-16T07:33:50.493Z); FY2025: revenue 364854746000; grossProfit 111008626000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3690.HK: Meituan operates as a technology driven retail company in the People's Republic of China, Hong Kong, Macao, Taiwan, and internationally. It operates through Core Local Commerce and New Initiatives segments. The company offers daily goods and services, such as food delivery, in-store, hotel and travel booking, and other services and sales; bike sharing, e-moped sharing, power banks and micro-credit; and operates Kuailv and Xiaoxiang Supermarkets. It also sells goods from B2B food distribution services; provides online marketing services to merchants; e-commerce; multimedia information technology; online retail platform; cloud computing; and merchant information advisory services. The company was formerly known as Meituan Dianping and changed its name to Meituan in October 2020. Meituan was founded in 2003 and is headquartered in Beijing, China.

### Why customers stay

Margins ranged from 30.4% to 38.4% during 2023–25; it lost 7.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2023-12-31 (filed 2026-10-16T07:33:50.493Z); FY2023: grossProfit / revenue = 35.1%.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2024-12-31 (filed 2026-10-16T07:33:50.493Z); FY2024: grossProfit / revenue = 38.4%.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2025-12-31 (filed 2026-10-16T07:33:50.493Z); FY2025: grossProfit / revenue = 30.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.493Z); 8-year return on capital observations [[2018,-4.8483170131377005],[2019,0.3000759318545589],[2020,-0.046204009792744395],[2021,-0.43431764343441476],[2022,-0.1086666194199245],[2023,0.19917330922202467],[2024,0.8406694891546836],[2025,-0.5474898986858676]]; median -0.07743531460633445. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 5 years; bought back CNY 364.8 million of shares.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2019-12-31 (filed 2026-10-16T07:33:50.493Z); FY2019: growth capex 0; upkeep 4523585000; owner earnings 3441397200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2023-12-31 (filed 2026-10-16T07:33:50.493Z); FY2023: growth capex 0; upkeep 6879551000; cash acquisitions 0; owner earnings 13757426600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2024-12-31 (filed 2026-10-16T07:33:50.493Z); FY2024: growth capex 2578140000; upkeep 8421350000; cash acquisitions 0; owner earnings 34655810600. Growth capex plus acquisitions / owner earnings = 0.07439271958625028.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.493Z); Dividend observations: [[2018,4000000],[2021,0],[2022,0],[2023,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/9MD.STU.json#2025-12-31 (filed 2026-10-16T07:33:50.493Z); FY2025: cash repurchases 364843000 CNY.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3690.HK SharesStats.PercentInsiders = 1.848 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.493Z); Closing price 75.45 HKD; reporting-to-trading FX 1.1727222788982186; FY2025 annual sales per share 60.03804570599035; price multiple 1.07161188400339. FY2025 cash earnings/share -4.110279952260754. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2018-09: HKD 68.75 per share

- 2018-10: HKD 50.70 per share

- 2018-11: HKD 52.45 per share

- 2018-12: HKD 43.90 per share

- 2019-01: HKD 53.30 per share

- 2019-02: HKD 60.90 per share

- 2019-03: HKD 52.90 per share

- 2019-04: HKD 57.00 per share

- 2019-05: HKD 60.55 per share

- 2019-06: HKD 68.50 per share

- 2019-07: HKD 63.95 per share

- 2019-08: HKD 74.35 per share

- 2019-09: HKD 80.10 per share

- 2019-10: HKD 93.65 per share

- 2019-11: HKD 103.20 per share

- 2019-12: HKD 101.90 per share

- 2020-01: HKD 99.30 per share

- 2020-02: HKD 98.90 per share

- 2020-03: HKD 93.65 per share

- 2020-04: HKD 103.80 per share

- 2020-05: HKD 146.70 per share

- 2020-06: HKD 171.90 per share

- 2020-07: HKD 191.90 per share

- 2020-08: HKD 255.60 per share

- 2020-09: HKD 241.80 per share

- 2020-10: HKD 288.20 per share

- 2020-11: HKD 290.00 per share

- 2020-12: HKD 294.60 per share

- 2021-01: HKD 355.80 per share

- 2021-02: HKD 340.00 per share

- 2021-03: HKD 298.20 per share

- 2021-04: HKD 298.00 per share

- 2021-05: HKD 294.00 per share

- 2021-06: HKD 320.40 per share

- 2021-07: HKD 215.00 per share

- 2021-08: HKD 249.00 per share

- 2021-09: HKD 246.60 per share

- 2021-10: HKD 269.60 per share

- 2021-11: HKD 238.00 per share

- 2021-12: HKD 225.40 per share

- 2022-01: HKD 219.60 per share

- 2022-02: HKD 172.20 per share

- 2022-03: HKD 155.60 per share

- 2022-04: HKD 172.00 per share

- 2022-05: HKD 187.00 per share

- 2022-06: HKD 194.20 per share

- 2022-07: HKD 176.30 per share

- 2022-08: HKD 189.80 per share

- 2022-09: HKD 165.60 per share

- 2022-10: HKD 124.80 per share

- 2022-11: HKD 163.60 per share

- 2022-12: HKD 174.70 per share

- 2023-01: HKD 174.60 per share

- 2023-02: HKD 136.10 per share

- 2023-03: HKD 143.50 per share

- 2023-04: HKD 133.00 per share

- 2023-05: HKD 110.20 per share

- 2023-06: HKD 122.30 per share

- 2023-07: HKD 146.30 per share

- 2023-08: HKD 128.50 per share

- 2023-09: HKD 114.60 per share

- 2023-10: HKD 110.60 per share

- 2023-11: HKD 90.60 per share

- 2023-12: HKD 81.90 per share

- 2024-01: HKD 62.55 per share

- 2024-02: HKD 79.80 per share

- 2024-03: HKD 96.80 per share

- 2024-04: HKD 109.50 per share

- 2024-05: HKD 105.10 per share

- 2024-06: HKD 111.10 per share

- 2024-07: HKD 109.30 per share

- 2024-08: HKD 118.20 per share

- 2024-09: HKD 172.00 per share

- 2024-10: HKD 182.50 per share

- 2024-11: HKD 168.70 per share

- 2024-12: HKD 151.70 per share

- 2025-01: HKD 148.20 per share

- 2025-02: HKD 162.00 per share

- 2025-03: HKD 155.80 per share

- 2025-04: HKD 130.30 per share

- 2025-05: HKD 138.00 per share

- 2025-06: HKD 125.30 per share

- 2025-07: HKD 121.60 per share

- 2025-08: HKD 102.70 per share

- 2025-09: HKD 104.50 per share

- 2025-10: HKD 102.00 per share

- 2025-11: HKD 102.50 per share

- 2025-12: HKD 103.30 per share

- 2026-01: HKD 97.20 per share

- 2026-02: HKD 81.15 per share

- 2026-03: HKD 82.95 per share

- 2026-04: HKD 83.25 per share

- 2026-05: HKD 73.45 per share

- 2026-06: HKD 68.50 per share

- 2026-07: HKD 92.50 per share

- 2026-08: HKD 78.90 per share

- 2026-09: HKD 71.70 per share

- 2026-10: HKD 75.45 per share

## Annual estimated value (HKD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.