---
title: "Citi lowers the target price for MEITUAN to 94 yuan, last year's core local business operations loss exceeded expectations"
description: "Citigroup's research report indicates that Meituan is expected to incur a core local business operating loss of RMB 6.8 billion to 7 billion in 2025, lower than the market expectation of RMB 7.3 billi"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276030736.md"
published_at: "2026-02-16T03:59:22.000Z"
---

# Citi lowers the target price for MEITUAN to 94 yuan, last year's core local business operations loss exceeded expectations

> Citigroup's research report indicates that Meituan is expected to incur a core local business operating loss of RMB 6.8 billion to 7 billion in 2025, lower than the market expectation of RMB 7.3 billion. Total revenue in 2026 is expected to grow by 9.1% to RMB 399 billion, but lower than the market expectation of RMB 411 billion. Due to intensified competition from Alibaba and Douyin, Citigroup maintains a "Neutral" rating on Meituan and lowers the target price to HKD 94

Citigroup's research report indicates that Meituan (03690.HK) issued a profit warning, expecting a core local commerce (CLC) operating loss of RMB 6.8 billion to 7 billion for 2025, better than the bank's and market expectations of RMB 7.3 billion and 7.9 billion, reflecting that last year's fourth-quarter loss was slightly better than expected. The net loss under International Financial Reporting Standards is approximately RMB 23.3 billion to 24.3 billion, higher than the bank's expectation of RMB 22.7 billion, but generally in line with market expectations.

As for 2026, the bank expects total revenue to grow by 9.1% year-on-year to RMB 399 billion, lower than the market expectation of RMB 411 billion; the adjusted net loss is expected to be RMB 13.9 billion, compared to the market expectation of a net profit of RMB 4.6 billion, with losses from CLC business and new businesses at RMB 5.1 billion and RMB 8.8 billion, respectively.

Given Alibaba (09988.HK) aims to further compete for market share in the takeaway and instant retail markets, along with the potential intensification of competition from Douyin in the in-store business, the bank believes Meituan may face more challenges before a turnaround occurs; maintaining a "Neutral" rating, with the target price lowered from HKD 115 to HKD 94

### Related Stocks

- [03690.HK - MEITUAN](https://longbridge.com/en/quote/03690.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 阿里傳大膽加碼淘寶閃購 3 年沒虧損負擔 力爭市佔率超越美團 | 阿里巴巴（9988）計劃在淘寶閃購上加大投入，力爭在 2026 年市佔率超越美團。管理層鼓勵團隊在未來三年內不承受虧損，重點發展即時零售，特別是高客單價訂單。儘管股價一度下跌，阿里仍將繼續探索到店業務，並計劃在春節後全面推進其戰略。 | [Link](https://longbridge.com/en/news/275711000.md) |
| 叮咚賣身，前置倉模式終結 | 叮咚買菜以 7.17 億美元被美團收購，標誌着前置倉模式的終結。儘管叮咚買菜在生鮮電商市場表現出色，保持盈利並運營超過 1000 個前置倉，但高昂的成本限制了其擴展。此次收購將使叮咚買菜獲得美團的資金和流量支持，助力其全國市場的拓展。美團通 | [Link](https://longbridge.com/en/news/275259644.md) |
| 美團 (3690) 盈警，料去年度業績由盈轉虧 | 美團近日發出盈警，預計 2025 年度將錄得虧損 233 億至 243 億元人民幣，較 2024 年盈利 358 億元大幅惡化。虧損主要源於核心本地商業分部的經營虧損及對海外業務的加大投入。美團已加大對生態體系的投入以應對激烈競爭，包括強化 | [Link](https://longbridge.com/en/news/276027930.md) |
| 美團 56 億收購叮咚中國業務 內地併入逾千前置倉 賣家禁 5 年國內零售競爭 | 美團以 7.17 億美元收購叮咚中國業務 100% 股份，交易需通過反壟斷審查。叮咚在國內生鮮電商領域具備強大供應鏈和高復購率。美團表示，此次收購將提升雙方在商品、技術和運營方面的優勢，改善消費者體驗。叮咚創始人承諾在未來 5 年內不參與大 | [Link](https://longbridge.com/en/news/274950045.md) |
| 收爐前半日市 阿里跌近 2% 美團盈警微跌 寧德及老鋪黃金染藍向上 ｜港股開市 | 港股在農曆新年長假期前的半日市表現疲軟，恆指開市報 26501 點，跌 65 點或 0.25%。阿里巴巴跌 1.8%，美團發盈警，預告去年虧損逾 233 億人民幣，股價微跌 0.6%。監管機構約談多家平台公司，影響市場氣氛。寧德時代、老鋪黃 | [Link](https://longbridge.com/en/news/276021929.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.