$MEITUAN(03690.HK) I've thought about the long-term logic of internet platforms, and it's hard to be optimistic: under the monopoly of traffic channels, profits are unidirectionally concentrated towards the platforms, while the profitability of individual businesses and small vendors continues to be under pressure. From a livelihood perspective, regulation will only keep tightening.
Platforms can no longer replicate the high-speed expansion and profit-making conditions of the early years. Without substantial positive catalysts, the risks of long-term holding far outweigh the opportunities.
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