Meituan stock fell over 3% in Hong Kong. JPMorgan stated in its research report that it would take a cautious approach following MEITUAN-W's Q3 2025 results.

JPMorgan advised investors to adopt a wait-and-see stance while focusing on three critical factors: competition in the food delivery sector, the stability of in-store business profitability, and the progress of overseas expansion efforts.

These areas face significant uncertainties, including the level and duration of food delivery subsidies, the pace of margin stabilization in the in-store segment, and the capital requirements and payback period for overseas investments. These challenges collectively reduce earnings visibility and heighten the risk of financial volatility.

JPMorgan maintained a Neutral rating on MEITUAN-W but lowered its target price from HKD100 to HKD95.