Citi has released a research report stating that MEITUAN-W (03690) has officially open-sourced its trillion-parameter large model, LongCat-2.0. The bank believes this strategic move will further solidify the company's leading position in the local lifestyle services market. The model's advanced Agentic architecture is expected to enhance internal R&D efficiency and attract external developers. Citi maintains its 'Buy' rating on Meituan with a target price of HK$113.

The report notes that by leveraging its vast and proprietary offline transaction and operational data, Meituan can provide unique AI-driven marketing and business insights for small and medium-sized enterprise merchants. The bank views this capability as forming a competitive moat, differentiating the company from other large language model providers and deepening its relationships with both merchants and consumers. Citi believes Meituan's model possesses distinct advantages due to the proprietary data from its rider network and accumulated experience in order dispatch algorithms.