Citigroup has issued a research note stating that MEITUAN-W (03690) has officially open-sourced its trillion-parameter large language 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 research and development efficiency while attracting external developers. Citigroup has maintained its 'Buy' rating on MEITUAN with a target price of HK$113.

The report indicates that by leveraging its vast and proprietary offline transaction and operational data, MEITUAN can offer unique AI-driven marketing and business insights to small and medium-sized enterprise merchants. The bank views this capability as a source of competitive advantage, differentiating the company from other large language model providers and deepening its relationships with both merchants and consumers.

Citigroup believes MEITUAN's model possesses distinct differentiating advantages due to the proprietary data from its rider network and its accumulated experience in order dispatch algorithms.