On October 2, MEITUAN-W fell 3.56% in regular trading, trading at 69.4 HKD/share, with turnover of 237 million HKD. The decline came amid broad weakness across the Internet and Direct Marketing Retail sector, with peers BABA-W down 3.1%, JD-SW down 3.26%, JD HEALTH down 4.89%, ALI HEALTH down 2.09%, and PA GOODDOCTOR down 4.49%.

The selloff follows the release of MEITUAN-W's H1 results, which showed revenue of 195.68 billion yuan, up 10.1% year-over-year, and an adjusted net profit of 12.44 billion yuan, reversing a prior-year loss. However, gross margin contracted from 35.0% to 31.2%, while sales and marketing expenses surged to 47.69 billion yuan, reflecting intensifying competition. Market commentary noted that despite the profit turnaround, elevated promotional spending has not prevented market share erosion in its core food delivery business, with unit economics remaining under pressure heading into Q3.

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