On September 4, MEITUAN-W rose 3.09% in regular trading, trading at 80.35 HKD/share, with turnover of 3.82 billion HKD. The rally was driven by the company's strong Q2 earnings released on August 28 and a wave of analyst upgrades.

MEITUAN-W reported Q2 revenue of RMB 104.6 billion, up 14.4% YoY, exceeding consensus by approximately RMB 3.5 billion. Adjusted net profit reached RMB 2.524 billion, surging 69% YoY, as the company swung back to profitability after three consecutive quarterly losses. Core local commerce operating profit turned positive at RMB 5.7 billion, well above market estimates, with food delivery unit economics (UE) turning positive for the first time.

Following the results, Nomura raised its target price to 118 HKD maintaining a Buy rating, Citi lifted its target to 120 HKD, and JPMorgan upgraded the stock to Overweight with a 100 HKD target. BlackRock also increased its long position to 6.16%. Analysts broadly noted that the easing of the subsidy war has improved the competitive landscape, validating MEITUAN-W's structural advantages in order quality and operational efficiency.

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