Meituan Earnings Call: Q3 On-Demand Delivery UE Expected to Improve Significantly YoY, Keeta Accelerating, AI Shifts Toward Merchants

Management stated that as on-demand delivery competition shifts toward quality, efficiency, and service, the company's advantages in user mix, order structure, and operational efficiency continue to strengthen. Looking ahead to Q3, on-demand delivery UE is expected to improve significantly year-over-year, though it may face sequential pressure due to peak-season marketing investments, rider subsidies, and occupational injury insurance costs — but is still expected to remain positive. On AI, the company emphasized it is not chasing a "token factory" model. Instead, it is deeply embedding LongCat-2.0 and AI agents into business operations, driving Meituan's transformation from a traffic platform into an "AI business partner" for merchants.