$MEITUAN(03690.HK)1. The core local lifestyle business (food delivery, in-store services) is facing fierce price wars and traffic competition from cross-border rivals like Douyin, with both market share and profit margins under dual pressure.

2. New businesses like community group buying have scale but lack a proven profit model, continuing to consume massive cash flow and dragging down overall profitability.

3. As a representative platform for domestic consumption, its performance heavily relies on macroeconomic consumption recovery. In the current environment of weak consumer confidence and below-expectation growth, expansion faces challenges.