Meituan Dianping

Meituan has announced a new language model, LongCat-2.0, which the company says has 1.6 trillion parameters, can handle inputs of up to one million tokens, and was trained entirely on a cluster using Chinese AI chips. The model targets agentic coding — AI that autonomously carries out complex programming tasks. Independent tests will be needed to determine whether LongCat can compete internationally with top U.S. models, but the project is symbolic of China’s broad competition: many large platforms are developing their own low-cost models, which could trigger a global price war and potentially make China a long-term AI export power. » More on wiwo.de

Meituan's stock fell about 2.5% after publication of a draft market regulation that seeks to ban large-scale, below-cost subsidies by food delivery platforms. Meituan welcomed the draft and sees positive long-term effects for unit economics, but investors are worried in the short term about the pace of normalization of order growth and potential market share losses to Taobao Flash Sale. Additional risks stem from a summons by the Shenzhen market regulator over food safety violations and from intensified competition, such as Alibaba's bid for Pupu. » More on de.investing.com

Moody’s has affirmed Meituan’s issuer and senior unsecured ratings at Baa1 but changed the outlook from stable to negative. The move reflects doubts about the recovery of the food-delivery business due to intense competition, continued margin pressure and higher investment needs. Meituan reported slowing revenue growth and a decline in adjusted EBITDA margin to 2% (through Sept. 2025); Moody’s expects the margin to recover gradually to 5–6% within 12–18 months. Debt is likely to rise temporarily, but liquidity remains excellent with RMB 141 billion in cash and short-term investments. » More on de.investing.com