Bank of America Securities released a research report stating that MEITUAN-W (03690)'s business in Hong Kong (Keeta) has entered a growth track. Despite uncertainties in investment in the Middle East, based on ROI-oriented overseas expansion and positive core business growth, as well as overseas expansion potential, the Buy rating is reiterated with a Target Price of 200 HKD. MEITUAN management emphasized that the group's business growth and operating profit margin remain key for the physical store segment, and in 2025, the focus will be on promoting healthy business growth in order volume, revenue, and operational profit for the in-store segment.