According to a report released by Macquarie, although Meituan (3690.HK) has increased its online penetration and market share in its new business, it is believed that the market has underestimated the complexity and investment required to develop its fresh food business, and that its community group buying business has not made a profit until 2024. Based on the fact that the fresh food business still needs years of investment, the bank is optimistic about Meituan's profit outlook and expects the share price range to fluctuate sharply in the next 12 months, rerating Meituan with a target price of HK $244.