On June 11th, Gelonghui reported that according to a report released by China Merchants Securities, Meituan maintained steady revenue growth in the first quarter, with an annual increase of 25% to 73 billion yuan, exceeding expectations by 6%. The adjusted net profit was 7.5 billion yuan, a year-on-year increase of 36%, exceeding expectations by 25%. For the second quarter of this year, the bank expects the group's revenue to grow by 18% year-on-year, core local business revenue to grow by 16%, mainly driven by Meituan's strong growth in the annual revenue of the Meituan flash purchase of 39% and the annual growth of the on-site wine and travel of 22%, and the overall instant delivery business revenue is expected to grow by 14% annually, driving the adjusted net profit to grow by 29% annually, and the net profit margin is 12.4% (increased by 1.1 percentage points annually). The bank sees several factors that support the improvement of profit margin, including the efficiency improvement and order growth of the takeaway business, the easing of competition pressure in the on-site wine and travel business, and the better-than-expected rate of loss reduction of Meituan selection. The bank raised Meituan's target price from HKD 148 to HKD 151, reflecting better-than-expected performance and ahead-of-schedule profit range, rating it as "shareholding" and believing that the strong performance in the first quarter still confirms Meituan's competitive barriers.