On June 21st, Guolonghui|Huaxing Capital released a research report giving Meituan a "buy" rating with a target price of HK $180. The report pointed out that considering Meituan's leading position in the local service field, the management is confident in mitigating the impact of adverse factors through subsidies and delivery management, and maintaining a healthy profit margin. In addition, the growing demand from businesses for advertising will also help drive its profit growth. Overall, the management has a positive attitude towards achieving a 14-15% increase in on-demand service orders in the remaining time of 2024, with revenue growth faster than order growth, and profit growth faster than revenue growth. In the highly anticipated in-store, hotel and travel (IHT) business, the management expects that the total transaction volume (GTV) will increase by 30-40% year-on-year in the second quarter of 2024. The management emphasized that the online infiltration rate is still very low in this category - the proportion of dining in the store is about 15%, and the proportion of in-store services is in low single digits. With consumers now more willing to search online before making deals, the online infiltration rate is expected to further increase. In addition, on June 11th, Meituan announced a new $2 billion share buyback plan. Although there is no formal expiration date, management expects the program to last 12 to 18 months, at least offsetting the dilution effect of employee stock ownership. The management once again mentioned that convertible bonds are not the preferred financing method, and the company has enough cash overseas to repay debts in the next two years.