$MEITUAN-W(03690)$ 24Q2's stor

$MEITUAN-W(03690)$ 24Q2's store share is still twice that of Douyin, and the competition has not intensified but eased in terms of marketing expense rate. In the longer term, the market share of the two is not easy to predict.

Although Meituan does not completely monopolize the delivery network, it is still much better than Ele.me in terms of fulfillment experience and merchant coverage. There is no trend of this advantage shrinking, but it is constantly widening. Ele.me's market share may exist for a long time, but as the density of the delivery network increases, Meituan's average cost advantage and speed advantage will become greater and greater. We are optimistic about Meituan's continued increase in retail market share, and we are also optimistic about the rapid growth of flash sales orders.

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