Meituan's Chen Shaohui: Roughly estimated that the industry has invested about 200 billion yuan in the past year for takeout competition.

At today's shareholders' meeting, Meituan CEO Wang Xing and other management responded to several questions, including the company's gains and losses in competition over the past year, the trial and error in business expansion over the past five years, and how to improve the low stock price. Chen Shaohui stated at the meeting that the current stock price seriously undervalues the company's worth, and Meituan plans to conduct buybacks. Chen Shaohui introduced that Meituan currently holds stocks in listed companies such as Meituan Dianping and Zhipu, as well as unlisted companies like Yushu Technology, which could total over 65 billion yuan according to book value. Meituan will actively consider liquidation after the lock-up period, taking into account factors such as liquidity, market environment, and funding needs. By 2025, the food delivery industry has attracted national attention due to the large-scale subsidy war. Chen Shaohui once again talked about the impact of the food delivery war at the meeting. He mentioned that a rough estimate shows that the industry has invested around 200 billion yuan in food delivery competition over the past year, but mainly it is ineffective and does not create incremental value. Meituan's attitude towards this is not to worry about competition and will actively respond. He stated that Meituan still has advantages, maintaining over 70% market share in high-value orders of over 30 yuan and the gap in unit economic models between Meituan and its competitors is getting wider rather than narrower. Regarding when the food delivery industry will return to profitability, Chen Shaohui expressed confidence that in the long run, after the industry fundamentally rationalizes, Meituan will maintain efficiency and experience leadership.