Meituan (3690.HK): Thoughts On LongCat-2.0 & MT‘s Positioning In Local Services Agantic Capabilities

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Meituan (3690.HK): Thoughts On LongCat-2.0 & MT‘s Positioning In Local Services Agantic Capabilities

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10 Jul 2026 07:32:47 ET │ 12 pages

Meituan (3690.HK)

Thoughts On LongCat-2.0 & MT’s Positioning In Local Services Agentic

Capabilities

CITI’S TAKE Buy / High Risk

Following the release of its trillion-parameter LongCat-2.0 model on June Price (10 Jul 26 16:10) HK$78.70

30, Meituan announced on July 6 that it would be open-sourcing the Target price HK$113.00

model. We believe this strategic move could solidify its leadership in the

Expected share price return 43.6% local services market. The model’s advanced agentic architecture is set to

enhance internal R&D efficiency and attract external developers. By Expected dividend yield 0.0%

leveraging its vast, proprietary offline transaction and operational data, Expected total return 43.6%

Meituan can offer unique, AI-powered marketing and business insights to Market Cap HK$480,147M

its SME merchants. We believe this creates a strong competitive moat that US$61,219M

differentiates it from other LLM providers and deepens its relationship

with merchants and consumers. Specifically, while competitors like

ByteDance can offer strong AI support to local merchants, we believe

Meituan’s model is differentiated by its proprietary data from its rider Alicia Yap, CFAAC

network and its cumulative experience with dispatch algorithms. We +852-2501-2773

believe this combination could create a powerful local services flywheel. alicia.yap@citi.com

Maintain Buy and TP of HK$113. Nelson Cheung

nelson.cheung@citi.com

Release of LongCat-2.0 on Jun 30 and open-source on Jul 6 – On Jun 30, Meituan Vicky Wei, CFA

officially released its newer version of LongCat-2.0 consisted of 1.6T total parameter vicky.wei@citi.com