3July20252:10AMHKTNavigatingChinaInternetThe‘everydayapp’battleineCommerce:food/instantdeliveryTAM,cross-sell&eventuallandscapeTheintensityofcompetitionbetweeneCommerceplayerssuccessfulinstabilizingtheir20mn+fooddeliveryscale)RonaldKeung,CFAandlocalservicesleaderMeituaninfooddelivery/instantgivenitsdailyactiveuserscale(DAU)/userpurchaseshoppinghaselevatedtoanewlevel.Unlikepreviousfrequencydisadvantages(thatisatafractionof+852-2978-0856ronald.keung@gs.cominvestmentsbyeCommerceplayersthatwerescaledbackAlibaba/PDD’s),andPDDwithitsrelativelymoreresilientGoldmanSachs(Asia)L.L.C.withinafewquarters,webelievethedurationof2Hdomesticprofitset-upvs.othertransacti...