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LongCat-2.5

Meituan · v2.5 · od 2026-11-01 (Ankündigung); allgemein verfügbar auf der API-Plattform am 2026-11-02 (Preview: 2026-09-25) · 2× · naposledy 04. 11. 2026

Momentum

LongCat-2.5 is a natively multimodal agentic model from Meituan with 1.6 trillion parameters (mixture-of-experts, about 48B active per token) and a 1M-token context window. It is available via the LongCat API Platform and longcat.ai; according to the sources available (as of November 2, 2026), the weights have not yet been published. The listed prices are a limited-time discount.

Vývoj momenta

07.08.05.11.

Vlastnosti

Key Benchmark (%)	BrowseComp 91.9; Terminal-Bench v2.1 88.4 (vendor-stated)
Context Window (Tokens)	1,000,000 (1M) input; max output 256K per Quick Start, 128K per FAQ
Multimodality	Natively multimodal: text and image input, visual coding, creative design and 3D tasks
Platform	LongCat API Platform (OpenAI- and Anthropic-compatible) and longcat.ai web chat
Price per 1M Tokens	Input $0.30, cached input $0.006, output $1.20 (limited-time discount)
Release Date	Announced Nov 1, 2026; GA on API platform Nov 2, 2026

Další produkty v této kategorii: Multimodální modely

Zdroje (2)

Company Analysis: Meituan

As of 04/11/2026

HOLDSynthszr Vote

HOLD is warranted on a strictly data-driven basis given the strong 2Q26 operating inflection (revenue +14.4% YoY; operating profit RMB2.69bn; adjusted net profit RMB2.52bn) and the clear CLC margin recovery (7.9%). (www1.hkexnews.hk) However, near-term visibility is constrained by explicitly flagged 3Q seasonality/competition pressure and the still-loss-making New Initiatives segment (RMB1.74bn operating loss; -5.3% loss ratio). (uobkh.com.hk) For EUR-based investors without a verified live price, it is prudent to wait for (i) confirmation that CLC profitability persists through the next quarter and (ii) continued loss narrowing in New Initiatives before upgrading to BUY.

Summary

Meituan (HKEX: 3690) is China’s leading local-services platform, monetizing high-frequency consumer demand through a two-sided marketplace that connects users with merchants and a large on-demand fulfillment network. Its core model combines (i) food delivery and instant retail (delivery services revenue), (ii) merchant marketing/online services (merchant services revenue), and (iii) selected first-party/retail-style revenue streams (product sales), with additional income items (e.g., interest revenue). The company’s core competency is operating a scaled logistics + demand-aggregation system that improves unit economics via routing/dispatch, density, and disciplined incentive spending. Market position remains strong in Core Local Commerce (CLC), where scale, consumer mindshare, and merchant coverage support defensibility. In 2Q26, CLC revenue grew 10.1% YoY to RMB71.5bn and CLC operating profit rose to RMB5.7bn, with operating margin improving to 7.9% (up 2.2pp YoY). This indicates a meaningful profitability recovery in the core segment as the industry shifted back toward operational efficiency and Meituan tightened marketing strategy execution. (www1.hkexnews.hk) Recent months’ key development is the 2Q26 earnings inflection: total revenue increased 14.4% YoY to RMB104.6bn, operating profit reached RMB2.69bn (vs RMB226m a year ago), and adjusted net profit rose 69.0% YoY to RMB2.52bn (adjusted net margin 2.4%). Adjusted EBITDA was RMB4.10bn (3.9% margin). Liquidity remained substantial with cash and cash equivalents of RMB104.7bn plus short-term treasury investments of RMB63.6bn as of June 30, 2026. (www1.hkexnews.hk) Segment mix matters for near-term earnings quality: New Initiatives revenue was RMB33.1bn in 2Q26, while operating loss narrowed to RMB1.74bn (loss ratio -5.3%), reflecting improving efficiency in grocery retail and overseas expansion. (www1.hkexnews.hk) Valuation in EUR terms depends on the EUR/HKD (or EUR/USD for ADR) rate and the chosen listing; current price was not provided. On the ADR page (MPNGY), Investing.com shows a negative trailing P/E (loss-making on that metric set) and price/LTM sales around ~1.0x (site snapshot). Treat these as indicative only and verify against your trading venue and timestamp when executing. (investing.com) Outlook (short- to medium-term) is primarily driven by: (1) sustainability of CLC profitability as incentives normalize, (2) trajectory of New Initiatives losses as grocery/overseas scale, and (3) seasonality/competition. A recent broker note (UOB Kay Hian, Aug 31, 2026) characterized 2Q26 as an earnings beat and flagged 3Q seasonal pressure while expecting mid-teens YoY CLC revenue growth and ~30% YoY New Initiatives growth with broadly flat losses QoQ. (uobkh.com.hk)

Key Takeaways

2Q26 showed a clear profitability step-up: revenue +14.4% YoY to RMB104.6bn; operating profit RMB2.69bn; adjusted net profit RMB2.52bn (2.4% margin). (www1.hkexnews.hk)
Core Local Commerce profitability recovered materially: CLC operating profit RMB5.67bn and 7.9% operating margin in 2Q26, supporting the investment case that scale can translate into earnings when incentives are disciplined. (www1.hkexnews.hk)
New Initiatives remains a drag but is improving: 2Q26 operating loss narrowed to RMB1.74bn (-5.3% loss ratio) while revenue reached RMB33.1bn, implying better efficiency but still meaningful execution risk. (www1.hkexnews.hk)
Balance sheet liquidity is a strategic asset: cash and cash equivalents RMB104.7bn plus short-term treasury investments RMB63.6bn at June 30, 2026, providing flexibility through competitive cycles. (www1.hkexnews.hk)
Near-term expectations should incorporate seasonality and competitive intensity: UOB expects 3Q26 seasonal pressure, with mid-teens YoY CLC growth and ~30% YoY New Initiatives growth while losses stay broadly flat QoQ. (uobkh.com.hk)

Action Ideas

BUY

Data-driven thesis: 2Q26 confirms a profitability reset in the core franchise. CLC delivered RMB5.67bn operating profit at 7.9% margin, while consolidated operating profit reached RMB2.69bn and adjusted net profit grew 69% YoY. If CLC margins remain positive through 3Q seasonality, earnings volatility should compress versus the prior incentive-heavy period. This action is best implemented on the HK listing (3690) or via ADR depending on your EUR conversion and liquidity needs; execute only after checking live EUR/HKD (or EUR/USD) and the local price/volume at trade time.

Horizon: 12 mo.

HOLD

Data-driven thesis: For investors already positioned, 2Q26 results reduce downside risk versus earlier quarters, but the investment case still hinges on (i) durability of CLC profitability and (ii) controlled losses in New Initiatives. Maintain exposure while monitoring quarterly evidence that incentive discipline persists and that New Initiatives loss ratio continues improving from -5.3%.

Horizon: 6 mo.

SELL

Data-driven thesis: If your mandate requires near-term earnings stability, consider reducing exposure after the 2Q26 rebound because management/brokers explicitly flag 3Q seasonal pressure and competition risk. A sell/trim is most appropriate if you observe renewed incentive escalation (marketing ratio rising) or if New Initiatives losses stop narrowing from the -5.3% loss ratio level.

Horizon: 3 mo.

Contrarian Insights

• The market often frames Meituan as structurally low-margin due to persistent competition, yet 2Q26 shows CLC can generate a high-single-digit operating margin (7.9%) when incentive intensity normalizes—suggesting profitability is more elastic than consensus narratives imply. (www1.hkexnews.hk)
• New Initiatives is frequently treated as a perpetual loss center; however, the 2Q26 loss ratio improved to -5.3% while revenue scaled to RMB33.1bn, indicating that operational efficiency gains can meaningfully narrow losses without halting growth—an outcome that may be underweighted in bearish positioning. (www1.hkexnews.hk)