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LongCat 2.0

Meituan · v2.0 · since 2026-06-30 · 17× · last seen Jul 08, 2026

Momentum

LongCat-2.0 is a frontier-scale Mixture-of-Experts (MoE) language model by Meituan featuring 1.6 trillion total parameters, with 33–56 billion parameters dynamically activated per token. It natively supports a 1-million-token context window and was trained end-to-end on a 50,000-card domestic Chinese AI ASIC superpod cluster without any Nvidia hardware. Designed specifically for agentic coding tasks, it was open-sourced on June 30, 2026, under the MIT license.

Momentum trend

11.04.10.07.

Features

Coding Benchmark (SWE-bench Pro %)	59.5% (SWE-bench Pro) — surpasses GPT-5.5 (58.6%)
Context Window (Tokens)	1,000,000 tokens (1M native)
Multimodal (Image/Video)	No — LongCat-2.0 is a pure text/code model. Multimodal capabilities (image, audio, video) are reserved for separate models in the LongCat family (LongCat-Next, LongCat-Flash-Omni).
NLP Benchmark Score	Terminal-Bench 2.1: 70.8; SWE-bench Multilingual: 77.3
Price per 1M Input Tokens	Standard: $0.75 / 1M input tokens; Promo (limited-time): $0.30 / 1M input tokens. Cache hits: free.

More products in this category: Frontier LLMs

Sources (17)

Company Analysis: Meituan

As of 08/07/2026

HOLDSynthszr Vote

Data supports a balanced stance: Meituan retains strong market position and recent sell-side work points to improving unit economics and a potential profitability inflection, but reported profitability remains volatile (including negative TTM margin readings from major aggregators) and near-term outcomes are highly sensitive to competitive subsidies and regulation. A HOLD is warranted until at least one more earnings cycle confirms durable margin recovery and disciplined loss containment in new initiatives. (dbs.com)

Summary

Meituan (HKEX: 3690) is China’s leading on-demand local services platform, monetizing a large two-sided network of consumers and merchants through commissions, delivery services, and advertising/online marketing. Its core competencies are (1) high-frequency food delivery and instant retail logistics, (2) merchant tools and traffic monetization, and (3) operational execution at scale (rider network, dispatching, and unit-economics management). The company’s strategic logic is to use high-frequency use cases (food delivery, instant retail) to drive user engagement and then expand monetization across local services. Market position remains strong in food delivery and local services, supported by scale advantages, dense fulfillment coverage, and merchant breadth. Recent sell-side work highlights Meituan’s leadership in higher-ticket orders and a widening unit-economics gap versus key competitors, which can translate into better resilience when competition normalizes. (dbs.com) In the most recent quarter available within the last 90 days (Q1 2026), Meituan reported quarterly revenue of about CNY 91.0bn (y/y +5.6% per StockAnalysis data). (stockanalysis.com) On a trailing basis, revenue is ~CNY 369.7bn (TTM, y/y +5.5%). (stockanalysis.com) Profitability remains volatile under IFRS: StockAnalysis shows TTM net margin around -13% and recent-year net income swings, underscoring sensitivity to competitive intensity and investment cycles. (stockanalysis.com) Valuation metrics vary by data vendor due to differing earnings definitions and loss-making periods; investors should triangulate using sales and cash-flow proxies. A commonly-cited sales multiple is ~2.6x P/S (TTM). (companiesmarketcap.com) EV/EBITDA is also available from market aggregators, but should be treated cautiously given EBITDA definition differences and the impact of investment phases. (valueinvesting.io) Near-term outlook (next 3–6 months) is primarily driven by (1) the pace of subsidy rationalization in food delivery/instant retail, (2) whether core local commerce returns to more stable operating profitability, and (3) the loss trajectory of newer initiatives and overseas expansion. A recent DBS note (June 2026) frames an “inflection point” with management commentary pointing to improving food-delivery profitability and contained losses in new initiatives, while flagging competition and regulatory risk as key uncertainties. (dbs.com) Medium-term (6–18 months), the investment case depends on sustaining market share while improving unit economics and demonstrating disciplined capital allocation in new businesses.

Key Takeaways

Business model is commission + delivery services + advertising/online marketing, built on a scaled on-demand logistics network and merchant ecosystem. (dbs.com)
Q1 2026 revenue was ~CNY 91.0bn with mid-single-digit y/y growth; TTM revenue ~CNY 369.7bn (y/y +5.5%), indicating growth but at a moderated pace versus earlier cycles. (stockanalysis.com)
IFRS profitability has been volatile; TTM net margin shown around -13% by one major aggregator, highlighting sensitivity to competition and investment intensity. (stockanalysis.com)
Valuation should be triangulated: P/S is cited around ~2.6x (TTM), while P/E can be distorted by loss-making periods and accounting items. (companiesmarketcap.com)
Sell-side commentary in recent months emphasizes improving unit economics in food delivery and a path to better profitability, but identifies competition/subsidies and regulation as the dominant risks. (dbs.com)

Action Ideas

BUY

12-month, fundamentals-driven accumulation for investors who accept China platform risk: recent sell-side work points to improving food-delivery unit economics and a potential profitability inflection in core local commerce, with losses in new initiatives guided/expected to remain contained. The key data-driven support is (a) Meituan’s scale/market position in high-value orders and (b) the expectation of improving profitability as competitive intensity normalizes. Position sizing should reflect earnings volatility and policy risk. ([dbs.com](https://www.dbs.com/content/article/pdf/AXJ_Equities/3690.pdf))

Horizon: 12 mo.

HOLD

6-month risk-managed hold for existing shareholders pending clearer evidence in upcoming results that margin recovery is durable. Current fundamentals show moderated revenue growth (TTM y/y ~5.5%) and volatile profitability, so a hold stance is justified until the company demonstrates consistent improvement in core local commerce profitability and reduced loss drag from new initiatives. ([stockanalysis.com](https://stockanalysis.com/quote/hkg/3690/revenue/?utm_source=openai))

Horizon: 6 mo.

SELL

3–9 month de-risking for investors with low tolerance for earnings volatility: if the investment thesis requires stable profitability, Meituan’s recent history of net income swings and negative TTM margin readings suggest the equity can remain valuation-sensitive to competitive intensity. A sell/trim can be justified until reported margins and cash-flow metrics show sustained improvement across multiple quarters. ([stockanalysis.com](https://stockanalysis.com/quote/hkg/3690/financials/?utm_source=openai))

Horizon: 9 mo.

Contrarian Insights

• Consensus often frames Meituan primarily as a food-delivery margin story; a contrarian framing is that the more investable signal is unit-economics discipline (UE gap vs competitors) and the ability to keep new-initiative losses bounded, which can matter more than headline revenue growth in the next 2–4 quarters. (dbs.com)
• P/E-based narratives can be misleading for Meituan due to earnings volatility and loss-making periods; a contrarian but more robust approach is to anchor on sales-based valuation (e.g., ~2.6x P/S) and segment-level profitability trajectory rather than a single-point earnings multiple. (companiesmarketcap.com)