3690.HK, better known as Meituan, operates one of the world's largest on-demand delivery platforms, generating revenue through a highly integrated, multi-faceted business model centered on the "Everything Store" concept. The core of its revenue comes from its food delivery business, where the company takes a commission from the transaction value of every meal ordered through its app, combined with delivery fees paid by the consumer and service fees paid by the restaurant. Beyond food delivery, Meituan derives significant income from its "In-store, hotel, and travel" segment, where it charges merchants marketing and advertising fees, as well as commissions on bookings for local services, hotels, and tourist attractions. Another crucial revenue stream is its burgeoning "New Initiatives" segment, which includes community e-commerce, bike-sharing services, and grocery delivery. The company also monetizes its massive user base through performance-based advertising, where local merchants pay to rank higher in search results on the app. By capturing data across a vast spectrum of daily consumption activities—from ordering lunch to booking a taxi or hotel—Meituan is able to optimize its logistics and cross-sell services, creating a massive, interconnected digital ecosystem that incentivizes high-frequency usage. The company’s scale allows it to achieve operational efficiencies in delivery logistics, which is its most significant competitive moat and the primary engine for its long-term financial growth.