Core Viewpoint - Meituan's CEO Wang Xing announced that the Keeta business in Hong Kong has become profitable as of October this year, achieving this milestone 29 months after its launch, ahead of the previously set three-year profitability target [1] Group 1: Financial Performance - In the third quarter, Meituan's new business segment generated revenue of 28 billion yuan, representing a year-on-year growth of 15.9%, while incurring a loss of 1.3 billion yuan [1] Group 2: Future Outlook - The company plans to increase investments in Brazil and GCC countries in the fourth quarter, with expectations that the improvement trajectory for Keeta in these regions will be similar to that in Hong Kong [1] - Given the initial success of Keeta in Hong Kong, it is anticipated that losses from the new business segment next year will not exceed those projected for 2025 [1]

Core Viewpoint - The CEO of Meituan, Wang Xing, reiterated the company's stance against the unsustainable price war in the food delivery industry, emphasizing that it does not create value for the sector and is a form of low-quality competition [2]. Group 1: Financial Performance - Meituan reported a revenue of 95.5 billion yuan for the third quarter, representing a year-on-year growth of 2% [3]. - The core local commerce segment generated a revenue of 67.4 billion yuan, but due to competition in the food delivery sector, the operating profit turned negative, resulting in a loss of 14.1 billion yuan [3]. Group 2: Market Strategy - The company plans to increase investments in rider rights protection and support for small and medium-sized merchants to promote long-term healthy development in the industry [2]. - Wang Xing indicated that losses in the instant retail business have peaked in the third quarter, but significant losses are expected to continue in the near term [2]. - Meituan aims to maintain its competitive edge without engaging in price wars, adjusting its investment strategy based on market competition dynamics [2]. Group 3: Market Position - Meituan's market share in food delivery orders is steadily recovering, with the company leading in the mid-to-high price order segment [2]. - In the market for orders over 15 yuan, Meituan holds more than two-thirds of the market share, and for orders over 30 yuan, it accounts for over 70% [2].

Core Viewpoint - Meituan reported a significant loss in Q3 2025 due to intensified competition in the food delivery sector, with expectations of continued losses in Q4 2025, although a reduction in competitive intensity may improve the situation [1][2][5]. Financial Performance - Meituan achieved revenue of 95.5 billion RMB in Q3 2025, a year-on-year increase of 2%, but reported an adjusted net loss of 16 billion RMB compared to a profit of 12.8 billion RMB in the same period last year [1]. - The core local business experienced a loss of 14.1 billion RMB in Q3 2025, a stark contrast to the previous year's profit [2][5]. Marketing and Competition - The food delivery battle led to a dramatic increase in marketing expenses for Meituan, which rose by 90.9% to 34.3 billion RMB, accounting for 35.9% of revenue [3]. - Competitors like Alibaba and JD.com also faced significant losses and increased marketing expenditures, with Alibaba's operating profit dropping by 85% and JD.com's new business losses reaching 15.7 billion RMB [3][4]. Market Dynamics - Meituan's CEO, Wang Xing, emphasized that the ongoing price war in the food delivery market is unsustainable and has not created value for the industry [6]. - Meituan maintains a strong market share, with over 66% of orders above 15 RMB and over 70% of orders above 30 RMB [6]. Future Outlook - There is an expectation that the competitive intensity in the food delivery market will decrease in Q4 2025, particularly as Alibaba plans to reduce its high subsidies [4][5].

Core Insights - Meituan reported a revenue of 95.5 billion RMB for Q3 2025, a year-on-year growth of 2%, but faced an adjusted net loss of 16 billion RMB compared to a profit of 12.8 billion RMB in the same period last year [1] - The intensified competition in the food delivery sector led to a significant loss of 14.1 billion RMB in Meituan's core local business, with expectations of continued losses into Q4 [1][2] - The fierce competition resulted in increased marketing expenses, which rose by 90.9% to 34.3 billion RMB, accounting for 35.9% of revenue [2] - Meituan's CEO expressed that the price war in the food delivery market is unsustainable and has not created value for the industry [5] Financial Performance - Meituan's Q3 operating profit for its core local business dropped by 75.6% to 3.7 billion RMB [2] - The company anticipates that the trend of operating losses will continue into Q4, although there are signs that competition may ease due to reduced spending from competitors [2][3] - The marketing expenses for Meituan in Q3 2025 were 34.3 billion RMB, a significant increase from 18 billion RMB in Q3 2024 [2] Market Dynamics - The food delivery market has seen a "burning money" phase, with major players like Meituan, Alibaba, and JD.com heavily investing in subsidies [2][3] - Alibaba's CFO indicated that the current quarter would be a peak in spending, suggesting a potential reduction in competitive pressure in the upcoming quarter [3] - Meituan maintains a strong market share, with over 70% of orders exceeding 30 RMB and over 66% for orders above 15 RMB [4][5] Strategic Outlook - Meituan's CEO emphasized the company's commitment to supporting rider rights and small merchants, aiming for long-term industry health [5] - The company is focused on maintaining its market position in instant retail and improving service experience and operational efficiency [5]

Core Points - A delivery rider named Chen Wenlin from Meituan successfully prevented a gas leak in a residential community, showcasing vigilance and responsibility [1][2] - Meituan awarded Chen with the "Pioneer Rider" honor and a cash reward of 2000 yuan for his heroic actions [4][5] - The incident highlights the importance of safety training and awareness among delivery riders, as Chen's background in cooking and previous work experience contributed to his quick response [4][5] Company Initiatives - Meituan has upgraded its "Good Deeds and Pioneer Rider Reward Program" to recognize riders who demonstrate social responsibility, with rewards up to 100,000 yuan for significant acts [7][8] - Since the establishment of the "Pioneer Rider" title in 2021, Meituan has rewarded over a thousand riders, distributing cash and various benefits worth several million yuan [8] - The company emphasizes ongoing safety training and support for riders, including access to rider apartments and health care benefits [5][7]

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion yuan, a year-on-year increase of 2% [1] - The core local business operating profit turned negative, with a loss of 14.1 billion yuan, contributing to an overall net loss of 16 billion yuan for the quarter [1] - The number of monthly transaction users for food delivery reached a historical high, with the platform's total transaction users exceeding 800 million in the past 12 months [1] Group 1: Financial Performance - Q3 revenue from the core local business was 67.4 billion yuan, with an operating loss of 14.1 billion yuan [1] - Overall net loss for the quarter was 16 billion yuan [1] - New business segments showed strong performance, with revenue of 28 billion yuan, a year-on-year increase of 15.9%, and a reduced loss of 1.3 billion yuan [1] Group 2: User Engagement and Competition - The competitive landscape in the food delivery industry remains intense, leading to increased direct subsidies for the restaurant sector [1] - Daily active users on the Meituan app grew by over 20% year-on-year [1] - Instant retail peak order volume exceeded 150 million orders in July [1] Group 3: International Expansion and Innovation - Meituan's international food delivery brand Keeta launched operations in Qatar, Kuwait, UAE, and Brazil [2] - R&D investment reached 6.9 billion yuan, a year-on-year increase of 31% [2] - The company has initiated nighttime drone delivery services in Shenzhen, with over 670,000 commercial orders completed by the end of September [2]

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a year-on-year increase of 2%, but faced a core local business operating loss of 14.1 billion RMB due to intensified industry competition [1] - The company increased its investment to counter competition, resulting in over 20% year-on-year growth in daily active users (DAU) and record high monthly transaction users in the food delivery segment [1] - CEO Wang Xing emphasized the commitment to the "retail + technology" strategy to enhance product and service offerings for sustainable industry growth [1] Revenue Breakdown - The core local business segment generated revenue of 67.4 billion RMB in Q3, but the operating profit turned negative due to increased direct subsidies in the food delivery sector [1] - New business segments achieved revenue of 28 billion RMB, a year-on-year growth of 15.9%, with a sequential reduction in losses to 1.3 billion RMB [1] - The adjusted net loss for the quarter was 16 billion RMB [1] User Engagement and Growth - The peak daily order volume for Meituan's instant retail exceeded 150 million in July, with an average delivery time of 34 minutes, indicating improved user engagement and retention [1] - The number of new users and transaction frequency for Meituan's flash purchase service increased significantly, with plans to expand the "Brand Officer Flash Warehouse" to thousands of brands [2] - The number of merchants and users in the dine-in business reached new highs, with over 250 billion real user reviews accumulated [2] New Business Developments - The grocery retail business is growing rapidly, with Keeta expanding its global footprint into the Middle East and officially launching operations in Brazil [2] - Meituan has implemented nationwide pension insurance subsidies for delivery riders and established a multi-tiered welfare system for them [2] R&D and Technological Advancements - The company invested 6.9 billion RMB in R&D in Q3, a year-on-year increase of 31%, focusing on AI development and application [3] - Several AI tools, including LongCat-Flash series models and the "Little Mei" smart assistant, are in advanced stages of testing and integration into core applications [3]

Core Insights - Meituan reported a 2% year-on-year revenue growth in Q3 2025, reaching RMB 955 billion, despite facing intensified competition in the industry [2][3] - The core local business segment turned to a loss of RMB 141 billion due to increased subsidies in the food delivery sector, while the new business segment achieved a revenue of RMB 280 billion, growing by 15.9% [2][3] Revenue and Profitability - Total revenue for Q3 2025 was RMB 955 billion, with a 2% increase compared to the previous year [2] - Adjusted EBITDA and net profit showed losses of RMB 148 billion and RMB 160 billion respectively [2] - The core local business segment generated RMB 674 billion in revenue but reported a loss of RMB 141 billion [2][3] User Engagement and Growth - Meituan's app daily active users (DAU) grew by over 20% year-on-year, with monthly transaction users in food delivery reaching a historical high [2] - The total number of transaction users exceeded 800 million in the past 12 months [2] Business Segment Performance - The new business segment, including grocery retail, saw strong growth, with Keeta expanding its global footprint into regions like the Middle East and Brazil [3] - The local dining business achieved record highs in both merchant and user numbers, with user transaction frequency increasing rapidly [3] Strategic Initiatives - Meituan is investing in ecological construction and technological innovation to promote sustainable industry development [4] - The company has introduced various welfare programs for delivery riders, including insurance and housing support, covering over a million riders and their families [4] - A total of RMB 28 billion has been allocated to support merchant health and innovation [4] Research and Development - R&D expenditure reached RMB 69 billion, marking a 31% increase, with significant advancements in AI applications [5][6] - The company has launched several AI tools to enhance service personalization for merchants and users [5][6] Market Position and Future Outlook - CEO Wang Xing emphasized the importance of focusing on sustainable practices rather than engaging in price wars, which he described as "involutionary competition" [6] - Meituan maintains a leading market share in high-value food delivery orders, with over 70% of orders exceeding RMB 30 [6] - The company is committed to long-term investments to uphold its market position and create value for consumers, merchants, and riders [6]

图源：美团官网 IT之家 11 月 28 日消息，据第一财经报道，在美团今晚第三季度财报电话会上，美团 CEO 王兴表示，"我们重申在 过去两个季度阐明的立场，外卖价格战是低质低价的'内卷式'竞争，我们坚决反对。半年来的市场结果已经充分证 明：外卖价格战没有为行业创造价值，不可持续。" 王兴表示，美团有信心捍卫即时零售的市场地位，创造真正的长期价值。王兴提到，近期美团餐饮外卖订单市占稳 步回升。美团继续保持在中高价订单市场 GTV 的领先地位，美团在实付超过 15 元的订单有 2/3 以上的份额，实付 超过 30 元以上的订单有 70% 以上的份额。 IT之家注意到，美团在第三季度交出了一份巨额亏损的成绩单，其核心业务三年来首次出现经营亏损。数据显示， 本季度公司实现营收 955 亿元，同比增长 2%，但核心本地商业板块因补贴战加剧亏损 141 亿元，整体经调整净亏 损达 160 亿元。财报显示，本季度，美团核心本地商业板块实现营收 674 亿元，但经营利润却首次转负，亏损高达 141 亿元。这一变化主要系公司加大对外卖行业的直接补贴力度所致。 ...

Core Insights - Keeta's Hong Kong operations have achieved profitability as of October this year, marking a significant milestone for the company [1] - Meituan's CEO, Wang Xing, highlighted that Keeta has solidified its leading position in Hong Kong during the third quarter [1] - The company achieved this profitability milestone within 29 months of launching the Keeta brand, ahead of the previously set three-year target [1] Financial Performance - In the third quarter, Keeta's user engagement (UE) metrics showed significant quarter-over-quarter growth [1] - The launch of Keeta in Hong Kong occurred in May 2023, indicating a rapid development trajectory for the brand [1]