美团Q2营收918亿元增11.7%，净利下滑89%至14.9亿元

Core Insights - Meituan reported a revenue of 918.4 billion yuan for Q2, marking an 11.7% year-on-year increase [1] - Adjusted net profit for Q2 was 14.9 billion yuan, reflecting a significant decline of 89% compared to the previous year [1] Revenue Breakdown - The core local commerce segment generated revenue of 653 billion yuan in Q2, up 7.7% year-on-year [1] - Operating profit for this segment fell by 75.6% to 37 billion yuan, with an operating margin decrease of 19.4 percentage points to 5.7% [1] Expenses and Competition - Sales and marketing expenses rose by 51.8% from 148 billion yuan in Q2 2024 to 225 billion yuan in Q2 2025, accounting for 24.5% of revenue, an increase of 6.5 percentage points [1] - The increase in expenses is attributed to intensified competition in the food delivery and instant retail sectors, prompting adjustments in business strategies [1] Half-Year Performance - For the first half of the year, Meituan's revenue reached 1,784 billion yuan, a 14.7% year-on-year growth [1] - Adjusted net profit for the first half was 124.4 billion yuan, down 41% compared to the same period last year [1]