2 1 Shi Ji Jing Ji Bao Dao·2025-08-27 12:45Core Insights - Meituan's Q2 2025 revenue reached 91.8 billion RMB, a year-on-year increase of 11.7%, but adjusted net profit plummeted by 89% to 1.49 billion RMB due to irrational competition starting in the quarter [2] - The core local commerce segment's operating profit dropped from 15.2 billion RMB in Q2 2024 to 3.7 billion RMB in Q2 2025, a decline of 75.6%, with the operating profit margin falling from 25.1% to 5.7% [2] - The surge in sales and marketing expenses, which increased by 51.5% year-on-year to 7.7 billion RMB, reflects the intense competition in the food delivery and instant retail sectors [2] Competition Impact - The fierce competition in the food delivery market, referred to as the "takeaway three-country kill," has led to significant profit declines across major players, with JD's net profit halving and Meituan's net profit dropping by 89% [3] - Market attention is focused on Alibaba's upcoming Q2 financial report, as it is expected to be influenced by the same competitive pressures affecting Meituan and JD [3]