2 1 Shi Ji Jing Ji Bao Dao·2025-08-27 12:53Core Insights - Meituan reported a revenue of 91.8 billion RMB for Q2 2025, representing a year-on-year growth of 11.7%, but adjusted net profit fell by 89% to 1.49 billion RMB due to "irrational competition" starting in the quarter [1] - The core local commerce segment saw a significant decline, with operating profit dropping from 15.2 billion RMB in Q2 2024 to 3.7 billion RMB in Q2 2025, a decrease of 75.6%, and operating profit margin falling from 25.1% to 5.7% [1] - The increase in sales and marketing expenses, which rose by 51.5% year-on-year to an additional 7.7 billion RMB, reflects the intense competition in the food delivery and instant retail sectors [1] Industry Context - The competitive landscape in the food delivery market has intensified, leading to significant profit declines across major players, with JD's net profit halving and Meituan's net profit dropping by 89% [2] - Market attention is focused on Alibaba's upcoming Q2 financial results, as the industry anticipates how it will respond to the ongoing competitive pressures [2]