Bei Jing Shang Bao·2025-08-27 14:32Core Insights - Meituan's management anticipates significant losses in its core local business for Q3 2025, indicating a dynamic adjustment of investment strategies based on competitive landscape [2] Financial Performance - In Q2 2025, Meituan reported revenue of 91.8 billion yuan, a year-on-year increase of 11.7%, while adjusted net profit fell by 89% to 1.493 billion yuan [2] - For the first half of 2025, Meituan's revenue reached 178.398 billion yuan, up 14.7% year-on-year, with adjusted net profit decreasing by 41% to 12.442 billion yuan [2] - The core local business segment generated revenue of 65.347 billion yuan in Q2 2025, a 7.7% increase year-on-year, while new business revenue was 26.493 billion yuan, growing by 22.8% [2] Cost Structure - Sales costs increased from 48.4 billion yuan in Q2 2024 to 61.4 billion yuan in Q2 2025, representing a 27% rise, with the revenue share growing from 58.8% to 66.9% [2] - Sales and marketing expenses surged by 51.8% from 14.8 billion yuan in Q2 2024 to 22.5 billion yuan in Q2 2025, accounting for 24.5% of total revenue [3] - R&D expenses rose by 17.2% from 5.3 billion yuan in Q2 2024 to 6.3 billion yuan in Q2 2025, primarily due to increased investments in AI [3] Competitive Strategy - Meituan's management acknowledges the high subsidy levels from other platforms and plans to increase investments to maintain competitiveness while enhancing industry ecosystem contributions [3] - CEO Wang Xing emphasized the company's commitment to defending its market position amidst intensified competition, stating that Meituan has grown through competition and will continue to focus on essential operations to ensure reliable service and affordable pricing [3]