Nan Fang Du Shi Bao·2025-08-27 15:46Core Insights - Meituan reported a revenue of 91.84 billion RMB for Q2 2025, representing a year-on-year growth of 11.7%, while adjusted net profit plummeted by 89% to 1.49 billion RMB [2][3] - For the first half of 2025, Meituan's revenue reached 178.3 billion RMB, a 14.7% increase year-on-year, but adjusted net profit decreased by 41% [2] Revenue Breakdown - The core local commerce segment generated 65.3 billion RMB in revenue, up 7.7% year-on-year, but operating profit dropped significantly by 75.6% to 3.7 billion RMB, with a profit margin of 5.7%, down 19.4 percentage points [4] - New business revenue grew by 22.8% to 26.5 billion RMB, contributing 28% to total revenue, primarily driven by grocery retail and overseas business expansion [5] Cost and Marketing Expenditure - Overall sales costs increased by 27% to 61.4 billion RMB, accounting for 66.9% of revenue, up 8.1 percentage points year-on-year [6] - Sales and marketing expenses surged by 51.8% to 22.5 billion RMB, representing 24.5% of revenue, an increase of 6.5 percentage points, largely due to intensified competition in food delivery and instant retail [6] Strategic Focus and Future Outlook - CEO Wang Xing emphasized the company's commitment to maintaining market position amidst fierce competition, focusing on essential service quality and cost-effectiveness [2][4] - For Q3, Meituan anticipates significant losses in core local commerce due to high subsidy levels from competitors, planning to increase investments to ensure competitive pricing and stable service delivery [7]