美团半年报：营收增14.7%，净利降41%

Core Insights - The intense competition in the food delivery industry has significantly impacted Meituan's profits, with the operating profit margin of its core local commerce segment dropping by 19.4 percentage points year-on-year in Q2 2025 [2][3] - Meituan reported a revenue of 91.8 billion RMB in Q2 2025, a year-on-year increase of 11.7%, while the total revenue for the first half of the year reached 178.4 billion RMB, up 14.7% year-on-year [2] - The company's operating profit for Q2 2025 plummeted by 98% to 226 million RMB, with adjusted EBITDA down 81.5% to 2.8 billion RMB, and adjusted net profit down 89% to 1.5 billion RMB [2][3] Revenue and Profitability - The adjusted net profit for the first half of 2025 was 12.442 billion RMB, a decline of 41% year-on-year, which exceeded previous market expectations [3] - The core local commerce segment, which includes food delivery, saw a significant drop in operating profit, down 75.6% to 3.7 billion RMB, with the operating profit margin falling to 5.7% [2][5][7] Competitive Landscape - The food delivery market has become increasingly competitive, with major players like JD and Alibaba injecting substantial subsidies into the market, leading to a rise in operational costs for Meituan [3][4][8] - Meituan's daily order volume increased significantly, reaching between 80 million to 90 million orders by 2025, but the revenue growth from delivery services was only 2.8% [6][7] Cost Structure - The sales costs for Meituan increased by 35.6%, primarily due to higher rider subsidies and the expansion of its grocery retail business [7] - The increase in sales and marketing expenses was attributed to the need for aggressive promotional strategies in response to fierce competition [7] Market Position and Future Outlook - Meituan's market share has been affected by the competitive dynamics, with its position being challenged by Alibaba's Taobao Flash and JD's food delivery services [9][11] - Despite the challenges, Meituan's CEO expressed confidence in the company's operational efficiency and competitive advantages, emphasizing the importance of maintaining a strong network among consumers, merchants, and delivery services [10][11]