Bei Jing Shang Bao·2025-11-28 09:38Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a year-on-year growth of 2%, with an adjusted net loss of 16 billion RMB [1] - The core local commerce segment generated revenue of 67.4 billion RMB but faced operating losses due to intense competition, leading to a loss of 14.1 billion RMB in this segment [1] - User engagement increased significantly, with daily active users (DAU) growing over 20% year-on-year and monthly transaction users in the food delivery sector reaching a historical high, surpassing 800 million in the past 12 months [1] Local Commerce Segment - The core local commerce segment's operating profit turned negative due to increased direct subsidies aimed at the restaurant industry to combat irrational competition [1] - The platform's user structure advantage expanded, with more low-frequency users transitioning to high-frequency usage [1] Instant Retail and New Business Growth - Meituan's instant retail service, Meituan Flash Purchase, continues to lead the industry, with new user growth and increased transaction frequency among core users [1] - The launch of "Brand Flagship Lightning Warehouses" in October is expected to expand to thousands of brands across various categories, with sales on the first day of "Double 11" increasing by 300% [1] - The new business segment, including grocery retail, achieved revenue of 28 billion RMB, a year-on-year growth of 15.9%, with losses narrowing to 1.3 billion RMB [2] User Engagement and Feedback - The number of merchants and users in Meituan's dine-in business reached new highs, with user transaction frequency maintaining rapid growth [2] - The platform has accumulated over 25 billion authentic user reviews, with 3.5 billion added in the past 12 months [2]