Di Yi Cai Jing·2025-11-28 10:41Core Insights - The article discusses the recent financial performance of Meituan, highlighting a shift towards healthier ecosystem construction after aggressive user growth through high subsidies [1][2][3] Financial Performance - Meituan reported Q3 revenue of 954.9 billion yuan, a 2% year-on-year increase, but faced an adjusted net loss of 160 billion yuan compared to a net profit of 128.3 billion yuan in the same period last year [1][2] - The core local business revenue decreased by 2.8% to 674 billion yuan, resulting in an operating loss of 141 billion yuan, with an operating loss rate of 20.9% [3] - Marketing expenses surged by 90.9% to 343 billion yuan, accounting for 35.9% of revenue, driven by increased promotional and user incentive spending [3] User Growth and Engagement - High subsidies led to a record increase in daily active users and monthly transaction users for Meituan, with daily active users growing over 20% year-on-year and total transaction users exceeding 800 million in the past 12 months [3] - The peak daily order volume for instant retail exceeded 150 million in July, indicating a shift of more low-frequency users to high-frequency usage [4] New Business Developments - Meituan's new business segment achieved revenue of 280 billion yuan, a 15.9% year-on-year increase, with losses narrowing to 13 billion yuan [4] - The international food delivery brand Keeta is expanding globally, with operations launched in Dubai and Abu Dhabi, and plans to enter the Middle East market by September 2024 [4] Technological Investments - R&D spending increased by 31% to 69 billion yuan, representing 7.3% of revenue, primarily due to heightened investments in AI and rising salary costs [4][5] - Meituan has released multiple open-source models and advanced its drone delivery services, achieving over 670,000 commercial orders by the end of September [5] Industry Trends - The article notes a shift in the food delivery industry towards rational competition, with major players like Alibaba and JD reducing their investments in aggressive marketing strategies [8][9] - Meituan's focus on content ecosystem construction is evident, with a significant increase in user-generated reviews and plans for substantial investment in local life information infrastructure [8][9] Rider Welfare Initiatives - Meituan has expanded its rider insurance subsidy program nationwide, with expectations to cover millions of riders [10][11] - JD has also increased its welfare investments for full-time riders, covering all social insurance costs, amounting to approximately 300 million yuan monthly for its full-time rider base [11]