Sou Hu Cai Jing·2025-11-28 11:11Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion RMB due to intensified industry competition [2] - The number of transaction users exceeded 800 million in the past 12 months, indicating strong user engagement despite financial losses [2] - CEO Wang Xing emphasized the company's commitment to enhancing core competitiveness and maintaining industry leadership through a "retail + technology" strategy [2] Financial Performance - Core local business revenue reached 67.4 billion RMB, but operating profit turned negative with a loss of 14.1 billion RMB due to increased direct subsidies in the food delivery sector [2] - New business segment revenue grew by 15.9% year-on-year to 28 billion RMB, with a sequential loss reduction to 1.3 billion RMB [2] - Adjusted net loss for Q3 was 16 billion RMB [2] User Engagement and Growth - Daily active users (DAU) of the Meituan app increased by over 20% year-on-year, with record monthly transaction users in food delivery [2] - The platform's user structure improved, with more low-frequency users transitioning to high-frequency usage, enhancing consumer engagement [3] - Meituan's flash purchase service led the instant retail sector, with significant growth in new users and transaction frequency [3] Ecosystem and Welfare Initiatives - Meituan expanded its ecosystem investments, including nationwide coverage of rider pension insurance and a multi-tiered welfare system for riders [4] - The company launched the "Prosperity Plan" with an additional 2.8 billion RMB to support merchants amid competitive pressures [4] - Initiatives to enhance food safety and transparency included the "Bright Kitchen, Bright Stove" program, with participation from over 300,000 merchants [4] Technological Innovation - R&D investment reached 6.9 billion RMB, a 31% increase year-on-year, focusing on AI advancements and integration into core applications [5] - The company upgraded its drone delivery services in Hong Kong and Shenzhen, achieving significant operational milestones [5] - CFO Chen Shaohui expressed confidence in long-term growth, emphasizing continued investment in service quality, ecosystem development, and technological innovation [5]