Zheng Quan Shi Bao·2025-11-28 12:27Core Insights - Meituan reported a 2% year-on-year revenue growth in Q3 2025, reaching RMB 955 billion, despite facing intensified competition in the industry [2][3] - The core local business segment turned to a loss of RMB 141 billion due to increased subsidies in the food delivery sector, while the new business segment achieved a revenue of RMB 280 billion, growing by 15.9% [2][3] Revenue and Profitability - Total revenue for Q3 2025 was RMB 955 billion, with a 2% increase compared to the previous year [2] - Adjusted EBITDA and net profit showed losses of RMB 148 billion and RMB 160 billion respectively [2] - The core local business segment generated RMB 674 billion in revenue but reported a loss of RMB 141 billion [2][3] User Engagement and Growth - Meituan's app daily active users (DAU) grew by over 20% year-on-year, with monthly transaction users in food delivery reaching a historical high [2] - The total number of transaction users exceeded 800 million in the past 12 months [2] Business Segment Performance - The new business segment, including grocery retail, saw strong growth, with Keeta expanding its global footprint into regions like the Middle East and Brazil [3] - The local dining business achieved record highs in both merchant and user numbers, with user transaction frequency increasing rapidly [3] Strategic Initiatives - Meituan is investing in ecological construction and technological innovation to promote sustainable industry development [4] - The company has introduced various welfare programs for delivery riders, including insurance and housing support, covering over a million riders and their families [4] - A total of RMB 28 billion has been allocated to support merchant health and innovation [4] Research and Development - R&D expenditure reached RMB 69 billion, marking a 31% increase, with significant advancements in AI applications [5][6] - The company has launched several AI tools to enhance service personalization for merchants and users [5][6] Market Position and Future Outlook - CEO Wang Xing emphasized the importance of focusing on sustainable practices rather than engaging in price wars, which he described as "involutionary competition" [6] - Meituan maintains a leading market share in high-value food delivery orders, with over 70% of orders exceeding RMB 30 [6] - The company is committed to long-term investments to uphold its market position and create value for consumers, merchants, and riders [6]