Zheng Quan Shi Bao Wang·2025-11-28 12:32Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a year-on-year increase of 2%, but faced a core local business operating loss of 14.1 billion RMB due to intensified industry competition [1] - The company increased its investment to counter competition, resulting in over 20% year-on-year growth in daily active users (DAU) and record high monthly transaction users in the food delivery segment [1] - CEO Wang Xing emphasized the commitment to the "retail + technology" strategy to enhance product and service offerings for sustainable industry growth [1] Revenue Breakdown - The core local business segment generated revenue of 67.4 billion RMB in Q3, but the operating profit turned negative due to increased direct subsidies in the food delivery sector [1] - New business segments achieved revenue of 28 billion RMB, a year-on-year growth of 15.9%, with a sequential reduction in losses to 1.3 billion RMB [1] - The adjusted net loss for the quarter was 16 billion RMB [1] User Engagement and Growth - The peak daily order volume for Meituan's instant retail exceeded 150 million in July, with an average delivery time of 34 minutes, indicating improved user engagement and retention [1] - The number of new users and transaction frequency for Meituan's flash purchase service increased significantly, with plans to expand the "Brand Officer Flash Warehouse" to thousands of brands [2] - The number of merchants and users in the dine-in business reached new highs, with over 250 billion real user reviews accumulated [2] New Business Developments - The grocery retail business is growing rapidly, with Keeta expanding its global footprint into the Middle East and officially launching operations in Brazil [2] - Meituan has implemented nationwide pension insurance subsidies for delivery riders and established a multi-tiered welfare system for them [2] R&D and Technological Advancements - The company invested 6.9 billion RMB in R&D in Q3, a year-on-year increase of 31%, focusing on AI development and application [3] - Several AI tools, including LongCat-Flash series models and the "Little Mei" smart assistant, are in advanced stages of testing and integration into core applications [3]