2 1 Shi Ji Jing Ji Bao Dao·2025-11-28 13:00Core Viewpoint - Meituan reported a significant loss in Q3 2025 due to intensified competition in the food delivery sector, with expectations of continued losses in Q4 2025, although a reduction in competitive intensity may improve the situation [1][2][5]. Financial Performance - Meituan achieved revenue of 95.5 billion RMB in Q3 2025, a year-on-year increase of 2%, but reported an adjusted net loss of 16 billion RMB compared to a profit of 12.8 billion RMB in the same period last year [1]. - The core local business experienced a loss of 14.1 billion RMB in Q3 2025, a stark contrast to the previous year's profit [2][5]. Marketing and Competition - The food delivery battle led to a dramatic increase in marketing expenses for Meituan, which rose by 90.9% to 34.3 billion RMB, accounting for 35.9% of revenue [3]. - Competitors like Alibaba and JD.com also faced significant losses and increased marketing expenditures, with Alibaba's operating profit dropping by 85% and JD.com's new business losses reaching 15.7 billion RMB [3][4]. Market Dynamics - Meituan's CEO, Wang Xing, emphasized that the ongoing price war in the food delivery market is unsustainable and has not created value for the industry [6]. - Meituan maintains a strong market share, with over 66% of orders above 15 RMB and over 70% of orders above 30 RMB [6]. Future Outlook - There is an expectation that the competitive intensity in the food delivery market will decrease in Q4 2025, particularly as Alibaba plans to reduce its high subsidies [4][5].