Xin Jing Bao·2025-11-28 13:41Core Insights - The intense competition in the food delivery sector has led to significant losses for Meituan, with a reported operating loss of 141 billion RMB in its core local business for Q3 2025, resulting in an adjusted net loss of 160.10 billion RMB compared to a profit of 128.29 billion RMB in the same period last year [1][2][3] Group 1: Financial Performance - Meituan's total revenue for Q3 2025 reached 955 billion RMB, marking a year-on-year growth of 2% [1] - The core local business segment generated revenue of 674 billion RMB, a decrease of 2.8% year-on-year [2] - The new business segment saw a revenue increase of 15.9% to 280 billion RMB, although operating losses in this segment grew by 24.5% to 13 billion RMB [3] Group 2: Competitive Landscape - The food delivery market has become increasingly competitive, with new entrants like JD and Taobao disrupting the long-standing duopoly of Meituan and Ele.me [2] - Meituan has responded to this competition by increasing direct subsidies to the restaurant sector, contributing to its significant losses [2][3] Group 3: Strategic Initiatives - Meituan is focusing on enhancing its core competitiveness and maintaining its industry leadership through a "retail + technology" strategy [1] - The company has invested 69 billion RMB in R&D, a 31% increase year-on-year, with a focus on AI and technology innovations [4][5] - Meituan is also expanding its ecosystem by providing various benefits to delivery riders, including health insurance and housing support [5] Group 4: Future Outlook - The company anticipates that the trend of operating losses will continue into Q4 2025 due to ongoing market competition [3] - Meituan's CFO expressed confidence in the long-term growth of its various business segments, emphasizing continued investment in service quality and technological innovation [6]