Guan Cha Zhe Wang·2025-11-29 12:32Core Insights - Meituan reported a revenue of 95.5 billion RMB for Q3 2025, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion RMB due to intensified competition [1][2][3] - The company emphasized prioritizing market scale, user engagement, and long-term competitiveness over short-term profits [1][3] Financial Performance - Revenue for Q3 2025 was 95.5 billion RMB, with a breakdown of core local business revenue at 67.4 billion RMB, including delivery service revenue of 23.0 billion RMB, commission revenue of 26.4 billion RMB, and online marketing service revenue of 14.2 billion RMB [2][4] - The operating loss for the core local business was 14.1 billion RMB, attributed to increased direct subsidies in the food delivery sector to counter irrational competition [3][4] User Engagement and Market Position - The number of transaction users on the platform exceeded 800 million in the past 12 months, with daily active users (DAU) growing over 20% year-on-year [1][5] - Meituan maintained a leading position in the mid-to-high price order market, capturing over 70% of orders above 30 RMB [5] New Business Growth - New business segment revenue grew by 15.9% year-on-year to 28 billion RMB, although operating losses increased by 24.5% to 1.3 billion RMB [6] - The company is expanding its international presence, with Keeta achieving profitability in Hong Kong and entering new markets in the Middle East and Brazil [6][7] Technological Advancements - Meituan is advancing its AI initiatives, launching tailored AI tools for restaurant businesses and a smart assistant app for users, aimed at enhancing operational efficiency and user experience [9] - The company plans to continue its "retail + technology" strategy to meet user needs and drive sustainable industry growth [9]