3 6 Ke·2025-12-02 07:50Core Viewpoint - Meituan's Q3 2025 financial report reflects the intense competition in the food delivery industry, with significant sales expenses impacting profitability, yet the company demonstrates resilience and maintains market leadership despite losses [1][2][5]. Financial Performance - In Q3 2025, Meituan achieved revenue of 955 billion RMB, a year-on-year increase of 2%, but reported an adjusted net loss of 160 billion RMB, primarily due to a core local business loss of 141 billion RMB [2][3]. - The overall adjusted net loss of 160 billion RMB indicates substantial investment in maintaining market share, with a focus on operational efficiency despite high competition [5][6]. Market Dynamics - The food delivery industry is characterized by "high frequency, low margin" operations, with Meituan's average profit per order around 1 RMB, resulting in a net profit margin of only 3%-4% [4][5]. - Meituan's market share remains strong, with a GTV ratio of approximately 6:4 compared to major competitors, and it holds over two-thirds of the market share in high-value orders [5][6]. Strategic Initiatives - Meituan is advancing its "Flash Purchase" strategy, which has evolved into a significant supply chain model, enhancing efficiency and addressing consumer needs for rapid delivery [8][10]. - The company has successfully launched its international delivery brand, Keeta, in Hong Kong, achieving profitability within 29 months, and is expanding operations in several countries [11]. Ecosystem and Social Responsibility - Meituan emphasizes an "ecosystem win-win" approach, providing benefits to riders, merchants, and consumers, including insurance coverage and support for merchants' growth [12][13]. - The company is investing in R&D, with a 31% increase in spending, focusing on AI and drone delivery technologies to enhance operational efficiency [13][14]. Future Outlook - The competitive landscape is expected to stabilize, with reduced subsidy intensity, indicating a potential improvement in Meituan's financial performance moving forward [7][17]. - The focus for investors is shifting from short-term profit fluctuations to the long-term competitive advantages and profitability potential of Meituan [17].