美团净利润下滑89%，年底取消骑手超时扣款

Core Viewpoint - Meituan's Q2 2025 financial report shows a revenue of 91.84 billion RMB, a year-on-year increase of 11.7%, but a significant net profit decline of 89% attributed to irrational competition starting in the quarter [1][2][3] Financial Performance - Revenue for Q2 2025 reached 91.84 billion RMB, up from 82.25 billion RMB in Q2 2024, marking an 11.7% increase [2] - Adjusted net profit for Q2 2025 was 1.49 billion RMB, down 89% from the previous year [2][3] - Operating profit for the core local commerce segment fell from 15.2 billion RMB in Q2 2024 to 3.7 billion RMB in Q2 2025, a decline of 75.6% [3] Competitive Landscape - The decline in operating profit and profit margin in the core local commerce segment is attributed to intense competition, particularly in the food delivery sector [3] - Meituan's sales and marketing expenses surged by 51.5% year-on-year, increasing by 7.7 billion RMB to counter the fierce competition in food delivery and instant retail [3] Management Insights - CEO Wang Xing indicated that the company maintains a long-term profit assumption of 1 RMB per order and a profit margin of about 3%, despite expected short-term financial pressures due to increased strategic investments [7] - The company plans to eliminate overtime penalties for delivery riders by the end of 2025, addressing concerns raised by the gig economy workforce [7] Market Reaction - Following the financial report, Meituan's ADR fell nearly 13% in after-hours trading, reflecting market concerns over the competitive landscape and profit decline [3]