MEITUAN(HK:03690) 第一财经·2025-11-28 11:26Core Viewpoint - The article discusses Meituan's third-quarter financial results, highlighting the impact of high subsidies on user growth and the shift towards healthier ecosystem development in the food delivery industry [3][4]. Financial Performance - Meituan reported a revenue of 954.9 billion yuan in Q3, a year-on-year increase of 2%. However, the adjusted net loss reached 160 billion yuan, compared to a net profit of 128.3 billion yuan in the same period last year [3]. - The core local business revenue decreased by 2.8% to 674 billion yuan, resulting in an operating loss of 141 billion yuan, with an operating loss rate of 20.9% [4]. - Marketing expenses surged by 90.9% to 343 billion yuan, accounting for 35.9% of total revenue, driven by increased promotional and user incentive spending [4]. User Growth and New Business - High subsidies led to record highs in daily active users and monthly transaction users for Meituan, with the app's daily active users growing over 20% year-on-year and total transaction users exceeding 800 million [5]. - The new business segment achieved revenue of 280 billion yuan, a year-on-year increase of 15.9%, with losses narrowing to 13 billion yuan [5]. Technological Investments - R&D spending increased by 31% to 69 billion yuan, representing 7.3% of total revenue, primarily due to investments in AI and rising salary costs [5]. - Meituan launched multiple open-source models and expanded its drone delivery services, achieving over 670,000 commercial drone delivery orders by the end of September [6]. Industry Competition and Ecosystem Development - The competition in the food delivery sector intensified, particularly between Meituan and Alibaba's Taobao Flash, with Alibaba reporting a 60% year-on-year increase in its instant retail revenue [9]. - Companies are shifting focus towards ecosystem development, with Meituan's in-store business and user engagement metrics reaching new highs, accumulating over 25 billion user reviews [10]. - Meituan announced a nationwide rider pension insurance subsidy program, aiming to cover millions of riders, while JD.com also increased its welfare investments for full-time riders [11].