美团3个月亏了160亿，王兴：外卖大战不可持续

Core Viewpoint - Meituan reported a revenue of 95.5 billion RMB for Q3 2025, a year-on-year growth of 2%, but faced an adjusted net loss of 16 billion RMB compared to a profit of 12.8 billion RMB in the same period last year, primarily due to intensified competition in the food delivery sector [1][3][6] Group 1: Financial Performance - In Q3 2025, Meituan's core local business operating profit turned negative, resulting in a loss of 14.1 billion RMB, attributed to the fierce competition in the food delivery market [3][5] - The sales and marketing expenses for Meituan surged by 90.9% year-on-year to 34.3 billion RMB, accounting for 35.9% of revenue, driven by increased promotional and advertising costs due to the competitive landscape [5][6] - Meituan's losses in the food delivery segment exceeded market expectations, but the fourth quarter is anticipated to show an improvement in loss figures as competition may ease [6][8] Group 2: Market Competition - The food delivery war intensified in Q3 2025, with major players like Meituan, Alibaba, and JD.com engaging in aggressive subsidy strategies, leading to significant financial losses across the board [2][3] - Alibaba's CFO indicated a potential reduction in high subsidies for the next quarter, which could alleviate some competitive pressure on Meituan [6] - Meituan's CEO emphasized that the ongoing price war is unsustainable and has not created value for the industry, asserting the company's commitment to supporting riders and small merchants while maintaining market position [8] Group 3: Market Share - Meituan holds over 66% market share for orders exceeding 15 RMB and over 70% for orders above 30 RMB, indicating a strong position in the mid-to-high price segment of the food delivery market [1][8] - The retention of core users remains high, with steady improvements in consumer frequency and engagement on the platform [8]