Core Viewpoint - Meituan reported a significant loss in Q3 2025 due to intensified competition in the food delivery sector, with expectations of continued losses in Q4 2025, although a reduction in competitive intensity may improve the situation [1][2][5]. Financial Performance - Meituan achieved revenue of 95.5 billion RMB in Q3 2025, a year-on-year increase of 2%, but reported an adjusted net loss of 16 billion RMB compared to a profit of 12.8 billion RMB in the same period last year [1]. - The core local business experienced a loss of 14.1 billion RMB in Q3 2025, a stark contrast to the previous year's profit [2][5]. Marketing and Competition - The food delivery battle led to a dramatic increase in marketing expenses for Meituan, which rose by 90.9% to 34.3 billion RMB, accounting for 35.9% of revenue [3]. - Competitors like Alibaba and JD.com also faced significant losses and increased marketing expenditures, with Alibaba's operating profit dropping by 85% and JD.com's new business losses reaching 15.7 billion RMB [3][4]. Market Dynamics - Meituan's CEO, Wang Xing, emphasized that the ongoing price war in the food delivery market is unsustainable and has not created value for the industry [6]. - Meituan maintains a strong market share, with over 66% of orders above 15 RMB and over 70% of orders above 30 RMB [6]. Future Outlook - There is an expectation that the competitive intensity in the food delivery market will decrease in Q4 2025, particularly as Alibaba plans to reduce its high subsidies [4][5].

Core Insights - 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 [1] - The intensified competition in the food delivery sector led to a significant loss of 14.1 billion RMB in Meituan's core local business, with expectations of continued losses into Q4 [1][2] - The fierce competition resulted in increased marketing expenses, which rose by 90.9% to 34.3 billion RMB, accounting for 35.9% of revenue [2] - Meituan's CEO expressed that the price war in the food delivery market is unsustainable and has not created value for the industry [5] Financial Performance - Meituan's Q3 operating profit for its core local business dropped by 75.6% to 3.7 billion RMB [2] - The company anticipates that the trend of operating losses will continue into Q4, although there are signs that competition may ease due to reduced spending from competitors [2][3] - The marketing expenses for Meituan in Q3 2025 were 34.3 billion RMB, a significant increase from 18 billion RMB in Q3 2024 [2] Market Dynamics - The food delivery market has seen a "burning money" phase, with major players like Meituan, Alibaba, and JD.com heavily investing in subsidies [2][3] - Alibaba's CFO indicated that the current quarter would be a peak in spending, suggesting a potential reduction in competitive pressure in the upcoming quarter [3] - Meituan maintains a strong market share, with over 70% of orders exceeding 30 RMB and over 66% for orders above 15 RMB [4][5] Strategic Outlook - Meituan's CEO emphasized the company's commitment to supporting rider rights and small merchants, aiming for long-term industry health [5] - The company is focused on maintaining its market position in instant retail and improving service experience and operational efficiency [5]

Core Viewpoint - Meituan reported its first quarterly loss in three years, with an adjusted net loss of 16 billion RMB in Q3, indicating a fierce competition in the food delivery sector [2] - The company's core local commerce business shifted from profit to loss, recording an operating loss of 14.1 billion RMB in Q3 compared to a profit of 14.6 billion RMB in the same period last year [2] Group 1: Financial Performance and Market Dynamics - The management stated that the food delivery price war is essentially a low-quality and unsustainable competition, which they firmly oppose [3] - Despite believing that losses have peaked, the food delivery business will still face pressure in Q4, with expectations of slightly increased losses in the flash purchase business [4][12] - The average net order value remains significantly higher than other platforms, with over two-thirds of orders priced above 15 RMB and about 70% above 30 RMB [4][5] Group 2: User Engagement and Competitive Strategy - Core users maintain high retention rates, with consumption frequency and loyalty steadily increasing, reflecting strong brand recognition and service advantages [6] - The company focuses on enhancing user experience through faster and more reliable delivery, diverse supply across all price ranges, and exclusive benefits from the Meituan membership system [7] - Management emphasizes the importance of protecting rider rights and supporting small merchants as a path to sustainable industry development [5] Group 3: Future Outlook and Strategic Initiatives - The company aims to expand high-quality supply, ensure rapid and reliable delivery, and maintain price competitiveness while defending its market position [8] - The management believes that the current irrational competition will eventually transition to a rational and mature stage, where companies with industry insights and operational excellence will lead [7] - In the context of new competition, Meituan plans to deepen partnerships with brands and enhance its instant retail capabilities, leveraging its existing supply chain advantages [10][11] Group 4: International Expansion and New Markets - Meituan's new business segment, KeeTa, achieved its first monthly profit in Hong Kong, indicating a significant milestone and a potential model for other markets [27] - The company is expanding into the GCC markets and Brazil, where it sees substantial untapped potential, despite existing competition [28][29] - The management expects that the new business segment's losses will not significantly increase next year, following a similar path of unit economic improvement as seen in Hong Kong [30]

图源：美团官网 IT之家 11 月 28 日消息，据第一财经报道，在美团今晚第三季度财报电话会上，美团 CEO 王兴表示，"我们重申在 过去两个季度阐明的立场，外卖价格战是低质低价的'内卷式'竞争，我们坚决反对。半年来的市场结果已经充分证 明：外卖价格战没有为行业创造价值，不可持续。" 王兴表示，美团有信心捍卫即时零售的市场地位，创造真正的长期价值。王兴提到，近期美团餐饮外卖订单市占稳 步回升。美团继续保持在中高价订单市场 GTV 的领先地位，美团在实付超过 15 元的订单有 2/3 以上的份额，实付 超过 30 元以上的订单有 70% 以上的份额。 IT之家注意到，美团在第三季度交出了一份巨额亏损的成绩单，其核心业务三年来首次出现经营亏损。数据显示， 本季度公司实现营收 955 亿元，同比增长 2%，但核心本地商业板块因补贴战加剧亏损 141 亿元，整体经调整净亏 损达 160 亿元。财报显示，本季度，美团核心本地商业板块实现营收 674 亿元，但经营利润却首次转负，亏损高达 141 亿元。这一变化主要系公司加大对外卖行业的直接补贴力度所致。 ...

Core Viewpoint - The CEO of Meituan, Wang Xing, stated that the food delivery price war is unsustainable and has not created value for the industry, emphasizing the company's commitment to defending its market position in instant retail and creating long-term value [1] Group 1: Market Position and Strategy - Meituan has seen a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market [1] - The company holds over 66% of the market share for orders exceeding 15 yuan and over 70% for orders exceeding 30 yuan [1]

Core Viewpoint - The company firmly opposes the "involution" competition characterized by low-quality and low-price strategies in the food delivery market, asserting that such price wars do not create sustainable value for the industry [1] Group 1: Company Strategy - The company plans to increase investments in "rider rights protection" and "support for small and medium-sized merchants" to promote long-term healthy development in the industry [1] - The CEO emphasized the importance of focusing on providing quality service to consumers, merchants, and riders, while maintaining confidence in defending the market position in instant retail [1] Group 2: Market Position - The company has seen a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market [1] - The company holds over 66% of the market share for orders exceeding 15 yuan and over 70% for orders exceeding 30 yuan, indicating strong performance in higher-value transactions [1] - Core user retention remains high, with increasing user consumption frequency and loyalty, reinforcing the company's status as the preferred platform for millions of users daily [1]

Core Viewpoint - The CEO of Meituan, Wang Xing, emphasized the company's opposition to the low-quality, low-price competition in the food delivery market, referring to it as an "involution" and stating that it has not created value for the industry and is unsustainable [1] Group 1 - Meituan's market share in food delivery orders has been steadily recovering, with the company maintaining a leading position in the mid-to-high price order market [1] - Meituan holds over 66% of the market share for orders with a payment of more than 15 yuan and over 70% for orders exceeding 30 yuan [1]

Core Viewpoint - The CEO of Meituan, Wang Xing, emphasized that the recent price war in the food delivery sector is unsustainable and does not create value for the industry, reaffirming the company's stance against low-quality competition [1] Group 1: Market Position and Strategy - Meituan's market share in food delivery orders has been steadily recovering, with the company maintaining a leading position in the mid-to-high price order market [1] - Over two-thirds of Meituan's orders are priced above 15 yuan, and more than 70% of orders exceed 30 yuan, indicating a strong presence in higher-value transactions [1] Group 2: Long-term Value Creation - The company is confident in defending its market position in instant retail and aims to create genuine long-term value, distancing itself from the low-price competition [1]

Group 1 - The core viewpoint is that Meituan's food delivery orders are steadily regaining market share, with the company maintaining a leading position in the mid-to-high price order market GTV [1] - Meituan holds over 66% market share in orders with a payment of more than 15 yuan, and over 70% in orders exceeding 30 yuan [1] Group 2 - During the third quarter earnings call, Meituan's CEO Wang Xing reiterated the company's stance against the low-quality, low-price competition of the food delivery price war, describing it as unsustainable [3] - The market results over the past six months have demonstrated that the price war has not created value for the industry [3] - Meituan expresses confidence in defending its market position in instant retail and aims to create genuine long-term value [3]

Summary of Conference Call on the Restaurant Industry and Haidilao Industry Overview - The restaurant industry experienced a year-on-year decline in 2025, primarily due to the absence of consumer subsidies that were present in the same period last year, which ranged from 0.2 to 0.3 [4][3] - The price war among delivery platforms has also impacted the industry, with Haidilao opting not to participate in significant discounts, leading to a decrease in customer traffic [5][4] - The average table turnover rate in the restaurant industry was approximately 4 times in July and August 2025, consistent with national averages [2] Haidilao's Performance and Strategies - Despite pressure on table turnover rates, Haidilao maintained stable gross margins through cost control measures [4][8] - The company anticipates that the implementation of mandatory social security policies in September could increase labor costs by about 3 percentage points, but it does not plan to raise prices [8][9] - Haidilao is focusing on optimizing store locations and sizes to enhance space utilization and investment returns [10] - The company has lowered the threshold for franchise operations, resulting in new franchise stores performing comparably to company-owned stores, indicating acceptance of the new policies [12][13] Competitive Landscape - The competitive environment in the restaurant industry has intensified, with brands like Banlu Hotpot seeking to go public, creating pressure on existing players [11] - Haidilao aims to avoid direct competition with Banlu Hotpot, which targets a higher-end market, while Haidilao focuses on the mass market [11] Cost Management and Future Outlook - The increase in social security costs is manageable and will not significantly raise overall operational costs [15] - Haidilao's external delivery business remains limited, as the product offerings are not well-suited for delivery, and the company prefers to focus on scaling its sub-brands [14] - The company has implemented innovative strategies to enhance table turnover, such as themed events and promotions, which have yielded positive results in specific periods [18] - The overall market environment is challenging for new restaurant brands, with cautious consumer spending impacting the development of new brands [17] - The average customer spending for mass-market hotpot has been declining, while the spending for banquet-style barbecue remains stable at around 100-110 yuan [17] Conclusion - The restaurant industry is navigating a challenging landscape with various pressures, including competition and changing consumer behavior. Haidilao's strategic focus on cost control, franchise expansion, and innovative marketing is aimed at maintaining its market position and improving performance in the second half of 2025 [20][21]