Core Insights - Meituan reported a significant net loss in Q3, marking the first operational loss in its core business in three years, primarily due to intensified subsidy wars in the industry [1] - The company's revenue for the quarter reached 95.5 billion RMB, a year-on-year increase of 2%, but the adjusted net loss amounted to 16 billion RMB [1][5] - Despite financial pressures, Meituan's user base continues to grow, with over 800 million transaction users and a significant increase in daily active users [1] Financial Performance - Meituan's core local commerce segment generated revenue of 67.4 billion RMB but incurred an operational loss of 14.1 billion RMB due to increased direct subsidies in the food delivery sector [1] - Sales costs surged by 23.7%, rising from 56.8 billion RMB in the same quarter last year to 70.3 billion RMB, with the cost-to-revenue ratio increasing from 60.7% to 73.6% [1] - The adjusted EBITDA for the quarter was a loss of 14.8 billion RMB, reflecting the financial strain on the company [3] Market Competition - The local lifestyle sector is experiencing fierce competition, with various platforms like Alibaba's Gaode Map and JD.com launching initiatives to capture market share through substantial subsidies [5] - Recent reports indicate a cooling in the price war within the food delivery sector, with Alibaba's Taobao Flash Purchase entering an efficiency optimization phase [5] - Meituan's stock has declined by 32.42% year-to-date, reflecting the impact of these competitive pressures on its market performance [5]

Core Insights - Meituan reported a revenue of 95.5 billion yuan for Q3 2025, reflecting a year-on-year growth of 2% [1] - The core local business segment experienced a significant loss of 14.1 billion yuan due to intensified industry competition [1] - The number of transaction users surpassed 800 million in the past 12 months [1]

每经北京11月28日电（记者赵雯琪）美团发布2025年三季度财报，数据显示，美团第三季度实现营收 955亿元，同比增长2%，美团核心本地商业板块第三季度实现营收674亿元，受外卖行业非理性竞争影 响，经营利润转负，亏损141亿元，美团新业务板块实现营收280亿元，同比增长15.9%，亏损环比收窄 至13亿元。公司第三季度经调整净亏损160亿元。美团表示，近期市场竞争持续白热化。因此公司预计 核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。 ...

Core Viewpoint - Meituan reported a revenue of 95.5 billion RMB for Q3 2025, showing a year-on-year growth of 2%, but faced a core local business operating loss of 14.1 billion RMB due to intensified industry competition [1][2] Group 1: Financial Performance - The core local business segment generated a revenue of 67.4 billion RMB, with a significant operating loss of 14.1 billion RMB attributed to direct subsidies in the food delivery sector [2] - The new business segment achieved a revenue of 28 billion RMB, marking a year-on-year growth of 15.9%, with losses narrowing to 1.3 billion RMB quarter-on-quarter [2] - The adjusted net loss for Q3 was 16 billion RMB [2] Group 2: User Engagement and Growth - Daily active users (DAU) of the Meituan app increased by over 20% year-on-year, with the monthly transaction user count for food delivery reaching a historical high [1] - The platform accumulated over 25 billion genuine user reviews, with 3.5 billion added in the past 12 months, solidifying its position as a preferred local service platform [3] Group 3: Strategic Initiatives - Meituan is focusing on a "retail + technology" strategy to enhance product and service offerings, aiming for sustainable industry growth [1] - The company is investing in ecological construction and technology innovation, with R&D expenditure reaching 6.9 billion RMB, a 31% increase year-on-year [6] - Initiatives to support riders include nationwide pension insurance subsidies and a multi-tiered welfare system, benefiting over a million riders and their families [5] Group 4: New Business Developments - The instant retail segment, particularly Meituan Flash Purchase, is leading the industry with significant user growth and transaction frequency [2] - The Keeta grocery retail business is expanding globally, with operations launched in Qatar, Kuwait, UAE, and Brazil [3]

美团：核心本地商业分部于2025年第三季度的经营亏损为人民币141亿元，而于2024年同期的经营溢利 为人民币146亿元。2025年第三季度该分部的经营亏损率为20.9%，而2024年同期的经营利润率为 21.0%。经营溢利及经营利润率转为负数，主要由于毛利率下降，以及由于为在激烈的竞争中提升用户 黏性并巩固市场地位而不断调整业务策略导致交易用户激励和推广及广告开支增加。 ...

11月28日下午消息，美团（HKEX：3690）今日发布了截至9月30日的2025年第三季度财报：营收为955 亿元，同比增长2.0%。净亏损186亿元，而2024年同期净利润129亿元；调整后的净亏损为160亿元，而 2024年同期净利润为128亿元。 专题：聚焦2025年第三季度美股财报 责任编辑：刘明亮 ...

此外，美团APP的DAU（日活跃用户数）同比增长超过20%，过去12个月的交易用户数突破8亿大关。 （第一财经记者 陆涵之） 11月28日，美团发布了第三季度财报。第三季度收入为954.9亿元，同比增长2%。第三季度经调整净亏 损达160亿元，去年同期净利润为128.3亿元。 ...

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion yuan, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion yuan due to intensified industry competition [1] - The number of transaction users exceeded 800 million in the past 12 months, indicating strong user engagement despite financial losses [1] - CEO Wang Xing emphasized the company's commitment to enhancing core competitiveness and maintaining industry leadership through a "retail + technology" strategy [1] Financial Performance - Core local business revenue reached 67.4 billion yuan, but operating profit turned negative with a loss of 14.1 billion yuan [1] - New business segment revenue grew by 15.9% year-on-year to 28 billion yuan, with a sequential loss reduction to 1.3 billion yuan [1] - Adjusted net loss for Q3 was 16 billion yuan [1] User Engagement and Growth - Daily active users (DAU) on the Meituan app increased by over 20% year-on-year, with record monthly transaction users in the food delivery segment [1] - The platform's user structure improved, with more low-frequency users transitioning to high-frequency usage, enhancing consumer engagement [2] - Meituan's flash purchase service saw significant growth, with new user acquisition and increased transaction frequency [2] Ecosystem and Welfare Initiatives - Meituan expanded its rider welfare program, introducing comprehensive insurance and benefits for over one million riders and their families [3] - The company launched the "Prosperity Plan" with an additional 2.8 billion yuan to support merchants amid competitive pressures [3] - Initiatives to enhance food safety and transparency included the "Bright Kitchen, Bright Stove" program, with participation from 300,000 merchants [3] Technological Innovation - R&D investment reached 6.9 billion yuan, a 31% increase year-on-year, reflecting the company's focus on technological advancement [4] - AI development progressed with the release of multiple open-source models and tools aimed at enhancing merchant services and user experience [5] - Meituan's drone delivery service expanded, achieving over 670,000 commercial orders, marking a significant milestone in nighttime delivery operations [5]

Core Insights - Meituan reported Q3 2025 earnings with revenue of 95.5 billion yuan, a year-on-year growth of 2% [1] - Due to intensified industry competition, the core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan [1] - The number of transacting users exceeded 800 million in the past 12 months [1] Revenue and Profitability - Revenue for the quarter reached 95.5 billion yuan, reflecting a 2% increase compared to the previous year [1] - The core local business faced challenges leading to a loss of 14.1 billion yuan [1] User Engagement - Daily active users (DAU) on the Meituan app increased by over 20% year-on-year [1] - Monthly transacting users for food delivery reached a historical high [1] Investment and Development - In response to competitive pressures, Meituan increased its investment to enhance service quality and promote healthy industry development [1] - Research and development expenditure for the quarter was 6.9 billion yuan, a year-on-year increase of 31% [1] Ecosystem and Support - Meituan continued to invest in ecosystem development to build a sustainable industry health ecosystem [1] - The rider pension insurance subsidy was officially rolled out nationwide, available to all riders [1]

IT之家 11 月 28 日消息，美团今日发布截至 2025 年 9 月 30 日的第三季度业绩公告： | | 未經審核 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至下列日期止三個月 | | | | | | | 2025年9月30日 | | 2024年9月30日 | | | | | | 佔收入 | | 佔收入 | | | | 金額 | 自分比 | 金額 | 百分比 | 同比筹動 | | | (人民幣千元,百分比除外) | | | | | | 收入 | 95,488,113 | 100.0% | 93,577,319 | 100.0% | 2.0% | | 經營(虧損)/ 溢利 | (19,759,350) | (20.7%) | 13.685.176 | 14.6% | 不摘用 | | 期内(虧損)／溢利 | (18,632,088) | (19.5%) | 12,864,954 | 13.7% | 不শ用 | | 非國際財務報告會計準則計量!: | | | | | | | 經調整EBITDA | (14,841,897) | (15.5%) | ...