Core Insights - The intense competition in the food delivery sector has led to significant losses for Meituan, with a reported operating loss of 141 billion RMB in its core local business for Q3 2025, resulting in an adjusted net loss of 160.10 billion RMB compared to a profit of 128.29 billion RMB in the same period last year [1][2][3] Group 1: Financial Performance - Meituan's total revenue for Q3 2025 reached 955 billion RMB, marking a year-on-year growth of 2% [1] - The core local business segment generated revenue of 674 billion RMB, a decrease of 2.8% year-on-year [2] - The new business segment saw a revenue increase of 15.9% to 280 billion RMB, although operating losses in this segment grew by 24.5% to 13 billion RMB [3] Group 2: Competitive Landscape - The food delivery market has become increasingly competitive, with new entrants like JD and Taobao disrupting the long-standing duopoly of Meituan and Ele.me [2] - Meituan has responded to this competition by increasing direct subsidies to the restaurant sector, contributing to its significant losses [2][3] Group 3: Strategic Initiatives - Meituan is focusing on enhancing its core competitiveness and maintaining its industry leadership through a "retail + technology" strategy [1] - The company has invested 69 billion RMB in R&D, a 31% increase year-on-year, with a focus on AI and technology innovations [4][5] - Meituan is also expanding its ecosystem by providing various benefits to delivery riders, including health insurance and housing support [5] Group 4: Future Outlook - The company anticipates that the trend of operating losses will continue into Q4 2025 due to ongoing market competition [3] - Meituan's CFO expressed confidence in the long-term growth of its various business segments, emphasizing continued investment in service quality and technological innovation [6]

本季度，美团继续加大生态建设投入，构建可持续的行业健康生态。美团骑手养老保险补贴正式覆盖全国，向全部骑手开放。三季度研发投入69亿 元，同比增长31%。 11月28日，美团（股票代码：3690.HK）发布2025年第三季度业绩报告。本季度，美团实现营收955亿元（人民币，下同），同比增长2%。由于行业 竞争加剧，核心本地商业经营利润转负，亏损141亿元，过去12个月的交易用户数突破8亿大关。 三季度，为应对行业"内卷式"竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU（日活跃用户数）同比 增长超过20%，餐饮外卖月交易用户数也创下历史新高。 ...

Financial Data and Key Metrics Changes - Total revenue increased by 2% year-over-year to RMB 95.5 billion in Q3 2025 [19] - Cost-of-revenue ratio increased by 12.9 percentage points year-over-year to 73.6% due to higher courier incentives and increased overseas operational costs [19] - Selling and marketing expenses ratio increased by 16.7 percentage points year-over-year to 35.9% driven by increased investments in promotion and user incentives [19] - Adjusted net loss was RMB 16 billion, with a total segment operating loss of RMB 15.3 billion [20] Business Line Data and Key Metrics Changes - Food delivery business saw both DAU and MTU reach all-time highs, with a significant increase in user engagement [7] - The in-store business experienced nearly 20% year-over-year growth in both merchant and user bases, with increased transaction frequency [11] - New initiative segment revenue grew by 15.9% year-over-year to RMB 28 billion, driven by grocery retail and overseas business expansion [23] Market Data and Key Metrics Changes - The competitive landscape in food delivery has intensified, with a noted decrease in industry subsidies post-peak season [29] - Meituan maintained a leading position in GTV market share for mid to high AOV orders, with over 70% market share for orders above RMB 30 [29] - The company expanded its presence in the Middle East and Brazil, with Keeta achieving profitability in Hong Kong ahead of schedule [60][63] Company Strategy and Development Direction - The company is focused on enhancing service quality and operational efficiency while avoiding price wars [28][32] - Meituan aims to leverage technology and AI to empower merchants and improve user experience [18][56] - The strategy includes expanding the Meituan membership program to increase user engagement and transaction frequency [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the competitive landscape and emphasized the importance of sustainable growth over aggressive subsidies [24][32] - The company anticipates that irrational competition will transition to a more rational phase, focusing on quality and innovation [34] - Long-term targets remain unchanged, with a goal of reaching 100 million high-quality daily orders [34] Other Important Information - The company has committed an additional RMB 2 billion in merchant support funds to empower restaurant partners [22] - Investments in AI have led to the development of various tools aimed at enhancing operational efficiency for merchants [17][55] Q&A Session Summary Question: Changes in the competitive landscape of food delivery - Management noted a decrease in industry subsidies and highlighted the importance of focusing on higher AOV sectors to maintain market share [29][30] Question: Strategy for Meituan Instant Shopping - Management emphasized the competitive edge in Quick Commerce and plans to continue investing in supply-side operations while enhancing user experience [41][42] Question: Impact of new initiatives on in-store business - Management highlighted the unique operational strategy and consumer trust built over time, asserting confidence in maintaining market leadership despite competition [46][49] Question: Progress of AI initiatives - Management shared ongoing developments in AI capabilities and plans to integrate AI agents into the Meituan App for enhanced user experience [55][56] Question: Performance of Keeta in new markets - Management confirmed Keeta's profitability in Hong Kong and expressed optimism for similar trajectories in other markets, including the GCC and Brazil [60][63]

Financial Data and Key Metrics Changes - Total revenue increased by 2% year-over-year to RMB 95.5 billion in Q3 2025 [17] - Cost-of-revenue ratio increased by 12.9 percentage points year-over-year to 73.6%, primarily due to higher courier incentives and increased overseas operational costs [18] - Selling and marketing expenses ratio increased by 16.7 percentage points year-over-year to 35.9% due to higher investments in promotion and user incentives [18] - Adjusted net loss for the quarter was RMB 16 billion, with a total segment operating loss of RMB 15.3 billion [18] Business Line Data and Key Metrics Changes - Food delivery business saw both DAU and MTU reach all-time highs, with a significant increase in user engagement [6] - The in-store business experienced nearly 20% year-over-year growth in both merchant and user bases, with increased transaction frequency [11] - New initiative segment revenue grew by 15.9% year-over-year to RMB 28 billion, driven by grocery retail and overseas business expansion [22] Market Data and Key Metrics Changes - The competitive landscape in food delivery has intensified, leading to a drop in average order value and negative growth in delivery service revenue [19] - The company maintained a leading position in GTV market share for mid to high AOV orders, with over two-thirds market share for orders above RMB 15 [26] - The company reported a rebound in market share in order volume, particularly in high-quality incremental orders [28] Company Strategy and Development Direction - The company is focused on maintaining leadership in the food delivery sector while investing in technology and service quality to drive sustainable growth [31] - The strategy includes enhancing the Meituan membership program to boost user engagement and transaction frequency [15] - The company aims to leverage its strengths in service quality and operational efficiency to navigate a dynamic competitive environment [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the food delivery market despite current losses, emphasizing a shift from capital-driven to efficiency-driven growth [30] - The company is committed to supporting small and mid-sized merchants and enhancing courier welfare as part of its long-term strategy [25] - Management noted that irrational competition is expected to transition to a more rational phase, allowing for sustainable growth [31] Other Important Information - The company has expanded its courier welfare program, including pension insurance and educational funds for couriers' children [7] - The Meituan Instant Shopping segment is positioned to lead rapid growth in the quick commerce space, with new user growth and purchase frequency increasing [9] - The company has launched several AI initiatives to enhance operational efficiency and improve user experience [16] Q&A Session Summary Question: Changes in the competitive landscape of food delivery - Management noted that competition has intensified, with a temporary decrease in industry subsidies and a focus on higher AOV sectors [26][28] Question: Strategy for Meituan Instant Shopping - Management highlighted the competitive edge in Quick Commerce and plans to deepen partnerships with brands while investing in supply-side operations [32][36] Question: Impact of new initiatives on profitability - Management confirmed that Keeta in Hong Kong has turned profitable ahead of schedule and expects similar trajectories in other markets [46][49] Question: Future plans for AI integration - Management discussed ongoing AI developments, including the integration of AI agents into the Meituan App to enhance user experience [44][45]

财报显示，本季度为稳住市场份额，美团持续加码骑手激励与商家支持，带动销售成本激增23.7%，从 2024年同期的568亿元攀升至703亿元，销售成本占收入比重也从60.7%飙升至73.6%。此外，即时配送 订单增长、海外业务扩张等因素，进一步推高了成本支出。 不过，尽管财务数据承压，但美团用户基本盘仍在持续扩大。财报显示，过去12个月，美团交易用户数 突破8亿大关，美团APP日活跃用户数同比增长超过20%，餐饮外卖月交易用户数创下历史新高。这些 数据表明，尽管面临多方竞争，美团在用户端的吸引力依然强劲。 在服务体验方面，美团即时零售7月份日订单峰值超过1.5亿单，平均送达时间缩短至34分钟。用户消费 频次和黏性显著提升，中低频用户向高频跃迁的趋势明显。 面对激烈的行业竞争，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。 11月28日，美团（3690.HK）发布第三季度业绩报告。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 ...

#美团Q3核心本地商业经营亏损141亿元#【美团Q3财报：实现营收955亿元，核心本地商业经营亏损141 亿元 年交易用户数破8亿】11月28日，美团发布2025年第三季度业绩报告。本季度，美团实现营收955 亿元（人民币，下同），同比增长2%。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿 元，过去12个月的交易用户数突破8亿大关。（界面） ...

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 ...