Meituan's Q3 core local business lost 14.1 billion yuan, compared to a profit of 14.6 billion yuan in the same period last year

Meituan: The operating loss of the core local commerce segment in the third quarter of 2025 was RMB 14.1 billion, compared to an operating profit of RMB 14.6 billion in the same period of 2024. The operating loss margin for this segment in the third quarter of 2025 was 20.9%, while the operating profit margin in the same period of 2024 was 21.0%. The shift from operating profit to operating loss was mainly due to a decline in gross margin and increased spending on user incentives, promotions, and advertising as a result of ongoing adjustments to business strategies aimed at enhancing user stickiness and consolidating market position in a highly competitive environment