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On March 26, Meituan released its performance report for the fourth quarter and the entire year of 2025, with the company achieving an annual revenue of 364.9 billion yuan, a year-on-year increase of 8%.
Affected by the &#34;involution&#34; competition in the instant retail industry, Meituan's annual performance turned from profit to loss, with a net loss of 23.4 billion yuan and an operating loss of 17 billion yuan, of which the core local business segment incurred an operating loss of 6.9 billion yuan. However, driven by the food delivery battle, the number of annual transaction users and consumption frequency both reached historical highs.
In the face of competitive pressure in the industry, Meituan continues to focus on its &#34;retail + technology&#34; strategic layout, consolidating its advantages in instant retail while increasing investment in AI research and development and promoting international business. It also revealed that the trend of reducing losses in food delivery will continue in the first quarter of 2026, with the average loss per order expected to improve compared to the fourth quarter of 2025.
&#34;2025 is a year of both opportunities and challenges for the company. Regardless of how the external environment changes, Meituan's strategic direction remains clear,&#34; said Meituan CEO Wang Xing. &#34;We firmly oppose 'involution', focusing on doing the right things, better serving users and merchants through technological innovation, supply upgrades, and ecological co-construction, and striving to fulfill our company mission of 'helping everyone eat better and live better.'&#34;
<h2>Local business continues to improve, strong growth in grocery retail and overseas business</h2>
From a business segment perspective, the core local business remains Meituan's revenue pillar, achieving revenue of 260.8 billion yuan in 2025. Although Meituan incurred an operating loss of 10 billion yuan in the fourth quarter, this was significantly narrowed compared to the third quarter, showing initial results in loss reduction.
To cope with the fierce market competition in the food delivery industry, Meituan increased direct subsidies in the catering industry throughout the year and launched innovative supply models such as &#34;brand satellite stores&#34; and &#34;Pinhai Fan,&#34; collaborating with catering brands to meet diverse consumer needs.
Despite unprecedented competition, Meituan still firmly occupies over 60% of the GTV share in the food delivery market and maintains an absolute advantage in the mid-to-high ticket price dining market. At the same time, Meituan has expanded its &#34;30-minute delivery&#34; instant retail service from food delivery to all categories, including daily necessities and 3C digital products, through models such as brand flagship lightning warehouses and self-operated front warehouses, and upgraded its membership system to achieve synergy across multiple scenarios such as dining, hotels, travel, and healthcare, further solidifying its user base.
Meituan also disclosed that from the first quarter of 2026 to date, the company continues to maintain its leading position in the GTV of the mid-to-high price order market, with the trend of reducing losses in food delivery expected to continue, and the average loss per order likely to improve compared to the fourth quarter of 2025, with the operating conditions of the core local business segment expected to continue to improve.
In addition to the food delivery business, grocery retail and international business have become important engines for Meituan's revenue growth, achieving revenue of 104 billion yuan in 2025, a year-on-year increase of 19%
In terms of corporate social responsibility and ecological construction, Meituan will continue to improve the rider welfare protection system by 2025, taking the lead in achieving nationwide coverage of rider pension insurance subsidies and launching the industry's first comprehensive pension insurance plan for riders. Its occupational injury protection plan has expanded to 17 provinces and cities nationwide, covering 16 million riders, and it has built a multi-level welfare system in areas such as medical care, education, and housing. In the field of food safety, Meituan vigorously promotes the &#34;Bright Kitchen, Bright Stove&#34; initiative, encouraging merchants to open kitchen live broadcasts through hardware subsidies and cash support, and upgrading the food safety governance model &#34;Star Eye&#34; to utilize AI for store authenticity verification and kitchen environment warnings, ensuring food safety.
In the grocery retail sector, its subsidiary, Xiao Xiang Supermarket, is deeply engaged in supply chain construction, maintaining industry-leading fresh quality and product capabilities, and has entered 39 cities nationwide by the end of 2025.
In terms of international business, Meituan's subsidiary Keeta is accelerating its global layout. After completing its layout in the Hong Kong region, it has achieved full coverage in major countries in the Middle East Gulf region and officially entered the Brazilian market. The Hong Kong market achieved positive unit economics (UE) in the fourth quarter, while new markets such as Saudi Arabia, Qatar, and Kuwait are showing strong growth momentum, becoming an important lever for Meituan to break through local market competition.
<h2>Viewing AI as a Strategic Opportunity</h2>
Technology research and development is the core investment direction for Meituan in 2025, with annual R&amp;D investment reaching 26 billion yuan, a year-on-year increase of 23%. The company continues to build the AI foundation and operational capabilities for the physical world, promoting the deep integration of AI technology in local life scenarios.
In terms of AI applications, Meituan has launched user-facing AI assistants &#34;Xiao Mei&#34; and &#34;Xiao Tuan&#34; based on its self-developed multi-modal LongCat series large language model. &#34;Xiao Tuan&#34; has covered all categories of local life, with over 100 million users planning consumption through it during the Spring Festival holiday, cumulatively verifying merchant information 700 million times and calibrating it with 1.3 billion user reviews, effectively driving offline consumption. For merchants, Meituan has iteratively launched multiple AI management tools, with over 3.4 million merchants already connected, helping them significantly reduce operational costs.
&#34;We view AI as a strategic opportunity to improve, strengthen, and even completely revolutionize our products and operations in core local life businesses... We aim to upgrade the Meituan App to be the first AI-powered App, better meeting consumers' end-to-end complete experience in local life and instant retail,&#34; Wang Xing stated at the earnings conference. In the AI revolution, the only reasonable strategy is to be offensive, not defensive. However, Meituan will not blindly pursue becoming a &#34;token factory,&#34; but rather enhance the real service experience for consumers in the physical world.
He stated that compared to general AI, Meituan AI's core advantage lies in mastering vast amounts of information about the physical world and having the most comprehensive real user evaluations on the entire internet, enabling precise understanding of complex local life needs and efficient execution of fulfillment, such as matching users' cross-regional and multi-condition dining consumption needs. This is also key to Meituan's creation of an AI &#34;super entrance.&#34;
In the field of logistics technology, Meituan's research and application of drones have made significant progress. By the end of 2025, it plans to open 70 routes in multiple cities both domestically and internationally, completing over 780,000 orders. Not only has it launched a dedicated &#34;meal delivery for the elderly&#34; route in Tingjiao Village, Hong Kong, reducing the delivery time from 1.5 hours to 10 minutes, but it has also established regular low-altitude medical delivery routes in cities such as Guangzhou, Shenzhen, and Shanghai, enabling the rapid transport of test samples and emergency supplies.
Overall, 2025 presents both opportunities and challenges for Meituan. The intense competition in the domestic instant retail industry brings short-term performance pressure, but the company is stabilizing its market share through subsidy strategies. At the same time, its layout in AI research and development, internationalization, and comprehensive instant retail is beginning to show results. With the continued implementation of AI technology in local life scenarios, steady progress in international business, and the gradual effectiveness of loss reduction measures, Meituan is transitioning from scale expansion to high-quality development, attempting to achieve a long-term breakthrough in industry competition through technological and ecological advantages.
Regarding future development, Meituan CFO Chen Shaohui stated that in the complex market environment of 2025, the company has demonstrated strong business resilience. In the future, it will focus on improving operational efficiency and high-quality growth, continuously increasing investment in technology and ecology to create more value for ecosystem participants

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Meituan released its 2025 financial report, with annual revenue of 364.9 billion yuan, a year-on-year increase of 8%. Due to competitive pressures, the net loss was 23.4 billion yuan. Grocery retail and international business became the engines of revenue growth, achieving revenue of 104 billion yuan in 2025, a year-on-year increase of 19%. Meituan CEO Wang Xing stated that the company will continue to focus on technological innovation and ecosystem co-construction, striving to reduce losses and improve services. Despite facing fierce competition, Meituan still holds over 60% market share in the food delivery market

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Meituan 2025 Financial Report: Annual Revenue of 364.9 Billion Yuan, AI and Internationalization Seek Breakthroughs