DingDong

The following is Dolphin Research's compilation of $MEITUAN(03690.HK) FY2025 earnings call Trans.

For the earnings analysis, please refer to 'Meituan: Three Mountains Bearing Down—Will the Food Delivery Old Guard Ever Get Back Up?'.

I. Core financial highlights review.

1) Cash reserves: As of Dec 31, 2025, cash and cash equivalents plus short-term investments totaled RMB 166.8bn. Q4 operating cash outflow narrowed QoQ to RMB 6.6bn.

2) Q4 snapshot: total revenue of RMB 92.1bn (+4.1% YoY). Adj. net loss narrowed QoQ to RMB 15.1bn...

Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.

Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.

The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...