Under the food delivery war that Meituan has been engaged in since Q2, the biggest impact has been on local commerce. Full-year sales and marketing expenses increased by over 80% year-on-year, with subsidies basically consuming all gross profit. Combined with losses from other business lines, the effects are piling up.
In the long term, AI may not necessarily help this labor-intensive company. In the short term, we can probably only hope for the food delivery war to stop quickly.
☕️ Daily Market Talk | Mar 27, 2026
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