Affected by the food delivery war, the market is very concerned about Meituan's Q2 2025 financial report data, hoping to find out: 1) How much the food delivery war has impacted Meituan; 2) From a long-term perspective, whether Meituan has a sufficient moat to resist external competition; 3) Whether Meituan's operational logic has changed after the competition began. In this article, we rely on Meituan's financial report to try to answer these three questions, hoping to be helpful to everyone. Short-term losses in food delivery: Long-term hope lies in hotel & travel and flash sales. In Q2 2025, Meituan's core local commerce total revenue (main business is food delivery...