---
title: "$美团-W(03690.HK)"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39530002.md"
description: "$Meituan-W(03690.HK) Bearish on Meituan's earnings forecast announcement: 2025 earnings review (already warned) Total revenue: Approximately 360–370 billion yuan (YoY +5%–8%) Net loss: 23.3–24.3 billion yuan (2024 profit: 35.8 billion yuan, turning from profit to loss) Core local commerce: Operating loss of 6.8–7.0 billion yuan (2024 profit: 52.4 billion yuan) Main reasons: Instant retail subsidy war, rider costs, surge in marketing investment Meituan has had a lot of negative news recently, deleting user album photos in the background, and the earnings forecast has been announced again..."
datetime: "2026-03-26T01:19:30.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39530002.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39530002.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39530002.md)
author: "[溪…风](https://longbridge.com/en/profiles/17624242.md)"
---

# $美团-W(03690.HK)

$Meituan-W(03690.HK) Bearish  
Meituan's performance forecast announcement:  
2025 Performance Review (Already warned)  
Total Revenue: Approximately 360-370 billion yuan (YoY +5%–8%)  
Net Loss: 23.3-24.3 billion yuan (Profited 35.8 billion yuan in 2024, turning from profit to loss)  
Core Local Commerce: Operating loss of 6.8-7.0 billion yuan (Profited 52.4 billion yuan in 2024)  
Main reasons: Instant retail subsidy war, rider costs, and a surge in marketing investment.

Meituan has had a lot of negative news lately, with the backend deleting users' photo album photos, and now the performance forecast is out, showing huge losses. Therefore, I'm not optimistic about it; it's definitely bearish and will fall.

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