--- title: "Meituan-W released its annual performance, with revenue increasing by 8.1% year-on-year to 364.9 billion yuan" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/280604134.md" description: "Meituan-W released its annual performance for the year ending December 31, 2025, with revenue of 364.855 billion yuan, a year-on-year increase of 8.1%. Gross profit was 111.009 billion yuan, a year-on-year decrease of 14.47%; the annual loss was 23.354 billion yuan, with an adjusted net loss of 18.648 billion yuan. The company's core local commerce segment operating profit significantly decreased to a loss of 6.9 billion yuan, while the new business segment's loss expanded to 10.1 billion yuan. The company holds cash and cash equivalents of 106.8 billion yuan and short-term financial investments of 60.1 billion yuan" datetime: "2026-03-26T09:50:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280604134.md) - [en](https://longbridge.com/en/news/280604134.md) - [zh-HK](https://longbridge.com/zh-HK/news/280604134.md) --- > 支持的语言: [English](https://longbridge.com/en/news/280604134.md) | [繁體中文](https://longbridge.com/zh-HK/news/280604134.md) # Meituan-W released its annual performance, with revenue increasing by 8.1% year-on-year to 364.9 billion yuan According to the Zhitong Finance APP, Meituan-W (03690) released its annual performance report for the year ending December 31, 2025. The group achieved revenue of RMB 364.855 billion (same unit below), an increase of 8.1% year-on-year; gross profit was RMB 111.009 billion, a decrease of 14.47% year-on-year; and the annual loss was RMB 23.354 billion, with an adjusted net loss of RMB 18.648 billion. In 2025, the company's revenue grew by 8.1% from RMB 337.6 billion in 2024 to RMB 364.9 billion. The company's loss in 2025 was RMB 23.4 billion, while in 2024 it recorded a profit of RMB 35.8 billion. The total operating profit from the company's segments decreased from a profit of RMB 45.1 billion to a loss of RMB 17 billion year-on-year. Due to intensified industry competition, the operating profit of the company's core local business segment significantly declined in 2025, turning into an operating loss of RMB 6.9 billion. Meanwhile, due to increased investment in overseas business, the operating loss of the new business segment expanded year-on-year to RMB 10.1 billion in 2025. Therefore, the company's adjusted EBITDA and adjusted net profit for 2025 decreased year-on-year to negative RMB 13.8 billion and negative RMB 18.6 billion, respectively. As of December 31, 2025, the company held cash and cash equivalents and short-term financial investments of RMB 106.8 billion and RMB 60.1 billion, respectively. In 2025, the company strengthened its comprehensive and cost-effective supply system by deepening its supply chain and continuously promoting supply-side innovation. This not only allowed the company to accurately meet consumers' comprehensive needs in food delivery, instant retail, and service retail but also further consolidated the company's position as a one-stop local service platform. The company expanded its cooperation with food merchants, promoting all-round innovation in products, store formats, and channels. For example, the company's "Brand Satellite Stores" have partnered with over 1,000 brands, becoming a core growth engine for brand merchants to achieve efficient expansion. At the same time, the company expanded the scale of "Raccoon Canteen," which now covers over 500 brands and stores, establishing a traceable and reliable food delivery model. The company also continued to work closely with merchants to launch high-quality, cost-effective popular products through models such as "Pin Good Meal" and "Shen Qiang Shou," serving a broader consumer group. The company deepened its layout in the instant retail supply chain, consolidating its strategic partner position for the all-channel development of leading brands in various fields such as sports, beverages, and 3C home appliances. The company continued to deepen its layout and expand its business coverage across various links in the supply chain. The company's innovative supply models, including "Meituan Lightning Warehouse" and "Brand Flag Lightning Warehouse," as well as the self-operated "Little Elephant Supermarket" front warehouse, have become important supplies for instant retail. "Wai Ma Delivery" also achieved strong growth, successfully creating popular products with leading beverage brands. The company further strengthened its supply capacity in pharmaceuticals and healthcare, enhancing the supply of commonly used medications in local pharmacies, enriching the supply of medical devices through front warehouses, and collaborating with pharmaceutical companies to introduce innovative drugs onto the company's platform. In addition, the company actively promoted the digital transformation of elderly care services. In the fourth quarter of 2025, "Little Elephant Supermarket" accelerated its urban expansion pace. Over the past few years, "Little Elephant Supermarket" has established a solid and rich supply, continuously improving the quality of fresh products and building industry-leading product competitiveness and operational capabilities The company's proprietary brand coverage continues to expand, and the contribution of proprietary brands to GTV is steadily increasing. In terms of in-store alcohol and travel, the company is strengthening supply and expanding the coverage and influence of high-quality rankings. The "Anxin Series" launched by the company effectively enhances information transparency and protects consumer rights, and has extended to multiple fields such as education and fitness. The company is seizing cutting-edge consumer trends, expanding coverage in areas such as sports events, cultural and artistic ticketing, and housekeeping services, and helping over one million artisans build digital profiles on the company's platform to connect merchants and consumers, further enriching the differentiated supply ecosystem of the platform. Throughout the year, the company focused on enhancing comprehensive service capabilities by continuously optimizing products and upgrading the membership system to comprehensively improve the platform user experience. The company upgraded and expanded the coverage of the "On-Time Treasure" and "1-on-1 Urgent Delivery" services, providing consumers with more stable and high-quality fulfillment services. The company also partnered with millions of merchants and brands to launch the industry's first comprehensive service guarantee plan for instant retail, setting higher industry standards in user experience, fulfillment, delivery, and after-sales support. Core initiatives include offering free shipping for returns for premium members or certain branded products. In addition, the company has strengthened the reliability of online medical services, expanded the coverage of online consultations with doctors from top-tier hospitals, and upgraded the verification and rights protection for dental and medical beauty services. The optimized service capabilities mentioned above are deeply integrated with the upgraded "Meituan Membership." The company has launched various exclusive benefits for members, covering multiple consumption scenarios such as food delivery, hotel bookings, lifestyle services, travel, and healthcare, precisely serving core users. The rich membership benefits significantly enhance user stickiness and transaction frequency, driving membership level upgrades, with the scale of high-value members continuing to grow steadily, while both transaction frequency and consumption amount have increased significantly. Their consumption categories for products and services are also continuously increasing. The continuously improved "Meituan Membership" system provides strong multidimensional support, effectively enhancing traffic operation and transaction growth, while promoting cross-selling between different businesses and consumption scenarios within the core local business segment. Therefore, in the face of fierce market competition, the company has further consolidated its leading position in user structure and user perception. Based on stronger core competitiveness, the company continues to invest in ecological construction, driving high-quality development of the local life service industry. The company supports the sustainable development of small and medium-sized merchants through additional support funds, promoting the "Bright Kitchen and Stove" program, and empowering merchant operations with AI solutions. The company continues to promote the healthy development of the catering industry, addressing structural challenges such as marketing competition and food safety governance. By 2025, the company's support fund project has already helped over 500,000 catering merchants alleviate the operational pressure caused by irrational competition in the industry, advance the construction of "Bright Kitchen and Stove," and explore new growth points through online store optimization and product service upgrades. Meituan's AI merchant operation assistant benefits over 3.4 million merchants, effectively reducing operational costs. In terms of rider protection, the company has taken the lead in achieving nationwide coverage of pension insurance subsidies, becoming the first in the industry to offer a pension insurance plan covering all types of riders. The company's occupational injury protection plan has expanded to 17 provinces and cities, covering over 16 million riders. At the same time, the company continues to improve the multi-level welfare system for riders, covering various aspects such as medical care, education, and housing In terms of internationalization, Keeta is accelerating its global layout in 2025 and demonstrating good growth momentum. In Hong Kong, Keeta continues to consolidate its market position and achieved positive unit economics in the fourth quarter. Meanwhile, in Saudi Arabia, Keeta experienced rapid order growth throughout the year, becoming one of the most favored platforms among consumers due to its high-quality services. In the second half of 2025, the company will successively enter the markets of Qatar, Kuwait, the UAE, and Brazil, all of which show strong growth momentum. Additionally, in 2025, the company is committed to promoting the AI transformation of the physical world, combining AI innovation with the service advantages already validated in the physical world. Over the years, the company has made significant investments in AI technology. The company integrates the advantages of its self-developed multimodal LongCat series large language models with open-source models, relying on Meituan's unique digital assets, including rich merchant information, high-quality and diverse supply, real consumer behavior, and user reviews. The company first launched an independent app, the smart life assistant "Xiao Mei," and opened the AI assistant "Xiao Tuan," embedded in the Meituan app, to all users. The company will fully integrate AI technology into Meituan's consumption scenarios, covering all categories of local life services on the company's platform. Xiao Tuan will significantly change the way consumers interact with mobile apps, shifting from search to demand expression. Leveraging Meituan's rich supply, strong fulfillment capabilities, and the mature native interaction interface within the Meituan app, Xiao Tuan brings consumers a new, practical, and high-quality user experience ### 相关股票 - [MEITUAN (03690.HK)](https://longbridge.com/zh-CN/quote/03690.HK.md) - [Meituan (MPNGY.US)](https://longbridge.com/zh-CN/quote/MPNGY.US.md) ## 相关资讯与研究 - [China to tighten controls on price wars, boost support for overseas expansion](https://longbridge.com/zh-CN/news/280611209.md) - [Meituan Reports Earnings Results for the Full Year Ended December 31, 2025](https://longbridge.com/zh-CN/news/280660371.md) - [Sincere FY loss attributable HK$64.1 million](https://longbridge.com/zh-CN/news/281220904.md) - [Carlyle To Acquire Majority Stake In MAI Capital](https://longbridge.com/zh-CN/news/281190533.md) - [Every Major Hyperscaler Is Moving To Arm — Here's Why It Matters](https://longbridge.com/zh-CN/news/281502285.md)