--- title: "Meituan's financial report is out! The trend of losses is expected to continue in the fourth quarter" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/267948055.md" description: "Meituan released its Q3 2025 financial report, with revenue slightly increasing by 2% to RMB 95.488 billion, and a net loss of RMB 18.632 billion, turning from profit to loss year-on-year. The loss was mainly due to intense competition in the food delivery business and an expansion of losses in new businesses. Revenue from new businesses grew by 15.9% to RMB 28.041 billion in Q3, but losses increased to RMB 1.278 billion. Meituan expects the loss trend to continue in Q4. The company is taking measures to improve service quality, grow its user base, and recover its order market share. CEO Wang Xing opposes low-quality, low-price competition, emphasizing the protection of rider rights and support for small and medium-sized merchants" datetime: "2025-11-30T06:15:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/267948055.md) - [en](https://longbridge.com/en/news/267948055.md) - [zh-HK](https://longbridge.com/zh-HK/news/267948055.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/267948055.md) | [English](https://longbridge.com/en/news/267948055.md) # Meituan's financial report is out! The trend of losses is expected to continue in the fourth quarter On November 28th, Meituan released its Q3 2025 financial report. In the third quarter, the company's revenue slightly increased by 2% to 95.488 billion yuan, with a net loss of 18.632 billion yuan, turning from profit to loss year-on-year. The announcement stated that the loss was mainly due to intense market competition in the core takeaway business and the expansion of losses in new businesses. In the third quarter, new business revenue grew by 15.9% year-on-year to 28.041 billion yuan, but losses increased by 24.5% to 1.278 billion yuan. Meituan expects the loss trend to continue in the fourth quarter. Core local business segment under pressure Intensified competition leads to expanded losses Meituan's Q3 financial report shows that in the third quarter, revenue from the core local business segment decreased by 2.8% year-on-year to 67.447 billion yuan, with operating profit turning from positive last year to a loss of 14.071 billion yuan, primarily due to the ongoing fierce competition in the takeaway industry. Data shows that Meituan's overall net loss in Q3 reached 18.632 billion yuan, compared to a profit of 12.865 billion yuan in the same period of 2024. Meituan pointed out in the financial report that recent market competition has remained intense, and it expects the trend of operating losses in the core local business segment and the company as a whole to continue in the fourth quarter. In this competitive environment, Meituan has taken a series of countermeasures. The company is accelerating supply-side innovation and improving service quality, with daily active users and monthly transaction users in the food delivery segment reaching new highs in Q3. The core user base has steadily grown year-on-year, with more medium and low-frequency users transitioning to high-frequency. The company will continue to enhance user consumption frequency and stickiness by improving supply and fulfillment capabilities. Additionally, data disclosed during the financial report conference call showed that Meituan's market share in food delivery orders is steadily recovering, with Meituan accounting for over two-thirds of orders with a payment of over 15 yuan; for orders over 30 yuan, Meituan's share exceeds 70%. Meituan CEO Wang Xing stated during the conference call that he firmly opposes "involutionary" price wars, as such low-quality, low-price competition is unsustainable and does not create value for the industry. He mentioned that Meituan will increase investment in rider rights protection and support for small and medium-sized merchants to promote the long-term healthy development of the industry. Despite ongoing competition, Meituan will invest necessary resources to ensure scale advantages and service experience. Meituan stated that it will focus on expanding quality product choices, ensuring fast and reliable delivery, and maintaining affordable prices to defend its market position. Overall, the pressure faced by the core local business segment highlights structural issues in the industry, and Meituan needs to seek a balance between user growth and profitability. New business revenue growth and accelerated overseas expansion In Q3 this year, Meituan's new business segment revenue grew by 15.9% year-on-year to 28.041 billion yuan, but operating losses expanded by 24.5% year-on-year to 1.278 billion yuan. Meituan stated that grocery retail businesses such as "Little Elephant Supermarket" and "Fast Donkey" maintained strong growth, enhancing operational efficiency while consolidating their industry position. The company is also gradually exploring offline models, focusing on expanding offline scenario coverage and improving supply chain capabilities. Overseas business became a highlight in Q3, with Meituan's international brand Keeta achieving profitability in Hong Kong and accelerating its global layout. Wang Xing revealed during the financial report conference call that Keeta's Hong Kong business became profitable in October, achieving the "profitability within three years" goal ahead of schedule, which is a "milestone" reached within 29 months of the business launch Wang Xing stated that Keeta, relying on mature operational experience and technical strength, has significantly increased its quarterly UE metrics month-on-month and continues to consolidate its market leadership in Hong Kong. In late October, Keeta launched pilot operations in Brazil, accelerating its global expansion pace. Despite an overall increase in losses from new businesses, Meituan's strategic focus is shifting towards overseas and offline scenarios to seek new growth points. The company stated in its financial report that Keeta's profitability and expansion reflect its execution capabilities in the global market, while domestic new businesses are controlling losses through operational optimization. Meituan indicated that it will continue to focus on investments in grocery retail and overseas businesses to enhance long-term competitiveness. However, the widening losses from new businesses also signal risks, and the company needs to maintain a balance between expansion and profitability. Overall, the strong growth of new businesses and overseas profitability provides Meituan with a diversified buffer, but domestic competitive pressure still requires the company to manage resource allocation cautiously ### 相關股票 - [Meituan (MPNGY.US)](https://longbridge.com/zh-HK/quote/MPNGY.US.md) - [MEITUAN (03690.HK)](https://longbridge.com/zh-HK/quote/03690.HK.md) ## 相關資訊與研究 - [China regulator orders food delivery giants to strengthen safety controls](https://longbridge.com/zh-HK/news/281633054.md) - [Meituan posts another quarterly loss as food delivery wars bite](https://longbridge.com/zh-HK/news/280610976.md) - [Yues International Narrows Annual Loss Despite 34% Revenue Jump](https://longbridge.com/zh-HK/news/281058647.md) - [SA Competition Commission Approves Prexozone-Bid Life Deal, With Conditions](https://longbridge.com/zh-HK/news/281498273.md) - [Meituan Reports Earnings Results for the Full Year Ended December 31, 2025](https://longbridge.com/zh-HK/news/280660371.md)