--- title: "Meituan adjusted its loss to RMB 15.1 billion last quarter, which was below expectations, indicating that its food delivery losses are far lower than its competitors, with a market share of over 60%" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280609053.md" description: "In the fourth quarter of 2025, Meituan's revenue was 92.1 billion yuan, a year-on-year increase of 4.1%, with an adjusted loss of 15.1 billion yuan, which was below market expectations. The annual net loss was 23.355 billion yuan, with revenue of 364.855 billion yuan, a year-on-year growth of 8.08%. The losses in the takeaway sector were significantly lower than competitors, with a market share exceeding 60%. Sales costs and marketing expenses increased significantly, amounting to 68 billion yuan and 31.7 billion yuan, respectively, mainly due to rider subsidies and overseas business expansion. The group did not declare a final dividend, with a loss per share of 3.84 yuan" datetime: "2026-03-26T10:15:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280609053.md) - [en](https://longbridge.com/en/news/280609053.md) - [zh-HK](https://longbridge.com/zh-HK/news/280609053.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280609053.md) | [English](https://longbridge.com/en/news/280609053.md) # Meituan adjusted its loss to RMB 15.1 billion last quarter, which was below expectations, indicating that its food delivery losses are far lower than its competitors, with a market share of over 60% Meituan (3690) reported revenue of RMB 92.1 billion for the fourth quarter of 2025, a year-on-year increase of 4.1%, in line with expectations; adjusted losses were RMB 15.1 billion, worse than the market expectation of RMB 12.96 billion. For the full year, the group had previously issued a profit warning, expecting a net loss of between RMB 23.3 billion and RMB 24.3 billion, ultimately recording a loss of RMB 23.355 billion, close to the lower limit. Revenue was RMB 364.855 billion, a year-on-year growth of 8.08%; adjusted net loss was RMB 18.648 billion, compared to an adjusted net profit of RMB 43.772 billion in the same period of 2024. The group will not pay a final dividend, while in the same period of 2024, a dividend of HKD 1.5 per share was distributed. Loss per share was RMB 3.84, compared to a profit of RMB 5.85 in the same period of 2024. ## Core Local Business Revenue Slightly Declines, Increased Subsidies as Main Reason By business segment, the revenue of the core local business division in the fourth quarter was RMB 64.8 billion, a slight year-on-year decline of 1.1%. The group explained that the revenue decline was mainly due to intensified marketing and promotional efforts to enhance brand influence and price competitiveness in response to fierce competition, which led to a significant increase in subsidies deducted from revenue. In the takeaway sector, Meituan maintained over 60% GTV market share with losses far below competitors. The new business division reported revenue of RMB 27.3 billion, a year-on-year increase of 18.9%, benefiting from Keeta's overseas business expansion, although the shutdown of "Meituan Youxuan" had an impact. For the full year, the new business segment's revenue was RMB 104 billion, a year-on-year growth of 19%. ## Sales Costs and Marketing Expenses Surge, Rider Subsidies and Overseas Investments Drive Up Costs To cope with industry competition, Meituan's sales costs in the fourth quarter were RMB 68 billion, a year-on-year increase of 23.5%, accounting for 73.8% of revenue. The group stated that the increase was mainly due to the rise in the number of instant delivery transactions, higher rider subsidies, and the expansion of grocery retail and overseas businesses; the increase in proportion was due to the rise in subsidies deducted from revenue, increased rider subsidies and benefits to ensure service quality, and increased investment in overseas businesses. Sales and marketing expenses were RMB 31.7 billion, a year-on-year increase of 83.4%, accounting for 34.4% of revenue, mainly due to enhanced marketing and promotional efforts to improve brand influence and price competitiveness in response to fierce competition. Research and development expenses were RMB 7 billion, a year-on-year increase of 29.7%, accounting for 7.6% of revenue, mainly due to increased AI investments and employee compensation expenses at the company level. ## Keeta Accelerates Internationalization, Hong Kong Unit Economics Turn Positive In terms of internationalization, Keeta accelerated its global layout last year, with its Hong Kong business achieving positive unit economics in the fourth quarter; orders from Saudi Arabia grew rapidly, and in the second half of the year, it further entered the markets of Qatar, Kuwait, the UAE, and Brazil, with strong growth momentum in new markets. In the grocery retail business, as of the end of 2025, Little Elephant Supermarket has entered 39 cities nationwide ## CEO Wang Xing: Firmly Opposing Involution and Focusing on Technological Innovation Meituan CEO Wang Xing stated that the group firmly opposes "involution," focusing on doing the right things through technological innovation, supply upgrades, and ecological co-construction to better serve users and merchants, striving to fulfill the company's mission of "helping everyone eat better and live better." Looking ahead, the group will continue to deepen its supply chain layout, consolidate its core local business competitive advantages, and steadfastly implement the "retail + technology" strategy, fully embracing AI, integrating its self-developed multimodal "LongCat" series large language models with the advantages of open-source models, relying on vast local business information and real consumer review data to create an all-in-one local life AI assistant ### 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 - [Meituan posts another quarterly loss as food delivery wars bite](https://longbridge.com/zh-HK/news/280610976.md) - [China to tighten controls on price wars, boost support for overseas expansion](https://longbridge.com/zh-HK/news/280611209.md) - [OMNICOM MEDIA NAMED BEST PERFORMING GLOBAL MEDIA GROUP, EARNS #1 RANKING ACROSS ALL FOUR REGIONS | OMC Stock News](https://longbridge.com/zh-HK/news/280657436.md) - [Meituan Reports Earnings Results for the Full Year Ended December 31, 2025](https://longbridge.com/zh-HK/news/280660371.md) - [Meituan posts Q4 revenue RMB 92,096.4 million](https://longbridge.com/zh-HK/news/280603686.md)