---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/30040593.md"
description: "Meituan 1Q25 Quick Interpretation: Overall, Meituan's performance this quarter was good. In terms of the big numbers, both total revenue and adjusted net profit were about 1 billion higher than expected.Specifically, the biggest contributor to the revenue beat was the delivery income from the core local commerce segment, accounting for about 600 million of the revenue beat. According to the company, this was mainly due to reduced delivery fee subsidies, which are a revenue offset. Other sub-segments also contributed 200-300 million each in revenue beats. The performance was relatively balanced, with no drags but also no standout highlights.In terms of profit, the operating profit beat was on the order of 2 billion, but this included about 1 billion from investment income (which is non-operating). Therefore, the actual profit beat was around 1 billion (refer to adjusted net profit). Compared to expectations, there were no significant differences in gross margin and expenses, so the additional profit was almost entirely driven by the additional revenue.It's worth noting that the impact of the Q1 food delivery war has yet to materialize, and Meituan's performance this quarter wasn't particularly outstanding (the magnitude of the beat wasn't stronger than JD.com's). Although the quarter's performance was indeed good, the guidance for the next quarter and the full year in the upcoming earnings call will be more important. $MEITUAN(03690.HK)"
datetime: "2025-05-26T09:27:41.000Z"
locales:
  - [en](https://longbridge.com/en/topics/30040593.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/30040593.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/30040593.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/30040593.md) | [简体中文](https://longbridge.com/zh-CN/topics/30040593.md)


# Meituan 1Q25 Quick Interpretation: Overall, Meitua…


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## 評論 (18)

- **温哥华的小雨 · 2025-05-26T16:17:52.000Z**: Meituan is still very profitable compared to many small and medium-sized listed companies.
- **衡盈 · 2025-05-26T14:48:15.000Z**: Performance exceeded expectations
- **马斯克 你给我养老 · 2025-05-26T14:28:09.000Z**: Earning so much but not paying social security for delivery guys, what a heartless company.
- **虚拟的伪装者 · 2025-05-26T13:09:27.000Z · 👍 1**: How many young men's tears and sweat
- **林德伯格 · 2025-05-26T12:56:31.000Z · 👍 1**: JD.com has national subsidies. Is this comparison reasonable, editor? It feels like every time Meituan's financial report is exceptionally harsh.
  - **Dolphin Research** (2025-05-26T13:56:03.000Z): Didn't I say this quarter was okay?
- **来栖凛 · 2025-05-26T12:37:19.000Z**: JD.com has been plummeting since announcing better-than-expected earnings. The earnings report was useless.
- **Danny W · 2025-05-26T12:16:33.000Z**: At most, tomorrow will only recover today's losses😮‍💨
- **未来战士 · 2025-05-26T12:00:33.000Z**: It was clear in Q2 that it was doomed. Haven't opened the Meituan app since April, all takeout orders are placed on Taobao and JD.
  - **Dolphin Research** (2025-05-26T13:59:10.000Z): Meituan still adopts a lukewarm defensive strategy
- **高抛低吸，知行合一 · 2025-05-26T10:27:05.000Z**: Huh? Did JD's market share grab have no impact? Or has the impact not yet materialized?
  - **高桥李依李** (2025-05-26T10:50:06.000Z): It's from April, so it's not displayed here
  - **Dolphin Research** (2025-05-26T13:51:13.000Z): It hasn't been reflected yet, and it will be hard to tell next quarter.
- **民以食为天 · 2025-05-26T10:10:54.000Z**: Yes
- **噼噼峡 · 2025-05-26T09:41:15.000Z · 👍 3**: Alright, last year's profits turned positive, and this year they doubled. No rivals in food delivery, shining bright in instant delivery.
  - **自来也** (2025-05-26T09:48:59.000Z): Yes
  - **Dolphin Research** (2025-05-26T10:12:32.000Z): This quarter alone looks pretty good