---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39543212.md"
description: "Meituan 4Q25 First Take: With the prior profit warning, losses under GAAP for Core Local Commerce and the group were largely flagged, so the headline print was broadly in line. That said, underlying profitability still came in a bit below expectations. In detail, two points stand out. See below. 1) First, by segment. Losses in new initiatives were ~RMB 1.2bn above expectations. 2) On costs and expenses, GP clearly missed while OP roughly matched forecasts. This is because non-operating items booked within OP this quarter, including changes in financial asset values and other gains/losses, totaled ~RMB 2.2bn, distorting the true profit picture. On a core OP basis (GP minus S&M, R&D and G&A), the quarter posted a loss of ~RMB 18.3bn. Compared with ~RMB 19.0bn in the prior quarter, the narrowing was actually very limited. In other words, on an underlying basis, most of the improvement in Core Local Commerce was offset by losses in new initiatives. As for key metrics, Core Local Commerce revenue decline narrowed from ~3% YoY last quarter to 1% YoY, and marketing spend fell by ~RMB 2.5bn QoQ; these align with the industry-wide pullback in food delivery spending and losses, and were broadly in line with expectations, with nothing particularly noteworthy. $MEITUAN(03690.HK) $Meituan(MPNGY.US) $MEITUAN-WR(83690.HK)"
datetime: "2026-03-26T10:32:19.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39543212.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39543212.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39543212.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/39543212.md) | [简体中文](https://longbridge.com/zh-CN/topics/39543212.md)


# Meituan 4Q25 First Take: With the prior profit war…


### 相關股票

- [MEITUAN (03690.HK)](https://longbridge.com/zh-HK/quote/03690.HK.md)
- [Meituan (MPNGY.US)](https://longbridge.com/zh-HK/quote/MPNGY.US.md)
- [MEITUAN-WR (83690.HK)](https://longbridge.com/zh-HK/quote/83690.HK.md)
- [Meituan HK SDR 5to1 (HMTD.SG)](https://longbridge.com/zh-HK/quote/HMTD.SG.md)

## 評論 (7)

- **Hegelong · 2026-03-26T12:29:51.000Z**: The core local business is reducing losses. Although exchange rates and fair value have increased profits, new business has decreased.
- **韭菜盒子996 · 2026-03-26T11:57:38.000Z**: Bad news is exhausted
- **满仓冲锋队 · 2026-03-26T11:05:46.000Z · 👍 1**: There's going to be another waterfall tomorrow, what goes up must come down.
  - **横竖都是你** (2026-03-26T14:22:58.000Z): If you like waterfalls, let Chagee put on a show for you.
- **师姐在向我招手 · 2026-03-26T10:48:00.000Z**: Give Mobile a quick interpretation too!
  - **Dolphin Research** (2026-03-26T11:11:25.000Z): Mobile will also have interpretations
- **Jessica Huang · 2026-03-26T10:34:44.000Z · 👍 1**: Meituan won't lay off employees?