Meituan's 2025 Turning Point! Revenue Hits Record High but Gets Trapped in a 23.3 Billion Loss Quagmire

GateUser-bd883c58 · 2026-04-08T16:08:37+00:00

Meituan-W (03690.HK) is expected to achieve a revenue of 364.85 billion RMB in 2025, an increase of 8.1% year-over-year, with a net loss of 23.36 billion RMB. Revenue in the fourth quarter is projected to be 92.10 billion RMB, with an adjusted net loss of 15.08 billion RMB, but it still maintains over 60% of the food delivery market share. Meituan will continue to focus on the "Retail + Technology" strategy, promoting innovation and healthy ecosystem development.

GateUser-bd883c58

2026-04-08 16:08:37

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On March 26, Meituan-W (03690.HK) reported 2025 revenue of RMB 364.85 billion, up 8.1% year over year, versus an estimate of RMB 366.13 billion; full-year net loss of RMB 23.36 billion, versus an estimated loss of RMB 24.11 billion; and adjusted net loss of RMB 18.65 billion, versus an estimated loss of RMB 16.86 billion.

Fourth-quarter revenue was RMB 92.10 billion, up 4.1% year over year, versus an estimate of RMB 92.08 billion; adjusted net loss in the fourth quarter was RMB 15.08 billion, compared with a profit of RMB 9.8 billion in the same period last year. Meituan full-year revenue was RMB 364.85 billion, up 8%, versus an estimate of RMB 366.13 billion; full-year net loss was RMB 23.36 billion, versus an estimated loss of RMB 24.11 billion.

In 2025, Meituan continued to build on its “retail + technology” strategy, focusing on innovation to improve quality and maintain a healthy ecosystem, and strengthening its competitive advantages amid industry fluctuations. In the food delivery segment, Meituan maintained a GTV market share of over 60%, with losses far lower than its competitors. In the technology segment, Meituan’s R&D spending hit another record high, up 23% year over year to RMB 26 billion, continuing to drive the deployment of AI technology in the physical world. In addition, Meituan’s grocery and international retail businesses both made breakthrough progress.

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