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Meituan Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Revenue grew 2% year-over-year to RMB 95.5 billion in Q3 2025, but net loss reached RMB 18.6 billion, reversing a profit from Q3 2024, due to intensified competition and higher costs.
Adjusted EBITDA and adjusted net profit both turned negative, at RMB -14.8 billion and RMB -16.0 billion, respectively.
Maintained leadership in food delivery and quick commerce, expanding user and merchant bases, and enhancing membership programs to boost user stickiness and transaction frequency.
Continued investment in AI, launching new models and smart life assistant apps, and integrating AI tools for merchants and consumers.
Cash and equivalents plus short-term investments totaled RMB 141.3 billion as of September 30, 2025.
Financial highlights
Gross profit dropped to RMB 25.2 billion from RMB 36.8 billion year-over-year, as cost-of-revenue ratio surged to 73.6%.
Selling and marketing expenses nearly doubled to RMB 34.3 billion, or 35.9% of revenues, due to increased promotions and user incentives.
R&D expenses rose 31% to RMB 6.9 billion, reflecting higher AI investments; R&D expenses ratio was 7.3%.
Operating margin fell to -20.7% from 14.6% a year ago; segment operating loss was RMB 15.3 billion.
Cash used in operating activities was RMB 22.1 billion, with net cash from investing activities at RMB 20.8 billion.
Outlook and guidance
Management expects operating losses to persist in Q4 2025 for both Core Local Commerce and the company overall due to overheated competition.
Confident in restoring profitability and achieving sustainable margins in quick commerce and new initiatives over the mid to long term.
No expectation of larger losses in new initiatives segment next year compared to 2025.
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Q4 202519 Mar, 2026
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Frequently asked questions
Chinese E-Commerce Giant
Meituan is a Chinese tech giant and one of the largest and most comprehensive e-commerce platforms for services in China. Primarily known for its group discount and food delivery service, Meituan has diversified into a myriad of other services through various apps and websites, including but not limited to, in-hotel booking, travel ticketing, and an array of on-demand services. The company connects millions of consumers with local businesses for services such as restaurant bookings, movie ticketing, and bike sharing. The company is headquartered in Beijing, China, and its shares are listed on the Hong Kong Stock Exchange.
The History
Initially, it began as a group-buying website, similar to Groupon, offering deals by selling vouchers for local businesses and services. Over time, Meituan expanded significantly, evolving beyond group deals. In 2015, it merged with Dianping, a restaurant review and local services site, resembling Yelp. This merger broadened its business scope, enabling it to offer a wide range of services including restaurant bookings, food delivery, and travel reservations. The company's growth reflects the increasing demand for online-to-offline (O2O) services in China. Meituan's expansion into various service sectors and integration of technology have made it a key player in the Chinese internet ecosystem.
Wang Xing
Wang Xing, the founder and CEO of Meituan, is a prominent figure in China's tech industry. Born in 1979, he is an alumnus of Tsinghua University, where he studied electronics and then pursued a master's degree in computer engineering from the University of Delaware. Before founding Meituan, Wang had ventured into several other start-ups, including a social networking site, Xiaonei, which eventually evolved into Renren. Under his leadership, Meituan has expanded from a group-buying service to a multifaceted platform offering a range of services.
Food Delivery and Much, Much More
Meituan's food delivery business is a cornerstone of its operations, exemplifying the company's innovation and market leadership in China. This segment facilitates the ordering and delivery of meals from a diverse array of restaurants to consumers, leveraging an advanced logistics network and technology-driven solutions. The efficient matching of orders, real-time tracking, and vast delivery personnel network are key to its success. Beyond food delivery, Meituan offers a broad spectrum of services. Its platform includes hotel and travel booking, movie ticketing, bike-sharing, and a host of other services.
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