After months of intense food delivery market competition, key players are beginning to release their quarterly results.

Today, MEITUAN-W announced its second-quarter financial results, reporting revenue of approximately 91.84 billion yuan, representing an 11.7% year-over-year increase, though falling short of market expectations of 93.69 billion yuan.

Adjusted net profit came in at approximately 1.493 billion yuan, compared to 13.6 billion yuan in the same period last year, marking an 89% decline and significantly below the estimated 9.85 billion yuan. Operating profit was merely 226 million yuan, down 98% year-over-year, with operating profit margin plummeting from 13.7% to 0.2%.

The financial report also revealed that MEITUAN-W's sales and marketing expenses reached 22.5 billion yuan in the second quarter, an increase of 7.7 billion yuan from 14.8 billion yuan in the same period last year, representing a 51.8% surge. This expense category's proportion of total revenue increased from 18% to 24.5%.

The company explained that this increase was primarily due to business development and continuously adjusted business strategies in response to fierce competition in food delivery and instant retail services, leading to higher promotional, advertising, and user incentive expenditures.

Despite the significant profit impact from the food delivery price war, MEITUAN-W App's monthly active users surpassed 500 million in the second quarter. Additionally, annual transaction frequency per user reached a new historical high. In July, the company's instant retail daily order volume peaked at over 150 million orders.

Beyond MEITUAN-W, JD.com has also paid a price for the food delivery competition. According to JD.com's second quarter and interim results announcement for 2025, second-quarter revenue reached 356.7 billion yuan, setting a new record for revenue growth over the past three years. JD.com's food delivery daily orders exceeded 25 million, covering 350 cities nationwide.

However, while achieving substantial revenue growth, the company's new business segment recorded operating losses of 14.78 billion yuan. The company's second-quarter operating profit turned from positive to negative, posting a loss of 900 million yuan.