Meituan (MEITUAN-W, 03690) reported audited FY2025 revenue of RMB364.85 billion, up 8.1% year-on-year, but swung to a net loss of RMB23.35 billion from a RMB35.81 billion profit in 2024. Operating loss totalled RMB25.04 billion versus a RMB36.84 billion operating profit a year earlier, driven by heavier marketing incentives, higher courier costs and accelerated overseas investment.
Segment performance • Core Local Commerce revenue increased 4.2% to RMB260.83 billion, yet the unit moved from a RMB52.42 billion profit to a RMB6.90 billion loss, with operating margin reversing to –2.6%. • New Initiatives revenue jumped 19.1% to RMB104.03 billion. Operating loss widened to RMB10.08 billion from RMB7.27 billion, reflecting expanded spending on the Keeta overseas delivery platform and grocery retail.
Cost structure • Cost of revenues rose 22.2% to RMB253.85 billion, representing 69.6% of sales (2024: 61.6%). • Selling and marketing expenses surged 60.9% to RMB102.93 billion, or 28.2% of revenue (2024: 19.0%). • Research & development outlays grew 23.5% to RMB26.00 billion, equal to 7.1% of revenue, as resources shifted to AI and large-language-model applications. • General & administrative costs were RMB11.92 billion, up 11.1%.
Adjusted metrics Adjusted EBITDA fell to –RMB13.78 billion from +RMB49.12 billion, while adjusted net loss reached RMB18.65 billion versus a RMB43.77 billion profit in 2024.
Quarterly snapshot In 4Q25, revenue edged up 4.1% to RMB92.10 billion, but the period recorded a net loss of RMB15.14 billion (4Q24: RMB6.22 billion profit). Core Local Commerce posted a RMB10.05 billion loss after a RMB12.90 billion profit a year earlier; New Initiatives loss expanded to RMB4.65 billion.
Liquidity and leverage Cash and cash equivalents stood at RMB106.77 billion, complemented by RMB60.06 billion in short-term treasury investments. Net operating cash outflow reached RMB13.82 billion (2024 inflow: RMB57.15 billion) due to higher incentive payments and working-capital movements. The gearing ratio was 53%, with 55% of interest-bearing debt maturing in or beyond three years.
Business developments 2025 initiatives included deeper restaurant collaborations, expansion of quick-commerce formats such as Meituan InstaMarts and Xiaoxiang Supermarket, and nationwide courier welfare programs. The Keeta brand achieved positive unit economics in Hong Kong and launched in multiple Middle-East and South-American markets. AI efforts advanced with the roll-out of the multi-modal LongCat model and in-app assistant “Xiaotuan”.
Post-balance-sheet event On 5 February 2026, Meituan agreed to acquire Dingdong Fresh Holding Limited for an initial US$717 million, aiming to strengthen supply-chain depth and front-warehouse coverage, particularly in East China.
Outlook Management plans to reinforce Core Local Commerce through supply-chain penetration, membership upgrades and ecosystem investment, while pursuing disciplined growth in grocery retail, overseas markets and AI-driven services.