Meituan (3690.HK, 83690.HK) announced its unaudited consolidated financial results for the three months ended September 30, 2025. During this period, the group’s revenues grew by 2.0% year over year to RMB95.49 billion (from RMB93.58 billion). Despite the overall increase in revenues, the group reported a sharp decline in profitability, with operating loss of RMB19.76 billion compared to an operating profit of RMB13.69 billion the same period last year. Net loss reached RMB18.63 billion, while the adjusted EBITDA swung from a positive RMB14.53 billion a year ago to negative RMB14.84 billion, and adjusted net profit turned from a positive RMB12.83 billion to negative RMB16.01 billion this quarter.

The Core Local Commerce segment recorded a 2.8% drop in revenue year over year to RMB67.45 billion. Intense competition in the food delivery category contributed to a shift from an operating profit of RMB14.58 billion to a loss of RMB14.07 billion in this segment. Meanwhile, the New Initiatives segment saw a 15.9% rise in revenue to RMB28.04 billion but posted a wider loss of RMB1.28 billion. Management attributed overseas expansion costs to the continued losses in that area. As of September 30, 2025, Meituan reported cash and cash equivalents of RMB99.2 billion and short-term treasury investments of RMB42.1 billion.

Looking ahead, Meituan highlighted persistent market competition, particularly in food delivery, which is expected to sustain the current pressure on margins. The group indicated that operating losses in both Core Local Commerce and overall business could continue into the fourth quarter of 2025.