Meituan (the “Company”), listed under stock codes 3690 (HKD counter) and 83690 (RMB counter), announced that it expects to record a net loss of approximately RMB23.30 billion to RMB24.30 billion for the year ended December 31, 2025. This compares with a net profit of around RMB35.81 billion for the year ended December 31, 2024. The projected loss primarily stems from a reversal of operating profit in the Core Local Commerce segment—from approximately RMB52.42 billion last year to an operating loss ranging between about RMB6.80 billion and RMB7.00 billion—along with increased investments in the Group’s overseas businesses.

Meituan cited unprecedentedly intense industry competition during 2025 as the main driver for strategic investments. These included increased marketing and promotional efforts to boost consumer engagement, enhanced incentives for couriers to ensure high-quality service, and proactive resource allocation to support merchants in refining operations and business models. While the Group expects the loss trend to persist into the first quarter of 2026, it reports sound and stable operations and sufficient cash to support ongoing development.

The Company is in the process of finalizing its results for FY2025, and the figures provided are based on a preliminary review of unaudited consolidated management accounts. The final results, which may differ from the current estimates, will be disclosed in its annual results announcement by the end of March 2026. Shareholders and potential investors are advised to exercise caution when dealing in the Company’s securities.