Meituan (the “Group”) announced an expected net loss ranging from RMB23.30 billion to RMB24.30 billion for the year ended December 31, 2025 (FY2025), compared to a profit of RMB35.81 billion in the prior year (FY2024). According to the latest unaudited consolidated management accounts, this shift is driven primarily by the reversal of operating profit from RMB52.42 billion in FY2024 to an expected operating loss of RMB6.80 billion to RMB7.00 billion in FY2025 for the Core Local Commerce segment, alongside increased overseas investments.

The company attributed the pressure on profitability to heightened competition in FY2025 and a strategic increase in marketing efforts, brand awareness, price competitiveness, courier incentives, and resources for merchant support. Management indicated that loss-making trends may extend into the first quarter of 2026, although the Group maintains sound operations and sufficient cash positions.

The board is confident that ongoing initiatives—such as the application of AI and autonomous delivery technologies, product and business model innovation, and a focus on refined operations—will bolster the Group’s long-term advantages. Final results for FY2025 are expected to be published by the end of March 2026, and remain subject to adjustments. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.