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Meituan (3690) investor relations material
Meituan Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary27 Aug, 2025
Executive summary
Revenue for Q2 2025 grew 11.7% year-over-year to RMB 91.8 billion, driven by both core local commerce and new initiatives, with total MAU exceeding 600 million and Meituan app MAU surpassing 500 million.
Operating profit for Q2 2025 dropped 98.0% year-over-year to RMB 226 million, and net profit fell 96.8% to RMB 365 million, mainly due to intensified competition and higher incentives.
Adjusted EBITDA and adjusted net profit for Q2 2025 were RMB 2.8 billion and RMB 1.5 billion, down 81.5% and 89.0% year-over-year, respectively.
On-demand delivery order volume surpassed 150 million in a single day in July, and food delivery attracted more new users, maintaining market leadership.
Strategic investments in technology, supply chain, and ecosystem sustainability remain a priority, with ongoing digital transformation and AI-driven merchant tools.
Financial highlights
Q2 2025 revenue: RMB 91.8 billion (+11.7% YoY); H1 2025 revenue: RMB 178.4 billion (+14.7% YoY).
Q2 2025 operating profit: RMB 226 million (0.2% margin); H1 2025 operating profit: RMB 10.8 billion (6.0% margin).
Q2 2025 net profit: RMB 365 million; H1 2025 net profit: RMB 10.4 billion.
Adjusted EBITDA for Q2 2025: RMB 2.8 billion; H1 2025: RMB 15.1 billion.
Cash and cash equivalents as of June 30, 2025: RMB 101.7 billion.
Outlook and guidance
Management expects continued fierce competition and negative short-term financial impact, but remains confident in long-term growth and market leadership.
Core local commerce is expected to incur substantial loss in Q3 due to strategic investments.
Focus remains on long-term value creation, digital transformation, and sustainable ecosystem development, with plans to expand insurance and welfare programs for couriers.
Continued investment in technology, user experience, and overseas expansion, especially for grocery retail and new initiatives.
Detail competition's impact on Core Local Commerce margin
Outline Keeta's overseas expansion strategy
How do AI investments affect R&D expenses?
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Q3 202528 Nov, 2025
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Frequently asked questions
Chinese E-Commerce Giant
Meituan is a Chinese tech giant and one of the largest and most comprehensive e-commerce platforms for services in China. Primarily known for its group discount and food delivery service, Meituan has diversified into a myriad of other services through various apps and websites, including but not limited to, in-hotel booking, travel ticketing, and an array of on-demand services. The company connects millions of consumers with local businesses for services such as restaurant bookings, movie ticketing, and bike sharing. The company is headquartered in Beijing, China, and its shares are listed on the Hong Kong Stock Exchange.
The History
Initially, it began as a group-buying website, similar to Groupon, offering deals by selling vouchers for local businesses and services. Over time, Meituan expanded significantly, evolving beyond group deals. In 2015, it merged with Dianping, a restaurant review and local services site, resembling Yelp. This merger broadened its business scope, enabling it to offer a wide range of services including restaurant bookings, food delivery, and travel reservations. The company's growth reflects the increasing demand for online-to-offline (O2O) services in China. Meituan's expansion into various service sectors and integration of technology have made it a key player in the Chinese internet ecosystem.
Wang Xing
Wang Xing, the founder and CEO of Meituan, is a prominent figure in China's tech industry. Born in 1979, he is an alumnus of Tsinghua University, where he studied electronics and then pursued a master's degree in computer engineering from the University of Delaware. Before founding Meituan, Wang had ventured into several other start-ups, including a social networking site, Xiaonei, which eventually evolved into Renren. Under his leadership, Meituan has expanded from a group-buying service to a multifaceted platform offering a range of services.
Food Delivery and Much, Much More
Meituan's food delivery business is a cornerstone of its operations, exemplifying the company's innovation and market leadership in China. This segment facilitates the ordering and delivery of meals from a diverse array of restaurants to consumers, leveraging an advanced logistics network and technology-driven solutions. The efficient matching of orders, real-time tracking, and vast delivery personnel network are key to its success. Beyond food delivery, Meituan offers a broad spectrum of services. Its platform includes hotel and travel booking, movie ticketing, bike-sharing, and a host of other services.
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