Meituan (03690) released its 2025 Q3 financial report: quarterly revenue of 95.5 billion yuan, annual trading users exceeding 800 million

On November 28, Meituan (stock code: 3690.HK) released the results report for the third quarter of 2025. In the current quarter, Meituan achieved revenue of 95.5 billion yuan (RMB, same below), an increase of 2% over the previous year. Due to increased competition in the industry, profits from core local commercial operations turned negative, with losses of 14.1 billion yuan. The number of trading users in the past 12 months broke through the 800 million mark.

In the third quarter, in order to cope with “internal rolling” competition in the industry, Meituan increased capital investment, improved service quality, and promoted the healthy development of the industry. Driven by this, the Meituan App's DAU (number of daily active users) increased by more than 20% year-on-year, and the number of monthly food and beverage takeout transaction users also reached a record high.

“In the face of changes in industry competition, we continue to consolidate our core competitiveness and maintain our dominant position in the industry.” Meituan CEO Wang Xing said, “Meituan will continue to focus on the 'retail+technology' strategy and continuously iterate products and services to better meet user needs and lead the sustainable growth of the industry.”

Core local businesses maintain their advantage, and new businesses continue to break through

In the third quarter, Meituan's core local business sector achieved revenue of 67.4 billion yuan. In order to cope with irrational competition in the takeaway industry, core local businesses continue to increase direct subsidies to the catering industry. Affected by this, core local commercial profits turned negative, with losses of 14.1 billion yuan. Meituan's new business segment achieved revenue of 28 billion yuan, an increase of 15.9% over the previous year, and losses narrowed to 1.3 billion yuan month-on-month. The company had an adjusted net loss of 16 billion yuan in Q3.

This quarter, Meituan accelerated supply innovation to provide consumers with high-quality and rich products and stable delivery. Meituan's daily retail order peak was over 150 million orders in July, with an average delivery time of 34 minutes. The advantages of the platform's user structure have been further expanded, more medium- and low-frequency users have moved to high-frequency, user consumption frequency and stickiness have increased markedly, and consumption scenarios continue to diversify.

Meituan Flash Sale continues to lead the development of the instant retail industry. This quarter, the growth rate of new Meituan flash shopping users and the frequency of transactions for core users both increased. In October, Meituan Flash Sale launched the “Brand Official Flag Lightning Store”. It is expected to expand to tens of thousands of brands in the future, covering various categories such as 3C, beauty, sports, apparel, mother and baby, pets, and department stores. On the first day of “Double 11", sales of hundreds of “brand official flag warehouses” increased 300%.

This quarter, Meituan's in-store business reached new highs in the number of merchants and users, and the frequency of user transactions continued to grow rapidly. The platform has accumulated more than 25 billion real user reviews, added 3.5 billion in the past 12 months, and continues to be the preferred platform for consumers' local lifestyle services. After six months of iteration, the Meituan membership system continued to improve, member user stickiness and transaction frequency increased dramatically, and effectively promoted collaborative growth between different business and consumption scenarios.

With the new business segment, the grocery retail business is growing strongly, and Keeta has accelerated its global layout. This quarter, Keeta successively landed in the Middle East, Qatar, Kuwait, and the United Arab Emirates, and officially launched operations in Brazil at the end of October.

Increase ecological construction and scientific and technological innovation, and promote industry development

This quarter, Meituan continues to increase investment in ecological construction to build a sustainable industrial health ecosystem.

In terms of rider protection, Meituan rider pension insurance benefits officially cover the whole country and are open to all riders. In addition, Meituan has also established a multi-level welfare guarantee system for riders, including setting up major illness care guarantees, children's education funds, and providing riders with working meals, medical examinations, travel allowances, etc. These guarantees are not only for all riders in the industry, but for the first time, the children of riders' families are included, covering more than one million riders and their families. Recently, Meituan started construction of “rider apartments” all over the country and provided rental subsidies for riders.

On the merchant side, in order to reduce the negative impact of “internal rolling” competition on merchants, Meituan upgraded the “Prosperity Plan” and added 2.8 billion yuan to help merchants develop healthily. These include 2 billion yuan in direct grants, 300 million yuan to support store-type model innovation, and 500 million yuan to promote new infrastructure for “bright kitchens and bright stoves”. In addition, Meituan has also taken many measures to help merchants achieve steady operation by launching the “Marketplace Fireworks List”, upgrading the merchant evaluation and rating system, and opening up all-scenario AI management tools for free.

In order to promote the upgrading of food safety infrastructure, Meituan continues to promote the implementation of the “Bright Kitchen” model, encouraging merchants to open live streaming of the kitchen through hardware subsidies and cash assistance to jointly enhance consumer trust. As of mid-September, 300,000 merchants, more than 3,000 chain brands and 60,000 chain stores have participated in Meituan's “Bright Kitchen” program.

As a locally rooted technology retail company, Meituan continues to promote the efficiency of the retail industry through technological innovation. In the third quarter, Meituan invested 6.9 billion yuan in R&D, an increase of 31% over the previous year.

This quarter, Meituan's AI R&D and application progressed significantly. It has successively released various open source models in the LongCat-Flash series, and actively promoted the deep integration of the model with the company's core application scenarios. A series of AI tools such as “Kangaroo Staff Officer” and “Smart Treasurer” have been iterated to provide more personalized intelligent services to a wide range of merchants; the smart lifestyle assistant “Xiaomei” launched for users has entered the large-scale testing stage.

In September, Meituan Drone's normalized distribution service in Hong Kong was fully upgraded. On the basis of the opening of the new Tai Po Waterfront Park route, the first windproof and waterproof smart airport in Hong Kong was launched, and multiple drones were able to operate simultaneously. In the same period, Meituan drones launched nighttime delivery services on several routes in Shenzhen. This is the first time in China that drone technology has been applied to the nighttime instant retail delivery scenario to achieve all-weather operation. By the end of September this year, Meituan drone delivery commercial orders had exceeded 670,000.

“Meituan has shown strong resilience in dynamic competition, and we remain confident in the long-term growth of our various businesses.” Meituan CFO Chen Shaohui said, “We will continue to increase our strategic investment in service quality, ecological construction, and scientific and technological innovation to create greater value for all ecological partners.”