Meituan's total revenue in 2025 is 364.9 billion yuan, an increase of 8% year-over-year, with the annual transaction user count reaching a new high.

On March 26, Meituan released its performance for the fourth quarter and the entire year of 2025. The announcement showed that Meituan achieved a total revenue of 364.9 billion yuan (RMB, the same below), an 8% year-on-year increase. Affected by the “involution” competition in the instant retail industry, Meituan’s performance shifted from profit to loss, with a net loss of 23.4 billion yuan for the year and an operating loss of 17 billion yuan. Among these, the core local commerce sector incurred an operating loss of 6.9 billion yuan.

In 2025, Meituan continued to focus on the “retail + technology” strategy, concentrating on innovation, quality improvement, and ecological health, while solidifying its competitive advantage amid industry fluctuations.

In the takeout sector, Meituan maintained over 60% GTV market share with losses significantly lower than its competitors. In the technology sector, Meituan’s R&D investment reached a new high, growing 23% year-on-year to 26 billion yuan, continuously promoting the application of AI technology in the physical world. Additionally, Meituan’s grocery retail and international business both achieved breakthrough progress.

“2025 is a year of both opportunities and challenges for the company. Regardless of how the external environment changes, Meituan’s strategic direction remains clear,” said Meituan CEO Wang Xing. “We are resolutely ‘anti-involution,’ focusing on doing the right things, and through technological innovation, supply upgrades, and ecological co-construction, we will better serve users and merchants, striving to fulfill the company’s mission of ‘helping everyone eat better and live better.’”

Consolidating Instant Retail Advantages, Committed to International Development

In 2025, the core local commerce sector of Meituan generated revenue of 260.8 billion yuan. To cope with the “involution” competition in the takeout industry, Meituan continued to increase direct subsidies for the catering industry and collaborated with restaurant brands through innovative offerings like “brand satellite stores” and “拼好饭” to meet consumer demand.

Despite unprecedented competition in the takeout industry, Meituan still maintained over 60% GTV market share and held an absolute advantage in the mid-to-high ticket price dining market. Moreover, Meituan promoted the “30-minute delivery” expansion from food delivery to various categories such as daily necessities and 3C digital products through innovative models like brand flagship lightning warehouses and self-operated front warehouses.

This year, the core local commerce sector continued to deepen the scene synergy between commodity retail and service retail. The fully upgraded Meituan membership system covers various consumption scenarios, including food delivery, hotel bookings, life services, travel, and healthcare, creating a consumption ecosystem that better meets user needs. Driven by this, the annual transaction user count and user consumption frequency reached new highs.

In the fourth quarter, the core local commerce sector recorded an operating loss of 10 billion yuan, significantly narrowing from the third quarter.

In 2025, Meituan’s grocery retail and overseas businesses achieved robust growth, driving new business segment revenue to 104 billion yuan, a year-on-year increase of 19%.

Xiaoxiang Supermarket continuously improved supply chain management, consistently enhancing the quality of fresh products, leading the industry in product capabilities. By the end of 2025, Xiaoxiang Supermarket had entered 39 cities nationwide.

In terms of internationalization, Keeta accelerated its global layout. Following its entry into the Hong Kong region, Keeta has completed coverage in major countries in the Middle East Gulf region and is expanding into Brazil. In Hong Kong, Keeta continues to strengthen its market position and achieved a positive UE in the fourth quarter. In new markets such as Saudi Arabia, Qatar, Kuwait, the UAE, and Brazil, Keeta has demonstrated strong growth momentum.

Increasing Investment in Technology, Building the AI Foundation for the Physical World

In 2025, Meituan continued to increase its investment in AI, aiming to build the AI foundation and capabilities for the physical world. The company’s annual R&D investment reached 26 billion yuan, a year-on-year increase of 23%.

On one hand, Meituan continued to invest in the research and development of logistics, robotics, and related technologies, including drones and unmanned vehicles. By the end of 2025, Meituan’s drones had opened 70 routes in multiple cities both domestically and internationally, completing over 780,000 orders. Recently, Meituan’s drones launched a dedicated route for “elderly meal delivery” in Tingjiao Village, Hong Kong, reducing the delivery time from 1.5 hours across the sea and into the mountains to just 10 minutes. In cities like Guangzhou, Shenzhen, Shanghai, and Suzhou, Meituan’s drones have opened normalized low-altitude medical delivery routes, transporting test samples, emergency supplies, and special medications.

On the other hand, leveraging the service scenario advantages and data advantages accumulated over years in the physical world, Meituan employs AI technology innovations to enhance user experience, helping every merchant utilize their own AI assistant.

Based on its self-developed multimodal LongCat series large language models and open-source models, Meituan introduced user-facing AI assistants “Xiaomei” and “Xiaotuan,” realizing the application of AI technology in real consumer scenarios. During the Spring Festival holiday, over 100 million users planned their dining and entertainment consumption through “Xiaotuan,” which has verified information from 700 million merchants nationwide and conducted secondary calibration based on 1.3 billion real user reviews, boosting offline consumption.

At the same time, Meituan continues to iterate a series of AI tools for merchants, providing personalized intelligent services. So far, over 3.4 million merchants have utilized Meituan’s AI merchant management assistant, effectively reducing operational costs.

Improving the Multi-level Welfare Guarantee System for Couriers, Promoting “Transparent Kitchens”

Meituan is committed to the healthy development of the delivery industry, being the first to achieve national coverage for courier pension insurance subsidies and launching the industry’s first pension insurance plan covering all types of couriers. Meituan’s occupational injury protection plan has expanded to 17 provinces and cities nationwide, covering 16 million couriers, and continues to improve the multi-faceted welfare system for couriers in areas such as healthcare, education, and housing.

In terms of food safety protection, Meituan vigorously promotes the construction of “Transparent Kitchens,” continuously encouraging merchants to open kitchen live streams through hardware subsidies and cash support. Recently, Meituan also upgraded its food safety governance large model “Star Eye,” using AI to assist in various processes such as store authenticity verification and kitchen environment warnings, adding intelligent support for food safety.

“In 2025, Meituan demonstrated business resilience in a complex environment, and we are confident in the company’s long-term and sustainable growth,” said Meituan CFO Chen Shaohui. “We will focus on improving operational efficiency and high-quality growth, increasing investment in technology and ecology, and striving to create more value for ecosystem participants.”

(Edited by: Kang Jialin)

     【Disclaimer】This article only represents the author's personal views and does not relate to Hexun.com. Hexun.com maintains neutrality regarding the statements and opinions expressed in this article and does not provide any express or implied guarantee regarding the accuracy, reliability, or completeness of the content contained herein. Readers should refer to this for reference only and assume all responsibilities themselves. Email: news_center@staff.hexun.com

Report