Price wars are not the issue; the problem lies in rules and intervention | Should the takeout battle come to an end (Part 2)

WealthCoffee · 2026-03-28T04:12:45+00:00

Meituan's 2025 financial report shows revenue of 364.855 billion yuan, but a net loss of 23.354 billion yuan. The main reason is attributed to the price war during the food delivery battle. The article questions the true impact of the price war on the industry and explores whether the issues stem from other factors.

WealthCoffee

2026-03-28 04:12:45

Abstract generation in progress

On March 26, Meituan released its financial report for 2025: total revenue reached 364.855 billion yuan, an increase of 8.1% year-on-year, but after two consecutive years of profitability, it fell back into a loss, with a net loss of 23.354 billion yuan. The local core business segment turned from an operating profit of 52.415 billion yuan in 2024 to an operating loss of 6.904 billion yuan in 2025.

Many people attribute the reason to the same term — the food delivery war. Thus, a seemingly logical conclusion emerged: the price war is harming the industry and must be stopped.

However, few continue to ask: what exactly is being “harmed” in this war? If the price war truly stopped, would the problems disappear? Or, more worth questioning, are the problems we see truly caused by the price war itself, or are they coming from elsewhere?

It is recommended to access the Caixin database, where you can consult macroeconomic data, stocks and bonds, company figures, and financial data at any time.

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