Q3 2025 Meituan Earnings Call Transcript
Key Points
- Meituan (MPNGF) reported a 2% year-over-year increase in total revenue, reaching RMB95.5 billion for the third quarter of 2025.
- The company's food delivery business achieved all-time highs in daily active users (DAU) and monthly transacting users (MTU), reinforcing its leadership in the sector.
- Meituan (MPNGF) expanded its courier welfare programs, including pension insurance subsidies and occupational injury insurance, to enhance courier protection and welfare.
- The company launched branded flagship Instamart stores, providing retail brands with full quick commerce infrastructure, which resulted in significant sales growth during promotional events.
- Meituan (MPNGF) achieved profitability in its Hong Kong operations within 29 months, ahead of its original three-year plan, demonstrating strong operational efficiency.
- The cost of revenue ratio increased by 12.9 percentage points year-over-year to 73.6%, driven by higher incentives for couriers and increased costs in overseas operations.
- Selling and marketing expenses rose by 16.7 percentage points year-over-year to 35.9%, due to increased investments in promotion and advertising.
- The company reported a total segment loss of RMB15.3 billion and an adjusted net loss of RMB16 billion, primarily due to strategic investments amid intensified competition.
- Cash generated from operating activities turned negative at RMB22.1 billion, reflecting the impact of investments in response to competitive pressures.
- Meituan (MPNGF) anticipates continued substantial losses in its food delivery business in the fourth quarter, despite expectations that losses have peaked in the third quarter.
Thank you for standing by and welcome to the Mean Third quarter 2025 earnings conference call.
All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session.
If you wish to ask a question, you'll need to press the star key, followed by the number one on your telephone keypad.
I would now like to hand the conference over to Scarlet Xu, VP and the head of Capital Markets. Please go ahead.
Thank you operator.
Good evening and good morning, everyone. Welcome to our third quarter of 2025 earnings conference call. Joining us today are Mr. Xing Wang, Chairman and CEO, and Mr. Shaohui Chen, senior Vice President and CFO of Meituan.
For today's call, management will first provide a review of our third quarter of 2025 results and then conduct a Q&A session.
Before we start, we would like to remind you that our plantation contains forward-looking statements, which include a number of risks and
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