Q2 2026 Meituan Earnings Call Transcript
Key Points
- Meituan (MPNGF) reported a 14.4% year-over-year revenue growth to RMB104.6 billion, with net profit turning positive in Q2 2026.
- Food delivery returned to positive revenue growth, with improved order mix, higher AOV, and stronger core user stickiness, leading to a leadership position in both order volume and GTV.
- Keeta achieved sustained profitability in Hong Kong and turned profitable in Saudi Arabia in July 2026, just 22 months after entry, demonstrating scalable operational efficiency.
- The company's AI strategy, including the open-sourced LongCat 2.0 model, is driving internal productivity gains and enhancing user and merchant experiences, with a focus on ROI-driven investment.
- Meituan (MPNGF) holds a strong cash position of RMB168.3 billion and is open to monetizing its investment portfolio (worth over RMB70 billion) to fund growth and shareholder returns.
- Industry subsidy levels in food delivery remain significantly higher than 2024 levels, and normalization is expected to take several quarters, pressuring near-term unit economics.
- Q3 2026 food delivery unit economics are expected to face seasonal headwinds, including higher delivery costs and increased marketing spending, which may weigh on profitability.
- The in-store, hotel, and travel business faces intensified competition, with competitors subsidizing heavily, leading to a potential decline in operating margin in Q3 and Q4 due to increased investment.
- Losses from the grocery retail business (Xiaoxiang Supermarket and Happy Monkey) increased quarter-over-quarter due to rapid expansion, though efficiency is improving.
- Macroeconomic headwinds are affecting consumer spending, leading to lower AOV in certain categories, and the company expects continued pressure on in-store business growth.
Thank you for standing by, and welcome to the Meituan second quarter 2026 earnings conference call. (Operator Instructions)
I would now like to hand the conference over to Scarlett Xu, VP of Capital Markets. Please go ahead.
Thank you, operator. Good evening and good morning, everyone. Welcome to our second quarter of 2026 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 second quarter of 2026 results and then conduct a Q&A session.
Before we start, we would like to remind you that our presentation contains forward-looking statements, which include a number of risks and uncertainties and may differ from actual results in the future. This presentation also contains unaudited, non-IFRS accounting standards financial measures that should be considered in addition to, and not as a substitute for, measures of the company's
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