Industry Notes

Industry Notes / Meituan / Chapter 2 of 5 · Bar

How far losses have narrowed

2025 bought share; 2026Q1 showed a healing slope

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Operating profit
FY2025
−250.4 bn RMB
2026Q1
−64.7 bn RMB

2025 IFRS operating loss ~RMB 250 bn; 2026Q1 operating loss ~65 bn, with core local improving by ~RMB 80 bn q/q. Selling expense ratio off the peak is the stop-bleed signal.

Source：美团港交所业绩公告（IFRS 经营利润）

Research notes, not investment advice.