Last Updated -
February 4, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Founded in March 2010 and headquartered in Beijing, Meituan is China’s leading local commerce platform built around high-frequency, city-level consumption. Led by founder and CEO Wang Xing, the company’s stated mission is “We help people eat better, live better,” and it frames its strategy as “Retail + Technology.” Meituan has been listed on the Hong Kong Stock Exchange since September 2018.
Meituan connects consumers with restaurants, retailers, and local service merchants through a set of marketplaces that cover on-demand food delivery, instant retail, in-store services, and hotel and travel. Its monetization combines transaction-based revenue with merchant marketing services that convert user intent into orders inside the app. Financial reporting is organized into Core Local Commerce and New Initiatives, reflecting a mature profit pool in the core marketplace alongside continued investment in newer retail formats and international expansion.
In 2024, Meituan reported RMB 337.6 billion in revenue and RMB 35.8 billion in profit for the year, with Core Local Commerce segment operating profit of RMB 52.4 billion and a narrowed New Initiatives operating loss of RMB 7.3 billion. In 2025, the company increased spending on promotions and user incentives in response to intensified competition while accelerating overseas expansion of Keeta and reshaping parts of its community retail approach, including a strategic shift in Meituan Select.
Meituan monetizes local commerce through transaction-linked fees and merchant marketing, supported by a dense on-demand fulfillment network. Financial reporting is split into Core Local Commerce and New Initiatives. In 2024, total revenue was RMB 337.6 billion, with RMB 250.2 billion from Core Local Commerce and RMB 87.3 billion from New Initiatives.
China is Meituan’s operating center and the main driver of scale and profitability. In 2024, Meituan reported RMB 337.6 billion in revenue, with Core Local Commerce operating profit of RMB 52.4 billion and New Initiatives operating loss narrowed to RMB 7.3 billion.
In 2025, the story shifted from steady efficiency gains to a subsidy-led competition cycle. In Q2 2025, Core Local Commerce revenue rose to RMB 65.3 billion (+7.7% YoY) while operating profit fell to RMB 3.7 billion, which management attributed to “irrational competition” and higher user incentives and promotions.
By Q3 2025 (ended September 30, 2025), Meituan reported RMB 95.5 billion in total revenue (+2.0% YoY) and an operating loss of RMB 19.8 billion. Core Local Commerce revenue declined to RMB 67.4 billion (-2.8% YoY) and swung to an operating loss of RMB 14.1 billion. Selling and marketing expenses rose sharply as platforms competed for users and merchants.
Competitive pressure in China now comes from Alibaba’s Ele.me push inside a broader commerce strategy and from JD.com’s instant retail buildout, with regulators urging more rational competition. Labor compliance and courier welfare also stay in focus. Meituan has expanded rider benefits, including nationwide rollout of a pension insurance subsidy program and other welfare measures.
Meituan’s next growth phase is shaped by two forces that pull in opposite directions: expanding high-frequency retail use cases, and a subsidy-led price war that compresses near-term profits. In 2024, the company delivered strong cash generation and segment profitability, with Core Local Commerce operating profit of RMB 52.4 billion and New Initiatives operating loss narrowed to RMB 7.3 billion, supported by operating cash inflow of RMB 57.1 billion.
Key growth drivers include:
Challenges ahead include:
This Company Profile was written by Dominik Diemer
Disclaimer:
All logos are the property of their respective owners and are used for illustrative purposes only.
This site is not affiliated with or endorsed by any of the featured companies.
No Financial Advice.
