美團於2026年3月26日正式發布 2025 年度全年財報，結果印證市場先前對其可能出現虧損的預期。整體數據顯示，在激烈競爭與價格戰的衝擊之下，公司全年業績由盈轉虧，成為近年來最受關注的一次轉折。

從營收表現來看，美團在2025年仍維持成長動能，全年總營收達到3,649億元人民幣，相較2024年的3,375.92億元增加約8%。然而，這樣的增幅已明顯低於過往水準，反映出整體市場環境趨於保守，加上競爭壓力升高，使營收成長速度出現放緩跡象。

在盈利方面，情況則出現顯著逆轉。公司全年錄得淨虧損234億元人民幣，與 2024年仍有358.07億元淨利相比，短短一年之間利潤波動超過590億元。若以全年計算，等同於平均每日虧損約6,410萬元，顯示其營運壓力之大。

進一步觀察第四季表現，單季營收年增僅4%，成長動能持續減弱；同時，當季經調整虧損達150.8億元，不僅金額龐大，也高於市場原先預期，顯示壓力在年底進一步加劇。

造成此次虧損的核心原因，主要來自外賣市場的激烈價格競爭。阿里巴巴旗下淘寶閃購，以及京東，相繼投入數百億元補貼爭奪市場，使整體外賣產業陷入高強度價格戰。為了維持市佔率，美團不得不跟進補貼策略，直接壓縮獲利空間。

此外，核心本地商業業務亦承受壓力，全年經營虧損約69億元，成為拖累整體財務表現的重要因素。同時，公司持續推進海外布局，例如外賣品牌KeeTa的擴張，也進一步推高營運成本，使短期獲利能力受到影響。

整體而言，美團在2025年的表現反映出中國本地生活服務市場競爭進入更激烈階段。在營收仍能維持成長的同時，盈利能力卻大幅下滑，顯示企業正處於「以補貼換市場」的策略周期之中，未來能否在競爭與獲利之間取得平衡，將成為關鍵觀察重點。

Meituan officially released its full-year 2025 financial results on March 26, 2026, confirming earlier market expectations of a potential loss. The report shows that amid intense competition and price wars, the company’s performance shifted from profit to loss, marking a significant turning point.

In terms of revenue, Meituan still maintained growth momentum in 2025, with total annual revenue reaching RMB 364.9 billion, an increase of about 8% compared to RMB 337.592 billion in 2024. However, this growth rate has clearly slowed compared to previous years, reflecting a more cautious market environment and increasing competitive pressure.

Profitability, however, saw a sharp reversal. The company recorded a net loss of RMB 23.4 billion for the full year, compared to a net profit of RMB 35.807 billion in 2024. This represents a swing of over RMB 59 billion within a single year. On average, this translates to a daily loss of approximately RMB 64.1 million, highlighting the scale of operational pressure.

Looking at the fourth quarter, revenue grew only 4% year-over-year, indicating continued weakening in growth momentum. Meanwhile, adjusted losses for the quarter reached RMB 15.08 billion, exceeding market expectations and suggesting that pressures intensified toward the end of the year.

The primary driver behind these losses was fierce competition in the food delivery market. Alibaba, through its Taobao Instant Delivery service, and JD.com both invested hundreds of billions of RMB in subsidies to capture market share. In response, Meituan was forced to follow with its own subsidies to maintain its position, significantly compressing profit margins.

At the same time, its core local commerce segment also came under pressure, recording an operating loss of approximately RMB 6.9 billion for the year, becoming a key factor behind the overall shift into loss. In addition, the company continued to expand overseas, including increased investment in its KeeTa brand, which further raised operating costs and weighed on short-term profitability.

Overall, Meituan’s 2025 performance reflects intensifying competition in China’s local services market. While revenue continues to grow, profitability has declined sharply, indicating that the company is currently in a phase of “trading subsidies for market share.” Whether it can strike a balance between competition and profitability will be a key factor to watch going forward.