Meituan (美团): 2025 revenue RMB 364.85 billion, up 8.1% year-on-year

Key figures

It has been reported that Meituan (美团) posted full-year 2025 revenue of RMB 364.85 billion, an increase of 8.1% compared with 2024. The number signals continued expansion for China’s largest on‑demand services platform, which bundles food delivery, in‑store services, groceries, travel and local commerce into one app.

Business drivers

Meituan’s scale gives it multiple levers for growth. Reportedly the recovery in dining, hotels and travel spending after pandemic restrictions helped lift take rates and order volumes, while advertising and merchant services provided higher‑margin revenue. But growth is slowing compared with the rapid expansion years; competition from rivals and pressure on unit economics remain constant concerns.

Geopolitical and market context

Why does this matter beyond China? Meituan is primarily domestic, yet the company sits inside a broader Chinese tech landscape reshaped by regulatory scrutiny and shifting investor sentiment since 2020. Geopolitical tensions — from trade policy to export controls on advanced chips — have tightened the backdrop for capital and tech partnerships, and that influences investor appetite for large Chinese platforms.

Outlook

Investors will be watching margins, delivery costs, and whether Meituan can broaden revenue streams without heavy subsidy-led competition. Can it convert scale into sustainable profitability? For Western readers trying to read China’s consumer story, Meituan’s results are a useful barometer: modest top‑line growth, strong market position, but not yet a clear return to the breakneck expansion of the past.