When Wang Xing Says "Attack AI," What Is Meituan (美团) Defending?

Attack AI — a battle cry or damage control?

Meituan (美团) CEO Wang Xing (王兴) has framed AI as the next "super entrance" for local services — the way a single voice command could resolve complex, real-world logistics: parking, taste, seating and a two‑hour window. But the company's 2025 results tell a harsher story: a net loss of 234亿元 (23.4 billion yuan), a swing in core local commerce to a 69亿元 (6.9 billion yuan) loss, and sales & marketing spend that jumped 60.9% to 1,029亿元 (102.9 billion yuan). Every 100 yuan of revenue, the company reportedly funnels about 28 yuan into subsidies and user acquisition. So is "attack AI" an offensive play or a narrative to defend a valuation?

Investment choices — optics versus scale

Meituan increased R&D to 260亿元 (26.0 billion yuan) in 2025, a heavy bet by any measure. But context matters: Alibaba (阿里巴巴) has outlined multiyear AI infrastructure plans in the hundreds of billions of yuan, and it has been reported that within Meituan internal resource priorities place AI only fifth behind delivery and local-market defenses. LongCat, Meituan's large model, has reportedly been built largely by redeploying recommender teams and lacks the public-facing talent profile of independent model efforts. Is LongCat primarily a technical bet or a story to reassure capital markets that Meituan can keep its growth multiple?

The physical-world moat — durable, but under pressure

Meituan's real advantage remains tangible: the largest on‑demand delivery network in China, roughly 340万 merchants (3.4 million) using AI tools, 70 drone routes and about 78万 (780k) drone-served orders — assets that digital-first rivals find hard to replicate. Analysts such as China International Capital Corporation (CICC, 中金公司) and others have said losses may narrow as subsidy intensity eases, yet competition from Alibaba, ByteDance (字节跳动) and system-level AI on smartphones keeps the margin squeeze real. With U.S. export controls and global supply‑chain tensions raising the cost of scaling advanced AI infrastructure, Meituan's play is not just about models but about grafting AI into riders, kitchens and parking spots. Which image matters more for Meituan's future — the coder iterating LongCat, or the rider on the street? The answer may determine whether this "attack" is a breakthrough or a defensive posture that only delays harder choices.