general
Meituan posts second straight quarterly loss amid instant commerce price war
Meituan reported a 15 billion yuan adjusted net loss for the fourth quarter as a year-long price war with JD.com and Alibaba forced the company to spend heavily on subsidies. The local commerce unit lost 10 billion yuan and full year results swung to an 18.6 billion yuan adjusted net loss.
Mar 26th 2026 · China
Insights
- Meituan reported a 15 billion yuan adjusted net loss for Q4, larger than the 12.9 billion yuan analyst estimate.
- The company posted an operating loss of 10 billion yuan in its local commerce segment after boosting incentives for merchants, customers and couriers.
- Meituan recorded a full year adjusted net loss of 18.6 billion yuan, versus an adjusted net profit of 44 billion yuan a year earlier.
- Intense competition after JD.com entered instant commerce, joined by Alibaba, triggered a prolonged price war that drove heavy subsidy spending across the sector.
- Meituan shares fell 3.67 percent to HK$86.70 ahead of the earnings announcement.