Below are Dolphin Research's notes from the FY1Q26 earnings call for $MEITUAN(03690.HK). For our earnings take, please see 'Meituan: As AI draws the fire, finally room to breathe?'.

After the Hong Kong close on Jun 1, the last name in the 'Food Delivery Index' — $MEITUAN(03690.HK) — released its Q1 2026 results. Absolute performance remained weak, with revenue roughly flat and the group still in the red.

However, vs. market expectations the print was decent. The key highlight was that the actual loss in Core Local Commerce came in far below prior guidance, implying faster-than-expected loss reduction in the on-demand retail biz.

Specifically: 1) reporting scope tweak. Before dissecting the quarter, note Meituan made a slight adjustment to how it discloses sub-segment revenue; we flag this upfront.

The following is Dolphin Research's compilation of $MEITUAN(03690.HK) FY2025 earnings call Trans.

Post-market on Mar 26 (HK), the last major player in the HSTECH 'takeout index'—$MEITUAN(03690.HK)—released its Q4 FY25 results. As the company had issued a profit warning, losses at the core local commerce segment and at the group level were already signaled, and the print broadly matched that warning.

On closer look, underlying profit came in slightly below expectations. Losses in new initiatives widened, largely offsetting the savings from narrower losses in core local commerce.

Specifically: 1) the savings from reduced losses were given back. Let's start with the most-watched loss item...

The following are the Minutes of the FY25 Q3 earnings call for $MEITUAN(03690.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to "Meituan: A Loss of Nearly 20 Billion! Did Alibaba Really Succeed in Stealing the House This Time?" 1. Review of Core Financial Data Performance Overview: Total Revenue: 95.5 billion yuan (YoY +2%). Profitability: Operating cost rate 73.6% (YoY +12.9pts), mainly due to rider incentives and rising overseas costs; adjusted net loss of 16 billion yuan, affected by irrational industry competition and strategic investments...

$MEITUAN(03690.HK) released its Q3 earnings after the Hong Kong stock market closed on November 28th, being the last among the 'Three Fools' in the food delivery battle. During the summer quarter, which saw the most intense subsidies, Meituan reported a massive operating loss of 19.8 billion, compared to JD.com's 'slight loss' of about 1 billion and Alibaba's remaining profit of approximately 5 billion. As the defending party under attack, Meituan's situation is much more severe compared to Alibaba and JD.com. Key points are as follows: 1. Is Meituan's actual loss 80% of Alibaba's?: First, let's look at the most concerning issue of losses. This quarter, the operating loss of the local commerce segment reached as high as 14.1 billion...

The following are the minutes of the FY25 Q2 earnings call for Dolphin Research's overall analysis of $MEITUAN(03690.HK). For earnings interpretation, please refer to "The warm-up match has swallowed billions in profits! Is Meituan really facing a 'wolf'?" 1. Review of Core Financial Information 1. Cash Flow - As of June 30, 2025, Meituan maintained a strong net cash position, with cash and cash equivalents and short-term treasury investments totaling RMB 171 billion. - This quarter, cash flow from operating activities significantly decreased year-on-year to RMB 4.8 billion...

The second company in the 'Food Delivery War Trio'—$MEITUAN(03690.HK) also released its Q2 earnings after the Hong Kong stock market closed on August 27. Overall, it performed very similarly to JD.com, also 'wiping out' over 10 billion in single-quarter profits with a single stroke, with actual operating profit this quarter being only 200 million, far below expectations. The impact of the food delivery war is much greater than anticipated, with the core points as follows: 1. Subsidies offset delivery income: This quarter, the year-on-year growth rate of delivery income plummeted to only 2.8%. Although the reduction in shipping fees for merchants/consumers is expected to be reflected as a deduction in delivery income...

Following the previous article explaining JD.com's motivation and purpose for entering the food delivery market, this article focuses on the current state of the instant delivery war between JD.com and Meituan, the possible outcomes, and the impact on the industry and companies. Let's dive into the main text: 1. What is the current state of JD.com's food delivery service? 1. The undeniable fact is the astonishing scale of growth. After exploring JD.com's motivation for entering the food delivery market, how has JD.com actually performed in food delivery in recent months? Simply put, according to data released by JD.com, the growth has been very rapid, likely exceeding the original expectations of most people in the market. At several key points, since JD.com's food delivery officially launched on March 1st...

Since JD.com made a high-profile entry into the food delivery market in March, it has achieved a daily order volume of over 25 million within just three months through substantial subsidies. However, most people in the market remain skeptical about JD.com's yet another 'must-win battle.' To date, there has been considerable discussion within the market, but Dolphin Research believes JD.com's aggressive move into Meituan's territory is a long-term war rather than a short-term venture. Its impact will gradually become clear and unfold over a significant period. Therefore, in the following text, Dolphin Research will present our thoughts on this issue from multiple perspectives, including JD.com's motivation, objectives, current status, possible outcomes, and the impact on the industry and the company...