Meituan 2Q25 Results: Significant Margin Drag from Food Delivery in 2H
What’s new: Meituan’s reported 2Q25 results that were below consensus and our expectations. Due to intense competition in the food delivery sector, CLC could see significant losses in 3Q due to subsidies and promotions as Meituan continues to defend its market share. CLC rev growth could also meaningfully decelerate in 3Q. We lower our PT from HK$200 to HK$140 on lowered outlook. Our updated PT of HK$140 implies 1.6x FY26E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
MEITUAN DIANPING is a China-based e-commerce platform providing life services. The Company connects consumers and businesses to provide services satisfying people's daily eating needs. The Company owns an instant food ordering and delivery brand, Meituan, as well as provides services through its mobile application, Meituan. The Company is also engaged in the operation of a bike-sharing brand, Mobike.
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