Futu News, June 1:$MEITUAN-W (03690.HK)$released its first-quarter 2026 earnings after the Hong Kong stock market closed today, with the financial report showing that:
revenue amounted to RMB 91.039 billion (RMB, same below), an increase of 5.6% year-over-year, compared to the market expectation of RMB 90.795 billion;
Operating loss of RMB 6.469 billion, compared to a profit of RMB 105.7 billion for the same period last year; estimated loss of RMB 90.1 billion;
Adjusted net loss was RMB 4.968 billion, compared to an adjusted net profit of RMB 10.949 billion for the same period last year, against a market expectation of a loss of RMB 6.831 billion.
Business Segment
Starting from the first quarter of 2026, Meituan has updated its revenue reporting methodology to better align with the strategic evolution of its business. The key changes are as follows:
• Revenue from product sales is now separately disclosed to reflect the strategic importance of our retail business. Product sales revenue refers to the sale of goods, primarily generated from our grocery and retail operations (including 'Xiao Xiang Supermarket' and 'Kuai Lü'), as well as other self-operated categories such as pharmaceuticals and alcoholic beverages. Revenue and cost of inventory for these sales are recognized on a gross basis at the point of delivery (i.e., when control of the goods transfers to the customer).
• Merchant services revenue now combines commission income and online marketing services revenue to better reflect our integrated value proposition for platform merchants.
Core Local Commerce
In the first quarter of 2026, Meituan’s core local commerce segment reported RMB 64.1 billion in revenue, an increase of 0.1% year-over-year. Operating loss narrowed significantly quarter-over-quarter to RMB 2.0 billion, primarily driven by a substantial reduction in losses from the company’s on-demand delivery business. Operating margin declined year-over-year but improved quarter-over-quarter to negative 3.2%.
New Businesses
In the first quarter of 2026, revenue from Meituan’s new initiatives segment grew by 21.3% year-over-year to RMB 27.0 billion. The segment’s operating loss narrowed to RMB 2.1 billion, and operating margin improved year-over-year to negative 7.8%.
Beyond solid operational performance across all business segments, Meituan accelerated its AI strategy in the first quarter of 2026 to comprehensively enhance service capabilities for both consumers and merchants. The company’s AI assistant, 'Xiao Tuan,' completed an iteration of its intelligent search functionality, offering users of local lifestyle services more intelligent decision-making support. Additionally, Meituan launched 'Xiao Tuan Health Manager,' enabling consumers to seamlessly access online consultations, purchase medications, and schedule medical appointments within the platform. On the merchant side, the company continued to roll out a full suite of AI-powered operational tools designed to address key industry pain points. For hotel partners, Meituan introduced a dedicated AI solution named 'Ji Bai,' which has already been thoroughly validated across both low-tier and high-tier hotels.