Futu News, August 28:$MEITUAN-W (03690.HK)$The company announced its financial results for the second quarter of 2026 today. The report showed:
Revenue amounted to RMB 104.643 billion (RMB hereinafter), a year-on-year increase of 14.4%, compared with the market expectation of RMB 101.079 billion;
Adjusted net profit amounted to RMB 2.524 billion, representing a 69% year-on-year increase, compared to the market consensus of RMB 340 million;
Operating profit stood at RMB 2.691 billion, against market expectations of a loss of RMB 845.9 million;Revenue from core local commerce reached RMB 71.531 billion, against a market consensus of RMB 68.584 billion;
Revenue from new businesses totaled RMB 33.112 billion, compared to the market expectation of RMB 32.525 billion;
R&D expenditures were RMB 7.67 billion, against the market consensus of RMB 7.24 billion.
Financial Highlights
In the second quarter of 2026, Meituan's revenue increased by 14.4% year-on-year from RMB 91.5 billion in the same period of 2025 to RMB 104.6 billion. Meituan recorded a profit of RMB 2.2 billion in the second quarter of 2026, returning to profitability after several quarters of intense industry competition. Total segment operating profit improved significantly, turning positive to RMB 3.9 billion, primarily driven by the recovery of operating profit in the Core Local Commerce segment to RMB 5.7 billion, a 52.3% year-on-year improvement. The operating loss of the New Initiatives segment narrowed to RMB 1.7 billion, a 7.6% year-on-year improvement.
Consequently, Meituan's adjusted EBITDA and adjusted net profit for the quarter increased by 47.3% and 69.0%, respectively, to RMB 4.1 billion and RMB 2.5 billion. In the second quarter of 2026, net cash inflow from operating activities was RMB 9.7 billion. As of June 30, 2026, Meituan held cash and cash equivalents of RMB 104.7 billion and short-term wealth management investments of RMB 63.6 billion.
Business Highlights
Core Local Commerce
Revenue from the Core Local Commerce segment increased by 10.1% year-on-year from RMB 65.0 billion in the second quarter of 2025 to RMB 71.5 billion in the same period of 2026. Revenue from delivery services rose by 13.1% to RMB 26.8 billion, returning to positive year-on-year growth, mainly due to the Company's prudent investment in incentives. Meanwhile, sales revenue from goods related to self-operated categories such as pharmaceuticals and alcohol increased to RMB 3.6 billion, representing a 78.9% year-on-year growth.
New Initiatives
Driven by the expansion of the Company's grocery retail and overseas businesses, revenue from the New Initiatives segment increased by 25.0% year-on-year from RMB 26.5 billion in the second quarter of 2025 to RMB 33.1 billion in the same period of 2026, with sales revenue from goods growing by 45.1% year-on-year. The segment's operating loss narrowed to RMB 1.7 billion, and the operating loss margin improved year-on-year to 5.3%.
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Editor/Jayden