2025年第二季度，美團公布最新財報，顯示公司營收達到918.4億元人民幣，較去年同期的822.5億元增長約11.7%，整體業績延續穩定增長的趨勢。然而，經營利潤僅為2.26億元，經營利潤率僅0.2%，期內利潤為3.65億元，期內利潤率為0.4%，顯示在營收增長的同時，利潤空間仍受到競爭加劇和投入增加的壓力。報告中指出，美團App的月活躍用戶已突破5億人，並且用戶的年均交易頻次創下歷史新高，顯示平台用戶黏性及活躍度保持強勁。在7月份，美團即時零售的日訂單量峰值突破1.5億單，再次證明平台在外賣與零售領域的影響力與規模。

美團CEO王興表示，儘管餐飲外賣和即時零售市場競爭日益激烈，但公司各項業務仍保持健康增長。他強調，美團將繼續以「幫大家吃得更好，生活更好」為使命，持續加大在技術創新和生態建設方面的投入，以期為行業上下游合作夥伴創造更多價值，並推動行業可持續發展。這一策略反映美團在擴大市場規模的同時，對長期生態建設與行業規範的重視。

從業務結構來看，美團核心本地商業板塊在第二季度實現營收653億元，較去年同期的606.82億元增長7.7%。其中，配送服務收入為236.56億元，同比增長2.8%，佣金收入則達到249.51億元，同比增長12.9%，在線營銷服務及其他服務收入亦有所增長。這些數據顯示，核心本地商業板塊仍然是美團營收的主力來源，尤其是在佣金收入增幅明顯，反映出平台對商戶服務能力及市場覆蓋的提升。

除了財務表現，美團在食安和服務品質方面的投入也非常顯著。公司持續推進「互聯網+明廚亮灶」模式，截至今年2月，已有11.7萬家餐飲商戶開通明廚亮灶直播，涵蓋了商場連鎖餐廳、社區夫妻店以及外賣店。預計到2025年底，加入此模式的商戶將超過20萬家，這不僅提升食品安全透明度，也增強了消費者信任。未來三年，美團還計劃在全國建設1200家「浣熊食堂」，以支持上萬家餐飲商戶提升外賣品質，打造全鏈路可追溯的放心外賣服務，進一步鞏固平台在本地生活服務市場的競爭優勢。

綜合來看，美團第二季度的財報展現公司在用戶規模、交易活躍度和核心業務營收上的穩健增長，同時也反映出利潤率受市場競爭和持續投入影響仍偏低。但從長遠發展戰略來看，美團積極推動技術創新、食安建設和服務升級，為平台的可持續增長奠定堅實基礎，並為整個餐飲及即時零售行業的健康發展提供示範效應。

In the second quarter of 2025, Meituan released its latest financial report, showing revenue of RMB 91.84 billion, an increase of about 11.7% compared to RMB 82.25 billion in the same period last year. However, operating profit stood at only RMB 226 million with an operating margin of 0.2%, while net profit reached RMB 365 million with a margin of 0.4%. This indicates that although revenue continued to grow steadily, profit margins remained under pressure due to intensified competition and higher investments.

According to the report, Meituan’s monthly active users surpassed 500 million, and the average annual transaction frequency per user once again hit a record high, demonstrating strong user engagement and stickiness. In July, the company’s on-demand retail business achieved a new peak, with daily orders exceeding 150 million, further highlighting its dominant scale and influence in both food delivery and retail.

CEO Wang Xing noted that despite the increasingly fierce competition in the food delivery and on-demand retail sectors, Meituan’s businesses continued to grow healthily. He emphasized that Meituan will remain committed to its mission of “helping everyone eat better and live better” by increasing investment in technological innovation and ecosystem development. The goal, he said, is to create more value for upstream and downstream partners while driving the sustainable development of the industry.

From a business structure perspective, Meituan’s core local commerce segment generated RMB 65.3 billion in revenue during Q2, up 7.7% from RMB 60.682 billion in the same period last year. Within this segment, delivery service revenue reached RMB 23.656 billion, an increase of 2.8% year-over-year, while commission income rose to RMB 24.951 billion, up 12.9%. Revenue from online marketing services and other sources also grew. These figures confirm that the core local commerce business remains Meituan’s primary revenue driver, with commission income showing particularly strong growth, reflecting the platform’s improved service capabilities and wider market coverage.

Beyond financial performance, Meituan has also invested heavily in food safety and service quality. The company is expanding its “Internet + Transparent Kitchen” initiative. Since February this year, 117,000 restaurants have adopted the “live kitchen broadcast” system, spanning shopping mall chains, family-run eateries, and takeaway shops. By the end of 2025, this number is expected to surpass 200,000. The initiative enhances transparency in food preparation and strengthens consumer trust. Over the next three years, Meituan also plans to build 1,200 “Raccoon Canteens” nationwide, helping thousands of restaurants upgrade their food delivery standards and offering consumers a fully traceable, trustworthy food supply chain.

Overall, Meituan’s Q2 financial report demonstrates steady growth in user base, transaction activity, and core business revenue, though profit margins remain thin under competitive and investment pressures. From a long-term perspective, the company’s focus on technological innovation, food safety infrastructure, and service upgrades is laying a solid foundation for sustainable growth while also setting an industry benchmark for the healthy development of food delivery and on-demand retail.