Meituan’s revenue for the three months through March was 86.6 billion yuan (US$12 billion). Net profit reached 10.1 billion yuan, up 87.3 per cent year on year.
The Beijing-based firm said in a statement that its instant commerce business “Instashopping maintained robust growth trajectory, winning increasing consumer recognition and showcasing the immense potential of on-demand retail”.
Meituan’s results came in above expectations of 85.44 billion yuan in revenue and 8.63 billion yuan in profit, according to analysts polled by Bloomberg, offering a positive start to 2025 as it faces heated competition in the so-called instant commerce market, which in addition to food makes a slew of everyday consumer items available for delivery by courier, often within an hour.
Both companies have initiated aggressive campaigns through the use of subsidies and other promotions to grab a slice of the market that has long been dominated by Meituan.
