Meituan recently released its full-year 2025 performance report, delivering results that balance business resilience with strategic foresight. The report indicates the company achieved annual revenue of RMB 364.9 billion, an 8.1% year-on-year increase, demonstrating strong operational resilience amidst intensifying industry competition.

Concurrently, Meituan has continued to increase its investment in technology R&D and strategic investments. With a "Retail + Technology" core strategy, the company is consolidating its core local lifestyle services business while building a portfolio of technology investments spanning AI, semiconductors, embodied AI, and other fields, injecting strong momentum for long-term growth.

**Steady Revenue Growth Highlights Resilience; Over 60% Share in Food Delivery Market** In 2025, China's local lifestyle services industry entered a new phase of intense internal competition. Amid this complex market environment, Meituan maintained strategic focus, achieving steady revenue growth and demonstrating its deep business moat. Financial data shows Meituan's revenue grew from RMB 337.6 billion in 2024 to RMB 364.9 billion in 2025, an increase of 8.1%.

Looking at business segments, Core Local Commerce, as Meituan's foundational business, generated annual revenue of RMB 260.8 billion, a 4.2% increase year-on-year, accounting for 71.5% of total revenue. Although impacted by industry competition, this segment shifted from an operating profit of RMB 52.4 billion in 2024 to an operating loss of RMB 6.9 billion in 2025, yet its business resilience remains prominent.

To address the fierce competition in the food delivery sector, Meituan continued to increase direct subsidies for the catering industry and, through innovative supply solutions like "Brand Satellite Stores" and "Pin Hao Fan," collaborated with restaurant brands to meet consumer demand.

Despite unprecedented competition, Meituan stably maintained over 60% market share in Gross Transaction Value (GTV) and held an advantage in the mid-to-high price point casual dining market. Furthermore, through innovative models like brand flagship flash warehouses and self-operated fulfillment centers, Meituan is expanding "30-minute delivery for everything" from food delivery to categories like daily necessities and 3C electronics.

This year, Core Local Commerce continued to deepen the synergy between product retail and service retail scenarios. The fully upgraded Meituan membership system now covers various consumption scenarios including food delivery, hotel bookings, lifestyle services, travel, and healthcare, building a consumption ecosystem that better meets user needs. Driven by this, both Meituan's annual transacting users and user purchase frequency reached new highs.

The New Initiatives segment became a new growth engine, generating annual revenue of RMB 104.0 billion, a 19.1% increase year-on-year. Despite the impact of discontinuing "Meituan Select," it maintained rapid growth. Within this segment, the grocery retail business continued its efforts, with "Xiaoxiang Supermarket" accelerating its urban expansion. By the end of 2025, Xiaoxiang Supermarket had entered 39 cities nationwide.

International business performance was notable, with Keeta accelerating its global footprint. It achieved unit economic profitability in Hong Kong and saw rapid order growth in Saudi Arabia, while also entering markets in Qatar, Kuwait, the UAE, and Brazil, demonstrating strong growth potential.

Technology investment was a highlight of Meituan's 2025 financial report. Annual R&D expenditure reached RMB 26.0 billion, a 23% increase year-on-year, accounting for 7.1% of total revenue.

Meituan is combining AI innovation with its strengths in physical world services. By integrating its self-developed multimodal LongCat series large language models with open-source models, it launched the standalone smart life assistant app "Xiaomei" and the in-app AI assistant "Xiaotuan" within the Meituan app. This comprehensively integrates AI technology across all categories of local lifestyle services, changing user interaction methods and improving service efficiency.

In fulfillment technology, Meituan's drone delivery service opened 70 routes in multiple domestic and international cities, cumulatively completing over 780,000 orders. Beyond routine deliveries, it has launched dedicated routes for services like meal delivery for the elderly and low-altitude medical supply transport, significantly enhancing delivery efficiency.

**Investing in Hard Tech to Build a Long-Term Growth Ecosystem** If the revenue and R&D figures in the report demonstrate Meituan's current strength, its extensive technology investment portfolio outlines the company's future growth trajectory. As of the end of 2025, Meituan held cash and cash equivalents of RMB 106.8 billion and short-term financial investments of RMB 60.1 billion, providing a solid foundation for its technology R&D and strategic investments.

Leveraging its rich scenarios and data advantages accumulated in the physical world, Meituan uses strategic investment as a link to comprehensively deploy in hard tech sectors like embodied AI, large AI models, semiconductors, and autonomous driving. The focus is not on short-term investment returns but on refining the technology ecosystem and strengthening the "Retail + Technology" strategic foundation.

The embodied AI field is a key focus of Meituan's investment layout. To date, Meituan has invested in at least 16 companies in this sector, primarily through early-stage investments, accompanying them from startup to growth. Ten of these have grown into "unicorn" companies.

Unitree Robotics is a benchmark investment project for Meituan in this area. As the largest external shareholder, Meituan holds a 9.65% stake, having led the B2 funding round and subsequently participated in the follow-on B3 round.

Beyond Unitree, Meituan's investments in embodied AI cover multiple niche scenarios. For example, Galaxy General, which has achieved scaled deployment in industrial, medical, and retail scenarios and is currently valued at RMB 21 billion, received Meituan as an angel investor, participating throughout the company's creation and development. Additionally, Meituan has invested in high-growth companies like Miaodong Technology, Jike Technology, Mech-Mind, and Pudu Technology, covering areas such as consumer-grade exoskeleton robots, industrial robots, and food delivery robots, forming a comprehensive embodied AI investment matrix.

In the AI and large model sector, Meituan's investments balance general-purpose large models with niche application scenarios. Zhipu AI, one of the earliest domestic companies to develop large models, is also a leader in the global large model space. Moon Dark Side, a company focused on general-purpose large model R&D, received Meituan as the exclusive lead investor in its A1 funding round. In niche application areas, Meituan has invested in companies like Shu Mei Wan Wu, Ying Mou, and One2X, covering directions such as AI creative generation, AI-generated 3D content, and video agents, enriching the application scenarios for AI technology.

In the semiconductor and AI hardware fields, Meituan's investment focus is on computing power support and core components. In the GPU and AI chip sectors, Meituan participated in the IPO strategic placements of Moore Threads and MetaX, which are leading domestic GPU companies and prominent players in general-purpose GPU and AI chips, respectively.

Furthermore, Meituan has invested in companies like Unisoc, Rongxin Semiconductor, and Axera, covering areas including mobile communication/IoT chips, semiconductor wafer manufacturing, and AI vision chips. Meituan also has broad investments in sectors like new semiconductor materials and photonic chips, with investments in companies such as Deer Technology and Lingming Photonics, building a complete investment chain from chip design and manufacturing to new materials.

In the autonomous driving and smart vehicle sector, Meituan's investments revolve around mobility and logistics scenarios. Meituan is the largest external shareholder of Li Auto, having participated in its Series C, Series D, and IPO financing. Additionally, Meituan has invested in companies like Hesai Technology, Jiushi Intelligence, and QCraft, covering areas including LiDAR, urban delivery autonomous driving, and general autonomous driving solutions.

Meituan CEO Wang Xing has stated, "The digitization of the physical world will be a very important foundation for AI. We have a greater need for AI in the physical world and even more reason to embrace, and even drive, the changes brought by physical world AI."

From the technology spending in the 2025 report to its comprehensive technology investment map, it is clear that Meituan, centered on "Retail + Technology," is building a technology ecosystem spanning AI, semiconductors, embodied AI, autonomous driving, and other fields through continuous R&D investment and strategic investments. This not only consolidates its leading position in local lifestyle services but also reserves momentum for future long-term growth.