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 a robust growth trajectory, winning increasing consumer recognition and showcasing the immense potential of on-demand retail”.
Meituan founder and CEO Wang Xing said in a post-earnings call on Monday that the company plans to invest 100 billion yuan over the next three years to drive growth in the Chinese food service industry.
“These resources will be used to support merchants across various categories as well as to boost consumer demand,” he said.
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 segment. In addition to food, this segment makes a slew of everyday consumer items available for delivery by courier, often within an hour.
