Internet Platforms & Cloud

Meituan

美团

Operates China's dominant local-services and delivery platform, applying proprietary and open-source AI models to optimize merchant operations, consumer discovery, and physical fulfilment.

  • HKEX: 3690 (Hong Kong dollar counter)
  • HKEX: 83690 (Renminbi counter)
  • Profile as of
  • #109 in the AsiaAI Tech Index
  • How the ranking works →

Meituan can apply AI to a massive, data-rich physical-commerce network, but intense local-services competition has overwhelmed margin gains from scale and technology. AI is strategically relevant to retention and operating efficiency, but it does not yet constitute a separately disclosed revenue source or an AI-infrastructure business.

Key figures

Revenue FY2025
RMB 364.855 billion
Revenue growth FY2025
8.1%
Operating margin FY2025
Negative 6.9%
Net income FY2025
Net loss of RMB 23.354 billion
R&D spend FY2025
RMB 25.913 billion
Capital expenditure
Not disclosed
Market capitalization 2026-09-11
Hong Kong dollar 463.8 billion Estimate
Food-delivery market share 2025
More than 60%
Merchants using AI Assistant 2025
More than 3.4 million
Core Local Commerce revenue share FY2025
71.5%

Overview

Meituan is a Beijing-based, Cayman-incorporated local-services platform founded in 2010. It operates China's dominant food-delivery and local-commerce network, connecting consumers with restaurants, retailers, hotels, and pharmacies. The company integrates a massive digital marketplace with real-time local supply and physical delivery capacity.

Its core business relies on demand aggregation, merchant acquisition, and local fulfilment density rather than selling infrastructure to third parties. It monetizes a broad base of consumers, merchants, and advertisers through commissions, marketing services, and delivery fees.

The AI angle

Meituan applies AI directly to its consumer and merchant workflows rather than selling AI infrastructure. It develops the LongCat series of multimodal large language models and integrates them with open-source alternatives. Key products include Xiaomei, a standalone smart-life assistant, and Xiaotuan, an AI assistant embedded in the main Meituan application that shifts consumer interaction from search toward conversational requests.

On the merchant side, its AI Merchant Assistant helped more than 3.4 million merchants reduce operating costs in 2025. AI demand reaches revenue indirectly by improving recommendations, advertising tools, order conversion, and delivery efficiency. Meituan does not disclose an AI-specific revenue figure or the share of its revenue attributable to AI.

Technology and moat

Meituan's defensible capability is not a proprietary semiconductor process or an exclusive foundational-model lead. Its moat is the integration of a large local-services marketplace with real-time local supply, delivery capacity, merchant catalogues, consumer reviews, and historical purchase behavior.

Its AI products have a stronger operating context than generic chatbots because they draw from a native interface, ordering pathways, and logistics workflows. Replicating this requires rebuilding supply density, merchant tooling, delivery routing, and consumer habits, not merely replicating a model architecture.

Five-pillar assessment

Scale and market position
Dominates China's local-services market with over 60% food-delivery market share and a massive physical fulfilment network.
Technology and R&D
Develops LongCat multimodal models and deploys AI assistants like Xiaotuan and Xiaomei, leveraging deep integration with local merchant and transaction data.
Supply-chain centrality
Monetizes a broad base of consumers and merchants, though specific cloud, compute, and hardware suppliers remain undisclosed.
Financial momentum
Revenue grew 8.1% in FY2025, but intense price competition drove the company to a net loss of RMB 23.354 billion.
Governance and quality
Founder-controlled through a weighted-voting-rights structure, with significant exposure to Chinese platform and labor regulations.

Supply chain and relationships

Meituan does not disclose named cloud-computing suppliers, AI accelerator providers, data-center hardware suppliers, or model-licensing counterparties. It relies on imported AI accelerators and cloud capacity for model development, but specific vendor exposure is unstated. Its principal disclosed banking supplier is China Merchants Bank.

On the customer side, the platform monetizes a broad base of consumers, merchants, restaurants, retailers, and advertisers rather than a concentrated group of enterprise clients. It does not disclose a customer concentration percentage.

Suppliers

  • China Merchants BankPrincipal banker

Competitors

  • Alibaba GroupInferredCompetes through Ele.me, local services, advertising, and retail
  • JD.comInferredCompetes in instant retail, grocery, and logistics
  • DouyinInferredCompetes for merchant marketing and local-services discovery
  • DiDi GlobalInferredCompetes in mobility-related local services
  • Ele.meInferredCompetes directly in food delivery and local merchant services

Geopolitics and risk

The company's principal business, consumer base, merchants, and operating assets remain heavily concentrated in mainland China. It is expanding overseas, with its Keeta brand entering Qatar, Kuwait, the United Arab Emirates, and Brazil in the second half of 2025.

Meituan does not sell controlled semiconductors, but its AI model development depends on imported AI accelerators and high-end computing availability, exposing it to U.S. export controls. It also faces intense domestic regulatory scrutiny regarding antitrust, data governance, algorithm governance, and courier welfare, having expanded its occupational injury program to cover more than 16 million couriers.

Risk matrix
Risk Severity Why it matters
Local-services price competition High Competition drives sharply higher incentives and promotional spending, causing operating losses.
Food-delivery and retail competition High Rivals like Alibaba and Douyin can subsidize consumers and merchants, weakening transaction economics.
Overseas execution High Keeta's expansion into the Middle East and Brazil creates operating, regulatory, and investment risks.
Chinese platform regulation High Intermediating local commerce at national scale exposes it to antitrust, data, and algorithm governance rules.
Courier labor obligations High Expanding pension and occupational injury programs for millions of couriers raises operating-cost sensitivity.
Data-security and cyber risk High The platform processes consumer behavior, location data, and payments at massive scale.
AI model and data regulation Medium AI tools depend on data governance and potentially changing Chinese generative-AI regulation.
Export-control exposure Medium AI model development depends on imported accelerators and computing availability.

Governance and ownership

Meituan is an independent, Cayman-incorporated public company listed in Hong Kong. It is controlled through a weighted-voting-rights structure by founders Wang Xing and Mu Rongjun, who retain voting control exceeding their economic ownership. Wang Xing holds approximately 45.30% of voting rights on non-reserved matters, and Mu Rongjun holds 5.56%.

The board includes two executive directors and four independent non-executive directors. It operates under Hong Kong exchange rules and faces significant exposure to Chinese platform and labor regulations.

What to watch

  • Whether Core Local Commerce returns to operating profitability after its FY2025 operating loss.
  • Whether food-delivery gross transaction value market share remains above 60% amid intense promotional competition.
  • Whether Xiaotuan increases transaction conversion, retention, or merchant adoption, yielding measurable AI-specific operating indicators.
  • Whether Keeta achieves sustainable unit economics outside Hong Kong, particularly in the Middle East and Brazil.
  • Whether new Chinese regulation alters platform commissions, courier protections, or algorithm governance.
  • Whether the company discloses its AI-compute sourcing or a separate monetization path for its LongCat models.

Recent developments

  1. Reported second-quarter 2026 revenue of RMB 104.643 billion, up 14.4% year over year.
  2. Reported FY2025 revenue of RMB 364.855 billion and a net loss of RMB 23.354 billion.
  3. Xiaotuan, the AI assistant embedded in the Meituan App, began broader rollout to all users.
  4. Launched Xiaomei, a standalone smart-life-assistant application.

Coverage on AsiaAI.FYI

About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 12, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Financial statements, segment data, and corporate structure are supported by audited filings, but supplier identification, AI-specific revenue, and compute sourcing lack disclosure.

Main sources: Meituan FY2025 annual report and audited consolidated financial statements; Meituan investor-relations disclosures; Meituan quarterly-results announcements; MarketWatch and TradingView market data.

All 37 sources
  1. www1.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042400179.pdf
  2. forbes.com/companies/meituan/
  3. en.wikipedia.org/wiki/Meituan
  4. marketwatch.com/investing/stock/3690/financials?countrycode=hk
  5. marketwatch.com/investing/stock/3690?countrycode=hk
  6. linkedin.com/posts/meituan_on-march-26-we-announced-our-financial-results-activity-7445304429345615872-3p1M
  7. meituan.com/en-US/investor-relations
  8. news.futunn.com/en/post/78430714/meituan-reported-q2-revenue-of-rmb-104-643-billion-a?futusource=news_stock_stockpagebignews&ns_stock_id=76364518526570
  9. tradingview.com/symbols/HKEX-3690/
  10. reuters.com/company/meituan/
  11. investing.com/equities/meituan-dianping-company-profile
  12. kr-asia.com/meituans-next-act-ai-bets-global-reach-and-a-retooled-business-model
  13. asiabusinessglobal.com/meituan/
  14. finance.biggo.com/news/9ebdaaa8-d39e-4e84-b4ce-c1853a837251
  15. chinaidb.com/companies/meituan/
  16. umbrex.com/resources/company-profiles/meituan/
  17. finance.yahoo.com/quote/9MD.MU/earnings/9MD.MU-Q2-2025-earnings_call-347072.html/
  18. meituan.com/en-US/investor/reports
  19. investing.com/equities/meituan-dianping-income-statement
  20. investing.com/equities/meituan-dianping-financial-summary
  21. news.futunn.com/en/post/70657576/meituan-s-2025-financial-report-total-annual-revenue-reached-364
  22. news.futunn.com/en/post/78430714/meituan-reported-q2-revenue-of-rmb-104-643-billion-a?futusource
  23. uobkh.com.hk/strapi-uploads/9_Meituan_3690_HK_8104fc625e.pdf
  24. investing.com/equities/meituan-dianping-earnings
  25. quartr.com/companies/meituan_14642
  26. alphaspread.com/security/hkex/3690/investor-relations
  27. wipo.int/web-publications/world-intellectual-property-indicators-2025-highlights/en/patents-highlights.html
  28. reuters.com/markets/companies/3690.HK/
  29. houstonlawreview.org/article/154481-is-china-s-patent-boom-a-bust
  30. finance.yahoo.com/quote/3690.HK/
  31. morningstar.com/stocks/xhkg/03690/quote
  32. barrons.com/market-data/stocks/3690?countrycode=hk
  33. bloomberg.com/quote/3690:HK
  34. marketwatch.com/investing/stock/3690?countryCode=hk
  35. moomoo.com/stock/03690-HK
  36. investing.com/equities/meituan-dianping
  37. investing.com/equities/meituan-dianping-news

East Asian Technology Intelligence

Japan & China tech news — translated, contextualized, and delivered for Western readers.

Free. Unsubscribe anytime.