Meituan, China’s dominant food-delivery platform, reported a net loss of 6.83 billion yuan ($1.01 billion) for the first quarter of 2026, according to earnings results released Monday. The loss marked the company’s third consecutive quarterly deficit and compared with a net profit of 10.06 billion yuan in the same period a year earlier.
Revenue rose 5.6% to 91.04 billion yuan, suggesting the company’s heavy spending on discounts and promotions sustained top-line growth even as it eroded profitability. The result was narrower than analysts had projected: a FactSet consensus estimate had pointed to a net loss of 8.51 billion yuan on revenue of 90.76 billion yuan.
Meituan remains locked in a battle for market share with Alibaba Group and JD.com, both of which have aggressively offered discounts to attract customers in China’s food-delivery and local-services sector. The price war has weighed heavily on Meituan’s Hong Kong-listed shares, which have declined nearly 25% in 2026 on concerns about the company’s near-term earnings outlook.
Ahead of Monday’s results, Meituan shares rose 6.5%, outperforming the Hang Seng Tech Index’s 1.65% gain. The stock trades on the Hong Kong exchange under ticker 3690.