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$美团ADR(MPNGY)$  

Meituan’s 3Q25 numbers were messy: revenue missed, and the adjusted loss ballooned to –RMB 16bn — one of the worst quarters since listing.

But here’s the twist:

Analysts believe food-delivery spending may have already peaked in 3Q25, with competition easing in Oct–Nov. If true, 4Q25 could be the start of margin stabilization.

Meanwhile, Keeta Hong Kong turned profitable in just 29 months, much faster than expected — and Meituan is preparing to replicate this model in GCC markets.

So the real question now:

Is Meituan finally shifting from “burning cash” to “creating value”?

Or is the competition (Douyin + Ele.me) still too strong for a real recovery?