Meituan (3690) Earnings Call Transcripts
Meituan's Latest Earnings Call - Q1 FY2026
In Q1 2026, Meituan reported revenue of RMB 91 billion, a 5.6% increase YoY, with a significant narrowing of operating losses. The company focused on high-quality growth and operational efficiency, particularly in its core local commerce and new initiatives segments. Management highlighted resilience in a competitive market, with a notable reduction in operating losses to RMB 4.1 billion. Guidance suggests continued investment in AI and overseas expansion, with a focus on improving ROI.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | RMB 91 billion (inline) |
| Operating Loss | RMB 4.1 billion (beat) |
| Segment Revenue - Local Commerce | RMB 64 billion (beat) |
| Segment Revenue - New Initiatives | RMB 27 billion (beat) |
Guidance from management
Management expects continued investment in AI and overseas expansion, focusing on achieving higher ROI. The company aims to deepen its competitive moat in core local commerce while improving operational efficiency.
What analysts pressed on
Analysts expressed concerns about the competitive landscape in the food delivery segment, particularly regarding subsidy rationalization and order volume growth. There were also questions about the long-term unit economics and market dynamics.
Main topics on the call
- Revenue Growth — Total revenue increased by 5.6% YoY to RMB 91 billion, driven by resilient growth across core segments despite a competitive environment.
- Operating Loss Reduction — Operating losses narrowed significantly to RMB 4.1 billion, reflecting improved operational efficiency and a moderation of competition.
- AI Integration — Meituan accelerated AI integration across its platform, enhancing user experience and operational efficiency. The AI system 'shorten' was highlighted as a key innovation.
- Food Delivery Business — The food delivery segment showed resilience with a focus on high AOV orders and core user engagement. Management expects meaningful UE improvement in Q2.
Read the full Meituan transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Meituan
Meituan (3690) is a publicly listed company in the Hotels, Restaurants and Leisure industry, within the Consumer Discretionary sector. It trades on SEHK and is based in HK. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 26 calls on record spanning March 30, 2020 to June 1, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 26 Meituan earnings call transcripts on record, spanning March 30, 2020 to June 1, 2026. Based on this history, Meituan reports quarterly. The most recent call on file is dated June 1, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- 3690
- Exchange
- SEHK
- Country
- HK
- Sector
- Consumer Discretionary
- Industry
- Hotels, Restaurants and Leisure
- Calls on record
- 26
- First call
- March 30, 2020
- Most recent
- June 1, 2026
- Reporting cadence
- quarterly