a Meituan food deliveryman looking at employment postings at a
A Meituan food deliveryman looking at employment postings at a recruitment fair CN-STR/Getty Images

Meituan swung back to an adjusted net profit of 2.5 billion yuan ($372 million) in the second quarter, snapping three straight quarters of losses as China's food-delivery price war eased, the company said in its earnings report after Hong Kong's market close on Friday.

The figure beat the average analyst forecast of 340 million yuan compiled by Bloomberg, a beat of roughly seven times. Revenue rose 14.4% year on year to 105 billion yuan, also ahead of the 101 billion yuan consensus, as Meituan pulled back delivery subsidies and steered spending toward higher-value orders.

The 2.5 billion yuan figure is a non-IFRS, adjusted measure that strips out items such as share-based compensation. Meituan posted a GAAP net loss of 6.8 billion yuan for the first quarter of 2026; the company's Friday release had not, as of this writing, surfaced a directly comparable GAAP profit or loss figure for the June quarter specifically. Adjusted net loss for the first half of the year came to 2.4 billion yuan on revenue of 196 billion yuan, meaning the quarterly rebound only partly offset the earlier slide.

Meituan's Hong Kong-listed shares (SEHK: 03690) closed flat at HK$77.50 on Friday ahead of the announcement, after a long derating from last year's highs. The company's Keeta delivery brand, now Hong Kong's largest by order volume, logged its first profitable month in the city in October 2025, chief executive Wang Xing has said — a milestone that predates this quarter but underscores Hong Kong's place in Meituan's broader push back to profit.

Some analysts have pointed to ByteDance's Douyin, rather than Alibaba or JD.com, as the next competitive test for Meituan, as the short-video app expands its in-store services business — a framing so far grounded in analyst commentary rather than anything Meituan has confirmed.

Executives are due to discuss the results on a call with analysts at 7 p.m. Hong Kong time Friday.