Meituan Warns of $3.5 Billion Loss After China Food War Worsens

Meituan warned of its biggest annual loss since at least 2021, underscoring the extent to which a brutal price-based war in food delivery is eroding margins at China’s largest internet companies.

The Beijing-based firm expects to record a loss of between 23.3 billion yuan ($3.4 billion) and 24.3 billion yuan for 2025, according to an exchange filing. That’s a stark reversal from a profit of 35.8 billion yuan in 2024. It booked a loss of more than 23.5 billion yuan in 2021.