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<Research>HSBC Research Lists 2Q-4Q Food Delivery Rev./ Operating Profit per Order Forecasts for MEITUAN-W (Table)
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30
Positive
55
Negative
21
Item│ 1Q25│2Q25 Forecast│ 3Q25 Forecast│4Q25 Forecast
Revenue from food delivery business│41.325 billion│42.437 billion│49.219 billion│45.847 billion
-YoY change│+14%│+5%│+5%│+6%
Average daily orders of food delivery business│57.5 million orders│64.6 million orders│73.2 million orders│68.5 million orders
-YoY change│+10%│+10%│+10%│+10%
Operating profit (OP) of food delivery business│7.733 billion│8.069 billion│7.411 billion│6.673 billion
-YoY change│+39%│-20%│-18%│-14%
OP/order │1.5│1.4│1.1│1.1
-YoY change│+27%│-27%│-25%│-22%
The above currencies are in RMB
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Item│2025 Forecast│2026 Forecast
Revenue from food delivery business│178.827 billion│193.875 billion
-YoY change│+7%│+8%
Average daily orders of food delivery business│66 million orders│70.6 million orders
-YoY change│+10%│+7%
OP of food delivery business│29.886 billion│36.405 billion
-YoY change│-8%│+22%
OP/order│1.2│1.4
-YoY change│-16%│+14%
The above currencies are in RMB

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