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Meituan delivered Q2 2026 revenue and earnings above consensus, with core local commerce operating profit reaching RMB 5.6 bn versus consensus RMB 3.4 bn. We maintain a Hold/neutral rating, citing balanced risk-reward as MT faces domestic competition from BABA and slow international scaling of Keeta. The company trades at 16x forward earnings, a slight discount to peers, reflecting structural headwinds: persistent subsidies, regulatory cost volatility, and uncertain margin durability.

I maintain a "Buy" rating on Meituan, citing a strong 2Q26 beat and a return to profitability. MPNGY's Core Local Commerce division delivered 10% YoY growth and a CNY5.67 billion operating profit, driven by high-AOV bookings and subsidy reductions. The company's overseas New Initiatives division improved efficiency, with Keeta's Saudi unit turning profitable and segment losses narrowing.

Meituan (MPNGY) Q2 2026 Earnings Call Transcript

The results snapped a three-quarter streak of losses for the Chinese shopping-and-delivery platform.

Chinese food delivery giant Meituan on Friday ​swung to profit and exceeded revenue growth estimates ‌as a year of bruising, subsidy-fuelled competition in China's one-hour delivery market showed further signs of easing.