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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.

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.