❯ Meituan’s Q2 revenue hits 104.6 billion yuan, ending three losing quarters; Keeta profitable in Saudi in 22 months

back to profitMeituan reported second-quarter revenue of 104.6 billion yuan (about $15.62 billion), up 14.4% year over year, with adjusted net profit of roughly $372 million, ending three consecutive losing quarters. The turn came as the food-delivery subsidy war cooled — discounting eased noticeably after regulators publicly criticized the instant-retail price war earlier this year.

the overseas lineOn the earnings call, Wang Xing laid out the unit-economics timeline abroad: Keeta reached profitability in Saudi Arabia 22 months after starting trial operations, and turned unit economics positive in Hong Kong in 29 months, which the company reads as evidence the model travels. In the second half Keeta will focus on operating efficiency in existing markets, and Meituan says it remains confident in Brazil’s long-term potential.

what decides next quarterThose two figures, 22 and 29 months, give teams building local services abroad a payback period to benchmark against. At home, the subsidy truce came from regulatory pressure rather than the end of competition, and Douyin’s push into instant retail remains the biggest variable in Meituan’s margin recovery. Watch whether discounting returns once the third-quarter peak season arrives.

▪ SIGNALRetreating subsidies bought one profitable quarter; how long Douyin is willing to lose money decides the next one.