Meituan: Sales cost increased by 23.5% year on year.

Meituan announcement: Sales costs increased by 23.5% from RMB 55 billion in the fourth quarter of 2024 to RMB 68 billion in the same period of 2025, with the percentage of revenue increasing by 11.6 percentage points year-on-year to 73.8% from 62.2%. The increase in amount is mainly due to an increase in the number of instant delivery transactions, increased rider subsidies, and the expansion of food retail and overseas businesses.