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      • SG Visual ResearchSG Visual Research
        ·12-22

        Meituan Lost $2.6B This Quarter — But Its Cash Pile Just Hit a Record High

        $美团-W(03690)$   Meituan’s core local commerce swung to a RMB 14.1bn operating loss in Q3, its first red ink in years. Not because demand collapsed—but because it’s fighting a three-way price war with Alibaba and JD. Sales expenses doubled to RMB 34.3bn, yet revenue fell 2.8%. Management now says Q3 was likely the “peak of subsidies.” Going forward, they’ll shift to “precision investment”—focusing on orders above RMB 30, where they still hold ~70% share. Most telling: cash + short-term investments hit RMB 141.2bn. That’s enough to sustain current losses for over 7 quarters. This isn’t desperation—it’s discipline. The question isn’t whether Meituan can survive, but whether rivals can outlast it. (One Chart to Understand below 👇) One Chal
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        Meituan Lost $2.6B This Quarter — But Its Cash Pile Just Hit a Record High
      • SG Visual ResearchSG Visual Research
        ·12-22

        Meituan Lost $2.6B This Quarter — But Its Cash Pile Just Hit a Record High

        $美团-W(03690)$   Meituan’s core local commerce swung to a RMB 14.1bn operating loss in Q3, its first red ink in years. Not because demand collapsed—but because it’s fighting a three-way price war with Alibaba and JD. Sales expenses doubled to RMB 34.3bn, yet revenue fell 2.8%. Management now says Q3 was likely the “peak of subsidies.” Going forward, they’ll shift to “precision investment”—focusing on orders above RMB 30, where they still hold ~70% share. Most telling: cash + short-term investments hit RMB 141.2bn. That’s enough to sustain current losses for over 7 quarters. This isn’t desperation—it’s discipline. The question isn’t whether Meituan can survive, but whether rivals can outlast it. (One Chart to Understand below 👇) One Chal
        351Comment
        Report
        Meituan Lost $2.6B This Quarter — But Its Cash Pile Just Hit a Record High