# Earnings Report

The Heavy Toll of 'Involution': Meituan Swings to $3.2 Billion Loss Amid Bitter Delivery Wars

Meituan reported a massive 23.4 billion RMB loss for 2025, swinging from profit as intense domestic competition and 'involution' eroded margins. Despite these losses, the company is maintaining its market dominance while aggressively expanding its international brand, Keeta, into the Middle East and Latin America.