On November 28, Meituan (stock code: 3690.HK) disclosed its financial performance report for the third quarter of 2025. During this quarter, Meituan generated revenue amounting to 95.5 billion yuan, marking a 2% year-on-year growth. However, its core local business experienced a negative operating profit, incurring a loss of 14.1 billion yuan. In the context of market dynamics, the number of transaction users over the past 12 months has soared past the 800 million mark. Meanwhile, the Daily Active Users (DAU) of the Meituan APP witnessed a year-on-year surge of over 20%. Facing the fiercely "involutionary" (a term referring to intense and often unproductive competition) competition within the industry, Meituan has responded by ramping up its capital investment and enhancing service quality. These strategic moves have propelled the monthly transaction user count for its food delivery service to an all-time high.