# Who are Meituan's customers? Who does Meituan earn revenue from?
Canonical: https://valuechain.wiki/meituan · Facet: customers · Updated: 2026-07-12T04:30:28.774+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Meituan discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).

### 소비자·입점 상인 (핵심 로컬커머스) (high)
- metric: Amount ¥260.8B · FY2025 핵심로컬커머스
- note: Core Local Commerce (food delivery, in-store, hotel & travel) FY2025 revenue RMB 260.8bn — delivery services 96.1bn, commissions 99.2bn, online marketing 51.5bn, other 14.1bn. Food-delivery GTV share held above 60%. Subsidy war triggered by JD and Alibaba (Ele.me) flipped segment operating profit to a loss of RMB 6.9bn. Autonomous delivery (drones on 65 routes, 740k+ cumulative orders) offsets gig-labor cost.
- [confirms] KrASIA (EN, news, published 2026-05-01) https://kr-asia.com/chinese-firms-turn-to-autonomous-delivery-to-counter-rising-costs-of-gig-labor: "65 drone routes; 740k+ orders."
- [mentions] Analyst consensus (24 firms) (EN, research, published 2026-05-01) https://www.marketscreener.com/quote/stock/MEITUAN-47006634/consensus/: "Analyst consensus Strong Buy, avg target HK$113.9 (24 firms)"
- [confirms] HKEX filing (EN, filing, published 2026-04-24) https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042400179.pdf: "Core Local Commerce revenue RMB 260.8bn; delivery 96.1bn, commission 99.2bn, marketing 51.5bn"
- [confirms] BigGo Finance (EN, news, published 2026-03-27) https://finance.biggo.com/news/enncKp0BDPbb-ItTVYe_: "FY2025 revenue RMB 364.9bn (+8.1%), loss RMB 23.4bn"
- [confirms] Edaily (KO, news, published 2025-10-19) https://www.edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01141446642272896: "Subsidy war from JD's delivery entry slammed Core Local Commerce margins"

### 리테일·해외 소비자 (신사업: 샤오샹·Keeta) (high)
- metric: Amount ¥104B · FY2025 신사업
- note: New Initiatives (Xiaoxiang instant grocery + overseas delivery Keeta) FY2025 revenue RMB 104.0bn (+19%). Keeta turned unit-economics positive in Hong Kong, reached #3 in Saudi Arabia within four months (~10% share) and expanded into the Middle East and Brazil. Segment operating loss widened to RMB 10.1bn on overseas investment.
- [confirms] HKEX filing (EN, filing, published 2026-04-24) https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042400179.pdf: "New Initiatives revenue RMB 104.0bn (+19%); operating loss RMB 10.1bn on overseas investment"
- [confirms] Edaily (KO, news, published 2025-10-19) https://www.edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01141446642272896: "Keeta reached #3 in Saudi Arabia within four months, ~10% share"

### 텐센트 (지분·WeChat 파트너십) (low)  → /tencent-holdings-limited.md
- note: Formerly the largest strategic shareholder; in Nov 2022 Tencent distributed ~15.5% (958M shares, $20.3bn) as a special dividend, cutting its direct stake to a small residual. Business cooperation via WeChat payments and traffic persists. (A symmetric, qualified investment edge exists on the Tencent node.)
- [confirms] Inside Retail Asia (EN, news, published 2022-11-17) https://insideretail.asia/2022/11/17/tencent-to-hand-20-billion-meituan-stake-to-shareholders-as-sales-slip/: "Tencent distributed ~15.5% (958M shares, $20.3bn) as special dividend in Nov 2022"

Reverse side: https://valuechain.wiki/meituan/suppliers.md · Ripple: https://valuechain.wiki/meituan/ripple.md

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Full node: https://valuechain.wiki/meituan.md · JSON: https://valuechain.wiki/meituan.json