Miituan has officially released its first-quarter 2026 performance report. The report shows that Miituan achieved a total revenue of 91 billion yuan in this quarter, an increase of 5.6% year-on-year. The operating loss, which was 16.1 billion yuan in the previous quarter, was significantly reduced to 6.5 billion yuan, marking a decrease of nearly 10 billion yuan. Among these, the loss from the core local commerce business dropped sharply from 10 billion yuan to 2 billion yuan, showing strong signals of profit recovery. Wang Xing, CEO of Miituan, stated that competition in the food delivery industry is gradually returning to rationality and shifting towards a stage centered on efficiency and user experience. He expects that during the second quarter, the unit economic model (UE) of food delivery will see further improvement due to the combined effect of peak season.

At the same time as releasing the performance report, Wang Xing also announced an important AI business development: the AI assistant "Xiaomei" under Miituan will reach a deep cooperation with Tencent's AI application "Yuanbao" and officially launch soon. After the cooperation, users can directly call for food delivery and other local life services through "Xiaomei" within the "Yuanbao" app, achieving a closed-loop transaction in one place. Wang Xing pointed out that in the future, serving AI intelligent agents (To A) will be as important as serving consumers and merchants. Miituan will continue to iterate on large model capabilities by relying on its own logistics system, merchant information, and user reviews. Currently, Miituan's independently developed large model LongCat-2.0-Preview with trillions of parameters has been opened for testing and is fully powered by domestic computing clusters.

In addition to the software-level AI layout, Miituan has also made breakthroughs in hardware and low-altitude logistics operations. As of May this year, the "urban low-altitude network" built by Miituan's drones has launched regular delivery services in multiple cities including Beijing, Shanghai, and Shenzhen, with the cumulative commercial orders exceeding 900,000.

Notably, compared to the ongoing intensive investment in its own AI business, Miituan's equity investments in AI have already entered the harvest period. In the report, Miituan publicly disclosed part of its investment portfolio for the first time: as of the end of the first quarter of 2026, Miituan holds 12.73% of the shares in Li Auto. In the fields of embodied intelligence and large models, Miituan not only holds 3.86% of Zhipu's shares but also 7.61% of Yuzhu Technology's shares, and Yuzhu Technology successfully passed the listing review on the Sci-Tech Innovation Board on the day the report was released. In addition, Miituan wholly acquired Guangnianzhiwai and led the early investment in Moonshot (Kimi). With the continued rising enthusiasm for embodied intelligence and large models in the capital market, Miituan's early technological ecosystem layout is gradually turning into substantial financial and strategic returns.