Founders are becoming more active, signaling a new phase for Meituan. In recent years, a noticeable shift has occurred in the internet industry: heavyweight founders who had retreated from the public eye are gradually re-emerging, making frequent appearances and engaging in public activities.
Alibaba founder Jack Ma, who retired in 2019, was largely absent for the following three to four years. However, his public engagements have become considerably more frequent lately. His most recent appearance was in March, when he visited Hangzhou Yungu School with core Alibaba executives including Joe Tsai, Eddie Wu, and Jiang Fan, discussing artificial intelligence at length. Regarding recent capital movements, Ma invested in an embodied AI company called Qianxun AI.
JD.com founder Richard Liu needs little introduction, having been a regular feature on trending lists over the past two years. In late March, Liu was spotted at a Harbiner food market, where he was seen drinking two small cups of baijiu. On the same day, the Heilongjiang Provincial Government signed a deepened strategic cooperation agreement with JD.com. It is clear that Liu has been exceptionally busy.
Even the typically low-profile Meituan founder Wang Xing has broken his usual silence. Wang Xing made a rare public appearance recently, prominently showcasing Meituan's drone delivery service. A delegation led by Cheng Li-wen visited Meituan's headquarters in Shanghai. Founder Wang Xing personally received the guests and demonstrated the entire process of drone delivery for milk tea. From placing the order to the drone's aerial delivery, the entire process took approximately 15 minutes. Cheng Li-wen sampled the warm milk tea on the spot and repeatedly praised the convenience brought by the technology. Subsequently, Wang Xing presented Cheng with Meituan's mascot, a kangaroo plush toy. In a photo together, both were seen smiling warmly.
Wang Xing's personal appearance served as a significant demonstration of Meituan's drone delivery capabilities. Data shows that by the end of 2025, Meituan's drone services had opened 70 routes across multiple cities domestically and internationally, cumulatively completing over 780,000 orders. From an industry perspective, the drones showcased by Wang Xing are also a microcosm of the rising low-altitude economy. Cheng Li-wen remarked, "The low-altitude economy is a future trend, and it is quite rare to see a live operation. Witnessing this practical demonstration today is a very valuable experience."
Photographs from the event revealed that the seldom-seen Wang Xing also showed signs of graying hair. This prompted some online users to question, "How old is Wang Xing that he already has a head of white hair?" Public records indicate Wang Xing was born in 1979, making him 47 years old. The gray hair can perhaps be viewed as a mark of time.
Prior to this, Wang Xing was also spotted drinking coffee at a Xiaoxiang offline supermarket, though he went largely unrecognized due to his previously maintained low profile. He rarely gave speeches, infrequently updated his Weibo, and had set his account to display only posts from the last six months.
In the latter half of the internet era, competition among major tech firms has shifted from vying for traffic dividends to competing on technological strength and implementation capabilities, necessitating a pivot towards refined operations and technological breakthroughs. In this context, the role of the founder becomes crucial. Their personal involvement helps consolidate internal consensus and stabilize morale. As the environment changes, Wang Xing has gradually adapted. From last year to the present, his public appearances and statements have increased.
In September of last year, Wang Xing attended a military parade viewing event alongside some Meituan delivery riders. In photos, he was seen standing next to Xiaomi's Lei Jun, smiling somewhat shyly. It was noticeable that his hair was already graying last year.
Market analysts suggest that a company's development resonates with national progress. Wang Xing's appearances also signal to the market that Meituan is closely following the nation's development trajectory and actively fulfilling its corporate social responsibilities. Simultaneously, it allows the public to see a more down-to-earth and relatable side of the founder, adding warmth to the Meituan brand.
However, what truly prompted Wang Xing to break his silence and speak out frequently was last year's intense "food delivery war." Instant retail emerged as a core battleground for major players, with food delivery, being a central component, naturally becoming the main arena for competition. Since last year, JD.com's food delivery service entered the market forcefully, attempting to capture a share, while Taobao's Flash Purchase followed closely, increasing subsidies and igniting a fierce battle.
In response, Wang Xing made multiple public statements addressing the industry competition and outlining Meituan's counter-strategies. In May, he responded to JD.com's "Billions in Subsidies" campaign for food delivery, stating, "Meituan will take all necessary measures to win this competition." He indicated that it seemed every internet participant was willing to invest heavily in this contest, and Meituan was determined to be the market winner. In June, Wang Xing spoke again, welcoming more participants into the industry. He acknowledged that short-term competition would intensify and investments would expand, but this would also accelerate overall industry development, expressing Meituan's confidence in the long term. By November, Wang Xing stated, "The market results over the past six months have fully demonstrated that the food delivery price war has not created value for the industry and is unsustainable."
Of course, this "food delivery war" has now concluded. On March 25, the State Administration for Market Regulation republished an Economic Daily commentary titled "The Food Delivery War Should End," sending a clear signal for a truce among the three giants and marking the official end of the nearly year-long price war. The development of the food delivery industry cannot rely on low-price subsidies but should instead focus on technological innovation, service upgrades, and refined operations. Only in this way can a win-win situation for the company, merchants, riders, and users be achieved.
Shortly thereafter, Meituan released its fourth-quarter and full-year 2025 results. The data showed annual revenue of 364.9 billion yuan, a year-on-year increase of 8.1%. The company reported an annual loss of 23.4 billion yuan, compared to a profit of 35.8 billion yuan in 2024. Commenting on these financial results, Wang Xing stated that regulators firmly oppose irrational competition and hope to establish a healthy and orderly market. Meituan will actively cooperate with regulatory investigations while refocusing resources on high-quality orders and striving to defend its market share.
Wang Xing's statements not only charted a course for Meituan's future development but also conveyed to the market the company's determination to strategically adjust and return to rational growth. In fact, focusing resources on high-quality orders is also a core requirement for refined operations in the latter half of the internet era.
Reviewing Wang Xing's appearances and statements over the past year or more—from his low-profile attendance at the parade, to his multiple pronouncements during the food delivery war, and the strategic positioning following the earnings release—it is evident that each of his public engagements was deliberate.
Looking ahead to 2026, Meituan is gearing up for significant efforts. If the past is history, what are Meituan's plans moving forward? Reflecting on Wang Xing's past assessments, he believes the three directions for the latter half of the internet era are: going upward (advanced tech), going deep (vertical integration), and globalization. He mentioned that globalization presents a significant opportunity for Chinese companies and is an essential undertaking for China's future.
For Meituan, expanding overseas is an inevitable choice to break free from domestic market saturation and find new growth avenues. Wang Xing also mentioned in the latest earnings call that, in the long term, Meituan remains committed to internationalization, but investment will be more focused on the instant retail track where it can leverage its core strengths. We can observe that Meituan's Keeta is rapidly expanding in overseas markets. Beyond the Hong Kong region, Keeta has achieved coverage in major countries of the Middle East Gulf region and has commenced operations in Brazil. It is understood that Keeta's performance in Saudi Arabia has exceeded expectations, with an anticipated first profit in the fourth quarter of 2026, a faster path to profitability than in the Hong Kong market.
The core of instant retail is "efficient fulfillment," which aligns perfectly with Meituan's core advantage. However, the path overseas is not without challenges; Meituan must proceed steadily and gradually penetrate local markets.
Beyond international expansion, Meituan is also making significant bets on AI. The fervor surrounding AI in recent years is undeniable, with major companies racing to secure their positions, fearful of falling behind. In 2025, Meituan continued to increase its AI investments, with annual R&D spending reaching 26 billion yuan, a 23% year-on-year increase. This substantial investment is not merely following a trend blindly. Wang Xing declared, "In the AI revolution, the only reasonable strategy is to attack, not to defend." But he also emphasized that Meituan would not blindly become a "token factory"; instead, it aims to treat AI as a strategic opportunity to improve, strengthen, and even fundamentally transform its core local life services business. This indicates that Meituan's approach to AI is somewhat distinct, emphasizing practicality and aiming for AI integration into every service scenario. Currently, Meituan has already launched its AI assistant "Xiao Tuan" within its app.
Meituan's two major strategic focuses for 2026—overseas expansion and AI—are not isolated but rather mutually supportive and reinforcing. Going global aims to break through domestic saturation and find new growth space, while AI seeks to solidify its core competitive edge. This year is destined to be one filled with both challenges and opportunities for Meituan.
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