China's leading online-to-offline company, Meituan, is expected to report a loss of up to 24.3 billion yuan for 2025, with a fourth-quarter loss of about 15.7 billion yuan. This marks an improvement from its third-quarter loss of $2.7 billion. Competing with e-commerce giants Alibaba and JD.com in the instant commerce sector led to Meituan spending billions on subsidies. While the company's losses have slightly improved, the competition remains intense, prompting China's market regulator to intervene and try to ease the competition among major internet companies. Meituan's struggles in the market are highlighted by its significant losses, reflecting the challenging landscape of the O2O services industry in China.