Meituan's core local business grew steadily in the first quarter, with revenue reaching 429 billion yuan

News on May 26, according to Meituan’s first quarter 2023 financial report, revenue for the quarter reached 586.2 billion yuan, a year-on-year increase of 26.7%, exceeding market expectations of 574.76 billion yuan. In addition, Meituan also achieved growth in R&D expenditure, reaching 5 billion yuan.

In the first quarter, Meituan’s core local business grew steadily, achieving revenue of 429 billion yuan, a year-on-year increase of 25.5%. At the same time, revenue from the new business segment increased by 30.1% year-on-year to 157 billion yuan. Operating losses decreased by 3.42 billion yuan compared with the same period last year, a year-on-year decrease of 40.5%. According to reports, Meituan’s instant delivery order volume increased by 14.9% year-on-year to 4.267 billion, and both user transaction frequency and customer unit price achieved double growth.

In Meituan’s financial report conference call, the company’s management expressed its views on the topic of AI. Wang Xing, founder of Meituan, said that in the long run, artificial intelligence may have a fundamental impact on various fields of society. Therefore, Meituan has an active exploration attitude and hopes to build its own AI capabilities and apply it to business scenarios.

Regarding external concerns about the development process of large models, Wang Xing said that Meituan is currently researching and developing basic models and their applications, and is open to external technical cooperation and investment opportunities. He said he would be happy to keep pace with the market if relevant progress was made.

Wang Xing mentioned that Meituan has been focusing on developing and investing in robot-related technologies in the past few years to make its robots more intelligent. He emphasized that artificial intelligence is having an impact on the physical and digital worlds, so Meituan needs to continue to improve its preparations and integrate artificial intelligence with the company's overall strategy.

Meituan achieved outstanding performance in the first quarter of 2023 and is confident in the development of artificial intelligence technology. The company will actively improve its AI capabilities and explore cooperation with external partners to promote business innovation and development.

From what the editor knows, the views expressed by Meituan on the first quarter earnings call clearly demonstrated the company’s vision and efforts for future development. Meituan’s outstanding achievements in various fields will be realized with the continuous development of AI technology.

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