Meituan today released its second quarter financial report as of June 30, 2023. In the first half of the year, Meituan’s revenue reached 126.58 billion yuan and net profit was 8.05 billion yuan
According to data, Meituan’s revenue in the second quarter increased by 33.4% from 50.9 billion yuan in the same period in 2022 , reaching 68 billion yuan. According to non-IFRS, net profit was 7.66 billion yuan, a year-on-year increase of 272.2%
Meituan’s core local business segment profit was 11.1 billion yuan, an increase of 4.8% from 8.3 billion yuan in the same period last year %. At the same time, the operating loss of Meituan’s new business segment in the second quarter of 2023 decreased to 5.2 billion yuan year-on-year; the profit during the period was 4.7 billion yuan, compared with the loss of 1.1 billion yuan in the same period last year, achieving a turnaround from losses to profits
In addition, Meituan’s adjusted EBITDA and adjusted net profit in this quarter both reached 7.7 billion yuan, setting a record high
In the second quarter of 2023, Meituan’s operating cash Outflows reached RMB 10.9 billion; as of June 30, 2023, Meituan’s cash and cash equivalents and short-term financial investments were RMB 27 billion and RMB 93.2 billion respectively
#According to IT House’s report, Meituan’s Hong Kong stocks have increased by 7.44%, and the current market value is HK$873.900 billion (approximately 811.853 billion yuan) RMB)
Core Local Commerce
In the second quarter of 2023, Meituan’s local commerce segment revenue increased by 39.2% year-on-year. %, reaching 51.2 billion yuan, and profit increased by 34.8% year-on-year, reaching 11.1 billion yuan. Operating margin was 21.8%, relatively unchanged from 22.5% in the same period in 2022. The number of instant delivery transactions increased by 31.6% year-on-year, the peak daily order volume once again exceeded 11 million, and the number of annual active merchants increased by 30% year-on-year. In addition, the in-store, hotel and tourism business also achieved strong growth in the second quarter, with transaction volume increasing by more than 120% compared with the same period last year. The content that needs to be rewritten is: (Note: Meituan’s core business It mainly includes catering takeout and in-store services, hotel and tourism segments, as well as Meituan flash sales, homestays and transportation ticketing.)
New Business
In the second quarter of 2023, Meituan Revenue from the Tuanxin business segment increased by 18.4% year-on-year to RMB 16.8 billion. The operating loss of this segment narrowed by 23.5% year-on-year to RMB 5.2 billion, and the operating loss rate improved to 31.0% quarter-on-quarter
Meituan Preferred continued to achieve year-on-year growth in transaction volume and revenue in the second quarter , but because the overall market growth rate is lower than expected, the growth rate has declined. Operating efficiency improved significantly compared to the same period last year. The revenue of Meituan Select, recognized on a net basis, declined month-on-month, mainly because the increase in subsidies led to a decrease in the average unit price
As of the end of June, Meituan maintained its leading position in the industry, with a cumulative number of transaction users reaching 470 million. The transaction frequency of existing users has also increased
Despite a higher base in the same period last year, Meituan Maicai still achieved solid year-on-year growth in the second quarter and gained a higher market share. The proportion of transaction volume of standard products and private brands also continues to rise
Cost of sales
The cost of sales in the second quarter of 2022 was RMB 35.4 billion, an increase of 20.4% in the same period in 2023 % to RMB 42.6 billion. Cost of sales as a percentage of revenue decreased by 6.8 percentage points year-on-year to 62.6% from 69.4%. The increase in cost of sales was mainly due to the increase in distribution-related costs, which was consistent with the increase in the number of instant delivery transactions and the increase in cost of sales in the merchandise retail business
Sales and Marketing Expenses
Sales and Marketing expenses increased from RMB 9 billion in the second quarter of 2022 to RMB 14.6 billion in the same period of 2023, and the percentage of revenue increased by 3.8 percentage points year-on-year from 17.6% to 21.4%
R&D expenses
R&D expenses in the second quarter of 2022 were RMB 5.2 billion, which increased to RMB 5.4 billion in the same period of 2023, mainly due to an increase in employee benefit expenses. R&D expenses as a percentage of revenue decreased by 2.2 percentage points year-on-year from 10.2% to 8.0%, mainly due to improvements in operating leverage
General and administrative expenses
General and administrative expenses decreased from RMB2.5 billion in the second quarter of 2022 to RMB2.1 billion in the same period of 2023, accounting for a year-on-year decrease of 1.8 percentage points from 4.9% of revenue. to 3.1%, mainly due to the reduction in employee benefit expenses and the improvement in operating leverage
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