Shulou(Shulou.com)11/24 Report--

According to CTOnews.com news on November 25, Meituan today released its financial results for the third quarter of 2022, which showed that the company's revenue in the third quarter was 62.62 billion yuan, an increase of 28.2 percent over the same period last year. The net profit was 1.22 billion yuan, turning losses into profits compared with the same period last year, with an estimated loss of 986.8 million yuan; the adjusted net profit was 3.53 billion yuan.

As of September 30, 2022, Meituan's cash and cash equivalents and short-term financial investments were RMB 23.3 billion and RMB 88.3 billion respectively.

Core local business:

According to the financial report, the income of Meituan's core local business division increased by 24.6% from 37.2 billion yuan in the third quarter of 2021 to 46.3 billion yuan in the same period of 2022. Operating profit increased by 124.6% from 4.2 billion yuan in the third quarter of 2021 to 9.3 billion yuan in the same period of 2022. Operating profit margin increased to 20.1%.

(note: Meituan's core local business mainly includes the original catering takeout and arrival, hotel and tourism branches, as well as Meituan flash purchases, accommodation and transportation ticketing)

New business:

According to the financial report, the income of Meituan's new business division rose 39.7 per cent from 11.7 billion yuan in the third quarter of 2021 to 16.3 billion yuan in the same period in 2022; the operating loss narrowed slightly to 6.8 billion yuan from the previous quarter, while the operating loss rate improved to 41.6 per cent.

Other aspects:

The cost of sales increased by 15.9% from 38.1 billion yuan in the third quarter of 2021 to 44.1 billion yuan in the same period of 2022, accounting for 7.5 percentage points of revenue from 77.9% year-on-year to 70.4%. The increase is mainly due to the increase in distribution-related costs, which is consistent with the increase in the number of transactions in catering takeout and Meituan's flash purchase business, as well as the expansion of investment in commodity retail business. The decrease in sales cost as a percentage of income was mainly due to the improvement in gross profit margin of catering takeout, Meituan flash purchases and commodity retail business.

Sales and marketing expenditure in the third quarter of 2022 was 10.9 billion yuan, compared with 11.4 billion yuan in the same period in 2021, down 5.9 percentage points from 23.3% to 17.4% of revenue. The decrease in amount and percentage of revenue is mainly due to effective cost control measures that limit marketing and advertising spending.

Research and development expenditure increased from 4.7 billion yuan in the third quarter of 2021 to 5.4 billion yuan in the same period of 2022, accounting for 1.1 percentage points of revenue from 9.7% year-on-year to 8.6%. The increase was mainly due to an increase in expenditure on employee benefits, while the decrease in R & D as a percentage of income was mainly due to increased operating leverage.

General and administrative expenses increased from 2.4 billion yuan in the third quarter of 2021 to 2.5 billion yuan in the same period in 2022, down 0.9 percentage points from 4.9% year-on-year to 4.0% of income. The increase was mainly due to an increase in expenditure on employee benefits, while the decrease in general and administrative expenditure as a percentage of income was mainly due to increased operating leverage.

CTOnews.com learned that by the end of the third quarter, Meituan had 687 million annual trading users in the past 12 months.

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