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

IT Home August 24 news, Meituan today released the second quarter of 2023 financial results as of June 30. Meituan's revenue in the first half of the year was 126.58 billion yuan and its net profit was 8.05 billion yuan.

Data show that Meituan Q2 revenue increased by 33.4% from 50.9 billion yuan in the same period in 2022 to 68 billion yuan, and net profit under non-IFRS was 7.66 billion yuan, up 272.2% year-on-year.

The profit of Meituan's core local commercial segment was RMB11.1 billion, up 4.8% from RMB8.3 billion in the same period in 2022. At the same time, the operating loss of Meituan's new business segment in the second quarter of 2023 narrowed to RMB5.2 billion year-on-year; the profit for the period was RMB4.7 billion, compared with the loss of RMB1.1 billion for the same period in 2022, which turned from loss to profit year-on-year.

In addition, Meituan's adjusted EBITDA and adjusted net profit for the quarter were both 7.7 billion yuan, a record high.

In the second quarter of 2023, Meituan realized operating cash inflow of RMB10.9 billion; cash and cash equivalents held and short-term financial investments held as at 30 June 2023 were RMB27 billion and RMB93.2 billion respectively.

As of the release of IT Home, Meituan Hong Kong shares rose 7.44%, with a current market value of HK $873.900 billion (currently about 811.853 billion yuan).

Core Local Business In the second quarter of 2023, Meituan's local business segment revenue increased by 39.2% year-on-year to RMB51.2 billion, profit increased by 34.8% year-on-year to RMB11.1 billion, and operating profit margin was 21.8%, which remained relatively flat compared with 22.5% for the same period in 2022. The number of real-time delivery transactions increased by 31.6% year-on-year, the daily order volume peak exceeded 11 million again, the number of annual active merchants increased by 30% year-on-year, and the store, hotel and tourism business recorded strong growth in the second quarter, with transaction volume increasing by more than 120% compared with the same period last year.

(Note: Meituan core local business, mainly including the original food and beverage takeout and arrival, hotel and tourism branches, as well as Meituan flash purchase, residential accommodation and transportation ticketing)

New Business In the second quarter of 2023, revenue from Meituan's new business segment increased by 18.4% year-on-year to RMB16.8 billion. The operating loss of this segment narrowed by 23.5% year-on-year to RMB5.2 billion, and the operating loss ratio improved to 31.0% quarter-on-quarter.

In the second quarter, Meituan preferred transaction volume and revenue continued to grow year-on-year, but the growth rate declined due to the overall market growth rate being lower than expected. Operating efficiency improved significantly as compared to the same period last year. Meituan preferred income recognized on a net basis decreased month-on-month, mainly due to the increase in subsidies, resulting in a decrease in the average price per piece.

By the end of June, Meituan maintained its leading position in the industry, with a cumulative number of trading users reaching 470 million, and the trading frequency of existing users increased.

Despite the high base of the same period last year, Meituan Vegetable Purchase recorded steady year-on-year growth in the second quarter and achieved higher market share, with the proportion of standard products and private brands continuing to rise.

Cost of Sales Cost of sales increased by 20.4% from RMB35.4 billion in the second quarter of 2022 to RMB42.6 billion in the same period of 2023, representing a year-on-year decrease of 6.8 percentage points from 69.4% to 62.6% as a percentage of revenue. The increase was mainly due to the increase in distribution-related costs, which was in line with the increase in the number of instant delivery transactions, and the increase in cost of sales for the merchandise retail business.

Selling and Marketing Expenses Selling and marketing expenses increased from RMB9.0 billion in the second quarter of 2022 to RMB14.6 billion in the same period of 2023, representing a year-on-year increase of 3.8 percentage points from 17.6% to 21.4% as a percentage of revenue.

Research and development expenses Research and development expenses increased from RMB5.2 billion in the second quarter of 2022 to RMB5.4 billion in the same period of 2023, mainly due to the increase in employee welfare 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 improved 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, representing a year-on-year decrease of 1.8 percentage points from 4.9% to 3.1%, mainly due to lower employee benefit expenses and improved operating leverage.

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