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2025-04-03 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >
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Shulou(Shulou.com)11/24 Report--
Meituan today released results for the second quarter of 2023 as of June 30: revenue 67.96 billion yuan, up 33.4% year-on-year; profit 4.69 billion yuan, turning losses into profits; and net profit under non-IFRS 7.66 billion yuan, an increase of 272.2% over the same period last year.
After the release of the financial report, Wang Xing, chairman and CEO of Meituan, and Chen Shaohui, senior vice president and CFO, attended the subsequent analyst conference call to interpret the financial report.
The following is a transcript of the question and answer session of the teleconference:
Goldman Sachs analyst Ronald Keung: my question is about Meituan's hotel wine and travel business. We have seen a gratifying rise in the business in the second quarter. Could you ask the management to share with us the relevant business strategy and the current competition pattern in the industry?
Wang Xing: overall, we are very excited to see that Meituan's inbound wine and travel business GTV (total transaction volume) has increased by more than 120% this quarter compared with the same period last year, while the number of annual active merchants and annual trading users have reached a new high. This quarter, we really seize the opportunity of offline consumption recovery and actively expand traffic.
We also actively launch diversified products to improve the quality of marketing tools and services. Thanks to Meituan's strong mind and operational ability at the merchant end, we continue to meet the growing consumer demand by providing a wide range of services. At the same time, we have further consolidated our competitive advantage and maintained Meituan's leading position in the market.
In terms of store business. We see that the current market growth potential is huge, therefore, we have given full play to Meituan's offline operation ability to further increase business development efforts. In addition, according to the category and level of merchants, we have made a fine classification of the operational strategies of different merchants to explore the diversified operational needs of merchants and deepen cooperation.
For example, we provide relevant incentive and marketing services to all Meituan merchants to strengthen the link between Meituan and merchants. For merchants in some low-line cities, we have lowered the service threshold for them and simplified the platform entry process for small and medium-sized merchants.
In addition, our team also goes deep into various cities, especially low-line cities, to provide services to local merchants. Through the above measures, we hope to ensure that Meituan platform can provide consumers with a variety of products and competitive prices.
In terms of products and content, we have launched a series of product optimization measures, which can not only strengthen the minds of users of "shelf supply", but also contribute to the promotion of "explosive products" and enhance our marketing and product recommendation capabilities.
In April this year, we initially completed the product upgrade of "special group buying", opening a number of entrances on Meituan and Dianping software. "special group buying" is a new marketing tool we provide for merchants, which can bring them more traffic and help merchants launch more "hot products".
As far as consumers are concerned, we can provide consumers with very attractive products to meet their needs. Through a series of activities such as "special group buying", we have actively and effectively consolidated the minds of consumers and made them believe that "Meituan platform can provide them with the best choice."
In addition, we have also made improvements to Meituan Live in order to further understand the immediate needs of consumers. For example, we have increased the frequency of live broadcasts and worked closely with the local government to carry out municipal live streaming activities to boost local consumption. Therefore, with the substantial increase in the number of daily live events, we provide consumers with a wider range of Noumenon preferential services, including but not limited to in-store catering, leisure and entertainment, hotel tourism and so on.
Hotel business. With the increasing demand for travel, the growth of night volume and APR (average price) is strong this quarter. This quarter, we have optimized our marketing strategy, stepped up brand promotion, and seized the opportunity of Qingming Festival, May Day, Dragon Boat Festival and other short holidays to provide users with preferential subsidies.
We have also increased the live broadcast frequency of the tourism business, adjusted the live broadcast frequency from weekly to daily, and launched AI virtual anchors to provide services to users. At the same time, we have further optimized the "Hotel +" package offer to attract more merchants to enter the platform, so as to provide consumers with more diversified choices. We have optimized the hotel night + catering / scenic spots / tickets / local tourism, hoping to drive greater synergy.
Through the above measures, we have effectively consolidated the minds of consumers on the Meituan platform and attracted more consumers to choose to book hotels on the Meituan platform.
All in all, we have strengthened our confidence in the "local life" service this quarter. At present, Meituan platform has become an important channel for local merchants to get customers and expand their business in the post-epidemic era. In the future, we will continue to strengthen our operations and services to help merchants profit from the industry and bring more convenience and value to consumers at the same time.
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