In This Article:
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Total Revenue: Increased by 22.4% year-over-year to RMB93.6 billion.
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Adjusted Net Profit: Increased by 124% to RMB12.2 billion.
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Cost of Revenue: Decreased by 4 percentage points year-over-year to 60.7%.
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Selling and Marketing Expenses Ratio: Decreased by 2.9 percentage points year-over-year to 19.2%.
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R&D Expenses Ratio: Decreased to 5.7% year-over-year.
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SG&A Expenses Ratio: Stable at 3% year-over-year.
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Total Segment Operating Profit: Increased from RMB5 billion to RMB13.6 billion.
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Total Segment Operating Margin: Increased from 6.5% to 14.5%.
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Cash and Cash Equivalents: Totaled RMB134.2 billion as of September 2024.
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Cash Generated from Operating Activities: Increased to RMB15.2 billion year-over-year.
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Order Volume Growth for On-Demand Delivery: Maintained mid-teens year-on-year growth.
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In-Store Hotel and Travel Business Order Volume: Increased by over 50% year-over-year.
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Revenue from Core Local Commerce: Grew by 20.3% year-over-year to RMB69.4 billion.
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New Initiatives Revenue: Increased by 28.9% year-over-year to RMB24.2 billion.
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New Initiatives Operating Loss: Narrowed to RMB1 billion with an operating loss ratio of 4.2%.
Release Date: November 29, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Meituan (MPNGF) reported a 22.4% year-over-year increase in total revenue, reaching RMB93.6 billion.
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Adjusted net profit surged by 124% to RMB12.2 billion, showcasing significant profitability improvements.
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The company has seen record highs in annual active merchants and transacting users, indicating strong market engagement.
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Meituan's innovative business models, such as Pin Hao Fan, have attracted over 100 million value users, enhancing consumer engagement.
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The company has successfully expanded its Meituan InstaMart and Xiaoxiang operations, particularly in lower-tier cities, meeting growing consumer demand.
Negative Points
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The average order value in the on-demand delivery segment has declined, although the decline is narrowing.
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Despite strong growth, the company faces challenges in balancing growth and profitability, particularly in the competitive local commerce sector.
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The international expansion, particularly in Saudi Arabia, is still in its early stages and may take time to yield significant results.
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Meituan's new initiatives, while showing progress, continue to incur losses, although these are narrowing.
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The company faces intense competition in the local commerce industry, requiring continuous innovation and investment to maintain its market position.