Meituan Announces Financial Results for the Three Months Ended September 30, 2022
Company Financial Highlights
During the third quarter of 2022, our revenues increased by 28.2% to
"Thanks to our continuous exploration and innovative services on the demand and supply of the retail industry,
Meituan CFO
Company Business Highlights
Core local commerce
In the third quarter of 2022, we achieved solid revenue growth of 24.6% on a year-over-year basis for the Core local commerce segment, despite negative impacts from the pandemic. Operating profit increased by 124.6% on a year-over-year basis to
During the quarter, the total order volume of our food delivery and Meituan Instashopping businesses increased by 16.2% on a year-over-year basis. We continued to focus on high quality growth for the food delivery business, with daily order volume exceeding 60 million on the highest single day in early August. On the consumer side, we effectively met more diverse demand across different scenarios, using our optimized marketing tactics, refined operations and diversified campaigns. As a result, the number of Transacting Users on our platform continued to grow steadily, and quarterly consumption frequency reached a record high. On the merchant side, we onboarded more restaurants in the breakfast, afternoon tea and late-night snacks categories, and subsequently increased the number of Active Merchants on our platform. Moreover, we iterated our marketing tools to help merchants attract and retain customers. We also simplified our digital solutions, optimized the operational mechanism, enhanced the user-friendliness, and improved the recommendation features, to bring better using experience and higher operating efficiency to the merchants, which further helped accelerate the digital transformation of the restaurant industry.
Meituan Instashopping maintained high growth momentum in the third quarter of 2022, with categories such as supermarkets, flowers, liquor and beverages, non-food specialty stores, and pet care continuously growing rapidly. The year-over-year growth in user base, purchase frequency, and retention rate all accelerated, thanks to the rising demand from consumers and the optimized supply on our platform. Daily order volume reached new high to 9.7 million on Chinese
As our business grows, we also continue to shoulder more social responsibilities to create more local job opportunities across the country, and continue to enhance the welfare and benefits for our couriers. In the third quarter, we further optimized our order dispatch system and encouraged restaurants to upload the estimated pick-up time, so that the couriers can plan ahead and avoid early arrival at restaurants to save their time. We also worked relentlessly to help improve the job satisfaction and sense of fulfillment of our couriers. For example, on the annual "Couriers' Day" on
Our in-store, hotel and travel business demonstrated resilience, especially during summer holidays, with the number of annual Active Merchants and quarterly Transacting Users both reaching historical highs. We continued to iterate our operational strategy, provided more convenience and efficiency to our merchants and consumers, and assisted local governments in distributing consumption vouchers to stimulate local consumption. Thanks to our comprehensive product coverage, as well as the ability to capture the rapidly changing consumption trends, we were able to continually optimize supply, enhance cross-sell, and meet the vast demand from consumers. In addition, we continued to onboard chain restaurants in the light-meal and fast food categories and offered differentiated digital solutions, helping them broaden their product coverage and expand transaction scenarios. We also launched a self-pickup function for restaurant merchants, and provided online marketing support and operational tools. Other in-store service categories, such as pet care and medical services, maintained solid revenue growth during the quarter, while camping and other trendy consumption categories boomed during the summer time. Furthermore, we continued to innovate new content formats and optimized content display on the platform, to provide better user experience and help consumers make effective decisions. Going forward, we will continue to iterate our operations to provide more convenience and efficiency for the merchants and consumers.
The ongoing pandemic continued to bring challenges to our hotel & travel business, especially in September, during which, some tourist cities were heavily impacted by the outbreaks. Nevertheless, demand for local accommodations was relatively resilient and continued to outpace inter-city travel activities. We leveraged our competitive advantage to feature specialty local tours and accommodations in selected high-tier cities, and successfully captured consumer demand. We also collaborated with hotel brands, such as
New Initiatives
In the third quarter of 2022, revenue from the New initiatives segment increased by 39.7% on a year-over-year basis to
For Meituan Select, we continued to focus on high-quality growth, and upgraded our brand positioning to "
Although the pandemic has brought short-term impacts, we have full confidence in the long-term development of our businesses and we firmly believe that local consumption will eventually recover to its normal growth trajectory when the pandemic is over. We remain committed to our "Retail + Technology" strategy, and aim to facilitate the digital transformation process across industries. We will continue to leverage our core competence as a technology-driven retail company with nationwide business operations, and provide better products and services for our consumers and merchants. Meanwhile, to shoulder our social responsibilities, we will continue to help small and medium-sized merchants to cope with difficult times, create more job opportunities, and help improve welfare and benefits for our couriers. We will work relentlessly to promote "rural revitalization", create more value for consumers and merchants, and contribute to the high-quality development of the national economy.
For the full announcement of
http://media-meituan.todayir.com/20221125164002212810517888_en.pdf
About
Forward-Looking Statements
This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.
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