Meituan released its financial report for the second quarter of 2022: revenue increased by 16.4% year-on-year to 50.9 billion yuan


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Pinwan, August 26, Meituan ( stock code : 3690.HK) released its second quarter and half-year results for 2022 . In the second quarter of this year, Meituan achieved revenue of 50.9 billion yuan ( RMB, the same below ) , a year-on-year increase of 16.4% .

The financial report shows that in the second quarter, Meituan continued to further promote the “ retail + technology strategy, and continued to increase investment in the Chinese consumer market. In order to meet the increasing immediate needs of domestic consumers, Meituan relies on various entities in the real economy market to provide Chinese consumers with everything at home goods and services within 30 minutes by developing new forms of instant retail.

Driven by related businesses, in the second quarter of this year, the per capita transaction frequency of Meituan platform users increased by 16.2% year-on-year to 38.1 transactions.

The continuous growth of instant retail orders has provided new momentum for the recovery and development of local brick-and-mortar merchants. In the second quarter, the number of active merchants on the Meituan platform increased to 9.2 million, a record high.

The financial report shows that in order to support the high-quality development of cooperative merchants across the country, Meituan has further increased the exploration and construction of retail infrastructure including cold chain logistics and warehousing, and continued to increase capital investment in related technology research and development. In the second quarter, Meituan’s R&D expenditure increased to 5.2 billion yuan, a year-on-year increase of 33% .

Based on a stable business strategy, the ratio of cost of sales to revenue and marketing expense ratio both achieved year-on-year and month-on-month declines. Driven by this, the operating loss of Meituan in the second quarter was 490 million yuan, which was significantly narrowed year-on-year and month-on-month.

This quarter, Meituan continued to improve quality and efficiency, and all businesses achieved high-quality growth. Wang Xing, CEO of Meituan, said, As a technology retail company rooted in China, Meituan deeply feels the resilience of economic fundamentals. and the profound potential of national consumption. Meituan will firmly focus on the retail + technology strategy, help the deep integration of the digital economy and the real economy through technological innovation, and strive to contribute more to the steady growth of China’s economy, helping everyone eat better and live better. good.

all things home Instant retail expands development space for brick-and-mortar merchants

In the second quarter, Meituan continued to further promote the “ retail + technology strategy. Based on the multi-level retail matrix of goods and services accumulated over a long period of time, as well as the instant distribution system covering the whole country, Meituan has made positive contributions in serving people’s livelihood, fighting the epidemic and ensuring supply, effectively helping millions of merchants maintain and expand their business scale.

During the epidemic, takeaway orders have become the second lifeline for offline brick-and-mortar merchants. In April and May, affected by the epidemic, some high-end offline restaurants without food delivery experience began to choose to serve consumers through food delivery. On May 1 alone, 473 catering merchants in Beijing applied for online takeout through the green channel, including high-star hotels and high-end catering brands. Facing the challenge of the epidemic, Meituan also quickly took a number of measures to ensure supply and stably fulfill the contract. In Beijing, Shanghai and other places, Meituan has improved its distribution capabilities in a timely manner to ensure that it can meet consumers’ cross-regional and long-distance distribution needs, and has launched community group meals and emergency helper functions for consumer groups more affected by the epidemic.

The epidemic has further accelerated consumers’ immediate demand for everything to their home . In particular, the immediate consumption demand of households has exploded, and the large-scale orders for takeaway and flash sales have increased significantly. Driven by this, in the second quarter, the number of instant delivery orders of Meituan increased to 4.1 billion, and the quarterly revenue of the core local business segment including food delivery and Meituan flash sales increased to 36.8 billion yuan.

Relying on the real-time retail of local entities, it has also expanded new growth space for the offline real economy, especially for small, medium and micro merchants. From January to July this year, the transaction volume of convenience stores and supermarkets on the Meituan platform increased by 54% year-on-year , of which mom-and-pop stores increased by 110% .

fully committed Taking multiple measures to help offline consumption recover

During the post-epidemic economic recovery, the issuance of consumer coupons has become an effective means of promoting the economy in various places. The real-time retail features of local supply and instant delivery presented by Meituan have attracted great attention from local governments. Since the beginning of this year, under the guidance of the government, Meituan has actively cooperated with dozens of provinces and municipalities such as Beijing, Shenzhen, and Tianjin to help distribute nearly 600 million yuan of electronic consumer coupons, driving the steady growth of the transaction scale of brick-and-mortar stores. For example , from July 18th to August 15th , during the issuance of Beijing food and beverage consumption coupons, a variety of dine-in package categories in Beijing on the Meituan platform increased significantly. Among them, the online transaction volume of self-service dine-in packages increased by 236% month-on-month. From April to August , Meituan participated in the cultural tourism consumer coupon project initiated by local governments, leveraging an average of about 5 times the amount of direct related transactions.

In order to actively cooperate with relevant measures to stabilize the economy and promote consumption in various regions , Meituan fully integrates platform resources, and cooperates with many well-known brands to launch shopping festivals and marketing activities. Through a variety of theme activities, special discounts and safe service guarantees, Meituan has injected into the recovery of offline consumption. power.

At the same time, under the guidance of local governments and relevant departments, Meituan Takeaway is actively focusing on the actual needs of merchants, and continues to promote the “ prosperity plan to help merchants recover. In-store business helps merchants stabilize operations and increase income through various methods such as marketing support, product innovation, operational training, and government-enterprise cooperation. The catering business is also in areas where the epidemic is severe, and the merchants’ closure protection mechanism has been activated. By optimizing the operation mechanism, and innovating products such as appointment self- pickup ”, “ live broadcast ” and “ pre- sale , it helps merchants meet the needs of consumers in special times.

In the second quarter, Meituan’s long-term self-developed drones and automatic delivery vehicles started normal operations in more cities and regions. As of August 2022 , Meituan drone delivery has landed in 4 business districts in Shenzhen, with routes covering more than 10 communities and office buildings, and has completed over 75,000 orders for real users . As of August 2022 , Meituan automatic delivery vehicles have been operating regularly in Shunyi, Beijing for more than 2 years, covering more than 50 communities in Shunyi, with more than 2.4 million outdoor full-scene delivery orders , and autonomous driving mileage accounting for more than 97% .

Chen Shaohui, CFO of Meituan, said: This quarter, we continued to focus on long-term value creation and core capacity building, and continued to discover and meet new consumer needs. Through innovative business formats, we will promote supply and contract performance upgrades, and drive physical development. Meituan will continue to use Technology connects people and goods and services, strives to meet the diverse needs of consumers, and creates greater value for industry players .

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