Meituan’s core business profit exceeded 10 billion yuan in a single quarter; Nvidia broke all expectations

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Meituan’s core business profit exceeded 10 billion yuan in a single quarter

Previously, Ali’s local life’s financial performance rebounded, which to some extent foreshadowed that Meituan’s performance in the same period would not be too bad. Under the premise of a low base in the same period last year, most analysts also believe that Meituan’s revenue can increase by at least 30%, and achieve a core business net profit of about 10 billion yuan.

The actual figures were even better than market forecasts. In the second quarter, Meituan’s revenue increased by 33.4% year-on-year to 67.96 billion yuan, and it turned around sharply, from an operating loss of nearly 500 million yuan in the same period last year to a profit of 4.7 billion yuan.

  • Among them, the core local business (including takeaway, in-store, wine travel and Meituan flash shopping, homestay and transportation ticketing) contributed about 51.2 billion yuan in revenue, with a growth rate of nearly 40%. The department’s operating profit exceeded 10 billion in a single quarter for the first time, reaching 11.13 billion billion, with a growth rate of nearly 35%.
  • Revenue from online marketing services, which is a core local business, was about 10.2 billion yuan, a year-on-year increase of more than 40%, suggesting that Meituan has not been too much affected by Douyin for the time being.
  • 5.4 billion transactions were delivered in real time, with an average of 60 million orders per day, a new quarterly high.

New business segments, including Meituan Optimal, Meituan Maicai, catering supply chain (Kuailu), online car-hailing, shared bicycles, shared motorcycles, charging treasures, restaurant management systems and other new businesses, revenue growth in the current quarter Slow down to 18%, the scale is about 16.8 billion yuan.

Compared with the core local businesses that directly benefit from the recovery of consumption, Meituan seems to be prudently investing in new businesses that are more susceptible to disruption under the complex economic situation. Correspondingly, the new business operating loss narrowed to 5.192 billion yuan from 6.789 billion yuan in the same period last year.

In the second quarter, Meituan continued its expenditure style in the previous quarter as a whole, that is, expanding marketing investment, controlling R&D expenditure, and reducing administrative expenses.

  • Sales expenses were 14.553 billion yuan, a year-on-year increase of 61.95%. The growth rate in the first quarter was 14.59%;
  • Research and development expenses were 5.407 billion yuan, a year-on-year increase of 3.92%. The growth rate in the first quarter was 3.44%;
  • Administrative expenses were 2.139 billion yuan, a year-on-year decrease of 14.54%. The growth rate in the first quarter was -13.75%.

At the performance meeting, Wang Xing, chairman and CEO of Meituan, and Chen Shaohui, CFO, both introduced how to strengthen marketing in the second quarter, and introduced an upgraded version of the “God Coupon Festival” as an example, allowing merchants to promote sales in Beijing, Shanghai, Guangzhou, etc. through flash sales and live broadcasts. Introduce high-quality merchants, etc.

Chen Shaohui added that subsidies related to stimulating consumption and acquiring new users have pushed up marketing expenses, but to a certain extent, they have also been offset by the scale effect on the supply side. At the same time, the increase in business marketing demand has also driven the growth of advertising revenue. When asked by analysts about his views on the third quarter, Chen Shaohui said that the growth of takeaway orders will slow down, which will be affected by extreme weather and the macro economy. However, compared with other consumer sectors, they are still resilient, and the relationship between supply and demand will continue in a certain period. Back to normal after two quarters.

In response to a similar question from another analyst, Wang Xing said that Meituan is actively adapting to changes in consumption capacity, providing more high-quality and low-priced supplies, and combining with the first-party distribution network, it can sell goods in a lower price range. get more demand.

“We are particularly confident in the resilience of small and medium-sized merchants. They represent the vitality of the Chinese economy, and their recovery will enable us to penetrate deeper from the supply side to lower price bands and serve a wider range of people.” Wang Xing said. (Gong Fangyi)

Nvidia shatters all expectations

Three months ago, after Nvidia delivered a bright quarterly report, its stock price soared by nearly 25% after hours, growing two Intels in one day.

Three months later, Nvidia’s performance once again far exceeded everyone’s expectations, including itself three months ago:

  • Revenue hit a record high of US$13.51 billion, doubled year-on-year and nearly 90% month-on-month, 22.8% higher than the company’s own revenue guidance of US$11 billion;
  • Data center revenue hit a record high of US$10.32 billion, a year-on-year increase of 171% and a month-on-month increase of 141%. Major customers such as AWS, Google Cloud, Meta, and Microsoft Azure are queuing up to order their GPU and supercomputing platform HGX;
  • Net profit reached 6.188 billion US dollars, an increase of more than 8 times year-on-year;
  • Revenue is expected to reach $16 billion in the next quarter, 28% higher than the consensus estimate of $12.5 billion;
  • Announced $25 billion buyback program.​


Also during these three months:

The main competitor AMD has come up with the flagship GPU MI300 series that is benchmarked against the H100, and it is said that it has obtained cooperation intentions from cloud computing manufacturers such as Amazon AWS;

The main supplier TSMC expressed that it is not clear whether the short-term frenzy of AI demand can be sustained, but because it cannot bear the consequences of the large customer Nvidia’s production capacity not keeping up with the order, it can only bite the bullet and expand production;

Meta released a free and commercially available open-source large model Llama 2. It stands to reason that with such an open-source large model, many companies do not need to spend a lot of money on self-development, at least from the training side, the demand for GPU will be reduced;

Many investment leaders including Guy Spier, Cathie Wood, Aswath Damodaran, etc. have expressed similar views: Nvidia is a good company, but its valuation is too expensive.

And then all doubts are broken. After the release of the second quarter report, the last Wall Street agency to give Nvidia a “sell” rating conceded – Brian Colello, an analyst from Morningstar, upgraded Nvidia’s rating to “hold”. Nvidia currently has 54 “buys,” five “holds,” and zero “sells,” according to data compiled by Bloomberg.

Nvidia’s performance has basically set the tone for the future of AI. Huang Renxun said that a new era of computing has begun, and companies and data centers around the world are transforming from general-purpose computing to accelerated computing and generative AI.

These achievements have been achieved even after the combination of unfavorable factors such as a weak macro environment, limited production capacity and restricted Chinese market. The company’s CFO Colette Kress said in the earnings conference call that the supply will increase in the next quarter. In view of the strong global demand, even if the US government introduces additional GPU export restrictions to China, it will not have a direct impact on Nvidia’s performance. sexual influence. However, in the long run, such restrictions, once implemented, “will cause the US industry to permanently lose the opportunity to compete and lead in one of the world’s largest markets.” (Qiu Hao)

Futu’s first quarterly report after the delisting of the mainland app, the trading volume of Hong Kong and US stocks fell by more than 20%

In the second quarter of this year, Futu Holdings’ revenue increased by 42.3% year-on-year to HK$2.485 billion, and net profit increased by 74.5% year-on-year to HK$1.12 billion. Among them, interest income increased by nearly 1.3 times to HK$1.41 billion, while brokerage commission and fee income decreased by 7.9% to HK$953 million.

The report mentioned that the decline in commission income was mainly due to the fact that the total transaction volume fell by nearly 30% year-on-year, which was partially offset by the increase in handling fees. Among them, the trading volume of US stocks, Hong Kong stocks, and Shanghai-Hong Kong Stock Connect fell by 24.7%, 39%, and 4.3% respectively. During the same period, the average daily turnover of the Hong Kong Stock Exchange fell by about 20% year-on-year.

This is the first quarterly performance that Futu has been affected since it removed its mainland apps from the shelves on May 19. Previously, mainland users could register and buy and sell overseas stocks on Futu. However, according to China’s foreign exchange management regulations, foreign exchange purchased by domestic individuals cannot be used to purchase stocks and other capital items overseas. According to agency estimates, in the first half of last year, about 44% of Futu’s revenue came from mainland customers.

At the end of last year, the China Securities Regulatory Commission announced that Futu Securities and Tiger Securities constituted illegal securities business. According to the China Securities Regulatory Commission, the rectification is based on the idea of ​​”effectively curbing the increase and orderly resolving the stock”. That is to say, Futu can no longer attract new customers in the mainland, but the existing customers and existing funds on the platform may continue to trade in the short term.

Futu mentioned that in the second quarter of this year, the number of registered users and paying users of the platform increased by 12.4% and 14.3% year-on-year respectively, reaching 3.396 million and 1.586 million. In addition to Futu’s dominant position in Hong Kong, China, the number of users of its brand moomoo in Singapore is also close to 30% of the local adult population. On the same day that it announced the delisting of mainland apps in May, Futu announced that moomoo had entered the Malaysian market. (Lin Guangying)

Weibo’s revenue fell in the second quarter, but profits rose

In the second quarter of this year, Weibo’s net income was 440 million US dollars, a year-on-year decrease of 2%, and a year-on-year increase of 5% after excluding exchange rate factors. Operating profit was $123.5 million, representing an operating margin of 28%. Among them, Weibo advertising and marketing revenue was US$385.7 million, the same as the same period last year or an increase of 7% year-on-year after excluding exchange rate factors.

In terms of users, as of June, the number of monthly active users of Weibo was 599 million, a net increase of about 17 million users year-on-year, of which mobile users accounted for 95% of the number of monthly active users. Average daily active users in June were 258 million, representing a net increase of approximately 5 million users year-over-year.

In terms of content ecology, in the second quarter, Weibo focused on strengthening the operational efficiency of hotspots, entertainment and consumption fields, and increased investment in advantageous fields such as entertainment and animation. In the first half of the year, the traffic and interaction volume in the field of e-sports and animation increased significantly.

Weibo CEO Wang Gaofei mentioned in the conference call that the recovery speed of customers in the beauty makeup and game industries in the second quarter was slower than expected, and the overall sales growth rate in the second quarter was out of line. Affected by their own operations and competition in the beauty industry, some top foreign corporate customers in the beauty industry have slowed down the pace of marketing new products, and it will take some time for the industry’s revenue to resume growth.

In the second quarter of the game industry, more new games were launched after the version numbers were restored. Many middle-tier games have strengthened their cooperation with Weibo. However, due to the adjustment of core game customer strategies and the reduction of marketing budgets, the overall second quarter did not show growth. . However, with the normalization of version number release and the general trend of game users focusing on content marketing, the game industry is expected to recover in the third quarter. Fields that consume a lot of content, such as beauty and food, have encountered great challenges in the content ecology in the past three years, and need to find a differentiated operation strategy.

According to Weibo’s second-quarter conference call, in the second half of the year, Weibo will combine the summer user activity nodes in the third quarter to build a more complete field and blogger traffic data mechanism, speed up the recovery of traffic in vertical fields, and increase vertical consumption of users. (Intern Chen Yutong)

Japan starts dumping nuclear waste into Pacific Ocean

At noon on August 24, Japan’s Fukushima Daiichi Nuclear Power Plant started to discharge nuclear contaminated water into the sea. The General Administration of Customs of China announced that it will suspend the import of aquatic products originating in Japan from now on. In a Weibo poll launched by the Beijing News on “Will you still eat Japanese food?”, as of press time, a total of 96,000 people participated, of which 84,000 people chose “I don’t know how to eat, I am very worried about safety.”

In addition, people in Beijing and other places rushed to buy salt, and the salt on multiple e-commerce platforms showed that they were sold out. The Beijing Municipal Bureau of Commerce responded that salt reserves are sufficient, and citizens do not need to hoard salt.

A civil society group in South Korea filed a lawsuit with the Constitutional Court of South Korea. The “plaintiffs” include 40,000 people and 160 whales. The group’s lawyer, Kim Young-hee (sound), said that the South Korean government’s response to the sea discharge failed to protect the rights and interests of the people, which is unconstitutional; although It usually takes five years for the Constitutional Court to hear a case, but the discharge of nuclear wastewater will last for 30 years, so there is value in advancing the case.

According to “First Finance and Economics”, China restricts the import of Japanese aquatic products, and the most affected may be mid-to-high-end Japanese food stores that use Japanese ingredients. According to investigations, most cheap Japanese food stores use eel and chicken produced in China, while salmon mainly comes from Norway and Chile. Statistics show that there are currently over 79,000 Japanese grocery stores in China, of which 378 have a per capita consumption of over 1,000 yuan, and one-third are in Shanghai and Beijing. (Qiu Haolin Guangying)


NetEase’s revenue in the first half of the year increased by 3.4% year-on-year, driven by mobile games and non-game businesses.

In the first half of this year, NetEase’s revenue increased by 3.4% year-on-year to 24 billion yuan, and its net profit increased by 67% to 9 billion yuan, mainly due to the increase in the gross profit margin of Youdao and other businesses, as well as the increase in other income such as investment and interest. In the second quarter, NetEase’s client game revenue fell by 20% year-on-year, which may be related to the impact of the general environment on player consumption and NetEase’s increased crackdown on client game cheats.

SHEIN acquires one-third of Forvever 21’s parent company.

SHEIN and SPARC Group announced a cooperation on the 24th. According to the agreement, SHEIN will acquire about one-third of SPARC’s shares, and SPARC Group will become a minority shareholder of SHEIN. The specific transaction amount was not disclosed. SPARC Group is an American clothing brand operator, and its brands include Forever 21, outdoor brand Nautica, mid-range men’s clothing brand Brook Brothers and so on. In the future, these brands may be listed on the SHEIN platform, and SHEIN may also open shop-in-shops in these brand stores.

Tuhu Automobile passed the listing hearing on the Hong Kong Stock Exchange, and its net profit in the first half of the year was 214 million yuan.

Tuhu Auto has recently passed the Hong Kong Stock Exchange’s listing hearing. According to the latest disclosure, the revenue in the first half of this year increased by 19.3% year-on-year to 6.5 billion yuan, and the net profit was 214 million yuan. As of the end of the period, there were 161 self-operated stores and 4968 franchised stores. Compared with the end of the previous year, there was a decrease of 1 store and an increase of 477 stores. In addition, there were 20,013 cooperative stores. About three-quarters of the company’s revenue comes from franchising business, mainly through providing supply chain, system, training and other support for stores to obtain profit sharing.

Dongfang selected to enter Taobao Live.

After nearly a year of preparation, on August 24, Dongfang Selection officially entered Taobao Live, and it is planned to premiere five days later. At that time, Yu Minhong, the founder of New Oriental, and Dongfang Xiaosun, CEO of Dongfang Selection, will appear on the scene. There will be a 12% discount and other subsidies. The product categories sold are similar to before, including food and clothing and virtual coupons. In September last year, Dongfang Zhenxuan told the media that it was preparing for Taobao live broadcast. A month later, the parent company New Oriental first opened the “New Oriental Xuncheng Education Specialty Store” on Taobao.

COTY, a big-name cosmetics company, will raise prices in the second half of the year, and the cost pressure is unbearable.

Beauty company COTY’s sales in the first half of this year increased by 12% year-on-year to US$5.5 billion, of which the Asia-Pacific market increased by 13% to US$710 million. The management said that due to the impact of persistent inflation and the appreciation of the US dollar, profits will be dragged down, and product prices will be raised in the second half of the year. COTY currently produces make-up, perfume and other products for many brands, including Gucci, Hugo Boss, Burberry, Tiffany, Adidas, Lacoste and many more.

The “9.9 yuan” promotion has come from coffee to milk tea.

Nayuki’s Tea recently launched the “Drink Nayuki’s Fresh Milk Tea for 9.9 Yuan Weekly” campaign. When you open the mini program, you will receive a pop-up window, showing that each member can only receive one 9.9 Yuan coupon per week. At the end of last month, Nayuki’s Tea announced the opening of franchising. Earlier this month, it was reported that it launched a 9.9 yuan monthly card in Shanghai. Previously, Cudi and Ruixing also launched 9.9 yuan activities. According to reports, insiders of Ruixing revealed that during the 9.9 yuan store celebration, the overall sales of stores increased by at least 40%.

In the first half of the year, China Construction Bank’s personal mortgage loans decreased by 1.13%.

In the first half of this year, CCB’s revenue decreased by 0.59% year-on-year to 400.26 billion yuan, and its net profit increased by 3.36% to 167.34 billion yuan. During the reporting period, personal housing loans were 6.41 trillion yuan, a decrease of 1.13% from the end of the previous year, and the proportion of total loans fell to 27.7%. The net interest margin during the period was 1.6%, down 0.3 percentage points from the same period last year. As of the end of June, CCB’s non-performing loan balance increased by 8.1% from the end of the previous year, of which the real estate non-performing loan ratio increased by 0.4 percentage points to 4.76%.

Gansu urgently allocated 50 million yuan for drought relief.

Since June this year, drought has occurred locally in most, central and southern parts of the Hexi Corridor in Gansu Province and has continued to develop. Gansu Provincial Department of Finance, Provincial Department of Agriculture and Rural Affairs, and Provincial Department of Water Conservancy recently allocated 50 million yuan for drought relief. Among them, 10 million yuan is used to support the seeds, chemical fertilizers, agricultural film and other agricultural materials and drought-resistant equipment needed for drought relief and replanting of crops in disaster-stricken counties; 20 million yuan is used to support flood rescue and drought relief; 15 million RMB 5 million is used to support agricultural production in 10 counties and districts in Lanzhou, Wuwei, Baiyin and Qingyang for drought relief; 5 million yuan is used to support water conservancy and drought relief in 5 counties and districts in Lanzhou, Wuwei and Baiyin.

The Taiyuan and Suzhou property markets issued new policies.

  • The Taiyuan Municipal People’s Government Office issued “Several Measures for Promoting the Steady Development of the Real Estate Market” to support residents’ purchase of houses and refund of personal income tax. From October 1, 2022 to December 31, 2023, the sale of self-owned houses Taxpayers who re-purchase a house in Taiyuan City within one year after the sale of their current house will be given tax refunds for the personal income tax they have paid on the sale of their current house.
  • The Suzhou Housing Provident Fund Management Center has recently launched a brand-new rental housing withdrawal policy. The new policy includes that depositors who do not have a house in the place of work and rent a house will deduct the monthly payment deposit based on the latest payment base from their personal provident fund account (excluding new deposits) From the available balance after the employee subsidy), the housing provident fund can be withdrawn according to the actual rent expenditure every month, so as to realize “withdrawal as much as should be withdrawn”. For new citizens (non-Suzhou household registration) and young people (under 40 years old): no need to deduct the corresponding deposit amount, and the full amount can be withdrawn.

Credit Suisse’s local banking business is still there, but the brand is gone.

UBS will retain Credit Suisse’s onshore bank and has set a goal of phasing out the use of the Credit Suisse brand in Switzerland, according to people familiar with the matter. UBS has long signaled a preference for incorporating rather than divesting Credit Suisse’s lucrative onshore business, but Swiss elections in October forced UBS executives to water down the plan. Earlier this month, UBS announced it was terminating an agreement with the Swiss government. Under the agreement, the Swiss government provided guarantees for possible losses of up to $10 billion from UBS’s acquisition of Credit Suisse’s assets.

Foot Locker cuts annual revenue guidance as consumers become “sensitive and discerning.”

Sneaker shop Foot Locker’s same-store sales fell 9% in its most recent quarter, which ended in July, while inventory rose 11% to $1.8 billion. CEO Mary Dillon said in an interview that the company’s customers, especially low- and middle-income consumers, are “sensitive and picky” about prices. This pressure is expected to continue, and the company also lowered its full-year guidance and suspended dividends. After the financial report was released, the company’s stock price fell 32%, and because 65% of Foot Locker’s sales came from Nike, Nike’s stock price also fell.

Wagner founder Prigorzhin was killed in a plane crash.

According to the Russian Ministry of Emergency Situations quoted by Xinhua News Agency, on August 23, local time, a private plane crashed in the Tver region in western Russia, killing all 10 people on board. The Russian Federal Air Transport Agency stated that the passenger list included Russian private military Yevgeny Prigozhin, founder of Entity Wagner Organization.

August 24th is the day Americans call in the most sick days.

Flamingo, a company that specializes in managing employee absence, analyzed the data of American employees taking sick leave in the past five years and found that August 24th is the day Americans love to take sick leave. The reason is unknown. About 0.9% of employees will take sick leave on this day. sick leave. The second-ranked date is February 13, usually after Super Bowl weekend and before Valentine’s Day. Overall, stomach bugs were the reason for more than half of people’s sick days, a quarter was because of COVID-19, and 6% were unable to go to the office because of a broken bone or muscle strain.

After a lapse of 7 years, India will once again ban sugar exports.

India is expected to ban sugar mill exports in the 2023/24 season, which begins in October, amid reports that a lack of rains has cut sugarcane production, raising fears that this could further fuel global food inflation, after factors such as India’s rice export ban led to a surge in Asia. Rice prices soared to their highest level in 15 years in August. According to customs data, from January to March 2023, my country imported a total of 950,000 tons of sugar. The largest import source was Brazil, accounting for 73.2%, and the second largest import source was India, accounting for 15.6%.

India becomes the fourth country to land on the moon.

The Indian Space Research Organization (ISRO) announced on August 23 that India’s “Chandrayaan-3” (Chandrayaan-3) successfully landed on the south pole of the moon that day, and India became the fourth country to successfully land on the moon after the United States, Russia and China. country, and the first to land near the South Pole of the Moon. Scientists believe the moon’s south pole may harbor important deposits of frozen water and precious elements. Lunokhod-3 is expected to operate for two weeks, conducting a series of experiments including analyzing the mineral composition of the lunar surface with spectrometers to determine the presence of water ice.

Standard & Poor’s downgraded the credit ratings of 5 US banks.

Recently, Standard & Poor’s downgraded the credit ratings of five U.S. regional banks, including Union Bank of America and Silicon Valley National Bank, citing high funding risks, deposit loss, and high reliance on brokerage deposits, and updated the rating outlook of the other two banks to ” Negative”. Standard & Poor’s believes that the sharp rise in US interest rates has severely squeezed the liquidity of banks, resulting in a sharp decline in bank financing and profitability. This is another international rating agency downgraded the credit ratings of banks in the United States after the international rating agency Moody’s downgraded the credit ratings of ten US banks earlier this month.

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