MEITUAN-W released its third-quarter results, achieving revenue of 93.577 billion yuan, a year-on-year increase of 22.4%. The number of Meituan flash purchase users and transaction frequency both achieved double-digit year-on-year growth

According to the Zhitong Finance APP, Meituan-W (03690) announced its performance for the three months ending September 30, 2024. During this period, the group achieved revenue of 93.577 billion yuan (RMB, the same below), an increase of 22.4% year-on-year; net profit was 12.865 billion yuan, an increase of 258% year-on-year; adjusted EBITDA measured in accordance with non-International Financial Reporting Standards was 14.529 billion yuan, an increase of 134.8% year-on-year.

In the third quarter, the group's on-demand delivery business continued to grow steadily, with order volume increasing by 14.5% year-on-year. In the ever-changing Chinese catering industry, food delivery presents new growth opportunities. The group optimized its product model and delved into the industrial chain to help merchants improve efficiency. For "Pin Hao Fan," the group continuously enhanced operational efficiency and improved user experience. In addition, the group assisted "Pin Hao Fan" merchants in product selection, subsidy strategies, and traffic allocation, helping them focus on the operation of popular products. Through "Pin Hao Fan," merchants can effectively expand the sales of high-cost-performance products, attract new customers, and increase revenue levels. The group's "Shen Qiang Shou" project helps catering brands promote high-quality popular products and stimulate consumers' non-immediate demand. The group further expanded "brand satellite stores," which have become a new growth driver for chain catering brands. Through these "brand satellite stores," the group provides merchants with full-process digital support while offering consumers high-cost-performance products. The Chinese food delivery industry still has enormous growth opportunities, and consumer demand continues to expand. Therefore, the group will continue to work with ecological partners to actively delve into the industrial chain, explore diverse and efficient solutions, provide more support for merchants, and promote high-quality development in the industry.

Meituan Flash Purchase continues to lead the rapid development of instant retail. Both the number of users and transaction frequency achieved double-digit year-on-year growth. Instant retail not only meets consumers' urgent needs but has also become a new lifestyle for people. As supply and consumption scenarios continue to expand, consumer user experience improves, and demand continues to change, further driving supply-side enhancements. On the group's platform, the transaction frequency of fresh and food-related categories continues to grow. Non-food categories are growing even faster, thanks to supply expansion and improved service quality. During the Qixi Festival and Mid-Autumn Festival, categories such as flowers and white wine achieved strong growth due to festive occasions and gifting. In summer, the group seized the market's growing demand for seasonal categories like chilled beer. The proportion of nighttime orders has increased, and growth in lower-tier markets continues to outperform the overall market. In addition, the number of "Meituan Lightning Warehouses" and their order contributions have both increased, effectively demonstrating the group's ongoing progress on the supply side. In the third quarter, the group accelerated the expansion of "Meituan Lightning Warehouses" into more lower-tier markets to better meet consumer demand for long-tail products. Several large retailers are accelerating their layout of "Meituan Lightning Warehouses." For example, the group recently reached a strategic cooperation with Miniso. Looking ahead, the group will collaborate with more startups and large retailers through "Meituan Lightning Warehouses," providing support for merchants in site selection, store ramp-up, and inventory management to help them achieve higher growth.

In the third quarter, the in-store hotel and travel business achieved strong growth, with order volume increasing by over 50% year-on-year. The number of annual transaction users and annual active merchants both reached historical highs. The group continues to leverage the synergy of its core local business and actively adapt to new consumption trends In terms of in-store business, the group assists merchants in their operations across all scenarios and business cycles to achieve high-quality growth and high returns on marketing investments.

In the third quarter of 2024, the new business segment's revenue increased by 28.9% year-on-year to 24.2 billion yuan. In the third quarter, due to efficiency improvements and healthy growth, other new businesses, excluding Meituan Youxuan, achieved profitability as a whole. In October, Keeta officially launched in Riyadh, the capital of Saudi Arabia, marking an important step for the group in international expansion. In the long term, the group will strive to bring quality services and products to more merchants and consumers worldwide, helping more people eat better and live better