Meituan Select further improved operational efficiency on year-over-year basis in 2023. “By the end of 2023, we have accumulated over 500 million transacting users. This new user base may bring more cross-sell opportunities to the platform in the future,” Wang said.

In 2023, order volume of Meituan Instashopping increased by over 40%, and Annual Active Merchants grew by almost 30% year over year. Purchase frequency from core users grew by 20% in Q4, Wang said.

“Having food and meals delivered in 30 minutes has become a new lifestyle. Throughout the year, we proactively iterated our business strategies and refined our operations in products, marketing and supply to cope with the evolving consumption trends,” Wang said. #fooddelivery

During 2023, Meituan has achieved healthy and high-quality growth in core businesses. Meituan “effectively satisfied diverse needs from consumers and invigorated local consumption,” said Xing Wang, Meituan founder and CEO, on 4Q 2023 earnings conference call.

Revenues from the New initiatives segment increased by 18.0% year over year to RMB69.8 billion in 2023. Operating loss narrowed to RMB20.2 billion, while operating margin improved to negative 28.9%. #retail #China

Meituan’s Core local commerce segment achieved an operating profit of RMB38.7 billion in 2023, which increased by 31.2% from RMB29.5 billion in 2022.

Meituan achieved an operating cash inflow of RMB40.5 billion in 2023. Meituan held cash and cash equivalents of RMB33.3 billion and short-term treasury investments of RMB111.8 billion as of December 31, 2023. #tech

Meituan recorded a profit of RMB13.9 billion in 2023, compared to the loss of RMB6.7 billion in 2022. #China #retail

For the full year 2023, Meituan revenues rose 25.8% to RMB276.7 billion, from RMB220.0 billion in 2022. Adjusted EBITDA and adjusted net profit increased to RMB23.9 billion and RMB23.3 billion in 2023, respectively. #retail

“We will adapt to the evolving consumption trends, iterate our products and operational strategies, and provide consumers with more cost-effective goods and services,” Wang concluded.

Meituan “in-store, hotel and travel business maintained its strong growth momentum since the beginning of this year,” Wang said. GTV increased by over 90% YoY, Quarterly Active Merchants grew by over 50% YoY, and Quarterly Transacting Users also increased substantially.

Meituan Instashopping grew strongly in Q3, with order volume, merchant base, and user base all increasing notably. Order volume reached “a peak of over 13 million daily orders on Chinese Valentine's Day in August,” Wang said.

Meituan “food delivery business maintained its robust growth momentum. Especially, its peak daily order volume reached new record high to 78 million in the summer, double the level of three years ago,” said Xing Wang, Meituan founder and CEO, on 3Q 2023 earnings conference call.

Revenues from the New initiatives segment in Q3 increased by 15.3% year over year to RMB18.8 billion, operating loss decreased by 24.5% year over year to RMB5.1 billion, and operating margin improved sequentially to negative 27.2%. #tech