Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 211 for the next six months [3][4]. Core Insights - The company's core local business profit exceeded market expectations by 14% in Q3, with significant improvements in both food delivery and in-store travel services [10][11]. - The report anticipates a revenue growth of 19% year-on-year in Q4, with core local business and new business revenues expected to grow by 18% and 22% respectively [13]. - The company is expected to benefit from its competitive advantages in instant delivery and the ongoing digitalization of the travel sector, alongside controlled losses in overseas business ventures [13]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenues of HKD 276,745 million, a 26% year-on-year increase, with adjusted net profit reaching HKD 23,253 million, reflecting an 8.4% net profit margin [9][10]. - The projected revenues for 2024, 2025, and 2026 are HKD 336,889 million, HKD 392,556 million, and HKD 447,463 million respectively, with corresponding growth rates of 22%, 17%, and 14% [9][10]. - The adjusted net profit is expected to grow to HKD 43,859 million in 2024, with a net profit margin of 13% [9][10]. Shareholder Structure - The major shareholders include Wang Xing with 8.90%, BlackRock with 5.97%, and Vanguard Group with 5.20%, while other shareholders account for 74.98% [7]. Stock Performance - The stock has shown a relative return of -4.79% over the past month, but a significant increase of 76.51% over the past year [8]. - The stock price as of November 29, 2024, was HKD 168.7, with a market capitalization of HKD 1,008,936 million [5][6].

2 Dec 2024 CMB International Global Markets | Equity Research | Company Update Meituan (3690 HK) 3Q results beat; driving earnings growth in a more holistic perspective Meituan reported (29 Nov) its 3Q24 results: revenue was RMB93.6bn, up 22% YoY, 2% higher than both our estimate and Bloomberg consensus estimate. Adj. NP reached RMB12.8bn, 4%/10% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy opti ...

美团-W（03690.HK） 优于大市 核心本地业务稳健增长，关注出海业务发展 营收增长 22%，调整后利润率同比提升 7pct。本季度美团实现营业收入 936 亿元，同比增长 22%。按收入类型划分，本季度即时配送服务/交易佣金/营 销服务收入分别同比增长+21%/+25%/+18%。本季度美团实现调整后净利润 128 亿元，同比增长 124%；调整后净利润率 14%，同比提升 7pct。其中，毛 利率同比提升约 4pct，得益于成本效率提升；研发费率同比下降 1.3pct， 反映经营杠杆作用下人效比提升，销售费率同比下降 3pct 至 19%，主要由于 营销效率提升，管理费率基本与去年同期持平。 即时配送总单量同比增长 15%，外卖闪购单均盈利持续优化。我们测算，本 季度公司餐饮外卖订单量同比提升 12%，受益于高粘性用户下单频次稳 步增长以及拼好饭快速起量。广告收入提升以及单均配送成本下降带动 餐饮外卖 UE 提升。闪购订单量同比增长 36%，经营利润连续三个季度转 正受益于货币化率的提升和规模效应。根据业绩会，公司将提供补贴以 支持商家的进一步发展和业务创新，初步总金额为 10 亿元人民币。 到店酒旅 ...

Investment Rating - The target price for the company is HK$199.20, representing an 18.1% upside from the current price of HK$168.70 [10] - The investment rating is based on a DCF valuation, with the target price revised upward by 26% to HK$199.20, reflecting improved earnings forecasts and an extended valuation horizon to 2025 [25] Core Views - The company's Q3 2024 revenue reached RMB 93.6 billion, a 22% YoY increase, surpassing both the analyst's and Bloomberg consensus expectations [6] - Adjusted net profit for Q3 2024 was RMB 12.8 billion, exceeding expectations by 4% and 10%, driven by better-than-expected performance in the Core Local Commerce (CLC) segment and reduced losses in new initiatives [6] - The company is focusing on operational integration within the CLC segment and expanding its food delivery (FD) business in the Middle East, which may slightly offset short-term earnings growth but supports long-term ecosystem development [6] Financial Performance Core Local Commerce (CLC) - CLC revenue and operating profit for Q3 2024 were RMB 69.4 billion and RMB 14.6 billion, respectively, growing 20% and 44% YoY, both exceeding expectations [7] - CLC operating margin improved by 3.5 percentage points to 21.0%, driven by increased delivery service revenue per order and optimized user subsidies [18] - CLC revenue and operating profit for Q4 2024 are expected to grow 18% and 44% YoY, reaching RMB 65.2 billion and RMB 11.6 billion, respectively [7] New Initiatives - New initiatives revenue in Q3 2024 grew 29% YoY to RMB 24.2 billion, with operating losses narrowing to RMB 1.0 billion, better than expected [8] - Meituan Select's operating losses narrowed to RMB 1.7 billion in Q3 2024, significantly better than the RMB 5.0 billion loss in Q3 2023 [8] - Excluding Meituan Select, other new initiatives achieved an operating profit of RMB 70 million in Q3 2024 [8] International Expansion - The company is investing in FD expansion in the Middle East, with expected operating losses of RMB 5.55 billion in Q4 2024 due to this expansion [9] - The financial impact of international FD expansion is expected to fully materialize in 2025, with higher gross transaction value (GTV) margins compared to domestic FD due to higher average order values (AOV) and delivery fees [9] Forecast and Valuation Adjustments - Revenue forecasts for 2024 and 2025 were revised upward by 0.2% and 0.4%, respectively, reflecting better-than-expected FD revenue growth [23] - Operating profit forecasts for 2024 and 2025 were raised by 14.0% and 6.2%, respectively, due to improved unit economics in the FD segment [23] - Non-IFRS net profit forecasts for 2024-2026 were increased by 5% to 9%, with the target price raised to HK$199.20 based on a DCF valuation [6] Valuation Methods - The DCF valuation assumes a WACC of 11.0% and a terminal growth rate of 2.5%, resulting in a target price of HK$199.20 [25] - A sum-of-the-parts (SOTP) valuation cross-check suggests a per-share valuation of HK$230.0, with FD and ISHT segments valued at 20.0x and 17.0x 2025E PE, respectively [28] Financial Summary - Revenue for 2024E is projected at RMB 336.97 billion, with a YoY growth of 21.8%, while adjusted net profit is expected to reach RMB 45.04 billion, a 93.7% YoY increase [13] - The company's ROE is forecasted to improve to 23.0% in 2024E, up from 9.9% in 2023A [13] - The P/E ratio for 2024E is 25.5x, declining to 18.1x by 2026E, reflecting strong earnings growth [37]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (03690) [1][4][7] Core Views - Meituan's Q3 2024 revenue reached 935.8 billion yuan (YoY +22.4%), exceeding consensus expectations by 1.7%, driven by stronger-than-expected core local commerce revenue [1] - Non-IFRS net profit was 128.3 billion yuan (YoY +124.0%), surpassing consensus by 10.1%, with a Non-IFRS profit margin of 13.7% (YoY +6.2pct, QoQ -2.8pct) [1] - The company is expected to achieve revenues of 3369/3898/4469 billion yuan and Non-IFRS profits of 417/539/673 billion yuan in 2024/2025/2026, with corresponding P/E ratios of 22.9/17.7/14.2 [1][7] Core Local Commerce - Core local commerce revenue in Q3 2024 was 693.7 billion yuan (YoY +20.2%), 1.5% above consensus, with delivery orders reaching 70.8 billion (YoY +14.5%) [1] - Delivery revenue was 277.8 billion yuan (YoY +20.9%), 14.2% above consensus, driven by changes in accounting, increased merchant adoption of Meituan delivery, and higher long-distance, nighttime, and large-item orders [1] - Operating profit for core local commerce was 145.8 billion yuan (YoY +44.4%), 13.7% above consensus, with an operating margin of 21.0% (YoY +3.5pct, QoQ -4.1pct) [1] Food Delivery - Food delivery revenue was 467.1 billion yuan (YoY +17.0%), 2.9% below consensus, with total orders reaching 61.5 billion (YoY +12.3%, daily average of 66.86 million) [1] - Average revenue per order was 7.59 yuan (YoY +4.2%), driven by higher-than-expected delivery and advertising revenue, partially offset by lower AOV [1] - Operating profit for food delivery was 88.3 billion yuan (1.44 yuan per order, YoY +29.1%), with an OPM of 18.9% (YoY +1.8pct, QoQ -0.8pct), 0.9pct above consensus [1] Instashopping - Instashopping revenue was 66.9 billion yuan (YoY +39.5%), with total orders reaching 9.3 billion (YoY +32%, daily average of 10.76 million), achieving slight profitability [1] In-store, Hotel & Travel - In-store, hotel & travel revenue was 159.8 billion yuan (YoY +23.0%), 2.1% above consensus, with GTV growth of 23%, 1.5% above consensus [1] - Operating profit for this segment was 52.2 billion yuan (YoY +29.0%), with an OPM of 33.2% (YoY +1.5pct, QoQ -2.0pct), 0.8pct below consensus [1] New Business - New business revenue in Q3 2024 was 242.0 billion yuan (YoY +28.9%), 8.3% below consensus, with an operating loss of 10.3 billion yuan (YoY -79.9%, QoQ -21.9%), 42.4% better than consensus [2] - The operating loss margin was 4.2% (YoY +23.0pct, QoQ +1.9pct), with Meituan优选 (preferred selection) contributing significantly to the reduction in losses [2] - Overseas business investments are expected to increase significantly, with full-year new business losses projected at 72-73 billion yuan, aiming for breakeven by 2026-2027 [2] Financial Summary - Gross profit was 367.5 billion yuan (YoY +36.2%), 3.5% above consensus, with a gross margin of 39.3% (YoY +4.0pct), 0.6pct above consensus [6] - Sales expenses were 179.5 billion yuan (YoY +6.2%), 5.5% above consensus, with a sales expense ratio of 19.2% (YoY -2.9pct, QoQ +1.2pct) [6] - R&D expenses were 52.9 billion yuan (YoY flat), 17.3% below consensus, with an R&D expense ratio of 5.7% (YoY -1.3pct, QoQ -0.8pct) [6] - Administrative expenses were 28.0 billion yuan (YoY +10.2%), in line with expectations, with an administrative expense ratio of 3.0% (YoY and QoQ flat) [6] Investment Recommendations - Meituan's strong competitive position in food delivery and instashopping, coupled with its ability to innovate and optimize efficiency, is expected to drive continued revenue growth and profit extraction [7] - The company's strategic focus on differentiated product selection and overseas expansion is likely to support long-term growth, with profitability expected to improve in the coming years [7]

隐证券 社会服务/本地生活服务Ⅱ 公 司 研 究 美团-W（03690.HK） 2024 年 12 月 02 日 短期业绩增速预期波动，整体利润上行趋势不变 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/11/29 | | 当前股价 ( 港元 ) | 168.70 | | 一年最高最低 ( 港元 ) | 217.00/61.100 | | 总市值 ( 亿港元 ) | 10,265.83 | | 流通市值 ( 亿港元 ) | 10,265.83 | | 总股本 ( 亿股 ) | 60.85 | | 流通港股 ( 亿股 ) | 60.85 | | 近 3 个月换手率 (%) | 44.69 | 股价走势图 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 美团-W 恒生指数 数据来源：聚源 相关研究报告 《核心商业盈利能力及新业务减亏进 程均超预期—港股公司信息更新报 告》-2024.8.30 《核心商业货币化率提升，新 ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690 HK) with a target price of HKD 168 70 [1] Core Views - Meituan's 3Q2024 performance exceeded expectations driven by improved profitability in core businesses and significant reduction in losses from new businesses [1] - The company's 3Q2024 revenue grew by 22 38% YoY while adjusted net profit surged by 124 00% YoY [1] - Meituan's gross margin increased by 3 99 percentage points and the expense ratio decreased by 4 73 percentage points in 3Q2024 [1] - The company's core local commerce segment saw a 20 25% YoY revenue growth with a 44 44% YoY increase in operating profit [3] - Meituan's new business segment revenue grew by 28 91% YoY although it still reported an operating loss [3] Financial Performance - Meituan's 1-3Q2024 revenue reached RMB 295 85 billion a 22 68% YoY increase with adjusted net profit of RMB 339 24 billion up 154 19% YoY [1] - In 3Q2024 Meituan's revenue was RMB 935 77 billion a 22 38% YoY increase with adjusted net profit of RMB 128 29 billion [1] - The company's gross margin for 1-3Q2024 was 38 67% up 3 12 percentage points YoY while the 3Q2024 gross margin was 39 28% [1] - Meituan's expense ratio for 1-3Q2024 was 28 49% down 3 72 percentage points YoY with the 3Q2024 expense ratio at 28 11% [1] Business Segment Analysis - Meituan's core local commerce segment contributed RMB 69 37 billion in revenue with a 21 02% operating margin in 3Q2024 [3] - Delivery services accounted for 40 05% of core local commerce revenue growing 20 89% YoY while commission income grew 24 27% YoY [3] - Meituan's instant delivery orders increased by 14 5% YoY in 3Q2024 reaching 7 078 billion orders [1] - The company's in-store hotel and travel business saw order volume grow over 50% YoY in 3Q2024 [1] Future Outlook - The report raises Meituan's 2024 2025 and 2026 adjusted net profit forecasts by 18% 7% and 4% respectively to RMB 49 07 billion RMB 54 99 billion and RMB 65 13 billion [1] - Meituan's core competitive barriers remain solid with continued improvement in profitability [1] - The company may increase investment in its overseas Keeta business although core business profitability still has room for improvement [1]

Investment Rating - Buy (Maintained Rating) for Meituan-W (03690 HK) [3] Core Views - Meituan-W reported better-than-expected Q3 2024 results with revenue of RMB 93 6 billion (+22 4% YoY) and Non-IFRS net profit of RMB 12 8 billion (+124% YoY) [4] - Local core commerce revenue grew 20 2% YoY to RMB 69 4 billion with an operating profit margin of 21% (+3 5pct YoY) [4] - New business revenue increased 28 9% YoY to RMB 24 2 billion with a narrowed operating loss of RMB 1 billion (-79 9% YoY) [4] - The company is expected to achieve revenue of RMB 3 376/3 941/4 461 billion in 2024/2025/2026 with Non-IFRS net profit of RMB 43 8/57 0/73 3 billion respectively [4] Business Segment Analysis Food Delivery and Instant Retail - Food delivery and instant retail transaction volume reached 7 077 billion in Q3 2024 with daily orders of 76 93 million (+14 5% YoY) [4] - Delivery revenue grew 21% YoY to RMB 27 8 billion driven by reduced subsidies and increased merchant adoption of delivery services [4] - Flash purchase business saw double-digit growth in user numbers and transaction frequency with faster growth in non-food categories [4] In-Store Hotel and Travel - In-store hotel and travel order volume increased over 50% YoY in Q3 2024 with record high annual transacting users and active merchants [4] - The business achieved rapid growth in lower-tier markets with increased user frequency and new user acquisition [4] - Hotel business maintained stable room night growth with the Shen Membership program becoming a new growth driver [4] New Businesses - New businesses excluding Meituan Select achieved overall profitability in Q3 2024 [4] - Meituan Select continued to narrow losses despite increased cold chain investments [4] - Overseas expansion began with the launch of Keeta in Riyadh in October 2024 [4] Financial Projections - Revenue is projected to grow at a CAGR of 15 1% from 2024 to 2026 reaching RMB 4 461 billion in 2026 [8] - Non-IFRS net profit margin is expected to improve from 13 0% in 2024 to 16 4% in 2026 [8] - ROE is forecasted to increase from 16 61% in 2024 to 20 45% in 2026 [8] - P E ratio is expected to decline from 21 64x in 2024 to 12 94x in 2026 reflecting earnings growth [4]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [5] Core Insights - Meituan's revenue for Q3 2024 increased by 22.4% year-on-year to 93.577 billion yuan, exceeding Bloomberg consensus expectations by 1.73%. The core business and new business revenues were 69.373 billion yuan and 24.204 billion yuan, respectively, with year-on-year growth of 20.25% and 28.91%. Operating profit surged by 307.5% to 13.685 billion yuan, also surpassing expectations by 41.04%. Adjusted net profit rose by 124.0% to 12.829 billion yuan, exceeding expectations by 10.07% [1][2][10]. Summary by Sections Financial Performance - Q3 2024 sales expenses increased by 6.20% year-on-year to 17.953 billion yuan, driven by higher advertising, user incentives, and employee compensation. The sales expense ratio decreased by 2.92 percentage points to 19.19% due to improved marketing efficiency. R&D expenses decreased by 0.52% to 5.293 billion yuan, with a R&D expense ratio of 5.66%, down 1.3 percentage points. Management expenses rose by 10.24% to 2.798 billion yuan, primarily due to increased compensation and taxes related to business growth, with a management expense ratio of 2.99%, down 0.33 percentage points [2]. Core Local Business - The core local business revenue grew by 20.2% to 69.373 billion yuan, exceeding Bloomberg expectations by 1.52%. Operating profit increased by 44.44% to 14.582 billion yuan, surpassing expectations by 13.69%, with an operating profit margin of 21.02%, up 3.52 percentage points. The order volume for the delivery business increased by 14.5% to 7.078 billion orders [2][3]. New Business Development - New business revenue grew by 28.91% to 24.204 billion yuan, exceeding expectations by 3.90%. Operating loss narrowed by 79.93% to -1.026 billion yuan, better than expectations by 42.41%, with an operating profit margin of -4.24%, up 22.99 percentage points. The Meituan Preferred business saw a reduction in losses due to efficiency improvements and healthy growth [4][10]. Future Projections - Meituan is expected to achieve revenues of 336.898 billion yuan, 389.849 billion yuan, and 446.912 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.74%, 15.72%, and 14.64%. Adjusted net profits are projected to be 41.737 billion yuan, 53.882 billion yuan, and 67.344 billion yuan, with growth rates of 79.49%, 29.10%, and 24.98%, respectively [10][12].

Revenue Growth - Revenue increased by 22.4% YoY to RMB 93.577 billion in Q3 2024, compared to RMB 76.467 billion in Q3 2023[4] - Core local commerce segment revenue rose by 20.2% YoY to RMB 69.373 billion, with operating profit up 44.4% YoY to RMB 14.582 billion[10][12] - New business segment revenue grew 28.9% year-over-year to RMB 24.2 billion, with operating losses narrowing by 79.9% to RMB 1 billion and an improved operating loss margin of 4.2%[23] - Meituan's total revenue increased 22.4% year-over-year from RMB 76.5 billion in Q3 2023 to RMB 93.6 billion in Q3 2024, driven by growth in both core local commerce and new business segments[27] - Core local commerce revenue reached RMB 69.4 billion, with delivery services contributing RMB 27.8 billion and commission income at RMB 26.1 billion[28] - Core local commerce revenue increased by 20.2% from RMB 57.7 billion in Q3 2023 to RMB 69.4 billion in Q3 2024, driven by growth in delivery services, commission income, and online marketing services[31] - New business revenue grew by 28.9% from RMB 18.8 billion in Q3 2023 to RMB 24.2 billion in Q3 2024, primarily due to growth in the company's retail business[32] - Revenue increased by 13.8% from RMB 82.3 billion in Q2 2024 to RMB 93.6 billion in Q3 2024, with growth across both reporting segments[53] - Core local commerce revenue grew by 14.3% from RMB 60.7 billion in Q2 2024 to RMB 69.4 billion in Q3 2024, driven by increased transaction volume[56] - New business revenue increased by 12.2% from RMB 21.6 billion in Q2 2024 to RMB 24.2 billion in Q3 2024, primarily due to growth in the retail business[57] Profitability - Operating profit surged by 307.5% YoY to RMB 13.685 billion, with operating profit margin improving from 4.4% to 14.6%[4] - Adjusted EBITDA grew by 134.8% YoY to RMB 14.529 billion, and adjusted net profit increased by 124.0% YoY to RMB 12.829 billion[4] - New business segment narrowed its operating loss to RMB 1.026 billion from RMB 5.112 billion in Q3 2023[10] - Operating profit increased significantly from RMB 3.4 billion in Q3 2023 to RMB 13.7 billion in Q3 2024, with the operating profit margin rising from 4.4% to 14.6%[42] - Core local commerce operating profit grew from RMB 10.1 billion in Q3 2023 to RMB 14.6 billion in Q3 2024, with the operating profit margin increasing by 3.5 percentage points to 21.0%[45] - New business operating loss narrowed from RMB 5.1 billion in Q3 2023 to RMB 1.0 billion in Q3 2024, with the operating loss margin improving by 23.0 percentage points to 4.2%[46] - Net profit for Q3 2024 was RMB 12.9 billion, compared to RMB 3.6 billion in Q3 2023[49] - Adjusted EBITDA for Q3 2024 was RMB 14.5 billion, slightly lower than the RMB 15.0 billion in Q2 2024[51] - Operating profit for Q3 2024 was RMB 13.7 billion, with an operating margin of 14.6%, up from RMB 11.3 billion and 13.7% in Q2 2024[68] - Core local commerce operating profit decreased to RMB 14.6 billion in Q3 2024 from RMB 15.2 billion in Q2 2024, with the operating margin dropping from 25.1% to 21.0%[70] - New business operating loss narrowed to RMB 1.0 billion in Q3 2024 from RMB 1.3 billion in Q2 2024, with the operating loss margin improving from 6.1% to 4.2%[71] - Net profit for Q3 2024 was RMB 12.9 billion, compared to RMB 11.4 billion in Q2 2024[75] - Adjusted EBITDA for Q3 2024 was RMB 14.5 billion, compared to RMB 6.2 billion in Q3 2023 and RMB 15.0 billion in Q2 2024[80] - Adjusted net profit for Q3 2024 was RMB 12.8 billion, compared to RMB 5.7 billion in Q3 2023 and RMB 13.6 billion in Q2 2024[80] Cost and Expense Management - Sales costs increased by 14.8% from RMB 49.5 billion in Q3 2023 to RMB 56.8 billion in Q3 2024, but the percentage of revenue decreased by 4.0 percentage points to 60.7% due to improved cost efficiency[34] - Sales and marketing expenses rose by 6.2% from RMB 16.9 billion in Q3 2023 to RMB 18.0 billion in Q3 2024, with the percentage of revenue decreasing by 2.9 percentage points to 19.2% due to improved marketing efficiency[36] - R&D expenses remained stable at RMB 5.3 billion in Q3 2024, with the percentage of revenue decreasing by 1.3 percentage points to 5.7% due to improved operating leverage[37] - Cost of sales rose by 17.5% from RMB 48.4 billion in Q2 2024 to RMB 56.8 billion in Q3 2024, accounting for 60.7% of revenue, up 1.9 percentage points[59] - Sales and marketing expenses increased by 21.0% from RMB 14.8 billion in Q2 2024 to RMB 18.0 billion in Q3 2024, representing 19.2% of revenue[61] - R&D expenses remained stable at RMB 5.3 billion in Q3 2024, with the percentage of revenue decreasing from 6.5% to 5.7%[62] Cash Flow and Financial Position - Cash and cash equivalents stood at RMB 42.5 billion, with short-term financial investments totaling RMB 91.7 billion as of September 30, 2024[15] - Operating cash inflow reached RMB 15.2 billion in Q3 2024[15] - Cash and cash equivalents stood at RMB 42.5 billion as of September 30, 2024, with short-term financial investments at RMB 91.7 billion[82] - Net cash flow from operating activities for Q3 2024 was RMB 15.2 billion, primarily due to pre-tax profit and adjustments for non-cash items and working capital changes[84] - Net cash used in investing activities for Q3 2024 was RMB 11.9 billion, mainly due to purchases of financial investments and property, plant, and equipment[85] - Net cash used in financing activities for Q3 2024 was RMB 15.0 billion, primarily due to the repurchase of Class B shares[86] - Capital-to-debt ratio as of September 30, 2024, was approximately 22%, calculated as total borrowings and notes payable divided by total equity attributable to shareholders[87] - Total assets decreased to RMB 285.93 billion as of September 30, 2024, compared to RMB 293.03 billion as of December 31, 2023[92] - Property, plant, and equipment increased to RMB 30.39 billion as of September 30, 2024, up from RMB 25.98 billion as of December 31, 2023[92] - Cash and cash equivalents increased to RMB 42.47 billion as of September 30, 2024, compared to RMB 33.34 billion as of December 31, 2023[92] - Total liabilities decreased to RMB 125.66 billion as of September 30, 2024, down from RMB 141.07 billion as of December 31, 2023[94] - The company repurchased 120,063,700 Class B shares for a total consideration of HKD 14.21 billion during the three months ended September 30, 2024[96] - The company issued USD 1.2 billion of 4.500% senior notes due 2028 and USD 1.3 billion of 4.625% senior notes due 2029 in October 2024[105] - The company's equity attributable to owners increased to RMB 160.32 billion as of September 30, 2024, up from RMB 152.01 billion as of December 31, 2023[92] - Short-term financial investments decreased to RMB 91.69 billion as of September 30, 2024, compared to RMB 111.82 billion as of December 31, 2023[92] - Trade receivables increased to RMB 3.25 billion as of September 30, 2024, up from RMB 2.74 billion as of December 31, 2023[92] - The company's deferred tax liabilities increased to RMB 1.30 billion as of September 30, 2024, compared to RMB 968.23 million as of December 31, 2023[94] Business Segment Performance - Core local commerce segment revenue rose by 20.2% YoY to RMB 69.373 billion, with operating profit up 44.4% YoY to RMB 14.582 billion[10][12] - New business segment narrowed its operating loss to RMB 1.026 billion from RMB 5.112 billion in Q3 2023[10] - Meituan's instant retail business saw double-digit year-over-year growth in both user numbers and transaction frequency, with non-food categories growing faster due to expanded supply and improved service quality[18] - Meituan's on-demand delivery network served over 1.6 million riders, improving efficiency and safety through initiatives like the "Rider-Friendly Community" and "Rider Home" features[19] - Meituan's in-store, hotel, and travel business achieved over 50% year-over-year growth in order volume, with record highs in annual transacting users and active merchants[20] - Domestic hotel room nights continued stable growth, with high-end hotels leveraging new marketing IPs and low-end hotels benefiting from increased demand for short trips and local travel[22] - Core local commerce revenue reached RMB 69.4 billion, with delivery services contributing RMB 27.8 billion and commission income at RMB 26.1 billion[28] - Core local commerce revenue increased by 20.2% from RMB 57.7 billion in Q3 2023 to RMB 69.4 billion in Q3 2024, driven by growth in delivery services, commission income, and online marketing services[31] - New business revenue grew by 28.9% from RMB 18.8 billion in Q3 2023 to RMB 24.2 billion in Q3 2024, primarily due to growth in the company's retail business[32] - Core local commerce revenue grew by 14.3% from RMB 60.7 billion in Q2 2024 to RMB 69.4 billion in Q3 2024, driven by increased transaction volume[56] - New business revenue increased by 12.2% from RMB 21.6 billion in Q2 2024 to RMB 24.2 billion in Q3 2024, primarily due to growth in the retail business[57] Operational Metrics - Instant delivery transactions increased by 14.5% YoY to 7.078 billion orders in Q3 2024[8] - Meituan's instant retail business saw double-digit year-over-year growth in both user numbers and transaction frequency, with non-food categories growing faster due to expanded supply and improved service quality[18] - Meituan's on-demand delivery network served over 1.6 million riders, improving efficiency and safety through initiatives like the "Rider-Friendly Community" and "Rider Home" features[19] - Meituan's in-store, hotel, and travel business achieved over 50% year-over-year growth in order volume, with record highs in annual transacting users and active merchants[20] - Domestic hotel room nights continued stable growth, with high-end hotels leveraging new marketing IPs and low-end hotels benefiting from increased demand for short trips and local travel[22] - The company's active merchants are defined as those who have completed at least one transaction, purchased online marketing services, processed offline payments, or generated orders through the ERP system within a specific period[114] - The company's transaction amount includes the value of paid products and services on the platform, excluding pure payment transactions such as QR code payments and POS transactions[115] - The company's instant delivery transaction count includes transactions from food delivery and Meituan Flash Purchase businesses[116] - The company's transaction users are defined as user accounts that have paid for products and services on the platform within a specific period, regardless of subsequent refunds[117] - The company's transaction count is based on payment frequency, with specific rules for different business segments such as in-store, hotel booking, and shared mobility services[118] Corporate Governance and Shareholder Information - The company's board of directors includes executive directors Wang Xing and Mu Rongjun, and independent non-executive directors including Ou Gaodun, Leng Xuesong, Shen Xiangyang, and Yang Minde[107] - The company's financial performance and business outlook are based on unaudited management accounts and involve significant risks and uncertainties[108] - The company's A-class shares carry ten votes per share on most resolutions, while B-class shares carry one vote per share[110] - The company repurchased 120,063,700 Class B shares for a total consideration of HKD 14.21 billion during the three months ended September 30, 2024[96] - The company issued USD 1.2 billion of 4.500% senior notes due 2028 and USD 1.3 billion of 4.625% senior notes due 2029 in October 2024[105]