Investment Rating - The report maintains a "Buy" rating for the company [2][11][26] Core Views - The company's Q1 2024 revenue reached 73.3 billion RMB, representing a year-over-year increase of 25% and exceeding Bloomberg's consensus estimate of 69 billion RMB [5][15] - Operating profit for Q1 2024 was 5.2 billion RMB, up 45% year-over-year, and net profit was 5.4 billion RMB, reflecting a 60% year-over-year increase [5][15] - The core local business revenue grew by 27% year-over-year to 54.6 billion RMB, driven by refined marketing and subsidy strategies [7][11] - The company is expected to achieve revenue forecasts of 329.8 billion RMB, 384.5 billion RMB, and 436.9 billion RMB for 2024, 2025, and 2026 respectively [11][26] Summary by Sections Financial Performance - Q1 2024 Non-GAAP net profit was 7.5 billion RMB, a 36% increase year-over-year, surpassing the expected 5.8 billion RMB [5][15] - The gross margin for Q1 2024 was 35.1%, an increase of 1.3 percentage points year-over-year, primarily due to improved margins in retail business [20][25] - The operating margin was 7.1%, and the net profit margin was 7.3%, both showing year-over-year improvements [20][25] Business Segments - The food delivery business saw a steady growth with a 24% year-over-year increase in order volume, reaching nearly 500 million active users [7][11] - The flash purchase business achieved a daily order volume of 8.4 million, with growth rates exceeding those of the food delivery segment [7][11] - The hotel and travel segment reported a GTV growth of over 60% year-over-year, with revenue growth of 33% [8][11] Valuation and Forecast - The report projects a target market value of 800.9 billion RMB for the company, with a target price of 128 RMB per share [11][26] - Adjusted earnings per share (EPS) forecasts are 4.66 RMB, 6.44 RMB, and 8.42 RMB for 2024, 2025, and 2026 respectively [11][26]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [Table_Industry] 社会服务 证 券 研 究 报 告 新业务超预期减亏，到家、到店有望打通协同 [Table_Invest]评级：增持 [当前价格 Table_CurPrice] :(港元) 110.40 美团-W(3690) [Table_Date] 2024.06.08 | --- | --- | |----------------------------|--------------| | | | | [Table_Market] 交易数据 | | | 52 周内股价区间 ( 港元 ) | 62.55-146.30 | | 当前股本 ( 百万股 ) | 6,235 | | 当前市值 ( 百万港元 ) | 688,350 | -49% -36% -22% -9% 5% 18% 2023/62023/72023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/6 52周内股价走势图 美团- ...

2024 年 6 月 7 日 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

7 Jun 2024 Meituan (3690 HK) 7 Jun 2024 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------|-----------|----------| | (RMB mn) | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | Consensus | Diff (%) | | Revenue | 58,617 | 67,965 | 76,467 | 73,696 | 73,276 | 68,996 | 6.2% | | YoY | 26.7% | 33.4% | 22.1% | 22.6% | 25.0% | | | | By segment | | | | | | | | | CLC | 42,885 | 51,200 | 57,691 | 55,131 | 54,626 | 50,743 | 7.7% | | YoY | 25.5% | 39.2% | 24.5% ...

Revenue Growth - Revenue increased by 25.0% from RMB 586 billion in Q1 2023 to RMB 733 billion in Q1 2024, driven by growth in both core local commerce and new initiatives segments[8] - Revenue for Q1 2024 grew 25.0% year-over-year to RMB 73.276 billion, driven by strong performance in core local commerce and new business segments[72] - Revenue for Q1 2024 increased by 25.0% year-over-year to RMB 73.3 billion, with core local commerce revenue growing by 27.4% to RMB 54.6 billion[82][83] - Revenue for Q1 2024 reached RMB 73.28 billion, a 25% increase compared to RMB 58.62 billion in Q1 2023[131] Core Local Commerce Performance - Core local commerce revenue grew by 27.4% from RMB 429 billion in Q1 2023 to RMB 546 billion in Q1 2024, primarily due to increased transaction volume and higher online marketing revenue[11] - Core local commerce revenue reached RMB 54.626 billion in Q1 2024, with delivery services contributing RMB 21.065 billion and commission income at RMB 20.034 billion[63] - Core local commerce operating profit rose by 2.7% to RMB 9.7 billion, with an operating profit margin of 17.8%[83] - Core local commerce segment operating profit increased from RMB 9.4 billion in Q1 2023 to RMB 9.7 billion in Q1 2024, with operating profit margin decreasing from 22.0% to 17.8%, a drop of 4.2 percentage points[31] - Core local commerce operating profit increased to RMB 9.7 billion in Q1 2024 from RMB 8.0 billion in Q4 2023, with operating profit margin rising from 14.5% to 17.8%[108] - Core local commerce revenue decreased by 0.9% QoQ to RMB 54.6 billion, primarily due to reduced instant delivery transactions and lower merchant marketing spending during holidays, partially offset by growth in hotel and travel business revenue[93] New Business Segment Performance - New initiatives revenue rose by 18.5% from RMB 157 billion in Q1 2023 to RMB 187 billion in Q1 2024, mainly driven by growth in the retail business[11] - New business segment's operating loss narrowed to RMB 2.8 billion in Q1 2024 from RMB 5.0 billion in Q1 2023, with the loss margin improving by 17.2 percentage points to 14.8%[59] - New business segment narrowed its operating loss to RMB 2.8 billion from RMB 5.0 billion in the same period last year[82] - The company's new business segment revenue increased by 18.5% YoY to RMB 18.7 billion, with operating losses narrowing by 45.2% to RMB 2.8 billion, resulting in an improved operating loss margin of 14.8%[89] - New business operating loss narrowed to RMB 2.8 billion in Q1 2024 from RMB 4.8 billion in Q4 2023, with operating loss margin improving from 26.0% to 14.8%[110] Cost and Expense Management - Cost of sales increased by 22.6% from RMB 388 billion in Q1 2023 to RMB 476 billion in Q1 2024, with the cost-to-revenue ratio decreasing by 1.3 percentage points to 64.9%[14] - Sales and marketing expenses grew by 33.1% from RMB 104 billion in Q1 2023 to RMB 139 billion in Q1 2024, accounting for 19.0% of revenue, up 1.2 percentage points year-over-year[16] - R&D expenses remained stable at RMB 50 billion in Q1 2024, with the expense-to-revenue ratio decreasing by 1.8 percentage points to 6.8%[17] - General and administrative expenses increased by 15.2% from RMB 20 billion in Q1 2023 to RMB 23 billion in Q1 2024, maintaining a stable expense-to-revenue ratio of 3.1%[18] - Sales and marketing expenses decreased by 17.0% QoQ to RMB 13.9 billion, accounting for 19.0% of revenue, down 3.7 percentage points, mainly due to reduced user incentives and promotional spending[98] - R&D expenses decreased by 7.8% QoQ to RMB 5.0 billion, accounting for 6.8% of revenue, down 0.6 percentage points, reflecting efforts to improve operational efficiency[100] - General and administrative expenses decreased by 14.9% QoQ to RMB 2.3 billion, accounting for 3.1% of revenue, down 0.6 percentage points, also due to improved operational efficiency[101] - The company's cost of sales decreased by 2.3% QoQ to RMB 47.6 billion, accounting for 64.9% of revenue, down 1.2 percentage points, mainly due to improved gross margins in the retail business[97] Profitability and Margins - Operating profit for Q1 2024 reached RMB 5.209 billion, with an operating profit margin of 7.1%, compared to RMB 3.586 billion and 6.1% in Q1 2023[55] - Net profit for Q1 2024 was RMB 5.369 billion, a 59.9% increase compared to RMB 3.358 billion in Q1 2023[72] - Adjusted EBITDA for Q1 2024 was RMB 8.070 billion, up 28.9% from RMB 6.262 billion in Q1 2023[72] - Adjusted EBITDA and adjusted net profit increased to RMB 8.1 billion and RMB 7.5 billion, respectively[82] - Operating profit for Q1 2024 was RMB 5.2 billion with an operating profit margin of 7.1%, compared to RMB 1.8 billion and 2.4% in Q4 2023[105] - Net profit attributable to equity holders increased to RMB 5.4 billion in Q1 2024 from RMB 2.2 billion in Q4 2023[112] - Adjusted EBITDA for Q1 2024 was RMB 8.1 billion, compared to RMB 6.3 billion in Q1 2023 and RMB 3.7 billion in Q4 2023[123] - Gross profit for Q1 2024 was RMB 25.697 billion, up from RMB 24.993 billion in Q4 2023, reflecting improved cost management[62] - Gross profit for Q1 2024 was RMB 25.70 billion, up 29.7% from RMB 19.82 billion in Q1 2023[131] - Operating profit for Q1 2024 stood at RMB 5.21 billion, a 45.3% increase from RMB 3.59 billion in Q1 2023[131] - Net profit attributable to the company's shareholders in Q1 2024 was RMB 5.37 billion, a 59.9% increase from RMB 3.36 billion in Q1 2023[131] Cash Flow and Financial Position - The company repurchased 82,508,300 Class B shares for a total consideration of HKD 7,173,699,610.55 during the period up to the announcement date[1] - Cash and cash equivalents stood at RMB 50.8 billion, with short-term financial investments at RMB 87.8 billion as of March 31, 2024[82] - Net cash generated from operating activities in Q1 2024 was RMB 6.0 billion, primarily due to pre-tax profit and adjustments for non-cash items and changes in working capital[124] - Cash and cash equivalents plus short-term financial investments totaled RMB 138.6 billion as of March 31, 2024[118] - Net cash generated from investing activities in Q1 2024 was RMB 23.3 billion, primarily due to proceeds from disposal of investments[119] - Net cash used in financing activities in Q1 2024 was RMB 11.9 billion, mainly due to repayment of borrowings[119] - Net cash flow from investing activities in Q1 2024 was RMB 23.3 billion, primarily driven by net cash from financial investments, partially offset by purchases of property, plant, and equipment and other investments[126] - Net cash flow used in financing activities in Q1 2024 was RMB 11.9 billion, mainly due to repayment of borrowings and interest, as well as the repurchase of Class B shares[127] - The capital-debt ratio as of March 31, 2024, was approximately 30%, calculated as total borrowings and notes payable divided by total equity attributable to the company's shareholders[128] - Total assets as of March 31, 2024, were RMB 285.31 billion, a slight decrease from RMB 293.03 billion as of December 31, 2023[132] - Total liabilities as of March 31, 2024, were RMB 128.57 billion, down from RMB 141.07 billion as of December 31, 2023[133] Other Income and Expenses - Net other income increased to RMB 1.4 billion in Q1 2024 from RMB 1.3 billion in Q1 2023, driven by fair value changes in financial investments[21] - Financial assets impairment losses decreased to RMB 175.4 million in Q1 2024 from RMB 255.3 million in Q1 2023, reflecting changes in expected credit losses[19] - The company's equity-accounted investments turned a profit of RMB 314.2 million in Q1 2024, compared to a loss of RMB 49.8 million in Q1 2023[60] - Share-based compensation expenses were RMB 1.9 billion in Q1 2024, slightly lower than RMB 1.9 billion in Q4 2023[123] - Depreciation and amortization expenses were RMB 1.9 billion in Q1 2024, compared to RMB 1.9 billion in Q4 2023[123] Corporate Governance and Compliance - The company's interim financial data for the three months ended March 31, 2024, is unaudited and should be read together with the 2023 financial statements, which were prepared in accordance with International Financial Reporting Standards[22] - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices, with the exception of Code Provision C.2.1, which requires the separation of the roles of chairman and CEO[24] - The company's chairman and CEO roles are currently held by Mr. Wang Xing, as the board believes this arrangement ensures consistent internal leadership and more effective and efficient strategic planning[24] - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as the code of conduct for directors' securities transactions, and all directors confirmed compliance with the code during the three months ended March 31, 2024[25] - No significant events affecting the company have occurred since March 31, 2024, other than those disclosed in the report[26] - The company's forward-looking statements in the announcement are based on subjective expectations, assumptions, and premises, and involve significant risks and uncertainties, and should not be overly relied upon by investors[30] Operational Highlights - Domestic hotel room nights and transaction value in the hotel and travel business achieved strong year-over-year growth in Q1 2024, particularly in niche destinations and lower-tier cities[65] - Meituan Youxuan's operational efficiency improved significantly in Q1 2024, with reduced per-unit fulfillment costs and enhanced marketing efficiency, leading to a narrowing of operating losses[66] - Instant delivery transactions grew by 28.1% year-over-year to 5.46 billion[76] - Meituan Maicai's daily order volume reached a new high in Q1, driven by improved consumer experience and operational enhancements[84] - Meituan Flash maintained rapid growth, with a significant increase in transaction users and frequency, and expanded its "Meituan Flash Warehouse" to approximately 7,000 locations[86] - The company expanded its "Meituan Official Live Streaming" to more regions and increased live streaming frequency, leading to rapid growth in merchant participation[87] - The company implemented a direct operation model nationwide, enabling entry into lower-tier markets and benefiting from digital transformation and strong consumption potential in these areas[87] - The company's gross merchandise value (GMV) for core local commerce was RMB 547.3 billion in Q1 2024, slightly down from RMB 551.3 billion in Q4 2023[92]

应链仓配管理等。 返佣补贴，将旗下店铺全部改名松鼠；个体商家实力和经验有限，一线城市松鼠单店首次投入60-70万，房租人工成本 | --- | --- | --- | --- | --- | |--------------------------------------------|----------|----------|----------|---------------| | 松鼠合作方案(元) | S级城市 | A级城市 | B级城市 | C级及以下城市 | | 育次授入 A = B + C + D + E | 600,000 | 480.000 | 430,000 | 350.000 | | -货款 B | 400, 000 | 330,000 | 300, 000 | 230, 000 | | -运营准备金(含固定投入及前3个月运营成本) C | 120, 000 | 70, 000 | 50,000 | 40, 000 | | 品牌使用费 D | 50, 000 | 50,000 | 50, 000 | 50, 000 | | 保证金(到期可退) E | 30, 000 | 30, 000 | ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W with a target price of HKD 176.05 per share [69][102] Core Views - Community group buying industry growth has slowed due to external economic environment changes and internal strategic shifts among players [4] - Meituan Youxuan and Duoduo Maicai have shifted focus from expansion to cost reduction and efficiency improvement since H2 2023 [108] - Meituan Youxuan's losses are expected to narrow significantly in 2024, with estimated losses of RMB 10-12 billion, down from RMB 18.9 billion in 2023 [136] Industry Analysis - The community group buying industry has entered a phase of slower growth and rational competition [4] - Downstream markets still hold significant consumption potential, with retail scale reaching RMB 17.6 trillion in 2022, growing at 9% YoY [122] - Community group buying helps improve rural retail infrastructure and addresses consumer pain points in downstream markets [116] Company Analysis Meituan Youxuan - Meituan Youxuan's development can be divided into three stages: rapid expansion (2020-2021), first optimization (2021Q3-2022Q4), and second optimization (2023Q1-2023Q4) [5] - The company has invested heavily in supply chain, warehousing, and logistics infrastructure [13] - Meituan Youxuan's GMV remained flat in 2023 at around RMB 140 billion, while Duoduo Maicai reached RMB 190 billion [108] Duoduo Maicai - Duoduo Maicai entered the market 3 months later than Meituan Youxuan but leveraged Pinduoduo's traffic and supply chain advantages [7] - Duoduo Maicai surpassed Meituan Youxuan in market share in Q2 2022, achieving 45% market share [24] - The company has implemented a decentralized management model, dividing operations into 78 business units [15] Financial Projections - Meituan's total revenue is projected to reach RMB 331.7 billion in 2024 and RMB 388.6 billion in 2025 [102] - Adjusted net profit is expected to be RMB 34.8 billion in 2024 and RMB 53.2 billion in 2025 [102] - The core local commerce segment is valued at RMB 516 billion, while the new business segment (excluding community group buying) is valued at RMB 111.2 billion [31] Strategic Focus - Meituan Youxuan is focusing on improving operational efficiency through measures such as closing inefficient warehouses and optimizing logistics [27] - The company is shifting from price subsidies to improving product quality and user experience [80] - Duoduo Maicai is prioritizing profitability over market share growth, with most regions achieving positive gross margins [24]

Financial Performance - Core local commerce revenue for Q4 2023 was RMB 8,019,425 thousand, accounting for 14.5% of total revenue, compared to RMB 10,095,831 thousand (17.5%) in Q3 2023[1] - New business segment operating loss narrowed to RMB 4,832,692 thousand (26.0% loss margin) in Q4 2023 from RMB 5,111,976 thousand (27.2% loss margin) in Q3 2023, a 1.2 percentage point improvement[2] - Net profit for Q4 2023 was RMB 2,216,987 thousand, down from RMB 3,593,234 thousand in Q3 2023[16] - Total revenue for 2023 reached RMB 276,744,954 thousand, with core local commerce contributing RMB 206,906,932 thousand and new business contributing RMB 69,838,022 thousand[6] - Cost of sales increased by 13.5% YoY to RMB 179.6 billion in 2023, but as a percentage of revenue decreased by 7.0 percentage points to 64.9%[9] - R&D expenses remained stable at RMB 9.4 billion in 2023, with the percentage of revenue decreasing by 1.0 percentage point to 3.4%[10] - Adjusted EBITDA for 2023 was RMB 23,878,018 thousand, a significant increase from RMB 9,724,589 thousand in 2022[17] Cash and Investments - As of December 31, 2023, the company held RMB 33.3 billion in cash and cash equivalents and RMB 111.8 billion in short-term financial investments[18] - The company issued zero-coupon convertible bonds totaling $1,483.6 million due in 2027 and $1,500 million due in 2028, with net proceeds of approximately $2,971.5 million intended for technological innovation, including R&D in autonomous delivery vehicles and drone delivery[41] - As of December 31, 2023, $241.2 million of the net proceeds from the 2027 and 2028 bonds remained unused, with $1,307.7 million already utilized for technological innovation[41] - The company plans to fully utilize the remaining net proceeds from the 2027 and 2028 bonds within 5 years from the issuance date[41] - The net proceeds from the 2021 placement and subscription amounted to approximately $6.6 billion, with $347.6 million used for technological innovation and general corporate purposes during the reporting period[89] - As of December 31, 2023, $3.3 billion of the net proceeds from the 2021 placement and subscription remained unused, compared to $3.6 billion as of December 31, 2022[89] - The company plans to fully utilize the remaining net proceeds from the 2021 placement and subscription within 5 years from the completion of the placement and subscription[89] Employee and Compensation - The company employed 114,731 full-time employees as of December 31, 2023, with the majority based in China[24] - The company's independent non-executive directors receive annual fixed cash compensation of RMB 500,000 and equity-based compensation of RMB 1,000,000, subject to certain conditions[47] - The company participates in various employee social security and housing provident fund programs, contributing a specific percentage of employee salaries[53] - The company grants equity incentive awards to employees to encourage contributions to growth and development[53] - The company's board of directors has established a compensation committee to review the group's compensation policy and structure[157] - The company's retirement and employee benefit plans are detailed in the consolidated financial statements[159] - The company's non-executive directors are appointed for a term of three years, which automatically renews unless terminated with at least one month's written notice[170] - No annual director's fees are payable to non-executive directors under the current arrangement[170] - The company's directors do not have any service contracts that cannot be terminated by the group within one year without compensation (except for statutory compensation)[172] Share Structure and Equity - Shen Nanpeng holds 9,476,400 Class B shares and has a 1.68% equity interest in the company through SNP China Enterprises Limited and other controlled entities[78] - Charmway Enterprises holds 88,650,000 Class A shares, with Mu Rongjun having beneficial interests in these shares through a trust structure[81] - The total number of issued shares as of December 31, 2023, is 6,244,375,781, including 604,519,783 Class A shares and 5,639,855,998 Class B shares[96] - Crown Holdings holds 489,600,000 Class A shares, representing 80.99% of the Class A shares[98] - Charmway Enterprises holds 88,650,000 Class A shares, representing 14.66% of the Class A shares[98] - If all outstanding 2027 and 2028 convertible bonds were converted as of December 31, 2023, the total number of issued shares would increase to 6,298,140,567[83] - The 2027 convertible bond holders would hold 26,734,628 shares, representing 0.42% of the total shares if converted[83] - The 2028 convertible bond holders would hold 27,030,158 shares, representing 0.43% of the total shares if converted[83] - Other shareholders hold 5,640,125,781 shares, representing 89.56% of the total shares if all convertible bonds are converted[83] - The total number of shares that can be issued under the Pre-IPO Employee Share Incentive Plan is capped at 683,038,063 shares, subject to adjustments for other dilutive issuances[103] - No further stock options or restricted share units will be granted under the Pre-IPO Employee Share Incentive Plan after the company's listing[104] - The exercise period for stock options granted under the Pre-IPO Employee Share Incentive Plan is between the end of the vesting period and the 10th anniversary of the grant date[113] - As of December 31, 2023, no directors or key executives held any interests or short positions in the shares or related shares of the company's associated corporations[118] - BlackRock, Inc. holds a 5.88% interest in the company's Class B shares, totaling 331,564,182 shares[120] - JPMorgan Chase & Co. holds a 2.35% interest in the company's Class B shares, totaling 132,265,101 shares[120] - Brown Brothers Harriman & Co. holds a 5.24% interest in the company's Class B shares, totaling 295,591,050 shares[120] - The Pre-IPO Employee Share Incentive Plan aims to align the interests of directors, employees, and consultants with those of the company's shareholders and to incentivize outstanding performance[102] - The committee has the discretion to determine the terms and conditions of the incentives, including the grant or purchase price[104] - Restricted share units may be paid in cash, shares, or a combination of both, as determined by the committee[108] - The company has a total of 6,244,375,781 issued shares as of December 31, 2023, including 604,519,783 Class A shares and 5,639,855,998 Class B shares[121] - The potential conversion of outstanding convertible securities under the 2027 and 2028 bonds could have an anti-dilutive effect on earnings per share, and these were not included in the diluted earnings per share calculation for the year ended December 31, 2023[123] - The company has a limit of 62,421,252 Class B shares (1% of total issued shares) that can be issued under the post-IPO share option plan and other share plans, beyond which further grants require shareholder approval[136] - The company's share incentive plan includes options with exercise prices ranging from $0.000017 to $5.18 per share, with vesting periods from 0.5 to 6 years[130] - As of December 31, 2023, the company had 5,000,000 unexercised options granted to director Mu Rongjun, with exercise prices ranging from $3.86 to $5.18 per share[129] - The company's post-IPO share option plan, adopted on August 30, 2018, and amended on June 30, 2023, is effective for 10 years from the date of adoption[133] - The company's share incentive plan allows for flexible payment methods for option exercises, including cash, checks, shares, or a combination thereof[127] - The company's share incentive plan includes performance indicators and other terms for restricted share units, with payment forms and timing determined by the committee[129] - The company's share incentive plan allows for the adjustment of option exercise prices without shareholder or participant approval, provided it is not prohibited by applicable law[126] - The company's share incentive plan includes a limit of 1% of total issued shares for grants to service providers, beyond which further grants require shareholder approval[136] - Wang Xing holds 489,600,000 Class A shares, representing 80.99% of the total Class A shares[160] - Mu Rongjun holds 88,650,000 Class A shares, representing 14.66% of the total Class A shares[161] - The company has a limit of 624,212,527 Class B shares that can be issued under the post-IPO share option plan, which is approximately 10% of the total issued shares[151] - The company's post-IPO share option plan allows for the issuance of options with a maximum term of 10 years from the grant date[163] - The company's post-IPO share option plan includes performance-based vesting conditions and a mixed vesting schedule over a 12-month period[164] - The company's post-IPO share option plan includes a 1% individual limit and a 0.1% limit for certain participants[153][154] - As of January 1, 2023, the number of share options available for grant under the post-IPO share option plan was 472,240,496 shares[180] - As of December 31, 2023, the number of shares to be granted under the plan limit and service provider sub-limit was 609,351,099 shares and 62,401,365 shares respectively[180] - No share options were granted under the post-IPO share option plan during the reporting period[180] - The post-IPO share option plan will remain in effect for approximately four years and nine months as of December 31, 2023[179] - The vesting period for share options granted under the post-IPO share option plan must be at least 12 months, except in specific circumstances such as death, disability, or force majeure[178] - The post-IPO share option plan has been effective since September 20, 2018, and will remain in force for ten years[179] - Total unexercised share options as of December 31, 2023, amounted to 1,706,198 shares, with 315,000 options exercised and 283,212 options forfeited during the reporting period[181] - The weighted average market price of Class B shares before the exercise date of employee share options in 2023 was HK$115.3667 per share[181] - The company's Post-IPO Share Award Plan allows for the issuance of up to 62,421,252 Class B shares, representing approximately 1% of the total issued shares as of the annual report date[185] - Any further awards under the Post-IPO Share Award Plan that exceed the 1% individual limit of total issued shares require separate shareholder approval[185] - The weighted average market price of Class B shares before the vesting date of restricted share units for service providers in 2023 was HK$125.8363 per share[197] - As of December 31, 2023, the total effective restricted share units granted to directors under the Post-IPO Share Award Plan were 68,800 for 2019 grants, 16,865,997 for 2021 grants, and 58,261,362 for 2023 grants[193] - The purchase price for restricted share units under the Post-IPO Share Award Plan is zero[195] - The Post-IPO Share Award Plan is valid for ten years from the effective date and will expire on the tenth anniversary, with provisions for early termination by the board[188][190] - The post-IPO share incentive plan aims to align the interests of eligible individuals with the group's interests through share ownership, dividends, and share appreciation[200] - Eligible participants for the post-IPO share incentive plan include employees, associated entities, and service providers, subject to local legal restrictions[200] - The total number of B-class shares that can be issued under the post-IPO share incentive plan is capped at 624,212,527, approximately 10% of the total issued shares as of the annual report date[200] Dividend Policy - The company's dividend distribution is subject to Chinese accounting standards, requiring 10% of after-tax profits to be allocated to statutory reserves until they reach 50% of the registered capital[68] - The company's dividend policy is discretionary, based on profitability, cash flow, financial condition, capital needs, and statutory reserve requirements[68] - The company is registered in the Cayman Islands, and future dividend payments depend on the availability of dividends from its subsidiaries[68] Business Operations and Management - Wang Puzhong, CEO of Meituan's Core Local Commerce, oversees nine business segments including Meituan Platform, Meituan Waimai, and Meituan Delivery[65] - The company's major business review and performance analysis are detailed in the "Chairman's Report," "Management Discussion and Analysis," and "ESG Report" sections of the annual report[69] - The company has no significant investment or capital asset plans other than those disclosed in the report as of December 31, 2023[52] - The company did not issue any debt securities during the year ended December 31, 2023[73] - The company's equity changes during the reporting period are detailed in Note 26 of the consolidated financial statements[72] - No directors or senior executives had any reportable interests or short positions in the company or its associated corporations as of December 31, 2023[80] - The company has not entered into any contracts for the management and administration of the business during the reporting period[155] - The company has not granted any rights to directors to acquire shares or debentures during the reporting period[156] Shareholder Information - HongShan Funds holds approximately 0.19%, 0.02%, 0.03%, 0.58%, 0.01%, 0.10%, 0.15%, 0.001%, 0.003%, 0.01%, 0.23%, 0.02%, and 0.01% of the company's outstanding shares respectively[168]

Group 1 - The core point of the article is the organizational restructuring of Meituan, where the previously separate business units are merged into a new segment called "Core Local Commerce," led by Wang Puzhong as CEO [1][2] - Meituan has decided to eliminate the separate "In-store Business Group" and "Home Business Group," with their departments now reporting directly to the "Core Local Commerce" segment [1] - The restructuring aims to enhance management systems, upgrade organizational capabilities, solidify technological foundations, and create more value for customers [1] Group 2 - The recent organizational changes at Meituan reflect a trend of frequent personnel adjustments, with various leadership roles being reassigned to adapt to the evolving business landscape [1] - An insider analysis suggests that the diversity of Meituan's business models necessitates further integration and organizational iteration to improve efficiency and adapt to changes [2]

Core Insights - Meituan's CEO Wang Xing announced an organizational restructuring, merging several business units into a new "Core Local Commerce" segment, with Wang Puzhong appointed as CEO of this segment [1] - The previous "In-store Business Group" and "Home Business Group" will no longer exist, with their departments now reporting directly to the "Core Local Commerce" [1] Organizational Changes - The direct sales department has been dissolved, and a new "City Operations Department" has been established, led by Huang Xiaoqin, focusing on managing white-collar direct sales cities and urban merchants [1] - A "Chain Business Department" has been created, with Li Jiayi appointed as head, responsible for managing national chain merchants and urban chain businesses [1] - A "Supply Exploration Department" has been formed, led by Chu Zheng, tasked with promoting supply models, including food collection stores [1] - The original direct sales department for campus operations will continue under the leadership of Wu Min [1]