Financial Data and Key Metrics - Total revenue increased by 22.4% YoY to RMB93.6 billion [5] - Adjusted net profit increased by 124% YoY to RMB12.2 billion [5] - Cost of revenue decreased by 4 percentage points YoY to 60.7%, driven by improved gross margin in goods retail and lower delivery costs [24] - Selling and marketing expenses ratio decreased by 2.9 percentage points YoY to 19.2% [24] - R&D expenses ratio decreased to 5.7% YoY [24] - Total segment operating profit increased to RMB13.6 billion, with operating margin rising from 6.5% to 14.5% [25] - Cash and cash equivalents plus short-term investments totaled RMB134.2 billion as of September 2024 [26] Business Line Performance - On-demand delivery order volume grew mid-teens YoY, with daily order volumes surpassing 10 million [10][27] - In-store hotel and travel business order volume increased by over 50% YoY, with annual transacting users up by over 30% [13][14] - Core local commerce segment revenue grew 20.3% YoY to RMB69.4 billion [30] - New initiatives segment revenue increased by 28.9% YoY to RMB24.2 billion, with operating loss narrowing to RMB1 billion [35] Market Performance - Lower-tier cities saw significant growth in in-store business, driven by increased transaction volume and consumer base [17][52] - Domestic hotel room nights maintained steady growth, with high-star hotels benefiting from new marketing strategies [18][19] - Meituan InstaMart expanded to over 500 stores, with over 30,000 stores across various categories, including 10,000 convenience stores [60][62] Strategy and Industry Competition - The company is focusing on digital transformation and innovation to drive industry growth, particularly in local commerce [6][21] - Meituan is leveraging its ecosystem to enhance cross-selling and synergies among businesses, particularly through the Shen Hui Yuan program [29][52] - The company is expanding internationally, with Keeta launching in Riyadh, Saudi Arabia, marking its first step into global markets [21][74] Management Commentary on Operating Environment and Future Outlook - Management believes the food delivery industry has significant growth potential, with food delivery becoming a lifestyle choice for many [44][46] - The company expects on-demand retail to account for over 10% of the total e-commerce market in the long term [59] - Management remains confident in the long-term growth prospects of the business, driven by innovation and digital transformation [21][37] Other Important Information - The company repurchased 4.2% of its total shares year-to-date, reducing outstanding shares significantly [36][83] - Meituan issued $2.5 billion in senior notes to support overseas expansion and future shareholder return initiatives [84] Q&A Session Summary Question: Food Delivery Business Growth and Initiatives - The company upgraded its Shen Hui Yuan program to support merchants, offering subsidies and AI tools for location selection [41][42] - Food delivery is expected to grow steadily, with new cohorts showing higher consumption frequency and ARPU than mature cohorts [45][46] Question: Co-Local Commerce Growth and Profitability - Co-local commerce is expected to maintain healthy growth, driven by new strategies and the Shen Hui Yuan program [52][53] - The company will focus on profitable growth while investing in the ecosystem to ensure long-term competitiveness [55][56] Question: Instashopping Penetration and Growth Potential - Meituan InstaMart is expected to reach a GTV scale of over RMB200 billion by 2027, with over 100,000 stores covering various categories [62] - The company plans to expand into new categories and lower-tier markets to drive growth [63] Question: In-Store Hotel and Travel Segment Progress - The Shen Hui Yuan program has driven significant traffic to hotel and travel services, with over 50% of merchants participating [66] - The company expects operating profit growth to continue, with a focus on maintaining a healthy ecosystem [70][71] Question: Overseas Expansion and Keeta Progress - Keeta's launch in Riyadh has shown encouraging progress, with positive feedback from consumers and merchants [75][76] - The company will focus on Saudi Arabia before considering expansion to other Middle Eastern cities [77][78] Question: Shareholder Returns and Buybacks - The company has repurchased over $600 million worth of shares year-to-date and plans to continue buybacks to enhance shareholder returns [83][85]

财联社11月25日讯（编辑 冯轶） 南向资金今日成交561.73亿港元，净流入约12.02亿港元。其中沪港股 通净流入约7.01亿港元，深港股通净流入约5.01亿港元。 交易所数据显示，11月25日南向资金： 投资要点 阿里巴巴-W今日涨1.55%，短线资金保持流入，前5日加仓1813万股。 中国移动今日涨0.64%，短线资金保持流入，前5日加仓1490万股。 第四范式今日涨8.07%，短线资金仍以流出为主，前5日减持250万股。 美团-W今日跌3.05%，短线资金以流入为主，前5日加仓892万股。 中芯国际今日涨0.20%，短线资金以流入为主，前5日加仓297万股。 小鹏汽车-W今日跌0.11%，短线资金以流入为主，前5日加仓1733万股。 ...

低空经济深圳样本再添新进展。 e公司记者最新获悉，美团无人机深圳第十座商圈机场——宝能环球汇已投入使用。在南山区桃源街道 办事处的协调对接下，新商圈配套的新航线也在快速落地，目前接入中国科学院深圳先进技术研究院 （简称"深圳先进院"）、清华大学深圳国际研究生院国际一期、清华大学深圳国际研究生院荷园、北京 大学深圳研究生院、南山智园崇文院区和南山智园二期等五个降落点。 据了解，新降落点的选择优先考虑外卖需求集中且传统配送不便的区域。以深圳先进院航线为例，新降 落点设在院内中心区域。由于传统配送模式无法送至院内，许多用户下单外卖后需步行到院外取货。开 通无人机配送服务 ，用户就可以足不出院在降落点取货，服务体验得到显著提升。 值得关注的是，在此次开通的南山智园崇文园区等降落点，美团无人机还首次采用了双供给运营。 新模式下，除宝能环球汇商圈外，西丽益田假日里等商圈内的优质商品，也能空投到同一降落点，改变 了过往"一对一"的供给模式，用户的商品选择空间扩容近一倍。 美团无人机相关负责人表示，商品供给的丰富度，很大程度影响着用户的购买决策。很多人会因为心仪 的商家或商品未上线，而选择其他配送方式下单。"所以尽管目前无人 ...

e公司讯，企查查APP显示，近日，烟台汉骑科技有限公司成立，法定代表人为孙可青，注册资本500万 美元，经营范围含软件开发、智能机器人的研发、物联网技术研发、人工智能基础软件开发等。 企查查股权穿透显示，该公司由美团旗下Xigua Limited全资持股。 ...

Astrada Advisors delivers actionable recommendations that enhance portfolio performance and uncover alpha opportunities, supported by a strong track record in investment research at leading global investment banks. With expertise spanning technology, media, internet, and consumer sectors in North America and Asia, Astrada Advisors excels in identifying high-potential investments and navigating complex industries.Leveraging extensive local and global experience, Astrada Advisors offers a unique perspective o ...

市场评述 一级市场方面，吴兴国投参与美元债新发; 二级市场方面，中资美元债投资级市场整体较为稳健，市场倾向于买入短端债券。科技板块长端债券有 卖出情况，美团走阔1-2bps。高收益板块方面整体较为平静，交易量小幅下降。 债券市场表现 新发消息 •吴兴国投发行3年期限，以美元为基准的高级无抵押债券，发行票息为6.5%，规模6700万美元。 环球债券市场表现数据 图1. 中资及亚洲美元债指数走势（基准=100） 图2. 中资房地产、城投板块美元债指数走势（基准=100） 图3. 美国国债利率走势（%） 市场新闻汇总 •旭辉控股集团：10月21日，旭辉控股(集团)有限公司公告，有关境外债务重组最新消息，推出额外选 项，并邀请债权人加入重组支持协议。公司已同意对重组支持协议（包括原条款书）作出若干修订，将 选项2细分为子选项（A）（"选项2A"）及（B）（"选项2B"），新增选项2A为计划债权人提供仅收取 强制性可转换债券（定义见下文）及现金对价的选项。 •远洋集团：10月22日，远洋集团公告，法院已指示召开本公司重组计划债权人会议（"重组计划会 议"），以考虑及酌情批准（不论有否修订）重组计划。重组计划会议的地点、 ...

October 7, 2024 02:02 PM GMT Initiation Feedback and Pushback Most of the offshore investors we talked to didn't follow Meitu for a long time, as we expected. There was high appreciation of its undervalued subscription-based business, powered by AI. There was also pushback on corporate governance, long-term sustainability, and competition. Most investors were not aware of Meitu's change: We talked mostly to offshore investors after our initiation. We found the majority's impression of Meitu was still that i ...

Fanliso Summary I am positive on Meituan (OTCPK:MPNGF). My summarized thesis is that Meituan can continue to report robust growth in the coming years, supported by sound fundamentals and an eventual recovery in the macro environment. Notably, Meituan has shown that profitability can improve significantly, and this should drive stronger EBITDA growth ahead if margin expansion continues as I expected. Company overview Meituan is a platform that provides various services to consumers, including on-demand food ...

Meituan (OTCPK:MPNGF) Q2 2024 Earnings Conference Call August 28, 2024 7:00 AM ET Company Participants Scarlett Xu - VP and Head-Capital Markets Xing Wang - Chairman and CEO Shaohui Chen - SVP and CFO Conference Call Participants Ronald Keung - Goldman Sachs Thomas Chong - Jefferies Alicia Yap - Citigroup Kenneth Fong - UBS Ya Jiang - CITIC Securities Charlene Liu - HSBC Operator Thank you for standing by and welcome to the Meituan Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I woul ...

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而视其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者官邻机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资时谨慎 新上的各位领导 大家晚上好 我是国外海外的研究员张军娟今天由我向各位领导汇报一下国华海外每日培训深度班半小时36讲的第一讲及美团的核心投资逻辑的一个分享首先我们可以看一下第一部分就是业务总买和一些核心近期的一些变化要点 从美团的股价副盘上来看其实从今年的年初二月份以来涨幅回来还是蛮多的核心可能有几个方面第一个确实在春节期间线下的消费稍微恢复了一点所以说整个美团的一二月份的 ...