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。 ...

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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 ...

Financial Data and Key Metrics Changes - Total revenue increased by 21% year-over-year to RMB28.3 billion in Q2 2024 [4] - Adjusted net profit rose by 77.6% to RMB13.6 billion, with an adjusted net profit margin of 16.5% [4][30] - Cash and cash equivalents totaled RMB133.3 billion as of June 30, 2024 [31] Business Line Data and Key Metrics Changes - Core local commerce segment revenue grew by 18.5% year-over-year to RMB60.7 billion, with operating profit increasing by 36.8% to RMB15.2 billion [31] - On-demand delivery maintained steady growth, with average order volume growing nearly 40% year-over-year [9] - In-store hotel and travel business saw order volume increase by over 60% year-over-year [18] Market Data and Key Metrics Changes - Annual transaction users reached 730 million, marking strong growth momentum [4] - Peak daily order volume for on-demand delivery rose to 98 million [33] - The average purchase frequency per annual transaction user increased for the 15th consecutive quarter [4] Company Strategy and Development Direction - The company is focusing on a "retail plus technology" strategy to promote industry growth and enhance consumer experience [5] - Organizational restructuring aims to integrate various business segments for better operational efficiency and synergy [6][47] - The Shen Hui Yuan membership program was expanded to cover all categories, enhancing user transaction frequency and merchant collaboration [7][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the external environment but emphasized the resilience of local commerce and the potential for digital transformation [40][45] - The company expects to maintain steady growth in core local commerce despite macroeconomic impacts [45] - Future growth opportunities are anticipated through enhanced supply chain penetration and improved operational efficiency [41][44] Other Important Information - The new initiatives segment achieved a revenue growth of 28.7% year-over-year, driven by the Xiaoxiang Supermarket [37] - The company repurchased over USD2 billion worth of shares, representing more than 2.1% of total shares outstanding [38] Q&A Session Summary Question: Impact of external environment on core local commerce - Management noted that evolving consumption trends have brought challenges, but local commerce remains vibrant and dynamic, with a focus on personalized experiences [40] Question: Synergies from organizational restructuring - Management highlighted enhanced collaborations and cross-selling among different businesses, particularly through the Shen Hui Yuan program [47] Question: Performance of food delivery and on-demand delivery - Management indicated that food delivery and on-demand delivery are distinct models, with on-demand delivery maintaining strong growth momentum [52][56] Question: Competitive dynamics in local services - Management observed a stable competitive landscape and emphasized a shift from subsidy-driven growth to ROI-driven strategies [61][63] Question: Progress of new initiatives and loss reduction - Management reported significant loss reduction in Meituan Select and healthy growth in other new initiatives, with a focus on operational efficiency [68][70]

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 ...

Financial Data and Key Metrics Changes - Meituan's first quarter takeaway orders reached 5.46 billion, with a year-on-year growth rate of 28.1%, exceeding expectations [38] - The average order value (AOV) for takeaway is expected to stabilize in the second half of the year, with a projected increase in operating profit for the second quarter [24][32] Business Line Data and Key Metrics Changes - The flash purchase business saw significant growth, with order volume expected to reach 8.8 to 8.9 million in the second quarter, a year-on-year increase of approximately 42% [16] - The average order value for flash purchases is around 50-60 yuan, while the average order value for general flash purchases is about 40 yuan [2][16] Market Data and Key Metrics Changes - The takeaway market is projected to see order volumes between 59 million and 60 million in the second quarter, reflecting a year-on-year growth of 17-18% [16] - The competitive landscape for in-store services remains stable, with Douyin's recent commission increases having a limited impact on Meituan's performance [2] Company Strategy and Development Direction - Meituan is restructuring its operations to focus on "core local commerce," with the CEO of this new division overseeing the integration of takeaway and in-store services [4][43] - The company aims to achieve a gross merchandise volume (GMV) target of 1 trillion yuan for in-store services this year, indicating a strong commitment to growth in this area [2] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term development of the flash purchase business, citing potential for increased commission rates and reduced delivery costs [2] - The overall market growth for takeaway is expected to stabilize, with a projected year-on-year order growth of 15-18% in the second quarter [35] Other Important Information - The profitability of flash purchase merchants has declined from 70% in the second half of last year to 50-60% currently, primarily due to higher losses from new stores and lower average order values in lower-tier markets [2][48] - The integration of the takeaway and in-store business units is expected to enhance operational efficiency and market share [44] Q&A Session Summary Question: What are the expectations for Meituan's takeaway business in the second quarter? - The expected order volume for Meituan's takeaway business is between 59 million and 60 million, with a year-on-year growth of 17-18% [16] Question: How is the flash purchase business performing? - The flash purchase business is expected to reach 8.8 to 8.9 million orders in the second quarter, reflecting a year-on-year growth of approximately 42% [16] Question: What are the implications of the recent commission increases by Douyin? - The impact of Douyin's commission increases on Meituan's in-store services is expected to be limited, with Meituan's performance remaining stable [2] Question: How is Meituan addressing the profitability of its merchants? - The profitability of flash purchase merchants has decreased, with around 50-60% currently profitable, down from 70% last year [2][48]

大家好欢迎参加鬼星互联网美团深度系列一及时零售成为到家第二增长曲线会议目前所有项目者正处于静音状态下面开始播报名字声明声明播播完毕后主讲人可直接开始发言谢谢 本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据最新情况自主作出投资决策并自行承担投资风险本次会议禁止录音录像未经国信证券事先 不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 各位线上投资人大家下午好我是国新互联网的负责人张伦可然后今天我同事王颖洁也在线跟大家一会儿深度的分享一下我们近期发的这个闪购的一个专题其实美团今年以来我们是明确的其实观察到了几块业务的整个增长趋势跟竞争格局的一个好转 分别是一季度我们一季报之后其实看到了像外卖这块业务到家这个业务它其实单君的一个盈利能力其实那个去年整个是每个季度每个季度都在放缓下降的一个趋势当中但在今年的一季度其实我们看到了优异的一个回升然后预计这个趋势在接下来每个季度还会持续然后那道电跟这个抖音的这块竞争我们在今年 尤其是近期其实我们也做了一系列的线下的这样子的访谈,然 ...

Financial Performance - The company's Q1 2024 revenue grew by +25% YoY to RMB73,276 million, surpassing the consensus estimate of RMB69,622 million by +5% [4] - Normalized net income for Q1 2024 was RMB7,488 million, beating the consensus forecast of RMB6,052 million by +24% and representing a +36% YoY increase [11] - Gross margin expanded by +130 basis points YoY to 35.1% in Q1 2024, driven by improved operating efficiency in goods retail businesses [11] - Operating loss for the New Initiatives segment narrowed from -RMB5,029 million in Q1 2023 to -RMB2,757 million in Q1 2024, due to profitability enhancement measures in Meituan Select [11] Operational Highlights - On-demand delivery order volume increased by +28% YoY to 5,465 million in Q1 2024, attributed to a refined marketing strategy and increased transaction frequency of high-frequency users [4] - The company expects order volume growth rate in Q2 2024 to trend down to a normal level, reflecting the current consumption environment [12] - The company will no longer benefit from a low order base of last year starting in Q2 2024, with on-demand delivery order volume growth rates of +15%, +32%, +23%, and +25% for the four quarters of 2023, respectively [12] Market and Valuation - The company's Hong Kong-listed shares rose by +39% year-to-date in 2024, but corrected by -2% on June 7, 2024, following the Q1 results announcement [8][12] - The company's OTC shares with the MPNGF ticker symbol corrected by -9% on June 7, 2024 [12] - The company's consensus next twelve months' normalized P/E multiple is 16.6 times, higher than peers such as Tencent (16.1 times), PDD (11.8 times), Alibaba (9.5 times), and JD.com (8.7 times) [8][13] - The company's relatively more expensive valuations compared to peers might limit its capital appreciation potential, despite its above-expectations Q1 results [13] Outlook - The company's YoY top line expansion is expected to moderate from +25% in Q1 2024 to +18%, +17%, and +16% for Q2 2024, Q3 2024, and Q4 2024, respectively, consistent with order volume guidance [12] - Expectations of slower revenue growth ahead make it unrealistic to anticipate meaningful valuation multiple expansion for the company [13]

Thank you for standing by and welcome to the Meituan First Quarter 2024 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Scarlet Xu, VP and Head of Capital Markets. Please go ahead. Thank you, Operator. Good evening and good morning, everyone. Welcome ...