美团-W(03690) - 2024 - 中期业绩

Financial Performance - Total revenue increased by 21.0% year-on-year to RMB 82.3 billion in Q2 2024, up from RMB 68 billion in Q2 2023[30] - Operating profit grew by 36.8% year-on-year to RMB 15.2 billion, with an operating margin increase of 3.3 percentage points to 25.1%[26] - The company reported a profit of RMB 11.4 billion in Q2 2024, up from RMB 5.0 billion in Q1 2024[45] - The adjusted EBITDA for Q2 2024 reached RMB 15 billion, reflecting significant growth compared to RMB 7.7 billion in Q2 2023[58] - The total operating profit for Q2 2024 was RMB 11,256,889 thousand, which is 13.7% of revenue, compared to RMB 4,712,999 thousand and 6.9% in Q2 2023[155] - The company reported a net profit attributable to equity holders of RMB 16,720,459 thousand for the six months ended June 30, 2024, compared to RMB 8,046,103 thousand for the same period in 2023, representing a growth of 107.5%[112] - The diluted earnings per share increased to RMB 2.58 for the six months ended June 30, 2024, up from RMB 1.21 in the same period of 2023, reflecting a growth of 113.2%[112] Revenue Breakdown - Revenue from delivery services was RMB 37.3 billion, while commission revenue was RMB 34.2 billion, showing a slight increase from the previous period[2] - The core local business revenue for Q2 2024 was RMB 15,233,585 thousand, accounting for 25.1% of total revenue, up from 21.8% in Q2 2023[155] - The core local business segment's revenue grew from RMB 51,200 million in Q2 2023 to RMB 60,700 million in Q2 2024, marking an 18.5% increase[185] - Revenue for Q2 2024 reached RMB 82.25 billion, up from RMB 73.28 billion in Q1 2024, marking a growth of approximately 12.7%[191] Expenses and Costs - General and administrative expenses rose by 17.3% from RMB 2.3 billion in Q1 2024 to RMB 2.7 billion in Q2 2024, maintaining a stable percentage of 3.3% of revenue[6] - Sales and marketing expenses increased by 6.8% quarter-on-quarter to RMB 14.8 billion in Q2 2024, primarily due to seasonal factors[41] - Distribution-related costs increased to RMB 48,034,761 thousand for the six months ended June 30, 2024, up from RMB 40,305,534 thousand in the same period of 2023, reflecting a rise of 19.5%[110] - Employee compensation expenses rose to RMB 22,361,745 thousand for the six months ended June 30, 2024, compared to RMB 20,724,480 thousand in the same period of 2023, an increase of 7.9%[110] - The cost of sales increased by 1.6% to RMB 48.36 billion in Q2 2024, with the cost-to-revenue ratio decreasing by 6.1 percentage points to 58.8%[194] Cash Flow and Investments - Net cash flow from investing activities was RMB 5.2 billion, primarily due to net cash from financial investments, offset by purchases of property, plant, and equipment[8] - Cash and cash equivalents, along with short-term investments, totaled RMB 54.7 billion and RMB 78.5 billion, respectively, as of June 30, 2024[54] - The company reported a net cash outflow from financing activities of RMB (32,413,691) thousand for the six months ended June 30, 2024, compared to RMB (1,697,222) thousand for the same period in 2023[106] - The company recorded a net cash flow of RMB 20.5 billion from financing activities in Q2 2024, primarily due to repayment of loan principal and interest, as well as repurchase of Class B shares[147] Business Segments and Growth - The number of instant delivery transactions reached 6,167.1 thousand, representing a 14.2% increase year-on-year[21] - New business segments, including B2B catering supply chain services and shared bicycles, achieved healthy growth and efficiency improvements, contributing to the overall ecosystem[28] - Revenue from the new business segment increased by 28.7% from RMB 16.8 billion in Q2 2023 to RMB 21.6 billion in Q2 2024, primarily driven by growth in the merchandise retail business[60] - The new business segment's operating loss narrowed from RMB 5.2 billion in Q2 2023 to RMB 1.3 billion in Q2 2024, with the operating loss margin improving by 24.9 percentage points to 6.1%[35] Strategic Initiatives - The company expanded its "Shen Membership" system to more categories in the hospitality sector, enhancing partnerships with merchants and offering diverse high-value products and services[27] - The company launched the "Must-Eat List" for 2024, covering nearly 2,800 restaurants across over 100 cities, aimed at increasing exposure and operational efficiency for listed merchants[27] - The company has expanded its "Meituan Flash Purchase" service, achieving strong growth in annual transaction users and increasing order frequency[153] - The company has deepened cooperation with leading brands and expanded its "Meituan Lightning Warehouse" to provide operational support for merchants, enhancing transaction conversion rates[153] Research and Development - Research and development expenses for Q2 2024 were RMB 5.3 billion, maintaining stability year-on-year, with the percentage of revenue decreasing by 1.5 percentage points to 6.5%[143] - Research and development expenses rose by 6.8% to RMB 5.34 billion in Q2 2024, maintaining a stable percentage of 6.5% of revenue[195] Market Performance - The company reported a significant increase in transaction amounts in lower-tier markets, driven by enhanced convenience and richer choices for local consumers[27] - The peak daily order volume for the "Pin Hao Fan" service exceeded 8 million orders, indicating strong performance in the second quarter[180]