美团-W(03690) - 2024 - 中期财报

Revenue Growth - Revenue for Q2 2024 increased by 21.0% to RMB 82,251 million compared to Q2 2023[5] - Total revenue for the first half of 2024 rose by 22.9% to RMB 155,527 million[5] - Core local commerce revenue increased by 18.5% YoY to RMB 60.7 billion in Q2 2024[11] - Total revenue for the first half of 2024 reached RMB 155.53 billion, a 22.9% increase YoY[8][9] - The company's total revenue increased 21.0% year-over-year from RMB 68.0 billion in Q2 2023 to RMB 82.3 billion in Q2 2024[17] - Revenue grew by 12.2% from RMB 73.3 billion in Q1 2024 to RMB 82.3 billion in Q2 2024[31] - Revenue for the first half of 2024 reached RMB 155,526,961 thousand, a 22.9% increase compared to RMB 126,582,096 thousand in the same period of 2023[122] - The Core Local Commerce segment generated total revenue of RMB 115,307,565 thousand for the six months ended June 30, 2024, up from RMB 94,085,282 thousand for the same period in 2023[154][155] - The New Initiatives segment reported a total revenue of RMB 40,219,396 thousand for the six months ended June 30, 2024, compared to RMB 32,496,814 thousand for the same period in 2023[154][155] - Revenue from delivery services increased to RMB 44,086,329 thousand in 2024 from RMB 37,280,261 thousand in 2023, representing an 18.3% growth[158] - Commission income rose to RMB 43,482,551 thousand in 2024 from RMB 35,155,530 thousand in 2023, a 23.7% increase[158] - Online marketing services and other sales (including interest income) grew to RMB 45,207,335 thousand in 2024 from RMB 36,056,311 thousand in 2023, a 25.4% rise[158] - Total revenue for the six months ended June 30, 2024, reached RMB 155,526,961 thousand, up from RMB 126,582,096 thousand in 2023, a 22.9% increase[158] - Total revenue for the six months ended June 30, 2024, was RMB 5,606,663 thousand, compared to RMB 5,598,132 thousand for the same period in 2023[199] - Online marketing services and other revenue for the six months ended June 30, 2024, was RMB 3,843,000 thousand, up from RMB 3,362,473 thousand in 2023[200] - Revenue from shared bike and shared e-bike services for the six months ended June 30, 2024, was RMB 59,708 thousand, an increase from RMB 40,182 thousand in 2023[200] Profitability - Operating profit for Q2 2024 surged by 138.8% to RMB 11,256 million[5] - Adjusted EBITDA for Q2 2024 grew by 95.2% to RMB 14,997 million[5] - Operating profit for the first half of 2024 increased by 98.4% to RMB 16,466 million[5] - Adjusted net profit for Q2 2024 grew by 77.6% to RMB 13,606 million[5] - Operating profit for core local commerce grew by 36.8% YoY to RMB 15.2 billion in Q2 2024[11] - Operating profit for the first half of 2024 surged by 98.4% YoY to RMB 16.47 billion[8][9] - The company's operating profit increased from RMB 4.7 billion in Q2 2023 to RMB 11.3 billion in Q2 2024[16] - The company's adjusted EBITDA rose from RMB 7.7 billion in Q2 2023 to RMB 15.0 billion in Q2 2024[16] - Operating profit for core local business rose to RMB 15.2 billion in Q2 2024, with operating profit margin increasing from 21.8% to 25.1%[27] - New business operating loss narrowed to RMB 1.3 billion in Q2 2024, with operating loss margin improving from 31.0% to 6.1%[27] - Total operating profit increased to RMB 11.3 billion in Q2 2024, with operating profit margin rising from 6.9% to 13.7%[26] - Net profit for Q2 2024 was RMB 11.4 billion, compared to RMB 4.7 billion in Q2 2023[29] - Adjusted EBITDA for Q2 2024 was RMB 15.0 billion, up from RMB 8.1 billion in Q1 2024[30] - Operating profit surged from RMB 5.2 billion in Q1 2024 to RMB 11.3 billion in Q2 2024, with the operating profit margin rising from 7.1% to 13.7%[42] - Core local commerce operating profit increased from RMB 9.7 billion in Q1 2024 to RMB 15.2 billion in Q2 2024, with the operating profit margin rising from 17.8% to 25.1%[44] - New business operating loss narrowed from RMB 2.8 billion in Q1 2024 to RMB 1.3 billion in Q2 2024, with the operating loss margin decreasing from 14.8% to 6.1%[44] - Net profit for the period rose from RMB 5.4 billion in Q1 2024 to RMB 11.4 billion in Q2 2024[46] - Adjusted EBITDA for Q2 2024 was RMB 14,997.3 million, compared to RMB 7,682.4 million in Q2 2023[49] - Adjusted net profit for Q2 2024 was RMB 13,606.3 million, up from RMB 7,659.9 million in Q2 2023[49] - Adjusted EBITDA for the first half of 2024 was RMB 23,067.6 million, compared to RMB 13,944.4 million in the first half of 2023[51] - Adjusted net profit for the first half of 2024 was RMB 21,094.7 million, up from RMB 13,151.3 million in the first half of 2023[51] - Gross profit for the first half of 2024 was RMB 59,586,584 thousand, up 31.7% from RMB 45,215,430 thousand in the first half of 2023[122] - Operating profit for the first half of 2024 stood at RMB 16,466,281 thousand, a 98.4% increase from RMB 8,298,720 thousand in the same period of 2023[122] - Net profit attributable to equity holders of the company for the first half of 2024 was RMB 16,720,459 thousand, a 107.8% increase from RMB 8,046,103 thousand in the first half of 2023[122] - Basic earnings per share for the first half of 2024 were RMB 2.70, up 107.7% from RMB 1.30 in the same period of 2023[122] - The Core Local Commerce segment achieved an operating profit of RMB 24,932,432 thousand for the six months ended June 30, 2024, up from RMB 20,583,591 thousand for the same period in 2023[154][155] - The New Initiatives segment recorded an operating loss of RMB 4,071,258 thousand for the six months ended June 30, 2024, an improvement from the operating loss of RMB 10,221,816 thousand for the same period in 2023[154][155] - The company's basic earnings per share (EPS) for the first half of 2024 increased to RMB 2.70, up from RMB 1.30 in the same period of 2023[169] - The company's diluted earnings per share (EPS) for the first half of 2024 was RMB 2.58, compared to RMB 1.21 in the first half of 2023[171] - The company's net profit attributable to equity holders for the first half of 2024 was RMB 16,720,459 thousand, a significant increase from RMB 8,046,103 thousand in the same period of 2023[169] Business Segments - Revenue from local commerce segment reached RMB 60,682 million in Q2 2024[7] - New business segment reported a loss of RMB 1,314 million in Q2 2024[7] - Core local commerce revenue increased by 18.5% YoY to RMB 60.7 billion in Q2 2024[11] - Operating profit for core local commerce grew by 36.8% YoY to RMB 15.2 billion in Q2 2024[11] - The company's core local commerce segment revenue was RMB 60.7 billion in Q2 2024, with delivery services contributing RMB 23.0 billion[18] - The company's new business segment revenue was RMB 21.6 billion in Q2 2024, with other services and sales (including interest income) contributing RMB 20.8 billion[18] - Core local business revenue increased by 18.5% from RMB 51.2 billion in Q2 2023 to RMB 60.7 billion in Q2 2024, driven by growth in transaction volume and active online marketing merchants[20] - New business revenue grew by 28.7% from RMB 16.8 billion in Q2 2023 to RMB 21.6 billion in Q2 2024, primarily due to growth in merchandise retail business[20] - Core local commerce revenue increased by 11.1% from RMB 54.6 billion in Q1 2024 to RMB 60.7 billion in Q2 2024[33] - New business revenue grew by 15.7% from RMB 18.7 billion in Q1 2024 to RMB 21.6 billion in Q2 2024[33] - The Core Local Commerce segment generated total revenue of RMB 115,307,565 thousand for the six months ended June 30, 2024, up from RMB 94,085,282 thousand for the same period in 2023[154][155] - The New Initiatives segment reported a total revenue of RMB 40,219,396 thousand for the six months ended June 30, 2024, compared to RMB 32,496,814 thousand for the same period in 2023[154][155] - The Core Local Commerce segment achieved an operating profit of RMB 24,932,432 thousand for the six months ended June 30, 2024, up from RMB 20,583,591 thousand for the same period in 2023[154][155] - The New Initiatives segment recorded an operating loss of RMB 4,071,258 thousand for the six months ended June 30, 2024, an improvement from the operating loss of RMB 10,221,816 thousand for the same period in 2023[154][155] Costs and Expenses - Sales cost increased by 13.6% from RMB 42.6 billion in Q2 2023 to RMB 48.4 billion in Q2 2024, but decreased as a percentage of revenue from 62.6% to 58.8%[22] - Sales cost rose by 1.6% from RMB 47.6 billion in Q1 2024 to RMB 48.4 billion in Q2 2024, with the percentage of revenue decreasing from 64.9% to 58.8%[35] - Sales and marketing expenses increased by 6.8% from RMB 13.9 billion in Q1 2024 to RMB 14.8 billion in Q2 2024, with the percentage of revenue dropping from 19.0% to 18.0%[36] - R&D expenses grew by 6.8% from RMB 5.0 billion in Q1 2024 to RMB 5.3 billion in Q2 2024, maintaining a stable percentage of revenue at 6.5%[37] - General and administrative expenses increased by 17.3% from RMB 2.3 billion in Q1 2024 to RMB 2.7 billion in Q2 2024, with the percentage of revenue remaining stable at 3.3%[38] - Delivery-related costs increased to RMB 48,034,761 thousand in 2024 from RMB 40,305,534 thousand in 2023, a 19.2% rise[159] - Employee compensation expenses grew to RMB 22,361,745 thousand in 2024 from RMB 20,724,480 thousand in 2023, a 7.9% increase[159] - Depreciation expenses for the first half of 2024 totaled RMB 3,891,360 thousand, with the majority allocated to cost of sales[174] - Depreciation expenses for right-of-use assets in the first half of 2024 amounted to RMB 1,509,567 thousand, up from RMB 1,362,572 thousand in the same period of 2023[176] - Amortization expenses for the six months ended June 30, 2024, amounted to RMB 118,774 thousand, a decrease from RMB 191,480 thousand in the same period last year[179] - R&D expenses for the six months ended June 30, 2024, increased to RMB 16,899 thousand from RMB 13,741 thousand in the same period last year[179] - General and administrative expenses for the six months ended June 30, 2024, slightly decreased to RMB 86,373 thousand from RMB 88,023 thousand in the same period last year[179] Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2024, were RMB 54,704.2 million[53] - Net cash flow from operating activities for Q2 2024 was RMB 19,056.6 million[53] - Net cash flow from investing activities for Q2 2024 was RMB 5,236.9 million[53] - Net cash flow used in financing activities for Q2 2024 was RMB (20,543.2) million[53] - Adjusted EBITDA for the first half of 2024 was RMB 23,067.6 million, compared to RMB 13,944.4 million in the first half of 2023[51] - Adjusted net profit for the first half of 2024 was RMB 21,094.7 million, up from RMB 13,151.3 million in the first half of 2023[51] - Net cash flow from operating activities for the first half of 2024 was RMB 25,038.3 million[53] - Net cash flow from investing activities for the first half of 2024 was RMB 28,571.9 million[53] - Net cash used in financing activities for Q2 2024 was RMB 20.5 billion, primarily due to repayment of borrowings and interest, and repurchase of Class B shares[56] - Capital-to-debt ratio as of June 30, 2024, was approximately 23%, calculated as total borrowings and notes payable divided by total equity attributable to equity holders[56] - Total borrowings and notes payable as of June 30, 2024, amounted to RMB 37.5 billion[57] - The company's operating cash flow increased to RMB 25,292,946 thousand in the first half of 2024, up from RMB 19,060,031 thousand in the same period of 2023[129] - Net cash flow from investing activities was RMB 28,571,875 thousand in the first half of 2024, compared to a negative RMB 10,548,255 thousand in the same period of 2023[129] - The company's net cash flow from financing activities was negative RMB 32,413,691 thousand in the first half of 2024, compared to negative RMB 1,697,222 thousand in the same period of 2023[130] - The company's cash and cash equivalents increased by RMB 21,196,521 thousand in the first half of 2024, reaching RMB 54,704,168 thousand at the end of the period[130] Investments and Assets - The company holds a significant investment in Li Auto with a book value of RMB 15.1 billion, representing 5.3% of total assets, and owns 258,171,601 Class A ordinary shares, equivalent to 12.94% equity[62] - Profit generated from the investment in Li Auto for the six months ended June 30, 2024, was approximately RMB 500 million[62] - Total assets as of June 30, 2024, were RMB 285,558,370 thousand, a decrease of 2.5% from RMB 293,029,632 thousand as of December 31, 2023[124] - Property, plant, and equipment as of June 30, 2024, were RMB 29,493,278 thousand, a 13.5% increase from RMB 25,977,845 thousand as of December 31, 2023[124] - Intangible assets as of June 30, 2024, were RMB 30,311,940 thousand, a slight decrease of 0.3% from RMB 30,397,947 thousand as of December 31, 2023[124] - Total equity attributable to equity holders of the company as of June 30, 2024, was RMB 160,555,342 thousand, a 5.6% increase from RMB 152,013,207 thousand as of December 31, 2023[124] - Total liabilities decreased to RMB 125,059,010 thousand from RMB 141,073,265 thousand compared to the end of 2023[125] - Non-current liabilities decreased to RMB 30,803,061 thousand from RMB 40,199,170 thousand[125] - Current liabilities decreased to RMB 94,255,949 thousand from RMB 100,874,095 thousand[125] - Trade payables increased slightly to RMB 23,021,223 thousand from RMB 22,980,506 thousand[125] - Merchant payables increased to RMB