MEITUAN(03690)2025-03-21 08:30Financial Performance - For the fiscal year ending December 31, 2024, the total revenue reached RMB 337,591,576, representing a 22.0% increase compared to RMB 276,744,954 for the previous year[7]. - The operating profit for the same period was RMB 36,844,956, which is 10.9% of total revenue, showing a significant increase of 174.6% from RMB 13,415,387[7]. - The net profit for the fiscal year was RMB 35,808,322, accounting for 10.6% of total revenue, up 158.4% from RMB 13,857,331[7]. - Adjusted EBITDA for the year was RMB 49,119,400, representing 14.5% of total revenue, a 105.7% increase from RMB 23,878,018[7]. - The total revenue for the three months ending December 31, 2024, was RMB 88,487,296, a 20.1% increase from RMB 73,695,951 in the same period last year[5]. - The operating profit for the three months was RMB 6,693,499, which is 7.6% of total revenue, reflecting a substantial increase of 280.7% from RMB 1,758,134[5]. - The adjusted net profit for the three months was RMB 9,848,538, accounting for 11.1% of total revenue, up 125.1% from RMB 4,374,712[5]. - Total revenue increased by 20.1% from RMB 73.7 billion in Q4 2023 to RMB 88.5 billion in Q4 2024, with both reporting segments showing growth[26]. - The net profit for Q4 2024 was RMB 6.2 billion, compared to RMB 12.9 billion in Q3 2024, reflecting a significant decrease due to seasonal factors[44]. - Operating profit for Q4 2024 was RMB 6.7 billion, with an operating profit margin of 7.6%, up from RMB 1.8 billion and 2.4% in Q4 2023[38]. - The company reported a net profit of RMB 62 billion in Q4 2024, down from RMB 129 billion in Q3 2024[62]. - The company reported a significant increase in cash and cash equivalents, ending the year with RMB 70,834,097, up from RMB 33,339,754 at the beginning of the year[112]. Revenue Growth - In 2024, the company's revenue increased by 22.0% to RMB 337.6 billion, up from RMB 276.7 billion in 2023[15]. - The core local business segment's revenue grew by 20.9% to RMB 250.2 billion, with operating profit increasing by 35.4% to RMB 52.4 billion and operating margin rising to 20.9%[16]. - Revenue from delivery services for the three months was RMB 26,194,820, compared to RMB 21,927,023 in the same period last year, marking a growth of 19.5%[9]. - The company reported a significant increase in commission revenue, which reached RMB 24,968,497 for the three months, up 24.9% from RMB 19,996,305[9]. - The company’s commission revenue for the year ended December 31, 2024, was RMB 95,340,956 thousand, compared to RMB 76,688,543 thousand in 2023, reflecting an increase of approximately 24%[120]. - The company’s online marketing services revenue increased to RMB 49,240,392 thousand in 2024 from RMB 40,513,216 thousand in 2023, representing a growth of approximately 21%[120]. Cost and Expenses - Sales costs increased by 13.0% from RMB 48.7 billion in Q4 2023 to RMB 55.0 billion in Q4 2024, but the sales cost as a percentage of revenue decreased from 66.1% to 62.2%[30]. - Sales and marketing expenses for Q4 2024 were RMB 17.3 billion, accounting for 19.6% of revenue, down from 22.7% in Q4 2023[32]. - R&D expenses remained stable at RMB 5.4 billion in Q4 2024, with the percentage of revenue decreasing from 7.4% to 6.1%[33]. - General and administrative expenses increased by 8.8% to RMB 2.9 billion in Q4 2024, maintaining a stable revenue percentage of 3.3%[34]. - The company’s logistics expenses increased by RMB 17,941,184 thousand, from RMB 106,209,101 thousand in 2023 to RMB 124,150,285 thousand in 2024, marking a rise of approximately 17%[121]. Profitability Metrics - Adjusted net profit for the year was RMB 43,772,449, up from RMB 23,253,418, indicating an increase of about 88%[88]. - Basic earnings per share increased to RMB 5.85 from RMB 2.23, reflecting a growth of approximately 162%[98]. - The company reported a significant increase in operating profit for the core local business segment, rising from RMB 8.0 billion in Q4 2023 to RMB 12.9 billion in Q4 2024, with an operating profit margin increase of 5.2 percentage points to 19.7%[39]. - The company reported a net profit margin of 15%, up from 12% in the previous year[148]. Cash Flow and Investments - Operating cash flow for the year reached RMB 57,146,784, compared to RMB 40,521,850 in the previous year, reflecting a growth of approximately 41%[91]. - The company experienced a net cash inflow from investment activities of RMB 10,205,252, a turnaround from a cash outflow of RMB 24,663,844 in the previous year[91]. - Financing activities resulted in a net cash outflow of RMB 30,414,660, primarily due to share buybacks and repayment of loans[95]. - Net cash flow from operating activities for the year ended December 31, 2024, was RMB 57,146,784, an increase from RMB 40,521,850 in 2023, representing a growth of approximately 41%[112]. Corporate Governance and Strategy - The company is committed to maintaining strict corporate governance standards and has adopted the principles and code provisions of the corporate governance code[140]. - The board of directors believes that the current arrangement of having the same individual serve as both chairman and CEO ensures effective internal leadership and decision-making[140]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in user acquisition in the next fiscal year[148]. - Future guidance indicates a revenue growth target of 25% for the upcoming fiscal year[148]. - The company is exploring potential acquisitions to enhance its service offerings and expand its market share[148]. Market and User Metrics - The company reported a significant increase in active merchants, with a total of 1.2 million active merchants on the platform, representing a 15% year-over-year growth[148]. - The total transaction value on the platform reached $25 billion, an increase of 20% compared to the previous year[148]. - The number of transactions processed during the quarter was 500 million, reflecting a 10% increase from the last quarter[148]. - The number of transaction users increased to 300 million, marking a 12% growth year-over-year[148]. Other Financial Metrics - The company’s total assets increased to RMB 324,354,917 thousand in 2024 from RMB 293,029,632 thousand in 2023, reflecting a growth of approximately 10.7%[102]. - Total liabilities increased to RMB 151,750,839 thousand from RMB 141,073,265 thousand, representing a rise of approximately 7.5%[103]. - The equity attributable to the company's shareholders grew to RMB 172,662,960 thousand from RMB 152,013,207 thousand, an increase of about 13.6%[102]. - The company’s cumulative losses decreased from RMB 175,616,885 thousand to RMB 139,801,785 thousand, reflecting a reduction in accumulated losses[104].