美团-W(03690) - 2021 - 年度财报

Financial Performance - Meituan reported a significant increase in revenue for 2021, reaching approximately RMB 179.1 billion, representing a year-over-year growth of 56.2%[1] - The company achieved a gross profit of RMB 36.5 billion, which is a 50.3% increase compared to the previous year[1] - Total revenue for Meituan in 2021 reached RMB 179.13 billion, a 56.2% increase from RMB 114.79 billion in 2020[6] - Gross profit for 2021 was RMB 42.47 billion, up from RMB 34.05 billion in 2020, representing a growth of 24.5%[6] - The company reported a net loss attributable to equity holders of RMB 23.54 billion in 2021, compared to a profit of RMB 4.71 billion in 2020[6] - The operating loss for 2021 was RMB 23.13 billion, compared to a profit of RMB 4.33 billion in 2020, indicating a substantial decline in profitability[14] - The adjusted EBITDA turned negative at RMB 9.7 billion, and the adjusted net loss was RMB 15.6 billion in 2021[19] - The net loss for Q4 2021 was RMB 5.34 billion, compared to a net loss of RMB 2.24 billion in Q4 2020[33] - The company reported a significant increase in online marketing services revenue, which reached RMB 29.09 billion, up from RMB 18.91 billion in 2020[14] User Engagement and Growth - Meituan's annual active users reached 681 million, marking an increase of 18.5% from the previous year[1] - The number of transacting users increased to 690.5 million in 2021, up 35.2% from 510.6 million in 2020[17] - The average number of transactions per transacting user per year rose to 35.8, reflecting a 27.2% increase from 28.1 in the previous year[17] - The number of active merchants reached 8.8 million, a 29.2% increase from 6.8 million in 2020[17] - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[99] Revenue Segmentation - Revenue from the food delivery segment was RMB 54.20 billion, contributing significantly to the overall revenue[14] - Revenue from food delivery services was RMB 14.25 billion for the three months ended December 31, 2021, compared to RMB 12.66 billion for the same period in 2020, marking a growth of 12.5%[13] - The total revenue for the new business and others segment was RMB 14.67 billion in Q4 2021, significantly higher than RMB 9.24 billion in Q4 2020, indicating a growth of 59.5%[13] - Revenue from the in-store, hotel, and travel segment increased by 53.1% to RMB 32.5 billion, benefiting from the recovery from the pandemic[67] - New businesses and other segments saw revenue growth of 84.4%, reaching RMB 50.3 billion, primarily due to retail and B2B food supply chain services[67] Operational Efficiency and Cost Management - Meituan's operating margin improved to 20.3%, reflecting better cost management and operational efficiency[1] - The cost of sales increased by 31.9% to RMB 37.54 billion, representing 75.8% of total revenue, up from 75.1% in the previous year[38] - The operating profit margin for food delivery improved from 4.3% in 2020 to 6.4% in 2021[20] - The operating profit for the food delivery and in-store, hotel, and travel segments rose from RMB 11 billion in 2020 to RMB 20.3 billion in 2021[19] - The operating loss for the total business in Q4 2021 was RMB 5.01 billion, compared to a loss of RMB 2.85 billion in Q4 2020[13] Investment and R&D - Meituan has invested heavily in new technology and product development, with R&D expenses amounting to RMB 10.2 billion, up 45% year-over-year[1] - Research and development expenses rose by 41.0% to RMB 4.58 billion, accounting for 9.3% of total revenue[37] - The company is investing $500 million in technology research and development to enhance its service offerings[101] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[14] Strategic Initiatives and Future Outlook - The company expects to continue its growth trajectory, projecting a revenue increase of 30-40% for the upcoming fiscal year[1] - Meituan is exploring strategic acquisitions to bolster its service offerings and market share[1] - The company plans to support rural revitalization by expanding its partner network to include rural "new farmers" and creating job opportunities while prioritizing the welfare of flexible employment workers, especially delivery riders[30] - For 2022, Meituan aims to focus on high-quality growth in its dining, hotel, and travel segments while enhancing consumer and merchant experiences, despite challenges from the pandemic and a soft consumption environment[30] Corporate Governance and Management - The management team emphasized the importance of corporate governance and compliance in their operational strategy[98] - The board of directors includes experienced professionals from various sectors, enhancing strategic decision-making[93][95] - The company has established a compensation committee to review the compensation policy for directors and senior management based on performance and market practices[123] - The management team is committed to strategic planning and organizational development, ensuring alignment with business goals[91] Financial Position and Cash Flow - Meituan's total assets as of December 31, 2021, were RMB 240.65 billion, an increase from RMB 166.57 billion in 2020[12] - The company’s total liabilities reached RMB 125.61 billion in 2021, up from RMB 97.69 billion in 2020[12] - As of December 31, 2021, the company's cash and cash equivalents amounted to RMB 32.51 billion, up from RMB 17.09 billion at the end of 2020[82] - The net cash flow used in operating activities was RMB 4.01 billion, primarily due to pre-tax losses and adjustments for non-cash items[83] - The net cash flow used in investing activities was RMB 58.49 billion, mainly due to financial investments and purchases of property, plant, and equipment[84] Related Party Transactions - The actual transaction amount payable to Tencent for marketing and promotional services for the year ended December 31, 2021, was approximately RMB 563 million, against an annual cap of RMB 1,290 million[189] - The company has adhered to the pricing policy disclosed in the prospectus for the continuous related party transactions, ensuring service fees from Tencent are comparable to at least one other independent service provider[195] - Independent non-executive directors have reviewed the continuous related party transactions, confirming they were conducted in the ordinary course of business and on normal commercial terms[197]