MEITUAN(03690)2024-03-22 08:30Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 276.74 billion, a 25.8% increase from RMB 219.95 billion in 2022[14]. - The adjusted net profit for the year ended December 31, 2023, was RMB 23.25 billion, compared to RMB 2.83 billion in 2022, reflecting a significant increase[14]. - Adjusted EBITDA for the year ended December 31, 2023, was RMB 23.9 billion, compared to RMB 9.7 billion in 2022[88]. - The company recorded a profit of RMB 13.9 billion in 2023, compared to a loss of RMB 6.7 billion in 2022[107]. - The company reported a total revenue for 2023 of RMB 276,744,954 thousand, a 25.7% increase from RMB 219,954,948 thousand in 2022[131]. - The operating profit for the year ended December 31, 2023, was RMB 13,415,387 thousand, compared to an operating loss of RMB 5,820,448 thousand in 2022, indicating a significant turnaround[155]. - The company reported a net profit attributable to equity holders of RMB 13,270,533 thousand for the year ended December 31, 2023, compared to a loss of RMB (6,686,110) thousand in 2022[162]. Segment Performance - The operating profit of the core local business segment increased from RMB 7.2 billion in Q4 2022 to RMB 8.0 billion in Q4 2023, with an operating profit margin decreasing by 2.1 percentage points year-on-year to 14.5%[1]. - The operating loss of the new business segment narrowed from RMB 6.4 billion in Q4 2022 to RMB 4.8 billion in Q4 2023, with the operating loss margin improving by 12.2 percentage points year-on-year to 26.0%[1]. - The new business segment revenue grew by 18.0% year-on-year to RMB 69.8 billion, with operating losses narrowing to RMB 20.2 billion and an operating loss rate improving to 28.9%[35]. - Revenue from the core local business segment for Q4 2023 increased by 26.8% to RMB 55.1 billion[27]. - Revenue from the new business segment grew by 11.5% from RMB 16.7 billion in Q4 2022 to RMB 18.6 billion in Q4 2023[44]. Cash Flow and Liquidity - The operating cash flow for 2023 was RMB 40.5 billion, indicating strong cash generation capabilities[26]. - Cash and cash equivalents as of December 31, 2023, amounted to RMB 33.3 billion and short-term investments of RMB 111.8 billion[26]. - The net cash flow from operating activities for the year ended December 31, 2023, was RMB 40,521,850 thousand, compared to RMB 11,411,448 thousand in 2022[124]. - The company reported a net increase in cash and cash equivalents of RMB 13,076,703 for the year ended December 31, 2023, compared to a decrease of RMB (13,292,322) for the year ended December 31, 2022[142]. Expenses and Costs - Cost of sales rose by 12.7% from RMB 43.2 billion in Q4 2022 to RMB 48.7 billion in Q4 2023, with the percentage of revenue decreasing from 71.8% to 66.1%[47]. - Selling and marketing expenses increased by 55.3% from RMB 10.8 billion in Q4 2022 to RMB 16.7 billion in Q4 2023, with the percentage of revenue rising from 17.9% to 22.7%[49]. - Delivery-related costs increased to RMB 90,744,081 thousand in 2023 from RMB 80,189,722 thousand in 2022, marking a rise of approximately 19.4%[157]. - Employee compensation expenses rose to RMB 43,094,011 thousand in 2023, compared to RMB 41,619,666 thousand in 2022, an increase of about 3.5%[157]. Strategic Initiatives - The company plans to adjust its strategy in 2024 to focus on improving core competitiveness and user experience, aiming to significantly reduce operating losses[35]. - The company plans to enhance its product and service matrix in 2024 to capture growth opportunities in the domestic consumption market[75]. - The company has strengthened its supply chain and reduced fulfillment costs, continuously improving operational efficiency[36]. - The company has implemented a direct operation model in lower-tier markets to capture more growth opportunities[32]. Market and Transaction Growth - The number of instant delivery transactions increased by 23.9% year-over-year, reaching 21,893.2 thousand[21]. - The company expanded its "Meituan Flash Purchase" service, achieving over 40% growth in order volume[30]. - In 2023, the transaction amount for in-store, hotel, and tourism businesses increased by over 100% year-on-year, with annual transaction users and active merchants growing by over 30% and 60% respectively[31]. - The transaction amount for domestic hotel business increased by over 100% year-on-year, with record high booking volumes during holiday periods[34]. Shareholder Information - The company did not declare or pay any dividends for the years ended December 31, 2023, and 2022[167]. - The company repurchased a total of 44,131,100 Class B shares in January 2024 at a total cost of HKD 3,199,839,636.20[169]. - The company plans to hold its annual general meeting on June 21, 2024, with a suspension of share transfer registration from June 18 to June 21, 2024[177]. Governance and Compliance - The company has adopted strict corporate governance principles and continues to review its internal control measures[175]. - The financial statements are based on unaudited management accounts and have not been reviewed by the company's auditors[185]. - The company operates under the Hong Kong Stock Exchange's listing rules, which may be amended from time to time[190].