美团-W(03690) - 2022 Q1 - 季度财报

Performance Highlights Financial and Operational Data Overview Meituan's Q1 2022 total revenue grew 25.0% to RMB 46.3 billion, with adjusted net loss narrowing despite expanded operating and period losses driven by new business investments Q1 2022 Financial Summary | Metric | Q1 2022 (RMB in thousands) | Q1 2021 (RMB in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 46,268,754 | 37,016,262 | 25.0% | | Operating Loss | (5,584,242) | (4,767,007) | 17.1% | | Loss for the Period | (5,702,566) | (4,846,262) | 17.7% | | Adjusted EBITDA | (1,840,771) | (2,382,683) | (22.7%) | | Adjusted Net Loss | (3,586,252) | (3,891,717) | (7.8%) | Q1 2022 Segment Operating (Loss)/Profit | Segment | Q1 2022 (RMB in thousands) | Q1 2021 (RMB in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Food Delivery | 1,577,143 | 1,115,885 | 41.3% | | In-store, Hotel & Travel | 3,473,546 | 2,748,205 | 26.4% | | New Initiatives & Others | (9,024,754) | (8,044,445) | 12.2% | | Total Operating Loss | (5,584,242) | (4,767,007) | 17.1% | Key Operating Data for the Twelve Months Ended March 31, 2022 | Metric | As of March 31, 2022 | As of March 31, 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Transacting Users (millions) | 692.9 | 569.3 | 21.7% | | Active Merchants (millions) | 9.0 | 7.1 | 26.6% | | Average Annual Transactions per Transacting User | 37.2 | 30.5 | 21.9% | Business Review Food Delivery Food delivery revenue grew 17.4% to RMB 24.2 billion in Q1 2022, with operating profit up 41.3% to RMB 1.6 billion, despite Omicron impacts, as the company focused on rider welfare and pandemic response Food Delivery Segment Q1 2022 Performance | Metric | Q1 2022 (RMB in billions) | YoY Growth | | :--- | :--- | :--- | | Revenue | 24.2 | 17.4% | | Operating Profit | 1.6 | 41.3% | | Operating Margin | 6.5% | Improved by 1.1 percentage points | - Starting in March, the spread of the Omicron variant and strict control measures led to many merchants suspending operations and riders being quarantined, severely impacting business supply and fulfillment capabilities[7] - The company prioritizes rider welfare, providing free nucleic acid tests and accommodation, launching lighter second-generation smart safety helmets, and collaborating with the government on occupational injury protection pilot programs[8] In-store, Hotel & Travel In-store, Hotel & Travel revenue grew 15.8% to RMB 7.6 billion in Q1 2022, with operating profit up 26.4% to RMB 3.5 billion, despite March's Omicron impact and a single-digit decline in domestic hotel room nights In-store, Hotel & Travel Segment Q1 2022 Performance | Metric | Q1 2022 (RMB in billions) | YoY Growth | | :--- | :--- | :--- | | Revenue | 7.6 | 15.8% | | Operating Profit | 3.5 | 26.4% | | Operating Margin | 45.6% | Improved by 3.9 percentage points | - Hotel business was impacted by the pandemic, with domestic hotel room nights declining by a single-digit percentage year-over-year, but high-star hotel room nights accounted for 17.4%, reaching a record high[10] New Initiatives & Others New Initiatives & Others revenue grew 47.0% to RMB 14.5 billion in Q1 2022, driven by merchandise retail, with operating loss narrowing to RMB 9.0 billion and loss ratio improving due to cost control and operating leverage New Initiatives & Others Segment Q1 2022 Performance | Metric | Q1 2022 (RMB in billions) | YoY Change | | :--- | :--- | :--- | | Revenue | 14.5 | +47.0% | | Operating Loss | 9.0 | Loss expanded 12.2% | | Operating Loss Ratio | 62.3% | Narrowed from 81.6% | - Meituan Maicai achieved rapid growth in Q1 2022, with order volume increasing by nearly 120% year-over-year, and fully ensured the supply of daily necessities during Shanghai's lockdown[13] Technology Investment and Social Responsibility The company actively fulfills social responsibility by leveraging its instant delivery network for essential services and supporting merchants, while investing in autonomous delivery vehicles and drones to enhance service quality - As of March 31, 2022, the company's autonomous delivery vehicles have cumulatively completed over 1.5 million delivery orders and traveled over 1 million kilometers[14] - During the Omicron outbreak since March, the company deployed autonomous delivery vehicles in Shanghai and Beijing to provide contactless delivery services for residents under lockdown[14] Management Discussion and Analysis Q1 2022 vs. Q1 2021 (YoY) Total revenue grew 25.0% to RMB 46.3 billion year-over-year, with gross profit up 49.2%, but operating loss expanded to RMB 5.6 billion due to new business investments and increased expenses Revenue Total revenue grew 25.0% year-over-year, driven by 17.4% growth in food delivery, 15.8% in-store, hotel & travel, and 47.0% in new initiatives & others YoY Change in Revenue by Segment | Segment | Q1 2022 Revenue (RMB in billions) | YoY Growth | | :--- | :--- | :--- | | Food Delivery | 24.2 | 17.4% | | In-store, Hotel & Travel | 7.6 | 15.8% | | New Initiatives & Others | 14.5 | 47.0% | | Total | 46.3 | 25.0% | Costs and Expenses Cost of sales grew 19.2% to RMB 35.5 billion, but decreased as a percentage of revenue, while sales & marketing, R&D, and G&A expenses significantly increased due to business expansion YoY Change in Expenses | Item | Q1 2022 (RMB in billions) | YoY Growth | | :--- | :--- | :--- | | Cost of Sales | 35.5 | 19.2% | | Sales & Marketing Expenses | 9.1 | 26.4% | | R&D Expenses | 4.9 | 40.3% | | General & Administrative Expenses | 2.3 | 33.1% | Operating Loss Operating loss expanded 17.1% to RMB 5.6 billion year-over-year, as increased losses from new initiatives offset profit growth in core businesses YoY Change in Segment Operating (Loss)/Profit | Segment | Q1 2022 (RMB in billions) | Q1 2021 (RMB in billions) | YoY Change | | :--- | :--- | :--- | :--- | | Food Delivery | 1.6 | 1.1 | +41.3% | | In-store, Hotel & Travel | 3.5 | 2.7 | +26.4% | | New Initiatives & Others | (9.0) | (8.0) | +12.2% | | Total | (5.6) | (4.8) | +17.1% | Loss for the Period Loss for the period in Q1 2022 increased to RMB 5.7 billion year-over-year, driven by expanded operating loss and fair value changes in financial investments - Loss for the period in Q1 2022 was RMB 5.7 billion, compared to a loss of RMB 4.8 billion in the same period of 2021[31] Q1 2022 vs. Q4 2021 (QoQ) Total revenue decreased 6.6% quarter-over-quarter to RMB 46.3 billion due to seasonality and Omicron, leading to an expanded operating loss of RMB 5.6 billion despite reduced sales and marketing expenses Revenue Total revenue decreased 6.6% quarter-over-quarter, with food delivery down 7.5% and in-store, hotel & travel down 12.6% due to seasonality and pandemic impacts QoQ Change in Revenue by Segment | Segment | Q1 2022 Revenue (RMB in billions) | QoQ Change | | :--- | :--- | :--- | | Food Delivery | 24.2 | -7.5% | | In-store, Hotel & Travel | 7.6 | -12.6% | | New Initiatives & Others | 14.5 | -1.3% | | Total | 46.3 | -6.6% | Costs and Expenses Cost of sales decreased 5.4% quarter-over-quarter due to lower transaction volume, and sales & marketing expenses significantly dropped 19.0%, while R&D expenses increased 6.5% QoQ Change in Expenses | Item | Q1 2022 (RMB in billions) | QoQ Change | | :--- | :--- | :--- | | Cost of Sales | 35.5 | -5.4% | | Sales & Marketing Expenses | 9.1 | -19.0% | | R&D Expenses | 4.9 | +6.5% | | General & Administrative Expenses | 2.3 | -5.0% | Operating Loss Operating loss expanded 11.6% quarter-over-quarter to RMB 5.6 billion, as core business profits declined, though new initiatives & others segment's loss narrowed due to improved efficiency QoQ Change in Segment Operating (Loss)/Profit | Segment | Q1 2022 (RMB in billions) | Q4 2021 (RMB in billions) | QoQ Change | | :--- | :--- | :--- | :--- | | Food Delivery | 1.6 | 1.7 | -9.1% | | In-store, Hotel & Travel | 3.5 | 3.9 | -10.9% | | New Initiatives & Others | (9.0) | (10.2) | -11.6% | | Total | (5.6) | (5.0) | +11.6% | Loss for the Period Loss for the period in Q1 2022 increased to RMB 5.7 billion quarter-over-quarter, driven by expanded operating loss - Loss for the period in Q1 2022 was RMB 5.7 billion, compared to a loss of RMB 5.3 billion in Q4 2021[45] Non-IFRS Measures Under Non-IFRS, Q1 2022 adjusted net loss narrowed to RMB 3.6 billion, improving 7.8% year-over-year and quarter-over-quarter, with adjusted EBITDA also showing improvement Reconciliation of Non-IFRS Measures | Item (RMB in thousands) | Q1 2022 | Q1 2021 | Q4 2021 | | :--- | :--- | :--- | :--- | | Loss for the Period | (5,702,566) | (4,846,262) | (5,339,151) | | Add: Share-based Compensation Expenses | 1,618,334 | 937,902 | 1,634,141 | | Add: Net Loss/(Gain) from Investments | 575,657 | (42,783) | (471,908) | | Other Adjustments | ... | ... | ... | | Adjusted Net Loss | (3,586,252) | (3,891,717) | (3,935,732) | Liquidity and Capital Resources As of March 31, 2022, the company maintained ample capital with RMB 35.4 billion in cash and RMB 68.0 billion in short-term investments, despite a Q1 net cash outflow from operations of RMB 11.3 billion Q1 2022 Condensed Cash Flow Statement | Item (RMB in billions) | Amount | | :--- | :--- | | Net Cash Used in Operating Activities | (11.3) | | Net Cash From Investing Activities | 11.4 | | Net Cash From Financing Activities | 2.8 | | Cash and Cash Equivalents at End of Period | 35.4 | - As of March 31, 2022, the company's capital gearing ratio (total borrowings and notes payable/total equity) was approximately 47%[52] Financial Information Consolidated Statement of Comprehensive Income This section presents the unaudited consolidated statement of comprehensive income for Q1 2022, detailing revenue, costs, expenses, operating loss, and loss for the period Key Items from Q1 2022 Consolidated Statement of Comprehensive Income | Item (RMB in thousands) | Q1 2022 | | :--- | :--- | | Revenue | 46,268,754 | | Cost of Sales | (35,528,467) | | Gross Profit | 10,740,287 | | Sales & Marketing Expenses | (9,105,728) | | R&D Expenses | (4,879,033) | | Operating Loss | (5,584,242) | | Loss for the Period | (5,702,566) | Consolidated Statement of Financial Position This section presents the unaudited consolidated statement of financial position as of March 31, 2022, detailing assets, liabilities, and equity, with total assets at RMB 230.9 billion and total liabilities at RMB 109.8 billion Key Items from Consolidated Statement of Financial Position as of March 31, 2022 | Item (RMB in thousands) | As of March 31, 2022 | | :--- | :--- | | Non-current Assets | 96,332,500 | | Current Assets | 134,547,641 | | Total Assets | 230,880,141 | | Total Liabilities | 109,792,451 | | Total Equity | 121,087,690 | Other Information Corporate Governance and Compliance The company complied with corporate governance codes, with the Audit Committee reviewing financial data, noting the combined Chairman and CEO role for consistent leadership and efficient decision-making - The Audit Committee, together with the auditors, reviewed the unaudited financial information for the three months ended March 31, 2022[57] - The company complied with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are combined and held by Mr. Wang Xing, which the Board believes enhances decision-making efficiency[58] Definitions Definitions of Key Terms This section provides clear definitions for key terms and operating metrics used throughout the report to ensure accurate understanding