美团(03690) - 2023 Q1 - 季度业绩

Financial Performance - Revenue for the first quarter of 2023 increased by 26.7% to RMB 58.617 billion, compared to RMB 46.268 billion in the same period of 2022[5]. - Operating profit for the core local business segment reached RMB 9.445 billion, a 100.7% increase from RMB 4.705 billion in the first quarter of 2022[6]. - Adjusted EBITDA for the first quarter of 2023 was RMB 6.262 billion, marking a significant recovery from a loss of RMB 1.841 billion in the same period last year[2]. - The company achieved a net profit of RMB 3.449 billion in the first quarter of 2023, compared to a net loss of RMB 5.703 billion in the same period of 2022[2]. - The operating profit for Q1 2023 was RMB 3.6 billion, a significant recovery from an operating loss of RMB 5.6 billion in Q1 2022[11]. - The net profit for Q1 2023 was RMB 3.40 billion, a turnaround from a net loss of RMB 5.70 billion in Q1 2022[28]. - The company recorded a profit of RMB 3.4 billion in Q1 2023, compared to a loss of RMB 1.1 billion in Q4 2022[45]. Revenue Growth - The total revenue increased by 26.7% year-over-year from RMB 46.3 billion in Q1 2022 to RMB 58.6 billion in Q1 2023, reflecting a recovery in local consumption[12]. - The core local business segment's revenue grew by 25.5% year-on-year, from RMB 34.18 billion in Q1 2022 to RMB 42.89 billion in Q1 2023[14]. - New business segment revenue increased by 30.1% year-on-year, from RMB 12.09 billion in Q1 2022 to RMB 15.73 billion in Q1 2023, driven by the expansion of retail operations[15]. - The new business segment's revenue grew by 30.1% year-over-year to RMB 15.7 billion in Q1 2023, while operating losses narrowed by 40.5% to RMB 5 billion[9]. Cost Management - Cost of sales decreased as a percentage of revenue from 76.8% in Q1 2022 to 66.2% in Q1 2023, despite an increase in absolute terms from RMB 35.53 billion to RMB 38.80 billion[16][17]. - Sales cost reduced to RMB 38.80 billion in Q1 2023 from RMB 43.20 billion in Q4 2022, with the cost-to-revenue ratio improving from 71.8% to 66.2%[34]. - General and administrative expenses decreased to RMB 1.99 billion in Q1 2023, representing 3.4% of revenue, down from 5.0% in Q1 2022[20]. Operational Metrics - The number of instant delivery transactions increased by 14.9% year-over-year, reaching 4,267.4 million transactions in the first quarter of 2023[2]. - In Q1 2023, Meituan's order volume grew approximately 35% year-over-year, driven by an increase in both transaction users and transaction frequency[7]. - The number of cumulative transaction users reached 450 million by the end of March 2023[9]. - The number of annual active merchants increased by over 30% year-over-year in Q1 2023, with significant growth in non-food specialty stores, beverages, and flowers[7]. Cash Position - Cash and cash equivalents, along with short-term investments, totaled RMB 26.9 billion and RMB 84.5 billion, respectively, as of March 31, 2023[5]. - The company maintained a strong cash position with cash and cash equivalents amounting to RMB 26,862,612 thousand as of March 31, 2023[53]. - Net cash flow from operating activities for Q1 2023 was RMB 8.1 billion, primarily due to pre-tax profits and adjustments for non-cash items[49]. Marketing and Growth Initiatives - The company launched new marketing initiatives, including the "Shen Qiang Shou" campaign, to enhance merchant engagement and drive sales growth[6]. - The company continues to explore new growth opportunities through live streaming and promotional activities to stimulate consumer demand[6]. - Meituan's initiatives in rural areas have created over 1.3 million self-pickup stores in lower-tier cities[9]. Research and Development - Research and development expenses increased to RMB 5.05 billion in Q1 2023, accounting for 8.6% of revenue, down from 10.5% in Q1 2022[19]. - Research and development expenses for the period were RMB 5,047,387 thousand, up from RMB 4,879,033 thousand in the previous year, reflecting continued investment in innovation[52]. Seasonal Effects - Revenue decreased by 2.5% from RMB 60.13 billion in Q4 2022 to RMB 58.62 billion in Q1 2023, primarily due to seasonal factors[30]. - Core local business revenue fell by 1.4% to RMB 42.89 billion in Q1 2023 from RMB 43.47 billion in Q4 2022, impacted by seasonal effects[31]. - New business segment revenue decreased by 5.5% to RMB 15.73 billion in Q1 2023 from RMB 16.66 billion in Q4 2022, primarily due to seasonal factors in retail[32].