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Core Viewpoint - Meituan continues to focus on the "retail + technology" strategy, investing in technological innovation to enhance efficiency in the retail industry, with a quarterly R&D expenditure of 5.8 billion yuan and record high annual transaction users and active merchants [1][4]. Financial Performance - In the first quarter, Meituan reported revenue of approximately 86.557 billion yuan, a year-on-year increase of 18.1%, and a profit attributable to equity holders of approximately 10.057 billion yuan, up 87.3% [3]. - The core local commerce segment's revenue grew by 17.8% year-on-year to 64.3 billion yuan, with operating profit increasing by 39.1% to 13.5 billion yuan [3][6]. - The first quarter saw operating cash inflow of 10.1 billion yuan, with cash and cash equivalents and short-term investments totaling 115 billion yuan and 65.4 billion yuan, respectively, as of March 31, 2025 [4]. Business Development - The core local commerce segment achieved steady growth, with revenue increasing by 18% to 64.3 billion yuan and operating profit reaching 13.5 billion yuan, a 39.1% year-on-year increase [6]. - The takeout business maintained healthy growth, with user stickiness and purchase frequency further enhanced. Meituan's "brand satellite store" model has helped over 480 brands open 3,000 high-quality satellite stores [6]. - Meituan's flash purchase service saw significant growth, with daily order volume nearly doubling on Valentine's Day, and cumulative transaction users exceeding 500 million, primarily among young consumers [6]. New Business Initiatives - The new business segment's operating loss narrowed to 2.3 billion yuan year-on-year, with international business making progress, particularly in Saudi Arabia and plans to enter Brazil [7]. - The average monthly income for high-frequency riders ranged from 7,230 yuan to 10,100 yuan, with skilled riders in major cities earning up to 12,593 yuan [9]. - Meituan has initiated pilot programs for rider social security, with plans to expand coverage to over one million riders nationwide [9][10].