美团-W(03690) - 2021 Q4 - 业绩电话会

Financial Data and Key Metrics Changes - For the full year of 2021, total revenue increased by 56% year-over-year to RMB 179.1 billion [1] - In Q4, total revenue reached RMB 49.5 billion, increasing by 30.6% year-over-year [10] - Cost of revenue as a percentage of total revenue was 75.8% in Q4, up from 75.1% in the prior year period but down from 77.9% in the previous quarter [10] - Adjusted net loss improved sequentially to negative RMB 3.9 billion in Q4 [10] Business Line Data and Key Metrics Changes - Food delivery orders grew by 42% year-over-year in 2021, with average daily order volume in Q4 growing by 17.4% year-over-year [2][11] - In-store hotel and travel segment revenue grew by more than 22% year-over-year, with transaction volume and annual active merchants reaching new highs [12] - The community e-commerce business saw significant growth, with annual transaction users reaching around 230 million in 2021 [7] Market Data and Key Metrics Changes - Annual transaction users increased to 690.5 million by the end of 2021, with average transactions per user rising to 35.8 from 28.1 in 2020 [1][2] - The number of annual active merchants increased to 8.8 million as of Q4 [2] - Domestic room nights consumed on the platform decreased by 3.7% year-over-year due to strict travel restrictions [13] Company Strategy and Development Direction - The corporate strategy was upgraded from a food platform to retail technology, expanding services to rural areas and less developed markets [2] - Focus on supporting small and medium-sized merchants through various initiatives, including a new fee structure for food delivery services [17] - Emphasis on high-quality growth and operational efficiency in response to external challenges [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the food delivery business once COVID control measures are lifted, citing past recovery trends [23] - The company plans to focus on high-quality growth and operational efficiency, with expectations for a lower subsidy ratio in 2022 compared to previous years [24] - Management highlighted the importance of supporting merchants and enhancing the delivery network despite current challenges [18] Other Important Information - The company has committed to improving the welfare and security of couriers and facilitating the digitalization of local service merchants [15] - Cash equivalents and short-term treasury investments totaled RMB 116.8 billion as of December 31, 2021 [14] Q&A Session Questions and Answers Question: Will you further reduce the commission rates for food delivery? - Management confirmed that a new food delivery fee structure was launched to provide transparency and support small merchants, with a focus on maintaining stable commission rates while optimizing the fee structure [16] Question: What are the reasons behind the deceleration in growth rates for the primary business? - Management attributed the deceleration primarily to strict COVID control measures and the macro environment, noting that the primary business showed resilience compared to other consumption-related businesses [20] Question: How does the company view the unique economics of the food delivery business in 2022? - Management expressed confidence in the growth and economics of the food delivery business, focusing on meeting the needs of medium and high-frequency users while exploring low-ticket size supplies [23]