Douyin Life Service 1Q24 Sales RMB100B+, without Narrowing Gap with Meituan

In 1Q24, $ByteDance(FT0001)$ Douyin Life Service (mainly comprising of in-store catering, in-store integrated & wine tourism businesses) recorded a sales before write-off of over RMB100 billion, with a YoY growth rate of more than 100%, flat QoQ, as compared with the sales of $MEITUAN-W(03690.HK)$ 's in-store business, which stabilized at around RMB200 billion in the past 2 quarters, according to LatePost.

Over the past 6 months, the market shares of both companies have not changed significantly.