The following is a summary of the Meituan (MPNGF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Meituan reported a 25.8% increase in total revenue amounting to RMB 276.7 billion.
Adjusted net profit rose to RMB 23.3 billion, up from RMB 2.8 billion the previous year.
Daily order volumes of on-demand delivery increased by 23.9% year-over-year.
Q4 revenue rose by 22.6% year-over-year to RMB 73.7 billion.
Despite efficiency improvements, Meituan Select witnessed significant losses in 2023 due to slower growth and competition.
Business Progress:
There was over 30% year-over-year active user growth owing to the acceleration in consumer and merchant base growth.
Order volumes for Instashopping grew over 40% year-over-year due to a steady user base increase.
The in-store, hotel & travel business witnessed growth in GTV, active users, and active merchants.
Future plans include driving high-quality growth and efficiency, exploration of further growth opportunities, and business expansion.
Meituan's restaurant management system and B2B food service achieved cash flow break-even in 2023.
Meituan aims to decrease operating loss of Meituan Select by refining the business model and improving user experience.
Overseas business expansion is being evaluated with a focus on new market entry and a disciplined ROI evaluation.
Investments are being made in drones and autonomous delivery vehicles as part of Meituan's future infrastructure growth.
A share buyback program has been initiated with over USD 400 million worth of shares already purchased and cancelled in a move to increase shareholder return.
More details: Meituan(ADR) IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.