Meituan’s Third-quarter Revenue Of 35.4 Billion Yuan
On November 30, Meituan released its 2020 third quarter performance report. The financial report shows that in the third quarter of 2020, total revenue increased by 28.8% year-on-year and 43.2% month-on-month to 35.4 billion yuan. The market is expected to be 34.047 billion yuan. The revenue in the same period last year was 27.494 billion yuan, an increase of 28.8% year-on-year.
Operating profit increased from 1.4 billion yuan in the third quarter of 2019 to 6.7 billion yuan this quarter, including 5.8 billion yuan in fair value gains from investments in listed entities. Operating profit margin increased from 5.3% in the same period in 2019 to 19.0% this quarter. Adjusted EBITDA and adjusted net profit both achieved positive year-on-year growth, increasing to RMB 2.7 billion and RMB 2.1 billion respectively.
The financial report shows that in the third quarter of 2020, the transaction value of Meituan’s food delivery business increased by 36.0% annually to 1,522 billion yuan. The average daily number of food delivery transactions increased by 30.1% annually to 34.9 million. The average value of each food delivery business order has grown by 4.5% per year. The realisation rate of the catering takeaway business3 has replaced 13.6% in the third quarter of 2020 from 13.9% in the same period in 2019.
Therefore, in the third quarter of 2020, food delivery revenue will increase by 32.8% annually to 20.7 billion yuan. The operating profit of the food delivery business increased from RMB 330.9 million in the third quarter of 2019 to RMB 768.5 million in the third quarter of 2020, while the operating profit margin increased from 2.1% to 3.7%. Statistics show that as of the end of September, more than 4 million riders have achieved increased employment and income through the Meituan platform this year.
The financial report shows that in the third quarter of 2020, the income of Meituan to the store, hotel and tourism business increased 4.8% to 65 billion yuan. At the store, the operating profit of the hotel and tourism business increased from 2.3 billion yuan in the third quarter of 2019 to 2.8 billion yuan in the third quarter of 2020, and the operating profit margin rose from 37.7% to 43.0%.
The financial report shows that the revenue of Meituan’s new business and other divisions increased by 43.5% annually to 82 billion yuan in the third quarter of 2020. The operating scale of new businesses and other segments will expand by 39% from 15 trillion yuan in the second quarter of 2020 to 2 billion yuan in the third quarter of 2020. Operating profit margin improved by 1.2 errors from a negative 25.9% in the second quarter of 2020 to a negative 24.7% in the third quarter of 2020. The operating substitution of new businesses and other segments expanded by 68.8% year-on-year, while the operating profit margin fell by 3.7% annually. In the grocery retail sector, the platform model of Meituan’s flash sale has further highlighted the consumer demand for drugs, flowers and other categories. Single-season drug orders have more than tripled year-on-year, and nearly 100,000 platform pharmacies have entered the platform. The newly launched Meituan Preferred The service has played a synergistic value with businesses such as Meituan’s grocery shopping and Kuaimu purchase.
