Meituan's earnings report is out, and actually for several past quarters, Meituan's earnings reports have been stable. Teacher Yixiu said Meituan is the company with the deepest moat in China Internet outside of Tencent, and I agree. In fact, I have viewed it this way for a long time. Unfortunately, the attack from Douyin in 2022 was too fierce, and I was taken aback, just like TikTok scared Meta in the USA. Over the two years of 2023-2024, Meituan continuously resisted attacks and performed exceptionally well. Not to mention food delivery, which Douyin cannot compete with, when it comes to in-store services, Meituan had high growth in GTV while battling with Douyin in 2023, and for 2024, in-store services are still excellent - "In 2024, our in-store business achieved impressive growth. The number of orders increased by more than 65% year-on-year, and the number of annual transaction users and active merchants both reached historical highs."
I believe in 2024, Meituan proved itself, with a strong moat (super strong bilateral network + rider network, is a three-sided network + scale effect), and it also has strong profitability.
Talking about the good performance in Q4 2024, the main points are: ① Revenue continues to grow significantly, with core local business (in billions) at 65.566 billion, year-on-year 18.93%, estimated high growth in order volume, which I haven't seen; ② The profitability of core local business is very strong, Q4 is 12.9 billion, year-on-year 60.86%, the highest in the past seven quarters, core local business operating profit margin is 19.68%, optimized by 5.13 percentage points year-on-year, as...