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Performance
Meituan (03690.HK) released results for the second quarter of 2022 on August 26th. According to the financial report, Meituan's revenue in the second quarter of this year was 50.9 billion yuan, an increase of 16.4% over the same period last year. Thanks to the positive seasonal factors in the second quarter, the results of reducing capital and increasing efficiency showed that the operating loss narrowed to 490 million yuan, and the adjusted net profit was 2.06 billion yuan, turning losses into profits.
Meituan's business model: core local business + new business
Meituan's core local business includes relatively mature takeout business, inbound wine travel and Meituan flash purchase, which is highly consistent with takeout, accounting for 72 per cent of revenue. The new business includes Meituan optimal selection, Meituan shopping, fast donkey, online ride-hailing, shared bike, shared motorcycle, portable battery, restaurant management system, etc., accounting for 28% of the revenue.
Financial report and comment
1. The profitability of core local business has greatly improved, and the flash purchase business will become the next growth curve.
The business model of the core local business has broken even, which is the main source of Meituan's operating profits and operating cash flow, and the catering takeout business is the main source of Meituan's active users, and provides an important flow entrance for the wine travel to the store.In addition, in this quarterly report, Meituan's flash purchase business was also spun off from the new business for the first time, indicating that the business has achieved stable profits.At the same time, the flash purchase business is similar to the catering takeout UE model, and has a clear profit margin improvement path.It means that Meituan can rely on in the future.