I. OVERALL SITUATION
25 May $MEITUAN-W (03690.HK)$ Financial results for the first quarter of 2023 were announced. The overall financial data is good, far exceeding market expectations. Meituan's first-quarter revenue for the first quarter was RMB 58.62 billion, an increase of 26.7% over the previous year. Expected RMB 57.48 billion, net profit of RMB 3.36 billion, expected loss of RMB 210.4 million, and adjusted net profit of RMB 5.49 billion for the first quarter, a record high, with an forecast of RMB 1.95 billion.
Overall, Meituan's financial data is quite good. Profitability has been greatly enhanced, and Meituan has a relatively large business. The following picture can clearly introduce Meituan's main business situation:
II. Core Financial Report Data
1. Operating revenue — double-digit year-over-year growth
Q1 Meituan's first-quarter revenue was RMB 58.62 billion, an increase of 26.7% over the previous year. It is one of the few Internet companies that have maintained double-digit growth, depending on whether Pinduoduo can surpass next year. By business segment (Meituan began to change its financial reporting business division model in Q2 2022):
Core local businesses:Q1 revenue was 42.9 billion yuan, an increase of 25.5% over the previous year;
New business:Q1 revenue was 15.7 billion yuan, an increase of 30% over the previous year.
By nature:
Delivery service:Q1 revenue was 16.91 billion yuan, an increase of 17.2% over the previous year, and a decrease from month to month. This was mainly the basic takeout portion, and the growth rate slowed down.
Commissions:Q1 revenue 1...