Q2 2024 Meituan Earnings Call Transcript
Key Points
- Total revenue increased by 21% year over year to RMB28.3 billion.
- Adjusted net profit increased by 77.6% to RMB13.6 billion.
- Annual transacting users and active merchants reached new highs of 753 million and 30 million, respectively.
- Average purchase frequency per annual transacting user increased for the 15th consecutive quarter.
- Meituan Instashopping posted robust growth, becoming a significant driver for local retailers.
- External challenges and evolving consumption trends impacted order volume growth.
- Average order value (AOV) for on-demand delivery faced a decline, though it started to normalize.
- In-store, hotel, and travel GTV growth lagged behind in-store business growth due to a high base from last year.
- The company is still experiencing losses in its new initiatives segment, although the losses are reducing.
- The competitive landscape remains intense, with competitors stepping up subsidies for local services.
Thank you for standing by, and welcome to the Meituan second-quarter 2024 earnings conference call. (Operator Instructions) I would now like to hand the conference over to Ms. Scarlett Xu, VP and Head of Capital Markets.
Thank you, operator. Good evening, and good morning, everyone. Welcome to our second quarter of 2024 earnings conference call. Joining us today are Mr. Xing Wang, Chairman and the CEO; and Mr. Shaohui Chen, Senior Vice President and the CFO of Meituan.
For today's call, management will first provide a review of our second quarter of 2024 results and then conduct a Q&A session. Before we start, we would like to remind you that our presentation contains forward-looking statements, which include a number of risks and uncertainties and may differ from actual results in the future.
This presentation also contains unaudited non-IFRS accounting standard financial measures that should be considered in addition to and not as a substitute
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