Investment Rating - The report maintains a **Buy** rating for Meituan with a target price of **HKD 93**, implying a potential upside of **16.6%** [1][2] Core Views - Meituan's revenue is expected to grow by **17%** in 2024, driven by its strong position in the local services and food delivery sectors [1] - The company's core business is valued at **15x P/E**, with a conservative approach excluding the valuation contribution from new businesses [1] - Meituan's competitive environment is considered better than that of e-commerce platforms like Alibaba and JD, with higher user stickiness and growth potential [1][2] - The report highlights that Meituan's valuation should be between Alibaba/JD (8-10x P/E) and Pinduoduo (20x P/E) [1][13] Business Performance and Outlook Local Services and Food Delivery - Meituan's food delivery business remains stable, with a unit economics (UE) of **RMB 1.2 per order** in 2023, expected to maintain **RMB 1.15-1.2 per order** in 2024 despite AOV (Average Order Value) pressure [41][46] - The food delivery GTV (Gross Transaction Value) is projected to grow by **18%** in 2023, reaching **RMB 940 billion**, with **14%** and **12%** growth expected in 2024 and 2025, respectively [79] - Meituan's local services business is expected to grow by **35%** in GTV in 2024, with a **10%+** profit growth, despite increased competition [51][76] New Businesses - Meituan's new businesses, including community group buying, are expected to continue reducing losses, with a projected loss of **RMB 20.4 billion** in 2023, slightly higher than the initial estimate of **RMB 19.3 billion** [40][87] - The community group buying business has reached **490 million users** as of September 2023, but its contribution to the core business remains limited [87] Competitive Landscape - Meituan's market share in local services is estimated at **71%**, compared to Douyin's **21%**, with Meituan's scale being **3.4x** larger than Douyin's after considering redemption rates [76][78] - The report emphasizes that Meituan's user stickiness and merchant loyalty are stronger than Douyin's, with Douyin's local life services contributing minimally to its overall profitability [2][53] Valuation and Market Comparison - Meituan's valuation is considered reasonable at **15-20x P/E** for its core business, given its stable growth and competitive advantages [22] - The report compares Meituan's valuation with other internet platforms, noting that Meituan's PEG (Price/Earnings to Growth) ratio is below **1**, similar to Pinduoduo and Kuaishou [91] Industry Insights - The local services market is estimated to have a **RMB 10 trillion** traditional industry size, with significant growth potential as online penetration increases [76] - The report highlights that Meituan's non-standardized services and small-to-medium local merchants are less likely to be impacted by competition compared to standardized services like branded restaurants and entertainment [98]

智通财经APP获悉，国海证券发布研究报告称，维持美团-W(03690)“买入”评级，长期看好公司在即时配送领域的核心壁垒以及本地生活业务中的高韧性，考虑到短期外卖AOV增速以及到店酒旅版块OPM短期承压，基于谨慎性原则调整公司2023-2025年营收分别为2,757/3,287/3,836亿元，归母净利润分别为127/177/318亿元，Non-GAAP归母净利润分别为220/275/426亿元，对应摊薄EPS为2.0/2.8/4.9元;目标价110港元。 该行预计，美团2023Q4实现总营收726亿元(YoY+21%);核心本地商业营收544亿元(YoY+25%)，其中餐饮外卖业务预计营收381亿元(YoY+18%)，经营利润率11.6%;闪购业务预计营收48亿元(YoY+19%)，经营利润率-8%;到店酒旅业务预计营收113亿元(YoY+60%)，经营利润率28%;新业务预计营收183亿元(YoY+10%)。 ...

  在和抖音激战正酣、股价承压之际，美团宣布了组织与人员的大规模调整。这也是自 2021 年 9 月美团宣布「零售+科技」战略后，首次进行组织架构调整。 2 月 2 日，美团 CEO 王兴发布内部邮件，宣布了此次调整。一方面，美团对核心本地商业多项业务进行了重大整合；另一方面，美团进一步提升了科技与国际化等创新业务的优先级，王兴将直接管无人机、境外业务。 核心本地商业的具体调整如下：到家事业群、到店事业群、美团平台、基础研发平台等进行整合，共同向美团高级副总裁王莆中汇报；而大众点评、SaaS、骑行、充电宝等业务将由美团高级副总裁张川负责。其他组织保持不变。 美团高级副总裁王莆中。图源 | 视觉中国 一位美团员工对该调整表示惊讶，「川哥（张川）管的业务没有那么多了。」他对极客公园表示。 美团的组织架构主要分为两大事业群（到家、到店）、三大平台（美团平台、智慧交通平台、基础研发平台）、若干个事业部（优选事业部、快驴事业部、买菜事业部、点评事业部等）。 过去，王莆中和张川各管到家、到店两大事业群。前者主要包括外卖事业部、配送部、闪购业务部、团好货业务部、医药业务部、研发平台等；后者主要包括到店餐饮事业部、到店综合 ...

Financial Data and Key Metrics Changes - The company reported its third-quarter earnings for 2023, with a focus on financial performance metrics [1] Business Line Data and Key Metrics Changes - Specific details regarding the performance of various business lines were not provided in the document [1] Market Data and Key Metrics Changes - Information on market performance and key metrics was not included in the document [1] Company Strategy and Development Direction and Industry Competition - The strategic direction and competitive landscape were not discussed in the document [1] Management's Comments on Operating Environment and Future Outlook - Management's insights on the operating environment and future prospects were not available in the document [1] Other Important Information - No additional important information was provided in the document [1] Q&A Session All Questions and Answers - The document does not contain any details regarding the Q&A session, including questions and answers [1]

Revenue Growth - Revenue increased by 22.1% YoY to RMB 76.47 billion in Q3 2023, compared to RMB 62.62 billion in Q3 2022[4] - Total revenue grew by 22.1% YoY to RMB 76.5 billion in Q3 2023, driven by the recovery of local consumption[29] - Revenue for Q3 2023 was RMB 76,466.9 million, a 22.1% increase from RMB 62,618.9 million in Q3 2022[93] - Revenue grew 12.5% QoQ to RMB 76.5 billion in Q3 2023, with both reporting segments achieving revenue growth[56] Operating Profit and Margins - Operating profit surged by 239.9% YoY to RMB 3.36 billion, with an operating profit margin of 4.4%[4] - Operating profit increased to RMB 3.4 billion in Q3 2023, with an operating margin of 4.4%, up from RMB 988.2 million and 1.6% in Q3 2022[45] - Operating profit for Q3 2023 was RMB 3,358.5 million, compared to RMB 988.2 million in Q3 2022 and RMB 4,713.0 million in Q2 2023[93] - Operating profit for Q3 2023 was RMB 3.4 billion, with an operating margin of 4.4%, down from RMB 4.7 billion and 6.9% in Q2 2023[71] Adjusted EBITDA and Net Profit - Adjusted EBITDA grew by 28.9% YoY to RMB 6.19 billion, and adjusted net profit increased by 62.4% YoY to RMB 5.73 billion[4] - Adjusted EBITDA for Q3 2023 was RMB 6.19 billion, up from RMB 4.80 billion in Q3 2022[27] - Adjusted net profit for Q3 2023 was RMB 5.73 billion, compared to RMB 3.53 billion in Q3 2022[27] - Adjusted EBITDA for Q3 2023 was RMB 6.2 billion, compared to RMB 7.7 billion in Q2 2023[54] - Adjusted net profit for Q3 2023 was RMB 5,727.4 million, compared to RMB 3,526.6 million in Q3 2022 and RMB 7,659.9 million in Q2 2023[80] Core Local Commerce - Core Local Commerce revenue rose by 24.5% YoY to RMB 57.7 billion, with an operating profit of RMB 10.1 billion and a profit margin of 17.5%[16] - Core local commerce revenue increased by 24.5% YoY to RMB 57.7 billion in Q3 2023, supported by growth in instant delivery orders and in-store, hotel, and travel transactions[31] - Core local commerce operating profit grew to RMB 10.1 billion in Q3 2023, with an operating margin of 17.5%, down 2.6 percentage points YoY[47] - Core local commerce revenue increased by 12.7% from RMB 51.2 billion in Q2 2023 to RMB 57.7 billion in Q3 2023, driven by seasonal factors, increased delivery transactions, and growth in in-store, hotel, and travel business[58] - Core local commerce operating profit decreased to RMB 10.1 billion in Q3 2023 from RMB 11.1 billion in Q2 2023, with the operating margin dropping from 21.8% to 17.5% due to higher subsidies and lower unit economics[75] New Business Segment - New business segment revenue increased by 15.3% YoY to RMB 18.8 billion in Q3 2023, with operating losses narrowing by 24.5% to RMB 5.1 billion[22] - New business revenue grew by 15.3% YoY to RMB 18.8 billion in Q3 2023, primarily due to growth in the retail business, partially offset by a contraction in the ride-hailing business[33] - New business operating loss narrowed to RMB 5.1 billion in Q3 2023, with an operating loss margin of 27.2%, improving by 14.4 percentage points YoY[48] - New business revenue grew by 12.0% from RMB 16.8 billion in Q2 2023 to RMB 18.8 billion in Q3 2023, primarily due to seasonal factors and growth in retail and other new businesses[59] - New business operating loss narrowed slightly to RMB 5.1 billion in Q3 2023, with the loss ratio improving from 31.0% to 27.2% due to operational efficiency improvements[75] Instant Delivery and Instashopping - Instant delivery transactions increased by 23.0% YoY to 6.18 billion orders in Q3 2023[7] - Meituan Instashopping daily order peak exceeded 13 million orders in August 2023, with significant growth in user and merchant numbers[18] Merchant and User Growth - Annual active merchants increased by 30% YoY in Q3 2023, driven by digitalization efforts and partnerships with nearly 400 brands[18] - Meituan Youxuan accumulated 490 million transacting users by the end of September 2023, enabling cross-selling of other products and services[22] - Meituan Maicai recorded strong transaction growth in Q3 2023, with user scale, purchase frequency, and average order value steadily increasing[22] Non-Food Categories - Non-food categories such as digital, home appliances, and beauty products showed strong growth in Q3 2023[18] Cash and Financial Position - Cash and cash equivalents stood at RMB 25.1 billion, with short-term financial investments totaling RMB 108.5 billion as of September 30, 2023[15] - Operating cash inflow reached RMB 11.2 billion in Q3 2023[15] - Net cash generated from operating activities in Q3 2023 was RMB 11,211.8 million, primarily due to pre-tax profit and adjustments for non-cash items and changes in working capital[82][89] - Net cash used in investing activities in Q3 2023 was RMB 15,193.5 million, including purchases of financial investments, property, plant, and equipment, and other investments[82][85] - Net cash generated from financing activities in Q3 2023 was RMB 2,163.7 million, mainly due to an increase in financial liabilities, partially offset by lease liability payments[82][90] - Cash and cash equivalents at the end of Q3 2023 were RMB 25,148.9 million, compared to RMB 27,003.0 million at the beginning of the quarter[82] - Cash and cash equivalents reached RMB 25.149 billion, up 24.8% from RMB 20.159 billion at the end of 2022[95] Expenses - Sales costs increased by 12.2% YoY to RMB 49.5 billion in Q3 2023, accounting for 64.7% of revenue, down 5.7 percentage points YoY[36] - Sales and marketing expenses grew 55.3% YoY to RMB 16.9 billion in Q3 2023, accounting for 22.1% of revenue, up 4.7 percentage points YoY[37] - R&D expenses decreased 1.7% YoY to RMB 5.3 billion in Q3 2023, accounting for 7.0% of revenue, down 1.6 percentage points YoY[39] - General and administrative expenses remained stable at RMB 2.5 billion in Q3 2023, accounting for 3.3% of revenue, down 0.7 percentage points YoY[40] - Sales and marketing expenses increased to RMB 16.9 billion in Q3 2023, up from RMB 14.6 billion in Q2 2023, with the expense ratio rising from 21.4% to 22.1% due to increased user incentives and advertising costs[63] - Cost of sales rose by 16.3% from RMB 42.6 billion in Q2 2023 to RMB 49.5 billion in Q3 2023, with the cost ratio increasing from 62.6% to 64.7% due to higher delivery-related costs and retail business expenses[65] - R&D expenses decreased to RMB 5.3 billion in Q3 2023 from RMB 5.4 billion in Q2 2023, with the expense ratio dropping from 8.0% to 7.0% due to reduced employee benefits[66] - General and administrative expenses increased to RMB 2.5 billion in Q3 2023 from RMB 2.1 billion in Q2 2023, with the expense ratio rising from 3.1% to 3.3% due to higher employee benefits[67] In-Store and Hotel/Travel Business - In August, the company's in-store business transaction amount achieved strong growth and reached a new high, with live streaming coverage expanded to over 200 cities[19] - The hotel and travel business maintained strong growth in Q3, with transaction amount and room nights significantly increasing compared to 2022 and 2019[20] Gross Profit - Gross profit for Q3 2023 was RMB 26,982.4 million, a 45.8% increase from RMB 18,504.9 million in Q3 2022[93] Net Profit - Net profit for Q3 2023 was RMB 3.6 billion, compared to RMB 1.2 billion in Q3 2022[50] - Net profit for Q3 2023 was RMB 3.6 billion, down from RMB 4.7 billion in Q2 2023[77] Assets and Liabilities - Total assets increased to RMB 285.513 billion as of September 30, 2023, up from RMB 244.481 billion as of December 31, 2022[95] - Property, plant, and equipment grew to RMB 24.289 billion, a 9.4% increase from RMB 22.201 billion at the end of 2022[95] - Long-term financial investments surged to RMB 15.240 billion, an 87.8% rise from RMB 8.114 billion in the previous year[95] - Trade payables increased to RMB 21.339 billion, a 22.8% rise from RMB 17.379 billion in the previous year[97] - Merchant payables grew to RMB 20.169 billion, a 62.2% increase from RMB 12.432 billion at the end of 2022[97] - Total liabilities rose to RMB 137.689 billion, up 18.9% from RMB 115.775 billion as of December 31, 2022[97] - The company's equity attributable to owners increased to RMB 147.878 billion, a 14.9% rise from RMB 128.762 billion at the end of 2022[95] Corporate Governance - The company maintains a consistent corporate governance structure, with Wang Xing serving as both Chairman and CEO, a decision supported by the board for strategic consistency[102] - The company's A-class shares grant holders 10 votes per share on any resolutions at shareholder meetings, except for reserved matters where they have 1 vote per share[110] - The company's B-class shares grant holders 1 vote per share on any resolutions at shareholder meetings[110] Definitions - The company defines "active merchants" as those who complete at least one transaction, purchase online marketing services, process offline payments, or generate orders through the ERP system within a specific period[126] - The company defines "transaction amount" as the value of paid products and services on its platform, excluding pure payment transactions like QR code payments and POS payments[127] - The company defines "transaction users" as user accounts that pay for products and services on its platform within a specific period, regardless of refunds[128] - The company defines "transactions" based on payment counts, with specific rules for different business segments like group buying, hotel bookings, and bike-sharing[129] Capital Structure - The company's capital-to-debt ratio as of September 30, 2023, was approximately 39%, calculated as total borrowings and notes payable divided by total equity attributable to equity holders[91] Share Transactions - The company did not purchase, sell, or redeem any listed securities during the three months ended September 30, 2023[99]

目錄 公司資料 2 摘要 4 主席報告 8 管理層討論及分析 12 其他資料 31 中期財務資料的審閱報告 59 簡明綜合收益表 60 簡明綜合全面收益表 61 簡明綜合財務狀況表 62 簡明綜合權益變動表 65 簡明綜合現金流量表 67 中期財務資料附註 69 釋義 120 詞彙 128 公司資料 董事會 企業管治委員會 ...

[0 -> 5] Thank you for standing by and welcome to the Meituan Second Quarter 2023 Earnings Conference [5 -> 11] Call. All participants are on a listen-only mode. There will be a presentation followed [11 -> 16] by a question-and-answer session. If you wish to ask a question, you will need to press [16 -> 21] star, the key followed by the number 1 on your telephone keypad. I would now like to [21 -> 25] turn the conference over to Scarlet Xu, VP and Head of Capital Markets. Please go ahead. [25 -> 32] Thank ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：3690） 截至2023年6月30日止三個月及六個月 業績公告 美團（「本公司」）董事會（「董事會」）欣然宣佈本公司截至2023年6月30日止三個月 及六個月的未經審核綜合業績。 於本公告中，「我們」指本公司。 摘要 財務概要及經營數據 未經審核 截至下列日期止三個月 2023年6月30日 2022年6月30日 佔收入 佔收入 ...

[0 -> 14] Thank you for standing by, and welcome to the Maytwan First Quarter 2023 Earnings Conference [14 -> 20] Call. All participants will be in a listen-only mode. There will be a presentation followed [20 -> 25] by a question-and-answer session. If you wish to ask a question, you will need to press [25 -> 30] the star key followed by the number one on your telephone keypad. I would now like to [30 -> 34] hand the conference over to Scarlett Chu, VP and Head of Capital Markets. [38 -> 43] Thank you, ope ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：3690） 截至2023年3月31日止三個月 業績公告 美團（「本公司」）董事會（「董事會」）欣然宣佈本公司截至2023年3月31日止三個月 的未經審核綜合業績。 於本公告中，「我們」指本公司。 摘要 財務及經營數據概要 未經審核 截至下列日期止三個月 2023年3月31日 2022年3月31日 佔收入 佔收入 金額 百分比 金額 百分比 同比變動 （人民幣千元，百分比除外） 收入 58,617,472 100.0% 46,268,754 100.0% 26.7% ...