Summary by Futu AI
Meituan announced unaudited comprehensive performance for the three months ended March 31, 2024, showing a year-on-year increase of 25.0% in revenue to RMB 73.3 billion. Operating profits and period profits increased by 45.3% to RMB 5.2 billion and 59.9% to RMB 5.4 billion, respectively. The number of on-demand delivery transactions increased by 28.1% year-on-year, and adjusted EBITDA and adjusted net profit increased by 28.9% to RMB 8.1 billion and 36.4% to RMB 7.5 billion, respectively. In addition, the company achieved operating cash inflows of RMB 6 billion in the first quarter and held cash and cash equivalents and short-term financial investments of RMB 50.8 billion and RMB 87.8 billion, respectively. Meituan's core businesses and new businesses achieved revenue growth during the reporting period, and by optimizing its operational strategy and enhancing operational efficiency, it improved its operating loss rate. The company will continue to explore opportunities for growth in the instant retail industry and provide merchants and consumers with more diversified marketing tools and online solutions.