On November 29, Meituan announced its third quarter results for 2024 after the Hong Kong stock market closed today.

• In Q3, revenue was 93.577 billion yuan (RMB, the same below), a year-on-year increase of 22.4%, compared to 76.467 billion yuan in the same period last year;

• In Q3, net income was 12.865 billion yuan, a year-on-year increase of 258.0%, compared to 3.593 billion yuan in the same period last year;

• In Q3, the adjusted net income was 12.829 billion yuan, a year-on-year increase of 124.0%, compared to 5.727 billion yuan in the same period last year.

The segment financial report data is as follows:

• Core local business

In the third quarter of 2024, segment revenue grew by 20.2% year-on-year to 69.4 billion yuan. Operating profit increased by 44.4% year-on-year to 14.6 billion yuan, and the operating profit margin improved by 3.5 percentage points year-on-year to 21.0%.

In the third quarter, Meituan's instant delivery business continued to grow steadily, with order volume increasing by 14.5% year-on-year. The in-store hotel and travel business also recorded strong growth in the third quarter, with order volume increasing by over 50% year-on-year. The number of annual transaction users and active merchants both reached record highs.

• New business

In the third quarter of 2024, the revenue of the new business segment increased by 28.9% year-on-year to RMB 24.2 billion, and the operating loss of the segment narrowed by 79.9% year-on-year to RMB 1 billion, with an improvement in operating loss rate of 1.9 percentage points to 4.2% month-on-month.

In the third quarter, Meituan's selected losses continued to narrow month-on-month. Due to efficiency improvements and healthy growth, apart from Meituan's selected, other new businesses as a whole achieved profitability in the third quarter. In October, Keeta officially launched in Riyadh, the capital of Saudi Arabia, marking an important step in Meituan's international expansion.

Editor/ping