On November 29, Meituan (03690) released its performance report for the third quarter of 2024. In this quarter, Meituan achieved revenues of 93.6 billion yuan (RMB, the same below), a year-on-year increase of 22.4%.

With the solid advancement of high-quality development in china's economy and an increase in consumer confidence, in the third quarter, Meituan's annual transaction users, annual active merchants, and the annual average consumption frequency of transaction users all continued to grow, reaching a historical high. The number of instant delivery orders rose to 7.1 billion.

"In this quarter, all of the company's businesses achieved steady development," said Meituan CEO Wang Xing. "We will continue to meet users' needs, support merchants' operations, care for and assist riders' development, and achieve win-win results with ecosystem partners. Furthermore, we will actively fulfill our responsibilities and missions, helping everyone eat better and live better."

Enhanced synergy, robust core local business.

In the third quarter, Meituan's core local business continued to leverage synergistic effects and achieved steady development. The revenue of this business segment reached 69.4 billion yuan, a year-on-year increase of 20.2%. The platform's instant delivery order volume reached 7.1 billion, up 14.5% year-on-year.

Meituan's flash purchase continues to explore innovative models, expand quality supply, and collaborate with more retail brands and large retailers to meet consumers' immediate needs in various scenarios such as holidays, travel, and daily living. In this quarter, Meituan's flash purchase daily order volume exceeded 10 million orders, with both transaction users and transaction frequency achieving double-digit growth. On the day of the "Qixi" festival, the peak order volume even surpassed 16 million orders.

In October, miniso announced a deep strategic cooperation with Meituan, planning to launch over 800 "24H Super Stores" in the form of lightning warehouses on Meituan within the year, serving consumers' immediate demand for "online ordering, delivered in the fastest 30 minutes". Currently, miniso has opened 500 warehouses on Meituan.

In-store hotel and travel business continues to achieve steady growth, and Meituan continues to enhance its competitive advantage and promote business development through synergy in core local commerce. In this quarter, the order volume for in-store hotel and travel business increased by over 50% year-on-year, with the number of annual active merchants also reaching a new high.

Meituan's "Golden Week" consumption data shows that nationwide in-store consumption of life services grew by 41.2% year-on-year, with tourists' daily average consumption increasing by 69.6% compared to last year's holiday.

In terms of new business, with the improvement in the efficiency of commodity retail operations, the quarterly loss of new business has further narrowed to 1 billion yuan.

Invest 1 billion cash to support the symbiotic and prosperous merchant ecosystem.

Meituan is committed to supporting the high-quality development of cooperative merchants nationwide, enhancing rider welfare, safeguarding rider rights, and actively promoting the ecological construction and prosperity of the retail trade.

In November, Meituan's takeout service upgraded its dining "prosperity plan" again, investing one billion in support for dining merchants focusing on products and exploring innovation. All cash support will be distributed in batches starting from December 31 of this year. Meituan will also continue to invest in product iteration, service optimization, and supply chain transformation to help merchants achieve steadier growth and promote a more flourishing industry.

In this quarter, Meituan continuously improved products and services on the merchant side, driving the enhancement of merchant operational efficiency and scale benefits.

In terms of store business, Meituan aims for "full-cycle operation and deep cultivation to achieve high-quality growth" to help merchants achieve higher growth and profits in different operational cycles and environments. At the same time, Meituan actively strengthens internal collaboration on the platform, expanding the upgraded "Shen Member" nationwide, with merchants actively responding to participate. Currently, over 50% of merchants in the store alcohol and travel business have signed up to participate.

The sustainable and steady development of the instant delivery business relies on the hard work of couriers. In this quarter, Meituan continued to implement and improve a series of measures, including the "Courier Friendly Community" access solution, launching the "Courier Home" feature, and piloting the courier fatigue management mechanism, further enriching courier care and providing more rights and support for couriers.

Under the guidance of relevant departments, Meituan actively promotes the construction of the "Courier Friendly Community". By the end of October, the "Courier Friendly Community" access solution launched in cooperation with major property companies like Vanke Property, China OVS PPT, and Jinke Services has served over 1.6 million couriers, and it is expected to be implemented in over ten thousand communities nationwide within the year. To address the issue of courier rest, Meituan has also worked with various trade unions and offline businesses to continuously expand the network of courier stations in cities, with nearly 50,000 stations now in the country.

Meituan CFO Chen Shaohui stated: "In this quarter, benefiting from the continued recovery of consumption in the local business sector, the synergy between our core businesses has also been continuously strengthened. In the future, Meituan will continue to focus on the 'retail + technology' global strategy, contributing to the long-term development of the retail trade industry and helping to create value for the upstream and downstream of the industry."