Written by: Ou Jiajun
2020-08-21 17:04Last update date: 2020-08-21 17:07
Meituan Dianping (3690) announced its second-quarter results. Adjusted profit increased by 82% year-on-year to 2.72 billion yuan (RMB. The same below), exceeding market expectations; operating profit rose by 95.5% to 2.175 billion yuan; revenue year-on-year An increase of 8.9% to 24.722 billion yuan.
In terms of segment business, food delivery revenue rose 13.2% to 14.544 billion yuan, and operating profit rose 65.7% to 1.253 billion yuan. Revenue from stores, hotels and tourism fell 13.4% to 4.544 billion yuan, and operating profit fell 11.9% to 1.892 billion yuan. New business revenue rose 22.1% to 5.634 billion yuan, and operating losses narrowed slightly to 1.46 billion yuan.
Catering takeaway operating profits turn positive
During the period, the operating profit margin of the food and beverage delivery business turned positive quarterly, from negative 0.7% in the first quarter to positive 8.6% in the second quarter. The transaction amount increased by 16.9% year-on-year to RMB 108.8 billion. The average daily number of transactions increased by 6.9% to 24.5 million. The realization rate fell 0.4 percentage points to 13.4%.
In the second quarter, the number of newly launched brand merchants of Meituan Food Delivery increased by more than 110% year-on-year, and merchants' demand for online traffic continued to increase, which promoted online marketing services. As a result, online marketing services revenue in the second quarter increased by 62.2% year-on-year.
Electric bicycles prove the possibility of independent profitability
Regarding bicycle sharing services, the company replaced approximately 1.5 million old bicycles with the new "Meituan Bicycles" in the second quarter. The average turnover rate of each bicycle has gradually increased and the unit economic efficiency has also improved. In addition, more than 290,000 electric bicycles have been introduced. During this period, compared with traditional bicycles, the better average turnover rate of electric bicycles enabled them to achieve better unit economic benefits and proved the possibility of independent profitability.
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