Hong Kong Stock Market Update | Meituan opens nearly 5% higher, Q4 adjusted net profit increases more than 4 times year-on-year

According to the information from the Wise Finance APP, MEITUAN (03690) opened nearly 5% higher. As of the time of publication, it rose by 4.99% to HKD 92.65, with a turnover of HKD 2.08 billion.

On the news front, MEITUAN announced its financial results for the fourth quarter and full year of 2023. In Q4 2023, the revenue was RMB 73.696 billion, a year-on-year increase of 22.6%; the adjusted net profit in Q4 was RMB 4.375 billion, a year-on-year increase of 427.6%. In addition, the revenue for 2023 was RMB 276.745 billion, an increase of 25.82% year-on-year; the net profit was RMB 13.856 billion, turning losses into profits year-on-year. The adjusted EBITDA measured by non-International Financial Reporting Standards was RMB 23.878 billion, an increase of 145.5% year-on-year.

The announcement stated that in the full year of 2023, benefiting from the rapid recovery of local businesses, the revenue of the core local business segment increased by 28.7% year-on-year to RMB 206.9 billion. Operating profit increased by 31.2% year-on-year to RMB 38.7 billion, with a slight increase in operating profit margin from 18.4% in 2022 to 18.7%. MEITUAN's flash purchase business has shown broad development potential, with a continuous healthy growth in order volume, and the annual order growth rate exceeding 40% year-on-year