Earnings Report | MEITUAN-WR's second-quarter revenue reached 68 billion, with adjusted net profit increasing by nearly 300%.

On Thursday, MEITUAN-W released its Q2 2023 earnings report.

According to the report, MEITUAN-W achieved a Q2 revenue of 68 billion, surpassing market expectations of 67 billion, with a YoY growth of 33.4%. The adjusted net profit reached 7.66 billion, exceeding market expectations of 4.5 billion, with a YoY growth of 272.2%.

Q2 User Data

The number of real-time delivery transactions increased by 31.6% YoY. MEITUAN-W's flash purchase service maintained strong growth momentum, with daily order volume surpassing 11 million. The number of active merchants increased by 30% YoY.

The in-store, hotel, and travel businesses experienced robust growth in Q2, with transaction volume increasing by over 120% compared to the same period last year. The number of active merchants and annual transaction users also reached new highs.

Q2 Financial Data

MEITUAN-W achieved a Q2 revenue of 68 billion, with a YoY growth of 33.4%. The adjusted net profit reached 7.66 billion, with a YoY growth of 272.2%.

The net profit for Q2 was 4.7 billion, compared to a loss of 1.1 billion in the same period of 2022, achieving a YoY turnaround.

Adjusted EBITDA and adjusted net profit both reached a record high of 7.7 billion RMB.

In Q2, the operating cash flow reached 10.9 billion RMB. As of June 30, 2023, we held cash and cash equivalents and short-term investments of 27 billion RMB and 93.2 billion RMB, respectively.

Q2 Segment Data

In Q2, the revenue of the core local commerce segment increased by 39.2% YoY to 51.2 billion RMB.

The operating profit increased by 34.8% YoY to 11.1 billion RMB, with an operating profit margin of 21.8%, relatively stable compared to 22.5% in the same period of 2022.

In Q2, the revenue of the new business segment increased by 18.4% YoY to 16.8 billion RMB. The operating loss of this segment narrowed by 23.5% YoY to 5.2 billion RMB, and the operating loss margin improved to 31.0% MoM.