Meituan Announces Financial Results for the three months ended March 31, 2023.

HONG KONG: Meituan (HKG: 3690) (the "Company"), a leading technology-driven retail company in China, today announced the unaudited consolidated results of the Company for the three months ended March 31, 2023.

Company Financial Highlights

During the first quarter of 2023, our revenues increased by 26.7% to RMB58.6 billion from RMB46.3 billion for the same period of 2022. Our Core local commerce segment achieved an operating profit of RMB9.4 billion for the first quarter of 2023, up by 100.7% from RMB4.7 billion for the same period of 2022. Meanwhile, the operating loss for our New initiatives segment continuously narrowed to RMB5.0 billion for the first quarter of 2023. Our profit for the period was RMB3.4 billion for the first quarter of 2023, turning from loss into profit on a year-over-year basis. Our adjusted EBITDA and adjusted net profit were RMB6.3 billion and RMB5.5 billion for this quarter respectively, reaching the highest level in our history. We also achieved operating cash inflow of RMB8.1 billion for the first quarter of 2023. We held cash and cash equivalents of RMB26.9 billion and short-term treasury investments of RMB84.5 billion as of March 31, 2023.

"During the quarter, Meituan captured consumers' diverse demand for goods and services during the consumption recovery with various businesses posting healthy growth," said Meituan Founder and CEO Xing Wang. "Meituan has witnessed the resilience of the domestic economy and the gigantic potential of consumption, and we firmly believe that we will continue to benefit from new advancements and growth opportunities in retail. As a company that integrates retail and technology, we will increase our investments in technology and innovations and actively explore the implementation of cutting-edge solutions that connects people to products and services," added Mr. Wang.

Meituan CFO Shaohui Chen said, "Meituan delivered strong growth during the quarter, boosted by strong local consumption recovery post reopening and our effective marketing measures. We will continue to incentivize consumption recovery and increase demand by optimizing our products, content offerings and fulfillment network. We are firmly committed to creating more value for all the participants in our ecosystem."

Company Business Highlights

Core local commerce

For the first quarter of 2023, segment revenue increased by 25.5% year over year to RMB42.9 billion, and operating profit increased by 100.7% year over year to RMB9.4 billion, with operating margin...