produced | Tiger Sniffing Business Group
Author | Li Ling
On the afternoon of November 30th, Meituan released its 2020 third quarter financial report. In this quarter, Meituan’s revenue was 35.4 billion yuan, an increase of 28.8% from the 27.5 billion yuan in the same period in 2019; the operating profit for the period was 6.7 billion yuan in third-quarter operating net profit, an increase from 1.4 billion yuan in the same period last year That’s 364.6%.
After adjustment, Meituan’s net profit in the third quarter was 2.05 billion yuan, an increase of only 5.8% from 1.94 billion yuan in the same period last year. This phenomenon is explained in the financial report because the operating profit for the third quarter of 2020 includes 5.8 billion yuan in gains from changes in fair value of investment and listed entities.
In other words, in the third quarter, Meituan made 5.8 billion in investment in the securities market.
In terms of specific business income, food and beverage delivery contributed 20.69 billion yuan in revenue in the third quarter, compared with 15.58 billion yuan in 2019, an increase of 32.8% year-on-year; in-store, wine travel and tourism revenue was 6.48 billion yuan, compared to 2019 Under normal conditions, the level still increased by 4.8%; new business and other third-quarter revenue was 8.23 billion yuan, an increase of 43.5% year-on-year.
Whether it is Meituan’s total revenue growth of 43.2% month-on-month, or the year-on-year and month-on-month growth rates of the three major business segments, it is a signal that Meituan has basically gotten rid of the impact of the epidemic and is showing an overall growth trend.
I went to the store to supply blood, but the new business still suffered a huge loss
In the third quarter, Meituan’s in-store, wine tourism and tourism revenue was 6.48 billion yuan, accounting for 18.3% of total revenue; net profit was 2.79 billion yuan, an increase of nearly 20 percentage points.
Compared with revenue, this quarter is still the first quarter when new business surpassed the arrival of the store, but from the point of view of profit, wine tourism and offline catering have been “seriously affected by the epidemic” in the second quarter to this quarter The operating profit margin rose from 37.7% to 43.0%, and the recovery was considerable.
In the third quarter, Meituan’s commission income reached 18.3 billion yuan, an increase of 29.9%. The reason is the online shift of consumers during the epidemic. Meituan has transformed many take-out merchants into in-store catering merchants, and the synergy between the two businesses of take-out and in-store has been further strengthened.
It is worth noting that in the third quarter, consumer demand for daily entertainment and upgraded services has basically recovered. Some leisure projects for young people have begun to explode, and other upgraded consumption such as medical beauty and pet care are also growing. accelerate. Therefore, the local life service marketing activities launched by Meituan targeting different groups played an important role in this quarter.
In the wine and travel part, in the third quarter, Meituan’s domestic hotel room night volume increased by 3.7% year-on-year. Not surprisingly, this data will increase significantly in the next quarter. Because the current travel demand of consumers has basically recovered, but the original overseas travel users are limited by the international situation and can only switch to domestic travel, and the regional advantages of Meituan will be brought into play.
In this quarter, Meituan’s new business and other income was 8.23 billion yuan, with a revenue contribution ratio of 23.2%; a loss of 2.03 billion yuan, an increase of 68.8% year-on-year, and a year-on-year decrease of 3.7 percentage points in operating profit margin.
Regarding new business, the financial report shows that the scale effect of Meituan’s intra-city retail has begun to appear. Taking the grocery retail sector as an example, Meituan’s flash sales of medicines, flowers and other categories have increased consumer demand, single-season drug orders have more than tripled year-on-year, and nearly 100,000 pharmacies have entered the platform. Meituan Maicai, which focuses on cities, has achieved rapid growth in quarterly transaction users and transaction volume by increasing its network coverage in Beijing, Shanghai, Guangzhou and Shenzhen this quarter.