The digital transformation of the Chinese lifestyle services and retail industry is increasing rapidly.
One of the leading Chinese life service platforms Meituan (Chinese: 美团, HK:03690), released its earnings report for Q3 2022 on 25 November. Meituan achieved revenue of CNY 62.62 billion (USD 8.69 billion) in the third quarter, up 28.2% year-on-year; profit reached CNY 1.22 billion, compared with a loss of CNY 9.99 billion in the same period of the previous year.
In the third quarter, the total order volume of Meituan’s food takeaway and quick delivery business grew 16.2% year-on-year, with the highest daily order volume exceeding 60 million orders in August 2022. The number of trading users on Meituan grew steadily, and the quarterly consumption frequency reached a new record level.
At the end of the third quarter, Meituan’s total number of transacting users for the past twelve months was 687 million, up 2.9% year-on-year. In addition, the frequency of users’ spending on the platform continued to increase, with the average annual number of transacting users reaching 39.5, rising 14.8% compared to the same period of the previous year.
In the third quarter, Meituan’s delivery business focused more on high-quality growth and refined operations, serving platform merchants with better user experience and higher operational efficiency. More small and medium-sized merchants chose to join Meituan, and the digital transformation of the restaurant industry was further accelerated.
Chen Shaohui, CFO of Meituan, said, “In the future, Meituan will continue to strengthen its core capabilities around users, merchants, riders and partners to create long-term value for industry participants.”