It is said that "throwing" Meituan, Tencent really wants to be a "scum man"?

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Author 丨 Puzi

Edit 丨 Wang Fengzhi

Produced ｜ NetEase Technology "State ℃" column

"Fairy fighting, the little ghost suffers."

The joke comments came from a news from yesterday: Meituan's stock price continued to decline in the afternoon, and the decline has now expanded to 10%. Previously, there were market news that Tencent plans to sell all or most of the equity of Meituan.

"Previous news" originated from Reuters: Reuters quoted four people familiar with the matter, saying that Tencent Holdings plans to sell all or most of the US $ 24 billion shares held by the US group, and will realize an investment of eight years. He also said that Tencent, holding 17%of Meituan's equity in recent months, has been in contact with financial advisors to study how to implement the large -scale sale of the Meituan shares.

However, the "rumor" almost broke through the stock price of Meituan on August 16: Meituan's decline once exceeded 12%, and the minimum market value in the market fell below trillion Hong Kong dollars. As of the close, Meituan Hong Kong stocks fell more than 9%, closing at HK $ 16.4.5 per share, and the market value of 100 billion yuan was sold. The news spreads, simultaneously shocking "Tencent" Enterprise: On August 16, the Reading Group fell more than 7%, and the fast hand fell more than 4%. The stock prices of companies such as Pinduoduo, Futu Holdings, Bilibili, and JD.com have also fallen one after another.

Facing the "panic" of the group, Tencent and Meituan both told NetEase Technology: "No comment." And the latest response is from the circle of friends of Tencent Public Relations Zhang Jun. Essence

In any case, this "farce" eventually closed up by Tencent slightly by 0.87%, and Meituan fell more than 9%to close the level: whoever was active, who was passive, self -evident. Perhaps, for the small shareholders of Meituan, it became a day of "turning off the lights and eating noodles" on Tuesday.

But more importantly, even if the "news" is not true, the problems caused by the "money flow" of the two companies will not end with "rumor".

"Break up" with Tencent,

What is Meituan worried?

Tencent responded again on August 16, saying the news was not true. However, according to Tencent's frequent reduction of holdings in recent years, if Meituan is "left", the impact will be huge. On the one hand, it comes from traffic, on the one hand, competing, but in the final analysis, it is funding.

In fact, in 2014, Tencent took the lead in investing in the public comments of the Meituan competition, and the latter borrowed WeChat's entrance to expand the traffic. It was not until October 2015 merged with the public comment that Meituan began to draw Tencent WeChat traffic. It can be said that WeChat diversion on the road of Meituan is an important part. And Tencent's existence of another layer is a powerful "platform" and funds supplement. For example, Tencent completed the subscription of Meituan shares in July 2021. At that time, Meituan officially announced that the net amount of funds for fundraising will be used for scientific and technological innovation, which objectively boosted market confidence. However, if Tencent once withdrawn, can Meituan keep the import of WeChat traffic without saying -although Meituan has already responded to "traffic anxiety": for example, at the end of 2021 Cooperation -but the increasing pressure of the Meituan's competition under the traffic is increasing.

Among them, Meituan and Douyin "played" in all aspects. In recent years, Douyin has relying on video recommendations such as gourmet people or online celebrities, and eating and broadcasting, and attached group purchase links and group purchase discounts on the video page and comment area. Approach the core businesses such as Meituan purchases and takeaway. On the other hand, as the takeaway business of the basic market of Meituan, the hungry of the "Ali" department has always moved. Once Tencent "leave", there may be variables in the current competition situation.

Direct competition between giants is often the easiest to "burn money".

Because of this, funds have always been the biggest challenge of Meituan. However, the Meituan has made its efforts to build the "clothing, food, housing and transportation" ecosystem in the past two years, and thus invested a lot of investment in emerging businesses, which is making its cash flow constantly undergoing pressure. In fact, looking around the key indicators of the US group in 2021 and the Q1 financial report in 2022, the status quo of the "hi worrying" of the incremental income and not profitability has always existed.

For example, although Meituan's annual revenue in 2021 increased by 56%year -on -year to 179.1 billion yuan, but compared with the adjustment of profit of 3.12 billion compared to 2020, the net losses of the year in 2021 were 15.6 billion yuan. Returning to negative, the current status of losses in Q1 in 2022 failed to change.

how so? Does Meituan business really make money?

In fact, Meituan takeaway in 2021, and the two major business income from the store, hotel and tourism business has a good profitability. It is an indispensable "cash cow" for Meituan. 100 million yuan, operating profit increased from RMB 2.8 billion in 2020 to 6.2 billion yuan; while Meituan's revenue from the Meituan, hotel and tourism business increased by 53.1%year -on -year to RMB 32.5 billion, and operating profit from 2020 The increase was increased to 14.1 billion yuan in 2021, and the operating profit margin increased from 38.5%to 43.3%.

Therefore, Meituan is not making money. However, the problem is that Meituan's new business investment in Meituan's preferably, flash purchase, and buying food has become a major reason for Meituan's fiscal year in 2021. Although Meituan's new business and other division revenue increased by 84.4%from 27.3 billion yuan in 2020 to 50.3 billion in 2021, the business loss of this business has rapidly expanded from RMB 10.9 billion in 2020 to 2021 in 2021 RMB 38.4 billion, the loss rate expanded by 36.6%year -on -year.

On the other hand, since the strategic upgrade of Meituan to "retail+technology", it has shifted its strategic focus to the various retail construction with new business as its main point. However, in the past two years, resources, manpower, and funds have been inclined, and the profit performance of Meituan has been dragged down simultaneously: For example, the sales cost of Meituan in 2021 increased from 80.7 billion yuan in 2020 to 136.7 billion yuan, accounting for 70.3%of the percentage of income from 70.3% Grow to 76.3%. In this regard, Meituan attributed it to the increase in costs related to catering and delivery and distribution, as well as the changes in the investment and income structure of retail business.

The new businesses continue to burn money, and to support the development of supply chain and user incentives to support the development of retail business, and also allowed Meituan to have a net cash flow of 4 billion in cash flow in 2021. More importantly, the construction of Meituan's "burning money" may be difficult to stop in the short term. Taking the Meituan as an example, the construction cycle is used to build a cycle around the field of warehousing and logistics network system, supply chain, and sinking market.

In other words, Meituan's "burning money" path is far from over. In the past year, the increasingly complicated competitive environment and the increasingly clear policy direction of the policy, the Meituan old who confronts the fascination in the field of retail, said, how to continue this "unlimited game" with time to change space, which will be. Become difficult and difficult.

Meituan's half -annual report will be expected to be at the end of August. At that time, the current situation of profit and funds will be further disclosed.

Frequently say "breakup",

Tencent really wants to be a "scum man"?

On the other hand, although the news of the "breakup" of Tencent and Meituan was "rumored", it really shocked the market for cold sweat.

Although the investment book has nothing to do with right or wrong, coming and going freely. But for Tencent, which is "trillion -dollar", in recent years, it has shown two obvious trends in the investment field. It can be visible to the naked eye:

First, in the past two years, Tencent is withdrawn in various poses, and its movements have gradually densely dense -before, Tencent has long reduced the precedent of other Internet platform shares. Therefore, this "news" revealed Psychological expectations are also the epitome of Tencent's frequent actions in recent years. Among them, Tencent has reduced its holdings in the secondary market, which is no longer fresh. According to incomplete statistics, since October 2021, Tencent has reduced its holdings including Hailan House, JD.com, New Oriental Online, Donghai Group, Backgammon, Weibiaotang and other listed companies. In December last year, Tencent adjusted its equity relationship with Zhihu. Many entities such as Tencent and the Sogou purchased withdrawn from the ranks of Zhihu's shareholders.

The latest two reductions cases were the cumulative reduction of Huayi brothers over 81.63 million shares in the early eight consecutive trading days of Tencent in the early 8 consecutive trading days, and the shareholding ratio dropped from 7.94% to 4.99%. The above shareholders. Another case was in mid -June this year. Tencent sold New Oriental Online stocks in a row, cumulative cash, about 720 million Hong Kong dollars, and the shareholding ratio dropped from 9.035% to 1.58%, from the second largest shareholder of New Oriental to the third largest shareholder. For the four years of "waiting" and "love", Ma Huateng's insisted Tencent achieved double benefits on New Oriental at less than HK $ 10.

The life and death "brother" of the circle of friends has become a "praise". The years of love to change into real gold and silver, often for a moment and will become the norm. It is worth predicting that neither the New Oriental and Huayi brothers will not be the last Tencent farewell. It is reported that in the "Tencent" enterprise, including Meituan, Kuaishou, Bilibili, Zhihu, Huya Live, Pingqu Technology, Four VIP New, Yonghui Supermarket, Mushroom Street, Reading Group, Shell, Weilai, Futu, Futu , CICC, Jingdong and other large companies. According to previous media combing, there are more than 250 companies held by Tencent, which are widely distributed in software and services, media, diversified finance and other industries.

However, as of the first quarter of this year, the fair value of listed companies held by Tencent Holdings had fallen from 982.8 billion yuan at the end of 2021 to 606 billion yuan.

Another obvious signal is that after Tencent's large -scale withdrawal, Tencent has indeed received positive feedback from the market in the short term. For example, Tencent has previously distributed shareholders of JD.com to reduce the expenditure of its own cash flow while simplifying the company's holding assets, and has an explanation of investors. In addition, when Tencent's reduction of stocks withdrawing funds, continuous repurchase operations were launched in the middle of this year, and they are concerned about strengthening investor confidence.

And another thing worthy of attention is that Naspers, one of Tencent's major shareholders this year, has twice reduced its holdings of Tencent -Tencent, which reduces its holdings, has also been "reduced holdings" — At the same time, he also suffered a reduction in his holdings.

Tencent's circle of friends,

Why is it gradually "visible for three days"?

In 2008, after the establishment of the Tencent Investment Department, it has developed through many years, becoming the most powerful and discourse rights of the Internet and the entire investment circle. According to Tianyancha, the public investment incident reached more than 1,400, and foreign investment companies include more than a hundred listed companies and unicorn companies. According to the information of industry and commerce tracking, Tencent has nearly a thousand companies that directly participate in the shares.

With the "traffic+capital" dual flywheel rotation, Tencent gradually became a well -deserved profit king in the Chinese Internet circle. In 2020 alone, Tencent obtained a total of 120 billion US dollars (about 781.67 billion yuan) unrealized by holding a minority equity of about 100 listed companies, about six times the estimated profit in 2020.

However, today's investment border has continued to shrink, and Tencent's previous circle of friends has gradually become "three days visible", which has also become an indisputable reality.

Even if it is still called "the most investing Internet company", a monster that creates a trillion ecosystem outside the table, but today Tencent's continuous reduction in the secondary market, its foreign investment, especially in particular The size of the first -level market is significantly reduced. According to the data released by Whales, in the first half of 2022, Tencent's publicly disclosed first -level market investment incident was only 67, with a total investment amount of only 3.377 billion yuan. In comparison, Tencent's publicly disclosed in the same period of 2021 to 148 investment events.

The reason behind it is different.

Some views point out that Tencent's main business is weak, so it has reduced the fault tolerance of its own investment. For example, in 2021, Tencent's revenue and profit growth rate both slowed down, and even made Ma Huateng joking: Tencent's business is not as prominent as his lumbar disc. In 2022, Tencent's revenue was 135.471 billion yuan, which was flat year-on-year. Net profit was 23.413 billion yuan decreased by 51%year-on-year; net profit (Non-IFRS) was 25.545 billion yuan, a year-on-year decrease of 23%. Therefore, it is imperative to reduce the scale of investment under the comprehensive promotion of various factors.

Another representative point of view states that under the "antitrust" mechanism, Tencent's investment in this group of people who can feel the most windows may start strategic contraction. In recent years, relevant departments have continued to strengthen antitrust supervision in the field of platform economy. Previously, Xinhua News Agency reported that the 35th meeting of the Standing Committee of the 13th National People's Congress voted on June 24 to pass the decision on modifying the antitrust law and implemented it on August 1, 2022. In addition, the guiding documents of a series of guidelines in various national departments have been released and are formulated: for example, the "Anti -Monopoly Guide to the Platform Economic Field" of the State Council's Anti -Monopoly Committee and the "Internet Platform Classification Guide Guide", "Internet Platform Platform" Implement the main responsibility guideline "and so on. According to the "Annual Report of China's Anti -Monopoly Law Enforcement (2021)", in 2021, antitrust law enforcement agencies investigated and handled 3 cases of abuse of market dominance in the Internet industry, 2 cases of abuse of administrative power, restricting competition cases; 28 are concentrated; administrative penalties are imposed on the implementation of 98 platform economy in accordance with the law. The total penalty of the above cases was 21.74 billion yuan.

The most recent case is that on July 10 this year, the General Administration of Market Supervision made an administrative penalty decision in the case of the case of unimediated implementation of illegal implementation operators in accordance with the "Anti -Monopoly Law of the People's Republic of China". At the time of 2020, the operators who did not report in accordance with the law of 12 times to 2020 concentrated illegal regulations and made a cumulative penalty of 6 million yuan.

Perhaps affected by multiple factors, the style of Tencent's investment is changing. For example, some reports show that Tencent has paid most attention to early investment in the entertainment track, but has begun to pay attention to early investment in artificial intelligence, robots, and big data tracks in the past three years.

In addition, there are more opinions pointing out that an important background of Tencent's many reductions, withdrawals, and contraction investment is "cost reduction and efficiency." In the past year, the "optimization" of Tencent's related "optimization" seems to confirm people's concerns. A ridiculous news is that on August 4 this year, Tencent issued a statement saying that from the 15th of this month, some restaurant benefits of some outsourcing employees will be canceled. Even on August 16, it is said that the packaging box of Tencent restaurants must be charged, and free fruits are available for free meals. If you need to buy yourself.

Taking a look at the Internet is not a long history, the company that has fallen to the company because of the free dinner for employees cannot be found, but companies that are eliminated in the lack of innovation are abound.

In this regard, people have a deeper question about Tencent's investment and even the overall business, which is Tencent's identity. Similarly, an intuitive case took place in 2018. A screen titled "Tencent Without Dreams" brushed the screen, questioning Tencent: "It is losing product ability and entrepreneurial spirit to become an investment company."

Perhaps, in the face of various doubts, Tencent will still be the most profitable companies in the Chinese Internet in the current and future time. For Tencent itself, the reduction and reduction of the scale should never be the purpose; after the commercialization of the video number and the gradually returning to the game business copyright number, Tencent may usher in a new round of growth. However, the key question that must be answered before reaching these growth must include:

When investing is more profitable than business, how can internal resources and attention be distributed to ensure that the main business is continuous?

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