Meituan profit triple door

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Author 丨 Gu Fu

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Profit is becoming the main theme of all Internet factories.

On the evening of August 29, Pinduoduo released financial reports. In the second quarter, revenue was 31.44 billion yuan, a year -on -year increase of 36%; net profit attributable to ordinary shareholders was 8.896 billion yuan, an increase of 268%year -on -year. Data far exceeds expectations.

At the earlier 26, Meituan also handed over a considerable second quarter financial report. Data show that in the second quarter, revenue was 50.9 billion yuan, a year -on -year increase of 16.45, and the net profit after adjustment was 2.06 billion yuan, which was far better than the market expectations of 2.17 billion yuan.

The profit is more than a lot of profit, the Meituan, the second quarter is the first profit point for many Internet companies to make a profit.

On August 23, the financial report in the second 2022 of Kuaishou showed that, in addition to the further increase in revenue, the operating profit was over 93 million yuan, which was two quarters from the previous market's general expected profit and loss conversion point.

Looking forward, the second quarter financial report on Ding Dong on June 30 showed that the net profit was 20.6 million yuan under non -US general accounting standards, achieving the first turn of losses into profits.

If the particle size is further reduced and focused on the non -listed business of some Internet platforms, profit is also becoming a new normal. On the evening of August 25, in the interim report of Sanjiang Shopping, the Hema Ningbo area operated by it achieved a profit of 6.971 million yuan, which was profitable for six consecutive months.

In the new normal of profit, a series of problems followed are: Can it continue to make profit? What is the room for growth after profit? How to ensure growth under new business reduction? These will all become the core competitiveness of Internet companies in the future.

As a typical case that has been difficult to balance between growth and profitability, the Meituan has achieved a profit of turning losses many times in the past few years, and at the same time, it is difficult to maintain long -term profit due to no boundaries.

After surrendering the expected financial report in the second quarter, the sustainability of the Meituan profitable profitable profitable time needs to be tested.

The mystery of the inflection point in the second quarter

Meituan's second quarter data was good, exceeding market expectations. But you can find that the business history of Meituan can be found that the profitability of the second quarter cannot guarantee continuous profitability.

According to the financial report over the years, the revenue of Meituan has continued to grow since its listing, from 65.227 billion yuan in 2018 to 179.128 billion yuan in 2021, but the profit was unstable. However, one thing in common is that the second quarter is the profit turning point of many times since the listing of Meituan.

In the second quarter of 2019, Meituan's first turn to make a profit for the first time since its listing, and the adjustment of net profit was 1.492 billion yuan. For this profit, the financial report data shows that it is due to the company's various business performance exceeding expectations.

On the one hand, in the takeaway war, Meituan achieved a scale effect and the profitability of takeaway business improved. In the second quarter of 2019, the average annual number of single users increased from 21.4 in the second quarter of 2018 to 25.5, and the cost of rider declined at the scale effect.

Until the third quarter of 2019, the profit continued to expand, and finally achieved a net profit of 2.239 billion yuan throughout the year.

However, with the expansion of profitability, the growth of Meituan's total revenue has slowed down, from a growth of 70%in the first quarter of 2019 to 44%year -on -year in the third quarter of 2019. This means that Meituan slows down its revenue growth, and can achieve profitability at low growth.

The good times did not last long. In the first quarter of 2020, due to the impact of the epidemic, Meituan surrendered the loss of money. However, in the second quarter of the market recovery period, Meituan once again turned losses into profits. In the end of 2020, Meituan realized a net profit of 4.708 billion yuan in the year.

As a local service e -commerce platform, it has repeatedly turned losses in the second quarter in a row. On the one hand, based on the local supply capacity, Meituan's operating health does not have the ability to resist risks across time and space, which is often affected by the local environment. The influence fluctuations are greater;

On the other hand, it also reflects that for the second quarter, for Meituan, it is the best time node for local life services.

It was also the same as the reasons of 2022 in the second quarter of 2022 and the previous 2019 and 2020.

Data show that in the second quarter of 2022, the revenue of the US group was 50.94 billion yuan, an increase of 16.4%year -on -year, exceeding the market expectations of 48.59 billion yuan. The net loss was 1.12 billion yuan, a narrowing of 67%year -on -year, and the loss of 3.24 billion yuan in market expectations. After the adjustment, the net profit was 2.06 billion yuan, and the estimated loss was 2.17 billion yuan.

Specific to the operational level, the economic model based on instant delivery has undergone two increases and two decreases.

On the one hand, in terms of order volume, the Meituan realized 4.1 billion transactions in real time, and the per capita transaction frequency of Meituan platform users increased by 16.2%year -on -year to 38.1. At the same time, thanks to the development of from catering takeaway to all things to home and non -meal business, the average unit price of Meituan's customers has also increased.

On the other hand, the reliance of consumers' dependence on instant distribution services in the second quarter of the epidemic in the second quarter has reduced the market subsidies of local core business in the existing mature business, and the US group has reduced the investment in community group purchase and other businesses. Lost.

After two increases, the profit of the second quarter of Meituan became unexpected surprises.

Therefore, for Meituan, compared to the profit in the single quarter, it should be more concerned about whether the new business of Meituan has continued to reduce losses after the second quarter? In the case of reducing losses, can the total revenue of the enterprise that determines the profitability can maintain stable growth for a long time? In terms of growth and profitability, Meituan needs to answer whether the next business can end the driver model that can end with losses after they buy them at groups and restaurants.

Disappearing Meituan Finance

At present, Meituan's top -level strategy is retail + technology.

The retail corresponding is the three brothers of the home -to -home brothers -flash purchase, medicine, and group good goods. Through these three businesses, Meituan tried to complete three jumps from local services to local retail to online retail.

However, before the retail + technology strategy, the growth of Meituan has gone through the T -type strategy with group purchase as the entrance, emphasizing the three -time driving troidee period of the border and three strategic transformations of high -frequency and low -frequency Food + Platform.

Among them, in the FOOD + PLATFORM stage, the high -frequency band and low frequency play of high -gross businesses such as wine brigades that emphasize the deeds that emphasize the takeaway are the most widely known. During this period, Meituan was in the growth dividend of the second curve of the takeaway. At that time, the profit of Meituan's need to take efficiency and reduction was to take takeaway at home, and the cash flow business was online marketing income from the store.

However, one of the details worth noting is that, in addition to these two core local business, when the first year of the listing in 2019 is profitable, the total revenue of Meituan financial business in 2019 in the new business accounts for 16.57%. It reached 16.1 billion. Judging from the proportion of revenue, this year's financial business has become the third largest business of Meituan.

Following the first quarter of 2020, Meituan had a loss of business. Due to the impact of the epidemic, Meituan's income from commissions and online marketing services has declined, but interest income from small loan business has achieved 7.27%of the previous quarter.

At the same time, in the financial report, Chinamei Group frankly stated that although the income of flash purchase and small loan business has increased, the revenue of online car service and B2B catering supply chain service has been offset.

Looking back at the development of Meituan's financial business, we can find that from 1.02%of the total revenue of the first 2015 proportion to 16.57%of the total revenue of total revenue in 2019. The parabolic line that has risen year -on -year is in the two profit turning points of 2019 and 2020 They were disclosed as the highlights of the new business, and they were called cash cows within the new business of Meituan.

Until 2021 accompanied by strict supervision, the word "Meituan Finance" disappeared in the financial report of the third quarterly report in 2021.

In this year, Meituan invested radical investment in new businesses such as community group purchases. In the end, it was eventually transferred from profit to loss in 2021. The annual net profit-23.536 billion yuan, a year-on-year decrease of 599.93%. The total profit of the annual profit is twice. The company's interpretation is mainly due to the expansion of business losses of new businesses and other divisions.

In the current environment of "finance of finance and science and technology", it is obviously a good thing to not mention the financial business in the financial report.

However, the challenge is the exploration of the new business of Meituan. It is necessary to eat the profits of existing mature business. Therefore, the third question of whether it can be continuously profitable is whether the growth of the new business needs to lose money to change growth. Intersection

Meituan is still in Hard mode

At present, Meituan's business is roughly divided into local core business and new businesses. The former represents a more mature business, and the latter represents the possibility of border expansion.

In the 2022 financial report, the statistical caliber mentioned the flash purchase business in the new business to the local core business sector. According to the logic of this division, it means that Meituan attaches great importance to the real -time retail represented by the current flash purchase, and the commercial model of all things at home under the catalysis of the epidemic is basically mature.

However, the flash purchase business, as a sub -business in the Meituan retail strategy, does not have the maturity of the Meituan retail strategy. In addition to instant retail, how to complete the two leaps from local retail and online retail still requires more new businesses to run and come out.

However, from the perspective of the current business maturity, Meituan has not found the core of the retail business.

On the one hand, from the perspective of product logic, flash purchase emphasizes more non -meal local supply, such as convenience stores, supermarkets and other types of merchants to the Meituan platform. Consumers' choice logic is to choose a store, and then Select the product, and then Meituan is responsible for delivery.

In essence, it is still the category of real -time home. It emphasizes the local service capabilities. It is the farthest from the traditional online shelf e -commerce. It can even be regarded as an extension of the takeaway business. Sexual transition.

On the other hand, consumers choose products directly on their pages. They do not have to enter a merchant page before ordering to place an order. It emphasizes that the product operation and retail logic are preferred. Essence On August 24th, there were market sources revealed that Meituan was preferably merged with Meituan e -commerce business.

Earlier, Meituan preferred to withdraw losses on a large scale, which basically meant that Meituan Retail came to an end on the road of community group purchase.

Earlier, Wang Xing predicted that the community group purchase business will bring 300 million to 400 million new users. According to data, nearly 50%of the number of trading users in the first three quarters of Meituan in 2021, nearly 50%of the incremental increase is directly derived from Meituan preferred. With the loss of losses, the number of active buyers in Meituan in the second quarter of 2022 decreased by 8 million. Once new business is needed, it means that after the adjustment period is completed, Meituan will also usher in a new investment period according to market conditions. At least Meituan, which is currently profitable, is guided by retail + technology strategy, future growth still needs more financial and material resources to support.

Perhaps for Wang Xing, the premise of the continuous profitability of Meituan is either to learn from Ali for business independently, which can not only achieve the growth of borderless expansion, but also achieve the overall profit of the core business; , But for Meituan without overseas business, the growth of the inside roll is the only way out.

There is no doubt that before the business leap from the local service to the retail strategy, the profitable Meituan will still be in the HARD model of the local service track.

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