Meituan 202 1 lost more than 23.5 billion yuan. What does this mean?

In the post-epidemic era, the income of Meituan (3690.HK) increased steadily. On March 25th, Meituan released its fourth quarter and annual results 202 1. 202 1 year, the company's revenue17965438+28 million yuan (RMB, the same below), up 56% year-on-year; The company lost 23.536 billion yuan during the year, compared with a profit of 4.708 billion yuan in the same period last year; The adjusted net loss of the company was 65.438+05.572 billion yuan, while the profit in the same period last year was 36.5438+0.265438+0 billion yuan.

Food and beverage take-out is an important revenue business of Meituan. 202 1 year, the operating profit of this business is 665,438+75 million yuan. However, the policy requirement of "reasonably reducing the service fees of merchants" and the corporate responsibility of improving the protection of riders' rights and interests have also increased the operating costs of Meituan. Going to the store and drinking tours are a big source of profit for Meituan. In 20021year, the operating profit of this business was14.2 billion yuan.

However, the operating profits of the above two businesses cannot offset the losses caused by the new business expansion of Meituan. In 20021year, the new business of Meituan, which mainly focuses on community group buying, * * travel and fast food shopping, had an operating loss of 38.4 billion yuan. At the same time, Meituan has continuously increased the company's R&D investment, and the R&D expenditure in 20021year reached16.7 billion yuan.

202 1 was an extraordinary year for meituan, and the company's performance turned from profit to loss. At the same time, the anti-monopoly punishment of Meituan was also settled and was fined 3.442 billion yuan. Affected by policies and the general environment, Meituan's share price went down at 202 1, reaching a peak of HK$ 460/share that year, and then fell below HK$ 300/share twice in July and June of that year. 202 1 12 3 1 closed at HK$ 225.4 per share. As of the close of March 25th, Meituan closed at HK$ 65,438+035 per share, down 8.65,438+06%.

"In 20021year, despite the impact of the epidemic, we still overcame difficulties, made efforts to provide reliable and convenient life services for hundreds of millions of consumers, helped businesses expand online operations by digital means, and helped more entrepreneurs and employees achieve stable income." Wang Xing, CEO of Meituan, said, "Meituan will unswervingly fulfill its platform responsibilities, unswervingly increase investment in science and technology, unswervingly continue to expand its business, and deepen the China market around the strategy of' retail+technology' to create more value for businesses, users, riders and other ecological partners."

The operating profit of food and beverage take-out was 665,438+75 million yuan, which enhanced the protection of riders' rights and interests.

Under the pressure of repeated epidemics, Meituan's food and beverage take-out business has continued to grow, with the number of trading users and per capita trading frequency reaching a record high of 202 1. In August of 20021year, the peak value of single-day orders exceeded 50 million, and reached a new high in June of 20265438+February of that year. The number of transactions in the whole year reached 654.38+0.44 billion, up 4654.38+0.6% year-on-year.

202 1, the category of snack, milk tea, salad and light food in Meituan's catering take-out business increased significantly. The increase in supply has effectively driven the increase in the order volume of medium and high frequency users. As a result, the number of catering take-out customers increased by 13% year-on-year, and the average transaction frequency of customers increased by 25% year-on-year.

In 20021year, the transaction amount of Meituan's catering take-out business was 702 1 100 million yuan, up 43.6% year-on-year; Revenue was 96.3 billion yuan, a year-on-year increase of 45.3%. The operating profit increased from 2.833 billion yuan in 2020 to 665.438+75 billion yuan in 202 1 year, and the operating profit rate increased from 4.3% to 6.4%.

However, the government work report of 20021puts forward "guiding platform enterprises to reasonably reduce merchant service fees". Subsequently, the National Development and Reform Commission and other departments also issued the "Implementation Plan for Accelerating the Cultivation of New Consumption", proposing to guide online platforms such as take-out to rationally optimize the fees for SMEs' merchants and individuals to use the platform, and to promote operators in the platform to reduce costs and increase efficiency through technological empowerment.

In 20021year, platforms such as Meituan Takeaway actively optimized the platform charging model and implemented the pilot "transparent rate". At the same time, protecting the rights and interests of riders is also a major responsibility of the US Mission. In July of that year, Meituan established the Takeaway Rider Service Department. 202 1, the US delegation held 136 rider talks.

The financial report shows that most of the total revenue of the US group's take-out is the rider's delivery cost. In 20021year, about 5.27 million riders earned income on the platform of meituan. The delivery cost of Meituan takeaway riders was 6865438+83 million, up 38.3% year-on-year, accounting for 7 1% of Meituan's total takeaway income.

In addition, the breakdown data of the financial report shows that in 20021year, the revenue of catering distribution services collected by Meituan from merchants and users was 54.204 billion yuan, while the annual rider distribution cost was 6865438+83 million yuan. According to the above data, the annual direct subsidy for riders by Meituan is nearly 654.38+04 billion yuan.

The operating profit of wine travel to the store was 65.438+0.42 billion yuan, and the operating loss of new business was 38.4 billion yuan.

In the post-epidemic era, Meituan's shops, hotels and tourism businesses have achieved steady growth. In 20021year, Meituan's business income from shops, hotels and tourism was 32.5 billion yuan, up 53.1%year-on-year; The operating profit increased from 8 1.8 1 billion yuan in 2020 to14193 million yuan in 2026, and the operating profit rate increased from 38.5% to 43.3%.

The financial report shows that the transaction volume, transaction amount and the number of active merchants of Meituan 202 1 store arrival business all reached record highs. Meituan has strengthened its penetration into low-tier cities across the country. Leisure and entertainment, fitness, old-age services, medical care and pet services have a strong growth momentum; Manual activities, recording studios, light and shadow interactive halls, decompression experience halls and other categories have become new consumption trends.

In terms of hotels and tourism, the number of hotel guests in China increased by 34.5% in 20021year. In addition, Meituan consolidated its competitive advantage in the field of low-star hotels, and diverted offline users to online platforms to help more hotel merchants conduct digital operations. In the field of high-star hotels, 202 1, the night volume of high-star hotels exceeds 16.5%.

On 20021,meituan continued to expand its investment in new business, especially in commodity retail. In 20021year, Meituan's new business and other business income was 50.3 billion yuan, up 84.4% year-on-year. The operating loss increased from 654.38+009 billion yuan in 2020 to 38.4 billion yuan in 2026.5438+0, and the operating loss rate increased by 36.6 percentage points year-on-year.

Community group buying is the exploration direction of Meituan's new business. In the second half of 2020, community group buying began a new round of industry competition. At that time, Internet companies such as Didi, Meituan, Pinduoduo and JD.COM increased their investment. However, with the policy norms and market development, the community group buying industry experienced ups and downs in 20021,and the business of Orange Heart decreased. Jingxi also reported that it is downsizing and withdrawing from the market.

At present, the optimization of the US Mission is still stable. The financial report shows that Meituan You Xuan has achieved healthy growth thanks to clear policy orientation and good market competition environment. The "Next Day" three-level warehouse distribution logistics network system has covered most communities and rural areas in 30 provinces across the country. In the future, strict compliance with regulatory requirements will be the top priority, and we will continue to focus on balanced and high-quality growth.

The peak orders in February of Meituan Flash Purchase 202 1 and 65438+exceeded 6.3 million. On the supply side, we have expanded the categories of goods and established cooperation with more high-quality local stores, and the categories such as flowers, supermarkets and convenience stores continue to maintain a high growth momentum. At the beginning of this year, a 24-hour drug delivery service was launched. In 20021this year, the number of food users and transaction amount of Meituan continued to grow.

With high income and high investment, the R&D expenses reached 654.38+067 billion yuan.

High income and high expenditure are the performance characteristics of Meituan 202 1. The company's revenue hit a record high, and its operating profit turned from profit to loss, which also laid the foundation for future sustainable development to a certain extent. According to the financial report, the research and development expenditure of Meituan increased from 654.38+009 billion yuan in 2020 to 654.38+067 billion yuan in 2026.5438+0, a year-on-year increase of 5.365.438+0%. Mainly due to business expansion, employee welfare expenditure increased.

On the other hand, Meituan has also increased its investment in unmanned logistics research and development. Meituan UAV has been in normal trial operation in Shenzhen for nearly 1 year. Up to now, it has covered more than 8,000 households and completed 30,000 orders from real users. Meituan City Low-altitude Logistics Operation Demonstration Center will land in Shanghai and gradually cover the "3 km 15 minutes" low-altitude intelligent logistics network in East China.

In addition, Meituan Automobile Distribution launched a low-speed instant delivery solution for outdoor scenes. By the end of February, 202 1 and 65438+,Meituan's automatic delivery vehicle service had been extended to 20 communities in Shunyi District, Beijing, with nearly190,000 orders, automatic mileage exceeding 700,000 kilometers and daily average delivery exceeding 1000 orders.

At the same time, the company's overall operating costs have also increased significantly. The cost of sales increased by 69.2% from 80.7 billion yuan in 2020 to136.7 billion yuan in 202 1 year, and the percentage of revenue increased by 6.0 percentage points from 70.3% to 76.3%. The main reason is the increase in the cost of catering distribution, as well as the development and exploration of retail business and other new businesses.

In addition, the company's sales and marketing expenditure increased by 94.8% from 20.9 billion yuan in 2020 to 40.7 billion yuan in 20021year, and the percentage of revenue increased by 4.5 percentage points from 18.2% to 22.7%. Mainly promotion, advertising and user incentive expenses and employee welfare expenses increase. In addition, more employees have been recruited to support the rapid growth of new business.

"The development of Meituan is closely related to the economic environment in China, and it is also inseparable from the joint efforts of small and medium-sized businesses, riders and other related workers. We will continue to take high quality and sustainable development as the company's goal, and strive to promote the transformation and upgrading of consumption and industry so that all relevant parties can benefit from it. " Chen Shaohui, chief financial officer of Meituan, said: "Meituan will make long-term investment around the strategy of" retail+technology "and help more entrepreneurs and employees share the dividend of the digital economy through innovation and technology."

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