美团（03690.HK）2025年第一季度业绩电话会
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会议摘要
May Pose reported an 18.1% revenue increase and outlined strategies including partnerships in healthcare services, a membership program, ecosystem support for merchants, and industry transformation initiatives, focusing on enhancing consumer experiences and supporting small and medium-sized businesses.
会议速览
May Pose 2025 Q1 Earnings Conference Call SummaryDuring the May Pose Q1 2025 earnings conference call, the company's chairman and CFO reviewed the quarter's results, discussed forward-looking statements, and addressed non-IFRS financial measures. Participants were instructed on how to ask questions, and the call emphasized considering risks and uncertainties associated with future outcomes.
Meituan's Q1 2025 Business Growth and Ecosystem DevelopmentIn Q1 2025, Meituan experienced an 18.1% year-over-year revenue growth to RMB 86.6 billion, with increasing annual transacting users and active merchants. The company focused on enhancing product and service offerings, expanding ecosystem investments, and promoting healthy industry growth. Notably, innovations like branded satellite stores and self-operated cloud kitchens for restaurants were introduced, and comprehensive support measures were implemented for small and medium-sized merchants. Additionally, Meituan committed to investing RMB 100 billion over three years to drive high-quality growth in the food industry. The company also emphasized improving the welfare of delivery couriers, including providing occupational injury insurance, a pension pilot program, and career development opportunities.
Mei Tuan's Expansion and Innovation in On-Demand Retail and ServicesIn Q1 2025, Mei Tuan Instant Shopping experienced robust growth, launching its on-demand retail brand to meet the rising demand for convenient shopping. The platform now offers a diverse range of products and services, including education, fitness training, and medical and healthcare solutions, catering to over 300 million consumers nationwide. By integrating efficient online tools and marketing programs, Mei Tuan helps merchants and independent artisans expand their businesses and achieve digital transformation.
Launch and Expansion of Ma Membership Program and Overseas BreakthroughsThe company rolled out the Ma membership program in March, aiming to enhance user experience and benefits across various categories. They plan to expand benefits, introduce specific privileges, and solidify the platform as a go-to for local deals. Notable efficiency improvements were achieved in grocery, retail, and software services. The company also supported export enterprises and witnessed a significant breakthrough in Saudi Arabia, becoming a top preferred food delivery app. Looking ahead, they commit to fostering ecosystem development, improving merchant support, enhancing courier benefits, and leveraging AI technology for better user experience and operational efficiency. They aim to contribute to consumption growth and industry transformation in alignment with national strategies.
First Quarter 2025 Financial Results and Business Segment ReviewThe company experienced healthy growth in Q1 2025, with total revenue increasing year-over-year to RMB 80.26 billion. Highlights include a decrease in the cost of revenue ratio, improved gross margin in the grocery retail business, and stable R&D and G&A expenses ratios. Segment operating profit grew to RMB 11.2 billion, and adjusted net profit reached RMB ed ed billion. Core local commerce saw strong revenue growth, improved profitability, and increased user engagement. The new initiatives segment, particularly the grocery retail and overseas businesses, showed revenue growth and narrowed operating losses. Confidence is expressed in the business's growth potential and ability to sustain healthy, quality growth long-term.
Strategic Responses to Intensified Competition in Food Delivery and On-Demand RetailIn the face of increased competition, including significant subsidy programs from rivals, the company emphasizes its confidence in winning the market due to its scale, experience, and sophisticated service capabilities. The dialogue highlights the unsustainable nature of current irrational subsidy competition and the belief that competition will eventually align with business fundamentals. The company welcomes new entrants to the food delivery and on-demand retail market, viewing them as indicative of the sector's growth potential, and remains confident in its ability to sustain growth and deliver a stable consumer experience amidst heightened competition.
Preparation for Intensifying Competition in China's Food Delivery IndustryThe platform is strengthening its position as a leader in China's food delivery market by investing in innovative supply models, enhancing merchant services, and focusing on long-term sustainable growth amidst heightened competition and potential market volatility.
Strategy Expansion and Progress in On-Demand Retail for Diverse CategoriesThe company discusses its strategy for expanding into more categories, including consumer electronics and appliances, through its on-demand retail platform. It highlights significant growth in non-food categories, innovative product formats, and strategic marketing campaigns aimed at enhancing service and consumer experience. Young consumers born after 1990 make up a significant portion of the platform's user base, with efforts focused on delivering a superior shopping experience within 30 minutes.
May 1 Shopping's Growth Strategy and Investment PlansMay 1 Shopping anticipates becoming a leading consumption platform, particularly among the younger generation, through brand collaborations and service enhancements. The company has launched a 100 billion RMB subsidy promotion plan to drive industry growth over the next six years and is piloting a crew year's pension insurance program for its staff, with plans for expansion.
Investment Plan to Boost Restaurant Industry Growth and Worker BenefitsA plan focuses on empowering merchants, elevating supply quality, promoting food safety, and stimulating consumption to enhance the restaurant industry. Additionally, it introduces a pension pilot program for flexible workers, offering tailored subsidies and aiming to expand nationwide.
Cheetah's Global Expansion Strategy and Competitive Advantages in Food Delivery MarketsCheetah celebrates KTA's second anniversary in Hong Kong, highlighting its growth and market leadership. In Saudi Arabia, KTA operates in nine cities, aiming for further expansion. The company announces a $1 billion investment in Brazil over six years, driven by a strategic partnership between China and Brazil, Brazil's market potential, and Cheetah's confidence in its world-leading food delivery system. Expansion plans consider market size, potential, structure, and regulatory frameworks. Cheetah envisions becoming a top delivery platform globally, leveraging its competitive products, services, and operational expertise, despite short-term profitability impacts.
Capital Allocation Strategy and Overseas Expansion Amid CompetitionThe company is reviewing its capital allocation strategy to balance domestic commerce cash flow, new initiatives, and shareholder returns, while facing increased overseas investment and domestic competition. It emphasizes confidence in its core local commerce segment's profitability and the potential of its grocery retail business, particularly through models like Xiao Xiang supermarkets and the marketplace model. The company continues to focus on optimizing operations and validating business models rather than expanding scale indiscriminately, and assures that the share repurchase program remains a priority for shareholder returns.
Update on Company's AI Progress and ApplicationsThe company discusses advancements in AI across infrastructure, products, and internal tools, highlighting the development of large language models, AI-powered services for external users, and employee productivity enhancements through AI coding and no-code platforms.
要点回答
Q：How has May Post's business been performing in terms of user growth?
A：Both annual transacting users and annual active burners reached new highs.
Q：What is May Post's strategy for the food delivery business?
A：May Post has diversified its product offerings, broadened price bands, optimized the delivery network, and supported millions of merchants, especially small and medium-sized ones, to reach new customers and achieve business growth.
Q：How does May Post support small and medium-sized merchants?
A：May Post has provided financial assistance, traffic support, free digital tools, and online services to help these merchants improve supply, elevate service quality, and offer a broader selection.
Q：What new measures have been implemented to support high-quality small and medium-sized merchants?
A：New measures include providing financial assistance, traffic support, free digital tools, and online services, as well as the launch of the Bright Kitchen Program and other food safety measures.
Q：What benefits have been provided to May Post's delivery couriers?
A：Delivery couriers have been provided with occupational injury insurance, a new pension pilot program, comprehensive talent development programs, and career promotion paths. May Post has also provided medical assistance, educational support, and living and health care assistance for couriers and their families.
Q：What was the response to the launch of May Post's on-demand retail brand, Me in the Shopping?
A：The launch of Me in the Shopping was met with robust consumer response, with the brand debut being a direct response to the rising popularity of on-demand retail. The brand aims to offer high-quality products and enhance convenience and reliability for consumers.
Q：How has May Post adapted to changing consumer preferences?
A：May Post has expanded its product categories and services offerings in response to evolving consumption trends, such as providing more flexibility for consumers to restore confidence in prepaid services and extending the worry-free consumption model to broader in-store categories.
Q：What initiatives have been introduced for independent artisans on May Post's platform?
A：May Post has introduced a range of offerings for independent artisans, including onboarding processes, reviewing management, content display, operation support, and consultation services, to help them develop their personal brand online.
Q：How has May Post's integration of the medical and healthcare business affected consumer access to services?
A：The integration has enhanced core sales, deepened industry supply chain penetration, and delivered comprehensive medical and health solutions to consumers. It has also ensured a sufficient drug supply, solidified leadership in on-demand medicine delivery, and extended partnerships with various medical providers.
Q：What is the purpose of the Ma membership program, and what benefits does it offer?
A：The Ma membership program, named mayi huiyan, is designed to provide a wide array of benefits and an elevated experience across various business categories including hotel, travel, and local services. Members can accumulate growth points to unlock additional privileges, and the program aims to solidify the consumer perception of meichuan as the go-to platform for discovering local stores and deals.
Q：How is the new initiative segment contributing to the company's growth?
A：The new initiative segment has contributed to the company's growth by refining operations and achieving efficiency improvements in grocery, retail, software, and hardware services, as evidenced by the performance of businesses like Mayi Supermarket and Mayi Selection.
Q：What services are provided to support export enterprises, and what was the impact in Saudi Arabia?
A：The company offers comprehensive support for export enterprises, including marketing, channel expansion, and brand partnerships to distribute high-quality products in domestic markets. In Saudi Arabia, the company has effectively showcased its product capability and technological edge, winning wide recognition and becoming one of the top preferred food delivery apps in the region.
Q：What is the company's strategy to enhance consumer experience and operational efficiency?
A：The company is devoted to delivering more comprehensive services, products, and membership benefits to loyal supporters and leveraging AI technology to continuously refine user experience and improve operational efficiency. The company aligns with national strategies to boost consumption and expand domestic demand, staying attuned to emerging consumption trends and identifying new markets.
Q：What financial results were highlighted for the first quarter?
A：For the first quarter, the company experienced healthy growth with total revenue increasing year over year to RMB 80,260 million. The cost of revenue ratio decreased 2.3 percentage points year over year, selling and marketing expenses ratio decreased one percentage point year over year, and both R&D expenses ratio and G&A expenses ratio remained stable year over year at 6.7% and 3%, respectively. The strategic focus on quality, growth, and operational efficiency delivered strong results with total segment operating profit growing to RMB 11.2 billion, and adjusted net profit increasing year over year to RMB ed ed billion.
Q：What trends and performance highlights are observed in the core local commerce segment?
A：The core local commerce segment showed sequential recovery in on-demand deliveries with year-over-year order volume growth, particularly for food delivery. Core consumers retention rate improved, new supply formats like Meihua instant shopping grew strongly, and categories such as non-foods expanded significantly. The Valentine's day period had particularly strong performance, and the segment's operating profit and operating margin both improved year over year.
Q：What has been the impact of the special deals program on the core local commerce segment?
A：The special deals program has gained traction across categories and has catalyzed increased demand around holidays in lower-tier markets. It maintained strong momentum with continued growth in merchant coverage, user engagement, and transaction volume. The program also helped improve profitability in lower-tier cities and supported hotel and travel businesses by acquiring new users, engaging inactive users, and increasing transaction frequency.
Q：How is the new initiative segment performing, and what challenges are faced in expanding overseas?
A：The new initiative segment reported an increase in revenue of 17.8% year over year to RMB 64.3 billion, with improved operating profit and margin. The segment's performance was driven by greater efficiency and operating leverage. However, the sequential increase in operating loss was attributed to increased investment in overseas expansion.
Q：What is the company's confidence in its ability to sustain quality growth over the long term?
A：The company is confident in its ability to sustain healthy quality growth over the long term, based on its core local commerce business's performance in navigating complex and evolving market conditions with resilient strength. The increasing synergy is expected to further amplify the company's advantages, and management is confident in driving operational excellence and delivering consistent financial improvement.
Q：How is the platform assisting merchants and branded restaurants with revenue growth?
A：The platform assists small and medium merchants with customer acquisition and revenue growth and helps branded restaurants innovate their supply models, such as through branded satellite stores and community dining stores. This approach addresses consumer demand for value-for-money options while boosting volumes and increasing revenues for merchants.
Q：What is the expected consumer choice in the post-subsidy phase of the food delivery industry?
A：It is expected that as the irrational subsidy phase in the industry ends, consumers will choose the platform that offers the broadest selection, the best experience, and more reliable services.
Q：What measures are being taken to address industry-wide issues such as excessive marketing promotions and food safety?
A：The company is actively driving innovation on the supply side, improving the overall quality of the industry, and optimizing the online business environment for merchants. It is also advocating against unnecessary excessive competition within the industry.
Q：How is the platform helping merchants streamline their marketing efforts and reduce operational burdens?
A：The platform is helping merchants by streamlining their marketing efforts, reducing operational burdens, enhancing marketing efficiency, and boosting the purchase frequency. It aims to create tangible value for all stakeholders and guide the industry towards a more rational and quality service-driven growth.
Q：What investment strategy is the company adopting in response to intensified competition?
A：In response to intensified competition, the company is adopting a strategy of increased investment while adhering to the principles of fair and orderly competition. The investment is aimed at driving industry healthy growth and defending market position, with a significant portion of the investment counter-revenue. The company expects the year-over-year growth rate for core local commerce revenue in Q2 to decelerate and operating profit to decrease significantly year over year.
Q：What is the company's position on the continuation of irrational competition and its financial guidance for the remainder of the year?
A：The company recognizes the continuation of irrational competition and cannot provide accurate financial guidance for the remainder of the year. However, it remains confident in defending its market share and solidifying its market leadership. It expects to continue creating value for all stakeholders and is focused on long-term competitive strength and sustainable growth potential.
Q：What is the company's strategy for expanding into new categories and the progress of in-market?
A：The company's strategy for expanding into new categories includes the rebranding of 'mid' in the shopping and focusing on categories like consumer electronics and appliances. The progress of 'in-mart' shows robust growth, with categories such as three C home appliances, beauty and personal care, and apparel witnessing remarkable growth. The non-food categories have also experienced over a 60% order growth in the first quarter. The company aims to provide a trusted lifestyle choice for the younger generation through an innovative supply model and has over 10,000 instant marts covering various categories.
Q：What is the latest progress and expansion plan for the 100 billion investment plan for the next script years?
A：The company has announced an RMB 100 billion investment plan to drive industry growth for the next script years. The goal is to help the industry find new growth opportunities, improve the supply quality, and cultivate a more favorable business environment for restaurant merchants through sustained investments.
Q：What are the four key areas that the plan focuses on?
A：The four key areas of focus are empowering merchants, elevating supply quality, promoting the Bright Kitchen program, and stimulating consumption.
Q：How has the 'Branded satellite stores' initiative performed?
A：The 'Branded satellite stores' initiative has helped over 3000 high-quality satellite stores open, leveraging AI-driven services, achieving an average revenue 3 times higher than traditional stores.
Q：What is the goal for the number of participating merchants in the Bright Kitchen program by the end of the year?
A：The goal is to have the number of participating merchants in the Bright Kitchen program exceed 100,000 by the end of the year.
Q：What is the purpose of the new pension pilot program?
A：The new pension pilot program aims to support flexible workers, providing subsidies tailored to their job nature, without requiring them to meet certain conditions such as working hours or delivery volume.
Q：How has KTA performed in Hong Kong and what are their plans there?
A：KTA has become the largest food delivery player in Hong Kong, with continuous growth in order volumes, average order value, market share, and number of restaurants and CS personnel.
Q：What are the company's plans for expansion into the Brazilian market?
A：KTA plans to enter Brazil with a commitment to invest $1 billion over the next few years, aiming to leverage their global leading food delivery business and operational know-how to create employment opportunities and become a top choice for delivery platforms in overseas markets.
Q：What criteria does the company use for selecting new markets?
A：The criteria for selecting new markets include the current and potential size of the market, growth potential, market structure, the ability to become a top player (number one or number two), and the regulatory framework and overall business environment of the country.
Q：What is the company's overall plan and long-term goals for its overseas business?
A：The company's plan is to become a global company, evaluate opportunities carefully, and enter new markets based on a comprehensive analysis. In the short term, profitability may be impacted, but long-term global expansion represents a very good and promising growth opportunity.
Q：What are the company's capital allocation priorities and strategies?
A：The company prioritizes balancing resources for new initiatives and maintains a committed approach to capture grocery opportunities in China.
Q：Will the share repurchase program be suspended due to higher overseas investment?
A：The company does not plan to suspend the share repurchase program because it remains a main channel for shareholder returns and will continue to assess cash reserves and potential net inflows to make flexible arrangements.
Q：What progress has been made with the AI large language model and related applications?
A：The company has continued to strengthen capabilities in all three layers of AI, iterated its foundation large language model, launched new AI application and services for external users, and improved employee productivity with AI. They also plan to launch an AI-powered business decision assistant for the food service industry and have seen improvements in AI coding capabilities for engineers.
Q：What is the new AI-powered business decision assistant for the food service industry?
A：The AI-powered business decision assistant, to be launched in June, will act as an intelligent operational assistant for food service merchants, covering four key scenarios: cuisine dish selection, dish selection, new store location selection, menu development, and store operations.
Q：How is AI being integrated into employee productivity and work experience?
A：The company is using AI to enhance employee productivity and workplace experience. They have improved AI coding capabilities for engineers, with over 50% of new code generated by AI. The no code platform has been adopted internally across various professional roles, allowing users to create applications without prior coding experience. A local platform for public users has also been launched to support digital transformation for small and medium merchants.
