Meituan, the prominent delivery platform in China, has reported its performance for the fourth quarter of 2024 with a total revenue of 88.487 billion yuan, showing a 20% increase from the same period in the previous year. The net profit also rose to 6.222 billion yuan.
Revenue from core businesses (delivery, courier services, and travel) increased by 19% to 65.566 billion yuan, while New Initiatives generated revenue of 22.920 billion yuan, marking a 24% growth. However, this new business segment incurred a loss of 2.176 billion yuan.
Meituan has diversified its operations into various services such as ingredient delivery for restaurants, bicycle and electric scooter rentals, SaaS solutions for restaurants, and power bank rentals. Additionally, New Initiatives also includes international delivery services.
The company plans to invest in new technologies to enhance its current services, including AI, robot or drone delivery services, autonomous delivery vehicles, and more.
TLDR: Meituan, a major delivery platform in China, reported a 20% increase in revenue in Q4 2024, with a net profit rise. The company is expanding into new initiatives and investing in new technologies to improve its services.
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