Meituan (MPNGF) Q3 2022 Earnings Call Transcript

For the period ending September 30, 202

November 25, 2022 6:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Thank you for standing by, and welcome to the Meituan Third Quarter 2022 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Ms. Scarlett Xu, VP, Head of Capital Markets. Please go ahead.

Scarlett Xu

Thank you, operator. Good evening, and good morning, everyone. Welcome to our third quarter earnings conference call. Joining us today are Mr. Xing Wang, Chairman and CEO; and Mr. Shaohui Chen, Senior Vice President and CFO of Meituan.

For today's call, management will first provide a review of our third quarter results and then conduct a Q&A session. Before we start, we would like to remind you that our presentation contains forward-looking statements which include a number of risks and uncertainties and may differ from actual results in the future.

This presentation also contains unaudited non-IFRS financial measures that should be considered in addition to and not as a substitute for measures of the Company's financial performance prepared in accordance with IFRS. For a detailed discussion of risk factors and as measured please refer to the disclosure documents in the IR section of our website.

Now I will turn the call over to Mr. Xing Wang. Please go ahead, Xing.

Xing Wang

Thank you, Scarlett. Hello, everyone, and welcome to Meituan's third quarter 2022 earnings call. During the third quarter, our total revenue increased by 28.2% year-over-year to RMB62.6 billion. And this quarter, we stick to our Retail + Technology strategy, continue to leverage our advantages in connecting consumers with local merchants and provide better services to a broader range of consumers and merchants.

As a result, annual transacting users on our platform increased to 687 million, while the number of annual active merchants increased to 9.3. The average number of transactions a transacting user increased to 39.5 for the trailing 12 months of the third quarter compared to 34.4 for the trailing 12 months of the third quarter last year.

We achieved an important milestone with the food delivery orders surpassing a daily record of 60 million, despite the resurgence of Omicron. And we launched a various marketing campaigns during festivals and holidays and collaborated with the local governments to distribute assumption vouchers to stimulate the recovery of local consumption.