Hong Kong Stock Market Update | Meituan opens nearly 5% higher, Q4 adjusted net profit increases more than 4 times year-on-year

MEITUAN opened nearly 5% higher, as of the time of publication, it rose by 4.99% to HKD 92.65, with a turnover of HKD 2.08 billion. On the news front, MEITUAN announced its performance for the fourth quarter and full year of 2023. In Q4 2023, revenue was RMB 73.696 billion, a year-on-year increase of 22.6%; adjusted net profit for Q4 was RMB 4.375 billion, a year-on-year increase of 427.6%. In addition, the revenue for 2023 was RMB 276.745 billion, an increase of 25.82% year-on-year; net profit was RMB 13.856 billion, turning losses into profits year-on-year. Adjusted EBITDA under non-IFRS measurement was RMB 23.878 billion, an increase of 145.5% year-on-year. The announcement stated that in 2023, benefiting from the rapid recovery of local businesses, the revenue of the core local business segment increased by 28.7% year-on-year to RMB 206.9 billion. Operating profit increased by 31.2% year-on-year to RMB 3.87 billion, with a slight improvement in operating profit margin, increasing from 18.4% in 2022 to 18.7%. MEITUAN's flash purchase demonstrates broad development space, with continuous healthy growth in order volume, and the annual order growth rate exceeding 40% year-on-year