Understanding the Market | Meituan-W opens more than 2% higher after Q1 results, with a 25% year-on-year revenue increase and strong growth in instant delivery business

Meituan-W opened more than 2% higher after the performance report, rising 2.04% to HKD 115 at the time of publication, with a turnover of HKD 2.1 billion. In terms of news, Meituan released its first-quarter performance, with revenue reaching RMB 73.276 billion, a 25% year-on-year increase; net profit for the period was RMB 5.369 billion, a 59.9% year-on-year increase; adjusted EBITDA under non-International Financial Reporting Standards was RMB 8.07 billion, a 28.9% year-on-year increase; net profit attributable to equity holders was RMB 5.369 billion, a 59.86% year-on-year increase. In the first quarter, Meituan's core local business achieved steady development, with revenue of RMB 54.6 billion, a 27% year-on-year growth. Among them, the takeaway business continued to maintain high-quality growth, with annual active users reaching nearly 500 million, and the transaction frequency of medium and high-frequency users further increasing year-on-year. Driven by this, the number of platform instant delivery orders in this quarter increased by 28% year-on-year to 5.46 billion