Record of meituan financial report teleconference: common prosperity is rooted in meituan’s gene

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According to Tencent technology news on August 30, meituan released its financial reports for the second quarter and the first half of the year: its revenue in the second quarter was 43.76 billion yuan, a year-on-year increase of 77%, with a loss of 3.36 billion yuan during the period and an adjusted loss of 2.2 billion yuan; In the first half of the year, the revenue was 80.775 billion yuan, a year-on-year increase of 94.8%.
After the release of the financial report, meituan comment CEO Wang Xing and CFO Chen Shaohui attended the analyst teleconference to interpret the financial report.
The following is the main content of the analyst Q & a session of the conference call:
Goldman Sachs capital analyst: how does the management view the current regulatory changes? Is there any adjustment to the company’s current operation? What is the profit expectation in the next few quarters in the takeout business, in store consumption business and store community e-commerce business in the future? How can companies strike a balance between social responsibility and operational efficiency?
Wang Xing: let me talk about some macro aspects. There have been a lot of changes recently. Everyone is also very concerned about these changes. In fact, these changes are for the same goal, that is, to achieve common prosperity. The goal of common prosperity is actually deeply rooted in the genes of meituan, and can even be displayed in the name of meituan. Meituan is divided into two words, “beauty” means “good” and “Tuan” means “together” and “common”. Therefore, the combination of “beauty” and “Tuan” means to become better together, that is, common prosperity itself is rooted in the genes of meituan.
Recently, the government has launched a series of regulatory measures for the Internet industry, covering antitrust, data security, community group buying and many other aspects. People, as well as the public, have expressed a lot of concern about takeout businesses and riders, which is not only a warning but also a driving force for us, This means that the public has put forward more requirements for us. I think the regulatory measures are of great significance to the lasting prosperity and orderly development of the Internet. These measures can not only promote fair and orderly competition, but also promote the development of the industry. This situation occurs not only in China, but also globally. Meituan not only guarantees to comprehensively follow relevant policies, strengthen the company’s internal control mechanism, conduct in-depth self-monitoring and review, but also actively rectify various errors found, so as to ensure that the company can fully follow these measures and avoid risks.
We have been strictly implementing the high standards of data security and privacy protection, and putting an end to exclusive partnerships. We will respect the choice of users, pay attention to the working environment of employees and the welfare of takeout employees. In the retail industry, we will actively adjust our pricing strategy and develop our business with a long-term vision.
Of course, these rectifications will undoubtedly have some impact in the short term, but I think it is the best choice for us and will benefit in the long term. Meituan never wanted to be an Internet enterprise in the traditional sense. The cost of enabling offline business, performance fees and distribution is very large. We have made a lot of investment in the whole ecological chain. Achieving short-term profits is not the goal of meituan. What we care about is to create long-term value and help people live better.
Therefore, comprehensive compliance with regulatory measures, social responsibility and long-term sustainable business development are the path we firmly want to take. Although we also have some mistakes on the road of development, we will actively rectify and improve ourselves. I believe we will create more social value and community value. Through the progress of science and technology, we can create more jobs and bring convenience to users. We will also strengthen intra industry distribution, enable small and medium-sized enterprises to operate with higher efficiency, and strive to create a more active, open and diversified business environment. We will also promote more efficient logistics and supply chain in rural areas, help farmers increase their income and help rural construction. We will also strive to achieve carbon neutrality and sustainable development in the future. We will build meituan as a platform for people from all walks of life to enjoy life.
(continuously updated)