MPNGY - Meituan (MPNGF) Q1 2024 Earnings Call Transcript
2024-06-06 12:15:24 ET
Meituan (MPNGF)
Q1 2024 Earnings Conference Call
June 06, 2024, 07:00 AM ET
Company Participants
Sijia Xu - VP and Head-Capital Markets
Xing Wang - Chairman and CEO
Shaohui Chen - SVP and CFO
Conference Call Participants
Ronald Keung - Goldman Sachs
Thomas Chong - Jefferies
Kenneth Fong - UBS
Alex Yao - JPMorgan
Ya Jiang - CITIC Securities
Alicia Yap - Citigroup
Presentation
Operator
Thank you for standing by and welcome to the Meituan First Quarter 2024 Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to Scarlett Xu, VP and Head of Capital Markets. Please go ahead.
Sijia Xu
Thank you, operator. Good evening and good morning, everyone. Welcome to our first quarter of 2024 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 purchase provide a review of our first quarter of 2024 results, and then conduct our 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 some actual results in the future. This presentation also contains unaudited non-IFRS accounting standards 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 accounting standards. For a detailed discussion of risk factors and non-IFRS accounting standards measures, 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. Hello, everyone.
Since the beginning of 2024, China's local commerce industry continued to grow steadily along with the consumption improvement during Spring Festival and we effectively captured the industry rebound and the invigorated local consumptions, leading to our robust performance in the first quarter.
During the first quarter, our total revenue increased by 75% year-over-year to RMB73.3 billion. Adjusted net profit increased by 36.4% year-over-year to RMB7.5 billion. Growth of our user base and merchant base accelerated for four consecutive quarters and both reached a new high. Annual transaction frequency, annual transaction user also increased steadily to over 50 times. The development of local commerce has brought the changes to the livelihood and consumption habits of Chinese people....
Meituan (MPNGF) Q1 2024 Earnings Call Transcript