BEIJING (Reuters) -China’s largest meals supply agency Meituan posted fourth-quarter income on Friday that was largely according to estimates, amid sluggish Chinese language consumption.
Meituan’s income reached 88.5 billion yuan ($12.21 billion) within the three months ended December, simply above analysts’ estimates of 87.7 billion yuan, in line with LSEG knowledge.
Meituan, whose app provides a variety of companies together with bike-sharing, ticket-booking, and maps, reported a income of 337.59 billion yuan for the yr, up from 276.75 billion yuan in 2023.
Its web revenue for the 12-month interval reached 35.81 billion yuan, in comparison with a revenue of 13.86 billion yuan the yr earlier than.
“… We’ll develop our investments in cutting-edge applied sciences and the related purposes, resembling AI,
unmanned aerial supply, and autonomous supply automobiles,” the corporate stated in its monetary report.
Low-cost and discounted merchandise have grow to be a spotlight for each worth aware customers and platforms, which has benefited Meituan because it delivers such items for a small charge.
However competitors within the sector is intensifying. In February, e-commerce big JD.com introduced that it was venturing into the meals supply enterprise, and later within the month stated it might begin offering full-time meals supply riders with social insurance coverage and housing fund contributions from March 1 underneath China’s social safety system.
Meituan rapidly adopted go well with, saying plans to offer social safety advantages to its full-time and secure part-time riders, from the second quarter of 2025.
“Because the trade chief, we’re additionally devoted to fulfilling our social obligations by creating employment alternatives, bettering courier welfare,” Meituan stated within the earnings report.
($1 = 7.2496 Chinese language yuan renminbi)
(Reporting by Sophie Yu, Brenda Goh; Enhancing by Muralikumar Anantharaman, Tomasz Janowski and Kate Mayberry)