Meituan's 2024 profit soars 158% amid revenue growth

Meituan (HKEX:3690) reported impressive financial results for the year ended December 31, 2024, with revenues climbing 22.0% to RMB337.6 billion. Operating profit jumped 174.6% to RMB36.8 billion. The core local commerce segment saw operating profit rise 35.4% to RMB52.4 billion. The New initiatives segment narrowed its operating loss to RMB7.3 billion. Adjusted EBITDA more than doubled to RMB49.1 billion, while adjusted net profit increased 88.2% to RMB43.8 billion. The company held RMB70.8 billion in cash and equivalents and RMB97.4 billion in short-term treasury investments. During 2024, Meituan repurchased 261,396,700 Class B shares for HK$28.2 billion, reflecting confidence in its value and commitment to shareholders.