Meituan’s Q2 revenues increased by 16.4% to RMB50.9 billion from RMB43.8 billion for the same period of 2021.
Its core local commerce segment achieved an operating profit of RMB8.3 billion, up from RMB5.9 billion for the same period of 2021, while the operating loss for its new initiatives segment narrowed on both year-over-year and quarter-over-quarter basis to RMB6.8 billion for the second quarter of 2022.
Meituan’s core local commerce mainly includes the former Food delivery and In-store, hotel & travel segments, as well as Meituan Instashopping, alternative accommodations, and transportation ticketing. New initiatives mainly includes Meituan Select, Meituan Grocery, B2B food distribution, ride sharing, bike sharing, e-moped sharing, power banks, RMS, and other new initiatives.
Meituan achieved 9.2% revenue growth for the Core local commerce segment in Q2 2022, despite negative impacts of COVID-19. Operating profit increased by 39.7% year over year to RMB8.3 billion, and operating margin improved to 22.5%.
The total orders of our food delivery and Meituan Instashopping businesses increased by 7.6% year over year. Meituan Instashopping continued its rapid growth trajectory, with daily average orders reaching 4.3 million in the second quarter of 2022.
In the second quarter of 2022, revenues from the New initiatives segment increased 40.7% year over year to RMB14.2 billion, mainly driven by growth from the goods retail businesses. Operating loss narrowed on a sequential basis to RMB6.8 billion, while operating margin improved to a negative 48.0%, primarily attributable to improvement in operating efficiency from the goods retail businesses.
Adjusted EBITDA and adjusted net profit were RMB3.8 billion and RMB2.1 billion for this quarter, turning from loss positions to profit positions on both year-over-year and quarter-over-quarter basis.
Meituan held cash and cash equivalents of RMB25.5 billion and short-term treasury investments of RMB82.0 billion as of June 30, 2022.