Meituan: 1Q25 Flash - Results Top Expectations
Total net revenues came in at RMB86.6bn (-2.2% QoQ and +18.1% YoY), above consensus and our expectations of RMB85.4bn. Gross margin came in at 37.4%, below our estimates of 38.0%, but up from 35.1% in 1Q24. non-GAAP net margin came in at 12.6%, above our expectations of 11.9% and up from 10.2% in 1Q24. Adjusted EBITDA margin came in at 14.2%, above our expectations of 13.1%, and up from 11.0% in 1Q24.Analysts:
Jin Yoon
MEITUAN DIANPING is a China-based e-commerce platform providing life services. The Company connects consumers and businesses to provide services satisfying people's daily eating needs. The Company owns an instant food ordering and delivery brand, Meituan, as well as provides services through its mobile application, Meituan. The Company is also engaged in the operation of a bike-sharing brand, Mobike.
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