Chinese service online booking platform Meituan said its revenue for the full year of 2023 increased by 25.8% to RMB276.7 billion from RMB220.0 billion in 2022. The core local commerce segment achieved an operating profit of RMB38.7 billion in 2023, which increased by 31.2%.
Meanwhile, the operating loss for the new initiatives segment narrowed to RMB20.2 billion in 2023. The profit for the year of 2023 was RMB13.9 billion, compared to the loss of RMB6.7 billion for the year of 2022.
GTV of the company’s in-store, hotel and travel businesses increased by over 100% year over year in 2023. The year-over-year growths of Annual Transacting Users and Annual Active Merchants exceeded 30% and 60%, respectively.
Meituan also iterated the Hotel+X products and leveraged its unique positioning in in-store dining to offer more diversified bundle deals. The expanded effort in marketing and promotions led to record high reservation volume during holiday seasons in 2023.
