Chinese delivery platform Meituan has succeeded in posting record-breaking revenues for the first quarter of this year, with its founder saying they will do “whatever it takes to win the game.” Here’s the scoop from Ridesharing Forum.
Way to go, Meituan!
Chinese on-demand local services giant Meituan – which does not only cover the delivery sector, but also entertainment, dining, delivery, travel, and other services – posted a staggering 18.1 percent year-on-year surge in revenue for the first quarter of this year. Despite tougher competition, right?
It is staggering and record-breaking since Meituan’s revenue for the first quarter was at a whopping $12 billion. Meanwhile, its net profit also reached 10.1 billion Chinese yuan, up 87.3 percent year-on-year. Certainly not bad at all.
Plus, there’s also a bonus. The results came above the targets of 85.44 billion yuan in revenue and 8.63 billion Chinese yuan in profit, according to business experts. It really is a good start for 2025.
‘Whatever it takes’
The founder and chief executive officer of Meituan, Wang Xing, has spoken with the media after the earnings report, saying, “We’re going to take whatever it takes to win the game… Meituan is destined to become a global company in the longer term [though] we’re in no hurry.”
Wang Xing also added that the company will invest 100 billion yuan, or around over $13 billion, over the next three years to drive growth in the Chinese food service industry. According to him, these resources will support merchants across a wide range of categories and boost consumer demand.
“When you enter [a young market,] you want to make sure you can become either number one or number two, otherwise it doesn’t make much sense,” the CEO stated.
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