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Meituan Announces 2019 First Quarter Results

HONG KONG, May 23, 2019 /PRNewswire/ -- Meituan (HKG: 3690) (the "Company"), China's leading e-commerce platform for services, today announced the unaudited consolidated results for the three months ended March 31, 2019 ("1Q2019"). Meituan Logo Financial Performance HighlightsIn the three months ended March 31, 2019: Total revenues increased by 70.1% year-over-year to RMB19.2 billion from RMB11.3 billion in the same period of 2018, benefiting from strong revenue growth across all major business segments, and decreased by 3.2% quarter-over-quarter from RMB19.8 billion in the three months ended December 31, 2018 due to seasonality. Total gross profit increased by 57.8% year-over-year to RMB5.1 billion from RMB3.2 billion in the same period of 2018, resulting from our constant improvement in gross margin of our core businesses, and increased by 13.1% quarter-over-quarter from RMB4.5 billion in the three months ended December 31, 2018, driven primarily by narrowing loss of our new businesses. Selling and marketing expenses as a percentage of total revenues decreased to 19.3% from 25.2% in the same period of 2018 and 22.9% in the three months ended December 31, 2018, attributable to economies of scale, healthy operating leverage, and our stronger brands. Adjusted EBITDA and adjusted net loss were RMB458.9 million and RMB1.0 billion, respectively. Adjusted EBITDA turned to be positive, which is an important milestone we have achieved. Adjusted net loss continued to narrow from the three months ended December 31, 2018. Adjusted net loss as a percentage of revenues was negative 5.4%, compared to negative 8.7% in the three months ended March 31, 2018 and negative 9.4% in the three months ended December 31, 2018. The improvement in adjusted net loss and adjusted EBITDA was due to the continuous improvement in the operating margin of our core businesses as well as our ongoing efforts to streamline the operating losses of new initiatives. Operating HighlightsIn the three months ended March 31, 2019: Total Gross Transaction Volume (GTV) on our platform grew by 27.9% to RMB138.4 billion from RMB108.2 billion in the same period of 2018. Annual Transacting Users on our platform in the last twelve months ended March 31, 2019 grew by 26.4% to 411.8 million from 325.8 million in the last twelve months ended March 31, 2018. Average number of transactions per annual Transacting User on our platform increased to 24.8 transactions in the twelve months ended March 31, 2019 from 20.1 transactions in the twelve months ended March 31, 2018. Annual Active Merchants on our platform grew by 27.3% to 5.8 million in the twelve months ended March 31, 2019 from 4.5 million in the twelve months ended March 31, 2018. Overall monetization rate[1] increased to 13.9% in the three months ended March 31, 2019 from 10.4% in the same period of 2018. "In the first quarter of 2019, we continued our 'Food + Platform' strategy to add value to our one-stop services platform, and achieved strong revenue growth across all our major business segments," said Xing Wang, Chairman and CEO of Meituan. "For our food delivery business, our market share continued to increase while operating results continued to improve in the first quarter of 2019, on both a year-over-year and quarter-over-quarter basis. With our clear scale and structural advantages in user base, merchant base, and delivery network through long-term investments, we have the capability and flexibility to both strengthen our market position and improve our financial performance." [1] Monetization rate equals the revenues for the year/period divided by the Gross Transaction Volume for the year/period. Company Business Review Food deliveryOur food delivery business sustained its strong growth momentum. GTV of our food delivery business increased by 38.6% to RMB75.6 billion in the three months ended March 31, 2019 from RMB54.5 billion in the same period of 2018. The number of food delivery orders increased by 35.8% to 1.7 billion in the three months ended March 31, 2019 from 1.2 billion in the same period of 2018. The average value per order of our food delivery business improved by 2.1% year-over-year. Monetization rate for food delivery increased from 12.9% to 14.2% year-over-year. As a result, revenue from food delivery increased by 51.7% year-over-year to RMB10.7 billion in the three months ended March 31, 2019 from RMB7.1 billion in the same period of 2018. Gross profit from food delivery increased by 187.9% to RMB1.5 billion in the three months ended March 31, 2019 from RMB535.1 million in the same period of 2018, while the gross margin expanded to 14.4% from 7.6%. The first quarter is usually a low season for our food delivery business. Users' demand for the service during the Chinese New Year tends to be much lower than in the other months, and many restaurants suspend operations during the holiday season. However, we withstood such seasonality and further cemented our market-leading position, which is mainly driven by our clear advantages in scale and quality of user base, merchant base, and on-demand delivery network. On the consumer front, we have competitive advantages in terms of user matrix, attributable to our earlier investments in our on-demand delivery network and AI-powered intelligent order dispatching system. Therefore, we have a significant percentage of users who are less-price sensitive and value factors such as food selection and service quality. During the Chinese New Year, these users increasingly preferred food delivery services which offer convenience and a widening selection of food for family gatherings. In addition, our established user base, combined with our dominant scale of merchant base and delivery network throughout most lower-tier cities, enjoyed a nice multiplier effect. During the Chinese New Year, millions of people who travelled from top-tier cities to visit their families in lower-tier cities used Meituan as their go-to app for food delivery services. As a result, both the number of Transacting Users and the percentage of orders made in locations other than such users' regular residences increased during the Chinese New Year period year-over-year. On the merchant front, we continued to strengthen our operational capabilities to enhance merchants' vitality on our platform. During the Chinese New Year, our "Open in Spring Festival" campaign encouraged more merchants, especially top merchants, to continue their operations during the holiday season. This helped provide consumers with adequate, high-quality supplies of food and satisfy their increasing demand for food delivery services during the holiday season. Additionally, more merchants resumed operations earlier as compared to the Chinese New Year period last year. Our ability to assemble merchants during the Chinese New Year has further demonstrated our advantages of developing a strong merchant base and cultivating merchant relationships. Regarding our delivery service, we continued to enhance the management of our delivery riders, especially during holiday seasons and tough weather conditions. Our competitive advantages in the scale and operations of our on-demand delivery network have allowed us to cope with food delivery orders with sufficient delivery capacity and consistent delivery service quality during special holiday season like the Chinese New Year. In-store, hotel & travelOur in-store, hotel & travel businesses continued to solidify the market leadership and further demonstrated strong monetization potential during the three months ended March 31, 2019. While GTV of our in-store, hotel & travel businesses grew by 15.1% to RMB46.4 billion in the three months ended March 31, 2019 from RMB40.3 billion in the same period of 2018, the monetization rate increased to 9.7% from 7.8%, which was primarily due to the increasing contribution of online marketing services revenue. As a result, revenues from our in-store, hotel & travel businesses increased by 43.2% to RMB4.5 billion in the three months ended March 31, 2019 from RMB3.1 billion in the same period of 2018. Gross profit from our in-store, hotel & travel businesses increased to RMB4.0 billion in the three months ended March 31, 2019 from RMB2.8 billion in the same period of 2018, while the gross margin expanded to 88.3% from 87.8%. We continued to make progress in merchant penetration, service category expansion, optimization of product offerings, and operational efficiency for our in-store, hotel and travel businesses despite the typical low season. Advertising revenue generated from this segment as well as the number of active advertising merchants continued to grow robustly year-over-year. In particular, advertising revenue from our mature and large-scale service categories such as beauty, parent & child and leisure and entertainment maintained rapid growth as a result of our deepened merchant penetration. Our new service category, namely, medical aesthetic services, achieved more than doubled year-over-year revenue growth in the three months ended March 31, 2019. On the product side, we continued to innovate and create customized services to add value and help merchants improve membership management, boost online operational efficiency, and attract and retain customers. For example, we introduced membership discount cards for foot massage merchants and expanded our multi-session cards into additional beauty sub-categories. On the operation side, we also hosted promotions customized for certain categories to help merchants increase brand exposure and acquire user traffic. For example, in a four-day promotion event hosted for beauty merchants in honor of International Women's Day, both the number of Transacting Users and GTV for beauty categories on our platform increased significantly. As an important category of our in-store, hotel & travel businesses, we further solidified the leading position of our hotel booking business. Domestic room nights consumed increased by 29.8% to 78.6 million in the three months ended March 31, 2019 from 60.6 million in the same period of 2018. In the three months ended March 31, 2019, contribution from high-end hotels further increased, and the average daily rate per room night experienced a steady year-over-year increase. We continued to foster synergy between our hotel booking and other in-store businesses. Through cross-selling reservations for restaurants, wedding venues, spa, gyms and others, we have been able to help hotels further substantiate their revenue streams from non-lodging services. New initiatives and othersGTV from the new initiatives and others segment increased by 22.4% to RMB16.4 billion in the three months ended March 31, 2019 from RMB13.4 billion in the same period of 2018. Revenues from the new initiatives and others segment increased by 267.8% to RMB4.0 billion in the three months ended March 31, 2019 from RMB1.1 billion in the same period of 2018. Compared to the three months ended December 31, 2018, gross loss of the new initiatives and others segment continued to narrow in the three months ended March 31, 2019. Gross margin was negative 11.1% in the three months ended March 31, 2019, improving by 12.2 points on a quarter-over-quarter basis. In alignment with our overall strategy, we are actively exploring the opportunities in grocery retail sector, experimenting with both the self-operating model and the platform model. With respect to platform model, we operate non-food delivery business to connect local retailers and consumers, which is known as Meituan Instashopping or "Meituan Shangou". We are disciplined on capital allocation for our new initiatives. With respect to self-operating model, we closed our Ella supermarkets in lower-tier cities in the first quarter as their returns were below our expectation and we will focus on improving the shopping experience and operational efficiency in the remaining two stores in Beijing. We have also launched pilot program of operating smaller grocery stores in residential communities as part of our further exploration in the grocery retail sector. Meanwhile, in order to further narrow the losses in our bike-sharing service, we continued to restructure Mobike's overseas operations that we believe cannot bring sufficient strategic synergy to our platform to justify their costs. The restructuring in multiple overseas markets, proceeded as scheduled in the three months ended March 31, 2019. In the three months ended March 31, 2019, we significantly scaled back the subsidies for our car-hailing services, which resulted in a meaningful improvement of margin profile of our new initiatives and others segment. In late April 2019, we launched a new business model for our car-hailing business in Shanghai and Nanjing. In addition to our existing car-hailing and taxi-hailing services, we adopt an aggregated model to aggregate supplies from other leading car-hailing service providers and connect them with users on Meituan app and Meituan Dache app. Users will enjoy increased selection of pricing, cars, and services on our mobile applications at the touch of their fingertips. Such ability to better satisfy users' transportation needs through a more cost-efficient approach will increase user satisfaction and enhance user stickiness. On May 19, 2019, we further introduced the new aggregated model on the Meituan app in another 15 cities such as Shenzhen, Guangzhou, Hangzhou, and Chengdu and plan to roll this out in more cities within 2019. For the full announcement of Meituan 2019 first quarter results, please visit:http://meituan.todayir.com/attachment/2019052316350100003507205_en.pdf About MeituanMeituan (HKG: 3690) (the "Company") is China's leading e-commerce platform for services. With the mission of "We help people eat better, live better," the Company's platform uses technology to connect consumers and merchants. Service offerings on the platform address people's daily needs for food, and extend further to broad lifestyle and travel services. According to the iResearch Report, Meituan is the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services in 2017. It currently operates the world's largest on-demand delivery network in terms of the number of deliveries in 2017. Meituan helps consumers discover merchant information, make informed decisions, complete online and offline transactions and enjoy on-demand delivery. The Company currently owns several household brands in China, including Meituan, China's leading online marketplace for services by GTV in 2017, Dianping, China's leading online destination for discovering lifestyle services by MAU in 2017, Meituan Waimai for on-demand delivery services, and Mobike for bike-sharing services. Meituan had 400.4 million Annual Transacting Users and 5.8 million Annual Active Merchants by the end of 2018. The Company operates in over 2,800 cities and counties in China. Forward-Looking StatementsThis press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website. For media inquiries, please contact: Meituanpr@meituan.com ir@meituan.com Jeff PeiICR Inc.Email: Jianfeng.Pei@icrinc.com Tel: +86 (10) 6583 7514 Photo - https://photos.prnasia.com/prnh/20190523/2476219-1

Hublot's Family of Tennis Champions in Paris

GAME, SET AND MATCH HUBLOT! PARIS, May 23, 2019 /PRNewswire/ -- An e-tennis tournament with Simona Halep, winner of the 2018 French Open, plus Elina Svitolina, Karolina Pliskova and Borna Ćorić. A friendly, private gathering organised by Hublot on the eve of the 2019 French Open in Paris, at the Café de l'Homme – an exceptional venue with breathtaking views of the Eiffel Tower and the Trocadéro Gardens. To stay up-to-date, follow: @Hublot #Hublot #HublotLovesTennis HUBLOT’S FAMILY OF TENNIS CHAMPIONS IN PARIS - Simona Halep - Anne Laure Bonnet - Ricardo Guadalupe - Borna Coric - Elina Svitolina - Karolina Pliskova - Fabrice Santoro "On the eve of this second tournament in the 2019 Grand Slam Season, synonymous with excellence under pressure, we wanted to bring together our friends and our tennis ambassador for a unique and entertaining event. Like all the great international sporting legends, their powers of concentration are impressive. The limbs are nothing without the power of the mind! We are very proud to be in their company and we wish them all the success they deserve."- Ricardo Guadalupe CEO of HUBLOT A few days before the start of the great international tennis tournament held in Paris, the Brand's guests competed against three of the world's best players ranked in the WTA Top 10, one of the most promising players in her generation, and Hublot's tennis ambassador and friend. The e-tennis matches were played – with no sliding and no topspin strokes – all under the watchful eye of umpire Ricardo Guadalupe, CEO of Hublot. This afternoon event proved the perfect opportunity for these elite athletes to relax ahead of the competition... and a chance for our non-sporting guests to compete with them on an equal footing. This was a friendly tournament in which the interactions between the athletes highlighted the shared qualities driving their remarkable careers: passion, persistence and precision. This fun, sporting afternoon was hosted by sports journalist Anne-Laure Bonnet and retired French tennis professional Fabrice Santoro. A Hublot ambassador since 2015, Borna Coric is also currently 15 in the ATP rankings, having held the 48th spot in the world rankings just two years ago. Romanian tennis star Simona Halep, ranked world number 1 at the end of 2017 and in 2018, won the French Open last year. Currently in second position in the WTA rankings, she has been part of the Hublot family since 2016. Karolina Pliskova was the first Czech player in history to reach first place in the WTA rankings in 2017, the year in which she joined Hublot; she is currently in 7th position in the WTA rankings. Elina Svitolina is in 6th position in the WTA rankings and became one of Hublot's tennis friends this year. The principle of e-gaming implies equality between all participants. However, our young champions demonstrated their outstanding powers of attention and impressive focus over a long period, winning most of the matches hands down. An essential strength in addition to their physical skills. The event was held at the Café de l'Homme, with its sweeping views of the Eiffel Tower. Photo - https://mma.prnewswire.com/media/891868/Hublot_Tennis_Paris.jpg Related Links :https://www.hublot.com/en/

Hotel Plus - HDE 2019 Concluded Successfully with Excellent Feedback

SHANGHAI, May 23, 2019 /PRNewswire/ -- 2019 Shanghai Hospitality Design and Supplies Expo (HDE), the most comprehensive hotel and commercial space event in China organized by UBM Sinoexpo, concluded successfully at the end of April. Designers, hoteliers, developers, manufacturers and other key stakeholders within the whole industry chain at home and abroad gathered together at SNIEC to launch new products and exchange market information. Held together with a retail show, cleaning show and franchise show under the flag of Hotel Plus, HDE was praised by exhibitors for providing diversified media promotion opportunities and maintaining the quality of buyers. Welcoming a record number of over 3,000 exhibitors, Hotel Plus 2019 attracted 147,166 trade professionals from 131 countries and regions, with an increase of 8.5% in visitors over the last show in 2018. Hotel Plus opening "The show provided many new supplier options, bringing our resorts innovative ideas and potential partners," says Siyu Pu from Engineering Department of Club Med, "We had a deep conversation with industrial experts onsite regarding to industrial development, especially the consumption concepts and trends of resort guests in China market." According to the post-show survey did by the organizer, 74% of exhibitors gave a positive feedback on the overall satisfaction. "We have got the contacts of hundreds of potential clients during the exhibition and we are very satisfied with the quantity and quality of buyers," says Wenjun Zou, Director of Strategic Engineering, Mati Ceramics. Mati Ceramics at Hotel Plus - HDE 2019 The ever-popular event program, Mockup Room Show, demonstrated hotels' brand concept and looking for partners interested in investment. Newly established sino-foreign joint venture, Shimao Star Hotel Group, was selected as Most Popular Mockup Room among over 20 participants this year by trade visitors and juries from organizing committee. "We are old friends of Hotel Plus but this was our first time to attend the show after cooperating with Starwood Capital. This year we launched a new hotel brand Ethos and received a lot enquires and high attention. This was also a good opportunity for us to connect with trade visitors and promote cooperation in a deep-going way," says Li Wen, Marketing and Brand Planning Director of Shimao Star Hotel Group. Most Popular Mockup Room Winner - Shimao Star Hotel Group Another key highlight of HDE was China International Building and Interior Design Forum. The forum is a stage for designers to communicate the latest market trends and design ideas in hospitality and commercial space industry. Italian architect Roberto Baciocchi shared his experience on luxury retail projects across the world with delegates. Other speakers included directors and founders of multinational design firms CallisonRTKL, HOK, Gensler, Chapman Taylor, RSAA GmbH, PIA Interior, PLAT ASIA, PANORAMA Hong Kong, AK+ Archipedia, and Studio MVW. Over 800 delegates attended the design forum and took an active part in a Q&A session. Speakers of China International Building and Interior Design Forum Design Week Shanghai, Charm of Light exhibition area, Awards Ceremony and Gala Dinner, Hotel Uniform Show and many other exciting activities took place in the 3-day event, providing an overview of hotels and commercial space industry in China. About Hotel Plus - HDE Hotel Plus - HDE is a one-stop purchasing platform offering building materials and operational supplies for Hotels, Restaurants, Clubs, Retail Shops, and Shopping Malls. It is derived from Expo Build China, and emerged with Hotelex, the hospitality trade fair which has more than 20 years history. Exhibit ranges from building & decoration, engineering & design, interior design, lighting & intelligence, smart hotel, fitness & leisure, hotel furnishing, hotel supplies, hotel investment & franchise. For more information please go to www.hdeexpo.com. Photo - https://photos.prnasia.com/prnh/20190523/2476138-1-a Photo - https://photos.prnasia.com/prnh/20190523/2476138-1-b Photo - https://photos.prnasia.com/prnh/20190523/2476138-1-c Photo - https://photos.prnasia.com/prnh/20190523/2476138-1-d

The Belt and Road

2018 Silk Road Business Summit to be held in Zhangjiajie City on October 16, 2018

On September 29, the press conference of 2018 Silk Road Business Summit in Zhangjiajie city was successfully held in Changsha, Hunan Province. Leaders from the China Association for Friendship, Hunan Sub-council of China Council for the Promotion of International Trade, Zhangjiajie Municipal Government, Silk Road Chamber of International Commerce (SRCIC), and more than 30 mainstream media representatives attended the press conference. The announcement was made for the summit to be held in Zhangjiajie city on 16-17 October 2018. The summit is to actively respond to the Belt and Road Initiative, to build a multilateral economic and trade platform, to promote the formulation of international standards and the building-up of the Belt and Road brands, to explore the new mode of cultural exchange, to create the international tourist attractions, to facilitate the synergy of cultural industries, cultural undertakings, and cultural tourism as contribution to the development of a shared future for the world. The abundant resources of SRCIC will uplift Hunan province in its advantages in the Belt and Road construction and in its strategy of “Innovation Leads and Open Policies for Rise” to expedite Hunan province as an important inland hub of the Belt and Road.  The Zhangjiajie Summit is the 3rd silk road business summit organized by SRCIC, following the successful summits in 2016 and 2017. It’s the first summit with its venue in a city away from Xi’an. The summit in Zhangjiajie city will give a full play to the city’s unique natural resources, ecological culture, and its tourist economy.By report, Silk Road Urban Alliance Roundtable: Belt and Road International Cooperation on Tourism is scheduled at the summit. Themed with strengthening the tourist cooperation and facilitating the Belt and Road construction, the participants are expected to share views on setting up mechanisms for the Silk Road Urban Alliance and have in-depth discussion on promoting tourist and economic development. The summit will release consensuses, international standard proposals and tourist destination development strategies.Over the five years, the Belt and Road Initiative has gained strong support from the Belt and Road countries. International commercial associations and enterprises are important participants in the Belt and Road construction. SRCIC, one of the summit organizers, is the first transnational business confederation named after the Belt and Road and mainly composed of national chambers of commerce from the Belt and Road countries. Since its establishment in 2015, SRCIC is devoted to narrating the Belt and Road stories, initiating the Belt and Road voices, and facilitating the cultural exchanges in building up pragmatic platforms for win-win cooperation. Currently SRCIC has 129 organizational members from 79 countries, including state-level business organizations and millions of affiliated enterprises. SRCIC serves as a bridge connecting enterprises and governments, providing a cooperative platform between business associations and SRCIC members. It plays a vital role in advancing economic and social development with an emphasis on international collaboration and global governance.According to the plan, the annual silk road business summits are to be held in different SRCIC member countries for bigger influence and popularity, and for building up more cooperative platforms to benefit SRCIC commercial association members and enterprise members. (ASIA PACIFIC DAILY)

2018-10-01

Belt and Road Initiative paves way for win-win cooperation between China and Czech

By APD Writer He WeiIn July last year, the first China-EU freight train departed from Prague, captial of Czech,to Yiwu, a city in east China’s Zhejang Province. The new cargo train service marked the official launch of “the Belt and Road Initiative” in Czech. Thanks to joint efforts of both sides, the economic and trade ties between China and Czech Republic is heading for a bright future.During the Belt and Road Forum for International Cooperation in May 2017, two months before the opening, China signed the Memorandum of Understanding to Jointly Coordinate and Promote Cooperation and Project Implementation with Czech. According to the memorandum, more efforts will be made to set up a China-Czech Cooperation Center under the Belt and Road initiative, a key project bank and a cooperation platform, integrate domestic and foreign resources, as well as adjoin and implement projects On the sidelines of the The Working Conference of China-Czech Jointly Coordinating and Monitoring Cooperation Plan and Projects under the Framework of the “Belt and Road Initiative”, Liu Jielei, vice chairman of the Czech-China Friendship Association, told the Asia Pacific Daily (APD) that besides geographic advantage, Czech enjoys a sound investment environment because of its stable domestic policies, friendly policy toward China, lower business taxes and labor cost than that of in other European countries.The "Yixin’ou (Yiwu-Xinjiang-Europe) cargo train, which began in Yiwu, was hailed as an important bridge linking Asian and European continents and a signficiant achievement in the early stage of the initative by Chinese President Xi Jinping. Xu Jie, general manager of Rongsheng Travelling (Czech) Investment Co., Ltd., said because of its important location, they have launched two projects including the Czech-Chinese Technology Business District (CCTBD) project and the South Moravia Chinese Herbal Spa Project in Prague during the past two years, stressing that initial success has been achieved thanks to the initiative.Transalated by Hu Yahui(ASIA PACIFIC DAILY)

2018-06-12