Meituan, China’s leading food delivery company, reported its fourth-quarter and full-year financial results for 2024, showcasing significant growth. In the fourth quarter, the company’s revenue reached 88.5 billion yuan (approximately $12.21 billion), slightly surpassing analysts’ expectations of 87.7 billion yuan. This marks a 20% increase compared to the same period in the previous year.
For the entire year, Meituan’s revenue grew to 337.59 billion yuan, up from 276.75 billion yuan in 2023. The company’s net profit for 2024 reached 35.81 billion yuan, a substantial increase from 13.86 billion yuan in the prior year.
Meituan plans to invest in advanced technologies such as artificial intelligence (AI), unmanned aerial delivery, and autonomous delivery vehicles to enhance its service offerings. Additionally, the company is expanding its operations internationally, with services already active in Hong Kong and Saudi Arabia.
In response to increasing competition, notably from JD.com’s entry into the food delivery market, Meituan has committed to providing social security benefits to its full-time and stable part-time delivery riders starting from the second quarter of 2025.
These developments underscore Meituan’s efforts to maintain its market leadership and adapt to the evolving landscape of the food delivery industry.
