Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

WeRide to Test Fully Autonomous Vehicles in Guangzhou
Trending in China: Why Are Chinese Netizens Saying Kanye West Could be ‘China’s First’ U.S. President?
Trending in China: Will Weibo’s Fight Against Porn Have Other Unintended Side Effects
Tencent Leads $40 Million Investment in Online Art Educator
Alibaba Aims to Facilitate $1.4 Trillion in Sales Annually By 2024
Trending in China: Death of Giant Panda Cubs Sparks Concerns About Treatment of ‘National Treasure’
China CFO of Indian Oyo Quits to ‘Pursue Other Professional Opportunities’
Sequoia Capital Opens Its First Tech Incubation Center in Shanghai
Some 266 Foreign-Invested Firms Approved to Offer Telecom Services in China in First Half of 2020
Trending in China: Should Internet Celebrities Be Part of the School Curriculum?
Sequoia China Leads Nearly $100m Round in Storytelling App Kuaidian
Medical Robot Maker Finds Elixir in STAR Board’s Market Reforms
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Meituan Posts Second Consecutive Quarterly Profit

By Tang Ziyi / Nov 22, 2019 03:44 AM / Business & Tech

Photo: VCG

Photo: VCG

Meituan Dianping, China’s online, on-demand service specialist, reported its second consecutive quarterly profit Thursday. Earnings rose sharply from the previous period on steady improvement in its bike-sharing and food-delivery units, which are still believed to be losing money.

Meituan reported a net profit of 1.3 billion yuan ($185 million) for the third quarter, compared with a loss of 83.3 billion yuan in the same period the previous year. The company posted its first-ever quarterly profit of 875.8 million yuan in the second quarter this year.

Meituan is China’s third-most valuable company behind technology giants Alibaba Group Holding Ltd. and Tencent Holdings. In the year since its blockbuster Hong Kong listing, the company has largely halted expansion of its less-profitable transportation sector.

Revenue rose 44% to 27.5 billion yuan in the three months ended September, beating analysts’ expectations from research firm Jefferies Financial Group.

The food-delivery business, which contributed more than half of the company’s total revenue, booked gross profit of 3 billion yuan, representing an increase of 64.5% from the previous year. The number of food delivery orders increased 38.1% to 2.5 billion during the period. But Meituan didn’t disclose a net profit for the business sector.

The company reported gross profit of 1.1 billion yuan from the category of “new initiatives and others,” compared with losses of 1.3 billion yuan in the same period last year, partly due to “significant reduction in depreciation” of its sharing bikes, the company said in its earnings report.

Contact reporter Tang Ziyi (

Related: A Year After IPO, Meituan Works to Unify Its Message

Share this article
Open WeChat and scan the QR code