Financials Meituan

Equities

3690

KYG596691041

Internet Services

Market Closed - Hong Kong S.E. Other stock markets 03:08:06 2026-01-14 EST			5-day change	1st Jan Change
101.50 ^HKD	-3.24%		-4.34%	-1.74%

12-30	Novo and Lilly cut prices of weight-loss drugs in China	RE
12-26	China revises aviation law to regulate drones, tighten safety rules	RE

Projected Income Statement: Meituan

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	114,795	179,128	219,955	276,745	337,592	366,898	416,762	478,493
Change	-	56.04%	22.79%	25.82%	21.99%	8.68%	13.59%	14.81%
EBITDA ¹	4,738	-9,694	9,725	23,878	49,119	-11,858	27,708	48,993
Change	-	-304.61%	200.31%	145.54%	105.71%	-124.14%	333.67%	76.82%
EBIT ¹	4,330	-23,127	-5,820	13,415	40,869	-22,560	16,381	40,019
Change	-	-634.1%	74.83%	330.49%	204.64%	-155.2%	172.61%	144.3%
Interest Paid ¹	-370	-1,131	-1,583	-1,425	-1,337	-1,533	-1,427	-1,480
Earnings before Tax (EBT) ¹	4,438	-23,566	-6,756	14,022	37,985	-23,904	21,578	37,999
Change	-	-631.03%	71.33%	307.56%	170.9%	-162.93%	190.27%	76.1%
Net income ¹	4,708	-23,538	-6,686	13,856	35,807	-23,671	19,392	34,092
Change	-	-599.93%	71.59%	307.23%	158.43%	-166.11%	181.92%	75.81%
Announcement Date	3/26/21	3/25/22	3/24/23	3/22/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	37,918	37,016	43,759	48,829	49,523	46,269	50,938	62,619	60,129	58,617	67,965	76,467	73,696	73,276	82,251	93,577	88,487	86,557	91,840	95,488	92,450	92,502	100,792	109,048	106,487
Change	-	-2.38%	18.22%	11.59%	1.42%	-6.57%	10.09%	22.93%	-3.98%	-2.51%	15.95%	12.51%	-3.62%	-0.57%	12.25%	13.77%	-5.44%	-2.18%	6.1%	3.97%	-3.18%	0.06%	8.96%	8.19%	-2.35%
EBITDA ¹	-589.1	-2,383	-1,240	-4,062	-2,010	-1,841	3,803	4,802	2,961	6,262	7,682	6,189	3,744	8,070	14,997	14,529	11,523	12,302	2,782	-14,842	-12,835	-	-	-	-
Change	-	-304.44%	47.96%	-227.56%	50.52%	8.41%	306.58%	26.27%	-38.34%	111.49%	22.68%	-19.44%	-39.5%	115.53%	85.83%	-3.12%	-20.69%	6.76%	-77.39%	-633.5%	13.52%	-	-	-	-
EBIT ¹	-2,853	-4,767	-3,252	-10,103	-5,006	-5,584	-492.8	988.2	-731.6	3,586	4,713	3,359	1,758	5,209	12,988	11,523	9,286	10,566	226.4	-19,759	-15,077	-3,752	-1,132	1,274	10,554
Change	-	-67.11%	31.79%	-210.69%	50.45%	-11.55%	91.17%	300.52%	-174.03%	590.13%	31.44%	-28.74%	-47.65%	196.3%	149.31%	-11.28%	-19.41%	13.78%	-97.86%	-8,829.56%	23.7%	75.11%	69.82%	212.49%	728.41%
Charge d'intérêts ¹	-149.7	-166.1	-263.3	-369.9	-331.7	-330.3	-418.6	-474.7	-391.8	-353.5	-354	-351	-366.7	-321.9	-285.4	-261.7	-468.2	-475.1	-508.3	-414	-412.4	-	-	-	-
Earnings before Tax (EBT) ¹	-2,815	-4,857	-3,365	-10,000	-5,344	-5,758	-1,121	1,209	-1,085	3,367	4,699	3,643	2,313	5,481	11,657	13,950	6,896	10,601	393.7	-19,650	-15,075	1,915	-	-2,909	4,469
Change	-	-72.53%	30.73%	-197.22%	46.56%	-7.74%	80.53%	207.81%	-189.79%	410.24%	39.55%	-22.46%	-36.51%	136.98%	112.67%	19.67%	-50.57%	53.72%	-96.29%	-5,091.65%	23.29%	112.7%	-	-	253.63%
Net income ¹	-2,245	-4,847	-3,357	-9,995	-5,339	-5,703	-1,117	1,216	-1,083	3,358	4,688	3,593	2,216	5,369	11,352	12,865	6,221	10,057	365.3	-18,632	-14,404	-5,620	-2,929	109	-
Change	-	-115.94%	30.74%	-197.7%	46.58%	-6.81%	80.42%	208.95%	-189.07%	409.98%	39.58%	-23.35%	-38.31%	142.23%	111.44%	13.32%	-51.64%	61.66%	-96.37%	-5,200.55%	22.69%	60.98%	47.88%	103.72%	-
Announcement Date	3/26/21	5/28/21	8/30/21	11/26/21	3/25/22	6/2/22	8/26/22	11/25/22	3/24/23	5/25/23	8/24/23	11/28/23	3/22/24	6/6/24	8/28/24	11/29/24	3/21/25	5/26/25	8/27/25	11/28/25	-	-	-	-	-

¹CNY in Million

Estimates

Forecast Balance Sheet: Meituan

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-37,036	-57,876	-73,919	-109,991	-132,040	-109,171	-117,702	-139,488
Change	-	-56.27%	-27.72%	-48.8%	-20.05%	17.32%	-7.81%	-18.51%
Announcement Date	3/26/21	3/25/22	3/24/23	3/22/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Meituan

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	11,223	9,010	5,731	6,880	10,999	12,704	13,009	14,107
Change	-	-19.71%	-36.39%	20.03%	59.89%	15.49%	2.41%	8.44%
Free Cash Flow (FCF) ¹	-2,748	-13,022	5,680	33,642	46,147	-15,853	21,403	32,894
Change	-	-373.95%	143.62%	492.28%	37.17%	-134.35%	235.01%	53.69%
Announcement Date	3/26/21	3/25/22	3/24/23	3/22/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Meituan

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	4.13%	-5.41%	4.42%	8.63%	14.55%	-3.23%	6.65%	10.24%
EBIT Margin (%)	3.77%	-12.91%	-2.65%	4.85%	12.11%	-6.15%	3.93%	8.36%
EBT Margin (%)	3.87%	-13.16%	-3.07%	5.07%	11.25%	-6.52%	5.18%	7.94%
Net margin (%)	4.1%	-13.14%	-3.04%	5.01%	10.61%	-6.45%	4.65%	7.12%
FCF margin (%)	-2.39%	-7.27%	2.58%	12.16%	13.67%	-4.32%	5.14%	6.87%
FCF / Net Income (%)	-58.36%	55.32%	-84.95%	242.8%	128.88%	66.97%	110.37%	96.49%
Profitability
ROA	3.15%	-11.56%	-2.76%	5.16%	11.6%	-6.83%	4.3%	8.75%
ROE	4.96%	-21.08%	-5.26%	9.87%	22.06%	-12.66%	6.94%	18.04%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	9.78%	5.03%	2.61%	2.49%	3.26%	3.46%	3.12%	2.95%
CAPEX / EBITDA (%)	236.87%	-92.95%	58.94%	28.81%	22.39%	-107.13%	46.95%	28.79%
CAPEX / FCF (%)	-408.46%	-69.19%	100.9%	20.45%	23.84%	-80.13%	60.78%	42.89%
Items per share
Cash flow per share ¹	1.412	-0.6644	1.854	6.432	9.179	-2.15	5.401	9.066
Change	-	-147.07%	379.05%	246.91%	42.72%	-123.42%	351.22%	67.87%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	16.71	20.8	20.79	24.33	28.19	25.23	28.28	34.14
Change	-	24.48%	-0.06%	17.04%	15.84%	-10.5%	12.11%	20.7%
EPS ¹	0.78	-3.9	-1.09	2.11	5.66	-3.782	3.681	5.736
Change	-	-600%	72.05%	293.58%	168.25%	-166.82%	197.34%	55.8%
Nbr of stocks (in thousands)	5,883,965	6,135,944	6,192,973	6,244,376	6,046,056	6,108,075	6,108,075	6,108,075
Announcement Date	3/26/21	3/25/22	3/24/23	3/22/24	3/21/25	-	-	-