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王兴去年给骑手花了800亿

Last year, Wang Xing spent 80 billion on delivery drivers.

wallstreetcn ·  Sep 18 11:58

Flex your muscles.

Author | Liu Baodan From performance to market confidence, Meituan is walking out of a three-year low point, but Wang Xing is not stopping there - he has even bigger plans. Going overseas has become a must for Chinese companies. Meituan, which has been warming up for 8 years, has finally made up its mind to put going overseas on the agenda. Recently, Meituan began recruiting senior engineers for international silver enterprise direct connection. After the model was successful in the Hong Kong market, Meituan officially kicked off its overseas expansion, accelerated recruitment and put the first stop of the overseas expansion in Saudi Arabia in the Middle East. Going overseas is a critical turning point, which means that after more than ten years of capacity accumulation, Meituan has to export its local life capabilities to the world, which is as significant as the replication of TikTok by ByteDance. In the wave of Internet companies going overseas, Meituan went overseas later because local life patterns are more important than social, e-commerce and other industries. However, Wang Xing must make this move. Against the background of intensified domestic competition and the shrinking of community group buying, he must find a new growth story. On his entrepreneurial journey, Wang Xing is still determined to create a new business legend in this global adventure. A must-have question. Meituan has fought a beautiful takeaway battle in Hong Kong. On May 6, Measurable AI, a market research firm, released the latest data showing that by March 2024, according to the number of orders, KeeTa, the takeaway business of Meituan in Hong Kong, has a market share of 44%, rising to the largest takeaway platform in Hong Kong. However, Hong Kong is only a stopover for Meituan's overseas expansion, and Meituan has set its real meaning of going overseas in Saudi Arabia. Wall Street news learned that Meituan has been recruiting people around the direction of going overseas in the past two months. The positions include engineers, overseas human resources and operation experts, international payment and transaction product managers, mainly responsible for payments, employee management and related products in overseas markets. More importantly, the recruitment of local talents. More than a month ago, Meituan posted relevant recruitment information on LinkedIn and the Middle East recruitment platform Baye.com, with Riyadh, the capital of Saudi Arabia, as the place of work. From the city selection, Meituan did not choose the United States with a larger market space, nor did it choose Southeast Asia where culture and food are more similar, but chose Saudi Arabia. It can be seen that Meituan's overseas expansion strategy still has a heavy experimental component and is more cautious. Wang Xing is not fighting an unprepared battle. For this overseas expansion, Meituan has been planning for many years. As early as 2016, Wang Xing began to consider the issue of going overseas and visited Silicon Valley, Berlin, Israel, Jakarta and other places. In 2017, Meituan officially laid out overseas accommodation business, first connecting hotels in nearly 100 countries overseas to the Meituan application. At that time, the domestic and foreign takeaway wars were in full swing, and with Meituan's listing in Hong Kong in 2018, Wang Xing's overseas strategy was forced to be shelved. Since then, Meituan has also made a series of international investments, including Swiggy in India, Gojek in Indonesia, and Opay in Nigeria, involving food, taxis, payments and other fields, to prepare for going overseas. Along with the frequent news reports of Meituan's victory in Hong Kong, Meituan's overseas plan was finally brought to an unprecedented strategic height in 2024, and Wang Xing once again rushed to the forefront. In February, Meituan put the home business group, the in-store business group and other businesses into the core local business sector, and appointed Wang Putong as CEO, while Wang Xing personally took charge of overseas business, which ensured the landing of the overseas expansion strategy in the organizational structure. In fact, before the confirmation of the overseas expansion strategy, Wang Xing personally visited the Middle East last May and met with members of the Saudi royal family, laying the foundation for Meituan's layout in Saudi Arabia.

In today's weather is good. Today's weather is good.

The rider is an emerging profession that has emerged with the rise of the local life industry, and it is also the biggest contributor to Meituan becoming the king of local life.

On September 17, during the Mid-Autumn Festival, Meituan CEO Wang Xing said in a letter to employees that last year, about 7.45 million riders on the Meituan platform earned a revenue of over 80 billion. He also mentioned that Meituan is making efforts to improve the protection level for riders, and 4.5 million riders have participated in the national pilot project for occupational injury protection.

Riders are the core of Meituan's business model, connecting merchants and consumers, and determining the efficiency of Meituan's fulfillment. In recent years, the competition in the local life market has intensified, with platforms like Douyin quickly entering the in-store business. However, Meituan's food delivery business has formed a strong moat that makes it difficult for new players like Douyin, Kuaishou, and Xiaohongshu to break through in the short term.

It is based on its strength in the food delivery field that Meituan is gradually regaining the initiative in its development. On August 28, Meituan released its Q2 2024 report, with a revenue of 82.25 billion yuan and an adjusted net profit of 13.6 billion yuan, exceeding market expectations and winning recognition from the capital markets.

Currently, Meituan is intensifying its instant retail business based on riders. At the Q2 earnings conference, Meituan stated that instant retail is continuing to rapidly develop and penetrate into more consumer scenarios. The future potential of this sector is enormous, as it will span more geographical locations, categories, scenarios, and supply formats.

Instant retail has become a battleground for all parties, with jd.com and Ele.me both ramping up their operations, while Meituan needs to maintain its competitive advantage, making riders as a basic and crucial part.

Below is the full text:

Dear Meituan colleagues and families:

The full moon shines the best, and the autumn air is clear. At the most beautiful reunion in 2024, I wish everyone peace, joy, and good health!

This year is the 14th Mid-Autumn Festival that Meituan employees have spent together. I have always believed that the standard for judging whether our service is good enough is: are we willing and confident enough to recommend it to our own family and friends. Serve your family well. Only then can we serve hundreds of millions of consumers well. For this reason, Meituan employees have been working hard.

Our mission is to "help everyone eat better and live better." In order to help everyone eat better, Meituan has successively launched products such as "special price group purchase", takeout "amazingly popular" combo meals, and "super members" saving wallets. In order to improve everyone's lives, Meituan Flash Purchase connects millions of local retailers and brands, allowing more commodities to be delivered to users at any time. Meituan Buy Medicine covers more than 0.25 million pharmacies, achieving comprehensive support for medical insurance purchase of medicine in cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. Meituan is launching "cool seat cushions" on 0.6 million bicycles and electric bicycles in 10 cities nationwide to help citizens travel coolly. We are also making efforts to expand the service population to more areas. The Meituan-owned brand Keeta has been operating for more than a year in Hong Kong, and the delivery order volume has ranked first.

Building a better life together relies on the assistance of technology. In response to the national development of the low-altitude economy industry, Meituan's independently developed drones have already landed on 31 routes in cities such as Shenzhen and Shanghai, with a cumulative completion of over 0.3 million orders. Meituan's autonomous delivery vehicles have been undergoing routine testing and operation in Beijing, Shenzhen, and many other places, completing nearly 4 million deliveries. Meituan Xiaoxiang Supermarket has entered 11 cities including Beijing, Shanghai, Guangzhou, and Shenzhen, dedicated to building a cold chain logistics system to meet the fresh and convenient needs of more families. We look forward to the growth of our employees and the company together, and hope that everyone is in good health and enjoys harmonious family relationships.

We pay attention to the recruitment and training of our employees, and have adhered to campus recruitment since the establishment of the company, recruiting over 5000 fresh graduates each year for the past 3 years. The plan for 2025 is to recruit 6000 for the 2025 session, distributed in dozens of cities; currently, 69% of our managers are internal promotions. During the "Meituan Family Day" held on Children's Day, 537 families and more than 1800 people from Beijing, Shanghai, and Shenzhen participated in the activities. We visited the company with our families, participated in the game park, and enjoyed the holiday fun. We organized cycling, badminton, and other activities in 7 cities including Beijing, Shanghai, Guangzhou, and Shenzhen, covering 0.027 million employees. We hold football, basketball, and other leagues each year, with over 0.06 million people watching the games through live broadcasts. The greater the ability, the greater the responsibility. Building a healthy ecosystem and better serving society are important themes for Meituan employees.

Last year, about 7.45 million riders on the Meituan platform earned over 80 billion in rewards. We are working hard to improve the protection level for our riders, and 4.5 million riders have participated in the national occupational injury protection pilot program. We also hope to build a larger public welfare platform, allowing more people to express kindness with low barriers. Currently, a total of 40,019 Meituan employees have participated in the "Kangaroo Baby Charity Program", helping the seriously ill children of riders to get through difficult times; the platform has driven 0.77 million users and 1.017 million merchants to donate 1920 rural children's playgrounds, allowing 0.278 million children in remote areas to play safely and happily on beautiful plastic playgrounds instead of on hard cement ground.

Fourteen years have passed, and today, Meituan has connected tens of thousands of partners, millions of riders, nearly tens of millions of merchants, and billions of consumers. With a heavy responsibility, we forge ahead. On this Mid-Autumn Festival, we sincerely thank the Meituan team for their hard work, and thank the silent support of our Meituan family! Let's take good care of our small home, serve everyone, and make a greater contribution to society together!

Meituan CEO Wang Xing

Mid-Autumn Festival 2024

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