Meituan — Interim / Quarterly Report 2021

Nov 26, 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

==> picture [78 x 60] intentionally omitted <==

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) (Stock Code: 3690)

ANNOUNCEMENT OF THE RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021

The Board of Directors (the “ Board ”) of Meituan 美團 (the “ Company ”) is pleased to announce the unaudited consolidated results of the Company for the three months ended September 30, 2021. These interim results have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting.”

In this announcement, “we,” “us,” or “our” refers to the Company.

KEY HIGHLIGHTS

Financial Summary

Revenues Operating (loss)/profit (Loss)/profit for the period Non-IFRS Measures: Adjusted EBITDA Adjusted net (loss)/profit	Unaudited Three Months Ended	Unaudited Three Months Ended
		September
	Amount 48,829,370 (10,102,631) (9,994,410) (4,061,659) (5,526,910)

1

Financial Information by Segment

Revenues: Food delivery In-store, hotel & travel New initiatives and others Total revenues Operating (loss)/profit: Food delivery In-store, hotel & travel New initiatives and others Unallocated items1 Total operating (loss)/profit Operating Metrics Number of Transacting Users Number of Active Merchants Average number of transactions per annual Transacting User Gross Transaction Volume of food delivery Number of food delivery transactions Number of domestic hotel room nights	Unaudited Three Months Ended September 30, 2021 September 30, 2020 Year-over- year change (RMB in thousands, except for percentages) 26,484,643 20,692,816 28.0% 8,621,328 6,478,078 33.1% 13,723,399 8,230,388 66.7% 48,829,370 35,401,282 37.9% 876,103 768,477 14.0% 3,784,074 2,787,256 35.8% (10,906,087) (2,028,909) 437.5% (3,856,721) 5,196,859 NA (10,102,631) 6,723,683 NA Twelve Months Ended September 30, 2021 September 30, 2020 Year-over- year change (in millions, except for percentages) 667.5 476.5 40.1% 8.3 6.5 28.2% (units, except for percentages) 34.4 26.8 28.5% Three Months Ended September 30, 2021 September 30, 2020 Year-over- year change (in millions, except for percentages) 197,098.0 152,232.5 29.5% 4,013.0 3,212.7 24.9% 119.8 113.9 5.2%	Year-over- year change

1. Unallocated items mainly include (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions, (iii) fair value changes on other financial investments at fair value through profit or loss, and (iv) other (losses)/gains, net.

2

BUSINESS REVIEW

Company Financial Highlights

For the third quarter of 2021, our total revenues increased by 37.9% to RMB48.8 billion from RMB35.4 billion for the same period of 2020. Our food delivery and in-store, hotel & travel segments realized solid growth, with an aggregate operating profit of RMB4.7 billion from these segments in the third quarter of 2021, up from RMB3.6 billion for the same period of 2020; while operating loss from the new initiatives and others segment expanded, as we continued to invest in areas that would bring long-term value to the Company. As a result, both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth for the third quarter of 2021 and turned to negative RMB4.1 billion and adjusted net loss RMB5.5 billion, respectively. Our net cash flows from operating activities turned to an outflow of RMB4.0 billion in the third quarter of 2021 from an inflow of RMB3.3 billion for the same period of 2020. We had cash and cash equivalents of RMB50.9 billion and short-term treasury investments of RMB70.0 billion as of September 30, 2021, compared to the balances of RMB71.4 billion and RMB51.1 billion as of June 30, 2021, respectively.

Company Business Highlights

Food Delivery

In the third quarter of 2021, we maintained resilient growth for the food delivery segment, despite the negative impact due to the Delta Variant, extreme weather and industry slowdown. During the quarter, GTV of our food delivery business increased by 29.5% year-over-year to RMB197.1 billion. Daily average number of food delivery transactions increased by 24.9% year-over-year to 43.6 million. Revenue increased by 28.0% year-over-year to RMB26.5 billion. Operating profit increased by 14.0% year-over-year to RMB876.1 million in the third quarter of 2021, with operating margin decreasing slightly to 3.3% from 3.7%.

On the consumer side, we brought more diverse selections and higher-quality categories to our platform, addressing the evolving preference from consumers. Late-night snacks and afternoon teas were particularly popular during the summer, with order volume of each realizing around 30% 2-year CAGR in this quarter. We provided consumers with special promotions from quality merchants of late night snacks in over 15 cities, and we collaborated with many milk tea brands and launched seasonal promotions to stimulate milk tea consumption. Because of these operational tactics, both the quarterly transacting users and average order frequency reached record high, a strong showcase that our food delivery business not only became an indispensable service for the consumers, but also covered broader consumption scenarios.

On the merchant side, the number of quarterly active merchants continued to rise. As online operation has become an increasingly meaningful part for the restaurant business, we further expanded our service offerings, and introduced more online tools and solutions that would help restaurants improve their operational efficiency. We launched various training programs in areas including store decor, marketing, event organization, and analytics, to help merchants better adapt to the digital economy. We are proud to see that more merchants successfully embraced digitization and achieved higher business growth by using our services.

3

With respect to the welfare for our food delivery couriers, we are proactively responding to the government policy and guidance in launching an occupational injury protection pilot program to enhance the overall social welfare for our food delivery couriers. We will provide further welfare to our couriers from six aspects, including ensuring reasonable income, scientifically establishing standards for work intensity, improving social security benefits, implementing safety and health control, enhancing complaint procedures for our food delivery couriers, and promoting their career development. To better hear from our food delivery couriers, we hosted more than 110 courier feedback panel sessions across the country, and carefully listened to their opinions and collected their feedbacks. In addition, we also have been actively promoting and improving the openness and transparency of our order dispatch system. In September, we publicly disclosed the “estimated delivery time” algorithm, and experimented changing the estimated delivery time display from a specific point of time to an extended time period for complicated situations such as long-distance orders or in case of heavy order volumes. We also provided flexible compensation of time and subsidies for our couriers under unfavorable weather conditions, to reduce the tension and difficulties of the delivery. While we have made progress here, we are mindful of the fact that order dispatch system is complex and has many important variables. We will continue to explore and improve the system, as people are the most critical consideration of our operations. We will also make the algorithms and the systems more transparent, taking in feedback from different parties to iterate our process and promote healthy industry development.

In-Store, Hotel & Travel

Our in-store, hotel & travel segment posted steady growth, despite impact from the Delta Variant and macro economic environment during the quarter. Revenue increased by 33.1% year-overyear to RMB8.6 billion in the third quarter of 2021. Operating profit increased 35.8% to RMB3.8 billion in the third quarter of 2021 from RMB2.8 billion in the same period of 2020, with operating margin increasing slightly to 43.9% from 43.0%.

For in-store dining, we maintained solid growth, although facing slowdowns in August due to the Delta Variant. In this quarter, we enhanced our service quality and stratified operations, allowing us to deepen merchant penetration and to onboard more quality restaurants. Our comprehensive solutions helped direct user traffic to local restaurants amid this challenging environment. On the consumer side, we utilized festivals and promotional campaigns to incentivize consumption and cope with more diverse consumer preferences. During the Qixi Festival, our marketing events were effective in encouraging consumption, with GTV and transaction volume reaching record high. Restaurant reservations through our platform increased during the holiday, which demonstrates the consumers’ developing habit of booking restaurants ahead of time. Subsequently, both transaction frequency and user stickiness improved during the quarter.

For other in-store services, we also maintained strong growth momentum, primarily driven by a few categories such as healthcare, pet-related services, parent-child, fitness, and leisure and entertainment. We enhanced merchant penetration and expanded coverage to broader lower-tier markets, and further refined our operations to provide more personalized products and services for consumers.

The hotel booking business was heavily affected by the Delta Variant and travel restrictions. Nevertheless, quarterly domestic room nights grew positively compared to the same periods in 2019 and 2020. We solidified our structural advantage in short-haul travel scenarios and localized accommodations, while leveraging promotional campaigns and packaged deals to enhance consumer mindshare.

New Initiatives and Others

In the third quarter of 2021, revenues from the new initiatives and others segment increased by 66.7% year-over-year to RMB13.7 billion, primarily driven by the growth in retail businesses and bike-sharing and moped services. Operating loss for the segment increased both year-over-year and quarter-over-quarter to RMB10.9 billion in the third quarter of 2021, while operating margin decreased sequentially by 2.7 percentage points to negative 79.5% quarter-over-quarter.

4

For Meituan Select, we focus on quality growth on the basis of regulatory compliance and ensuring reasonable pricing policy. We continued to provide convenience and value-for-money products with broader selection for the consumers, while enhancing our long-term capabilities in supply chain, warehousing, logistics and operations to guarantee the product and service quality. Thanks to our continued investments in cold-chain-logistics for the past few quarters, we were able to deliver fresh produce and frozen goods with stable quality in a timely manner during the summer. Moreover, in the spirit of “rural revitalization”, we collaborated with regional authorities and offered local farmers “green distribution channels” to sell agricultural products. We also created employment opportunities and offered well-rounded training programs to farmers, group leaders, and e-commerce leaders from rural areas. In this effort, we not only optimized our business operation, but more importantly, created value for all the participants throughout the value chain.

For Meituan Grocery, we continued to grow our user base and GTV, as we further enhanced consumer experience through shortened delivery time and expanded SKU selections in fresh produce and FMCG categories. After completing coverage of tier-1 markets, we also focused on operational iterations and efficiency improvement, which led to continuous improvement in unit economies and higher ROI for the business.

For Meituan Instashopping, we achieved another strong growth for the quarter. On the consumer side, we leveraged Qixi and Mid-autumn Festivals to launch promotions that effectively cultivated consumer habits in shopping for local goods with on-demand delivery, and captured consumer mindshare. As we continued to broaden product categories and selections on our platform, we further met the increasing demands from consumers. During the Qixi Festival in particular, daily order volume reached record high, with popular categories expanded from flowers to gifts such as beauty products and 3C electronics. On the merchant side, we deepened our collaborations with high-quality local stores and offered online solutions and tools to help them adapt to the digital world. As a result, GTV from supermarkets and convenient stores realized the highest quarter-over-quarter growth. For the medicine category, we provided local pharmacies with support in online operations and launched the “24/7 smart pharmacies” program. We firmly believe that the end game of the online retail business will evolve from an “Everything Store” to “Everything Now”, and we are well positioned to seize this opportunity and leverage our existing on-demand delivery network, platform capabilities, and transacting user base to facilitate such transformation.

We are satisfied with our progress made in retail business in this quarter. Our three business models meet the diverse needs of different types of consumer in different consumption scenarios. More importantly, using technology and innovations, we effectively helped strengthen the nodes and improve efficiency along the industry value chain, so that more value can be distributed to the market participants and the broader society. Going forward, we will continue to allocate resources in this area for the greater development of the industry.

In October, we received an administrative penalty decision on the anti-monopoly investigation and an administrative guidance from the State Administration for Market Regulation of the People’s Republic of China (the “ SAMR ”). We accept this with sincerity and are determined to ensure compliance. We will operate in accordance with law, consciously maintain orderly fair competition, earnestly fulfill our responsibility to the society, better obey and serve the socioeconomic development, further contribute towards the high-quality development of the national economics, and support the objective of “common prosperity” through carrying out our mission that “We help people eat better, live better”.

5

MANAGEMENT DISCUSSION AND ANALYSIS

The Third Quarter of 2021 Compared to the Third Quarter of 2020

The following table sets forth the comparative figures for the third quarter of 2021 and 2020:

Revenues Commission Online marketing services Interest revenue Other services and sales Cost of revenues Gross profit Selling and marketing expenses Research and development expenses General and administrative expenses Net provision for impairment losses on financial assets Fair value changes on other financial investments at fair value through profit or loss Other (losses)/gains, net Operating (loss)/profit Finance income Finance costs Share of gains of investments accounted for using equity method (Loss)/profit before income tax Income tax credits/(expenses) (Loss)/profit for the period Non-IFRS measures: Adjusted EBITDA Adjusted net (loss)/profit

Unaudited Three Months Ended September 30, 2021 September 30, 2020 (RMB in thousands) 29,558,524 23,128,278 8,021,710 5,659,942 245,039 218,687 11,004,097 6,394,375 48,829,370 35,401,282 (38,051,383) (24,578,273) 10,777,987 10,823,009 (11,388,227) (5,835,574) (4,715,550) (2,970,120) (2,387,116) (1,415,119) (136,884) (130,285) (117,990) 5,779,364 (2,134,851) 472,408 (10,102,631) 6,723,683 198,890 45,678 (369,942) (111,506) 273,237 92,698 (10,000,446) 6,750,553 6,036 (429,552) (9,994,410) 6,321,001 (4,061,659) 2,675,399 (5,526,910) 2,054,996

6

Revenues

Our revenues increased by 37.9% to RMB48.8 billion for the third quarter of 2021 from RMB35.4 billion for the same period of 2020. All business segments achieved growth on a year-over-year basis as we strengthened our food delivery business and in-store, hotel & travel businesses, and strove to develop our new initiatives businesses.

The following table sets forth our revenues by segment and type in absolute amount for the third quarter of 2021 and 2020:

Revenues Commission Online marketing services Other services and sales (including interest revenue) Total Revenues Commission Online marketing services Other services and sales (including interest revenue) Total	Unaudited Three Months Ended September 30, 2021	Unaudited Three Months Ended September 30, 2021	Unaudited Three Months Ended September 30, 2021
	Food delivery In-store, hotel & travel New initiatives and others Total (RMB in thousands) 23,222,843 4,124,543 2,211,138 29,558,524 3,255,079 4,480,794 285,837 8,021,710 6,721 15,991 11,226,424 11,249,136 26,484,643 8,621,328 13,723,399 48,829,370 Unaudited Three Months Ended September 30,2020		Total
			29,558,524 8,021,710 11,249,136
			48,829,370
	Food delivery 18,251,171 2,407,888 33,757 20,692,816	In-store, hotel & travel New initiatives and others (RMB in thousands) 3,321,348 1,555,759 3,147,357 104,697 9,373 6,569,932 6,478,078 8,230,388	Total
			23,128,278 5,659,942 6,613,062
			35,401,282

As we continually improved our marketing strategy and diversified our platform selections, our revenues from the food delivery segment increased by 28.0% to RMB26.5 billion for the third quarter of 2021 from RMB20.7 billion for the same period of 2020, primarily attributable to the increase in GTV by 29.5% due to the enlarged base of transacting users and their enhanced stickiness.

7

Our revenues from the in-store, hotel & travel segment increased by 33.1% to RMB8.6 billion for the third quarter of 2021 from RMB6.5 billion for the same period of 2020 driven by the increased GTV and the number of online marketing Active Merchants, as we continually improved the quality of supply to better satisfy consumers’ needs and developed advertising products to help our merchants achieve better operational efficiency.

Our revenues from the new initiatives and others segment increased by 66.7% to RMB13.7 billion for the third quarter of 2021 from RMB8.2 billion for the same period of 2020. The increase in revenues was mainly driven by the expansion of our retail businesses in which we significantly increased investment to satisfy consumers’ growing needs.

Costs and Expenses

The following table sets forth a breakdown of our costs and expenses by function for the periods indicated:

Costs and Expenses: Cost of revenues Selling and marketing expenses Research and development expenses General and administrative expenses Net provision for impairment losses on financial assets	Unaudited Three Months Ended	Unaudited Three Months Ended
		September

Cost of Revenues

Our cost of revenues increased by 54.8% to RMB38.1 billion for the third quarter of 2021 from RMB24.6 billion for the same period of 2020 and increased by 8.5 percentage points to 77.9% from 69.4% as a percentage of revenues on a year-over-year basis. The increase in amount was primarily attributable to (i) the increase in food delivery related costs in line with the increase in the food delivery order volume, and (ii) the development and exploration in our retail businesses and other new initiatives. The increase in percentage of revenues was mainly due to our investment in retail businesses.

8

Selling and Marketing Expenses

Our selling and marketing expenses were RMB11.4 billion for the third quarter of 2021 and RMB5.8 billion for the same period of 2020 and increased by 6.8 percentage points to 23.3% from 16.5% as a percentage of revenues on a year-over-year basis. The increase was primarily attributable to increased promotion, advertising, and user incentives due to our business expansion. In addition, the increased number of employees due to our business expansion resulted in an increase in employee benefits expenses.

Research and Development Expenses

Our research and development expenses increased to RMB4.7 billion for the third quarter of 2021 from RMB3.0 billion for the same period of 2020 and increased by 1.3 percentage points to 9.7% from 8.4% as a percentage of revenues on a year-over-year basis. The increase in both absolute amount and as a percentage of revenues was mainly driven by the increased number of employees due to our business expansion.

General and Administrative Expenses

Our general and administrative expenses increased to RMB2.4 billion for the third quarter of 2021 from RMB1.4 billion for the same period of 2020, and increased by 0.9 percentage points to 4.9% from 4.0% as a percentage of revenues. The increase in both amount and as a percentage of revenues was mainly driven by the increased number of employees due to our business expansion.

Net Provision for Impairment Losses on Financial Assets

Our net provision for impairment losses on financial assets was RMB136.9 million for the third quarter of 2021, which remained stable compared to the same period of 2020.

Fair Value Changes on Other Financial Investments at Fair Value through Profit or Loss

Our fair value changes on other financial investments at fair value through profit or loss was a loss of RMB118.0 million for the third quarter of 2021, compared to a gain of RMB5.8 billion for the same period of 2020. This was primarily due to the fair value changes in our investments in certain entities.

Other (Losses)/Gains, Net

Our other (losses)/gains, net for the third quarter of 2021 was a loss of RMB2.1 billion compared to a gain of RMB472.4 million for the same period of 2020, which was primarily due to the fine imposed pursuant to China’s Antimonopoly Law.

Operating (Loss)/Profit

As a result of the foregoing, our operating loss and margin for the third quarter of 2021 were RMB10.1 billion and negative 20.7%, compared to operating profit and margin of RMB6.7 billion and 19.0% for the same period of 2020.

9

Operating (loss)/profit and margin by segment are set forth in the table below:

Food delivery In-store, hotel & travel New initiatives and others Unallocated items Total operating (loss)/profit	Unaudited Three Months Ended	Unaudited Three Months Ended
		September
	Amount (RMB 876,103 3,784,074 (10,906,087) (3,856,721) (10,102,631)

Our operating profit from the food delivery segment increased by 14.0% to RMB876.1 million for the third quarter of 2021 from RMB768.5 million for the same period of 2020, while our operating margin decreased by 0.4 percentage points to 3.3% from 3.7% on a year-over-year basis, mainly due to the increased Transacting User incentives and marketing campaigns.

Our operating profit from the in-store, hotel & travel segment increased by 35.8% to RMB3.8 billion for the third quarter of 2021 from RMB2.8 billion for the same period of 2020. The operating margin for this segment increased by 0.9 percentage points to 43.9% from 43.0% on a year-over-year basis. The increase in amount was in line with the increase in revenues. The increase in operating profit margin was mainly due to the higher contribution of our online marketing services revenue mainly derived from our in-store business.

Our operating loss from the new initiatives and others segment expanded to RMB10.9 billion for the third quarter of 2021 from RMB2.0 billion for the same period of 2020 and our operating margin for this segment decreased by 54.8 percentage points to negative 79.5% from negative 24.7% on a year-over-year basis, as we increased our investments in this segment, especially the retail businesses.

Income Tax Credits/(Expenses)

We had income tax credits of RMB6.0 million for the third quarter of 2021, compared to income tax expenses of RMB429.6 million in the same period of 2020, primarily due to the taxable income position turned to tax loss position as a result of business expansion.

(Loss)/Profit for the Period

As a result of the foregoing, we had a loss of RMB10.0 billion for the third quarter of 2021, compared to a profit of RMB6.3 billion for the same period of 2020.

10

The Third Quarter of 2021 Compared to the Second Quarter of 2021

The following table sets forth the comparative figures for the third quarter of 2021 and the second quarter of 2021:

Revenues Commission Online marketing services Interest revenue Other services and sales Cost of revenues Gross profit Selling and marketing expenses Research and development expenses General and administrative expenses Net provision for impairment losses on financial assets Fair value changes on other financial investments at fair value through profit or loss Other (losses)/gains, net Operating loss Finance income Finance costs Share of gains of investments accounted for using equity method Loss before income tax Income tax credits Loss for the period Non-IFRS measures: Adjusted EBITDA Adjusted net loss

Unaudited Three Months Ended September 30, 2021 June 30, 2021 (RMB in thousands) 29,558,524 26,900,050 8,021,710 7,215,696 245,039 341,468 11,004,097 9,302,018 48,829,370 43,759,232 (38,051,383) (31,245,861) 10,777,987 12,513,371 (11,388,227) (10,848,627) (4,715,550) (3,900,794) (2,387,116) (2,053,024) (136,884) (104,355) (117,990) 164,748 (2,134,851) 976,976 (10,102,631) (3,251,705) 198,890 112,118 (369,942) (263,269) 273,237 38,251 (10,000,446) (3,364,605) 6,036 8,230 (9,994,410) (3,356,375) (4,061,659) (1,239,986) (5,526,910) (2,217,141)

11

Revenues

Our revenues increased by 11.6% to RMB48.8 billion for the third quarter of 2021 from RMB43.8 billion for the second quarter of 2021. The growth was primarily due to the steady increase in the GTV of our food delivery business and revenue growth of our new initiatives.

The following table sets forth our revenues by segment and type in absolute amount for the third quarter of 2021 and the second quarter of 2021:

Revenues Commission Online marketing services Other services and sales (including interest revenue) Total Revenues Commission Online marketing services Other services and sales (including interest revenue) Total	Unaudited Three Months Ended September 30, 2021	Unaudited Three Months Ended September 30, 2021	Unaudited Three Months Ended September 30, 2021
	Food delivery In-store, hotel & travel New initiatives and others Total (RMB in thousands) 23,222,843 4,124,543 2,211,138 29,558,524 3,255,079 4,480,794 285,837 8,021,710 6,721 15,991 11,226,424 11,249,136 26,484,643 8,621,328 13,723,399 48,829,370 Unaudited Three Months Ended June 30,2021		Total
			29,558,524 8,021,710 11,249,136
			48,829,370
	Food delivery 20,353,682 2,764,255 7,147 23,125,084	In-store, hotel & travel New initiatives and others (RMB in thousands) 4,352,601 2,193,767 4,234,620 216,821 14,958 9,621,381 8,602,179 12,031,969	Total
			26,900,050 7,215,696 9,643,486
			43,759,232

Our revenues from the food delivery segment increased by 14.5% to RMB26.5 billion for the third quarter of 2021 from RMB23.1 billion for the second quarter of 2021, primarily due to the increase in GTV by 13.5% as we carried out more marketing campaigns to stimulate consumption.

Our revenues from the in-store, hotel & travel segment was RMB8.6 billion for the third quarter of 2021. Despite that the Delta Variant had brought some negative effects to our in-store, hotel & travel businesses, we still achieved marginal increase in revenues due to the increase in number of online marketing Active Merchants on a quarter-over-quarter basis.

12

Our revenues from the new initiatives and others segment increased by 14.1% to RMB13.7 billion for the third quarter of 2021 from RMB12.0 billion for the second quarter of 2021, which was primarily due to the continued business expansion in retail businesses.

Costs and Expenses

The following table sets forth a breakdown of our costs and expenses by function for the periods indicated:

Costs and Expenses: Cost of revenues Selling and marketing expenses Research and development expenses General and administrative expenses Net reversal of impairment losses on financial assets	Unaudited Three Months Ended September 30, 2021 June 30,2021 Amount As a percentage of revenues Amount As a percentage of revenues (RMB in thousands, except for percentages) 38,051,383 77.9% 31,245,861 71.4% 11,388,227 23.3% 10,848,627 24.8% 4,715,550 9.7% 3,900,794 8.9% 2,387,116 4.9% 2,053,024 4.7% 136,884 0.3% 104,355 0.2%	Quarter-over- quarter change
		21.8% 5.0% 20.9% 16.3% 31.2%

Cost of Revenues

Our cost of revenues increased by 21.8% to RMB38.1 billion for the third quarter of 2021 from RMB31.2 billion for the second quarter of 2021 and increased by 6.5 percentage points to 77.9% from 71.4% as a percentage of revenues. The increase in both amount and as a percentage of revenues was primarily attributable to (i) the increasing seasonal couriers incentives, and (ii) the increasing investment in our new initiatives, especially our retail businesses.

Selling and Marketing Expenses

Our selling and marketing expenses increased to RMB11.4 billion for the third quarter of 2021 from RMB10.8 billion for the second quarter of 2021, but decreased by 1.5 percentage points to 23.3% from 24.8% as a percentage of revenues on a quarter-over-quarter basis. The increase in amount was primarily attributable to the increased employee benefits expenses, which resulted from the increased number of employees due to our business expansion. The decrease as a percentage of revenues was mainly driven by the improved marketing efficiency.

Research and Development Expenses

Our research and development expenses increased to RMB4.7 billion for the third quarter of 2021 from RMB3.9 billion for the second quarter of 2021 and increased by 0.8 percentage points to 9.7% from 8.9% as a percentage of revenues. The increase in both amount and as a percentage of revenues was mainly driven by the increased number of employees due to our business expansion.

13

General and Administrative Expenses

Our general and administrative expenses increased to RMB2.4 billion for the third quarter of 2021 from RMB2.1 billion for the second quarter of 2021, and increased by 0.2 percentage points to 4.9% from 4.7% as a percentage of revenues. The increase in both amount and as a percentage of revenues was mainly driven by the increased number of employees due to our business expansion.

Net Provision for Impairment Losses on Financial Assets

Our net provision for impairment losses on financial assets was RMB136.9 million for the third quarter of 2021, compared to a provision of RMB104.4 million for the second quarter of 2021, which was primarily due to the increase in expected credit losses for financial assets.

Fair Value Changes on Other Financial Investments at Fair Value Through Profit or Loss

Our fair value changes on other financial investments at fair value through profit or loss was a loss of RMB118.0 million for the third quarter of 2021, compared to a gain of RMB164.7 million for the second quarter of 2021. This was primarily due to the fair value changes in our investments in certain entities.

Other (Losses)/Gains, Net

Our other (losses)/gains, net for the third quarter of 2021 turned to a loss of RMB2.1 billion from a gain of RMB977.0 million for the second quarter of 2021, which was mainly attributable to the fine imposed pursuant to China’s Antimonopoly Law.

Operating Loss

As a result of the foregoing, our operating loss for the third quarter of 2021 was RMB10.1 billion from RMB3.3 billion for the second quarter of 2021.

Operating profit/(loss) and operating margin by segment are set forth in the table below.

Food delivery In-store, hotel & travel New initiatives and others Unallocated items Total operating loss	Unaudited Three Months Ended September 30, 2021 June 30,2021 Amount As a percentage of revenues Amount As a percentage of revenues (RMB in thousands, except for percentages) 876,103 3.3% 2,447,076 10.6% 3,784,074 43.9% 3,663,818 42.6% (10,906,087) (79.5%) (9,238,125) (76.8%) (3,856,721) NA (124,474) NA (10,102,631) (20.7%) (3,251,705) (7.4%)	Quarter- over-quarter change (64.2%) 3.3% 18.1% NA 210.7%

14

Our operating profit from the food delivery segment decreased to RMB876.1 million for the third quarter of 2021 from RMB2.4 billion for the second quarter of 2021. The operating margin for this segment decreased to 3.3% from 10.6% on a quarter-over-quarter basis. Both the decrease in amount and as a percentage of revenues were mainly because of the increased seasonal couriers incentives.

Our operating profit from the in-store, hotel & travel segment increased to RMB3.8 billion for the third quarter of 2021 from RMB3.7 billion for the second quarter of 2021. The operating margin for this segment increased by 1.3 percentage points to 43.9% on a quarter-over-quarter basis. The increase in operating profit margin was mainly attributable to the higher contribution of our online marketing services revenue mainly derived from our in-store business.

Our operating loss from the new initiatives and others segment expanded to RMB10.9 billion for the third quarter of 2021 from RMB9.2 billion for the second quarter of 2021 and our operating margin for this segment decreased by 2.7 percentage points to negative 79.5% from negative 76.8% on a quarter-over-quarter basis, as we continued business expansion in retail businesses.

Income Tax Credits

Our income tax credits remained stable on a quarter-over-quarter basis in the third quarter of 2021.

Loss for the Period

As a result of the foregoing, we had a loss of RMB10.0 billion for the third quarter of 2021, compared to a loss of RMB3.4 billion for the second quarter of 2021.

Reconciliation of Non-IFRS Measures to the Nearest IFRS Measures

To supplement our consolidated results which are prepared and presented in accordance with IFRS, we also use adjusted EBITDA and adjusted net (loss)/profit as additional financial measures, which are not required by, or presented in accordance with IFRS. We believe that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company by eliminating potential impacts of items that our management does not consider to be indicative of our operating performance such as certain non-cash items and certain impact of investment transactions. The use of these non-IFRS measures has limitations as an analytical tool, and one should not consider them in isolation from, or as a substitute for analysis of, our results of operations or financial conditions as reported under IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

The following tables set forth the reconciliations of our non-IFRS financial measures for the third quarter of 2021 and 2020, and the second quarter of 2021 to the nearest measures prepared in accordance with IFRS.

15

(Loss)/profit for the period Adjusted for: Fine imposed pursuant to China’s Antimonopoly Law Share-based compensation expenses Net gains from investments(1) Impairment and expense (reversal)/provision(2) Amortization of intangible assets resulting from acquisitions Tax effects on non-IFRS adjustments Adjusted net (loss)/profit Adjusted for: Income tax credits, except for tax effects on non-IFRS adjustments Share of gains of investments accounted for using equity method Finance income Finance costs Other gains, net not adjusted for adjusted net (loss)/profit Amortization of software and others Depreciation on property, plant and equipment Adjusted EBITDA

Unaudited Three Months Ended September 30, 2021 September 30, 2020 June 30, 2021 (RMB in thousands) (9,994,410) 6,321,001 (3,356,375) 3,442,440 – – 1,481,159 838,709 1,140,658 (580,615) (5,779,364) (151,949) (434) 55,347 (97) 123,155 160,857 125,637 1,795 458,446 24,985 (5,526,910) 2,054,996 (2,217,141) (7,831) (28,894) (33,215) (273,237) (92,698) (38,251) (198,890) (45,678) (112,118) 369,942 111,506 263,269 (608,984) (472,408) (989,775) 78,383 75,060 76,215 2,105,868 1,073,515 1,811,030 (4,061,659) 2,675,399 (1,239,986)

(1) Mainly includes fair value changes on other financial investments at fair value through profit or loss, (gains)/ losses on disposal of investments and dilution gains.

(2) Mainly includes impairment and expense (reversal)/provision for Mobike restructuring plan and impairment of goodwill.

Liquidity and Capital Resources

Historically, our demand for cash was principally funded by capital contribution from shareholders and financing through issuance and sale of equity and debt securities. We had cash and cash equivalents of RMB50.9 billion and short-term treasury investments of RMB70.0 billion as of September 30, 2021.

16

The following table sets forth our cash flows for the periods indicated:

Net cash flows used in operating activities Net cash flows used in investing activities Net cash flows generated from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period Exchange gain on cash and cash equivalents Cash and cash equivalents at the end of the period	Unaudited Three Months Ended September 30, 2021 (RMB in thousands) (4,042,460) (23,609,077) 7,080,942 (20,570,595) 71,387,869 120,159 50,937,433

Net Cash Flows Used in Operating Activities

Net cash flows used in operating activities represents the cash used in our operations minus the income tax paid. Cash used in our operations primarily consisted of our loss for the third quarter of 2021, as adjusted by non-cash items and changes in working capital.

For the third quarter of 2021, net cash flows used in operating activities was RMB4.0 billion, which was primarily attributable to our loss before income tax, as adjusted by (i) depreciation and amortization, share-based payments, and (ii) changes in working capital, which was primarily attributable to increased current liabilities in line with the business seasonality and the increasing investment in our new initiatives.

Net Cash Flows Used in Investing Activities

For the third quarter of 2021, net cash flows used in investing activities was RMB23.6 billion, which was mainly attributable to treasury investments, purchase of property, plant, and equipment, and investments in some entities.

Net Cash Flows Generated from Financing Activities

For the third quarter of 2021, net cash flows generated from financing activities was RMB7.1 billion, which was mainly attributable to the increase of borrowings and the proceeds from placement of shares, partially offset by the lease payments.

Gearing Ratio

As of September 30, 2021, our gearing ratio, calculated as total borrowings and notes payable divided by total equity attributable to equity holders of the Company, was approximately 43%.

17

FINANCIAL INFORMATION

CONSOLIDATED INCOME STATEMENT

Revenues Commission Online marketing services Interest revenue Other services and sales Cost of revenues Gross profit Selling and marketing expenses Research and development expenses General and administrative expenses Net provision for impairment losses on financial assets Fair value changes on other financial investments at fair value through profit or loss Other (losses)/gains, net Operating (loss)/profit Finance income Finance costs Share of gains of investments accounted for using equity method (Loss)/profit before income tax Income tax credits/(expenses) (Loss)/profit for the period (Loss)/profit for the period attributable to: Equity holders of the Company Non-controlling interests

Unaudited Three Months Ended September 30, 2021 September 30, 2020 June 30, 2021 (RMB in thousands) 29,558,524 23,128,278 26,900,050 8,021,710 5,659,942 7,215,696 245,039 218,687 341,468 11,004,097 6,394,375 9,302,018 48,829,370 35,401,282 43,759,232 (38,051,383) (24,578,273) (31,245,861) 10,777,987 10,823,009 12,513,371 (11,388,227) (5,835,574) (10,848,627) (4,715,550) (2,970,120) (3,900,794) (2,387,116) (1,415,119) (2,053,024) (136,884) (130,285) (104,355) (117,990) 5,779,364 164,748 (2,134,851) 472,408 976,976 (10,102,631) 6,723,683 (3,251,705) 198,890 45,678 112,118 (369,942) (111,506) (263,269) 273,237 92,698 38,251 (10,000,446) 6,750,553 (3,364,605) 6,036 (429,552) 8,230 (9,994,410) 6,321,001 (3,356,375) (9,994,660) 6,321,603 (3,357,323) 250 (602) 948 (9,994,410) 6,321,001 (3,356,375)

September 30, 2021 September 30, 2020 (RMB in thousands) 29,558,524 23,128,278 8,021,710 5,659,942 245,039 218,687 11,004,097 6,394,375 48,829,370 35,401,282 (38,051,383) (24,578,273) 10,777,987 10,823,009 (11,388,227) (5,835,574) (4,715,550) (2,970,120) (2,387,116) (1,415,119) (136,884) (130,285) (117,990) 5,779,364 (2,134,851) 472,408 (10,102,631) 6,723,683 198,890 45,678 (369,942) (111,506) 273,237 92,698 (10,000,446) 6,750,553 6,036 (429,552) (9,994,410) 6,321,001 (9,994,660) 6,321,603 250 (602) (9,994,410) 6,321,001

18

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

ASSETS Non-current assets Property, plant and equipment Intangible assets Deferred tax assets Long-term treasury investments Other financial investments at fair value through profit or loss Investments accounted for using the equity method Other financial investments at fair value through other comprehensive income Prepayments, deposits and other assets Current assets Inventories Trade receivables Prepayments, deposits and other assets Short-term treasury investments Restricted cash Cash and cash equivalents Total assets EQUITY Share capital Share premium Shares held for shares award scheme Other reserves Accumulated losses Equity attributable to equity holders of the Company Non-controlling interests Total equity

Unaudited As of September 30, 2021 Audited As of December 31, 2020 (RMB in thousands) 22,493,671 13,917,165 31,108,151 31,676,381 871,625 448,670 3,379,727 612,967 12,234,023 10,256,786 14,175,376 13,180,943 1,465,388 605,918 3,711,806 7,569,817 89,439,767 78,268,647 658,066 466,492 1,656,826 1,030,948 17,047,850 12,940,125 69,955,148 43,999,364 12,914,679 12,775,667 50,937,433 17,093,559 153,170,002 88,306,155 242,609,769 166,574,802 411 395 310,888,170 263,155,201 – – (4,191,016) (6,262,066) (177,399,769) (159,200,503) 129,297,796 97,693,027 (56,642) (58,752) 129,241,154 97,634,275

19

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

LIABILITIES Non-current liabilities Deferred tax liabilities Financial liabilities at fair value through profit or loss Deferred revenues Borrowings Notes payable Lease liabilities Other non-current liabilities Current liabilities Trade payables Payables to merchants Advances from transacting users Deposits from transacting users Other payables and accruals Borrowings Deferred revenues Lease liabilities Income tax liabilities Total liabilities Total equity and liabilities

Unaudited As of September 30, 2021 Audited As of December 31, 2020 (RMB in thousands) 796,653 755,694 – 114,600 – 166,700 10,635,570 1,957,470 30,810,312 12,966,341 2,197,807 1,648,008 158,310 184,073 44,598,652 17,792,886 13,345,537 11,967,026 9,746,092 9,414,936 5,535,340 4,307,861 2,163,658 2,222,211 16,782,645 10,557,218 13,733,389 6,395,002 5,782,222 5,052,830 1,480,017 1,089,847 201,063 140,710 68,769,963 51,147,641 113,368,615 68,940,527 242,609,769 166,574,802

20

OTHER INFORMATION

Purchase, Sale or Redemption of the Company’s Listed Securities

Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s securities listed on the Stock Exchange during the three months ended September 30, 2021.

Audit Committee

The Audit Committee, together with the Auditor, has reviewed the Company’s unaudited interim financial information for the three months ended September 30, 2021. The Audit Committee has also reviewed the accounting principles and practices adopted by the Company and discussed auditing, risk management, internal control and financial reporting matters.

Event After the Reporting Period

On October 8, 2021, the SAMR issued an administrative penalty decision of the anti-monopoly investigation against the Company. In this decision, the Company was ordered to cease unlawful acts and the SAMR imposed a fine of RMB3.4 billion, or 3% of the Company’s revenue generated in the People’s Republic of China in 2020. For details, please refer to our announcement published on October 8, 2021.

Compliance with the Corporate Governance Code

The Company is committed to maintaining and promoting stringent corporate governance standards. The principle of the Company’s corporate governance is to promote effective internal control measures and to enhance the transparency and accountability of the Board to all Shareholders.

The Company has adopted the principles and code provisions of the CG Code as set out in Appendix 14 to the Listing Rules as the basis of the Company’s corporate governance practices.

Save for code provision A.2.1, the Company has complied with all the code provisions as set out in the CG Code where applicable during the three months ended September 30, 2021. Pursuant to code provision A.2.1 of the CG Code, companies listed on the Stock Exchange are expected to comply with, but may choose to deviate from the requirement that the responsibilities between the chairman and the chief executive officer should be segregated and should not be performed by the same individual. The Company does not have separate chairman and chief executive officer and Mr. Wang Xing currently performs these two roles. The Board believes that vesting the roles of both chairman and chief executive officer in the same person has the benefit of ensuring consistent leadership within the Company and enables more effective and efficient overall strategic planning for the Company. The Board considers that the balance of power and authority for the present arrangement will not be impaired and this structure will enable the Company to make and implement decisions promptly and effectively. The Board will continue to review and consider segregating the roles of chairman of the Board and the chief executive officer of the Company at an appropriate time by taking into account the circumstances of the Company as a whole.

21

Compliance with the Model Code for Securities Transactions by Directors

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “ Model Code ”) as set out in Appendix 10 to the Listing Rules as its own code of conduct regarding Directors’ securities transactions. Having made specific enquiries of all Directors, each of the Directors has confirmed that he has complied with the required standards as set out in the Model Code during the three months ended September 30, 2021.

By Order of the Board Meituan Wang Xing Chairman

Hong Kong, November 26, 2021

As at the date of this announcement, the board of directors of the Company comprises Mr. Wang Xing as chairman and executive Director, Mr. Mu Rongjun and Mr. Wang Huiwen as executive Directors, Mr. Lau Chi Ping Martin and Mr. Neil Nanpeng Shen as non-executive Directors, and Mr. Orr Gordon Robert Halyburton, Mr. Leng Xuesong and Mr. Shum Heung Yeung Harry as independent non-executive Directors.

The Company’s shareholders and potential investors should note that the information in this announcement is based on the management accounts of the Company which have not been audited or reviewed by the Company’s Auditor. This announcement contains forward-looking statements relating to the business outlook, estimates of financial performance, 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 announcement. 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 these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this announcement should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.

22

DEFINITIONS

In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:

Term	Definition
“Articles” or “Articles of	the articles of association of the Company adopted on August 30,
Association”	2018 with effect from Listing, as amended from time to time
“Audit Committee”	the audit committee of the Company
“Auditor”	PricewaterhouseCoopers, the external auditor of the Company
“Board”	the Board of Directors
“CG Code”	the corporate governance code as set out in Appendix 14 to the
	Listing Rules
“Class A Shares”	Class A ordinary shares of the share capital of the Company with
	a par value of US$0.00001 each, conferring weighted voting
	rights in the Company such that a holder of a Class A Share is
	entitled to ten votes per share on any resolution tabled at the
	Company’s general meeting, save for resolutions with respect to
	any Reserved Matters, in which case they shall be entitled to one
	vote per share
“Class B Shares”	Class B ordinary shares of the share capital of the Company
	with a par value of US$0.00001 each, conferring a holder of a
	Class B Share one vote per share on any resolution tabled at the
	Company’s general meeting
“Companies Ordinance”	the Companies Ordinance (Chapter 622 of the Laws of Hong
	Kong), as amended, supplemented or otherwise modified from
	time to time
“Company,” “our Company,”	Meituan (美團) (formerly known as Meituan Dianping (美團點
“the Company”	評)), an exempted company with limited liability incorporated
	under the laws of the Cayman Islands on September 25, 2015, or
	Meituan (美團) and its subsidiaries and Consolidated Affiliated
	Entities, as the case may be
“Consolidated Affiliated	the entities we control through the Contractual Arrangements,
Entities”	namely, the Onshore Holdcos and their respective subsidiaries
	(each a “Consolidated Affiliated Entity”)

23

“Director(s)”

the director(s) of the Company

• “IFRS” International Financial Reporting Standards, as issued from time to time by the International Accounting Standards Board

• “Listing”

• the listing of the Class B Shares on the Main Board of the Stock Exchange

• “Listing Date” September 20, 2018, on which the Class B Shares are listed and on which dealings in the Class B Shares are second permitted to take place on the Stock Exchange

• “Listing Rules”

• the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time

• “Main Board”

• the stock exchange (excluding the option market) operated by the Stock Exchange which is independent from and operates in parallel with the Growth Enterprise Market of the Stock Exchange

• “Mobike” Mobike Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands on April 2, 2015 and our direct wholly-owned subsidiary and its subsidiaries and Consolidated Affiliated Entities

• “Reserved Matters” those matters resolutions with respect to which each Share is entitled to one vote at general meetings of the Company pursuant to the Articles of Association, being (i) any amendment to the Memorandum and Articles, including the variation of the rights attached to any class of shares, (ii) the appointment, election or removal of any independent non-executive Director, (iii) the appointment or removal of the Company’s auditors, and (iv) the voluntary liquidation or winding-up of the Company

• “RMB” or “Renminbi”

• Renminbi, the lawful currency of China

• “Share(s)”

the Class A Shares and Class B Shares in the share capital of the Company, as the context so requires

• “Shareholder(s)”

holder(s) of the Share(s)

• “Stock Exchange”

• The Stock Exchange of Hong Kong Limited

• “subsidiary(ies)”

has the meaning ascribed to it in section 15 of the Companies Ordinance

• “United States,” “U.S.” or “US”

• the United States of America, its territories, its possessions and all areas subject to its jurisdiction

24

“US$”

“%”

U.S. dollar, the lawful currency of the United States

per cent

GLOSSARY

• “Active Merchant”

• “Gross Transaction Volume” or “GTV”

• “Monetization Rate”

• “Transacting User”

• “transaction”

a merchant that meets any of the following conditions in a given period: (i) completed at least one transaction on our platform, (ii) purchased any online marketing services from us, (iii) processed offline payment at least once through our integrated payment systems, or (iv) generated any order through our ERP systems

• the value of paid transactions of products and services on our platform by consumers, regardless of whether the consumers are subsequently refunded. This includes delivery charges and VAT, but excludes any payment-only transactions, such as QR code scan payments and point-of-sale payments

• the revenues for the year/period divided by the Gross Transaction Volume for the year/period

• a user account that paid for transactions of products and services on our platform in a given period, regardless of whether the account is subsequently refunded

the number of transactions is generally recognized based on the number of payments made. (i) With respect to our in-store business, one transaction is recognized if a user purchases multiple vouchers with a single payment; (ii) with respect to our hotel-booking business, one transaction is recognized if a user books multiple room nights with a single payment; (iii) with respect to our attraction, movie, air and train ticketing businesses, one transaction is recognized if a user purchases multiple tickets with a single payment; (iv) with respect to our bike-sharing and moped services, if a user uses monthly pass, then one transaction is recognized only when the user purchases or claims the monthly pass, and subsequent rides are not recognized as transactions; if a user does not use monthly pass, then one transaction is recognized for every ride

25