Recently, Meituan officially released its fourth quarter and full-year financial report for 2024. According to the financial report, Meituan achieved revenue of RMB 337.6 billion in 2024, an increase of 22% compared with the same period last year, demonstrating the company's steady and continuous growth momentum. This achievement not only reflects Meituan's strong performance in market competition, but also shows its success in diversified business layout.
At the subsequent performance conference, Meituan CEO Wang Xing elaborated on the company's strategic plan for the field of artificial intelligence (AI). Wang Xing revealed that Meituan has made ensuring the supply of GPU resources the top priority in the past year and has invested huge amounts of money in the construction of AI infrastructure. He further stated that Meituan plans to further increase investment in AI critical infrastructure in 2025 to strengthen its layout in this field. This strategic decision not only reflects Meituan's emphasis on technological innovation, but also indicates its ambition in future technological competition.
Wang Xing emphasized that as a technology company connecting offline business and the online world, Meituan will continue to play its unique role as a connecter in the AI era and is committed to achieving the deep integration of the digital world and the physical world. He introduced in detail Meituan’s three strategic directions in the AI field: AI at work, AI in products and Building LLM. These strategic directions not only cover the optimization of internal operations, but also involve innovation in products and services, demonstrating Meituan's comprehensive layout in the AI field.
In terms of AI at work, Meituan plans to apply AI technology to the workflow and company operations of all employees, in order to significantly improve the work efficiency and experience of 100,000 employees. At the AI in products level, Meituan will use AI technology to transform and upgrade existing 2B and 2C-end products and services, and launch a brand new AI native product. At the same time, Meituan will continue to increase capital expenditure (Capex) and improve its self-developed base model capabilities to promote the implementation of the Building LLM strategy. These measures will not only improve Meituan's internal operational efficiency, but will also bring users a more intelligent product and service experience.
It is worth mentioning that Meituan has successfully developed the big model "Longcat", which has achieved remarkable results in improving employee work efficiency. Especially in the field of customer service, the pilot project of intelligent customer service Agent driven by self-developed large models has increased operational efficiency by 20%. In the sales field, AI sales assistant successfully collected and updated the holiday business information of 1.2 million merchants during the Spring Festival, effectively reducing sales workload by 44%. In the field of R&D, the widespread application of AI Coding tools has enabled 27% of the new code to be generated by AI, greatly improving development efficiency. These achievements not only demonstrate Meituan's leading position in the application of AI technology, but also lay a solid foundation for its future technological innovation.
In addition, Meituan has also made remarkable progress in the field of automatic delivery. As of the end of 2024, Meituan's automatic delivery vehicles and drones have completed a total of 4.91 million and 450,000 delivery tasks respectively. Recently, Meituan drone officially started commercial operations in Dubai and successfully completed its first low-altitude logistics and distribution mission in Hong Kong, China on March 20, marking a further expansion of Meituan's global layout. These achievements not only improve Meituan's logistics and distribution efficiency, but also add new weight to its competitiveness in the global market.