According to the latest official account of the US group, the US mission issued the new regulations on “reducing the Commission to relieve the children”. The main results are as follows: (1) Yong Jin, a poor merchant in the epidemic area, has halved and has a cap of 1 yuan per head: the small and medium businesses (high daily average transaction volume) fall to more than 30% in the high-risk areas of the epidemic situation and the districts and counties in the districts. The US group takes away half of the technical service fee (Yong Jin). And after halving, each order is capped at 1 yuan. The effective time of this measure is from the date when the local area is listed as a medium and high-risk area to one month after the closure is lifted, so as to help merchants reduce the burden. (2) For small and medium-sized merchants with operating difficulties, the Commission will be capped at 5%. For those merchants with difficulties in completing the rate transparency, meituan takeout will be evaluated in combination with the operating conditions and difficulty degree, and the technical service fee (Commission) will be capped at 5%. The preferential period will last from March 2022 to the end of December 2022, and more than 1 million merchants are expected to benefit.
It is estimated that the impact of meituan’s two new core Commission reduction regulations on the average profit of foreign sales business is about 0.02 yuan and 0.14 yuan respectively, with a total of about 0.16 yuan. The impact on the profits of 22q1 and 2022 is about 200300 million yuan and 2.5-3 billion yuan respectively, and the degree of impact is relatively controllable. We believe that the new regulations on reducing Commission issued by meituan this time can be understood as a positive response to the “several policies on promoting the recovery and development of difficult industries in the service industry” jointly issued by the first 14 departments, which highlights the values of meituan’s courage to bear social responsibility, and can be seen as a forward-looking signal of policy warming.
In the medium and long term, meituan has consistently maintained a high operating level of excellent strategy, leading efficiency and first-class execution. We believe that meituan’s takeout, store to store and community group purchase business are excellent, with both growth and moat, and the company should be given more patience. We are optimistic that meituan will maintain a leading position in the field of service e-commerce and that the company’s value will continue to be realized in the future.
Market review of this week: this week, the commerce and retail sector closed at 388644 points, up 0.22%, outperforming Shanghai and Shenzhen 300 (down 1.68% this week) by 1.90 percentage points. The sector ranked 9th among 29 primary industries. Among the segments, general retail fell 0.05%, trade rose 2.31%, franchise chains fell 1.75%, e-commerce and services fell 0.89%, and professional market operations rose 2.70%. The companies with the top five stocks are Chang Chun Eurasia Group Co.Ltd(600697) (17.31%), Zhe Jiang Dong Ri Limited Company(600113) (17.11%), Shandong Hiking International Co.Ltd(600735) (14.60%), Shenyang Cuihua Gold And Silver Jewelry Co.Ltd(002731) (14.39%) and St renle (12.69%); The companies with the top five declines in individual stocks are Beijing Kingee Culture Development Co.Ltd(002721) (- 11.48%), Telling Telecommunication Holding Co.Ltd(000829) (- 8.41%), Jiangsu Hongtu High Technology Co.Ltd(600122) (- 8.37%), Shanghai Yimin Commercial Group Co.Ltd(600824) (- 7.72%), Jiangsu Guotai International Group Co.Ltd(002091) (- 6.93%).
Important industry news of the week:
[Internet] Deloitte released the global retail top 250 report, and JD entered the top 10 for the first time
[Internet] Tencent issued a notice on preferential payment of handling charges for small and micro merchants
Announcements of key companies:
BiliBili: on March 3, bilibilibili announced the results of the fourth quarter of 2021.
