Midea Group and Meituan Announce Strategic Cooperation in 2024

TapTechNews August 15th news, Midea Group and Meituan announced today that they have reached a strategic cooperation and signed a cooperation agreement.

According to the cooperation agreement, Midea Group plans to open 25,000 home appliance franchise stores on Meituan in 2024, and at the same time, Midea combines the social media platform attributes of Meituan and the instant consumption function of Meituan Flash Purchase to provide one-stop delivery and installation services in the field of large home appliances such as air conditioners to realize 30 minutes for everything to arrive at home.

In addition, this cooperation with Meituan will also promote Midea's trade-in service. Search for the trade-in service on the Meituan platform, consumers can find the preferential activities of the Midea Smart Home online store nearby, and complete the one-stop recycling + renewal service of new machine selection, old machine assessment, store assessment, old machine deduction, new machine purchase, and old machine recycling.

In addition, with the help of Midea's offline store trade-in service system, in the future Meituan will connect with Midea's digital system to realize the full-link digital cooperation at the recycling + renewal level.

TapTechNews found out that Meituan's revenue in the first quarter of 2024 was 73.28 billion yuan, an increase of 25% year-on-year; the adjusted net profit was 7.488 billion yuan, an increase of 36.4% year-on-year. In the first quarter, both the number of platform users and the number of merchants of Meituan achieved accelerated growth and hit a record high. Driven by this, the number of instant delivery orders on the platform in this quarter increased by 28% year-on-year to 5.46 billion.