The leading lifestyle platform Meituan’s Q1 revenue declined 12.6% year on year to RMB 16.8 billion, which nevertheless beat the average analyst estimate of RMB 16.11 billion. Meituan’s business was hit badly during the epidemic as it relies on offline consumption activities. However, the recovery came very soon by the end of the quarter with daily order volume returning to around 75% of the pre-pandemic level.
