Meituan posted total revenue of RMB 220 billion ($32.0 billion) for 2022, a 22.8% increase compared to the previous year, according to the Chinese life services giant’s latest financial results, published on March 24. This growth rate was the strongest among China’s internet majors over the year, except for that of e-commerce company and Pinduoduo parent firm PDD. Meituan surpassed analysts’ estimates for fourth quarter revenue thanks to a surge in takeaway orders in December, when China lifted its zero-Covid policy. However, Meituan’s in-store, hotel, and travel business recorded a year-on-year decrease “similar to that of the second quarter,” the company’s financial report noted, without giving specific figures. When publishing its second quarter results, Meituan stated that these sectors had seen “revenues decreasing meaningfully” due to Covid-related restrictions, but again declined to provide precise data. According to its latest filing, Meituan’s peak daily order volume for food deliveries surpassed 60 million last year; the company has set a mid-term goal of achieving 100 million transactions per day. Meituan saw its operating losses from new initiatives decrease for a fifth consecutive quarter at the end of 2022, narrowing to a RMB 28.4 billion loss in the quarter ending Dec. 31. The lifestyle services leader is facing heated competition from rival ByteDance’s Douyin, which is planning to expand its food delivery service to more Chinese cities this year. However, Meituan CEO Wang Xing has noted that the short video platform aims to provide group-buy meals and use third-party couriers, which he believes will have a limited impact on Meituan. [Meituan release]