On Thursday, Chinese food delivery giant Meituan posted a net profit of RMB 3.36 billion ($486 million) in the first quarter of 2023, compared to a loss of RMB 5.7 billion during the same period of 2022. Total revenue of the company amounted to RMB 58.62 billion, an increase of 26.7% year-on-year. Recovering consumption demand helped to boost revenue from Meituan’s core local commerce, which includes food delivery, in-store, hotel, and travel business and saw growth of 25.5% to RMB 42.9 billion in the quarter. The firm’s not-yet-profitable segment, new initiatives, narrowed its losses by 40.5% to RMB 5 billion. During a related earnings call, Meituan CEO Wang Xing mentioned that the company has an internal team working on its own AI models and applications, but they “don’t have anything to show” at the moment. [Meituan announcement]