| Title: | A Case Study of the Factors Influencing Profitability of Meituan Based on Dupont Analysis Theory |
| Author: | Sun Yihang |
| Advisor: | Dr. Zhang Li |
| Degree: | Master of Business Administration |
| Major: | International Business Management |
| Faculty: | บัณฑิตวิทยาลัย (Graduate School) |
| Academic year: | 2568 (2025) |
| Published: | นำเสนอในที่ประชุมวิชาการ (Conference) The 18th National and International Academic Conference “Sustainable Horizon: Transforming Ideas into Impact” 6-7 August 2025 (pp.1122-1132) Click PDF |
Abstract
Platform-based enterprises have emerged as a dominant force in China’s digital economy, with profitability becoming a critical concern amid rising operational costs and regulatory scrutiny. Meituan, a leading lifestyle service platform, faces mounting pressure to sustain financial performance while navigating a complex asset structure and diverse revenue streams. Understanding the financial factors that influence its profitability is essential for both strategic decision-making and academic inquiry.
This study aimed to examine the relationship between net profit margin, asset turnover ratio, and equity multiplier with the profitability of Meituan, using Return on Equity (ROE) as the primary performance indicator.
A quantitative research design was employed. Data were collected using a structured questionnaire distributed to 400 full-time employees across Meituan’s finance, operations, strategy, and R&D departments, from which 376 valid responses were analyzed. The instrument included 25 Likert-scale items and a section for demographic information. Descriptive statistics were used to analyze respondent characteristics and data distribution, while Pearson correlation and multiple linear regression analyses were used to test the hypotheses derived from DuPont Analysis Theory.
The findings revealed that all three independent variables had a statistically significant and positive relationship with profitability. Net profit margin was found to be the strongest predictor, followed by asset turnover ratio and equity multiplier. Together, the three variables explained a substantial portion of the variance in Meituan’s perceived ROE, validating the relevance of the DuPont model in a digital enterprise context.
This study concludes that Meituan’s profitability is significantly influenced by its ability to manage cost structures, optimize asset utilization, and maintain a balanced capital structure. The company should prioritize margin efficiency and operational productivity while applying leverage cautiously. The results offer practical implications for financial managers and also provide a theoretical foundation for future research in platform-based enterprise performance analysis.
Keywords: net profit margin, asset turnover ratio, equity multiplier, profitability
6717195432 Sun Yihang, 2568 (2025), Advisor: Dr. Zhang Li, สารนิพนธ์ (Independent Study), A Case Study of the Factors Influencing Profitability of Meituan Based on Dupont Analysis Theory, นำเสนอในที่ประชุมวิชาการ (Conference): The 18th National and International Academic Conference 2025, ปริญญาโท (Master’s Degree), บัณฑิตวิทยาลัย (Graduate School), Master of Business Administration, International Business Management, Siam University, Bangkok, Thailand – มหาวิทยาลัยสยาม กรุงเทพมหานคร ประเทศไทย