Meituan
Meituan (Chinese: 美团; pinyin: Měituán) is a Beijing-based Chinese technology company founded in March 2010 by serial entrepreneur Wang Xing, operating as a platform that connects consumers with local merchants for on-demand services, primarily food delivery, which accounts for the majority of its revenue and holds a 60-70% market share in China.[1][2][3] Initially launched as a group-buying site inspired by international models, it merged with restaurant review platform Dianping in 2015 to expand into a comprehensive "super app" for daily retail, encompassing travel bookings, bike-sharing, movie tickets, and in-app payments, serving over 770 million users and employing more than 5 million couriers as of 2025.[4][5][6] With trailing twelve-month revenue exceeding $39 billion USD and a market capitalization of approximately $78 billion USD in October 2025, Meituan exemplifies rapid scaling in China's O2O (online-to-offline) sector through aggressive market penetration and supply chain integration, though its dominance has drawn regulatory scrutiny, including a 2021 antitrust fine of $530 million imposed by Chinese authorities for practices like exclusive merchant deals that stifled competition.[7][8][9]Founding and Early Development
Inception as Group-Buying Platform (2010-2012)
Meituan was established in March 2010 in Beijing by entrepreneur Wang Xing as China's inaugural group-buying website, directly inspired by the U.S.-based Groupon model of aggregating consumer demand for discounted local services.[11][12] The platform facilitated time-limited deals on dining, entertainment, and leisure activities, where offers activated only upon reaching a collective purchase threshold, emphasizing volume-driven discounts from merchants.[13] Wang, a serial founder with prior ventures in social networking that had faltered amid regulatory hurdles, leveraged his experience to prioritize rapid city-level expansions starting from Beijing.[14] The business model relied on commissions from voucher sales, typically 20-50% margins, amid a nascent e-commerce ecosystem in China where online-to-offline (O2O) transactions were novel.[12] Meituan quickly gained traction by offering deals at steep discounts—often 50% or more off retail prices—targeting urban consumers in tier-1 cities, with early successes in restaurant bookings that accounted for the bulk of transactions.[15] By late 2010, the site had processed thousands of daily deals, capitalizing on low entry barriers that spurred explosive user growth but also invited copycats.[14] The period triggered the "Thousand Groupon War," an influx of over 1,000 imitators flooding the market with unsustainable subsidies and price wars, eroding profitability across the sector as many rivals offered deals below cost to capture share.[14] Meituan differentiated through superior execution, including robust merchant verification and user verification systems to mitigate fraud risks inherent in voucher redemptions, which plagued weaker competitors.[12] In 2011, the company secured Series A funding, reportedly around $12 million from Sequoia Capital China, enabling nationwide scaling to over 50 cities by year-end and solidifying its position as the market leader with millions in gross merchandise value.[16][17] Into 2012, group-buying volumes peaked amid saturation, with Meituan reporting billions in transaction value but facing margin compression from merchant pushback on deep discounts and rising acquisition costs.[13] The platform's daily active users surged to hundreds of thousands, yet the model exposed vulnerabilities: dependency on one-off purchases rather than repeat loyalty, and logistical strains in deal fulfillment that led to consumer complaints over expired or unavailable vouchers.[12] Despite these pressures, Meituan's survival stemmed from Wang's focus on data-driven optimizations, such as algorithmic deal curation, which helped it outlast most rivals and capture over 50% market share by mid-2012.[14] This era laid the groundwork for pivots, as pure group-buying proved cyclically volatile, prompting early experiments with adjacent services while core operations remained deal-centric.[15]Shift to Local Services and Initial Challenges (2013-2014)
In 2013, Meituan began transitioning from its core group-buying model—focused on discounted deals for restaurants, entertainment, and leisure—to a broader emphasis on local services within China's emerging online-to-offline (O2O) ecosystem. This shift involved launching Meituan Waimai, its food delivery platform, to enable direct ordering and rapid fulfillment from local merchants, alongside pivoting hotel offerings from group-purchase discounts to full reservation services that prioritized consumer protections like refunds and verified listings.[16][18] The move capitalized on rising smartphone penetration and urban demand for convenient local commerce, with Meituan's mobile app rollout facilitating user access to these integrated services. By December 2013, the company's group-buying sales reached 2 billion RMB, underscoring early momentum amid the pivot.[19] This expansion into O2O local services introduced significant operational challenges, primarily from fierce competition in underserved markets previously dominated by rivals like Ele.me. Meituan targeted gaps in Ele.me's coverage, but the entry sparked escalated price wars, requiring substantial subsidies for merchants and consumers to build market share and rider networks.[19] Scaling logistics proved arduous, as the company had to recruit and manage delivery personnel while contending with fragmented local supply chains and inconsistent service quality in nascent urban delivery infrastructures.[20] Financial strains intensified in 2014, as the broader sector grappled with high customer acquisition costs and low margins from subsidized growth strategies, mirroring difficulties faced by peers in high-frequency, low-price competitions. Meituan diversified further by adding sightseeing ticket reservations, yet the proliferation of rival delivery firms—evident in the surge of motorbike couriers across major cities—amplified competitive pressures and regulatory scrutiny over labor practices and market saturation.[21][22] Despite these hurdles, the pivot laid groundwork for Meituan's resilience, as it navigated the "War of Thousands of Group Buy Enterprises" to consolidate its position in local services.[19]Merger, IPO, and Domestic Dominance
Dianping Merger and Platform Consolidation (2015)
In October 2015, Meituan, a leading group-buying and on-demand services platform, merged with Dianping, a prominent local business review and discovery site, to form Meituan-Dianping and establish dominance in China's online-to-offline (O2O) services sector.[23] The merger was announced on October 8, 2015, following months of speculation amid fierce competition and subsidy-driven price wars between the two firms, which together controlled over 80% of the group-buying market.[24] Meituan, valued at around $7 billion after raising $700 million in January 2015, contributed its strengths in transactions and logistics, while Dianping, valued at approximately $4 billion following an $850 million funding round in April 2015, brought a vast database of user-generated reviews covering millions of local merchants.[25][26] The combined entity achieved an initial post-merger valuation of about $15 billion, with Meituan shareholders receiving roughly 60% ownership and Dianping holders the remainder, under the leadership of Meituan founder Wang Xing as CEO.[27] The merger addressed overlapping operations in local services, where Meituan had captured 52% of the group-buying transaction volume in the first half of 2015, but both companies faced escalating losses from aggressive user acquisition tactics.[28] By consolidating, the new platform integrated Dianping's review and recommendation engine with Meituan's e-commerce and fulfillment capabilities, enabling a unified ecosystem for discovery, purchasing, and delivery of services like dining, entertainment, and retail.[29] This reduced redundant investments in marketing and technology, allowing synergies such as cross-promotion of merchant listings and shared data analytics to improve matching between consumers and providers.[21] The deal also shifted investor alignments, with Alibaba's stake in Meituan and Tencent's in Dianping influencing post-merger governance, though it effectively ended the immediate threat of a fragmented market dominated by subsidized rivals.[25] Platform consolidation post-merger focused on streamlining user interfaces and backend systems to eliminate silos, resulting in a single app that handled over 100 million monthly active users by late 2015 and expanded merchant partnerships to cover more than 3 million businesses nationwide.[24] Operational efficiencies emerged from merged logistics networks and unified commission structures, which lowered costs per transaction and boosted gross merchandise value through bundled offerings like review-verified deals.[28] While the merger faced regulatory scrutiny over antitrust concerns in a consolidating O2O landscape, it was approved without major concessions, positioning Meituan-Dianping as the preeminent local services aggregator and paving the way for diversified growth beyond group buying.[21]Hong Kong IPO and Post-Listing Growth (2016-2020)
Following the 2015 merger with Dianping, Meituan-Dianping intensified investments in its food delivery segment from 2016 onward, engaging in a subsidy-driven price war with Alibaba-backed Ele.me to capture market share in China's on-demand services market.[30] In October 2017, the company secured a $4 billion Series C funding round led by Tencent, achieving a post-money valuation of approximately $30 billion, which provided capital for further expansion amid ongoing losses from aggressive growth strategies.[31] Meituan-Dianping launched its initial public offering on the Hong Kong Stock Exchange on September 20, 2018, pricing 480 million shares at HK$69 each and raising HK$33.1 billion (about $4.2 billion), marking one of the largest tech IPOs that year and valuing the company at roughly HK$379 billion ($48.3 billion).[32] [33] The listing occurred despite the company's persistent unprofitability, with investors betting on its dominant position in local services and potential for monetization as user scale grew. Post-listing, Meituan's revenue accelerated, rising from RMB 65.2 billion in 2018 to RMB 97.5 billion in 2019, a 49.5% year-over-year increase, primarily fueled by expansion in core local commerce segments like food delivery, which benefited from increased order volumes and merchant onboarding.[34] In 2019, the firm reported its first annual profit since the IPO, narrowing adjusted net losses significantly through operational efficiencies and higher take rates, though it continued heavy investments in logistics and new verticals.[35] By 2020, revenue reached RMB 114.8 billion, supported by a surge in food delivery demand amid the COVID-19 pandemic, which restricted offline activities and boosted online orders, with daily food delivery orders exceeding 40 million.[36] Meituan solidified its market leadership, maintaining over 60% share in China's food delivery sector through network effects and rider fleet expansion, while diversifying into in-store services and travel bookings, despite regulatory scrutiny and competitive pressures.[37] The period underscored Meituan's transition from growth-at-all-costs to path toward sustainable profitability, leveraging its super-app ecosystem for cross-selling opportunities.Business Model and Core Operations
Revenue Streams and Commission-Based Ecosystem
Meituan operates a commission-based ecosystem that primarily generates revenue through transaction facilitation between consumers and merchants on its platform. The core mechanism involves charging merchants a percentage fee on completed orders across services like food delivery, in-store dining, and other local commerce activities, leveraging network effects where high user volume attracts merchant participation and vice versa. In 2024, this model underpinned the company's total revenue of RMB 337.6 billion, with core local commerce—encompassing commissions and related fees—accounting for about 74% of the total.[38][39] Commissions from food delivery, the largest segment, typically range from 12% to 18% of order value paid by restaurants and vendors, forming over 90% of delivery-specific revenue.[40][41] Regulatory scrutiny has periodically influenced these rates; for instance, in March 2022, Meituan reduced average commissions to around 12% in response to government guidance aimed at easing merchant burdens during the COVID-19 pandemic.[42] More recent data from 2025 indicates averages holding near 16%, varying by merchant size and service type, though criticisms from merchants highlight instances approaching 25% in competitive urban markets.[43][44] Beyond direct transaction commissions (approximately 28% of overall revenue), Meituan derives income from online marketing services, where merchants pay for promotional placements and advertising to boost visibility, contributing around 14%.[45] Delivery services, including logistics fees, add another ~30%, while remaining revenue stems from merchant subscriptions, other sales, and emerging initiatives.[45] This diversified yet interconnected structure sustains profitability by capturing value at multiple ecosystem touchpoints, though it faces pressures from competition and subsidy-driven price wars that temporarily compress margins.[46]Food Delivery as Primary Driver
Meituan's food delivery operations form the cornerstone of its Core Local Commerce (CLC) segment, which generated 74.1% of the company's total revenue in the latest reported period.[46] This segment encompasses on-demand delivery services, with food delivery accounting for the predominant share due to its scale and transaction volume, driven by a vast network of 14.5 million merchants and 83 million monthly active delivery users. In 2024, Meituan processed around 700 orders per second on average, underscoring the operational intensity that positions food delivery as the primary profit engine amid broader diversification efforts.[48] The business model's reliance on commissions from merchants—typically 15-25% per order—fuels revenue growth, supplemented by rider fees and advertising. By mid-2025, daily food delivery orders peaked at 120 million, reflecting robust demand in China's $40.2 billion market, where Meituan commands a 65-70% share against competitors like Alibaba's Ele.me.[49][50][39] This dominance stems from network effects: high merchant density lowers delivery times to under 30 minutes in urban areas, while a rider workforce exceeding 6 million enables same-day fulfillment, creating barriers to entry for rivals. CLC revenue rose in tandem with total company figures, reaching RMB 91.8 billion in Q2 2025 (up 11.7% year-over-year), though margins faced pressure from subsidy-driven price competition.[51] Intensified rivalry, particularly from Ele.me's aggressive discounting in 2025, eroded operating profits in the CLC segment by 76% to RMB 3.7 billion in the latest quarter, highlighting vulnerabilities in a low-margin, high-volume model.[52] Despite this, food delivery's resilience is evident in sustained order growth, supported by algorithmic matching of riders to orders and data-driven merchant incentives, which prioritize volume over short-term profitability. Meituan's adaptation to instant commerce trends, including flash sales integrated into delivery, further cements its role as the segment's growth catalyst, though analysts note risks from regulatory scrutiny on labor practices and antitrust measures targeting platform commissions.[53]Diversified Products and Services
On-Demand and Lifestyle Services
Meituan's on-demand services primarily revolve around its Instashopping platform, which facilitates rapid delivery of groceries, household essentials, fast-moving consumer goods (FMCG), medicines, and fresh produce, often within 30 minutes. This segment leverages Meituan's extensive logistics network to address immediate consumer needs, expanding from initial food delivery into broader retail scenarios since 2019.[54][40] In August 2024, Meituan introduced 30-minute delivery for home appliances through a partnership with Midea, targeting the surging demand for instant e-commerce in China.[55] Lifestyle services, integrated via the Dianping subsidiary, connect users to offline merchants for high-frequency local needs, including restaurant reviews, beauty salon bookings, fitness classes, and home maintenance. These offerings emphasize online-to-offline (O2O) transactions, enabling users to discover, rate, and purchase services from nearby providers.[56] Meituan's platform processes millions of such transactions daily, supported by user-generated reviews and deals that drive merchant engagement.[57] To enhance user retention, Meituan rebranded its premium membership in May 2025 into a cross-category program, providing benefits across dining, daily services, and entertainment bookings, reflecting a shift toward integrated loyalty in a competitive market.[58] These services contributed to Meituan's overall ecosystem, with on-demand retail and local O2O forming key pillars beyond core food delivery, amid intensifying rivalry from platforms like JD.com.[59]Travel, Mobility, and Emerging Offerings
Meituan's travel services, offered through the Meituan Travel platform, encompass hotel bookings, flight reservations, and related tourism products, with a strong emphasis on domestic markets. In 2024, the hotel and travel segment achieved significant growth, propelled by its dominance in lower-tier cities and low-star accommodations, where platform capabilities enhanced user access and booking efficiency.[60] The service has also facilitated trends like rural tourism, supported by improved transportation infrastructure, as evidenced by increased bookings for village destinations.[61] Internationally, Meituan partnered with Agoda in 2023 to improve overseas travel options for Chinese users, integrating hotel and flight inventories to cater to outbound demand.[62] In mobility, Meituan primarily operates bike-sharing via Meituan Bike, rebranded after acquiring Mobike for $2.7 billion in April 2018, which integrated stationless bicycles into its ecosystem.[63] This service supports short-distance urban travel, with features like membership plans allowing unlimited rides for fixed fees, contributing to a market where Meituan, alongside competitors, handled substantial ride volumes post-pandemic recovery.[64] Although Meituan explored ride-hailing in 2018, it scaled back these efforts to focus on core competencies, retaining bike-sharing as a complementary mobility offering tied to its local services network.[65] Emerging offerings extend Meituan's ecosystem into instant retail and specialized services, including the planned spin-off of "Flash Buy" as a standalone instant retail brand in 2025 to accelerate non-food delivery growth.[66] The company invested $1 billion in instant retail infrastructure by mid-2025, targeting 30-minute deliveries for groceries and essentials via enhanced logistics.[67] Additional ventures encompass medical and health services, in-store dining innovations like Pin Hao Fan for efficient restaurant operations, and branded satellite stores to boost merchant integration, all leveraging data from its 770 million annual transacting users.[68][69] These initiatives reflect a strategic diversification beyond traditional on-demand categories, with international pilots such as a $1 billion commitment to Brazil operations in 2025 emphasizing low commissions and rapid market entry.[70]Technological Advancements
Logistics and AI Integration
Meituan operates one of China's largest logistics networks, primarily supporting its food delivery services, which handle billions of orders annually through a combination of rider dispatch, warehousing, and last-mile optimization.[71] The company's supply chain integrates over 9 million merchants and millions of delivery personnel, enabling rapid fulfillment in urban environments despite challenges like traffic congestion and variable demand.[72] AI technologies form the core of Meituan's logistics efficiency, with systems processing up to 2.9 billion route plans per hour during peak periods to dynamically assign riders and minimize delays regardless of weather or traffic conditions.[71] Introduced in 2019, the AI "Super Brain" employs deep sensing, predictive analytics, and real-time problem-solving to orchestrate instant delivery operations, reducing response times and operational costs.[73] More recently, AI-driven dispatch tools have contributed to cost optimizations, aiding Meituan's achievement of profitability in its delivery segment by Q4 2024 through enhanced margin recovery and resource allocation.[74] In 2025, Meituan advanced its AI capabilities with the open-sourcing of the LongCat model, designed to embed intelligence into logistics, commerce, and platform services for tasks like hyper-personalized routing and voice-activated ordering via the Xiaomei agent.[75] [76] The agent optimizes delivery paths to sub-millisecond precision, integrating with services like Keeta for personalized experiences and efficient supply chain management.[77] [78] Complementing these software advancements, Meituan has invested in embodied AI through stakes in firms like X Square Robot and Galaxea AI, alongside integration of Lightyear's autonomous delivery robots to automate ground transport and expand beyond human riders.[79] [80] Drone delivery represents another AI frontier, with Meituan's systems completing over 170,000 tasks across multiple cities by mid-2024, leveraging AI for navigation, payload management, and regulatory compliance in diverse product categories.[81] These initiatives underscore Meituan's shift toward AI-centric logistics, aiming to scale operations amid competitive pressures while prioritizing empirical efficiency gains over subsidized expansion.[82]Autonomous and Unmanned Delivery Initiatives
Meituan established a dedicated team for unmanned delivery services in October 2016 to develop autonomous ground vehicles aimed at reducing delivery times and operational costs.[83] In July 2018, the company unveiled its driverless meal delivery platform, outlining a three-phase development process from lab experiments to mass production and full unmanned operations, with initial trials planned for the following year.[84] By April 2021, Meituan introduced a self-developed Level 4 (L4) autonomous electric delivery vehicle featuring a 550-liter cargo volume, 150 kg payload capacity, and capabilities for urban navigation without human intervention.[85] In December 2021, Meituan's autonomous delivery service in Beijing had completed nearly 200,000 orders, accumulating over 700,000 kilometers of self-driving mileage, demonstrating scalability in dense urban environments.[86] To accelerate advancements, Meituan partnered with self-driving firm Pony.ai in March 2023 to co-develop unmanned vehicles specifically for food delivery, integrating Pony.ai's autonomous driving technology with Meituan's logistics platform.[87] In April 2021, the company raised approximately $10 billion to fund research and development in self-driving vehicles and related technologies, supporting broader deployment across its ecosystem.[88] Parallel to ground-based efforts, Meituan launched its drone delivery unit in 2017, focusing on aerial unmanned logistics for short-range urban deliveries up to 5 kilometers.[89] By March 2025, this initiative had facilitated over 450,000 deliveries across 53 routes in major Chinese cities including Shenzhen, Beijing, Shanghai, and Guangzhou.[90] Operational expansions included UAV services in Shanghai's Yangpu district starting July 2024 for food and essentials from commercial areas, and a certification in April 2025 enabling nationwide low-altitude drone operations with fourth-generation models.[91][89] Internationally, Meituan extended drone capabilities by launching services in Hong Kong on March 20, 2025, via its Keeta unit, marking the region's first such commercial operation.[92] Further growth targeted Dubai, with plans announced in June 2025 to add two to three new drone routes over the Marina area in the second half of the year, leveraging established Middle East presence.[93] Additional unmanned applications emerged in September 2025 with autonomous robot deployments for contactless food delivery at airports, enhancing efficiency in high-traffic transit hubs.[94] These initiatives collectively aim to integrate AI-driven logistics, reducing reliance on human riders amid labor-intensive operations exceeding 600,000 drivers domestically.[83]International Expansion Efforts
Entry into Asian Markets
Meituan initiated its international expansion in Asia through the launch of its Keeta food delivery platform in Hong Kong on May 22, 2023, targeting initial rollout in densely populated districts such as Mong Kok and Tai Kok Tsui.[95] This marked the company's first venture beyond mainland China, leveraging its domestic expertise in on-demand services to challenge established players like Foodpanda and Deliveroo in a market characterized by high urban density and consumer demand for quick commerce.[96] Keeta's entry strategy emphasized aggressive subsidies, including waived delivery fees, cashback incentives, and discounted meal packages priced as low as 60 Hong Kong dollars for single-person orders, which enabled rapid user acquisition despite initial skepticism from analysts regarding sustainability amid Hong Kong's competitive landscape.[97][98] By January 2024, Keeta had captured approximately one-third of Hong Kong's food delivery market share within six months of launch, surging to become the second-largest provider behind the incumbent leader.[99] This growth was driven by Meituan's operational efficiencies, such as optimized rider networks and integration of proprietary logistics algorithms honed in China, allowing Keeta to achieve faster delivery times and broader merchant coverage.[100] Data from market trackers indicated a redistribution of shares from incumbents, with Keeta's model proving resilient even as subsidies tapered, reflecting Hong Kong consumers' responsiveness to value-driven services amid rising living costs.[100] By May 2024, Keeta had ascended to the top position in Hong Kong's food delivery sector, underscoring the transferability of Meituan's ecosystem to proximate Asian markets with similar demographic and infrastructural traits.[100] As of late 2024, Meituan has explored further Asian opportunities, particularly in Southeast Asia, where discussions with operational leadership highlighted potential for replicating Keeta's playbook in high-growth economies like Singapore and Indonesia, though no formal launches have occurred beyond Hong Kong.[101] These plans align with Meituan's broader goal of diversifying revenue amid domestic regulatory pressures, but execution remains contingent on adapting to varied regulatory environments and local competition, with analysts noting Southeast Asia's fragmented markets as a higher-risk proposition compared to Hong Kong's consolidated dynamics.[102] Keeta's Hong Kong success, however, serves as a proof-of-concept, demonstrating Meituan's capacity to export its commission-based, tech-enabled model to culturally and geographically adjacent Asian territories without significant alterations to core operations.[96]Middle East and Broader Global Strategy
Meituan began its expansion into the Middle East in April 2024 with the launch of its international food delivery brand Keeta in Riyadh, Saudi Arabia, marking the company's first operations beyond greater China.[103] This move targeted a market dominated by local players like Hungerstation, where Meituan employed aggressive tactics including free delivery and deep discounts to rapidly acquire users and merchants.[104] By mid-2025, Keeta had captured significant market share in Saudi Arabia through sustained voucher campaigns and operational efficiencies honed in China.[105] The Middle East push accelerated in 2025, with Keeta entering Qatar and Kuwait in early September, followed by the United Arab Emirates later that month.[106][107] In June 2025, Meituan extended its offerings in Saudi Arabia by launching Keemart, a self-operated instant grocery service, to complement food delivery with rapid retail fulfillment.[108] Meituan outlined a three-year strategy to cover six Gulf countries—including Saudi Arabia, UAE, Qatar, and Kuwait—prioritizing urban centers like Riyadh and Al-Kharj for phased rollout via merchant partnerships and localized marketing.[109] These efforts reflect an adaptation of Meituan's China playbook, emphasizing scale over immediate profitability amid expected short-term losses from subsidies.[110] Beyond the Middle East, Meituan's global strategy targets high-growth emerging markets to diversify from saturated domestic operations. In May 2025, the company committed $1 billion over five years to enter Brazil's food delivery sector, establishing Keeta as its platform for Latin American competition against incumbents like iFood.[111] This initiative, alongside Middle East gains, positions overseas revenue as a buffer against China's economic slowdown, though international segments remain nascent and loss-making as of mid-2025.[112] Meituan's approach prioritizes food delivery and instant commerce, leveraging AI-driven logistics for cross-border scalability while navigating regulatory and competitive hurdles in non-Chinese environments.[113]Financial Performance and Market Position
Revenue Growth and Profitability Trends (2018-2025)
Meituan's revenue demonstrated strong year-over-year growth from 2018 onward, driven primarily by expansion in on-demand food delivery, in-store services, and emerging verticals like travel bookings. Annual revenue rose from approximately RMB 65 billion in 2018 to RMB 97.5 billion in 2019, reflecting a 50% increase amid aggressive market penetration post-IPO.[35] By 2020, revenue reached RMB 129 billion, supported by heightened demand during the COVID-19 pandemic, before accelerating further to RMB 216 billion in 2021 and RMB 256 billion in 2022 as diversified offerings gained traction.[114]| Year | Revenue (RMB billions) | Net Income (RMB billions) |
|---|---|---|
| 2019 | 97.5 | -0.8 (adjusted break-even) |
| 2020 | 129 | -23.5 |
| 2021 | 216 | -6.7 |
| 2022 | 256 | 13.9 |
| 2023 | 306 | 35.8 |
| 2024 | 366 | 29.5 |