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Inceptio Technology has successfully raised $188 million in a Series B+ equity financing round, led by Sequoia Capital China and Legend Capital. This funding will accelerate the development of its autonomous driving technology, particularly the 'Xuanyuan' full-stack system, and enable the introduction of more autonomous truck models. Inceptio has already commenced mass production of L3 autonomous driving heavy-duty trucks with a leading OEM, validating their market cost advantage through commercial operations across China.
Meituan reported a 37.9% increase in total revenues to RMB48.8 billion for Q3 2021, driven by growth in food delivery and in-store, hotel & travel services. However, the company's adjusted EBITDA declined to a negative RMB4.1 billion, marking a year-over-year downturn. Cash flow from operations shifted from an inflow of RMB3.3 billion to an outflow of RMB4.0 billion. The company maintained a strong user base with 667.5 million annual transacting users but faced operational losses in new initiatives, increasing to RMB10.9 billion. Despite challenges, Meituan is committed to technological innovation and societal contributions.
Meituan (HKG: 3690) introduced a new drone model and announced a pilot program for a drone logistics network in Shanghai, aiming for 15-minute delivery within a three-kilometer radius. This initiative includes collaboration with local government to create a demonstration center in Jinshan, Shanghai, showcasing a system integrating drones, ground support, and cloud dispatching. With over 200,000 flight tests completed, Meituan’s drones have delivered over 2,500 orders. The company seeks to utilize technology for enhanced urban logistics and consumer service connectivity.
Meituan (HKG: 3690) announced the launch of the Meituan Green Tech Fund on June 4, 2021, allocating RMB 500 million to drive low-carbon development in line with China's carbon neutrality goals. This fund supports emerging researchers through the Meituan Green Tech Award and a demonstration project focusing on eco-friendly technologies. Ten researchers will receive one million RMB each, while participating entities in the demonstration project are allocated a one to three million RMB fund. Starting June 9, merchants and users can track their environmental efforts through a carbon account.
Meituan (HKG: 3690) reported strong recovery in Q1 2021, with total revenues surging by 120.9% year-over-year to RMB37.0 billion. Food delivery revenue increased 116.8% to RMB20.6 billion, while in-store, hotel & travel revenues rose 112.7% to RMB6.6 billion. Operating profit for food delivery was RMB1.1 billion, reversing a loss from the prior year. However, the company's new initiatives segment recorded an operating loss of RMB8.0 billion. Cash and equivalents stood at RMB17.8 billion as of March 31, 2021.
Meituan (HKG: 3690) reported a 17.7% revenue increase for 2020, totaling RMB114.8 billion, aided by China's economic recovery post-COVID-19. While operating profit for food delivery and in-store segments rose to RMB11.0 billion, the adjusted net profit fell 12.9% to RMB3.1 billion. New initiatives saw revenues up 33.6% but generated an operating loss of RMB10.9 billion. Cash and equivalents stood at RMB17.1 billion at year-end. CEO Xing Wang emphasized long-term growth and digitization efforts despite ongoing losses in specific segments.
Meituan Dianping reported a resilient performance for Q2 2020 despite ongoing impacts from the COVID-19 pandemic. Total revenues reached RMB 24.7 billion, up 8.9% year-over-year. Operating profit surged 95.5% to RMB 2.2 billion, with an operating margin of 8.8%. Adjusted EBITDA and net profit also grew, reaching RMB 2.6 billion and RMB 2.7 billion, respectively. The food delivery segment saw revenues increase by 13.2% to RMB 14.5 billion, while in-store, hotel, and travel revenues dropped 13.4% to RMB 4.5 billion. Cash equivalents stood at RMB 13.9 billion as of June 30, 2020.