US$1b windfall: how Meituan’s bets on AI, robotics outshine quarterly loss
Meituan posted a 4.97 billion yuan adjusted net loss, but its stakes in Zhipu AI and Unitree helped it book a 7.6 billion yuan investment gain.
Intelligence analysis by GPT-5.4 Mini
Meituan’s core delivery business is under heavy pressure, but its earlier bets on frontier tech are now cushioning the pain. The company’s stakes in Zhipu AI and Unitree Robotics delivered paper gains that stood out against another loss-making quarter.
Meituan lost money selling food delivery, but its side bets on smart computer and robot companies made a lot on paper. It is like a store losing on one shelf while another shelf suddenly fills the cash drawer.
Analysis
What happened
Meituan reported an adjusted net loss of 4.97 billion yuan for the quarter ended March 31, its third straight losing quarter. At the same time, it disclosed a 7.6 billion yuan gain from investments in frontier-tech companies, including Zhipu AI.
Why the gain matters
According to the earnings release, Meituan owns a 3.86% stake in Zhipu, also known internationally as Z.ai. The article says that, based on Zhipu’s market value of 629.5 billion yuan on Tuesday, Meituan’s equity interest would translate into 24.3 billion yuan in financial gains. That windfall was recorded under fair value through other comprehensive income, so it did not count in operational profit and loss.
The bigger pressure
The cushion comes as Meituan’s core food-delivery margins remain under strain in a fierce three-way fight with Alibaba Group Holding and JD.com. The company’s share price rose more than 9% to HK$85.50 on Tuesday after the disclosure.
Robotics exposure
Meituan also holds a 7.61% stake in Unitree Robotics, a Chinese robotics company known for humanoid robots that dance and flip. The article frames these investments as part of Meituan’s broader bet on frontier technologies that are now providing financial support while the core business faces competition.
Key points
- Meituan reported a 4.97 billion yuan adjusted net loss for the March quarter.
- The company also booked a 7.6 billion yuan gain from investments in frontier-tech firms.
- Meituan holds a 3.86% stake in Zhipu AI, known internationally as Z.ai.
- Meituan also owns a 7.61% stake in Unitree Robotics.
- Its core food-delivery margins are under pressure from Alibaba and JD.com.
If Meituan’s stakes in AI and robotics keep rising in value, they could keep cushioning losses from its delivery business. That would give the company more room to handle intense competition while its frontier-tech bets mature.
The gains are paper gains, not operating profit, so they may not solve the pressure on Meituan’s core margins. If competition with Alibaba and JD.com stays intense, the delivery business could keep dragging on results even when investment values rise.
