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Meten EdtechX Q2 and H1 2021 Earnings Summary

  • Revenue:
    • Q2 2021: RMB204.8 million (US$31.7 million), up 8.2% YoY from Q2 2020.
    • H1 2021: RMB411.3 million (US$63.7 million), up 10.9% YoY from H1 2020.
  • Gross Profit:
    • Q2 2021: RMB66.2 million (US$10.2 million), up 23.4% YoY.
    • H1 2021: RMB137 million (US$21.2 million), up 52% YoY.
  • Gross Margin:
    • Q2 2021: 32.3%, up 4.0 percentage points YoY.
    • H1 2021: 33.3%, up 9.0 percentage points YoY.
  • Operating Loss:
    • Q2 2021: RMB77.5 million (US$12 million), reduced from RMB90.8 million in Q2 2020.
    • H1 2021: RMB162.6 million (US$25.2 million), reduced from RMB194.9 million in H1 2020.
  • Net Loss:
    • Q2 2021: RMB80.3 million (US$12.4 million), improved from RMB93.4 million in Q2 2020.
    • H1 2021: RMB169.7 million (US$26.3 million), improved from RMB195.1 million in H1 2020.

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Operator: Good afternoon, ladies and gentlemen. Welcome to Meten EdtechX Second Quarter and the First Half of 2021 Earnings Conference Call. Joining us today are the company’s Chair of the Board, Mr. Jason Zhao; the company’s Chief Executive Officer, Mr. Alan Peng; and the company’s Financial Vice President, Mr. . Alan will start today’s presentation with an overview for the second quarter and the first half of 2021 performance. Then, will share more details about our financial performance. After the presentation, we’ll be happy to take any questions you may have during the Q&A segment. Now, I would like to turn the call over to Alan Peng. Alan, please go ahead. Alan Peng: Thanks for joining Meten EdtechX second quarter and first half of 2021 earnings presentation today. I will begin my remarks by providing an overview of the company's business adjustments and optimizations during the first half of 2021, followed by a summary of the company's second quarter and the first half of 2021 performance. Now that the overall situation of the COVID-19 pandemic trends are more stable, we are pleased to see the strong results from second quarter, which reflect our confidence in our team's ability to consistently execute our strategy. We remain focused on meeting the needs of the market and navigating the ongoing impact of COVID-19 on our business. To achieve our long-term operational objectives, we have made many business adjustments and optimizations. We have transferred all offline c

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