Financial Performance - Revenue for the year ended December 31, 2024, was RMB 660,119 thousand, a decrease of 12.3% compared to RMB 752,818 thousand in 2023[3] - Gross profit for the same period was RMB 218,708 thousand, down 15.2% from RMB 257,895 thousand in 2023[3] - Loss before tax improved significantly to RMB 203,263 thousand, a reduction of 81.6% from RMB 1,103,139 thousand in the previous year[3] - The adjusted net loss for the year was RMB 86,116 thousand, a decrease of 49.4% compared to RMB 170,325 thousand in 2023[3] - The company reported a basic and diluted loss per share of RMB 0.31, compared to RMB 1.76 in the previous year[5] - The company recorded an adjusted net loss of RMB 86.1 million for the year ended December 31, 2024[41] - Net loss for the year decreased by 82.4% from RMB 1,100.6 million for the year ended December 31, 2023, to RMB 194.0 million for the year ending December 31, 2024[62] Assets and Equity - Total assets decreased to RMB 621,118 thousand from RMB 866,978 thousand in 2023, reflecting a decline of 28.3%[6] - The company’s total equity decreased to RMB 296,814 thousand from RMB 479,675 thousand in 2023, a decline of 38.0%[7] - Total non-current assets as of December 31, 2024, were RMB 155,313,000, down from RMB 276,975,000 in 2023[17] - Cash and cash equivalents stood at RMB 197,880 thousand, slightly down from RMB 206,308 thousand in 2023[6] - As of December 31, 2024, restricted cash amounted to RMB 23.6 million, down from RMB 62.5 million as of December 31, 2023[78] - The company had a zero debt level as of December 31, 2024, making the capital debt ratio not applicable[76][81] Revenue Breakdown - Revenue from logistics services provided to corporate clients was RMB 435,617,000, down 6.0% from RMB 462,401,000 in the previous year[15] - Revenue from logistics service platform services was RMB 158,295,000, a decrease of 27.2% compared to RMB 216,844,000 in 2023[15] - The geographical revenue breakdown shows that revenue from mainland China was RMB 166,386,000, down from RMB 286,052,000 in 2023[17] - Total revenue for the year decreased by 12.3% to RMB 660.1 million, with Hong Kong and overseas markets contributing 74.8% of total revenue, up from 62.0% in 2023[35] - Revenue from enterprise services decreased from RMB 462.4 million in 2023 to RMB 435.6 million in 2024, primarily due to a strategic shift in mainland China[44] - Revenue from platform services fell from RMB 216.8 million in 2023 to RMB 158.3 million in 2024, attributed to intensified competition and strategic changes[45] Cost Management - Employee benefits expenses, including share-based compensation, were RMB 194,998,000, significantly reduced from RMB 321,381,000 in the previous year[19] - Sales and marketing expenses decreased by 25.6% from RMB 203.9 million for the year ended December 31, 2023, to RMB 151.8 million for the year ending December 31, 2024[51] - General and administrative expenses decreased by 38.3% from RMB 269.3 million for the year ended December 31, 2023, to RMB 166.2 million for the year ending December 31, 2024[52] - Research and development expenses were RMB 22,285 thousand, down from RMB 38,319 thousand in 2023, indicating a focus on cost management[4] - Research and development expenses decreased by 41.8% from RMB 38.3 million for the year ended December 31, 2023, to RMB 22.3 million for the year ending December 31, 2024[53] Strategic Focus and Future Outlook - The company aims to enhance its logistics and delivery solutions, leveraging technology to connect users with service providers in the Asia region[8] - The company has shifted its strategic focus from high-subsidy revenue growth to optimizing service products and improving profitability[29] - The company plans to focus on accelerating growth in high-potential overseas markets and optimizing service product offerings for 2025[40] - The company revised its revenue growth forecast downwards due to intensified competition in the mainland China market and macroeconomic conditions, leading to a projected compound annual growth rate (CAGR) of 5.05% for mainland China operations[30] - The long-term growth rate for mainland China operations is projected at 2.00%, while the operating cost CAGR is estimated at 2.44%[30] Governance and Compliance - The company has adopted the Corporate Governance Code as its own governance guidelines and has complied with all applicable provisions for the year ending December 31, 2024[86] - The board structure includes one executive director, two non-executive directors, and three independent non-executive directors, ensuring a balance of power and effective oversight[87] - The company has established an audit committee to review and supervise financial reporting, internal controls, and risk management systems[90] - The audit committee confirmed that the audited financial results for the year ending December 31, 2024, comply with applicable accounting standards and legal regulations[91] - The auditor, Fook Wai Ma & Co., confirmed that the financial figures in the annual results announcement are consistent with the audited consolidated financial statements[92] Employee and Operational Metrics - The company employed 591 full-time employees as of December 31, 2024, with 42.1% in user services and operations[72][74] - Employee benefits expenses included share-based compensation of RMB 195.0 million for the year ended December 31, 2024, a decrease of 39.3% from RMB 321.4 million for the year ended December 31, 2023[75] - The number of registered shippers reached 34.4 million and registered drivers reached 7 million, with a total of 14.5 million shipping orders completed and a gross transaction value (GTV) of RMB 1,626.3 million[36] - In 2024, the company facilitated approximately 12.9 million shipping orders, with a total transaction value of RMB 1,186.4 million[37] - Enterprise services completed approximately 1.5 million deliveries in 2024, with a total transaction value of RMB 439.9 million, despite a 5.8% year-on-year revenue decline to RMB 435.6 million[38] Dividend and Shareholder Information - The company did not declare or pay any dividends for the years ended December 31, 2024, and 2023[24] - The board does not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[84] - The annual general meeting is scheduled for June 18, 2025, with a record date for shareholder attendance set for the same day[85]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 324,188 thousand, a decrease of 12.8% compared to RMB 371,758 thousand in the same period of 2023[7] - Gross profit for the same period was RMB 112,737 thousand, down 5.5% from RMB 119,333 thousand year-over-year[7] - Loss before tax improved significantly to RMB (84,001) thousand, a reduction of 87.0% compared to RMB (645,010) thousand in the prior year[7] - Net loss for the period was RMB (82,904) thousand, an 87.1% improvement from RMB (642,938) thousand in the previous year[7] - Adjusted net loss for the period was RMB (33,848) thousand, down 72.1% from RMB (121,260) thousand year-over-year[7] - Adjusted EBITDA loss was RMB (21,194) thousand, an 80.1% decrease compared to RMB (106,338) thousand in the same period of 2023[7] - Total revenue for the six months ended June 30, 2024, was RMB 324.2 million, a decrease of 12.8% compared to RMB 371.8 million for the same period in 2023[16] - Gross profit for the same period was RMB 112.7 million, down from RMB 119.3 million, reflecting a gross margin of 34.8%[83] - Operating loss narrowed to RMB 84,468 thousand from RMB 645,209 thousand year-over-year, indicating improved operational efficiency[83] - Net loss attributable to equity holders was RMB 82,354 thousand, significantly reduced from RMB 642,475 thousand in the prior year[84] - Total comprehensive loss for the period was RMB 81,835 thousand, a significant improvement from RMB 629,396 thousand in the same period last year[84] Revenue Breakdown - Revenue from Hong Kong and overseas markets reached RMB 234.5 million, an increase of 4.9% from RMB 223.6 million year-on-year, contributing 72.3% to total revenue[5] - Revenue from enterprise services decreased by 7.4% to RMB 211.6 million from RMB 228.5 million in the previous year[19] - Revenue from platform services fell by 26.0%, from RMB 109.5 million to RMB 81.1 million, attributed to intensified competition in the domestic market[20] - Revenue from value-added services decreased by 6.6% to RMB 31.5 million from RMB 33.8 million, primarily due to a decline in the domestic market[21] - Platform services generated revenue of RMB 81.1 million, accounting for 25.0% of total revenue, with GTV from platform services at RMB 606.8 million[11] - Corporate services generated RMB 211.6 million in revenue, representing 65.3% of total revenue, with stable performance attributed to long-term contracts with major corporate clients[12] User Engagement - The number of registered users exceeded 33.7 million, with 6.8 million registered drivers, indicating strong engagement across mainland China, Hong Kong, and overseas markets[5] - The company operates in over 370 cities across six countries and regions in Asia, including mainland China, Hong Kong, Singapore, South Korea, India, and Vietnam[3] Cost Management - Sales and marketing expenses decreased by 37.3% to RMB 69.3 million from RMB 110.6 million, mainly due to reduced user incentives and advertising costs[24] - General and administrative expenses decreased by 34.6% to RMB 77.4 million from RMB 118.2 million, primarily due to lower employee benefits[25] - Operating cash used in business activities was RMB 43.2 million for the first half of 2024[17] - Capital expenditures for the same period amounted to RMB 1.3 million[17] - Employee benefit expenses, including share-based compensation, amounted to RMB 93.3 million for the six months ended June 30, 2024, down 36.7% from RMB 147.5 million for the same period in 2023[44] Strategic Focus - The company is focused on leveraging technology to simplify urban logistics and is committed to social welfare and sustainable development[3] - Future strategies include market expansion and the development of new technology solutions to enhance logistics services[3] - The company expanded its strategic layout in Southeast Asia, with significant revenue growth in Vietnam (42.8%) and Korea (11.6%) during the reporting period[12] - The introduction of AI and machine learning in operations significantly improved order dispatch rates and customer service quality, enhancing long-term customer loyalty[11] Financial Position - Cash and cash equivalents as of June 30, 2024, amounted to RMB 363.0 million, compared to RMB 199.8 million as of June 30, 2023[38] - The company reported a zero debt level as of June 30, 2024, resulting in a capital-to-debt ratio that is not applicable[45] - The company had no significant investments or capital asset plans as of June 30, 2024[41] - The company reported a foreign exchange gain of RMB 454 thousand, compared to a gain of RMB 11,490 thousand in the previous year[83] - The company’s total liabilities increased, with cumulative losses reaching RMB 7,464,571,000 as of June 30, 2024[88] Share Incentive Plan - The company has adopted a share incentive plan to recognize and reward contributions from certain management members and employees[43] - The share incentive plan allows for a maximum issuance of 104,134,465 shares, representing approximately 16.6% of the total issued shares[63] - The plan includes provisions for granting stock options, restricted shares, and restricted share units to eligible participants[62] - The maximum number of shares that can be granted to a single eligible participant under the share incentive plan has no specific limit[63] - The company granted a total of 104,134,465 share options under the share incentive plan prior to its listing on June 24, 2022[78] Governance and Compliance - The company has established an audit committee to oversee financial reporting and risk management systems[50] - The company has complied with all applicable corporate governance codes during the reporting period[47] - The board has proposed to appoint a new auditor, with the resignation of the previous auditor effective from September 12, 2024[53] Market Conditions - Revenue for the reporting period was RMB 324.2 million, a decrease of 12.8% compared to RMB 371.8 million in the same period last year, primarily due to weak consumer sentiment in mainland China[5] - Gross transaction value (GTV) was RMB 822.1 million, despite a decline attributed to strategic decisions aimed at optimizing service products and improving profitability[5]

Revenue Performance - Revenue for the six months ended June 30, 2024, was RMB 324,188 thousand, a decrease of 12.8% compared to RMB 371,758 thousand for the same period in 2023[1] - Total revenue for the six months ended June 30, 2024, was RMB 324,188,000, a decrease from RMB 371,758,000 for the same period in 2023, representing a decline of approximately 12.8%[17] - Revenue from logistics services provided to corporate clients was RMB 211,581,000, down from RMB 228,499,000, reflecting a decrease of about 7.4%[17] - Revenue from Hong Kong and overseas markets reached RMB 234.5 million, an increase of 4.9% compared to RMB 223.6 million in the previous year, while mainland China revenue fell by 39.5% to RMB 89.7 million[33] - Revenue from platform services generated RMB 81.1 million, accounting for 25.0% of total revenue, with GTV of RMB 606.8 million and 6.8 million shipping orders processed, despite a 40% decrease in order volume year-over-year[35] - Corporate services generated RMB 211.6 million in revenue, stable compared to RMB 228.5 million in the same period last year, representing 65.3% of total revenue, with significant contracts signed with major enterprises[36] - Value-added services revenue was RMB 31.5 million, a decline of 6.6% year-over-year, making up 9.7% of total revenue[37] - In Hong Kong and overseas markets, value-added services revenue increased by 31.7% to RMB 27.0 million, driven by successful integration with platform and corporate solutions[38] Profitability and Loss - Gross profit for the same period was RMB 112,737 thousand, down 5.5% from RMB 119,333 thousand in 2023[1] - Loss before tax improved significantly to RMB (84,001) thousand, a reduction of 87.0% from RMB (645,010) thousand in the prior year[1] - Adjusted net loss for the period was RMB (33,848) thousand, a decrease of 72.1% compared to RMB (121,260) thousand in 2023[1] - The company reported a total comprehensive loss of RMB (81,835) thousand for the period, significantly lower than RMB (629,396) thousand in the same period last year[3] - Basic and diluted loss per share improved to RMB (0.13) from RMB (1.03) in the previous year[3] - The company reported a net loss attributable to equity holders of RMB 82,354,000 for the six months ended June 30, 2024, compared to a net loss of RMB 642,475,000 for the same period in 2023, indicating a significant improvement[25] - The total loss for the period ended June 30, 2024, was RMB 82.9 million, compared to a loss of RMB 642.9 million for the same period in 2023[61] - The adjusted net loss for the first half of 2024 was RMB 33.8 million, a decrease of 72.1% compared to the same period in 2023[59] - The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the first half of 2024 was a loss of RMB 21.2 million, down 80.1% from the same period in 2023[60] Expenses and Cost Management - Research and development expenses decreased to RMB 11,552 thousand, down 48.3% from RMB 22,392 thousand in the previous year[2] - Employee benefits expenses, including share-based compensation, decreased to RMB 93,263,000 from RMB 147,495,000, a reduction of approximately 36.8%[18] - The total cost of revenue, sales and marketing expenses, R&D expenses, and general and administrative expenses amounted to RMB 369,667,000, down from RMB 503,623,000, a decrease of about 26.5%[18] - Selling and marketing expenses decreased by 37.3%, from RMB 110.6 million to RMB 69.3 million[48] - General and administrative expenses fell by 34.6%, from RMB 118.2 million to RMB 77.4 million[49] - The company's loss decreased by 87.1% to RMB 82.9 million, attributed to strict cost optimization measures and a focus on higher-margin services and products[34] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 362,991 thousand from RMB 206,308 thousand at the end of 2023[5] - The net increase in cash and cash equivalents was RMB 154,507 thousand for the six months ended June 30, 2024, compared to a decrease of RMB (132,510) thousand for the same period in 2023[7] - The ending cash and cash equivalents balance was RMB 359,735 thousand as of June 30, 2024, compared to RMB 199,791 thousand as of June 30, 2023, reflecting a strong liquidity position[7] - The company reported a decrease in cash used in operating activities, with cash used for business operations at RMB (41,833) thousand, down from RMB (125,527) thousand year-over-year[6] - Operating cash flow used was RMB (43,206) thousand for the six months ended June 30, 2024, compared to RMB (128,063) thousand for the same period in 2023, indicating a significant improvement[6] - The net cash used in operating activities for the first half of 2024 was RMB 43.2 million, compared to RMB 128.1 million in the same period of 2023[64] - The company plans to meet its liquidity needs through cash generated from operations and proceeds from its global offering[64] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 738,438 thousand, down from RMB 866,978 thousand as of December 31, 2023[4] - Non-current liabilities decreased to RMB 15,067 thousand from RMB 21,105 thousand at the end of 2023[5] - The carrying amount of goodwill as of June 30, 2024, was RMB 155,919,000, down from RMB 206,894,000 at the end of 2023, reflecting a decrease due to impairment[28] - The goodwill allocated to the mainland China business cash-generating unit was RMB 152.452 million as of June 30, 2024, down from RMB 203.452 million as of December 31, 2023[30] - The company recognized an impairment loss of RMB 51 million for the mainland China business cash-generating unit for the six months ended June 30, 2024[30] - The net accounts receivable as of June 30, 2024, was RMB 73.035 million, down from RMB 83.758 million as of December 31, 2023[31] - Accounts payable decreased to RMB 43.124 million as of June 30, 2024, from RMB 48.377 million as of December 31, 2023[32] - As of June 30, 2024, the company had zero borrowings, making the debt-to-equity ratio not applicable[71] Strategic Initiatives and Future Outlook - The company operates primarily in logistics and delivery solutions across various regions, including mainland China, Hong Kong, Singapore, South Korea, and other Southeast Asian countries[8] - The company plans to leverage AI and machine learning to enhance operations and service delivery quality, focusing on expansion in the APAC region and launching new premium service products[39] - The company has expanded its strategic layout in Southeast Asia, with Hong Kong and overseas markets now accounting for 72.3% of total revenue[33] - The compound annual growth rate (CAGR) for revenue in the mainland China business is projected at 7.28% for the five-year forecast period[30] Corporate Governance and Compliance - The company has not adopted new standards that are effective from January 1, 2024, and is currently assessing the impact of new standards issued but not yet effective[13] - The company continues to evaluate its accounting policies and estimates, ensuring consistency with previous financial reporting periods[9] - The audit committee has reviewed the unaudited consolidated interim financial statements for the six months ended June 30, 2024[79] - The company remains committed to maintaining high standards of corporate governance to protect shareholder interests[76] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[78] - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[27]

Financial Performance - Total revenue for 2023 was RMB 752.8 million, a decrease of 2.6% compared to RMB 773.2 million in 2022[10] - Gross profit for 2023 was RMB 257.9 million, down 1.4% from RMB 261.6 million in 2022[10] - Loss before tax for 2023 was RMB 1.1 billion, an improvement of 9.4% from RMB 1.2 billion in 2022[10] - Net loss for 2023 was RMB 1.1 billion, a reduction of 9.0% compared to RMB 1.2 billion in 2022[10] - Adjusted net loss for 2023 was RMB 170.3 million, a decrease of 25.6% from RMB 228.9 million in 2022[10] - Adjusted EBITDA loss for 2023 was RMB 140.5 million, down 31.9% from RMB 206.3 million in 2022[10] Business Operations - The company operates in over 370 cities across six countries in Asia, including China, Hong Kong, Singapore, South Korea, India, and Vietnam[4] - The enterprise business segment contributed 61.4% of total revenue, with revenue reaching RMB 462.4 million, exceeding market expectations[16] - The value-added services segment saw a revenue increase of 29.4%, indicating strong user engagement and operational efficiency[16] - The company achieved a 12.9% year-on-year increase in sales of new energy vehicles[19] - The proportion of drivers using new energy vehicles in mainland China reached 60%, with platform orders completed by new energy vehicles increasing from 38% to 43%[19] - The company successfully launched insurance brokerage services in Hong Kong, enhancing its diversification strategy and generating significant revenue[18] - The overseas market contributed 62% to total revenue, with significant growth in Southeast Asian markets[14] Sustainability and Social Responsibility - The company aims to leverage technology to simplify urban logistics and is committed to social welfare and sustainable development[4] - The company reduced its empty load rate to 17%, significantly lowering carbon emissions and demonstrating its commitment to sustainability[19] - The company is committed to social responsibility and sustainable development as part of its operational strategy[35] - The company reported no charitable donations during the reporting period[51] Shareholder Information - The board does not recommend the payment of a final dividend for the year ending December 31, 2023 (2022: none) [28] - Revenue from the top five customers accounted for approximately 19.3% of total revenue for the year ending December 31, 2023 (2022: 18.4%) [43] - Procurement from the top five suppliers accounted for approximately 19.1% of total cost of revenue for the year ending December 31, 2023 (2022: 26.3%) [45] - Major shareholders include 58同城 with 237,238,377 shares (37.80%) and 姚先生 with 242,720,287 shares (38.67%) of the company[81] - 淘寶中國 and its parent 阿里巴巴 each hold 55,763,860 shares, representing 8.88% of the company[81] Corporate Governance - The company has made changes in its board of directors, including the appointment of a new chairman effective December 20, 2023[58] - The company has confirmed the independence of its independent non-executive directors as per the listing rules[62] - There were no significant transactions or contracts involving directors or their related entities that had a major impact on the company's business during the reporting period[64] Risk Factors - The company has faced significant risks including intense market competition and regulatory compliance challenges [33] - The impact of COVID-19 on business operations and financial performance remains a concern for future outlook [33] - The company believes that the contractual arrangements are designed to minimize potential conflicts with Chinese laws and regulations[176] - The company faces risks related to the contractual arrangements, including potential non-compliance with applicable Chinese laws, which could lead to severe consequences[183] Related Party Transactions - The independent non-executive directors confirmed that the related party transactions disclosed for the year ended December 31, 2023, were conducted in the ordinary course of business and on normal commercial terms[173] - The company’s independent auditor confirmed that the disclosed related party transactions were approved by the board and complied with the pricing policy[173] Share Incentive Plan - The maximum number of shares that can be issued under the share incentive plan is 104,134,465 shares, accounting for approximately 16.6% of the total issued shares as of the report date[91] - The remaining term of the share incentive plan is approximately 7 years and 4 months from the effective date of August 18, 2021[92] - The share options granted under the plan have a vesting period ranging from 0 to 4 years[95] - The plan aims to align the interests of participants with those of shareholders and to incentivize performance and efficiency[87] Logistics Services - The proposed annual cap for logistics services provided to Zhejiang Daniao has been revised from RMB 10.0 million to RMB 17.5 million for the fiscal year ending December 31, 2023[127] - The total amount for logistics services provided to Zhejiang Daniao for the fiscal year ending December 31, 2023, is approximately RMB 17.47 million, which is within the proposed annual cap[129] - The logistics service framework agreement with Zhejiang Mengmengchun is renewed for the period from March 23, 2023, to March 31, 2024[131] - The pricing for logistics services to Zhejiang Mengmengchun will be based on fair negotiation and will consider factors such as vehicle type, service distance, and delivery requirements[132] Cloud Services - Historical amounts for cloud services provided by Alibaba Cloud to Tianjin Wuba Technology from 2019 to 2022 were approximately RMB 1.7 million, RMB 4.4 million, RMB 8.7 million, and RMB 10.2 million, respectively[141] - Proposed annual cap for cloud services under the renewed agreement for 2023 is RMB 3.1 million for Q1 and RMB 9.2 million for Q2-Q4[141] - The pricing for cloud services under the renewed agreement includes discounts ranging from 20% to 55% based on service type and purchase amount[140]

Revenue Performance - Revenue for the year ended December 31, 2023, decreased by 2.6%, with a 17.8% decline from mainland China, while revenue from Hong Kong and overseas markets grew by 9.7%[1] - Total revenue for the year ended December 31, 2023, was RMB 752,818 thousand, a decrease of 2.6% compared to RMB 773,248 thousand in 2022[35] - Revenue from logistics services for corporate clients reached RMB 462.4 million, accounting for 61.4% of total revenue in 2023[73] - Revenue from value-added services grew to RMB 73.6 million, representing 9.8% of total revenue in 2023[75] - Revenue from platform services in Hong Kong and overseas increased by 24.7% to RMB 64.4 million in 2023[72] - Revenue from mainland China platform services decreased by 20.8% to RMB 152.5 million in 2023[72] - Revenue from overseas markets, particularly in Vietnam, saw a significant increase of 131.5%[74] - The company achieved a 13.8% revenue growth in South Korea in 2023 compared to 2022[74] - Value-added services revenue in Hong Kong and overseas markets increased by 64.9% in 2023 compared to 2022[93] Financial Performance - The company reported a basic loss per share of RMB (1.76) for the year ended December 31, 2023, compared to RMB (2.40) for the previous year[5] - The net loss for the year was RMB 1,100,596 thousand, representing a 9.0% improvement from a net loss of RMB 1,209,141 thousand in 2022[35] - Adjusted net loss for the year (unaudited) was RMB 170,325 thousand, a significant reduction of 25.6% from RMB 228,900 thousand in the prior year[35] - The total comprehensive loss for the year was RMB (1,093,278) thousand, compared to RMB (1,365,198) thousand in 2022, indicating a reduction in overall losses[37] - The company reported accumulated losses of RMB 7,382,201 thousand in 2023, compared to RMB 6,246,066 thousand in 2022, reflecting an increase in losses of about 18%[39] Goodwill and Impairments - The carrying amount of goodwill decreased to RMB 206.9 million as of December 31, 2023, from RMB 1,048.1 million in the previous year, primarily due to impairment losses[9] - The goodwill allocation for mainland China business was RMB 203.5 million, down from RMB 720.9 million in the previous year, indicating a significant reduction in market value[11] - The group confirmed goodwill impairments of RMB 517,450,000 for mainland China operations and RMB 326,050,000 for Hong Kong and overseas operations[23] - The company recorded a significant increase in goodwill impairment of RMB 843,500 thousand for the year ended December 31, 2023, compared to no impairment in 2022[36] Operational Efficiency - The company continues to focus on improving operational efficiency by integrating GoGoVan's operations in mainland China while monitoring its business in Hong Kong and other Asian countries separately[10] - The company aims to expand its user base and geographical coverage through its WeChat mini-program launched in February 2023, enhancing access to its local logistics and moving services[4] Economic Environment and Forecasts - The overall economic rebound, particularly in the mainland China market, did not meet expectations, impacting the company's revenue and profitability growth[14] - The board has revised its revenue growth forecast downwards, reflecting changes in the macroeconomic environment and logistics industry outlook, with a focus on cash-generating units' recoverable amounts[15] - The financial model assumes a compound annual growth rate (CAGR) for revenue of 8% over five years, down from 36% as of December 31, 2022, and a CAGR for operating costs and expenses of 5%, down from 24%[16] - The long-term growth rate is projected at 2% annually, down from 3% as of December 31, 2022, with the percentage of revenue costs maintained between 49% to 52%[16] Assets and Liabilities - Total assets decreased from RMB 1,924,880 thousand in 2022 to RMB 866,978 thousand in 2023, representing a decline of approximately 55%[38] - Non-current assets decreased from RMB 1,084,000 thousand in 2022 to RMB 587,101 thousand in 2023, a reduction of about 46%[38] - Cash and cash equivalents dropped significantly from RMB 330,734 thousand in 2022 to RMB 206,308 thousand in 2023, a decrease of approximately 38%[38] - Total equity fell from RMB 1,484,083 thousand in 2022 to RMB 479,675 thousand in 2023, indicating a decline of around 68%[40] Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[190] - The board structure is deemed appropriate, with a balance of power to safeguard the interests of the company and its shareholders[192] - The audit committee, consisting of two independent non-executive directors and one non-executive director, is responsible for reviewing and supervising the group's financial reporting procedures and risk management systems[194]

Revenue and Profitability - Revenue for the six months ended June 30, 2023, was RMB 371.8 million, representing a 6.6% increase compared to RMB 348.8 million in the same period of 2022[10]. - Gross profit for the same period was RMB 119.3 million, up 6.3% from RMB 112.2 million year-on-year[10]. - Revenue from value-added services surged by 44.5%, increasing from RMB 23.4 million to RMB 33.8 million, driven by partnerships with dealers and fleet sales in mainland China[27]. - Revenue from corporate services rose by 6.3% to RMB 228.5 million, supported by significant growth in markets such as India (up 274.8%) and Singapore (up 16.7%)[25]. - Revenue for the six months ended June 30, 2023, was RMB 371,758 thousand, representing an increase of 6.4% compared to RMB 348,755 thousand in the same period of 2022[149]. - Gross profit for the same period was RMB 119,333 thousand, up from RMB 112,211 thousand, indicating a gross margin improvement[149]. - The company reported a net loss of RMB 642,938 thousand for the period, compared to a net loss of RMB 1,049,064 thousand in the same period last year, showing a significant reduction in losses[151]. - Basic and diluted loss per share for the period was RMB 1.03, an improvement from RMB 2.69 in the previous year[151]. Expenses and Cost Management - Total operating expenses decreased by 34.2% to RMB 110.6 million from RMB 167.9 million in the prior year, primarily due to a reduction in share-based compensation expenses[35]. - Research and development expenses decreased by 52.9% to RMB 22.4 million from RMB 47.5 million in the previous year, while excluding share-based compensation, R&D expenses increased by 23.6% to RMB 24.5 million[42]. - General and administrative expenses dropped by 81.7% to RMB 118.2 million from RMB 646.5 million, mainly due to reduced share-based compensation and listing expenses[39]. - Employee benefits expenses, including share-based compensation, decreased by 85.1% to RMB 85.98 million from RMB 576.33 million[41]. - The company recorded a decrease in sales and marketing expenses by 34.2% to RMB 110.6 million, with a notable reduction in share-based compensation contributing to this decline[35]. - The company anticipates continued focus on cost management and efficiency improvements in the upcoming periods[31]. Financial Position and Cash Flow - As of June 30, 2023, the company's cash and cash equivalents amounted to RMB 202.3 million, down from RMB 748.7 million at the end of the previous period[72]. - The company reported a net cash outflow from operating activities of RMB 128.1 million for the six months ended June 30, 2023, compared to RMB 147.3 million for the same period in 2022[73]. - The total cash and cash equivalents at the end of June 2023 was RMB 199,791 thousand, down from RMB 748,728 thousand at the end of June 2022, reflecting a decline of approximately 73.3%[161]. - The company incurred RMB 99,000 thousand in purchases of financial assets measured at fair value through profit or loss during the first half of 2023[161]. - The company did not generate any proceeds from the issuance of ordinary shares related to the initial public offering in the first half of 2023, compared to RMB 573,533 thousand in the same period of 2022[161]. Strategic Partnerships and Market Position - The partnership with Tencent's transportation services since February 2023 has expanded the company's user base and service coverage[12]. - The company aims to enhance its competitiveness in the market as industry subsidy competition diminishes[11]. - The gradual recovery of the Hong Kong economy is expected to increase demand for the company's platform services[12]. - The company is focused on expanding its electric vehicle fleet support for corporate clients in Singapore, emphasizing its commitment to sustainable practices[15]. - The company is shifting its strategic focus from pursuing high-subsidy revenue growth to emphasizing stable development and reducing net losses[57]. Goodwill and Impairment - Goodwill impairment recorded was RMB 513.5 million for the six months ended June 30, 2023, while there was no impairment in the same period of 2022[47]. - The carrying amount of goodwill as of June 30, 2023, was RMB 536,051,000, down from RMB 1,048,062,000 at the beginning of the period, primarily due to impairment losses recognized[199]. - The company recognized an impairment loss of RMB 513,525,000 on goodwill during the six months ended June 30, 2023, reflecting challenges in the market and operational performance[199]. - The management conducts annual impairment tests on the goodwill arising from the acquisition of GoGoVan, with more frequent tests triggered by specific events or changes in circumstances[200]. Share Incentive Plan - The share incentive plan allows for a maximum issuance of 104,134,465 shares, representing approximately 16.6% of the total issued shares[120]. - The total vesting period for options granted under the share incentive plan ranges from 0 to 4 years[123]. - The company granted a total of 104,134,465 stock options under the share incentive plan prior to its listing on June 24, 2022[138]. - During the six months ended June 30, 2023, a total of 41,327,214 stock options were granted to directors and senior management[140]. - The total number of stock options exercised during the reporting period was 2,829,546, while 1,272,883 options were cancelled[140]. Market and Economic Conditions - The board has lowered revenue growth and cash flow forecasts due to macroeconomic factors, including a decline in GDP growth rates in China and Hong Kong[53][52]. - The logistics industry growth decline in mainland China and Hong Kong has led the board to adjust its revenue growth and cash flow forecasts downward[55]. - The board noted that the Federal Reserve's interest rate hikes, which reached between 5.25% and 5.50% in July 2023, would further suppress consumer spending, impacting revenue forecasts[51].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GOGOX HOLDINGS LIMITED 快 狗 打 车 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2246） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 財務摘要 截至6月30日止六個月 2023年 2022年 期間變動 人民幣千元 人民幣千元 (%) （未經審計）（未經審計） 收入 371,758 348,755 6.6 毛利 119,333 112,211 6.3 所得稅前虧損 (645,010) (1,051,057) (38.6) 期內虧損 (642,938) (1,049,064) (38.7) 非《國際財務報告準則》計量： 期內經調整虧損淨額(1) (121,260) (118,179) 2.6 期內經調整未扣除利息、 稅項、折舊及攤銷的盈利(2) (106,338) (105,223) 1.1 ...

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 773,248,000, representing a 17.0% increase from RMB 660,857,000 in 2021[9] - Gross profit for 2022 was RMB 261,609,000, an increase of 8.2% compared to RMB 241,724,000 in the previous year[9] - The loss before income tax for 2022 was RMB (1,217,915,000), a 39.6% increase from RMB (872,576,000) in 2021[9] - The net loss for the year was RMB (1,209,141,000), which is 38.5% higher than the net loss of RMB (872,854,000) in 2021[9] - Adjusted net loss for the year (unaudited) was RMB (228,900,000), a decrease of 17.5% from RMB (277,304,000) in 2021[9] - Total revenue for the fiscal year ended December 31, 2022, was RMB 773.2 million, representing a 17.0% increase from RMB 660.9 million for the fiscal year ended December 31, 2021[34] - Gross profit for the fiscal year ended December 31, 2022, increased to RMB 261.6 million, reflecting an 8.2% year-on-year growth[33] - The adjusted net loss for the fiscal year ended December 31, 2022, was RMB 228.9 million, a decrease of 17.5% compared to the previous year[33] - The total loss for the year ended December 31, 2022, was RMB 1,209.1 million, compared to RMB 872.9 million in 2021[70] Operational Highlights - The company achieved a significant milestone by successfully listing on the Hong Kong Stock Exchange on June 24, 2022[13] - The platform completed 26.4 million shipping orders in 2022, generating a total transaction value of RMB 2,540.7 million[23] - As of December 31, 2022, the company had approximately 30.7 million registered shippers and 6.1 million registered drivers[23] - The company completed approximately 1.9 million logistics deliveries for its enterprise clients, amounting to a total transaction value of approximately RMB 482.7 million for the fiscal year ended December 31, 2022[27] - The company operates in over 360 cities across six countries and regions in Asia, including mainland China, Hong Kong, Singapore, South Korea, India, and Vietnam[3] Revenue Streams - Revenue from logistics services for corporate clients increased by 3.3% to RMB 472.3 million for the year ended December 31, 2022, compared to RMB 372.8 million for the year ended December 31, 2021[38] - Revenue from platform services decreased by 5.4% to RMB 244.1 million for the year ended December 31, 2022, down from RMB 258.1 million for the year ended December 31, 2021[39] - Revenue from value-added services surged by 90.0% to RMB 56.8 million for the year ended December 31, 2022, compared to RMB 29.9 million for the year ended December 31, 2021[40] - Overseas service revenue reached RMB 425.4 million, growing by 34.1% year-on-year, with significant growth in India (704.3%), Vietnam (100.0%), and South Korea (31.9%)[16] Expenses and Losses - Cost of revenue increased by 22.1% to RMB 511.6 million for the year ended December 31, 2022, compared to RMB 419.1 million for the year ended December 31, 2021[41] - The total employee benefits expense, including share-based compensation, increased by 669.9% from RMB 88.7 million in 2021 to RMB 682.8 million in 2022[54] - General and administrative expenses rose by 324.4% from RMB 186.8 million in 2021 to RMB 792.9 million in 2022, primarily due to a significant increase in employee benefits expenses[51] - Research and development expenses increased by 107.9% from RMB 34.7 million in 2021 to RMB 72.2 million in 2022, driven by a rise in share-based compensation[55] - Operating loss surged by 190.5% from RMB 314.0 million in 2021 to RMB 912.3 million in 2022[61] Strategic Goals and Future Plans - The company aims to achieve high-quality development and return value to shareholders while focusing on technological advancements in urban logistics[13] - The company aims for over 80% of orders on its platform to be completed by new energy vehicles by the end of 2030[20] - The company plans to explore new business lines in automotive dealership services in collaboration with manufacturers and fleet operators[32] - The company plans to continue expanding its service offerings and acquiring new contracts from various industries to sustain growth[38] Governance and Leadership - The company has appointed Mr. Shuai Yong as a non-executive director since August 13, 2021, and he has extensive experience in supply chain technology and logistics[96] - The company has a strong board with members holding significant experience in global management and finance, including Mr. Guan Ming Sheng, who has 30 years of experience and has served in various high-level positions[101] - The company is actively expanding its board with experienced professionals to enhance governance and strategic direction[106] - The board includes members with advanced degrees from prestigious universities, ensuring a high level of expertise in management and finance[107] Shareholder Information - The total number of shares issued was 618,690,277, with specific directors holding various percentages of shares, such as Mr. Chen holding approximately 1.28% and 1.93% through controlled entities[167] - The company has implemented a share incentive plan approved on August 18, 2021, aimed at recognizing and rewarding contributions from management, employees, and consultants[177] - The maximum number of shares that can be issued under the share incentive plan is 104,134,465 shares, accounting for approximately 16.6% of the total issued shares as of the report date[183] Market and Competition - The company faces significant competition in the market, which could adversely affect its business and financial performance if it fails to compete effectively[127] - The company has been impacted by the COVID-19 pandemic, which may continue to affect its operations and financial performance[127] Compliance and Risk Management - The company has complied with all relevant laws and regulations that significantly impact its business and operations during the reporting period[131] - The company faces foreign exchange risks due to operations in various Asian currencies, including USD, HKD, SGD, KRW, and VND, without any hedging transactions in place[81]

香 港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GOGOX HOLDINGS LIMITED 快 狗 打 车 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2246） 年 度 業 績 公 告 截 至2022年12月31日 止 年 度 年度業績摘要 截至12月31日止年度 2022年 2021年 同比變動 人民幣千元 人民幣千元 (%) 收入 773,248 660,857 17.0 毛利 261,609 241,724 8.2 所得稅前虧損 (1,217,915) (872,576) 39.6 年內虧損 (1,209,141) (872,854) 38.5 非《國際財務報告準則》計量： 年內經調整虧損淨額 （未經審計）(1) (228,900) (277,304) (17.5) 年內經調整未扣除利息、稅項、 折舊及攤銷的盈利 （未經審計）(2) (206,263) (248,627) (17.0) ...

Financial Performance - Total revenue for the six months ended June 30, 2022, was RMB 348.8 million, an increase of 15.5% compared to RMB 301.9 million in the same period of 2021[9]. - The gross profit for the same period was RMB 112.2 million, reflecting a 5.0% increase from RMB 106.8 million year-over-year[9]. - The loss before tax for the six months was RMB 1,051.1 million, a significant increase of 329.5% from RMB 244.7 million in the prior year[9]. - The adjusted net loss for the period was RMB 118.2 million, an increase of 34.2% from RMB 88.1 million in the same period of 2021[9]. - The adjusted EBITDA loss for the six months was RMB 105.2 million, representing a 48.6% increase from RMB 70.8 million year-over-year[9]. - For the six months ended June 30, 2022, the company reported a total comprehensive loss attributable to equity holders of RMB 1,049.1 million, compared to a loss of RMB 246.9 million for the same period in 2021, representing a significant increase in losses[60]. - The basic and diluted loss per share attributable to equity holders for the period was RMB (2.69), compared to RMB (0.59) in the same period last year[127]. - The company reported a loss attributable to equity holders from continuing operations of RMB 1,045,908 thousand for the six months ended June 30, 2022, compared to a loss of RMB 246,930 thousand for the same period in 2021, representing a significant increase in losses[190]. Revenue Breakdown - Revenue from logistics services provided to enterprise clients was RMB 214.975 million, while revenue from the logistics service platform was RMB 110.416 million for the first half of 2022[27]. - Value-added services generated revenue of RMB 23.364 million, significantly increasing from RMB 11.923 million in the same period last year[27]. - Revenue from enterprise services increased by 24.2% from RMB 173.1 million for the six months ended June 30, 2021, to RMB 215.0 million for the six months ended June 30, 2022[28]. - Revenue from value-added services surged by 96.6% from RMB 11.9 million to RMB 23.4 million during the same period, driven by increased service fees from platform fleet operators and organic growth[31]. - Revenue from continuing operations for the six months ended June 30, 2022, was RMB 348,755 thousand, an increase of 15.5% compared to RMB 301,872 thousand for the same period in 2021[122]. Operational Metrics - The total number of registered shippers reached approximately 29.2 million, while registered drivers totaled 5.6 million as of June 30, 2022[12]. - A total of 11.8 million shipping orders were completed on the platform during the first half of 2022, generating a total transaction value of RMB 1,113.3 million[12]. - For the six months ended June 30, 2022, the company facilitated approximately 10.8 million shipping orders through its platform, with a total transaction value of approximately RMB 894.6 million[14]. Expenses and Costs - Total revenue cost rose by 21.3% from RMB 195.0 million to RMB 236.5 million, primarily due to an increase in subcontracting costs by RMB 37.0 million[32]. - Sales and marketing expenses increased by 43.9% from RMB 116.7 million to RMB 167.9 million, mainly due to higher share-based compensation and outsourced service costs[41]. - Employee benefits expenses, including share-based compensation, rose by 81.5% from RMB 37,406 thousand in 2021 to RMB 67,906 thousand in 2022[43]. - R&D expenses surged by 158.9% from RMB 18,349 thousand in 2021 to RMB 47,510 thousand in 2022, primarily due to an increase in share-based compensation[49]. - General and administrative expenses increased by 858.1% from RMB 67,470 thousand in 2021 to RMB 646,463 thousand in 2022, driven by a rise in employee benefits and listing expenses[45]. Cash Flow and Financing - The company's cash and cash equivalents as of June 30, 2022, amounted to RMB 748.7 million, up from RMB 366.6 million at the end of June 2021[66]. - Operating activities used net cash of RMB 147.3 million for the six months ended June 30, 2022, compared to RMB 157.6 million for the same period in 2021[68]. - The company reported a net cash inflow from financing activities of RMB 566.3 million for the six months ended June 30, 2022, compared to RMB 305.0 million for the same period in 2021[68]. - The company had capital expenditures of approximately RMB 5.0 million for the six months ended June 30, 2022, compared to RMB 0.5 million for the same period in 2021, indicating increased investment in property, plant, and equipment[66]. Shareholder Information - As of June 30, 2022, the company had a total of 295,120,403 shares, representing 47.95% ownership held by 58 Daojia[105]. - The company’s major shareholder, 58 Daojia, is controlled by 58 Tongcheng, which holds over 50% of its shares[106]. - Alibaba holds 92,145,347 shares, representing 14.97% of the company[108]. - The total number of unexercised stock options granted was 104,965,917, with 7,912,383 options exercised during the reporting period[117]. Strategic Initiatives - The company aims to enhance its technology-driven logistics solutions for social welfare and sustainable development[3]. - The company aims to expand its service network using a light-asset model and strengthen its technological capabilities while exploring diverse monetization opportunities and strategic partnerships[17]. - The company has implemented internal policies to promote the use of new energy vehicles in logistics services, aligning with environmental regulations and sustainability goals[18]. - The company plans to explore new business lines in automotive dealership services in collaboration with manufacturers and fleet operators to complement future service offerings[17]. Market Presence - The company operates in over 340 cities across six countries and regions in Asia, including mainland China, Hong Kong, Singapore, South Korea, India, and Vietnam[3]. - The company experienced strong growth in overseas markets, particularly in South Korea (+38.1%) and India (+141.2%) due to the easing of COVID-19 restrictions[28].