Financial Data and Key Metrics Changes - As of June 30, 2024, the company reported a total revenue of 4.04 billion, representing a year-on-year growth of 2% [1] - The adjusted net profit reached 1.3 billion, showing a significant increase of 51.3% year-on-year [1][2] - The gross margin was reported at 73.3%, a decrease of 3% compared to the previous year [2] Business Line Data and Key Metrics Changes - The ride-sharing business generated nearly 3.9 billion, accounting for 96.3% of total revenue, with a year-on-year growth of 4.1% [2] - The number of certified private car owners in the ride-sharing segment grew by 17% to 17.68 million [1] - The total transaction volume for the ride-sharing business reached 40 billion, with an order volume of 62 million [1] Market Data and Key Metrics Changes - The company operates ride-sharing services in 366 cities and has launched taxi-hailing services in 96 cities [1] - The company signed strategic cooperation agreements in 76 cities for its new taxi-hailing strategy [1] Company Strategy and Development Direction - The company aims to enhance operational efficiency by dynamically adjusting pricing and incentives based on supply-demand relationships [1] - Future strategies include deepening partnerships with reputable companies and expanding user base through various channels [1] - The company plans to explore carbon trading opportunities related to ride-sharing services [1] Management Comments on Operating Environment and Future Outlook - Management acknowledged external challenges such as a sluggish economy and competitive pressure from low-priced ride-hailing products [2] - The company is adjusting its market investment strategies to improve return on investment [2] - Management expressed confidence in the company's ability to share profits with shareholders through dividends or stock buybacks in the near future [2] Other Important Information - The company has a cash reserve of 1.66 billion, with a net cash position of 1 billion after accounting for user withdrawals and other payables [2] Q&A Session Summary Question: Future growth strategy given lower revenue growth compared to profit growth - Management attributed the slower revenue growth to external economic conditions and competitive pressures, while outlining a strategy focused on optimizing pricing and operations based on route characteristics [2] Question: Plans for shareholder returns - Management confirmed intentions to consider dividends or stock buybacks as a way to share profits with shareholders, given the strong cash flow and financial health [2] Question: Impact of autonomous driving on business - Management sees autonomous driving as a potential opportunity to enhance service efficiency and is exploring how to integrate this technology into their existing business model [2]

Financial Performance - Revenue increased by 2.0% from RMB 396.2 million for the six months ended June 30, 2023, to RMB 404.1 million for the six months ended June 30, 2024[1]. - Gross profit decreased by 2.0% from RMB 302.1 million for the six months ended June 30, 2023, to RMB 296.1 million for the six months ended June 30, 2024[1]. - Net profit for the six months ended June 30, 2024, was RMB 947.9 million, compared to a net loss of RMB 220.2 million for the six months ended June 30, 2023[1]. - Adjusted net profit increased by 51.3% from RMB 85.7 million for the six months ended June 30, 2023, to RMB 129.7 million for the six months ended June 30, 2024[1]. - Basic earnings per share for the six months ended June 30, 2024, was RMB 2.85, compared to a loss of RMB 0.68 for the six months ended June 30, 2023[2]. - The company reported a pre-tax profit of RMB 958.4 million for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 216.8 million for the same period in 2023[2]. - The company reported a pre-tax profit of RMB 958,363 thousand for the six months ended June 30, 2024, compared to a loss of RMB 216,758 thousand in the same period of 2023, indicating a significant turnaround in performance[4]. - Profit before tax recorded RMB 958.4 million for the six months ended June 30, 2024, compared to a loss of RMB 216.8 million for the six months ended June 30, 2023[73]. - Income tax expenses increased by 207.5% from RMB 3.4 million for the six months ended June 30, 2023, to RMB 10.5 million for the six months ended June 30, 2024, mainly due to the utilization of deferred tax assets[74]. Cash Flow and Assets - Total assets less current liabilities amounted to RMB 1,250.9 million as of June 30, 2024, compared to a negative RMB 3,307.6 million as of December 31, 2023[3]. - Cash and cash equivalents increased to RMB 1,036.8 million as of June 30, 2024, from RMB 685.5 million as of December 31, 2023[3]. - The company reported a net increase in cash and cash equivalents of RMB 351,278 thousand, compared to a decrease of RMB 129,346 thousand in the same period of 2023, reflecting stronger liquidity[5]. - Current assets increased from approximately RMB 1,475.0 million as of December 31, 2023, to approximately RMB 1,735.8 million as of June 30, 2024, primarily due to net cash from global sales[77]. - Cash and cash equivalents increased from RMB 685.5 million as of December 31, 2023, to RMB 1,036.8 million as of June 30, 2024, mainly due to net cash from global sales and increases in financial assets measured at fair value[78]. Expenses and Costs - Research and development expenses increased from RMB 57.3 million for the six months ended June 30, 2023, to RMB 74.2 million for the six months ended June 30, 2024[2]. - Service costs increased by 14.8% from RMB 94.1 million for the six months ended June 30, 2023, to RMB 108.0 million for the six months ended June 30, 2024[57]. - Sales and marketing expenses decreased by 48.9% from RMB 152.4 million for the six months ended June 30, 2023, to RMB 77.9 million for the six months ended June 30, 2024, attributed to a prudent promotion strategy and more precise marketing through AI[67]. - Administrative expenses decreased by 8.3% from RMB 15.6 million for the six months ended June 30, 2023, to RMB 14.3 million for the six months ended June 30, 2024, mainly due to a reduction in professional service fees[68]. - The company reported a significant decrease in driver and passenger incentives, totaling RMB 18,947 thousand for the six months ended June 30, 2024, compared to RMB 49,708 thousand in the same period of 2023[14][15]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was RMB 404,130 thousand, a slight increase from RMB 396,186 thousand in the same period of 2023, driven primarily by ride-hailing platform services[11]. - Revenue from ride-hailing platform services increased to RMB 389,228 thousand, up from RMB 373,970 thousand year-over-year, showcasing growth in this segment[11]. - Revenue from ride-sharing services accounted for 96.3% of total revenue, increasing from RMB 373.97 million in 2023 to RMB 389.23 million in 2024[55]. - Revenue from smart taxi services decreased by 56.9% to RMB 3.1 million, primarily due to a strategic shift from online booking to a new integrated taxi service strategy[55]. - Revenue from advertising and other services decreased by 21.5% from RMB 15.0 million for the six months ended June 30, 2023, to RMB 11.8 million for the six months ended June 30, 2024, mainly due to reduced advertising budgets from brand clients amid economic downturn[56]. Strategic Initiatives - The company plans to continue expanding its ride-hailing services and related offerings, leveraging its market position to capture further growth opportunities[11]. - The company is committed to ongoing research and development of new technologies to improve service delivery and customer experience in the ride-hailing sector[11]. - The company plans to enhance its platform and services using AI to optimize order matching and improve customer service efficiency[52]. - Strategic partnerships have been established with leading companies to develop ride-sharing services targeting office workers, promoting environmentally friendly and cost-effective commuting options[52]. - The company aims to address the untapped market demand for ride-sharing services and increase public awareness of its benefits[52]. Shareholder Information - The company has issued 39,091,000 shares post-IPO at a par value of USD 0.0001 per share, equivalent to approximately RMB 0.0007 per share[35]. - As of June 30, 2024, the total number of shares outstanding is 993,979,853, reflecting the conversion of 618,319,313 preferred shares into ordinary shares[34]. - The board has resolved not to declare any interim dividend for the six months ended June 30, 2024[92]. - The company does not expect to pay cash dividends on its common stock in the near future[41]. Governance and Compliance - The audit committee consists of three independent non-executive directors, with Ms. Wu Wenjie serving as the chair[96]. - The unaudited interim financial results for the six months ending June 30, 2024, have been reviewed and approved by the board[96]. - The company has maintained sufficient public float as required by listing rules as of the announcement date[92]. - The company has not disclosed any significant events since the end of the reporting period[97].