Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SE ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-40298 SMART SHARE GLOBAL LIMITED 6th Floor, 799 Tianshan W Road Changning District, Shanghai 200335 The People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of ...

Smart Share Global Limited (NASDAQ:EM) Q4 2022 Earnings Conference Call April 21, 2023 8:00 AM ET Company Participants Hansen Shi - Director of IR Mars Cai - Chairman and CEO Maria Xin - CFO Conference Call Participants Vicky Wei - Citi Charlie Chen - China Renaissance Operator Hello and thank you for standing-by for Energy Monsters 2022 Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. Today's conference is being recorded. If you have any ...

Exhibit 99.1 Smart Share Global Limited Announces Fourth Quarter and Fiscal Year 2022 Results Number of POIs reached 997 thousand as of the end of the fourth quarter of 2022 POIs operated through network partner model reached 52.5% as of the end of the fourth quarter of 2022 SHANGHAI, China, April 21, 2023 (GLOBE NEWSWIRE) -- Smart Share Global Limited (Nasdaq: EM) ("Energy Monster" or the "Company"), a consumer tech company providing mobile device charging service, today announced its unaudited financial r ...

Smart Share Global Limited (NASDAQ:EM) Q3 2022 Earnings Conference Call December 20, 2022 8:00 AM ET Company Participants Hansen Shi - Director of Investor Relations Mars Cai - Chairman and Chief Executive Officer Maria Xin - Chief Financial Officer Conference Call Participants Operator Hello, and thank you for standing by for Energy Monster’s 2022 Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Today’s conference is being recorded. [Operator Instructions] I ...

Smart Share Global Limited (NASDAQ:EM) Q2 2022 Earnings Conference Call September 8, 2022 8:00 AM ET Company Participants Hansen Shi - Director of Investor Relations Mars Cai - Chairman and Chief Executive Officer Maria Xin - Chief Financial Officer Conference Call Participants Charlie Chen - China Renaissance Vicky Wei - Citigroup Operator Thank you for standing by. Welcome to the Energy Monster’s Second Quarter 2022 Earnings Conference Call. All participants are in a listen-only mode. There will be a pres ...

Financial Data and Key Metrics Changes - For Q1 2022, revenues were 737.1 million RMB, representing a 13% year-over-year decrease [23] - Revenues from the mobile device charging business decreased by 12.1% to 717.7 million RMB, accounting for 97.4% of total revenues [23] - Gross profit fell by 15.6% year-over-year to 609.5 million RMB, primarily due to decreased revenues [24] - Net loss was 96.4 million RMB, with a net margin of negative 13.1% [25] Business Line Data and Key Metrics Changes - Revenues from power bank sales decreased by 48.3% year-over-year to 12.9 million RMB, accounting for 1.8% of total revenues [23] - Other revenues increased by 25.5% year-over-year to 6.4 million RMB, attributed to user growth and new business initiatives [23] Market Data and Key Metrics Changes - Same-store revenue decreased by approximately 35% year-over-year due to reduced food traffic from COVID-19 outbreaks [8][34] - In Shanghai, revenue decreased by an average of 93% from mid-March to May 2022 due to lockdowns [20][34] Company Strategy and Development Direction - The company aims to expand its Point of Interest (POI) network, which reached 851,000, increasing by over 20% year-over-year [8] - The strategy includes leveraging both direct operation and network partner models to enhance market presence and efficiency [10][12] - Continuous innovation in service offerings and operational efficiency is a priority to maintain competitive advantage [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19, particularly in Q1 and Q2 2022, but expressed confidence in long-term market recovery [20][21] - The company noted that regions recovering from COVID impacts typically return to normalized levels within one to two months [9][21] Other Important Information - As of March 31, 2022, the company had cash and cash equivalents of 2.8 billion RMB [26] - The company expects to generate revenues between 660 million to 690 million RMB for Q2 2022, reflecting current industry conditions [26] Q&A Session Summary Question: Can management elaborate on the synergy between the direct and network partner models? - Management explained that both models are crucial for service network expansion, with direct operations focusing on higher-tier cities and network partners on lower-tier ones. They are exploring the use of both models in all regions to enhance growth [28][30] Question: Can management provide insights on monthly performance in Q2 and changes in merchant categories? - Management indicated that the second quarter has been more challenging than the first, with significant revenue drops in Shanghai due to COVID. However, recovery trends have started to emerge in June [33][34] Question: What insights can management provide on the competitive environment and incentive fee rates? - Management noted a decline in competition as peers scale down operations, which has benefited the company. The incentive fee rates are decreasing as a percentage of revenue, positively impacting financials [38][40]

PART I [Item 3. Key Information](index=7&type=section&id=Item%203.%20Key%20Information) The company's VIE structure, associated risks, and key financial data from 2019-2021 are presented, highlighting revenue growth alongside a recent net loss - Smart Share Global Limited is a Cayman Islands holding company that controls its Chinese operations through PRC subsidiaries and contractual arrangements with a Variable Interest Entity (VIE), Shanghai Zhixiang[14](index=14&type=chunk) - The company faces significant risks related to its China operations, including regulatory oversight, cybersecurity, data privacy, and potential delisting under the **Holding Foreign Companies Accountable Act (HFCAA)** due to PCAOB inspection limitations[16](index=16&type=chunk)[17](index=17&type=chunk) - For 2019, 2020, and 2021, revenues contributed by the VIE were **0.18%, 0.34%, and 0.46%** of total revenues, respectively, with third-party revenues from the VIE reaching **RMB16.4 million** in 2021[14](index=14&type=chunk) [Selected Consolidated Financial Data](index=12&type=section&id=A.%20%5BReserved%5D) Selected Consolidated Statement of Operations Data (in thousands RMB) | Indicator | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | **Total revenues** | 2,022,310 | 2,809,359 | 3,585,391 | | **Income/(loss) from operations** | 232,061 | 131,832 | (108,999) | | **Net income/(loss)** | 166,606 | 75,427 | (124,615) | Selected Consolidated Balance Sheet Data (in thousands RMB) | Indicator | As of Dec 31, 2020 | As of Dec 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | 1,745,816 | 3,247,732 | | **Total assets** | 2,785,635 | 4,397,981 | | **Total current liabilities** | 854,833 | 1,028,365 | | **Total liabilities** | 1,087,021 | 1,165,957 | | **Total shareholders' (deficit)/equity** | (3,439,260) | 3,232,024 | Selected Consolidated Cash Flow Data (in thousands RMB) | Indicator | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | **Net cash generated from operating activities** | 444,040 | 536,118 | 226,778 | | **Net cash used in investing activities** | (868,296) | (261,487) | (1,714,287) | | **Net cash generated from financing activities** | 579,668 | 654,571 | 1,563,397 | [Risk Factors](index=21&type=section&id=D.%20Risk%20Factors) - The company's business is significantly affected by the **COVID-19 pandemic**, which has reduced user traffic and negatively impacted revenue and expansion efforts[51](index=51&type=chunk)[53](index=53&type=chunk) - The company operates in a **highly competitive mobile device charging industry**, which could lead to pricing pressure and a potential loss of market share[55](index=55&type=chunk) - The company's ADSs face a **significant delisting risk** and will be prohibited from trading in the U.S. in 2024 if the PCAOB cannot inspect its China-based auditor for three consecutive years[47](index=47&type=chunk)[122](index=122&type=chunk) - A **dual-class voting structure** gives founders control of **62.0% of the aggregate voting power** as of March 31, 2022, limiting the influence of other shareholders[142](index=142&type=chunk) [Item 4. Information on the Company](index=73&type=section&id=Item%204.%20Information%20on%20the%20Company) This section details the company's history, business model, operational network, and the organizational structure governing its Variable Interest Entity (VIE) [History and Development of the Company](index=73&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) - The company was founded in 2017 with the establishment of Shanghai Zhixiang Technology Co, Ltd, and the holding company was incorporated in the Cayman Islands[169](index=169&type=chunk) - The company listed its American Depositary Shares (ADSs) on the **Nasdaq Global Select Market** under the symbol "EM" in April 2021[169](index=169&type=chunk) [Business Overview](index=74&type=section&id=B.%20Business%20Overview) - The company is a consumer tech firm providing mobile device charging services via an extensive network of power banks located at Points of Interest (POIs)[171](index=171&type=chunk) Key Operational Metrics | Metric | As of Dec 31, 2019 | As of Dec 31, 2020 | As of Dec 31, 2021 | | :--- | :--- | :--- | :--- | | **Cumulative Registered Users** | 149.1 million | 219.4 million | 286.9 million | | **Number of POIs** | ~588,000 | ~664,000 | >845,000 | | **Power Banks in Circulation** | 4.5 million | 5.4 million | 5.7 million | - The company operates through a **direct operation model** for larger urban areas and a **network partner model** to expand into smaller cities[180](index=180&type=chunk) - Proprietary technology, including a hardware management system for its **5.7 million power banks** and an AI-enabled business intelligence system, is used to optimize operations[171](index=171&type=chunk)[197](index=197&type=chunk) [Organizational Structure](index=102&type=section&id=C.%20Organizational%20Structure) - To comply with PRC restrictions on foreign ownership, the company conducts certain business through a **Variable Interest Entity (VIE)**, Shanghai Zhixiang, controlled via contractual arrangements[278](index=278&type=chunk) - Control over the VIE is established through key contractual agreements, including Proxy Agreements, an Equity Interest Pledge Agreement, and an Exclusive Business Cooperation Agreement[279](index=279&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) [Operating and Financial Review and Prospects](index=105&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) Financial performance analysis shows 27.6% revenue growth in 2021 but a shift to a net loss due to higher expenses and COVID-19 impacts [Operating Results](index=105&type=section&id=A.%20Operating%20Results) Year-over-Year Financial Performance (in millions RMB) | Metric | 2020 | 2021 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | 2,809.4 | 3,585.4 | 27.6% | | *Mobile device charging business* | 2,711.5 | 3,455.8 | 27.4% | | **Cost of Revenues** | 430.8 | 557.2 | 29.3% | | **Sales and Marketing Expenses** | 2,121.0 | 2,951.0 | 39.1% | | **Income/(Loss) from Operations** | 131.8 | (109.0) | N/A | | **Net Income/(Loss)** | 75.4 | (124.6) | N/A | - The increase in 2021 revenue was primarily driven by recovery from COVID-19 and an increase in the number of POIs from **over 664,000 to over 845,000**[314](index=314&type=chunk) - Sales and marketing expenses **rose 39.1% in 2021**, mainly due to a 34.0% increase in incentive fees paid to partners as business expanded[315](index=315&type=chunk) - The company incurred a **net loss of RMB124.6 million in 2021**, compared to a net income of RMB75.4 million in 2020, attributed to the impact of regional COVID-19 outbreaks[317](index=317&type=chunk) [Liquidity and Capital Resources](index=114&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) Summary of Cash Flows (in thousands RMB) | Cash Flow Activity | 2020 | 2021 | | :--- | :--- | :--- | | **Net cash generated from operating activities** | 536,118 | 226,778 | | **Net cash used in investing activities** | (261,487) | (1,714,287) | | **Net cash generated from financing activities** | 654,571 | 1,563,397 | - The company raised approximately **US$136.0 million in net proceeds** from its initial public offering in March 2021[323](index=323&type=chunk) - As of December 31, 2021, cash and cash equivalents were **RMB 1,296.9 million (US$203.5 million)**, and short-term investments were RMB 1,418.7 million (US$222.6 million)[323](index=323&type=chunk) - Material cash requirements as of December 31, 2021, include **RMB 29.0 million in operating lease commitments** and **RMB 80.1 million in equipment purchase obligations**[333](index=333&type=chunk) [Directors, Senior Management and Employees](index=119&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) Details on leadership, compensation, board structure, and workforce are provided, highlighting the founders' significant voting control via a dual-class share system - As of December 31, 2021, the company had **5,094 employees**, with 4,310 designated as business development personnel[361](index=361&type=chunk)[362](index=362&type=chunk) - For the year ended December 31, 2021, the company paid an aggregate of **RMB 9.4 million (US$1.5 million)** in cash to its executive officers[347](index=347&type=chunk) - The company has a dual-class share structure where founders, through their holdings of all Class B shares, controlled **63.7% of the total voting power** as of March 31, 2022[365](index=365&type=chunk) - The company adopted the 2021 Share Incentive Plan, with options for **4,636,358 Class A ordinary shares** and **9,266,459 restricted share units** outstanding as of March 31, 2022[350](index=350&type=chunk)[351](index=351&type=chunk) [Major Shareholders and Related Party Transactions](index=128&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) The company's major shareholders are outlined alongside significant related party transactions, including equipment purchases and historical lease agreements - The company granted registration rights to certain shareholders under its shareholders' agreement, though special rights **terminated upon the IPO in April 2021**[371](index=371&type=chunk) - Significant related party transactions include power bank and cabinet purchases from ZMI (Hong Kong) International Company Limited, with amounts due totaling **RMB 23.3 million** as of December 31, 2021[374](index=374&type=chunk) - In May 2020, the company entered a one-year capital lease agreement for cabinets with shareholder People Better Limited for a selling price of **RMB 50.0 million**[374](index=374&type=chunk) [Financial Information](index=130&type=section&id=Item%208.%20Financial%20Information) This section includes the company's consolidated financial statements, confirms no material legal proceedings, and outlines its dividend retention policy - The company is **not currently a party to any material legal proceedings** that would be expected to have a significant adverse effect on its business[377](index=377&type=chunk) - The company has **no present plan to pay cash dividends** and intends to retain future earnings to operate and expand its business[378](index=378&type=chunk) [Additional Information](index=131&type=section&id=Item%2010.%20Additional%20Information) Corporate governance details, including the dual-class share structure, and material tax considerations for investors in various jurisdictions are described - The company's shares are divided into Class A (one vote per share) and **Class B (ten votes per share)**, concentrating voting power with Class B shareholders[385](index=385&type=chunk) - The Cayman Islands, the company's jurisdiction of incorporation, **does not levy taxes on profits, income, gains, or appreciation**, and there is no withholding tax on dividends[405](index=405&type=chunk) - The company does not believe it was a **Passive Foreign Investment Company (PFIC)** for the 2021 taxable year but notes that this status is determined annually[414](index=414&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=146&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's exposure to credit, foreign exchange, and interest rate risks is detailed, noting the absence of derivative hedging instruments - The company's primary market risks are **credit risk, foreign exchange risk, and interest rate risk**[424](index=424&type=chunk)[425](index=425&type=chunk)[426](index=426&type=chunk) - The company is exposed to foreign exchange risk as its business is denominated in RMB while its ADSs are traded in U.S. dollars; a **1% change in the USD/RMB exchange rate** would have impacted 2021 profit by approximately RMB 15.1 million[425](index=425&type=chunk) - The company has **not used any derivative financial instruments** to manage its interest rate or foreign exchange risk exposure[425](index=425&type=chunk)[426](index=426&type=chunk) PART II [Modifications to the Rights of Security Holders and Use of Proceeds](index=148&type=section&id=Item%2014.%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) The use of US$136.0 million in net proceeds from the March 2021 IPO is detailed, with funds allocated to business and workforce expansion - The company raised approximately **US$136.0 million in net proceeds** from its IPO, which was declared effective on March 31, 2021[432](index=432&type=chunk) - From the IPO date to December 31, 2021, the company used approximately **US$100 million** of the net proceeds for business expansion (US$30M), workforce expansion (US$20M), and capital expenditure (US$50M)[432](index=432&type=chunk) [Controls and Procedures](index=148&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of year-end 2021 due to material weaknesses in financial reporting expertise and procedures - Management concluded that as of December 31, 2021, the company's disclosure controls and procedures were **not effective** due to material weaknesses in internal control[433](index=433&type=chunk) - Two material weaknesses were identified: (i) a **lack of sufficient accounting personnel with U.S. GAAP expertise** and (ii) a lack of formal period-end financial closing policies[437](index=437&type=chunk) - Remediation measures have been adopted but were **not fully implemented** as of December 31, 2021[437](index=437&type=chunk) [Corporate Governance and Other Matters](index=149&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section covers corporate governance topics including the audit committee expert, accountant fees, and a US$50 million share repurchase program - The board of directors has identified **Onward Choi**, an independent director, as the audit committee financial expert[438](index=438&type=chunk) Principal Accountant Fees (in thousands RMB) | Fee Category | 2020 | 2021 | | :--- | :--- | :--- | | **Audit fees** | 4,000 | 4,500 | - In September 2021, the company authorized a share repurchase program for up to **US$50 million** of its shares, with approximately **US$47.0 million** remaining available as of March 31, 2022[443](index=443&type=chunk)[445](index=445&type=chunk) PART III [Financial Statements](index=152&type=section&id=Item%2018.%20Financial%20Statements) The company's audited consolidated financial statements for fiscal years 2019-2021, prepared under U.S. GAAP, are presented with the auditor's report - The consolidated financial statements were audited by **PricewaterhouseCoopers Zhong Tian LLP**, which has served as the company's auditor since 2020[459](index=459&type=chunk) Consolidated Balance Sheet Summary (in thousands RMB) | Account | Dec 31, 2020 | Dec 31, 2021 | | :--- | :--- | :--- | | **Cash and cash equivalents** | 1,252,493 | 1,296,924 | | **Total Assets** | 2,785,635 | 4,397,981 | | **Total Liabilities** | 1,087,021 | 1,165,957 | | **Total Mezzanine Equity** | 5,137,874 | — | | **Total Shareholders' (Deficit)/Equity** | (3,439,260) | 3,232,024 | Consolidated Statement of Comprehensive Income/(Loss) Summary (in thousands RMB) | Account | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | **Total Revenues** | 2,022,310 | 2,809,359 | 3,585,391 | | **Income/(loss) from operations** | 232,061 | 131,832 | (108,999) | | **Net income/(loss)** | 166,606 | 75,427 | (124,615) | | **Net loss attributable to ordinary shareholders** | (264,451) | (3,130,897) | (4,958,370) |

Financial Data and Key Metrics Changes - For Q4 2021, revenues reached RMB836.2 million, a 9.7% year-over-year decrease, primarily due to COVID-19 impacts [25][26] - Revenues from mobile device charging business decreased by 9% to RMB812.1 million, accounting for 97.1% of total revenues [25] - Gross profit for Q4 2021 was RMB682.1 million, down 16.4% year-over-year, with an operating loss of RMB69.4 million and an operating margin of negative 8.3% [26][28] - For the full year 2021, total revenues were RMB3.6 billion, a 27.6% year-over-year increase, driven by recovery from COVID-19 in the first half of the year [29][31] Business Line Data and Key Metrics Changes - Revenues from power bank sales in Q4 2021 were down 25.7% year-over-year to RMB18.9 million, accounting for 2.3% of total revenues [25] - Other revenues decreased by 34.7% year-over-year to RMB5.2 million, primarily due to reduced user traffic from COVID-19 [25] - For the full year 2021, revenues from power bank sales increased by 32.6% to RMB102.9 million, accounting for 2.9% of total revenues [30] Market Data and Key Metrics Changes - The cumulative registered users reached 287 million by the end of Q4 2021, up 67.5 million year-over-year [11] - The company faced significant declines in offline user traffic, particularly in entertainment, hospitality, and transportation, with year-over-year declines of 24%, 25%, and 27% respectively [8] Company Strategy and Development Direction - The company aims to reduce fixed costs and expenses to mitigate revenue fluctuations due to COVID-19 [8][22] - Plans to roll out a new version of cabinets in mid-2022 to enhance asset efficiency and reduce costs [9][18] - The company is focusing on expanding its Point of Interest (POI) network, which reached 845,000 by the end of Q4 2021, up 181,000 year-over-year [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for services despite short-term COVID impacts, emphasizing the need for operational efficiency [10][24] - The competitive landscape has eased, with many peers scaling down operations, presenting an opportunity for market share expansion [34][36] - Management is preparing for various COVID scenarios and is focused on expanding location networks and reducing fixed expenses [39] Other Important Information - The company reported a net loss of RMB68.5 million for Q4 2021, with a non-GAAP net loss of RMB61.3 million [28] - Cash flow generated from operations for Q4 2021 was RMB100 million, with capital expenditures of RMB116.5 million [28] Q&A Session Summary Question: Insights on the competitive landscape during tough macro conditions - Management noted a decline in competition as peers scale down direct operations, leading to decreased incentive fees for new signings [34][36] Question: Current COVID situation and its impact on strategy - Management is prepared for all COVID scenarios and plans to expand location networks while reducing fixed expenses [39] Question: Outlook for 2022 in terms of revenue and profitability - Management highlighted that COVID is the most significant factor affecting operations, making it difficult to provide guidance on revenue and profitability for 2022 [42][43]

Financial Data and Key Metrics Changes - For Q3 2021, revenues were RMB930 million, representing a 0.6% year-over-year increase [25] - Revenues from mobile device charging business were RMB895.4 million, accounting for 96.3% of total revenues [25] - Gross profit decreased by 2.3% year-over-year to RMB790.2 million due to increased cost of revenues [27] - Net loss for Q3 2021 was RMB79.4 million compared to a net income of RMB108.6 million in the same period last year [29] Business Line Data and Key Metrics Changes - Revenues from power bank sales increased by 14% year-over-year to RMB27.4 million [26] - Other revenues rose by 47.5% year-over-year to RMB7.2 million, attributed to improved user advertisement efficiency [26] - Cost of revenues increased by 20.6% year-over-year to RMB139.8 million, primarily due to operational scale growth [26] Market Data and Key Metrics Changes - GMV per power bank per day decreased by 15% due to lower usage rates from decreased foot traffic during COVID outbreaks [32] - During the golden week of October, average same location GMV was down approximately 25% year-over-year due to localized travel restrictions [32] Company Strategy and Development Direction - The company plans to optimize internal management and operational structures in preparation for recovery from COVID impacts [10] - Expansion of service network continued with 49,000 new location partners added, covering over 1,700 counties [11] - Focus on KA strategy to mitigate short-term COVID impacts and drive long-term growth [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence that offline foot traffic will normalize in the long run, despite current challenges from COVID outbreaks [32] - The company anticipates that its competitive advantage will strengthen as competition decreases during COVID [34] - Management expects to generate RMB800 million to RMB830 million in revenue for Q4 2021, reflecting ongoing challenges from COVID [30] Other Important Information - Cash and cash equivalents as of September 30, 2021, were RMB2.9 billion, with negative cash flow from operations of RMB93.7 million for Q3 2021 [29] - The company has implemented tighter budget controls and revised KPI metrics for business development personnel to adapt to market conditions [41] Q&A Session Summary Question: Impact of COVID-19 on Q4 metrics - Management noted that COVID outbreaks have led to significant drops in foot traffic and offline spending, affecting GMV [31][32] Question: Competitive landscape and revenue sharing trends - Management indicated that competition has decreased, allowing the company to leverage its scale and efficiency [34] Question: Decline in power bank count and expansion rate - Management explained the new power bank optimization program aims to match supply and demand more effectively, while expansion continues despite COVID impacts [37][38] Question: Measures to combat future COVID outbreaks - Management outlined four key initiatives, including attracting high-quality network partners and optimizing expenses to navigate COVID challenges [40][41]