Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 7,126.2 million, representing a 9.3% increase from RMB 6,521.6 million in the same period of 2023[6]. - Gross profit for the same period was RMB 1,845.8 million, with a gross margin of 25.9%, up 1.7 percentage points from 24.2% in 2023[6]. - Adjusted net profit increased by 67.3% to RMB 358.2 million compared to RMB 214.0 million in the previous year[6]. - Operating profit increased significantly to RMB 211.9 million from RMB 66.7 million year-on-year[35]. - The company reported a net profit of RMB 284.3 million for the six months ended June 30, 2024, compared to RMB 59.5 million in the same period of 2023, marking a significant increase[100]. - The company reported a pre-tax profit of RMB 289,110 thousand for the first half of 2024, significantly higher than RMB 70,136 thousand in the first half of 2023, representing an increase of 312%[105]. - Adjusted EBITDA (non-IFRS measure) for the six months ended June 30, 2024, was RMB 449.6 million, compared to RMB 351.8 million for the same period in 2023[58]. - The company reported an adjusted EBITDA of RMB 449.6 million, compared to RMB 351.8 million in the previous year[35]. User Growth and Engagement - The number of registered users reached 126.4 million, a 20.7% increase from 104.8 million in 2023[8]. - The number of transaction users grew by 18.8% to 21.4 million from 18.0 million in the previous year[8]. - Monthly active users reached 11.5 million, reflecting a 15.8% year-on-year growth[10]. Operational Expansion - The number of Tuhu workshop stores increased by 23.0% to 6,311, with franchise stores growing by 24.0% to 6,162[8]. - As of June 30, 2024, the company has expanded its store network to 6,311 locations, an increase of 402 stores compared to the end of 2023, covering over 1,700 county-level areas[14]. - The company has established partnerships with 12 strategic franchisees, including Dongfeng South and Sinopec, with 14 stores opened in collaboration with Dongfeng South by the end of June 2024[14]. - The average time from store application to signing has decreased from 73 days to 27 days, a 63% improvement, with franchise application volume up 22% year-on-year[15]. Product and Service Development - During the first half of 2024, the company launched new services and products, including a "Gold Medal Warranty" service in collaboration with over 20 tire companies[11]. - The company sold over 1.5 million self-controlled tires in the first half of 2024, leveraging partnerships with major domestic brands[18]. - The company has sold 21 million items from its own maintenance brand by June 30, 2024, covering 30 product categories[21]. - Online payment orders for car wash and light beauty services increased by 51% year-on-year in the first half of 2024, supported by enhanced customer experience initiatives[22]. - The company launched a new product line with 617 specialized items for a leading new energy vehicle brand[26]. Financial Position and Assets - Total non-current assets increased from RMB 3,493.4 million as of December 31, 2023, to RMB 4,075.8 million as of June 30, 2024[63]. - Current assets decreased from RMB 8,271.3 million as of December 31, 2023, to RMB 7,703.2 million as of June 30, 2024, primarily due to a reduction in cash and cash equivalents[64]. - Total equity increased from RMB 4,458.3 million as of December 31, 2023, to RMB 4,616.0 million as of June 30, 2024[65]. - Financial investments as of June 30, 2024, reached RMB 4.54 billion, an increase of 71.3% from RMB 2.65 billion as of December 31, 2023, attributed to better cash utilization[72]. - The asset-liability ratio improved to 60.8% as of June 30, 2024, compared to 62.1% as of December 31, 2023[84]. Cash Flow and Investments - Net cash flow from operating activities for the six months ended June 30, 2024, was RMB 718.7 million, slightly up from RMB 714.8 million for the same period in 2023[86]. - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 1.98 billion, significantly higher than RMB 267.2 million for the same period in 2023[88]. - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 105.5 million, compared to RMB 7.8 million for the same period in 2023[89]. Shareholder and Corporate Governance - The company repurchased 12,286,900 Class A shares for a total expenditure of HKD 204 million in the first half of the year[34]. - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[122]. - The audit committee reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2024, with no disagreements on accounting treatment[136]. - The independent auditor conducted a review of the interim financial data in accordance with the relevant standards, ensuring compliance with financial reporting requirements[137]. - The board expresses sincere gratitude to shareholders, management team, employees, business partners, and customers for their support and contributions[140]. Market and Strategic Initiatives - The company achieved over 100% growth in transaction volume on Douyin's local life service platform compared to the same period last year[12]. - The company has integrated charging service providers, establishing 46,000 charging stations, accounting for 28.3% of the national public charging station resources[26]. - The number of new energy payment users reached 1.85 million, with a penetration rate of 8.4% as of June 30[28]. - The company has established partnerships with two major commercial insurance companies to explore battery extended warranty services[25].
途虎-W(09690) - 2024 - 中期业绩