Financial Performance - Revenue for the first half of 2024 reached RMB 7,126.161 million, a 9.3% increase compared to the same period in 2023[7] - Gross profit increased by 17.0% to RMB 1,845.765 million, with a gross margin of 25.9%[7] - Operating profit surged by 217.5% to RMB 211.884 million, with an operating margin of 3.0%[7] - Net profit for the period rose significantly by 378.0% to RMB 284.332 million[7] - Adjusted EBITDA grew by 27.8% to RMB 449.619 million, representing 6.3% of revenue[7] - Adjusted net profit increased by 67.3% to RMB 358.164 million, with a margin of 5.0%[7] - Total revenue for the first half of 2024 reached RMB 7.1 billion, a year-on-year increase of 9.3% compared to RMB 6.5 billion in the same period of 2023[11] - Gross profit for the first half of 2024 was RMB 1.8 billion, with a gross margin of 25.9%, up 1.7 percentage points year-on-year[11] - Adjusted net profit for the first half of 2024 was RMB 358.2 million, a year-on-year increase of 67.3%[11] - The company's revenue for the first half of 2024 reached RMB 7.126 billion, a 9.3% increase compared to RMB 6.522 billion in the same period of 2023[24][26] - The company's gross profit for the first half of 2024 was RMB 1.846 billion, up from RMB 1.578 billion in the same period of 2023[24] - The company's adjusted EBITDA for the first half of 2024 was RMB 449.6 million, compared to RMB 351.8 million in the same period of 2023[24] - The company's adjusted net profit for the first half of 2024 was RMB 358.2 million, up from RMB 214.0 million in the same period of 2023[24] - The company's operating profit for the first half of 2024 was RMB 211.9 million, a significant increase from RMB 66.7 million in the same period of 2023[24] - Revenue for the first half of 2024 reached RMB 7,126,161 thousand, a 9.3% increase compared to RMB 6,521,629 thousand in the same period of 2023[110] - Gross profit for the first half of 2024 was RMB 1,845,765 thousand, up 16.9% from RMB 1,578,109 thousand in the first half of 2023[110] - Operating profit for the first half of 2024 was RMB 211,884 thousand, a significant increase from RMB 66,731 thousand in the same period of 2023[110] - Net profit attributable to owners of the parent company for the first half of 2024 was RMB 285,549 thousand, compared to RMB 60,264 thousand in the first half of 2023[110] - Total revenue for 2024 reached 7,126,161 thousand RMB, a 9.3% increase from 6,521,629 thousand RMB in 2023[128] - Revenue from automotive products and services grew to 6,643,280 thousand RMB in 2024, up 9.6% from 6,058,798 thousand RMB in 2023[128] - Franchise services revenue increased to 378,265 thousand RMB in 2024, a 6.1% rise from 356,528 thousand RMB in 2023[128] - Advertising services revenue rose to 48,045 thousand RMB in 2024, up 21.9% from 39,418 thousand RMB in 2023[128] - Financial income for 2024 was 90,443 thousand RMB, a 46.7% increase from 61,640 thousand RMB in 2023[131] - Pre-tax profit for 2024 was 557,360 thousand RMB, a 20% increase from 464,452 thousand RMB in 2023[130] - Sales costs for 2024 were 5,112,765 thousand RMB, up 8% from 4,733,594 thousand RMB in 2023[132] - Employee benefits expenses, including wages and salaries, decreased to 680,061 thousand RMB in 2024 from 704,012 thousand RMB in 2023[132] - Advertising and promotion expenses increased to 471,006 thousand RMB in 2024, up 26.3% from 372,833 thousand RMB in 2023[132] - Basic earnings per share for 2024 remained stable at 0.4 RMB, consistent with 2023[137] User and Store Growth - The number of Tuhu Workshop stores increased by 23.0% to 6,311, with 6,162 being franchised stores[8] - Transaction users grew by 18.8% to 21.4 million[8] - Registered users increased by 20.7% to 126.4 million[8] - Cumulative registered users reached 126 million by June 2024, maintaining the company's position as China's largest independent automotive service platform[12] - Monthly active users (MAU) reached 11.5 million in the reporting period, a year-on-year increase of 15.8%[12] - The 12-month cumulative transacting users reached 21.4 million, a year-on-year increase of 18.8%[12] - The company's repurchase rate reached 61.1%, further improving from the previous year[12] - The number of Tuhu Workshop stores reached 6,311 by June 2024, an increase of 402 stores compared to the end of 2023[13] Operational Efficiency and Costs - The company optimized its regional warehouse network, reducing the number of regional warehouses to 29, with warehouse area increasing by 5.9% and average rental cost per square meter decreasing by 6.7%[20] - The company achieved a 77.2% on-time or next-day delivery rate for orders, with self-delivery routes covering over 100 cities[20] - The company operated 509 front warehouses nationwide, maintaining an industry-leading "30-minute delivery within 5 kilometers" standard[20] - Sales cost rose by 6.8% from RMB 4.9 billion in 2023 to RMB 5.3 billion in 2024, mainly due to increased costs in automotive products and services[31][33] - Other income and gains decreased by 74.7% from RMB 83.2 million in 2023 to RMB 21.0 million in 2024, mainly due to reduced government subsidies and stable foreign exchange rates[35] - Operating and support expenses increased by 4.1% from RMB 272.0 million in 2023 to RMB 283.1 million in 2024, driven by higher travel and outsourcing costs[36] - R&D expenses slightly increased from RMB 298.0 million in 2023 to RMB 302.0 million in 2024, due to company-wide salary adjustments and new hires[37] - Sales and marketing expenses grew by 7.9% from RMB 841.5 million in 2023 to RMB 908.1 million in 2024, driven by increased advertising and promotion efforts on new media platforms[38] - General and administrative expenses slightly increased from RMB 185.5 million in 2023 to RMB 186.1 million in 2024, due to higher transaction fees and personnel costs[39] - Income tax expenses decreased by 55.1% to RMB 4.8 million for the six months ended June 30, 2024, due to non-recurring taxable income in the prior year[41] - Profit for the six months ended June 30, 2024, surged to RMB 284.3 million, a significant increase compared to RMB 59.5 million in the same period last year[42] - Adjusted EBITDA (non-IFRS) for the six months ended June 30, 2024, was RMB 449.6 million, up from RMB 351.8 million in the same period last year[44] - Adjusted net profit (non-IFRS) for the six months ended June 30, 2024, reached RMB 358.2 million, compared to RMB 214.0 million in the same period last year[45] - R&D expenses for the first half of 2024 were RMB 283,086 thousand, slightly higher than RMB 272,020 thousand in the same period of 2023[110] - Sales and marketing expenses for the first half of 2024 were RMB 908,125 thousand, up from RMB 841,540 thousand in the first half of 2023[110] Cash Flow and Financial Position - The company's cash reserves stood at RMB 7.1 billion as of the end of the reporting period[11] - The company repurchased 12,286,900 Class A shares in the first half of 2024, spending a total of HKD 204 million[22] - The company provided over RMB 1 million in fee reductions for more than 100 affected workshop stores in disaster-stricken areas[21] - Total non-current assets as of June 30, 2024, increased to RMB 4,075.8 million, up from RMB 3,493.4 million as of December 31, 2023[47] - Total current assets as of June 30, 2024, stood at RMB 7,703.2 million, a decrease from RMB 8,271.3 million as of December 31, 2023[47] - Total current liabilities as of June 30, 2024, were RMB 6,435.5 million, down from RMB 6,602.4 million as of December 31, 2023[47] - Net current assets as of June 30, 2024, were RMB 1,267.7 million, compared to RMB 1,668.9 million as of December 31, 2023[47] - Total equity as of June 30, 2024, increased to RMB 4,616.0 million, up from RMB 4,458.3 million as of December 31, 2023[48] - Trade receivables decreased by 5.6% to RMB 206.0 million as of June 30, 2024, compared to RMB 218.2 million as of December 31, 2023, due to enhanced monitoring and management measures[50] - Financial investments increased by 71.3% to RMB 4.54 billion as of June 30, 2024, compared to RMB 2.65 billion as of December 31, 2023, driven by better utilization of cash[52] - Restricted cash decreased to RMB 1.16 billion as of June 30, 2024, from RMB 1.46 billion as of December 31, 2023[53] - Cash and cash equivalents decreased to RMB 1.36 billion as of June 30, 2024, from RMB 2.72 billion as of December 31, 2023[54] - Trade payables and notes payable decreased by 1.6% to RMB 3.83 billion as of June 30, 2024, compared to RMB 3.89 billion as of December 31, 2023[56] - The asset-liability ratio improved to 60.8% as of June 30, 2024, from 62.1% as of December 31, 2023[57] - Total revenue growth rate was 9.3% in 2024, compared to 19.3% in 2023[58] - Gross profit margin increased to 25.9% in 2024 from 24.2% in 2023[58] - Adjusted EBITDA margin (non-IFRS) improved to 6.3% in 2024 from 5.4% in 2023[58] - Net cash generated from operating activities was RMB 718.7 million for the six months ended June 30, 2024, primarily due to pre-tax profit of RMB 289.1 million[62] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 2 billion, primarily due to RMB 4.4 billion in financial investments and RMB 186.5 million in property, plant, and equipment purchases, partially offset by RMB 2.6 billion in financial investment income and RMB 46 million in interest income[63] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 105.5 million, mainly due to RMB 185.6 million in share repurchases and RMB 69.2 million in lease principal payments, partially offset by a reduction of RMB 156.7 million in restricted cash[64] - Capital expenditures for the six months ended June 30, 2024, were RMB 186.8 million, an increase of 11.7% compared to RMB 167.2 million in the same period in 2023[65] - Capital commitments as of June 30, 2024, were RMB 120.2 million, a decrease of 42.4% from RMB 208.8 million as of December 31, 2023, primarily related to the construction of new automated warehouses[66] - The company had no significant contingent liabilities or guarantees as of June 30, 2024[65] - The company had no material acquisitions, significant investments, or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2024[69] - As of June 30, 2024, the company had 4,506 employees, a decrease from 4,691 employees as of June 30, 2023, with total compensation costs of RMB 807.1 million for the six months ended June 30, 2024, compared to RMB 838.7 million in the same period in 2023[69] - Tencent held a 21.4% interest in the company's Class A shares as of June 30, 2024[75] - The company's foreign exchange risk is primarily related to USD-denominated bank balances held by its subsidiaries in China, with no formal hedging policy in place[68] - The company plans to fund future capital expenditures through internal resources, including cash and cash equivalents and proceeds from its global offering[65] - The company has a total of 809,649,955 issued shares as of June 30, 2024, consisting of 741,731,095 Class A shares and 67,918,860 Class B shares[76] - Tencent Holdings Limited is deemed to have an interest in 158,895,235 Class A shares through its controlled entities[76] - FIL Limited is deemed to have an interest in 46,836,555 Class A shares through its controlled entities[76] - Joy Capital Opportunity, L.P. and its related entities hold a total of 44,007,640 Class A shares[77] - Ubiquity Holdings Ltd. holds 42,707,045 Class A shares, with FountainVest China Capital Partners Fund III, L.P. owning 76.84% of Ubiquity Holdings Ltd.[78] - Junxi Limited holds 39,167,585 Class A shares, with Zhou Kui deemed to have an interest in these shares[79] - The 2019 Equity Incentive Plan has granted but unexercised options for 42,774,699 Class A shares as of June 30, 2024[83] - The Post-IPO Share Plan has 39,530,941 restricted share units and 8,143,714 options available for grant as of June 30, 2024[86] - The company issued 60,000 share options under the Second Phase Post-IPO Share Plan (Existing Shares) from the adoption date to June 30, 2024[91] - The total number of shares that may be issued under all share options, restricted shares, restricted share units, and awards granted under the 2019 Equity Incentive Plan, Post-IPO Share Plan, and Second Phase Post-IPO Share Plan (Existing Shares) represents approximately 0.1% of the weighted average number of A shares outstanding for the six months ended June 30, 2024[91] - The net proceeds from the global offering amounted to approximately HK$1,273.3 million[94] - 35% of the net proceeds (HK$445.6 million) were allocated to enhancing supply chain capabilities and R&D for data analytics technology, with HK$161.3 million utilized in the first half of 2024[95] - 20% of the net proceeds (HK$254.7 million) were allocated to expanding the store network and franchisee base, with HK$29.8 million utilized in the first half of 2024[95] - 15% of the net proceeds (HK$191.0 million) were allocated to expanding the store network and franchisee base, with HK$94.7 million utilized in the first half of 2024[95] - 20% of the net proceeds (HK$254.7 million) were allocated to investments related to new energy vehicle owner services and related tools and equipment, with HK$42.0 million utilized in the first half of 2024[95] - 10% of the net proceeds (HK$127.3 million) were allocated to working capital and general corporate purposes, with HK$14.8 million utilized in the first half of 2024[95] - The total amount of net proceeds utilized in the first half of 2024 was HK$342.6 million, leaving HK$641.5 million unutilized as of June 30, 2024[95] - The company repurchased 12,286,900 Class A shares for a total consideration of approximately HK$204 million between March 18, 2024, and April 22, 2024[98] - The repurchased Class A shares were subsequently canceled on June 3, 2024, and 1,030,720 Class B shares were converted to Class A shares on a one-to-one basis[98] - The company repurchased 2,903,600 Class A shares under the second phase of the post-IPO share plan for a total consideration of approximately HK$50.53 million between July 19, 2024, and the latest practicable date[99] - The company has not purchased, sold, or redeemed any listed securities (including treasury shares) other than the disclosed repurchases during the six months ended June 30, 2024
途虎-W(09690) - 2024 - 中期财报