有赞(08083) - 2024 - 中期业绩

Performance Highlights Performance Highlights In H1 2024, the Group's total revenue decreased by 5.2% to RMB 686 million, yet achieved an operating profit of RMB 2.59 million by optimizing costs, turning profitable from a prior-year loss | Metric | H1 2024 (RMB million) | H1 2023 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 686 | 724 | -5.2% | | Subscription Solutions Revenue | 377 | 422 | -10.6% | | Merchant Solutions Revenue | 307 | 300 | +2.2% | | Gross Profit | 469 | 501 | -6.4% | | Gross Margin | 68.4% | 69.2% | -0.8pp | | Operating Profit/(Loss) | 2.59 | (11.27) | +123.0% | | Loss for the Period | (4.30) | (18.42) | Narrowed 76.7% | - As of June 30, 2024, the Group held cash and cash equivalents of approximately RMB 839 million, with a current ratio of 1.07 times, indicating a strong financial position[4] - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[4][28] Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's total revenue was RMB 686 million, down 5.2%, but effective cost control led to an operating profit of RMB 2.59 million and a significantly narrowed net loss of RMB 4.30 million | Item (RMB thousand) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 686,329 | 724,294 | | Gross Profit | 469,149 | 501,396 | | Selling and Distribution Expenses | (265,763) | (331,075) | | Operating Profit/(Loss) | 2,586 | (11,265) | | Loss Before Tax | (6,764) | (22,519) | | Loss for the Period | (4,295) | (18,416) | | (Loss) Attributable to Owners of the Parent | (17,224) | 18,114 | | (Loss)/Earnings Per Share (RMB) | (0.0005) | 0.0010 | Consolidated Statement of Financial Position As of June 30, 2024, the Group's total assets were RMB 5.76 billion, with net assets of RMB 1.02 billion and cash and cash equivalents of RMB 839 million, demonstrating improved liquidity | Item (RMB thousand) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Non-Current Assets | 1,468,153 | 1,507,983 | | Current Assets | 4,292,242 | 3,887,031 | | Of which: Cash and Cash Equivalents | 839,499 | 924,998 | | Total Assets | 5,760,395 | 5,394,014 | | Current Liabilities | 4,017,118 | 3,664,103 | | Non-Current Liabilities | 719,756 | 722,021 | | Total Liabilities | 4,736,874 | 4,386,124 | | Net Assets | 1,023,521 | 1,008,890 | Notes to the Financial Statements Company Information and Business Overview The Company, a Bermuda-registered investment holding company listed on HKEX GEM, primarily offers online and offline e-commerce SaaS solutions and payment services to merchants, with financials presented in RMB - The Group's principal business is providing e-commerce solutions in the form of SaaS (Software as a Service) and payment services to merchants[11] Operating Segment Information The Group's three segments are third-party payment services, merchant services, and others, with merchant services being the largest revenue source at 77.2% of external revenue, and third-party payment services contributing the highest operating results | Segment (H1 2024) | External Revenue (RMB thousand) | Segment Results (RMB thousand) | | :--- | :--- | :--- | | Third-Party Payment Services | 152,565 | 67,111 | | Merchant Services | 530,075 | (41,826) | | Others | 3,689 | 3,641 | | Total | 686,329 | 28,926 | Revenue Analysis Subscription solutions revenue decreased by 10.6% to RMB 377 million, while merchant solutions revenue grew 2.2% to RMB 307 million, with most revenue from mainland China | Business Line (RMB thousand) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Subscription Solutions | 377,489 | 422,266 | | Merchant Solutions | 306,639 | 300,029 | | Others | 2,201 | 1,999 | | Total | 686,329 | 724,294 | - By geographical market, revenue from mainland China in H1 2024 was RMB 683 million, accounting for 99.5% of total revenue[21] Operating Expenses and Other Income/Expenses The Group continued to control expenses, with R&D expenditure decreasing by 11.4% to RMB 93.83 million, while investment and other income fell 35.5% due to lower interest income and reduced government subsidies - Research and development expenditure decreased by 11.4% year-on-year from RMB 106 million in the prior period to RMB 93.83 million[24] - Investment and other income was RMB 19.64 million, a 35.5% decrease from RMB 30.43 million in the prior period, primarily due to lower interest income and the non-applicability of the VAT super deduction policy[23][58] Earnings/(Loss) Per Share Loss attributable to owners of the parent was RMB 17.22 million, resulting in basic and diluted loss per share of RMB 0.0005, a reversal from the prior year's profit of RMB 18.11 million | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the parent (RMB thousand) | (17,224) | 18,114 | | Weighted average number of ordinary shares in issue | 32,916,593,000 | 18,340,560,000 | | Basic and diluted (loss)/earnings per share (RMB) | (0.0005) | 0.0010 | Management Discussion and Analysis Business Review In H1 2024, Youzan upgraded its strategy to an "Intelligent Consumer Operations System" leveraging AGI, achieving 2% GMV growth to RMB 49.9 billion and a 25% increase in average sales per merchant, despite fewer paying merchants - The company's strategy upgraded from providing "digital software" to an "Intelligent Consumer Operations System," fully embracing AGI and launching the "Jiawo Smart" product to empower merchant operations[45][46] Operating Metrics | Operating Metric | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | | Gross Merchandise Volume (GMV) | Approx. RMB 49.9 billion | +2% | | Store SaaS Business GMV | Approx. RMB 25.0 billion | +7% | | Average Sales Per Merchant | Approx. RMB 0.84 million | +25% | | Existing Paying Merchants (Period-end) | 59,541 | - | | New Paying Merchants | 9,116 | - | - The company actively expanded its market presence, holding nearly a hundred events in 19 cities nationwide to enhance brand influence and optimize sales lead acquisition and conversion efficiency[46] Business Development Strategy The company's core strategies involve fully embracing AGI to build an "Intelligent Consumer Operations System" for merchant profit enhancement, while also pursuing sustained and stable company profit growth - Core Strategy One: Fully embrace AGI to build an "Intelligent Consumer Operations System" to help merchants achieve profit growth[49] - Core Strategy Two: Achieve sustained and stable profit growth for the company itself[49] Financial Review Total revenue decreased by 5.2% due to lower subscription solutions income, but merchant solutions revenue grew 2.2%; optimized costs and reduced expenses led to operating profit turning profitable and adjusted net profit reaching RMB 57.02 million, up 153.2% Revenue | Business Line (RMB thousand) | H1 2024 | H1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Subscription Solutions | 377,489 | 422,266 | (10.6%) | | Merchant Solutions | 306,639 | 300,029 | 2.2% | | Total | 686,329 | 724,294 | (5.2%) | - The decrease in subscription solutions revenue was primarily due to a reduction in the number of paying merchants[51] - The increase in merchant solutions revenue was consistent with the trend of increased GMV growth[52] Costs, Gross Profit, and Gross Margin - Cost of sales decreased by 2.6% year-on-year, primarily due to lower staff costs from personnel optimization and optimized transaction cost structure[53] Gross Margin by Business Line | Business Line | H1 2024 Gross Margin (%) | H1 2023 Gross Margin (%) | | :--- | :--- | :--- | | Subscription Solutions | 78.3% | 81.5% | | Merchant Solutions | 56.2% | 52.1% | | Total | 68.4% | 69.2% | - Merchant solutions gross margin improved from 52.1% to 56.2%, primarily due to optimized cost structure for transaction services[57] Operating Expenses and Other Items - Selling and distribution expenses decreased by 19.7% year-on-year, primarily due to a reduction in sales headcount and lower channel commissions[58] - Other operating expenses (primarily R&D) decreased by 11.4% year-on-year, mainly due to lower R&D personnel costs[58] Non-HKFRS Measures | Non-HKFRS Measures (RMB thousand) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Adjusted EBITDA | 51,219 | 6,321 | | Adjusted Profit for the Period | 57,017 | 22,515 | - Both Adjusted EBITDA and Adjusted Profit for the Period achieved substantial growth, reflecting a significant improvement in core business profitability[59] Liquidity and Capital Resources As of period-end, the Group held RMB 839 million in cash and equivalents and RMB 470 million in borrowings, with the debt-to-asset ratio decreasing from 8.7% to 8.1%, indicating a sound financial structure - As of June 30, 2024, the Group's cash and cash equivalents were approximately RMB 839 million[61] - The debt-to-asset ratio (total debt/total assets) decreased from 8.7% at the end of 2023 to 8.1%[60] Other Information Dividend Policy The Board does not recommend any interim dividend for the six months ended June 30, 2024 - The Board does not recommend the payment of a dividend for the six months ended June 30, 2024[60] Employee Information As of June 30, 2024, the Group had 1,582 employees, a reduction from 1,750 at 2023 year-end, reflecting ongoing organizational structure optimization - As of June 30, 2024, the Group employed approximately 1,582 staff, a decrease from 1,750 at the end of 2023[62] Corporate Governance The company largely complied with the Corporate Governance Code, with one deviation where Mr. Zhu Ning holds both Chairman and CEO roles, an arrangement the Board deems in the company's and shareholders' best interests - The company has a deviation from the Corporate Governance Code, as the roles of Chairman and Chief Executive Officer (CEO) are not separated, both held by Mr. Zhu Ning[65] - The company has established an Audit Committee, comprising three independent non-executive directors, which has reviewed the current period's results announcement[66][67]