Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,037,053 thousand, representing a 13.6% increase compared to RMB 912,624 thousand in the same period of 2023[2] - Gross loss improved to RMB (32,445) thousand, a 54.1% reduction from RMB (70,689) thousand year-on-year[2] - Operating loss decreased to RMB (255,887) thousand, a 17.4% improvement from RMB (309,642) thousand in the prior year[2] - The net loss attributable to equity shareholders was RMB (331,634) thousand, slightly improved from RMB (345,410) thousand year-on-year[2] - The company reported a total comprehensive loss of RMB (334,990) thousand for the period, compared to RMB (363,840) thousand in the same period last year[6] - The company reported a loss before tax of RMB 193,397,000 for the six months ended June 30, 2024[19] - The company’s loss attributable to equity shareholders for the six months ended June 30, 2024, was RMB 331,634,000, compared to RMB 345,410,000 for the same period in 2023[27] - The company’s total comprehensive loss for the six months ended June 30, 2024, was RMB 331,634,000, reflecting ongoing challenges in the market[25] - Net loss for the six months ended June 30, 2024, was RMB 331.6 million, a decrease of 4.0% from RMB 345.4 million in the same period of 2023[63] - Adjusted net loss (non-IFRS measure) decreased by 14.0% from RMB 281.3 million for the six months ended June 30, 2023, to RMB 242.0 million for the same period in 2024[65] Revenue Breakdown - Revenue from ride-hailing services amounted to RMB 878,514,000, up from RMB 789,875,000 in the previous year, indicating a growth of about 11.2%[15] - The revenue from fleet sales and maintenance services was RMB 149,250,000, compared to RMB 118,518,000 in the same period last year, reflecting a growth of approximately 25.9%[15] - The company’s technology services revenue increased to RMB 8,740,000 from RMB 3,169,000 year-on-year, marking a growth of approximately 175.5%[15] - The company's ride-hailing service revenue increased by 11.1% to RMB 879.1 million for the six months ended June 30, 2024, compared to RMB 790.9 million for the same period in 2023[51] - Fleet sales and maintenance revenue rose by 25.9% to RMB 149.3 million for the six months ended June 30, 2024, compared to RMB 118.5 million for the same period in 2023[51] Operational Metrics - The number of registered passengers increased to 33.8 million, up from 21.6 million in the previous year, marking a significant growth[3] - Total transaction volume reached RMB 1,295.9 million, compared to RMB 1,250.1 million in the same period last year, indicating a steady increase[3] - The average transaction amount per order was RMB 26.7, down from RMB 28.9 in the previous year, reflecting a change in transaction dynamics[3] - The number of orders rose from 43.2 million in the six months ended June 30, 2023, to 48.5 million in the same period of 2024, representing an increase of approximately 7.6%[46] Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 373,040 thousand from RMB 612,858 thousand as of December 31, 2023, indicating a liquidity challenge[7] - The company has a cash flow forecast indicating sufficient operational funds to meet its liabilities for at least the next twelve months[11] - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 200.0 million, a decrease from RMB 373.3 million for the same period in 2023[68] - The company's total debt as of June 30, 2024, was RMB 35.5 million, a decrease from RMB 68.9 million as of December 31, 2023, reflecting a reduction in financial obligations[69] - The current ratio decreased from 33.3% as of December 31, 2023, to 21.9% as of June 30, 2024, primarily due to cash outflows from operations[72] Investment and Development - The company plans to continue expanding its ride-hailing services and invest in technology development to enhance operational efficiency and user experience[9] - The company plans to expand its ride-hailing and Robotaxi services internationally and optimize its service platform[48] - The company’s strategy includes a focus on expanding its market presence and enhancing its technology offerings, as indicated by the significant increase in R&D expenditures[34] - Research and development expenses for the six months ended June 30, 2024, amounted to RMB 59,646,000, up from RMB 43,831,000 for the same period in 2023, reflecting a 36% increase[24] - Capital expenditures for the first half of 2024 were RMB 5.8 million, down from RMB 22.0 million in the first half of 2023, showing a significant reduction in investment[75] Governance and Compliance - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[92] - The audit committee, consisting of three independent non-executive directors, has been established to review the interim performance of the group[85] - The interim financial report for the six months ended June 30, 2024, has been reviewed by the independent auditor KPMG according to the relevant standards[86] - The interim report will be published on the Hong Kong Stock Exchange and the company's website, containing all required information as per listing rules[87] Market Position and Future Outlook - The company completed its initial public offering on July 10, 2024, issuing 30,004,800 shares and raising approximately HKD 984 million[11] - The company is currently in the process of developing L4 and L5 autonomous driving technologies for its Robotaxi services[91] - The company raised approximately HKD 983.6 million from its global offering, with no changes to the proposed use of proceeds as disclosed in the prospectus[78] - The company had a total of 466 full-time employees as of June 30, 2024, with a focus on competitive compensation and employee development[76]
如祺出行(09680) - 2024 - 中期业绩