Financial Performance - For the three months ended March 31, 2022, the group recorded revenue of approximately RMB 362,802,000, a decrease of 13.1% year-on-year[3]. - The group reported a gross profit of approximately RMB 220,477,000, down 10.1% year-on-year, with subscription solutions gross profit decreasing by 20.0%[3][4]. - The operating loss for the three months ended March 31, 2022, was approximately RMB 344,007,000, an increase of 76.6% compared to the operating loss of RMB 194,821,000 in the same period last year[4][5]. - The net loss for the period was RMB 348,280,000, compared to a net loss of RMB 168,176,000 in the previous year[5][7]. - Basic loss per share was RMB 0.0106, compared to RMB 0.0053 in the previous year[5]. - The company reported a net loss of RMB 171,767,000 for the three months ended March 31, 2022, compared to RMB 138,401,000 in the same period of 2021[25]. - The group recorded a foreign exchange loss of RMB 6,841,000 for the period, compared to a gain of RMB 1,582,000 in the previous year[7]. - Total interest income decreased to RMB 6,220,000, down 32.1% from RMB 9,190,000 in the same quarter last year[21]. - The total gross merchandise volume generated by merchants through Youzan's solutions reached approximately RMB 23 billion, with a year-on-year growth of over 25% from non-Kuaishou channels[35]. - The total gross merchandise volume from the store SaaS business was approximately RMB 9 billion, accounting for 39% of the total, with a year-on-year growth of about 70%[35]. Cost and Expenses - Research and development expenses increased to RMB 172,195,000, up 27.8% from RMB 134,742,000 in the previous year[22]. - Sales expenses increased by 21.9% year-on-year to approximately RMB 255,966 thousand, driven by an increase in sales personnel and travel expenses[44]. - Administrative expenses rose by 74.7% year-on-year to approximately RMB 123,324 thousand, primarily due to one-time severance payments of approximately RMB 61,181 thousand[44]. - Other operating expenses increased by 26.1% year-on-year to approximately RMB 172,251 thousand, mainly due to increased research and development expenditures[45]. - Investment and other income decreased by 45.3% year-on-year to approximately RMB 11,360 thousand, attributed to reduced VAT deductions and bank interest income[45]. Equity and Shares - Total equity as of March 31, 2022, was RMB 4,481,704,000, a decrease of RMB 148,395,000 from the previous period[31]. - The company reported a cumulative loss of RMB 4,391,368,000 as of March 31, 2022, reflecting an increase of RMB 180,318,000 during the period[30]. - The total number of shares issued as of March 31, 2022, was 18,421,642,097 shares, unchanged from the report date[29]. - The total number of shares held by Mr. Cui Yusong is 265,085,127, representing 1.44% of the total equity[52]. - Whitecrow Investment holds 1,440,601,703 shares, representing 7.82% of the total equity[55]. - Poyang Lake Investment Limited and Tencent Holdings Limited each hold 1,036,766,038 shares, accounting for 5.63% of the total equity[55]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial performance for the three months ending March 31, 2022, ensuring compliance with applicable accounting standards[58]. - The company adopted the corporate governance code as per GEM Listing Rules Appendix 15 during the three months ending March 31, 2022[57]. - The company confirmed full compliance with the trading code for directors during the period ending March 31, 2022[56]. - The company’s board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[58]. Operational Strategy - The company plans to control operational costs, including employee costs and advertising expenses, to improve financial performance[9]. - The company aims to enhance operational cash flow and improve results by optimizing sales and R&D investments and focusing on customer needs[35]. - Organizational restructuring was implemented to improve operational efficiency and focus on strategic development across five core sectors: social e-commerce, new retail, beauty industry, education, and international markets[34]. - The company emphasized cost control measures to enhance per capita output and improve cash flow and operational results[34]. Dividend and Financial Health - The board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2022[4]. - No interim dividend was recommended for the three months ended March 31, 2022, consistent with the previous year[29]. - The company has sufficient financial resources to meet its obligations for the foreseeable future, as indicated by cash flow forecasts[9]. - The company has no bank borrowings as of March 31, 2022[45]. Market Conditions - The impact of COVID-19 continues to affect the group's business operations, and the company is monitoring the situation closely[50]. - The company has not made any hedging arrangements to offset foreign exchange risks as of March 31, 2022[48]. - The company has not adopted any new accounting standards or amendments that are expected to be issued in the near future[10]. - The company adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2022, with no significant impact on financial statements[10].
中国有赞(08083) - 2022 Q1 - 季度财报