Financial Performance - Total net revenue for Q1 2022 was RMB 1,984.2 million (USD 313.0 million), a year-over-year decrease of 1.8%[6] - Operating loss was RMB 41.2 million (USD 6.5 million), compared to an operating profit of RMB 52.9 million in the same period last year[6] - Net loss attributable to ordinary shareholders was RMB 122.4 million (USD 19.3 million), compared to a net profit of RMB 1.3 million in the same period last year[6] - Total Gross Merchandise Volume (GMV) for Q1 2022 was RMB 16,997.5 million, an increase of 28.4% year-over-year[10] - Product sales revenue was RMB 680.8 million (USD 107.4 million), down 29.9% from RMB 971.8 million year-over-year, primarily due to optimization of the product structure in the distribution business[19] - Operating expenses totaled RMB 2,025.3 million (USD 319.5 million), up from RMB 1,967.6 million in the same period last year[20] - The company reported a basic and diluted net loss per American Depositary Share of RMB 1.87 (USD 0.29) for Q1 2022[9] - The company experienced a significant decline in online store operations revenue, with a total net revenue of RMB 1,073.1 million (USD 169.3 million), down 19% year-over-year[19] - The company reported a net loss of RMB 125,554 for the three months ended March 31, 2022, compared to a net profit of RMB 2,132 for the same period in 2021[57] - Gross profit margin for the three months ended March 31, 2022, was approximately 70.0%, down from 59.3% in the same period of 2021[54] - Operating loss for Q1 2022 was RMB 41,170 million, compared to a profit of RMB 52,911 million in Q1 2021, indicating a decline in operational performance[68] Revenue Breakdown - Service revenue increased by 24.3% year-over-year to RMB 1,303.3 million (USD 205.6 million)[6] - Service revenue increased by 24.3% to RMB 1,303.3 million (USD 205.6 million) from RMB 1,048.7 million in the same period last year, driven by acquisitions contributing RMB 205.3 million (USD 32.4 million) in incremental revenue[20] - Non-distribution GMV was RMB 16,232.9 million, a year-over-year increase of 33.4%[11] Cash and Assets - Cash, cash equivalents, and restricted cash as of March 31, 2022, were RMB 3,375.7 million (USD 532.5 million), down from RMB 4,699.8 million as of December 31, 2021[27] - Cash and cash equivalents decreased to RMB 3,365,645 as of March 31, 2022, from RMB 4,606,545 as of December 31, 2021, representing a decline of 27%[44] - The company’s total current assets were RMB 7,357,038 as of March 31, 2022, down from RMB 9,203,980 as of December 31, 2021, a decrease of 20.1%[44] - As of March 31, 2022, total assets amounted to RMB 10,405,154, a decrease of 15.5% from RMB 12,318,980 as of December 31, 2021[44] - Total liabilities decreased to RMB 4,156,650 as of March 31, 2022, down 28.8% from RMB 5,837,631 as of December 31, 2021[47] Shareholder Actions - The board authorized a new share repurchase plan of USD 80 million, with 2.3 million ADS repurchased for approximately USD 19.9 million during Q1 2022[28] Non-GAAP Measures - The company utilizes non-GAAP financial measures to assess its business performance, including operating profit (loss) and net profit (loss) after excluding stock-based compensation and intangible asset amortization from acquisitions[33] - Non-GAAP operating profit (loss) is calculated by excluding stock-based compensation expenses and the impact of intangible asset amortization from acquisitions, providing a clearer view of operational performance[35] - The company believes that using non-GAAP measures facilitates investors' assessment of its financial and operational performance, despite the limitations of these measures[36] - The non-GAAP net profit (loss) excludes stock-based compensation, intangible asset amortization, and unrealized investment losses, reflecting a more accurate financial picture[35] - The company emphasizes that non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures, as they may not reflect all income and expenses impacting operations[36] - The company’s management uses non-GAAP measures to formulate business plans and evaluate financial performance without the influence of non-cash expenses[35] Strategic Outlook - The CFO highlighted a focus on operational efficiency, cash flow management, and cost control amid macroeconomic uncertainties[16] - The company expressed confidence in its long-term business outlook and strategic initiatives despite short-term market volatility[16] - The company acknowledges the inherent risks and uncertainties in forward-looking statements regarding its operational and business outlook[39] - The company provides a comprehensive overview of its financial performance and strategies in its filings with the U.S. Securities and Exchange Commission[39] Operational Metrics - The number of online store operating partners reached 345 as of March 31, 2022, up from 333 as of December 31, 2021[11] - The company is a leader in the Chinese brand e-commerce service industry, providing end-to-end e-commerce solutions and empowering a diverse range of brands for growth and success[40] - The one-stop solutions offered by the company cover all core areas of e-commerce operations, including information solutions, online store operations, digital marketing, customer service, warehousing, and fulfillment[40] Share Performance - The company’s diluted loss per share for the three months ended March 31, 2022, was (0.62) compared to earnings of 0.01 for the same period in 2021[61] - The diluted earnings per ADS for Q1 2022 was $0.00, down from $0.82 in Q1 2021[68]
宝尊电商-W(09991) - 2022 Q1 - 季度财报