Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 13.6 billion, a 17.8% increase from RMB 11.5 billion in 2022[8]. - Gross profit for 2023 was RMB 3.36 billion, corresponding to a gross margin of 24.7%, up 5.0 percentage points from the previous year[10]. - Adjusted net profit for 2023 was RMB 481.3 million, compared to a loss of RMB 551.9 million in 2022[8]. - The company's operating profit improved to RMB 161.5 million in 2023 from a loss of RMB 763.9 million in 2022[1]. - The net profit for 2023 was RMB 6.7 billion, a significant turnaround from a net loss of RMB 2.1 billion in 2022[49]. - Adjusted EBITDA for the year was RMB 757.8 million, a significant recovery from a loss of RMB 186.5 million in the previous year[1]. - The company's revenue for the year ended December 31, 2023, was RMB 13.6 billion, an increase of 17.8% compared to RMB 11.5 billion for the year ended December 31, 2022[32]. - Automotive products and services revenue grew by 17.9% from RMB 10.7 billion in 2022 to RMB 12.6 billion in 2023, driven by increased travel demand post-pandemic[34]. User Growth and Engagement - The number of transaction users increased to 19.3 million, a growth of 16.9% from 16.5 million in 2022[9]. - Registered users reached 115.3 million, representing a 20.7% increase from 95.5 million in 2022[9]. - The user repurchase rate was nearly 60%, with half of the total revenue generated from repeat customers[11]. - Customer satisfaction reached 94.2% in 2023, up 1.5 percentage points from the previous year, indicating the company's leading position in the industry[13]. Store Expansion and Network - The number of Tuhu workshop stores increased to 5,909, a 27.0% rise from 4,653 in 2022[9]. - By the end of 2023, the company had expanded its store network to 5,909 locations, an increase of 1,256 stores compared to the same period in 2022, covering over 300 cities across all provincial-level administrative regions in China[15]. - The number of stores in second-tier and lower cities reached 3,420 by the end of 2023, with 881 new stores added compared to the previous year, highlighting the potential in lower-tier markets[15]. Operational Efficiency - Operating expenses as a percentage of total revenue decreased to 24.4%, down 3.2 percentage points from the previous year[10]. - The average daily store visits by supervisors increased by 28.6% to 1.8 stores per day by the end of 2023, following the implementation of a new intelligent task allocation system[18]. - The proportion of profitable stores that have been open for more than six months increased from 81% in December 2022 to 93% in December 2023[18]. Product and Service Development - The automotive maintenance business gross profit rose to RMB 1.6 billion, a 34.3% increase from RMB 1.2 billion in 2022[10]. - The company has expanded its product matrix by over 700 SKUs in the tire category, adapting to consumer trends and preferences[20]. - The automotive maintenance business has expanded to over 41 categories and more than 8,000 SKUs, emphasizing a scientific approach to user recommendations[21]. - In 2023, revenue from exclusive and self-controlled products accounted for 42.4% and 25.9% of automotive product and service revenue, respectively[22]. Financial Position and Assets - The company's total assets as of December 31, 2023, were RMB 11.76 billion, an increase from RMB 8.01 billion in 2022[120]. - Current assets reached RMB 8,271,281 thousand, an increase from RMB 6,905,846 thousand in 2022, with cash and cash equivalents slightly rising to RMB 2,715,285 thousand[75]. - The company's total liabilities decreased significantly from RMB 22,398,481 thousand in 2022 to RMB 704,013 thousand in 2023, primarily due to the elimination of convertible redeemable preferred shares[76]. - The company's net asset value improved to RMB 4,458,319 thousand in 2023 from a negative net asset value of RMB (18,956,564) thousand in 2022[76]. Cash Flow and Investments - Operating cash flow for 2023 was RMB 1.02 billion, a significant recovery from a cash outflow of RMB 312.7 million in 2022[102]. - The net cash flow from financing activities in 2023 was RMB 1.3 billion, mainly resulting from the net proceeds from the global offering of Class A shares[106]. - The company reported a net cash outflow from investing activities of RMB 2,371,766 thousand in 2023, compared to a cash inflow of RMB 481,347 thousand in 2022[123]. Corporate Governance and Future Plans - The company has adhered to all applicable corporate governance codes since its listing date, with no reported breaches by senior management[160][161]. - The company plans to continue focusing on expanding its franchise network and enhancing its SaaS solutions to drive future revenue growth[78]. - The company emphasizes the importance of artificial intelligence in its future business plans and strategies[177]. - The company is exploring potential mergers and acquisitions to accelerate growth and market expansion[178].
途虎-W(09690) - 2023 - 年度业绩