Financing and Capital - The company raised approximately US$146.8 million in equity financing since its incorporation in 2012[335]. - In November 2018, the company completed an initial public offering of 2,600,000 ADSs, raising approximately US$15.0 million in net proceeds[342]. - The company raised approximately US$50 million from the issuance of 20,630,925 Series D-2 preferred shares in September 2018[341]. - The company has raised US$13.6 million through a registered direct offering completed on November 25, 2022[343]. Business Strategy and Operations - The company announced plans to expand into the NEV industry in January 2021 and has formed strategic collaborations with YangMing, S-TECH, and IAT for research and development[356]. - The company ceased its referral service for commercial banks in 2022, indicating a strategic shift in its business model[353]. - The company has developed a business model integrating online platforms and offline events to enhance consumer acquisition and data analytics capabilities[354]. - The company has shifted its revenue generation strategy, moving from primarily offline events to a more integrated online and offline approach[492]. Market Performance and Customer Engagement - In 2023, the company facilitated 299 auto shows, resulting in 61,020 automobile sales transactions with a total GMV of approximately RMB9.7 billion (US$1.4 billion)[357]. - The average monthly unique visits to the company's online platform decreased from 3.1 million in 2021 to 1.2 million in 2023[361]. - The company attracted approximately 3.1 million consumers to offline events in 2023, a decrease from 4.0 million in 2022[363]. - The company served over 3,440 industry customers in China as of December 31, 2023, facilitating the sale of 82,364 automobiles with a GMV of approximately RMB13.5 billion (US$1.9 billion)[367]. Revenue and Financial Performance - The company's net revenues were RMB162.4 million (US$22.9 million) in 2023, a decrease from RMB183.2 million in 2022 and RMB357.6 million in 2021[493]. - The net loss for the company in 2023 was RMB83.0 million (US$11.7 million), an improvement compared to RMB166.5 million in 2022[493]. - The adjusted EBITDA for 2023 was RMB(92.5) million (US$(13.0) million), reflecting a decline from RMB(73.4) million in 2022[493]. - The total number of automobile sales transactions facilitated by the company increased to 61,020 in 2023, up from 22,176 in 2022, but down from 104,689 in 2021[496]. Marketing and Sales Activities - The company organized 750 special promotion events in 2023, a significant increase from 90 events in 2022[381]. - The company's offline marketing services revenue primarily comes from auto shows, which generated RMB 111.35 million (68.6% of total net revenues) in 2023[513]. - Online marketing services generated net revenues of RMB23.4 million (US$3.3 million) in 2023, making up 14.4% of total net revenues[517]. - Referral service revenues for the commercial bank dropped to RMB2.6 million (US$0.4 million) in 2023, constituting 1.6% of total net revenues, after ceasing operations in April 2022[516]. Regulatory Compliance and Legal Environment - The company must comply with the Administrative Measures for Automobile Sales, which require auto dealers to submit basic information and sales data to the National Automobile Circulation Information Administration System[410]. - The Internet Advertising Measures, effective May 1, 2023, mandate that internet advertisements must be identifiable and marked as advertisements[412]. - The PRC Data Security Law, effective September 2021, introduces a security review procedure for data activities that may affect national security[418]. - The company is subject to strict regulations regarding the collection and use of personal information, requiring user consent and protection measures[415]. Human Resources and Organizational Structure - The company has a total of 324 full-time employees, with 252 in sales and marketing, 44 in general and administrative, and 28 in research and development as of December 31, 2023[398]. - The company’s sales and marketing team consists of 252 personnel, responsible for organizing and supervising auto shows and marketing activities[386]. Technology and Innovation - The company has utilized big-data technologies to analyze user interests and adjust sales and marketing plans accordingly[365]. - The company utilizes big-data analytics technology to provide precise and targeted industry analysis and projections, helping industry customers understand local market trends[387].
TuanChe(TC) - 2023 Q4 - Annual Report