Qudian Inc. Reports Second Quarter 2024 Unaudited Financial Results

Core Viewpoint - Qudian Inc. reported significant financial improvements in the second quarter of 2024, achieving a net income of RMB99.8 million (US$13.7 million) compared to a net loss of RMB76.9 million in the same period last year, driven primarily by the growth of its last-mile delivery business [2][5]. Financial Highlights - Total revenues for Q2 2024 were RMB53.3 million (US$7.3 million), a substantial increase from RMB11.1 million in Q2 2023 [2][3]. - The last-mile delivery business generated approximately RMB46.2 million (US$6.4 million) in revenue, up from RMB4.3 million in Q2 2023 [2][3]. - Net income per diluted ADS was RMB0.53 (US$0.07) for Q2 2024, compared to a net loss per diluted ADS of RMB0.34 in Q2 2023 [5][24]. Operating Costs and Expenses - Total operating costs and expenses rose to RMB110.8 million (US$15.2 million) from RMB106.7 million in Q2 2023 [3][4]. - Cost of revenues increased significantly to RMB46.2 million (US$6.4 million) from RMB12.7 million in Q2 2023, primarily due to the last-mile delivery business [3][4]. - General and administrative expenses decreased by 27.9% to RMB47.2 million (US$6.5 million) from RMB65.4 million in Q2 2023 [4]. Cash Flow and Financial Position - As of June 30, 2024, the company had cash and cash equivalents of RMB4,849.0 million (US$667.2 million) and restricted cash of RMB52.0 million (US$7.2 million) [6]. - For Q2 2024, net cash used in operating activities was RMB1,184.3 million (US$163.0 million), mainly due to labor-related costs and investments [6]. Last-Mile Delivery Business - The last-mile delivery service, branded as "Fast Horse," was launched in December 2022 and has expanded its operations to Australia and New Zealand, responding to the growing demand for cross-border e-commerce [7]. Share Repurchase Program - The company has an ongoing share repurchase program initiated in June 2022, allowing for the purchase of up to US$200 million worth of shares, with approximately US$113.0 million spent to date [8][9]. - A new share repurchase program was approved in March 2024, allowing for an additional US$300 million in purchases over the next 36 months [9].