EX-99.1 2 tm2422121d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

ZKH Group Limited Announces Second Quarter 2024 Unaudited Financial Results

 

SHANGHAI, August 22, 2024 – ZKH Group Limited (“ZKH” or the “Company”) (NYSE: ZKH), a leading maintenance, repair and operations (“MRO”) procurement service platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

 

Second Quarter 2024 Operational and Financial Highlights

 

   Second Quarter 
   2023   2024   Change 
             
    (in thousand RMB, except for number of customers,
percentage and basis points (“bps”))		 
GMV1   2,608,851    2,754,591    5.6%
GMV by Platform               
ZKH Platform   2,375,584    2,479,915    4.4%
GBB Platform   233,267    274,676    17.8%
GMV by Business Model               
Product Sales (1P)   1,995,108    2,185,351    9.5%
Marketplace (3P)   613,743    569,240    -7.3%
Number of Customers2   38,980    48,766    25.1%
ZKH Platform   28,909    34,360    18.9%
GBB Platform   10,071    14,406    43.0%
Net Revenues3   2,073,453    2,249,996    8.5%
Gross Profit   335,071    382,991    14.3%
% of Net Revenues   16.2%   17.0%   86.2bps
Operating Loss   (123,093)   (71,213)   -42.1%
% of Net Revenues   -5.9%   -3.2%   277.2bps
Non-GAAP EBITDA4   (107,851)   (47,068)   -56.4%
% of Net Revenues   -5.2%   -2.1%   311.0bps
Net Loss   (129,580)   (66,289)   -48.8%
% of Net Revenues   -6.2%   -2.9%   330.3bps
Non-GAAP Adjusted Net Loss5   (129,498)   (34,857)   -73.1%
% of Net Revenues   -6.2%   -1.5%   469.6bps 

 

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, “Bolstered by our leadership position in the MRO industry, we achieved solid performance in the second quarter of 2024, driving further profitability improvement despite macroeconomic headwinds. Specifically, we continued to invest in strengthening our supply chain capabilities, enabling us to offer better value-for-money product offerings. Concurrently, we enhanced our customer coverage and service capabilities by optimizing the sales team structure to foster closer customer engagement. In parallel, we redoubled our efforts to advance our digitalization and artificial intelligence capabilities by promoting digital and intelligent applications across various business areas. Looking ahead, we remain steadfast in our commitment to doing what is right for the long-term success of our business. Our unique value proposition of providing digitalized and one-stop MRO procurement solutions to our customers serves as the foundation for our continued growth. Leveraging this strong market positioning, we are well-poised to seize the vast opportunities in the MRO market and deliver sustainable revenue growth.”

 

 

1 GMV is the total transaction value of orders placed on the Company’s platform and shipped to customers, excluding taxes, net of the returned amount.

2 Customers are customers that transacted with the Company during the period of time, which mainly include enterprise customers in various industries.

3 The proportion of GMV generated by the marketplace model was 23.5% and 20.7% for the second quarter of 2023 and 2024, respectively.

4 Non-GAAP EBITDA is defined as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.

5 Non-GAAP adjusted net loss is defined as net loss excluding share-based compensation expenses.

 

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Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “We are pleased with the solid growth in the second quarter, with GMV and net revenue increasing by 5.6% and 8.5% year over year, respectively. This performance was underpinned by a 25.1% year-over-year increase in customer numbers and continued strong demand in the MRO market. While delivering continued topline growth, our profitability strengthened further with an improvement in the gross margin and a narrowing of the net loss. Our gross profit increased by 14.3% with gross margin expanding by 86.2 basis points year over year and adjusted net loss narrowed by 73.1%, with a corresponding margin improvement of 469.6 basis points year over year, marking our ninth consecutive quarter of year-over-year improvement. Moving forward, we will continue our share repurchase program initiated earlier this year and remain focused on sustaining growth and delivering long-term value to all our stakeholders.”

 

Second Quarter 2024 Financial Results

 

Net Revenues. Net revenues were RMB2,250.0 million (US$309.6 million), representing an increase of 8.5% from RMB2,073.5 million in the same period of 2023, mainly due to the strong increase in customer numbers and continued growth in MRO market demand.

 

   Second Quarter 
   2023   2024   Change 
             
    (in thousand RMB, except for percentage) 
Net Revenues   2,073,453    2,249,996    8.5%
Net Product Revenues   1,986,555    2,163,721    8.9%
From ZKH Platform   1,756,114    1,893,447    7.8%
From GBB Platform   230,441    270,274    17.3%
Net Service Revenues   69,865    69,161    -1.0%
Other Revenues   17,033    17,114    0.5%

 

·Net Product Revenues. Net product revenues were RMB2,163.7 million (US$297.7 million), representing an increase of 8.9% from RMB1,986.6 million in the same period of 2023. The increase was mainly due to higher net product revenues generated from both the ZKH and GBB platforms, primarily driven by the strong increase in customer numbers.

 

·Net Service Revenues. Net service revenues were RMB69.2 million (US$9.5 million), a decrease of 1.0% from RMB69.9 million in the same period of 2023, primarily due to lower proportion of GMV generated by the marketplace model on the ZKH platform.

 

·Other Revenues. Other revenues were RMB17.1 million (US$2.4 million), compared with RMB17.0 million in the same period of 2023.

 

Cost of Revenues. Cost of revenues was RMB1,867.0 million (US$256.9 million), representing an increase of 7.4% from RMB1,738.4 million in the same period of 2023, which was lower than the growth in product revenues, mainly attributable to the payoff of the Company’s measures to reduce the overall product procurement costs.

 

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Gross Profit and Gross Margin. Gross profit was RMB383.0 million (US$52.7 million), an increase of 14.3% from RMB335.1 million in the same period of 2023. Gross margin was 17.0%, compared with 16.2% in the same period of 2023. The increase in gross margin was driven by higher gross margin of product sales model (1P) and increased take-rate of marketplace model (3P) on the ZKH platform, partially offset by lower gross margin of the GBB platform.

 

   Second Quarter 
   2023   2024   Change 
             
    (in thousand RMB, except for percentage and
basis points (“bps”))		 
Gross Profit   335,071    382,991    14.3%
% of Net Revenues   16.2%   17.0%   86.2bps
Under Product Sales (1P)               
ZKH Platform   240,896    294,022    22.1%
% of Net Product Revenues from ZKH Platform   13.7%   15.5%   181.1bps
GBB Platform   13,565    15,133    11.6%
% of Net Product Revenues from GBB Platform   5.9%   5.6%   -28.7bps
Under Marketplace (3P) 6   69,865    69,161    -1.0%
% of Net Service Revenues   100.0%   100.0%   - 
Others   10,745    4,675    -56.5%
% of Other Revenues   63.1%   27.3%   -3,576.7bps

 

Operating Expenses. Operating expenses were RMB454.2 million (US$62.5 million), a decrease of 0.9% from RMB458.2 million in the same period of 2023. Operating expenses as a percentage of net revenues were 20.2%, compared with 22.1% in the same period of 2023, demonstrating the Company’s improved operational efficiency.

 

·Fulfillment Expenses. Fulfillment expenses were RMB99.1 million (US$13.6 million), a decrease of 7.1% from RMB106.7 million in the same period of 2023. The decrease was primarily attributable to lower employee benefit costs and warehouse rental costs, partially offset by higher distribution expenses. Fulfillment expenses as a percentage of net revenues were 4.4%, compared with 5.1% in the same period of 2023.

 

·Sales and Marketing Expenses. Sales and marketing expenses were RMB157.7 million (US$21.7 million), a decrease of 6.5% from RMB168.6 million in the same period of 2023. The decrease was primarily attributable to lower travel expenses and employee benefit costs. Sales and marketing expenses as a percentage of net revenues were 7.0%, compared with 8.1% in the same period of 2023.

 

 

6 Take rate of marketplace model was 12.2% and 11.4% for the second quarter of 2024 and 2023, respectively. Take rate of market place model represents gross profit from marketplace model divided by GMV from marketplace model.

 

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·Research and Development Expenses. Research and development expenses were RMB38.4 million (US$5.3 million), a decrease of 16.4% from RMB46.0 million in the same period of 2023. The decrease was primarily attributable to lower employee benefit costs. Research and development expenses as a percentage of net revenues were 1.7%, compared with 2.2% in the same period of 2023.

 

·General and Administrative Expenses. General and administrative expenses were RMB159.0 million (US$21.9 million), an increase of 16.1% from RMB136.9 million in the same period of 2023. The increase was primarily attributable to higher share-based compensation expenses, partially offset by the decrease in employee benefit costs. General and administrative expenses as a percentage of net revenues were 7.1%, compared with 6.6% in the same period of 2023.

 

Loss from Operations. Loss from operations was RMB71.2 million (US$9.8 million), compared with RMB123.1 million in the same period of 2023. Operating loss margin was 3.2%, compared with 5.9% in the same period of 2023.

 

Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB47.1 million (US$6.5 million), compared with negative RMB107.9 million in the same period of 2023. Non-GAAP EBITDA margin was negative 2.1%, compared with negative 5.2% in the same period of 2023.

 

Net Loss. Net loss was RMB66.3 million (US$9.1 million), compared with RMB129.6 million in the same period of 2023. Net loss margin was 2.9%, compared with 6.2% in the same period of 2023.

 

Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB34.9 million (US$4.8 million), compared with RMB129.5 million in the same period of 2023. Non-GAAP adjusted net loss margin was 1.5%, compared with 6.2% in the same period of 2023.

 

Basic and Diluted Net Loss per ADS7 and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS8. Basic and diluted net loss per ADS were RMB0.40 (US$0.06), compared with RMB14.52 in the same period of 2023. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.21 (US$0.03), compared with RMB3.43 in the same period of 2023.

 

Balance Sheet and Cash Flow

 

As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB2.04 billion (US$280.8 million), compared with RMB2.12 billion as of December 31, 2023.

 

Net cash generated from operating activities was RMB122.1 million (US$16.8 million) in the second quarter of 2024, compared with net cash used in operating activities of RMB236.2 million in the same period of 2023.

 

 

7 ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.

8 Non-GAAP adjusted basic and diluted net loss per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP net loss attributable to the Company’s ordinary shareholders by the weighted average number of ADSs.

 

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Exchange Rate

 

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

 

Conference Call Information

 

The Company’s management will hold a conference call on Thursday, August 22, 2024, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2024.

 

United States (toll free): +1-888-317-6003
International: +1-412-317-6061
Mainland China (toll free): 400-120-6115
Hong Kong (toll free): 800-963-976
Hong Kong: +852-5808-1995
Access Code: 7845776

 

The replay will be accessible through August 29, 2024, by dialing the following numbers:

 

United States: +1-877-344-7529
International: +1-412-317-0088
Replay Access Code: 2271132

 

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at https://ir.zkh.com.

 

About ZKH Group Limited

 

ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, dedicated to propelling the MRO industry’s digital transformation to drive cost reduction and efficiency improvement industry-wide. Leveraging its outstanding product selection and recommendation capabilities, ZKH provides digitalized, one-stop MRO procurement solutions that enable its customers to transparently and efficiently access a wide selection of quality products at competitive prices. The Company also facilitates timely and reliable product delivery with professional fulfillment services. By catering specifically to the needs of MRO suppliers and customers through its unmatched digital infrastructure, the Company empowers all participants in the value chain to achieve more.

 

For more information, please visit: https://ir.zkh.com.

 

Use of Non-GAAP Financial Measures

 

This press release contains the following non-GAAP financial measures: non-GAAP adjusted net profit/(loss), non-GAAP adjusted net profit/(loss) per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures.

 

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The Company defines non-GAAP adjusted net profit/(loss) for a specific period as net profit/(loss) in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as profit/(loss) before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net profit/(loss) per ADS is calculated by dividing adjusted net profit/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods and then multiplied by 35.

 

The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company’s operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net profit/(loss) and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors’ assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.

 

The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

 

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” set forth at the end of this press release.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aim,” “estimates,” “intends,” “plans,” “believes,” “is/are likely to,” “potential,” “continue,” and similar statements. Among other things, the quotations from management in this press release and ZKH’s strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH’s mission, goals and strategies; ZKH’s future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH’s expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH’s expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company’s industry; government policies and regulations relating to ZKH’s industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH’s filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.

 

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For investor and media inquiries, please contact:

 

In China:

 

ZKH Group Limited

IR Department

E-mail: IR@zkh.com

 

Piacente Financial Communications

Hui Fan

Tel: +86-10-6508-0677

E-mail: zkh@thepiacentegroup.com

 

In the United States:

 

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: zkh@thepiacentegroup.com

 

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ZKH GROUP LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

 

   As of December 
31,		   As of June 30, 
   2023   2024 
    RMB    RMB    US$ 
Assets               
Current assets:               
Cash and cash equivalents   1,090,621    1,308,972    180,121 
Restricted cash   159,751    150,305    20,683 
Short-term investments   874,210    581,203    79,976 
Accounts receivable (net of allowance for credit losses of RMB107,032 and RMB127,007 as of December 31, 2023 and June 30, 2024, respectively)   3,639,794    3,398,738    467,682 
Notes receivable   352,997    274,726    37,804 
Inventories   668,984    672,534    92,544 
Prepayments and other current assets   168,117    182,692    25,138 
Total current assets   6,954,474    6,569,170    903,948 
                
Non-current assets:               
Property and equipment, net   145,288    173,586    23,886 
Land use right   11,033    10,920    1,503 
Operating lease right-of-use assets, net   224,930    196,811    27,082 
Intangible assets, net   20,096    17,918    2,466 
Goodwill   30,807    30,807    4,239 
Total non-current assets   432,154    430,042    59,176 
Total assets   7,386,628    6,999,212    963,124 
                
Liabilities               
Current liabilities:               
Short-term borrowings   585,000    591,000    81,324 
Accounts and notes payable   2,883,370    2,599,001    357,634 
Operating lease liabilities   91,230    86,940    11,963 
Advance from customers   19,907    19,095    2,628 
Accrued expenses and other current liabilities   448,225    362,294    49,854 
Total current liabilities   4,027,732    3,658,330    503,403 
                
Non-current liabilities:               
Long-term borrowings   -    19,813    2,726 
Non-current operating lease liabilities   146,970    122,024    16,791 
Other non-current liabilities   507    441    61 
Total non-current liabilities   147,477    142,278    19,578 
Total liabilities   4,175,209    3,800,608    522,981 

 

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   As of December
31,		   As of June 30, 
   2023   2024 
   RMB   RMB  US$ 
zkh group limited shareholders’ equity:                
Ordinary shares (USD0.0000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized; 5,621,490,964 and 5,652,210,884 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively)   4    4     1 
Additional paid-in capital   8,139,349    8,274,123     1,138,557 
Statutory reserves   6,013    6,013     827 
Accumulated other comprehensive loss   (25,154)   (12,683)    (1,745)
Accumulated deficit   (4,908,793)   (5,065,983)    (697,102)
Treasury stock   -    (2,870)    (395)
Total ZKH Group Limited shareholders’ equity   3,211,419    3,198,604     440,143 
Non-controlling interests   -    -　     - 
Total shareholders’ equity   3,211,419    3,198,604     440,143 
Total liabilities and shareholders’ deficit   7,386,628    6,999,212     963,124 

 

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ZKH GROUP LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(All amounts in thousands, except share, ADS, per share and per ADS data)

 

   For the three months ended  For the six months ended 
   June 30, 2023  June 30, 2024  June 30, 2023  June 30,2024 
                    
   RMB  RMB  US$  RMB  RMB  US$ 
Net revenues                         
Net product revenues   1,986,555   2,163,721   297,738   3,853,214   3,938,740   541,989 
Net service revenues   69,865   69,161   9,517   128,933   135,815   18,689 
Other revenues   17,033   17,114   2,355   30,066   35,850   4,933 
Total net revenues   2,073,453   2,249,996   309,610   4,012,213   4,110,405   565,611 
Cost of revenues   (1,738,382)  (1,867,005)  (256,908)  (3,346,344)  (3,393,338)  (466,939)
Operating expenses                         
Fulfillment   (106,674)  (99,097)  (13,636)  (217,582)  (196,445)  (27,032)
Sales and marketing   (168,620)  (157,689)  (21,699)  (348,496)  (321,802)  (44,281)
Research and development   (45,977)  (38,431)  (5,288)  (93,718)  (78,267)  (10,770)
General and administrative   (136,893)  (158,987)  (21,877)  (276,584)  (321,380)  (44,223)
Loss from operations   (123,093)  (71,213)  (9,798)  (270,511)  (200,827)  (27,634)
Interest and investment income   17,606   14,446   1,988   29,417   32,500   4,472 
Interest expense   (4,507)  (5,522)  (760)  (7,600)  (11,217)  (1,544)
Others, net   (19,537)  (3,934)  (541)  21,432   22,508   3,097 
Loss before income tax   (129,531)  (66,223)  (9,111)  (227,262)  (157,036)  (21,609)
Income tax expenses   (49)  (66)  (9)  (181)  (154)  (21)
Net loss   (129,580)  (66,289)  (9,120)  (227,443)  (157,190)  (21,630)
Less: net income attributable to non-controlling interests   (33)  -   -   238   -   - 
Less: net loss attributable to redeemable non-controlling interests   (7)  -   -   (193)  -   - 
Net loss attributable to ZKH Group Limited   (129,540)  (66,289)  (9,120)  (227,488)  (157,190)  (21,630)
Accretion on preferred shares to redemption value   (419,425)  -   -   (475,803)  -   - 
Net loss attributable to ZKH Group Limited's ordinary shareholders   (548,965)  (66,289)  (9,120)  (703,291)  (157,190)  (21,630)

 

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   For the three months ended  For the six months ended 
   June 30, 2023  June 30, 2024  June 30, 2023  June 30,2024 
   RMB  RMB    US$  RMB  RMB  US$ 
Net loss   (129,580)  (66,289)   (9,120)  (227,443)  (157,190)  (21,630)
Other comprehensive loss:                          
Foreign currency translation adjustments   (81,370)  (9,121)   (1,255)  (60,220)  (12,471)  (1,716)
Total comprehensive loss   (210,950)  (75,410)   (10,375)  (287,663)  (169,661)  (23,346)
Less: comprehensive income attributable to non-controlling interests   (33)  -    -   238   -   - 
Less: comprehensive loss attributable to redeemable non-controlling interests   (7)  -    -   (193)  -   - 
Comprehensive loss attributable to ZKH Group Limited   (210,910)  (75,410)   (10,375)  (287,708)  (169,661)  (23,346)
Accretion on Preferred Shares to redemption value   (419,425)  -    -   (475,803)  -   - 
Total comprehensive loss attributable to ZKH Group Limited's ordinary shareholders   (630,335)  (75,410)   (10,375)  (763,511)  (169,661)  (23,346)
                           
Net loss per ordinary share attributable to ordinary shareholders   　                      
Basic and diluted   (0.41)  (0.01)   (0.00)  (0.53)  (0.03)  (0.00)
Weighted average number of shares   　                      
Basic and diluted   1,322,841,307   5,747,591,752    5,747,591,752   1,322,841,307   5,745,856,349   5,745,856,349 
                           
Net loss per ADS attributable to ordinary shareholders   　                      
Basic and diluted   (14.52)  (0.40)   (0.06)  (18.61)  (0.96)  (0.13)
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)   　                      
Basic and diluted   37,795,466   164,216,907    164,216,907   37,795,466   164,167,324   164,167,324 

 

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ZKH GROUP LIMITED

 

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

 

   For the three months ended  For the six months ended 
   June 30, 2023  June 30, 2024  June 30, 2023  June 30,2024 
   RMB  RMB  US$  RMB  RMB  US$ 
Net loss   (129,580)  (66,289)  (9,120)  (227,443)  (157,190)  (21,630)
Income tax expenses   49   66   9   181   154   12 
Interest expenses   4,507   5,522   760   7,600   11,217   1,544 
Depreciation and amortization expenses   17,173   13,633   1,876   40,586   28,703   3,950 
Non-GAAP EBITDA   (107,851)  (47,068)  (6,475)  (179,076)  (117,116)  (16,124)

 

   For the three months ended  For the six months ended 
   June 30, 2023  June 30, 2024  June 30, 2023  June 30,2024 
   RMB  RMB  US$  RMB  RMB  US$ 
Net loss   (129,580)  (66,289)  (9,120)  (227,443)  (157,190)  (21,630)
Add:                         
Share-based compensation expenses   82   31,432   4,325   11,072   78,874   10,853 
Non-GAAP adjusted net loss   (129,498)  (34,857)  (4,796)  (216,371)  (78,316)  (10,777)
                          
Non-GAAP adjusted net loss attributable to ordinary shareholders per share                         
Basic and diluted   (0.10)  (0.01)  (0.00)  (0.16)  (0.01)  (0.00)
Weighted average number of ordinary shares                         
Basic and diluted   1,322,841,307   5,747,591,752   5,747,591,752   1,322,841,307   5,745,856,349   5,745,856,349 
                          
Non-GAAP adjusted net loss attributable to ordinary shareholders per ADS                         
Basic and diluted   (3.43)  (0.21)  (0.03)  (5.72)  (0.48)  (0.07)
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)                         
Basic and diluted   37,795,466   164,216,907   164,216,907   37,795,466   164,167,324   164,167,324 

 

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