Quhuo Reports Unaudited Financial Results for the Second Half and Full Year 2023
Financial and Operational Highlights for the Second Half of 2023
- Revenues from vehicle export solutions that were launched in
May 2023 wereRMB142.5 million (US$20.1 million ), accounting for 81.3% of revenues from mobility solution services, driving a 239.6% year-over-year increase in the latter's revenue. - Net income was
RMB11.7 million (US$1.6 million ), representing a year-over-year increase of 15.0% fromRMB10.2 million . - General and administrative expense was
RMB102.7 million (US$14.5 million ), representing a year-over-year decrease of 9.9% fromRMB114.1 million . -
Quhuo International has shipped over 1,700 units of vehicles under its vehicle export solutions.
Financial and Operational Highlights for Full Year 2023
- Revenues from vehicle export solutions that were launched in
May 2023 wereRMB154.5 million (US$21.8 million ), accounting for 66.1% of revenues from mobility solution services, driving a year-over-year increase of 116.4% in the latter's revenue. - Net income was
RMB6.0 million (US$0.8 million ) in 2023, compared with net loss ofRMB16.4 million in 2022. - Adjusted net income was
RMB5.5 million (US$0.8 million ), representing a year-over-year increase of 64.7% fromRMB3.3 million . - General and administrative expense was
RMB184.3 million (US$26.0 million ), representing a year-over-year decrease of 13.7% fromRMB213.6 million . -
Quhuo International has signed service contracts for over 3,000 units of vehicles under its vehicle export solutions, of which over 1,900 units have been shipped.
Mr.
"In 2023, we strategically pursued a second growth curve for our business by expanding into new avenues through vehicle export solutions and SaaS+ services , following our strategy to enhance profitability following revenue growth initiated in the fiscal year 2021. Our successful export of approximately 1,900 units of new energy vehicles and electric mopeds from China, generating revenue of
"With a firm belief in the immense opportunities presented by global markets, we are dedicated to seizing these prospects for growth and advancement. Coupled with over a decade of experience in internet operation and technology as well as outstanding last-mile delivery capability achieved through flexible labor practices by
Unaudited Financial Results of the Second Half of 2023
Total revenues were
- Revenues from on-demand food delivery solutions were
RMB1,763.2 million (US$248.3 million ), representing a decrease of 6.0% fromRMB1,874.9 million in the second half of 2022, primarily because we enjoyed more preferential policies during the second half of 2022 amid the COVID-19 pandemic, which was significantly reduced in the six months endedDecember 31, 2023 following the relief of the pandemic. - Revenues from mobility service solutions, consisting of shared-bike maintenance, ride-hailing, vehicle export solutions and freight service solutions, were
RMB175.3 million (US$24.7 million ), representing an increase of 239.6% fromRMB51.6 million in the second half of 2022, primarily due to the success of vehicle export solutions, which generated revenue ofRMB 142.5 million (US$20.1 million ). - Revenues from housekeeping and accommodation solutions and other services were
RMB27.5 million (US$3.9 million ), representing a decrease of 8.3% fromRMB30.0 million in the second half of 2022, primarily due to the transition of business model in hotel service.
The cost of revenues was
General and administrative expenses were
Research and development expenses were
We recorded other income, net, of
Income tax expense was
Net income attributable to
Adjusted EBITDA was
Adjusted net income was
Unaudited Financial Results of Full Year 2023
Total revenues were
- Revenues from on-demand food delivery solutions were
RMB3,412.8 million (US$480.7 million ), representing a decrease of 6.2% fromRMB3,638.7 million in 2022, primarily because we enjoyed more preferential policies during 2022 amid the COVID-19 pandemic, which was significantly reduced in 2023 following the relief of the pandemic. - Revenues from mobility service solutions were
RMB233.8 million (US$32.9 million ), representing an increase of 116.4% fromRMB108.1 million in 2022, primarily due to the success of vehicle export solutions, and we exported around 1,900 units of new energy vehicles and electric mopeds from China and generated revenue ofRMB 154.5 million (US$21.8 million ) in 2023. - Revenues from housekeeping and accommodation solutions and other services were
RMB55.7 million (US$7.9 million ), representing a decrease of 24.2% fromRMB73.6 million in 2022, primarily due to the transition of business model in hotel service.
Cost of revenues was
General and administrative expenses were
Research and development expenses remained relatively stable at
Other income, net was
Income tax benefit was
Net income attributable to
Adjusted EBITDA was
Adjusted net income was
(1) See "Use of Non-GAAP Financial Measures." |
Balance Sheet
As of
CONFERENCE CALL
Dial-in details for the earnings conference call are as follows:
PARTICIPANT DIAL IN (TOLL FREE): |
1-888-346-8982 |
PARTICIPANT INTERNATIONAL DIAL IN: |
1-412-902-4272 |
Hong Kong Toll Free: |
800-905945 |
Hong Kong-Local Toll: |
852-301-84992 |
Mainland |
4001-201203 |
Conference ID: |
|
Please dial in ten minutes before the call is scheduled to begin and provide the conference ID to join the call.
A replay of the conference call may be accessed by phone at the following numbers until April 10, 2024:
US Toll Free: |
1-877-344-7529 |
International Toll: |
1-412-317-0088 |
Canada Toll Free: |
855-669-9658 |
Replay Access Code: |
8059541 |
Additionally, a live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.quhuo.cn/.
USE OF NON-GAAP FINANCIAL MEASURES
The non-GAAP financial measures are not defined under
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For the Six Months Ended |
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For the Year Ended |
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December |
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December |
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December |
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December |
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December |
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(RMB) |
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(RMB) |
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(US$) |
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(RMB) |
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(RMB) |
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(US$) |
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Net income/(loss) |
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10,172 |
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11,698 |
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1,647 |
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(16,414) |
|
6,008 |
|
846 |
Add: Share-based Compensation |
7,259 |
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(4,348) |
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(612) |
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19,762 |
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(495) |
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(70) |
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Adjusted net income |
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17,431 |
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7,350 |
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1,035 |
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3,348 |
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5,513 |
|
776 |
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Add: Income tax expense/(benefit) |
14,319 |
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1,468 |
|
207 |
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21,002 |
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(927) |
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(131) |
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Depreciation |
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3,715 |
|
2,389 |
|
336 |
|
7,513 |
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5,316 |
|
749 |
Amortization |
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10,431 |
|
10,302 |
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1,451 |
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21,094 |
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20,430 |
|
2,878 |
Interest |
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1,897 |
|
2,559 |
|
360 |
|
5,683 |
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4,882 |
|
688 |
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Adjusted EBITDA |
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47,793 |
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24,068 |
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3,389 |
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58,640 |
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35,214 |
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4,960 |
EXCHANGE RATE INFORMATION
This press release contains translations of certain Renminbi amounts into
ABOUT
With the vision of promoting employment, stabilizing income and empowering entrepreneurship,
SAFE HARBOR STATEMENT
This press release contains ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding
For more information about
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UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Amounts in thousands of Renminbi ("RMB") and |
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As of 2022 |
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As of 2023 |
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As of 2023 |
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(RMB) |
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(RMB) |
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(US$) |
Assets |
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Current assets |
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Cash |
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95,444 |
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45,185 |
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6,364 |
Restricted cash |
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5,579 |
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1,271 |
|
179 |
Short-term investments |
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64,355 |
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68,378 |
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9,631 |
Accounts receivable, net |
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495,046 |
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475,992 |
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67,042 |
Prepayments and other current assets |
|
54,921 |
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108,354 |
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15,261 |
Amounts due from related parties |
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3,876 |
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253 |
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36 |
Total current assets |
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719,221 |
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699,433 |
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98,513 |
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Property and equipment, net |
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11,450 |
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14,635 |
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2,061 |
Right-of-use assets, net |
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5,562 |
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6,217 |
|
876 |
Intangible assets, net |
|
101,603 |
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82,818 |
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11,665 |
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65,481 |
|
65,481 |
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9,223 |
Deferred tax assets |
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12,000 |
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21,968 |
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3,094 |
Other non-current assets |
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140,300 |
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141,384 |
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19,914 |
Total non-current assets |
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336,396 |
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332,503 |
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46,833 |
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Total assets |
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1,055,617 |
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1,031,936 |
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145,346 |
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liabilities, non-controlling interests and shareholders' equity |
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Current liabilities |
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Accounts payables |
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293,281 |
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254,099 |
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35,789 |
Accrued expenses and other current liabilities |
|
125,949 |
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108,132 |
|
15,230 |
Short-term debt |
|
65,434 |
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92,653 |
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13,050 |
Short-term lease liabilities |
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3,276 |
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3,906 |
|
550 |
Total current liabilities |
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487,940 |
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458,790 |
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64,619 |
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Long-term debt |
|
1,303 |
|
7,533 |
|
1,061 |
Long-term lease liabilities |
|
1,103 |
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1,434 |
|
202 |
Deferred tax liabilities |
|
814 |
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4,689 |
|
660 |
Other non-current liabilities |
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66,880 |
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54,212 |
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7,636 |
Total non-current liabilities |
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70,100 |
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67,868 |
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9,559 |
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Total liabilities |
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558,040 |
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526,658 |
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74,178 |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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As of December |
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As of December |
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As of December |
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(RMB) |
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(RMB) |
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(US$) |
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Shareholders' equity |
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Ordinary shares |
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43 |
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43 |
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6 |
Additional paid-in capital |
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1,885,637 |
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1,885,142 |
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265,517 |
Accumulated deficit |
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(1,379,864) |
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(1,376,530) |
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(193,880) |
Accumulated other comprehensive income |
|
(4,654) |
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(2,466) |
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(347) |
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|
501,162 |
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506,189 |
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71,296 |
Non-controlling interests |
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(3,585) |
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(911) |
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(128) |
Total shareholders' equity |
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497,577 |
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505,278 |
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71,168 |
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Total liabilities and shareholders' equity |
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1,055,617 |
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1,031,936 |
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145,346 |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME |
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(Amounts in thousands of Renminbi ("RMB") and |
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For the Six Months Ended |
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For the Year Ended |
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December |
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December |
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December |
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December |
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December |
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December |
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(RMB) |
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(RMB) |
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(US$) |
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(RMB) |
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(RMB) |
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(US$) |
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Revenues |
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1,956,583 |
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1,966,070 |
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276,915 |
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3,820,378 |
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3,702,387 |
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521,470 |
Cost of revenues |
|
(1,797,823) |
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(1,866,263) |
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(262,858) |
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(3,567,690) |
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(3,535,778) |
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(498,004) |
General and administrative |
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(114,067) |
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(102,725) |
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(14,469) |
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(213,592) |
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(184,336) |
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(25,963) |
Research and development |
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(5,379) |
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(5,733) |
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(807) |
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(12,540) |
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(12,378) |
|
(1,743) |
Gain on disposal of assets, net |
|
9,243 |
|
13,401 |
|
1,887 |
|
13,975 |
|
22,317 |
|
3,143 |
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(4,882) |
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- |
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- |
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(4,882) |
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- |
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- |
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Operating income/(loss) |
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43,675 |
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4,750 |
|
668 |
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35,649 |
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(7,788) |
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(1,097) |
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Interest income |
|
499 |
|
305 |
|
43 |
|
690 |
|
1,047 |
|
147 |
Interest expense |
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(1,897) |
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(2,559) |
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(360) |
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(5,683) |
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(4,882) |
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(688) |
Other (loss)/income, net |
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(17,786) |
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10,670 |
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1,503 |
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(26,068) |
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16,704 |
|
2,353 |
Loss before income tax |
|
24,491 |
|
13,166 |
|
1,854 |
|
4,588 |
|
5,081 |
|
715 |
Income tax (expense)/benefit |
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(14,319) |
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(1,468) |
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(207) |
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(21,002) |
|
927 |
|
131 |
Net income/(loss) |
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10,172 |
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11,698 |
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1,647 |
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(16,414) |
|
6,008 |
|
846 |
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Net loss/(income) attributable |
|
1,651 |
|
1,284 |
|
181 |
|
3,284 |
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(2,674) |
|
(377) |
Net income/(loss) attributable |
|
11,823 |
|
12,982 |
|
1,828 |
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(13,130) |
|
3,334 |
|
469 |
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Non-GAAP Financial Data |
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Adjusted net income |
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17,431 |
|
7,350 |
|
1,035 |
|
3,348 |
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5,513 |
|
776 |
Adjusted EBITDA |
|
47,793 |
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24,068 |
|
3,389 |
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58,640 |
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35,214 |
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4,960 |
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Earnings/(loss) per share for class A and class B ordinary shares |
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Basic |
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0.21 |
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0.23 |
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0.03 |
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(0.23) |
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0.06 |
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0.01 |
Diluted |
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0.20 |
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0.23 |
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0.03 |
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(0.23) |
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0.06 |
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0.01 |
Shares used in earnings/(loss) per share computation: |
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Basic |
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56,168,787 |
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55,855,737 |
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55,855,737 |
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56,007,723 |
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55,534,919 |
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55,534,919 |
Diluted |
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59,123,432 |
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55,855,737 |
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55,855,737 |
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56,007,723 |
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55,534,919 |
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55,534,919 |
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