SHANGHAI, Aug. 17, 2021 /PRNewswire/ -- AiHuiShou
International Co. Ltd. ("ATRenew" or the "Company") (NYSE:
RERE), a leading technology-driven pre-owned consumer electronics
transactions and services platform in China, today announced its unaudited financial
results for the second quarter ended June
30, 2021.
Second Quarter 2021 Highlights
- Total net revenues grew by 56.2% to RMB1,867.7 million (US$289.3 million) from RMB1,195.8 million in the second quarter of
2020.
- Loss from operations was RMB507.3
million (US$78.6 million),
compared to RMB116.0 million in the
second quarter of 2020. Adjusted loss from operations
(non-GAAP)[1] was RMB51.0 million (US$7.9
million), compared to RMB36.6
million in the second quarter of 2020.
- Total Gross Merchandise Volume
("GMV[2]") increased by 69.6% to
RMB7.8 billion from RMB4.6 billion in the second quarter of 2020.
GMV for product sales increased by 72.7% to RMB1.9 billion from RMB1.1
billion in the second quarter of 2020. GMV for online
marketplaces increased by 68.6% to RMB5.9 billion from RMB3.5
billion in the second quarter of 2020.
- Number of consumer products transacted[3]
increased by 27.9% to 7.8 million from 6.1 million in the second
quarter of 2020.
[1] See
"Reconciliations of GAAP and Non-GAAP Results" for more
information.
|
[2] "GMV"
represents the total dollar value of goods distributed to merchants
and consumers through transactions on the Company's platform in a
given period for which payments have been made, prior to returns
and cancellations, excluding shipping cost but including sales
tax.
|
[3]
"Number of consumer products transacted" represents the number of
consumer products distributed to merchants and consumers through
transactions on the Company's PJT Marketplace, Paipai Marketplace
and other channels the Company operates in a given period, prior to
returns and cancellations, excluding the number of consumer
products collected through AHS Recycle; a single consumer product
may be counted more than once according to the number of times it
is transacted on PJT Marketplace, Paipai Marketplace and other
channels the Company operates through the distribution process to
end consumer.
|
Mr. Kerry Xuefeng Chen, Founder,
Chairman, and Chief Executive Officer of ATRenew, commented, "We
are pleased to deliver robust financial and operational results in
our first quarterly earnings release as a public company. Our NYSE
listing in June marked a paramount milestone following a decade of
commitment and effort to fulfill our mission to give a second life
to all idle goods. During the quarter, we further upgraded our
pre-owned consumer products supply chain and automated operation
capabilities, elevating the efficiency of pre-owned consumer
electronics transactions on our platform. Meanwhile, we continued
to empower small merchants in mid- and lower-tier cities and
optimize the consumer experience. By leveraging our proprietary
technology and services along with the pre-owned electronics supply
chain we have established, we are well-positioned to increase the
overall penetration and circulation rate of pre-owned consumer
electronics in China, and to
generate sustainable value for our shareholders and society while
supporting the development of China's circular economy."
Mr. Rex Chen, Chief Financial
Officer of ATRenew, added, "In the second quarter of 2021, our GMV
and revenue both maintained strong momentum. Our proprietary system
for automated inspection, grading, and pricing serves as the
essential technical foundation to empower small merchants and
provide optimal transaction services for our PJT Marketplace and
Paipai Marketplace. Notably, revenue contribution from services
during the quarter continued to increase, further demonstrating our
economies of scale. Looking ahead, we will continue to invest in
our operations and automation technology upgrades to provide
consumers and merchants with optimal trade-in and consignment
experiences. Utilizing our combined resources with strategic
partners, we will continue to expand the presence of our recycling,
trade-in, and multiple-device trade-in within our ecosystem."
Second Quarter 2021 Financial Results
REVENUE
Total net revenues increased by 56.2% to RMB1,867.7 million (US$289.3 million) from RMB1,195.8 million in the same period of
2020.
- Net product revenues increased by 53.1% to RMB1,603.4 million (US$248.3 million) from RMB1,047.2 million in the same period of 2020.
The increase was attributable to an increase in the sales of
pre-owned consumer electronics through PJT Marketplace, Paipai
Marketplace and the Company's offline trade-in channels. GMV for
product sales increased by 72.7% to RMB1.9
billion from RMB1.1 billion in
the second quarter of 2020.
- Net service revenues increased by 77.9% to RMB264.3 million (US$40.9
million) from RMB148.6 million
in the same period of 2020. The increase was primarily due to the
increases in transaction volume on PJT Marketplace and Paipai
Marketplace and an increase in the average commission rate. GMV for
online marketplaces increased by 68.6% to RMB5.9 billion from RMB3.5
billion in the second quarter of 2020.
OPERATING COSTS AND EXPENSES
Operating costs and expenses increased by 81.0% to RMB2,379.4 million (US$368.5 million) from RMB1,314.4 million in the same period of 2020.
The increase was primarily due to the Company's business growth and
the immediate recognition of share-based compensation expense of
RMB378.4 million (US$58.6 million) resulting from restricted share
units and options granted to the management immediately prior to
the IPO and options granted to employees with an IPO condition.
- Merchandise costs increased by 56.9% to RMB1,395.4 million (US$216.1 million) from RMB889.5 million in the same period of 2020. The
increase was primarily due to the growth in product sales.
- Fulfillment expenses increased by 84.4% to RMB275.5 million (US$42.7
million) from RMB149.4 million
in the same period of 2020. The increase was primarily due to (i)
an increase in personnel cost in connection with the Company's
growing business and the immediate recognition of share-based
compensation expense of RMB42.5
million (US$6.6 million)
resulting from options granted to employees with an IPO condition;
and (ii) the increases in logistics expenses and operation center
related expenses which were in line with the increase in sales of
pre-owned consumer electronics.
- Selling and marketing expenses increased by 60.3% to
RMB316.3 million (US$49.0 million) from RMB197.3 million in the same period of 2020. The
increase was primarily due to (i) an increase in personnel cost in
connection with the Company's growing business and the immediate
recognition of share-based compensation expense of RMB26.3 million (US$4.1
million) resulting from options granted to employees with an
IPO condition; and (ii) an increase in sales commissions in
connection with traffic acquisition and sourcing of pre-owned
devices.
- General and administrative expenses increased by 593.2% to
RMB310.3 million (US$48.1 million) from RMB44.8 million in the same period of 2020. The
increase was primarily due to the share-based compensation expense
of RMB220.1 million (US$34.1 million) in connection with the
restricted share units and options granted to the management
immediately prior to the IPO and the immediate recognition of
share-based compensation expense of RMB62.0
million (US$9.6 million)
resulting from options granted to employees with an IPO
condition.
- Technology and content expenses increased by 144.5% to
RMB81.9 million (US$12.7 million) from RMB33.5 million in the same period of 2020. The
increase was primarily due to the increase in personnel cost in
connection to the expansion of the research and development team
and the immediate recognition of share-based compensation expense
of RMB27.6 million (US$4.3 million) resulting from options granted to
employees with an IPO condition.
LOSS FROM OPERATIONS
Loss from operations was RMB507.3
million (US$78.6 million),
compared to RMB116.0 million in the
second quarter of 2020. Adjusted loss from operations (non-GAAP)
was RMB51.0 million (US$7.9 million), compared to RMB36.6 million in the second quarter of
2020.
NET LOSS
Net loss was RMB505.7 million
(US$78.3 million), compared to
RMB107.3 million in the second
quarter of 2020. Adjusted net loss (non-GAAP)[4] was
RMB59.7 million (US$9.2 million), compared to RMB39.8 million in the second quarter of
2020.
BASIC AND DILUTED NET LOSS PER ORDINARY SHARE
Basic and diluted net loss per ordinary share were
RMB13.47 (US$2.09), compared to RMB23.07 in the same period of 2020.
Adjusted basic and diluted net loss per ordinary share
(non-GAAP)[5] were RMB1.59
(US$0.25), compared to RMB2.12 in the same period of 2020.
[4] See
"Reconciliations of GAAP and Non-GAAP Results" for more
information.
|
[5] See
"Reconciliations of GAAP and Non-GAAP Results" for more
information.
|
CASH AND CASH EQUIVALENTS AND SHORT-TERM
INVESTMENTS
Cash and cash equivalents and short-term investments increased
to RMB2,835.5 million
(US$439.2 million) as of
June 30, 2021 from RMB1,015.9 million as of December 31, 2020, primarily due to net proceeds
from the Company's initial public offering in June 2021.
Business Outlook
For the third quarter of 2021, the Company currently expects its
total revenues to be between RMB1,870.0
million and RMB1,930.0
million. This forecast only reflects the Company's current
and preliminary views on the market and operational conditions,
which are subject to change.
Environment, Social, and Governance
On July 13, 2021, the Company
announced its response to the 14th Five-Year Plan (2021-2025) for
Circular Economy Development released by the National Development
and Reform Commission. The Company pursues its mission "to give a
second life to all idle goods", supporting the development of a
circular economy.
On August 17, 2021, the Company
published its first environmental, social and governance ("ESG")
report, highlighting the company's long-term initiatives focused on
improving its environmental impact and furthering its social
contributions. The full report is available on the Company's
investor relations website and is provided in both Simplified
Chinese and English.
Recent Development
On July 20, 2021, the Company
announced that, in connection with its previously announced initial
public offering, the underwriters have exercised their
over-allotment option to purchase an additional 1,875,717 shares of
the Company's American Depositary Shares ("ADSs") (equivalent to
1,250,478 Class A ordinary shares of the Company) at a price of
US$14.00 per ADS. The Company also
announced the closing of its initial public offering of 16,233,000
at a price of US$14.00 per ADS, which
did not include the sale of shares pursuant to the over-allotment
option. As of July 20, 2021, the
Company had 18,108,717 ADSs outstanding (equivalent to 12,072,478
Class A ordinary shares of the Company), which included the ADSs
issued as part of the Company's initial public offering and the
underwriters' exercise of their over-allotment option.
Conference Call Information
The Company's management will hold a conference call on
Tuesday, August 17, 2021 at
08:00 A.M. Eastern Time (or
08:00 P.M. Beijing Time on
Tuesday, August 17, 2021) to discuss
the financial results. Listeners may access the call by dialing the
following numbers:
International:
|
|
1-412-317-6061
|
United States Toll
Free:
|
|
1-888-317-6003
|
Mainland China Toll
Free:
|
|
4001-206115
|
Hong Kong Toll
Free:
|
|
800-963976
|
Access
Code:
|
|
6346736
|
The replay will be accessible through August 24, 2021 by dialing the following
numbers:
International:
|
|
1-412-317-0088
|
United States Toll
Free:
|
|
1-877-344-7529
|
Access
Code:
|
|
10159327
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
ir.aihuishou.com.
About AiHuiShou International Co. Ltd.
Headquartered in Shanghai,
AiHuiShou International Co. Ltd. operates a leading
technology-driven pre-owned consumer electronics transactions and
services platform in China under
the brand ATRenew. Since its inception in 2011, ATRenew has been on
a mission to give a second life to all idle goods, addressing the
environmental impact of pre-owned consumer electronics by
facilitating recycling and trade-in services, and distributing the
devices to prolong their lifecycle. ATRenew's open platform
integrates C2B, B2B, and B2C capabilities to empower its online and
offline services. Through its end-to-end coverage of the entire
value chain and its proprietary inspection, grading, and pricing
technologies, ATRenew sets the standard for China's pre-owned consumer electronics
industry.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB6.4566 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System as of June 30,
2021.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial measures in
evaluating its business. For example, the Company uses adjusted
loss from operations, adjusted net loss and adjusted net loss per
ordinary share as supplemental measures to review and assess its
financial and operating performance. The presentation of these
non-GAAP financial measures is not intended to be considered in
isolation, or as a substitute for the financial information
prepared and presented in accordance with U.S. GAAP. Adjusted loss
from operations is loss from operations excluding the impact of
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition. Adjusted net loss is
net loss excluding the impact of share-based compensation expenses,
amortization of intangible assets resulting from business
acquisition, tax benefit from amortization of such intangible
assets and fair value change in warrant liabilities. Adjusted net
loss per ordinary share is adjusted net loss attributable to
ordinary shareholders divided by weighted average number of shares
used in calculating net loss per ordinary share. Adjusted net loss
attributable to ordinary shareholders is net loss attributable to
ordinary shareholders excluding the impact of share-based
compensation expenses, amortization of intangible assets resulting
from business acquisition, tax benefit from amortization of such
intangible assets and fair value change in warrant liabilities.
The Company presents non-GAAP financial measures because they
are used by the Company's management to evaluate the Company's
financial and operating performance and formulate business plans.
The Company believes that adjusted loss from operations and
adjusted net loss help identify underlying trends in the Company's
business that could otherwise be distorted by the effect of certain
expenses that are included in loss from operations and net loss.
The Company also believes that the use of non-GAAP financial
measures facilitates investors' assessment of the Company's
operating performance. The Company believes that adjusted loss from
operations and adjusted net loss provide useful information about
the Company's operating results, enhance the overall understanding
of the Company's past performance and future prospects and allow
for greater visibility with respect to key metrics used by the
Company's management in its financial and operational decision
making.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The non-GAAP
financial measures have limitations as analytical tools. One of the
key limitations of using non-GAAP financial measures is that they
do not reflect all items of income and expense that affect the
Company's operations. Share-based compensation expenses,
amortization of intangible assets resulting from business
acquisition, tax benefit from amortization of such intangible
assets and fair value change in warrant liabilities have been and
may continue to be incurred in the Company's business and is not
reflected in the presentation of non-GAAP financial measures.
Further, the non-GAAP measures may differ from the non-GAAP
measures used by other companies, including peer companies,
potentially limiting the comparability of their financial results
to the Company's. In light of the foregoing limitations, the
non-GAAP financial measures for the period should not be considered
in isolation from or as an alternative to loss from operations, net
loss, and net loss attributable to ordinary shareholders per share,
or other financial measures prepared in accordance with U.S.
GAAP.
The Company compensates for these limitations by reconciling the
non-GAAP financial measures to the nearest U.S. GAAP performance
measures, which should be considered when evaluating the Company's
performance. For reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures,
please see the section of the accompanying tables titled,
"Reconciliations of GAAP and Non-GAAP Results."
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements 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 "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. ATRenew 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 releases 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 ATRenew's beliefs,
plans 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: ATRenew's
strategies; ATRenew's future business development, financial
condition and results of operations; ATRenew's ability to maintain
its relationship with major strategic investors; its ability to
provide facilitate pre-owned consumer electronics transactions and
provide relevant services; its ability to maintain and enhance the
recognition and reputation of its brand; general economic and
business conditions globally and in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in ATRenew's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and ATRenew does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Investor Relations Contact
In China:
AiHuiShou International Co. Ltd.
Investor Relations
Email: ir@aihuishou.com
In the United States:
ICR, LLC
Email: aihuishou@icrinc.com
Tel: +1-212-537-0461
AIHUISHOU
INTERNATIONAL CO. LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
As
of
December
31
|
|
|
As of June
30,
|
|
|
|
2020
|
|
|
2021
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
918,076
|
|
|
|
2,785,542
|
|
|
|
431,426
|
|
Short-term
investments
|
|
|
97,866
|
|
|
|
50,000
|
|
|
|
7,744
|
|
Amount due from
related parties
|
|
|
289,156
|
|
|
|
305,441
|
|
|
|
47,307
|
|
Inventories,
net
|
|
|
176,994
|
|
|
|
352,326
|
|
|
|
54,568
|
|
Funds receivable from
third party payment service providers
|
|
|
124,262
|
|
|
|
191,221
|
|
|
|
29,616
|
|
Prepayments and other
receivables, net
|
|
|
268,284
|
|
|
|
562,352
|
|
|
|
87,097
|
|
Total current
assets
|
|
|
1,874,638
|
|
|
|
4,246,882
|
|
|
|
657,758
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in equity
investees
|
|
|
96,362
|
|
|
|
114,112
|
|
|
|
17,674
|
|
Property and
equipment, net
|
|
|
69,562
|
|
|
|
78,265
|
|
|
|
12,122
|
|
Intangible assets,
net
|
|
|
1,367,841
|
|
|
|
1,241,364
|
|
|
|
192,263
|
|
Goodwill
|
|
|
1,803,415
|
|
|
|
1,803,415
|
|
|
|
279,313
|
|
Other non-current
assets
|
|
|
14,520
|
|
|
|
98,115
|
|
|
|
15,196
|
|
Total non-current
assets
|
|
|
3,351,700
|
|
|
|
3,335,271
|
|
|
|
516,568
|
|
TOTAL
ASSETS
|
|
|
5,226,338
|
|
|
|
7,582,153
|
|
|
|
1,174,326
|
|
LIABILITIES,
MEZZANINE EQUITY AND EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
369,657
|
|
|
|
209,205
|
|
|
|
32,402
|
|
Accounts
payable
|
|
|
27,201
|
|
|
|
48,317
|
|
|
|
7,483
|
|
Accrued expenses and
other current liabilities
|
|
|
396,612
|
|
|
|
394,331
|
|
|
|
61,074
|
|
Accrued payroll and
welfare
|
|
|
115,400
|
|
|
|
107,319
|
|
|
|
16,622
|
|
Convertible
bonds
|
|
|
160,000
|
|
|
|
—
|
|
|
|
—
|
|
Amount due to related
parties
|
|
|
114,669
|
|
|
|
45,067
|
|
|
|
6,980
|
|
Total current
liabilities
|
|
|
1,183,539
|
|
|
|
804,239
|
|
|
|
124,561
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings
|
|
|
32,624
|
|
|
|
14,066
|
|
|
|
2,179
|
|
Warrant
liability
|
|
|
—
|
|
|
|
19,587
|
|
|
|
3,034
|
|
Deferred tax
liabilities
|
|
|
341,960
|
|
|
|
350,341
|
|
|
|
54,261
|
|
Total non-current
liabilities
|
|
|
374,584
|
|
|
|
383,994
|
|
|
|
59,474
|
|
TOTAL
LIABILITIES
|
|
|
1,558,123
|
|
|
|
1,188,233
|
|
|
|
184,035
|
|
TOTAL MEZZANINE
EQUITY
|
|
|
8,879,894
|
|
|
|
—
|
|
|
|
—
|
|
EQUITY
(DEFICIT)
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
(DEFICIT)
|
|
|
(5,211,679)
|
|
|
|
6,393,920
|
|
|
|
990,291
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
(DEFICIT)
|
|
|
5,226,338
|
|
|
|
7,582,153
|
|
|
|
1,174,326
|
|
AIHUISHOU
INTERNATIONAL CO. LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
Three months ended
June 30,
|
|
|
Six months ended
June 30,
|
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product
revenues
|
|
|
1,047,248
|
|
|
|
1,603,419
|
|
|
|
248,338
|
|
|
|
1,653,351
|
|
|
|
2,913,966
|
|
|
|
451,316
|
|
Net service
revenues
|
|
|
148,564
|
|
|
|
264,297
|
|
|
|
40,934
|
|
|
|
234,673
|
|
|
|
468,181
|
|
|
|
72,512
|
|
Operating expenses
(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise
costs
|
|
|
(889,469)
|
|
|
|
(1,395,358)
|
|
|
|
(216,113)
|
|
|
|
(1,390,269)
|
|
|
|
(2,491,054)
|
|
|
|
(385,815)
|
|
Fulfillment
expenses
|
|
|
(149,391)
|
|
|
|
(275,525)
|
|
|
|
(42,673)
|
|
|
|
(307,345)
|
|
|
|
(498,544)
|
|
|
|
(77,215)
|
|
Selling and marketing
expenses
|
|
|
(197,305)
|
|
|
|
(316,295)
|
|
|
|
(48,988)
|
|
|
|
(341,455)
|
|
|
|
(538,875)
|
|
|
|
(83,461)
|
|
General and
administrative expenses
|
|
|
(44,758)
|
|
|
|
(310,280)
|
|
|
|
(48,056)
|
|
|
|
(98,658)
|
|
|
|
(339,688)
|
|
|
|
(52,611)
|
|
Technology and
content expenses
|
|
|
(33,524)
|
|
|
|
(81,903)
|
|
|
|
(12,685)
|
|
|
|
(73,689)
|
|
|
|
(137,402)
|
|
|
|
(21,281)
|
|
Total operating
expenses
|
|
|
(1,314,447)
|
|
|
|
(2,379,361)
|
|
|
|
(368,515)
|
|
|
|
(2,211,416)
|
|
|
|
(4,005,563)
|
|
|
|
(620,383)
|
|
Other operating
income
|
|
|
2,661
|
|
|
|
4,369
|
|
|
|
677
|
|
|
|
8,472
|
|
|
|
4,730
|
|
|
|
733
|
|
Loss from
operations
|
|
|
(115,974)
|
|
|
|
(507,276)
|
|
|
|
(78,566)
|
|
|
|
(314,920)
|
|
|
|
(618,686)
|
|
|
|
(95,822)
|
|
Interest
expense
|
|
|
(7,604)
|
|
|
|
(5,513)
|
|
|
|
(854)
|
|
|
|
(11,139)
|
|
|
|
(12,065)
|
|
|
|
(1,869)
|
|
Interest
income
|
|
|
5,360
|
|
|
|
1,013
|
|
|
|
157
|
|
|
|
7,270
|
|
|
|
4,433
|
|
|
|
687
|
|
Other income,
net
|
|
|
846
|
|
|
|
(4,862)
|
|
|
|
(753)
|
|
|
|
7,405
|
|
|
|
(3,948)
|
|
|
|
(611)
|
|
Fair value change in
warrant liabilities
|
|
|
—
|
|
|
|
(9,242)
|
|
|
|
(1,431)
|
|
|
|
—
|
|
|
|
(9,242)
|
|
|
|
(1,431)
|
|
Loss before income
taxes
|
|
|
(117,372)
|
|
|
|
(525,880)
|
|
|
|
(81,447)
|
|
|
|
(311,384)
|
|
|
|
(639,508)
|
|
|
|
(99,046)
|
|
Income tax
benefits
|
|
|
11,914
|
|
|
|
19,460
|
|
|
|
3,014
|
|
|
|
23,942
|
|
|
|
38,919
|
|
|
|
6,028
|
|
Share of income
(loss) in equity method
investments
|
|
|
(1,801)
|
|
|
|
735
|
|
|
|
114
|
|
|
|
(6,082)
|
|
|
|
123
|
|
|
|
19
|
|
Net
loss
|
|
|
(107,259)
|
|
|
|
(505,685)
|
|
|
|
(78,319)
|
|
|
|
(293,524)
|
|
|
|
(600,466)
|
|
|
|
(92,999)
|
|
Accretion of
convertible redeemable preferred
shares
|
|
|
(326,123)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(652,246)
|
|
|
|
(508,627)
|
|
|
|
(78,776)
|
|
Net loss
attributable to ordinary shareholders
of the Company
|
|
|
(433,382)
|
|
|
|
(505,685)
|
|
|
|
(78,319)
|
|
|
|
(945,770)
|
|
|
|
(1,109,093)
|
|
|
|
(171,775)
|
|
Net loss per
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(23.07)
|
|
|
|
(13.47)
|
|
|
|
(2.09)
|
|
|
|
(50.35)
|
|
|
|
(39.30)
|
|
|
|
(6.09)
|
|
Diluted
|
|
|
(23.07)
|
|
|
|
(13.47)
|
|
|
|
(2.09)
|
|
|
|
(50.35)
|
|
|
|
(39.30)
|
|
|
|
(6.09)
|
|
Weighted average
number of shares used in
calculating net loss per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
18,782,620
|
|
|
|
37,552,443
|
|
|
|
37,552,443
|
|
|
|
18,782,620
|
|
|
|
28,219,382
|
|
|
|
28,219,382
|
|
Diluted
|
|
|
18,782,620
|
|
|
|
37,552,443
|
|
|
|
37,552,443
|
|
|
|
18,782,620
|
|
|
|
28,219,382
|
|
|
|
28,219,382
|
|
Net
loss
|
|
|
(107,259)
|
|
|
|
(505,685)
|
|
|
|
(78,319)
|
|
|
|
(293,524)
|
|
|
|
(600,466)
|
|
|
|
(92,999)
|
|
Foreign currency
translation adjustments
|
|
|
16
|
|
|
|
2,427
|
|
|
|
376
|
|
|
|
(614)
|
|
|
|
2,152
|
|
|
|
333
|
|
Total
comprehensive loss
|
|
|
(107,243)
|
|
|
|
(503,258)
|
|
|
|
(77,943)
|
|
|
|
(294,138)
|
|
|
|
(598,314)
|
|
|
|
(92,666)
|
|
Accretion of
convertible redeemable preferred
shares
|
|
|
(326,123)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(652,246)
|
|
|
|
(508,627)
|
|
|
|
(78,776)
|
|
Total
comprehensive loss attributable to
ordinary shareholders
|
|
|
(433,366)
|
|
|
|
(503,258)
|
|
|
|
(77,943)
|
|
|
|
(946,384)
|
|
|
|
(1,106,941)
|
|
|
|
(171,442)
|
|
AIHUISHOU
INTERNATIONAL CO. LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS (CONTINUED)
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
Three months ended
June 30,
|
|
|
Six months ended
June 30,
|
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment
expenses
|
|
|
—
|
|
|
|
(42,491)
|
|
|
|
(6,581)
|
|
|
|
—
|
|
|
|
(42,491)
|
|
|
|
(6,581)
|
|
Selling and marketing
expenses
|
|
|
—
|
|
|
|
(26,264)
|
|
|
|
(4,068)
|
|
|
|
—
|
|
|
|
(26,264)
|
|
|
|
(4,068)
|
|
General and
administrative expenses
|
|
|
—
|
|
|
|
(282,070)
|
|
|
|
(43,686)
|
|
|
|
—
|
|
|
|
(282,070)
|
|
|
|
(43,686)
|
|
Technology and
content expenses
|
|
|
—
|
|
|
|
(27,580)
|
|
|
|
(4,272)
|
|
|
|
—
|
|
|
|
(27,580)
|
|
|
|
(4,272)
|
|
(2) Includes
amortization of intangible assets resulting from
assets and business acquisitions as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
|
(77,766)
|
|
|
|
(76,258)
|
|
|
|
(11,811)
|
|
|
|
(156,286)
|
|
|
|
(152,517)
|
|
|
|
(23,622)
|
|
Technology and
content expenses
|
|
|
(1,580)
|
|
|
|
(1,580)
|
|
|
|
(245)
|
|
|
|
(3,160)
|
|
|
|
(3,160)
|
|
|
|
(489)
|
|
Reconciliations of
GAAP and Non-GAAP Results
|
(Amounts in
thousands, except share and per share and otherwise
noted)
|
|
|
|
Three months ended
June 30,
|
|
|
Six months ended
June 30,
|
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Loss from
operations
|
|
|
(115,974)
|
|
|
|
(507,276)
|
|
|
|
(78,566)
|
|
|
|
(314,920)
|
|
|
|
(618,686)
|
|
|
|
(95,822)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
|
—
|
|
|
|
378,405
|
|
|
|
58,607
|
|
|
|
—
|
|
|
|
378,405
|
|
|
|
58,607
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
|
79,346
|
|
|
|
77,838
|
|
|
|
12,056
|
|
|
|
159,446
|
|
|
|
155,677
|
|
|
|
24,111
|
|
Adjusted loss from
operations
|
|
|
(36,628)
|
|
|
|
(51,033)
|
|
|
|
(7,903)
|
|
|
|
(155,474)
|
|
|
|
(84,604)
|
|
|
|
(13,104)
|
|
Net
loss
|
|
|
(107,259)
|
|
|
|
(505,685)
|
|
|
|
(78,319)
|
|
|
|
(293,524)
|
|
|
|
(600,466)
|
|
|
|
(92,999)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
|
—
|
|
|
|
378,405
|
|
|
|
58,607
|
|
|
|
—
|
|
|
|
378,405
|
|
|
|
58,607
|
|
Amortization of
intangible assets resulting from business
acquisitions
|
|
|
79,346
|
|
|
|
77,838
|
|
|
|
12,056
|
|
|
|
159,446
|
|
|
|
155,677
|
|
|
|
24,111
|
|
Fair value change in
warrant liabilities
|
|
|
—
|
|
|
|
9,242
|
|
|
|
1,431
|
|
|
|
—
|
|
|
|
9,242
|
|
|
|
1,431
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of
amortization of intangible assets resulting from
business acquisitions
|
|
|
(11,914)
|
|
|
|
(19,460)
|
|
|
|
(3,014)
|
|
|
|
(23,942)
|
|
|
|
(38,919)
|
|
|
|
(6,028)
|
|
Adjusted net
loss
|
|
|
(39,827)
|
|
|
|
(59,660)
|
|
|
|
(9,239)
|
|
|
|
(158,020)
|
|
|
|
(96,061)
|
|
|
|
(14,878)
|
|
Adjusted net loss
per ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(2.12)
|
|
|
|
(1.59)
|
|
|
|
(0.25)
|
|
|
|
(8.41)
|
|
|
|
(3.40)
|
|
|
|
(0.53)
|
|
Diluted
|
|
|
(2.12)
|
|
|
|
(1.59)
|
|
|
|
(0.25)
|
|
|
|
(8.41)
|
|
|
|
(3.40)
|
|
|
|
(0.53)
|
|
Weighted average
number of shares used in calculating net
loss per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
18,782,620
|
|
|
|
37,552,443
|
|
|
|
37,552,443
|
|
|
|
18,782,620
|
|
|
|
28,219,382
|
|
|
|
28,219,382
|
|
Diluted
|
|
|
18,782,620
|
|
|
|
37,552,443
|
|
|
|
37,552,443
|
|
|
|
18,782,620
|
|
|
|
28,219,382
|
|
|
|
28,219,382
|
|
View original
content:https://www.prnewswire.com/news-releases/aihuishou-international-co-ltd-reports-unaudited-second-quarter-2021-financial-results-301356475.html
SOURCE AiHuiShou International Co. Ltd.