Ruhnn Holding Limited (“Ruhnn” or the “Company”) (NASDAQ: RUHN),
the largest internet key opinion leader (“KOL”) facilitator in
China as measured by revenue in 2018, according to Frost &
Sullivan, today announced its unaudited financial results for the
fourth quarter and full fiscal year ended March 31, 2019.
Fourth Quarter Fiscal 2019 Financial and
Operational Highlights:
- GMV1 was RMB648.3
million (US$96.6 million), an 81.3% increase from RMB357.5 million
for the same quarter of last fiscal year.
- Net revenues were
RMB237.3 million (US$35.4 million), a 20.7% increase from RMB196.5
million for the same quarter of last fiscal year.
- Net loss
attributable to Ruhnn significantly narrowed to
RMB29.4 million (US$4.4 million), a 53.3% decrease from RMB62.8
million for the same quarter of last fiscal year.
- Basic and diluted net loss
per share was RMB0.09 (US$0.01), compared with basic and
diluted net loss per share of RMB0.20 for the same quarter of last
fiscal year.
- Number of signed
KOLs increased to 128 as of March 31, 2019, compared with
113 as of December 31, 2018 and 83 as of March 31, 2018.
- Number of brands that the
Company cooperated with increased to 632 as of March 31,
2019, compared with 501 as of December 31, 2018 and 166 as of March
31, 2018.
_______________
1 “GMV” refers to gross merchandize value,
which represents the aggregate value of merchandize ordered in the
Company’s online stores and third-party online stores to which the
Company provides KOL sales services (but not including online
stores to which the Company only provides KOL advertising
services), regardless of whether the merchandise is actually sold,
delivered or returned. The calculation of GMV includes shipping
charges paid by buyers. GMV of third-party online stores to which
the Company provides KOL sales services includes the GMV of all
products ordered on such stores because the Company generally
provides KOL sales services for all products sold on such stores.
Since January 2019, the Company has provided KOL sales services for
specified products in certain third-party online stores, and in
such cases, only the GMV of such products for which the Company
provided KOL sales services are included in the Company’s GMV
for the relevant period.
Fiscal Year 2019 Financial and
Operational Highlights:
- GMV was RMB2.9
billion (US$426.3 million), a 39.9% increase from RMB2.0 billion
for fiscal year 2018.
- Net revenues were
RMB1.1 billion (US$162.9 million), a 15.4% increase from RMB947.6
million for fiscal year 2018.
- Net loss
attributable to Ruhnn significantly narrowed to
RMB74.5 million (US$11.1 million), a 28.4% decrease from RMB104.0
million for fiscal year 2018.
- Basic and diluted net loss
per share was RMB0.23 (US$0.03), compared with basic and
diluted net loss per share of RMB0.33 for fiscal year
2018.
- The Company successfully completed
its Initial Public Offering (“IPO”) of 10 million American
Depositary Shares (“ADS”) on the Nasdaq Global Select Market on
April 3, 2019, with a price of US$12.5 per ADS and total offering
size of US$125.0 million.
Summary Operation Data
|
As of and for the twelve months ended March
31, |
|
As of and for the twelve months ended March
31, |
|
As of and for the three months ended March
31, |
|
2018 |
|
2019 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of KOLs |
|
Number of Fans2 (in
millions) |
|
GMV (RMB in millions) |
|
Number of KOLs |
|
Number of Fans (in millions) |
|
GMV (RMB in
millions) |
|
GMV (RMB in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top-tier KOLs3 |
3 |
|
21.0 |
|
1,333.7 |
|
3 |
|
34.6 |
|
1,530.5 |
|
310.2 |
Established KOLs4 |
7 |
|
17.5 |
|
321.4 |
|
8 |
|
31.4 |
|
406.0 |
|
89.0 |
Emerging KOLs5 |
73 |
|
64.9 |
|
390.1 |
|
117 |
|
89.1 |
|
924.1 |
|
249.1 |
Total |
83 |
|
103.4 |
|
2,045.2 |
|
128 |
|
155.1 |
|
2,860.6 |
|
648.3 |
________________
2 The number of fans presented may include a
single fan who was included multiple times if the fan follows more
than one KOL, follows the same KOL across multiple platforms, or
both.
3 Top-tier KOLs facilitated GMV of above
RMB100.0 million in the past twelve months.
4 Established KOLs facilitated GMV of RMB30.0
million to RMB100.0 million in the past twelve months.
5 Emerging KOLs facilitated GMV of less than
RMB30.0 million in the past twelve months.
|
As of and for the three months ended March
31, |
|
As of and for the fiscal year ended March 31, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
Full-Service
Model6 |
|
|
|
|
|
|
|
Number of the Company’s KOLs
serving such business model8 |
33 |
|
14 |
|
33 |
|
14 |
Number of the Company’s online
stores |
86 |
|
56 |
|
86 |
|
56 |
Number of orders placed
through the Company’s online stores (in million) |
1.2 |
|
1.3 |
|
7.5 |
|
7.0 |
GMV of the Company’s online
stores (RMB in million) |
329.5 |
|
370.5 |
|
1,944.4 |
|
2,147.1 |
Platform Model7 |
|
|
|
|
|
|
|
Number of the Company’s KOLs
serving such business model8 |
57 |
|
122 |
|
57 |
|
122 |
Number of brands that the
Company cooperated with |
166 |
|
632 |
|
166 |
|
632 |
Number of third-party online
stores9 |
6 |
|
132 |
|
6 |
|
132 |
GMV of third-party online
stores10 (RMB in million) |
28.0 |
|
277.8 |
|
100.8 |
|
713.5 |
|
|
|
|
|
|
|
|
__________________________
6 Under the full-service model, the Company owns
and operates online stores on third-party e-commerce platforms, a
majority of which are opened in the name of the Company’s KOLs, and
generate revenue through online sales of the Company’s
self-designed products to consumers, especially the fans of the
Company’s KOLs’ social media accounts that the Company manages.
7 Under the platform model, the Company connects
KOLs with third-party online stores and merchants to promote
products sold in third-party online stores or provides advertising
services on KOLs’ social media spaces to third-party merchants.
8 Certain KOLs under the Company’s full-service
model overlap with those under the platform model. On the other
hand, the Company’s KOLs that were undergoing training and had not
started generating GMV under either of the business models as of
the relevant date, were not included in these numbers.
9 Includes third-party online stores to which
the Company provides KOL sales services and KOL advertising
services.
10 Includes GMV from third-party online stores
to which the Company only provides KOL sales services.
Management Comments
“We are pleased to announce our first quarterly
and annual earnings results as a public company. The year 2019
continues to be a milestone year for us as we successfully
completed our IPO on the Nasdaq Global Select Market on April 3,
2019, enhancing our brand awareness and industry influence as
China’s largest internet KOL e-commerce facilitator. We believe the
cash proceeds generated from the IPO will lay a solid foundation
for our business growth in the years to come,” said Mr. Min Feng,
Founder and Chairman of Ruhnn. “Our strong fiscal year 2019
results, aside from being a testament to our management’s operating
and leadership capabilities, reflected robust GMV growth, in
particular the platform model’s growth, which were in turn fueled
by our technology-driven supply chain upgrades. Ruhnn is China’s
most influential KOL e-commerce company and we have positioned
ourselves as an advanced technology and big data platform that
partners with emerging brands and KOLs to fully develop together, a
cohesive product and identity strategy. With this positioning,
Ruhnn is dedicated to partnering with new and emerging retail
brands in China, providing comprehensive services relating to
product design, targeting, marketing and supply chains, amongst
many others, to better match our KOLs with brands.
“We look forward to further collaborating with
our shareholder, Alibaba, particularly in the area of asset-light
platform model operations, as well as product marketing in KOL live
broadcasting. We are exploring all categories of emerging
businesses, strengthening the core competitive advantage of our
platform, improving our KOL cultivating program to develop more
top-tier and established KOLs and raising the barrier of entry in
the KOL e-commerce industry. As the leader in China’s KOL
e-commerce industry, we feel confident in our growth potential and
our vision remains to maximize our long-term shareholder value,”
Mr. Feng concluded.
Mr. Zhenbo Chi, Chief Financial Officer of
Ruhnn, added, “We are pleased to continue on a rapid growth
trajectory in the fourth quarter of fiscal year 2019, with our
revenues from the platform model more than quadrupling to RMB50.3
million from RMB12.1 million a year ago. We also managed to
significantly narrow our net loss on a year-over-year basis. This
performance was driven by the progress we made in KOL cultivating
as well as heightened monetization capabilities through advertising
services and e-commerce, amongst many others. During fiscal year
2019, we experienced strong growth from both our full-service model
and our asset-light platform model.
“With tremendous growth potential and our
strategies on track, we have confidence in our ability to further
gain market share by growing our KOL base and providing value-added
services for more brands and online stores,” Mr. Chi concluded.
Fourth Quarter Fiscal 2019 Financial
Results
GMV was RMB648.3 million
(US$96.6 million) for the fourth quarter of fiscal year 2019, an
81.3% increase from RMB357.5 million for the same quarter of last
fiscal year. The increase was primarily attributable to the
increase in GMV in the platform model.
Net revenues were RMB237.3
million (US$35.4 million), a 20.7% increase from RMB196.5 million
for the same quarter of last fiscal year. The increase was
primarily attributable to the increase of revenues from services
through the platform model.
- Revenues from product sales
through the full-service model were RMB186.9 million
(US$27.9 million), a 1.4% increase from RMB184.4 million for the
same quarter of last fiscal year. The increase was primarily
attributable to the sales growth of the stores opened in the name
of the Company’s top-tier KOLs and was partially offset by the
transformation of the business model of some online stores opened
in the name of the Company’s emerging and established KOLs from the
full-service model to platform model. As a result of such
transformation, the number of the Company’s online stores decreased
to 56 as of March 31, 2019 from 86 as of March 31, 2018 and the
number of the Company’s KOLs serving the full-service model
decreased to 14 as of March 31, 2019 from 33 as of March 31, 2018.
On the other hand, GMV from the Company’s online stores opened
under top-tier KOLs that were in operation in the entire period of
fiscal year 2018 and 2019, increased by 31% in the fourth quarter
of fiscal year 2019, compared with the same quarter of fiscal year
2018.
- Revenues from services
through the platform model were RMB50.3 million (US$7.5
million), a 315.7% increase from RMB12.1 million for the same
quarter of last fiscal year which was attributable to the increase
in the number of KOLs under the Company’s platform model and an
increase in the number of brands with which the Company cooperated
in its advertising and marketing business.
Cost of revenues was RMB181.5
million (US$27.0 million) for the fourth quarter of fiscal year
2019, an 18.0% increase from RMB153.8 million for the same quarter
of last fiscal year. The increase was in line with the business
expansion.
Gross profit was RMB55.7
million (US$8.3 million) for the fourth quarter of fiscal year
2019, a 30.5% increase from RMB42.7 million for the same quarter of
last fiscal year. Gross margin was 23.5% for the fourth quarter of
fiscal year 2019, compared with 21.7% for the same quarter of last
fiscal year. The increase was primarily due to the increased
proportion of the Company’s net revenues attributable to services
under the platform model which exhibit higher gross margins than
product sales, and an increase in the gross margin of the Company’s
services under the platform model due to KOL service fees as a
percentage of the services revenues being lowered. The increase was
partially offset by a decrease in the gross margin of the Company’s
product sales under the full-service model due to discounted sale
of certain apparel and cosmetic products.
Total operating expenses were
RMB90.7 million (US$13.5 million) for the fourth quarter of fiscal
year 2019, a 11.2% decrease from RMB102.2 million for the same
quarter of last fiscal year.
- Fulfillment
expenses were RMB27.8 million (US$4.1 million) for the
fourth quarter of fiscal year 2019, a 2.9% decrease from RMB28.6
million for the same quarter of last fiscal year.
- Sales and marketing
expenses were RMB47.3 million (US$7.0 million) for the
fourth quarter of fiscal year 2019, a 38.5% increase from RMB34.1
million for the same quarter of last fiscal year. The increase of
sales and marketing expenses was primarily due to the increased
expenses of KOL incubation, cultivation, content production and
training in order to support increased activities in the Company’s
KOL sales and advertising business.
- General and administrative
expenses were RMB15.6 million (US$2.3 million) for the
fourth quarter of fiscal year 2019, a 60.3% decrease from RMB39.4
million for the same quarter of last fiscal year. The decrease was
primarily because there was a provision made against advances paid
to a certain supplier of RMB11.6 million in the fourth quarter of
fiscal year 2018.
Loss from operations was
RMB35.3 million (US$5.3 million) for the fourth quarter of fiscal
year 2019, compared with RMB59.8 million for the same quarter of
last fiscal year.
Net loss was RMB28.7 million
(US$4.3 million) for the fourth quarter of fiscal year 2019,
compared with RMB63.8 million for the same quarter of last fiscal
year, representing a significant year-over-year decrease of
55.1%.
Net loss attributable
to Ruhnn was RMB29.4 million (US$4.4 million), compared
with RMB62.8 million for the same quarter of last fiscal year,
representing a significant year-over-year decrease of 53.3%.
Basic and diluted net loss per
share was RMB0.09 (US$0.01), compared with basic and
diluted net loss per share of RMB0.20 for the same quarter of last
fiscal year.
Fiscal Year 2019 Financial
Results
GMV was RMB2.9 billion
(US$426.3 million) for fiscal year 2019, a 39.9% increase from
RMB2.0 billion for fiscal year 2018. The increase was primarily
attributable to the strong increase in GMV under the platform
model.
Net revenues were RMB1.1
billion (US$162.9 million) for fiscal year 2019, a 15.4% increase
from RMB947.6 million for fiscal year 2018. The increase was
primarily attributable to the increase in revenues from services
through the platform model.
- Revenues from product sales
through the full-service model were RMB942.8 million
(US$140.5 million) for fiscal year 2019, a 3.3% increase from
RMB912.5 million for fiscal year 2018. The increase was primarily
attributable to the sales growth of the stores opened in the name
of the Company’s top-tier KOLs. The increase was partially offset
by the transformation of the business model of some online stores
opened in the name of the Company’s emerging and established KOLs
from the full-service model into platform model. As a result of
such transformation, the number of the Company’s online stores
decreased to 56 as of March 31, 2019 from 86 as of March 31, 2018
and the number of the Company’s KOLs serving the full-service model
decreased to 14 as of March 31, 2019 from 33 as of March 31, 2018.
On the other hand, GMV from the Company’s online stores opened
under top-tier KOLs that were in operation in the entire period of
fiscal year 2018 and 2019, increased by 15% for fiscal year 2019
compared with fiscal year 2018.
- Revenues from
services through the platform model were
RMB150.7 million (US$22.4 million) for fiscal year 2019, a 329.6%
increase from RMB35.1 million for fiscal year 2018. The significant
increase was primarily attributable to an increase in the number of
KOLs under the Company’s platform model to 122 as of March 31, 2019
from 57 as of March 31, 2018, and an increase in the number of
brands the Company cooperated with in its advertising and marketing
business to 632 as of March 31, 2019 from 166 as of March 31,
2018.
Cost of revenues was RMB751.4
million (US$112.0 million) for fiscal year 2019, a 16.8% increase
from RMB643.4 million for fiscal year 2018. The increase was in
line with the business expansion.
Gross profit was RMB342.0
million (US$51.0 million) for fiscal year 2019, a 12.4% increase
from RMB304.2 million for fiscal year 2018. Gross margin was 31.3%
for fiscal year 2019, compared with 32.1% for fiscal year 2018. The
slight decrease was primarily due to the decreased gross margin of
online product sales as a result of discounted sales of certain
apparel and cosmetic products. The decrease was partially offset by
the increased proportion of the Company’s net revenues attributable
to services under the platform model which had higher gross margins
than the full-service model, and an increase in the gross margin of
the Company’s services under the platform model as service fees as
a percentage of the Company’s services revenues was lowered.
Total operating expenses were
RMB425.0 million (US$63.3 million) for the fiscal year 2019, a
12.7% increase from RMB377.3 million for fiscal year 2018.
- Fulfillment
expenses were RMB127.3 million (US$19.0 million) for
fiscal year 2019, a 27.3% increase from RMB100.1 million for fiscal
year 2018. The increase was in line with the expansion of product
sales volume.
- Sales and marketing
expenses were RMB205.7 million (US$30.6 million) for
fiscal year 2019, a 40.7% increase from RMB146.2 million for fiscal
year 2018. The increase of sales and marketing expenses was
primarily due to the increased expenses of KOL incubation,
cultivation, content production and training in order to support
increased activities in the Company’s KOL sales and advertising
businesses.
- General and administrative
expenses were RMB92.0 million (US$13.7 million) for fiscal
year 2019, a 29.8% decrease from RMB131.0 million for fiscal year
2018. The decrease was primarily because there was a provision made
against advances paid to a certain supplier of RMB26.3 million in
fiscal year 2018.
Loss from operations was
RMB82.8 million (US$12.3 million) for fiscal year 2019, compared
with RMB72.4 million for fiscal year 2018.
Net loss was RMB86.2 million
(US$12.8 million) for fiscal year 2019, compared with RMB90.0
million for fiscal year 2018.
Net loss attributable
to Ruhnn was RMB74.5 million (US$11.1 million) for fiscal
year 2019, compared with RMB104.0 million for fiscal year 2018,
representing a significant year-over-year decrease of 28.4%.
Basic and diluted net loss per
share was RMB0.23 (US$0.03), compared with basic and
diluted net loss per share of RMB0.33 for fiscal year 2018.
Balance Sheet
As of March 31, 2019, the Company had cash and
cash equivalents of RMB90.0 million (US$13.4 million) and
restricted cash of RMB13.9 million (US$2.1 million),
compared with RMB9.7 million and RMB21.2 million, respectively, as
of March 31, 2018.
Conference Call
The Company’s management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on June 13, 2019 (8:00
PM Beijing/Hong Kong time on June 13, 2019).
Dial-in details for the earnings conference call
are as follows:
United States: |
+1-866-519-4004 |
International: |
+65-6713-5090 |
Hong Kong: |
800-906-601 |
China, Domestic: |
400-620-8038 |
Conference ID: |
3875002 |
Participants should dial-in at least 10 minutes
before the scheduled start time to be connected to the call.
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.ruhnn.com.
About Ruhnn Holding Limited
Ruhnn Holding Limited is the largest internet
key opinion leader (“KOL”) facilitator in China as measured by
revenue in 2018, according to Frost & Sullivan. The Company
connects influential KOLs who engage and impact their fans on the
internet to its vast commercial network to build the brands of
fashion products. Ruhnn pioneered the commercialization of the KOL
ecosystem in China, and operates under both full-service and
platform models. The Company’s full-service model integrates key
steps of the e-commerce value chain from product design and
sourcing and online store operations to logistics and after-sale
services. The platform model promotes products sold in third-party
online stores and provides advertising services on KOL’s social
media spaces to third-party merchants. As of March 31, 2019, the
Company had 128 signed KOLs with an aggregate of 155.1 million fans
across major social media platforms in China.
For more information, please visit:
ir.ruhnn.com.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars at a specified rate solely
for the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.7112 to US$1.00, the rate in effect as of March 29, 2019
published by the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under 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,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the business outlook and quotations from
Ruhnn’s management in this announcement as well as Ruhnn’s
strategic and operational plans contain forward-looking statements.
Ruhnn may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
(“SEC”) on Forms 20-F and 6-K, 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 Ruhnn’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: the Company’s goals and strategies; the Company’s future
business development, financial condition and results of
operations; trends in the internet KOL facilitator industry in the
PRC and globally; competition in the Company’s industry;
fluctuations in general economic and business conditions in China;
and the regulatory environment in which the Company operates.
Further information regarding these and other risks is included in
the Company’s filings with the SEC, including its registration
statement on Form F-1, as amended, and its annual reports on Form
20-F. All information provided in this press release is as of the
date of this press release, and Ruhnn does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
In China:
Ruhnn Holding LimitedSterling SongSenior
Director of Investor RelationsTel: +86 571 2629 8238E-mail:
ir@ruhnn.com
The Piacente Group, Inc.Emilie WuTel:
+86-21-6039-8363E-mail: ruhnn@thepiacentegroup.com
In the United States:
The Piacente Group, Inc. Brandi
PiacenteTel: +1-212-481-2050E-mail: ruhnn@thepiacentegroup.com
Ruhnn Holding
LimitedUNAUDITED CONDENSED COMBINED AND
CONSOLIDATED BALANCE SHEETS(In RMB, except for
share and per share data)
|
As of |
|
March 31, |
March 31, |
March 31, |
|
2018 |
2019 |
2019 |
|
RMB |
RMB |
US$ |
Assets |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
9,713,466 |
|
89,960,362 |
|
13,404,512 |
|
Restricted cash |
21,207,771 |
|
13,861,350 |
|
2,065,406 |
|
Accounts receivable, net of allowance for doubtful accounts of
RMB11,530 and RMB450,841 as of March 31, 2018 and 2019,
respectively |
6,239,617 |
|
29,371,964 |
|
4,376,559 |
|
Inventories |
320,383,465 |
|
220,151,394 |
|
32,803,581 |
|
Advances to suppliers, net of allowance for doubtful accounts of
RMB26,317,009 and nil as of March 31, 2018 and 2019,
respectively |
24,694,549 |
|
42,144,779 |
|
6,279,768 |
|
Prepaid expenses and other current assets |
30,295,221 |
|
32,969,032 |
|
4,912,539 |
|
Amounts due from related parties |
295,000 |
|
- |
|
- |
|
Total current
assets |
412,829,089 |
|
428,458,881 |
|
63,842,365 |
|
|
|
|
|
Property and equipment,
net |
5,145,359 |
|
145,576,866 |
|
21,691,630 |
|
Intangible assets, net |
3,740,000 |
|
3,173,489 |
|
472,865 |
|
Goodwill |
1,002,000 |
|
1,002,000 |
|
149,303 |
|
Long-term investments |
1,090,052 |
|
6,831,265 |
|
1,017,890 |
|
Other non-current assets |
837,145 |
|
1,701,913 |
|
253,593 |
|
Long-term prepayment |
- |
|
101,283,333 |
|
15,091,687 |
|
Total
assets |
424,643,645 |
|
688,027,747 |
|
102,519,333 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|
|
Current
liabilities: |
|
|
|
Accounts payable |
72,889,659 |
|
78,060,546 |
|
11,631,384 |
|
Notes payable |
47,105,605 |
|
30,644,656 |
|
4,566,196 |
|
Accrued salary and benefits |
41,436,994 |
|
58,917,761 |
|
8,779,020 |
|
Accrued expenses and other current liabilities |
13,877,331 |
|
24,734,564 |
|
3,685,567 |
|
Amounts due to related parties |
374,558,131 |
|
574,859,577 |
|
85,656,749 |
|
Dividends payable |
- |
|
115,043 |
|
17,142 |
|
Income tax payable |
6,950,908 |
|
1,673,618 |
|
249,377 |
|
Total current
liabilities |
556,818,628 |
|
769,005,765 |
|
114,585,435 |
|
Long term deposits |
1,850,000 |
|
1,750,000 |
|
260,758 |
|
Other non-current liabilities |
- |
|
10,381,082 |
|
1,546,829 |
|
Total
liabilities |
558,668,628 |
|
781,136,847 |
|
116,393,022 |
|
|
|
|
|
Shareholders’
deficit: |
|
|
|
Ordinary shares
(US$0.000000001 par value; 1,000,000,000 shares authorized,
319,406,760 and 363,572,659 shares issued and outstanding as of
March 31, 2018 and 2019, respectively) |
- |
|
6 |
|
1 |
|
Additional paid in
capital |
6,886,900 |
|
701,040,669 |
|
104,458,319 |
|
Subscription receivable |
- |
|
(558,995,348 |
) |
(83,292,906 |
) |
Accumulated deficit |
(159,389,093 |
) |
(233,898,502 |
) |
(34,851,964 |
) |
|
|
|
|
|
|
|
Total Ruhnn Holding
Limited shareholders' deficit |
(152,502,193 |
) |
(91,853,175 |
) |
(13,686,550 |
) |
Non-controlling interest |
18,477,210 |
|
(1,255,925 |
) |
(187,139 |
) |
Total shareholders'
deficit |
(134,024,983 |
) |
(93,109,100 |
) |
(13,873,689 |
) |
Total liabilities and
shareholders' deficit |
424,643,645 |
|
688,027,747 |
|
102,519,333 |
|
Ruhnn Holding
LimitedUNAUDITED CONDENSED COMBINED AND
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(In
RMB, except for share and per share data)
|
For the three months ended March 31, |
|
For the year ended March 31, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Product sales |
184,385,834 |
|
|
186,919,240 |
|
|
27,851,836 |
|
|
912,512,337 |
|
|
942,781,165 |
|
|
140,478,776 |
|
Services |
12,108,080 |
|
|
50,337,612 |
|
|
7,500,538 |
|
|
35,068,094 |
|
|
150,656,685 |
|
|
22,448,547 |
|
Total net
revenues |
196,493,914 |
|
|
237,256,852 |
|
|
35,352,374 |
|
|
947,580,431 |
|
|
1,093,437,850 |
|
|
162,927,323 |
|
Cost of Revenues |
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales |
(147,192,495 |
) |
|
(159,623,903 |
) |
|
(23,784,704 |
) |
|
(625,263,422 |
) |
|
(683,057,290 |
) |
|
(101,778,712 |
) |
Cost of services |
(6,573,925 |
) |
|
(21,886,551 |
) |
|
(3,261,198 |
) |
|
(18,122,046 |
) |
|
(68,335,999 |
) |
|
(10,182,381 |
) |
Total cost of
revenues |
(153,766,420 |
) |
|
(181,510,454 |
) |
|
(27,045,902 |
) |
|
(643,385,468 |
) |
|
(751,393,289 |
) |
|
(111,961,093 |
) |
Gross
profit |
42,727,494 |
|
|
55,746,398 |
|
|
8,306,472 |
|
|
304,194,963 |
|
|
342,044,561 |
|
|
50,966,230 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Fulfillment |
(28,645,003 |
) |
|
(27,827,342 |
) |
|
(4,146,403 |
) |
|
(100,070,999 |
) |
|
(127,344,014 |
) |
|
(18,974,850 |
) |
Sales and marketing |
(34,139,105 |
) |
|
(47,266,737 |
) |
|
(7,042,964 |
) |
|
(146,207,178 |
) |
|
(205,659,880 |
) |
|
(30,644,278 |
) |
General and administrative |
(39,411,409 |
) |
|
(15,627,435 |
) |
|
(2,328,560 |
) |
|
(130,977,396 |
) |
|
(92,004,708 |
) |
|
(13,709,129 |
) |
Other operating (loss) income, net |
(355,371 |
) |
|
(370,986 |
) |
|
(55,279 |
) |
|
709,505 |
|
|
158,635 |
|
|
23,637 |
|
Loss from
operations |
(59,823,394 |
) |
|
(35,346,102 |
) |
|
(5,266,734 |
) |
|
(72,351,105 |
) |
|
(82,805,406 |
) |
|
(12,338,390 |
) |
Interest income |
32,615 |
|
|
197,190 |
|
|
29,382 |
|
|
87,866 |
|
|
595,192 |
|
|
88,686 |
|
Interest expense |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(107,499 |
) |
|
(16,018 |
) |
Foreign exchange (loss)
gain |
(97,482 |
) |
|
(37,739 |
) |
|
(5,623 |
) |
|
(240,473 |
) |
|
33,709 |
|
|
5,023 |
|
Gain on deemed disposal of
investments |
- |
|
|
7,600,000 |
|
|
1,132,435 |
|
|
- |
|
|
7,600,000 |
|
|
1,132,435 |
|
Loss before income
taxes |
(59,888,261 |
) |
|
(27,586,651 |
) |
|
(4,110,540 |
) |
|
(72,503,712 |
) |
|
(74,684,004 |
) |
|
(11,128,264 |
) |
Income tax expense |
(3,380,753 |
) |
|
(933,470 |
) |
|
(139,091 |
) |
|
(15,843,236 |
) |
|
(10,412,749 |
) |
|
(1,551,548 |
) |
Share of loss in equity method
investments |
(552,321 |
) |
|
(162,755 |
) |
|
(24,251 |
) |
|
(1,607,161 |
) |
|
(1,090,052 |
) |
|
(162,423 |
) |
Net loss |
(63,821,335 |
) |
|
(28,682,876 |
) |
|
(4,273,882 |
) |
|
(89,954,109 |
) |
|
(86,186,805 |
) |
|
(12,842,235 |
) |
Less: net loss (income)
attributable to noncontrolling interest |
994,478 |
|
|
(676,159 |
) |
|
(100,751 |
) |
|
(14,051,313 |
) |
|
11,677,396 |
|
|
1,739,986 |
|
Net loss attributable
to Ruhnn Holding Limited |
(62,826,857 |
) |
|
(29,359,035 |
) |
|
(4,374,633 |
) |
|
(104,005,422 |
) |
|
(74,509,409 |
) |
|
(11,102,249 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders of Ruhnn Holding
Limited |
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.20 |
) |
|
(0.09 |
) |
|
(0.01 |
) |
|
(0.33 |
) |
|
(0.23 |
) |
|
(0.03 |
) |
Diluted |
(0.20 |
) |
|
(0.09 |
) |
|
(0.01 |
) |
|
(0.33 |
) |
|
(0.23 |
) |
|
(0.03 |
) |
Weighted average
shares used in calculating net loss per ordinary
share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
319,406,760 |
|
|
328,239,940 |
|
|
328,239,940 |
|
|
319,406,760 |
|
|
321,584,804 |
|
|
321,584,804 |
|
Diluted |
319,406,760 |
|
|
328,239,940 |
|
|
328,239,940 |
|
|
319,406,760 |
|
|
321,584,804 |
|
|
321,584,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(63,821,335 |
) |
|
(28,682,876 |
) |
|
(4,273,882 |
) |
|
(89,954,109 |
) |
|
(86,186,805 |
) |
|
(12,842,235 |
) |
Other comprehensive
loss |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Comprehensive
loss |
(63,821,335 |
) |
|
(28,682,876 |
) |
|
(4,273,882 |
) |
|
(89,954,109 |
) |
|
(86,186,805 |
) |
|
(12,842,235 |
) |
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