Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF), an
innovator and leader in China’s neighborhood retail industry, today
announced its unaudited financial results for the second quarter
ended June 30, 2021.
Second Quarter 2021 Operational and
Financial Highlights
- Total net revenues
reached RMB1,894.5 million (US$293.4 million) for the second
quarter of 2021, representing a 40.7% increase from RMB1,346.0
million for the second quarter of 2020.
- Total GMV reached
RMB2,313.7 million (US$358.3 million) for the second quarter of
2021, representing a 35.4% increase from RMB1,708.4 million for the
second quarter of 2020.
- Total number of orders
fulfilled reached 23.8 million for the second quarter of
2021, representing a 32.2% increase from 18.0 million for the
second quarter of 2020.
- Average price per
order was RMB96.1 (US$14.9) for the second quarter of
2021, representing a 2.6% increase from RMB93.7 for the second
quarter of 2020.
Mr. Zheng Xu, Founder, Chairman and Chief
Executive Officer of the Company, commented, “We are very pleased
to report solid operational and financial results for the second
quarter, highlighted by 40.7% year-on-year revenue growth. Our
results demonstrate the robustness and effective execution of our
strategy, further cementing our leadership position in the
industry. Our unwavering dedication to the neighborhood retail
market, extensive industry know-how and cutting-edge technology
enable us to lead digital transformation across neighborhood retail
market segments in China, meeting the evolving needs of consumers,
as we pursue our mission to help every family enjoy quality grocery
at their fingertips.”
“During the quarter, we continued our efforts to
enhance our customers’ shopping experience. As we strive to
strengthen our supply chain capabilities, we remain focused on
enriching our product choices while maintaining the highest
standards for our fresh produce offerings,” continued Mr. Xu. “The
neighborhood retail industry in China, which encompasses multiple
business models to accommodate diverse consumer needs for fresh
produce and fast-moving consumer goods (“FMCG”) shopping, has
tremendous potential. Its growth is accelerating rapidly due to the
wave of industry-wide digital transformation.”
“Our unique business matrix consisting of
on-demand DMW retail, intelligent fresh markets and retail cloud
service, along with our core capabilities built on supply chain
enhancement, technology-driven forces and value chain empowerment,
present an excellent value proposition in the neighborhood retail
market. We believe this winning combination will drive even
stronger, higher quality and more sustainable growth for Missfresh
in the long run.”
Ms. Catherine Chen, Co-Chief Financial Officer of the Company,
said, “With our strategic focus on sustainable growth, we have been
constantly building upon our brand to attract new customers and
retain repeat users. Our recent listing on the NASDAQ further
reinforces our brand name recognition and influence in the
industry. In addition, supported by our comprehensive Retail
Artificial Intelligence Network system (“RAIN”), we are able to
meet the needs of our customers with ensured quality of product
offered on our platform and speedy shopping experiences. This
quarter’s success will enable us to explore more strategic
partnerships. Going forward, we will remain committed to expanding
our supply chain capacity, strengthening brand equity and enhancing
technological capabilities to maintain and improve the superior
user experience we deliver to our growing user base.”
Business Highlights and Recent Development
On-demand DMW (Distributed Mini-warehouse)
Business
- As of June 30, 2021, the Company
had operated 625 DMWs in 16 cities in China and the total covering
areas of DMW had reached 208,283 square meters, representing an
11.0% year-over-year increase compared with the second quarter of
2020. The average delivery time per order was further shortened to
37 minutes in the second quarter of 2021, from 39 minutes in the
first quarter of 2021.
- The Company further enriched SKUs
offered to customers, such as live seafood and flowers, on the back
of Missfresh’s strong sourcing and logistics capabilities.
Intelligent Fresh Market Business
- As of June 30, 2021, Missfresh had
entered into contracts to operate 58 intelligent fresh markets in
15 cities in China and had started operation of 34 intelligent
fresh markets in 11 cities in China.
Retail Cloud Service Business
- Missfresh and Tencent recently held
a strategic cooperation press conference on Retail Cloud business
collaboration.
Second Quarter 2021 Unaudited Financial
Results
Total net revenues reached
RMB1,894.5 million (US$293.4 million) for the second quarter
of 2021, representing an increase of 40.7% year-over-year from
RMB1,346.0 million in the same period of 2020 and an increase
of 23.8% quarter-over-quarter.
Sales of products through online platforms
increased by 41.2% to RMB1,854.1 million (US$287.2 million) for the
second quarter of 2021, from RMB1,313.4 million in the same
period of 2020, primarily driven by the increase in number of
orders fulfilled as a result of increased transacting users in the
reporting period.
Other revenues reached RMB40.4 million (US$6.3
million) for the second quarter of 2021, representing an increase
of 23.6% from RMB32.7 million in the same period of 2020, primarily
due to an increase in sales of products through convenience go
business.
Cost of revenues increased by
65.5% to RMB1,752.6 million (US$271.4 million) for the second
quarter of 2021, from RMB1,059.1 million in the same period of
2020.
Gross profit was RMB141.9
million (US$22.0 million) for the second quarter of 2021,
representing a decrease of 50.6% from RMB286.9 million in the same
period of 2020.
Gross margin was 7.5% for the
second quarter of 2021, compared to gross margin of 21.3% for the
second quarter of 2020. The decrease was primarily attributable to
the increase in discounts, coupons and incentives offered to
customers.
Operating expenses were
RMB1,635.5 million (US$253.3 million) for the second quarter of
2021, compared to RMB623.7 million in the same period of 2020,
with detailed breakdown as below.
Fulfillment expenses were RMB541.0 million (US$83.8 million) for
the second quarter of 2021, compared to RMB342.2 million in the
same period of 2020, primarily attributable to the increase in
number of orders fulfilled and the increase in product delivery,
warehouse operations, quality control and customer service staff
for further enhancement of the Company’s fulfillment capabilities.
Fulfillment expenses as a percentage of net revenues was 28.6% in
the second quarter of 2021, compared with 28.8% in the first
quarter of 2021 and 25.4% in the second quarter of 2020.
Sales and marketing expenses were RMB304.7
million (US$47.2 million) for the second quarter of 2021, compared
to RMB139.2 million in the same period of 2020, primarily due to
the increase in advertising and marketing promotion expenses as the
Company increased investment in targeted advertisements in
residential neighborhoods to acquire new customers and retain
existing customers, as well as the increase in share-based
compensation recognized upon the completion of Missfresh’s initial
public offering (“IPO”) in June 2021.
General and administrative expenses were RMB396.0 million
(US$61.3 million) for the second quarter of 2021, compared to
RMB58.7 million in the same period of 2020. The increase was mainly
due to the increase in share-based compensation recognized upon the
completion of the IPO in June 2021, and the increase in the number
of management staff for new business initiatives.
Technology and content expenses were RMB393.8 million (US$61.0
million) for the second quarter of 2021, compared to RMB83.6
million in the same period of 2020. The increase was mainly
attributable to the increase in share-based compensation recognized
upon the completion of the IPO in June 2021.
Loss from operations was
RMB1,493.7 million (US$231.3 million) for the second quarter of
2021, compared with a loss of RMB336.8 million in the same period
of 2020.
Net loss was RMB1,433.2 million
(US$222.0 million) for the second quarter of 2021, compared with
RMB339.8 million in the same period of 2020.
Non-GAAP adjusted net loss1 was
RMB888.9 million (US$137.7 million) for the second quarter of 2021,
compared to adjusted net loss of RMB325.4 million in the same
period of 2020.
Basic and diluted net loss per American
depositary shares (“ADS”) were both RMB33.87 (US$5.25) for
the second quarter of 2021, compared to basic and diluted net loss
of RMB14.49 per ADS in the second quarter of 2020.
Non-GAAP basic and diluted net loss per
ADS were both RMB18.84 (US$2.91) for the second quarter of
2021, compared to basic and diluted net loss of RMB10.08 per ADS in
the second quarter of 2020.
Balance Sheets and Cash
Flow
As of June 30, 2021, the Company had cash and
cash equivalents, restricted cash and short-term investments of
RMB3,427.3 million (US$530.8 million), compared with RMB1,041.5
million as of December 31, 2020. The increase was primarily due to
net proceeds received from the Company’s IPO in June 2021.
In the second quarter of 2021, net cash used in
operating activities was RMB698.0 million (US$108.1 million).
Appointment of Co-CFOs
The Company’s board of directors (the “Board”) has recently
approved the appointment of Mr. Jun Wang and Ms. Xi (Catherine)
Chen as co-chief financial officers of the Company.
Ms. Xi (Catherine) Chen joined the Company in January 2021 and
has been the Company’s senior vice president. Prior to joining the
Company, Ms. Chen served as chief financial officer of LIZHI INC.
(Nasdaq: LIZI) from 2019 to 2020. Previously, Ms. Chen worked in
Goldman Sachs Investment Banking Division from 2010 to 2019 and
served as an executive director from 2016 to 2019. Before that, Ms.
Chen worked in the London offices of the Investment Banking
Division of Credit Suisse from 2009 to 2010. Ms. Chen received her
bachelor’s degree and master’s degree from Tsinghua University.
Business Outlook
For the third quarter of 2021, the Company
currently expects net revenues to be in the range of RMB2,020
million to RMB2,090 million, representing a year-over-year growth
of approximately 40% to 45%, and gross margin to improve by 250
basis points to 350 basis points on a quarter-over-quarter
basis.
The above outlook is based on the current market
conditions and reflects the Company’s preliminary estimates of
market and operating conditions, and customer demand, which are all
subject to change.
Conference Call The
Company's management will host an earnings conference call at 9:00
PM U.S. Eastern Time on August 26, 2021 (9:00 AM Beijing/Hong Kong
time on August 27, 2021). Details for the conference call are as
follows:
Event Title: |
Missfresh Limited Second Quarter 2021 Earnings Conference Call |
Conference ID: |
8895626 |
Registration Link |
http://apac.directeventreg.com/registration/event/8895626 |
Please access the link provided above complete
the Direct Event online registration by at least 15 minutes prior
to the scheduled call start time. Upon registration, each
participant will receive a set of participant dial-in numbers,
Direct Event passcode, a unique Registrant ID, and further detailed
instructions, which will be used to join the conference call.
Additionally, a live and archived webcast of the
conference call will be available on the Company's investor
relations website at http://ir.missfresh.cn.
A replay of the conference call will be
accessible approximately two hours after the conclusion of the call
until September 2, 2021, by dialing the following telephone
numbers:
United States: |
+1-855-452-5696 |
International: |
+61-2-8199-0299 |
Hong Kong, China: |
800-963-117 |
Mainland China: |
400-632-2162 |
Replay Access Code: |
8895626 |
|
|
About Missfresh Limited
Missfresh Limited is an innovator and leader in
China’s neighborhood retail industry. The Company invented the
Distributed Mini Warehouse (DMW) model to operate an integrated
online-and-offline on-demand retail business focusing on offering
fresh produce and fast-moving consumer goods (FMCGs). Through the
“Missfresh” mobile application and Mini Program embedded in
third-party social platforms, consumers can easily purchase quality
groceries at their fingertips and have the finest products
delivered to their doorstep in 37 minutes on average
Leveraging its core capabilities, Missfresh
launched an intelligent fresh market business in the second half of
2020. This innovative business model is dedicated to standardizing
and transforming fresh markets into smart fresh malls. Missfresh
has also built up a full stack of proprietary technologies that
empower a wide range of participants in the neighborhood retail
business, such as supermarkets, fresh markets and local retailers,
to jumpstart and efficiently operate their business in a digital
way.
For more information, please visit:
http://ir.missfresh.cn.
Use of Non-GAAP Financial
Measures
In evaluating the business, the Company
considers and uses non-GAAP measures, such as non-GAAP loss from
operations, non-GAAP net loss, non-GAAP net loss attributable to
ordinary shareholders, non-GAAP net loss per share and non-GAAP net
loss per ADS, as supplemental measures to review and assess
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 accounting principles generally accepted in the
United States of America (“U.S. GAAP”). The company defines
non-GAAP loss from operations as loss from operations excluding
share-based compensation. The company defines non-GAAP net loss
attributable to ordinary shareholders as net loss attributable to
ordinary shareholders excluding share-based compensation, change in
fair value of options and embedded conversion feature, accretion of
convertible redeemable preferred shares to redemption value, and
accretion of convertible redeemable non-controlling preferred
shares to redemption value. Non-GAAP basic net loss per share is
calculated by dividing non-GAAP net loss attributable to ordinary
shareholders by the weighted average number of ordinary shares
outstanding during the periods. Non-GAAP diluted net loss per share
is calculated by dividing non-GAAP net loss attributable to
ordinary shareholders by the weighted average number of ordinary
shares and dilutive potential ordinary shares outstanding during
the periods, including the dilutive effect of share-based awards as
determined under the treasury stock method. Non-GAAP net loss per
ADS is equal to non-GAAP net loss per share multiplied by
three.
The Company presents these non-GAAP financial
measures because they are used by management to evaluate operating
performance and formulate business plans. Non-GAAP loss from
operations, non-GAAP net loss, and non-GAAP net loss attributable
to ordinary shareholders reflect the company’s ongoing business
operations in a manner that allows more meaningful period-to-period
comparisons. The Company believes that the use of the non-GAAP
financial measures facilitates investors to understand and evaluate
the Company’s current operating performance and future prospects in
the same manner as management does, if they so choose. The Company
also believes that the non-GAAP financial measures provide useful
information to both management and investors by excluding certain
expenses, gain/loss and other items that are not expected to result
in future cash payments or that are non-recurring in nature or may
not be indicative of the Company’s core operating results and
business outlook.
For more information on the non-GAAP financial
measures, please see the table captioned “Reconciliation of GAAP
and non-GAAP Results” set forth at the end of this press
release.
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 RMB to U.S. dollars and from U.S. dollars to RMB
are made at a rate of RMB6.4566 to US$1.00, the exchange rate on
June 30, 2021 set forth in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
RMB or U.S. dollars amounts referred could be converted into U.S.
dollars or RMB, as the case may be, at any particular rate or at
all.
Safe Harbor Statement
This announcement contains statements that may
constitute “forward-looking” statements which 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 “will,” “expects,”
“anticipates,” “aims,” “future,” “intends,” “plans,” “believes,”
“estimates,” “likely to,” and similar statements. Statements that
are not historical facts, including statements about the Company’s
beliefs, plans, and expectations, are forward-looking statements.
The Company has based these forward-looking statements largely on
its current expectations and projections about future events and
financial trends, which involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company’s control.
Forward-looking statements involve inherent risks and
uncertainties. Further information regarding these and other risks
is included in the Company’s filings with the SEC. All information
provided in this press release is as of the date of this press
release, and the Company 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:
Missfresh LimitedInvestor RelationsTel: +86 (10)
5954-4422Email: ir@missfresh.cn
The Piacente Group, Inc.Jenny CaiTel: +86 (10)
6508-0677E-mail: missfresh@tpg-ir.com
In the United States:
The Piacente Group, Inc. Brandi PiacenteTel:
+1-212-481-2050E-mail: missfresh@tpg-ir.com
|
|
MISSFRESH LIMITED |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(All amounts in thousands, except for share, per share data
or otherwise noted) |
|
|
|
As of |
|
|
December 31, |
|
June 30, |
|
|
2020 |
|
2021 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
866,113 |
|
|
3,095,836 |
|
|
479,484 |
|
Restricted cash |
|
56,269 |
|
|
233,492 |
|
|
36,163 |
|
Short-term investments |
|
119,126 |
|
|
98,000 |
|
|
15,178 |
|
Accounts receivable, net |
|
41,403 |
|
|
42,410 |
|
|
6,568 |
|
Inventories, net |
|
173,688 |
|
|
190,639 |
|
|
29,526 |
|
Prepayments and other current assets |
|
192,824 |
|
|
241,920 |
|
|
37,469 |
|
Total current
assets |
|
1,449,423 |
|
|
3,902,297 |
|
|
604,388 |
|
Non-current
assets |
|
|
|
|
|
|
Long-term investments |
|
48,472 |
|
|
62,776 |
|
|
9,723 |
|
Operating lease right-of-use assets, net |
|
469,644 |
|
|
688,416 |
|
|
106,622 |
|
Property and equipment, net |
|
143,864 |
|
|
194,997 |
|
|
30,201 |
|
Intangible assets, net |
|
7,208 |
|
|
6,529 |
|
|
1,011 |
|
Other non-current assets |
|
44,151 |
|
|
45,430 |
|
|
7,036 |
|
Total non-current
assets |
|
713,339 |
|
|
998,148 |
|
|
154,593 |
|
Total
assets |
|
2,162,762 |
|
|
4,900,445 |
|
|
758,981 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Short-term borrowings and convertible note |
|
1,078,878 |
|
|
991,602 |
|
|
153,580 |
|
Accounts payable |
|
1,088,431 |
|
|
1,353,672 |
|
|
209,657 |
|
Deferred revenue |
|
119,214 |
|
|
120,558 |
|
|
18,672 |
|
Accrued expenses and other current liabilities |
|
347,468 |
|
|
363,295 |
|
|
56,267 |
|
Operating lease liabilities, current |
|
252,740 |
|
|
322,444 |
|
|
49,940 |
|
Options and embedded conversion feature |
|
11,117 |
|
|
- |
|
|
- |
|
Total current
liabilities |
|
2,897,848 |
|
|
3,151,571 |
|
|
488,116 |
|
Non-current
liabilities |
|
|
|
|
|
|
Operating lease liabilities, non-current |
|
171,433 |
|
|
305,273 |
|
|
47,281 |
|
Total non-current
liabilities |
|
171,433 |
|
|
305,273 |
|
|
47,281 |
|
Total
liabilities |
|
3,069,281 |
|
|
3,456,844 |
|
|
535,397 |
|
|
|
|
|
|
|
|
Mezzanine
equity |
|
8,529,146 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
SHAREHOLDERS’
DEFICIT |
|
|
|
|
|
|
Class A Ordinary shares (US $0.0001 par value; |
|
|
|
|
|
|
|
|
|
75,555,520 and 200,000,000 shares authorized as of
December 31, 2020 and June 30, 2021; 75,555,520 and
86,383,174 shares issued and outstanding as of December 31,
2020 and June 30, 2021) |
|
52 |
|
|
59 |
|
|
9 |
|
Class B Ordinary shares (US$ 0.0001 par value, |
|
|
|
|
|
|
|
|
|
476,660,736 and 4,700,000,000 shares authorized as of
December 31, 2020 and June 30, 2021; 9,527,219 and
619,971,303 shares issued and outstanding as of December 31,
2020 and June 30, 2021) |
|
6 |
|
|
385 |
|
|
60 |
|
Additional paid-in capital |
|
- |
|
|
13,218,281 |
|
|
2,047,251 |
|
Accumulated deficit |
|
(9,387,528 |
) |
|
(11,727,146 |
) |
|
(1,816,304 |
) |
Accumulated other comprehensive loss |
|
(48,195 |
) |
|
(52,934 |
) |
|
(8,198 |
) |
Total Missfresh
Limited Shareholders’ (deficit)/equity |
|
(9,435,665 |
) |
|
1,438,645 |
|
|
222,818 |
|
Non-controlling interest |
|
- |
|
|
4,956 |
|
|
766 |
|
Total Shareholders’
(deficit)/equity |
|
(9,435,665 |
) |
|
1,443,601 |
|
|
223,584 |
|
Total Liabilities,
Mezzanine equity and |
|
|
|
|
|
|
|
|
|
Shareholders' (deficit)/equity |
|
2,162,762 |
|
|
4,900,445 |
|
|
758,981 |
|
|
|
|
|
|
|
|
|
|
|
MISSFRESH LIMITED |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(All amounts in thousands, except for share, per share data
or otherwise noted) |
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US |
|
|
RMB |
|
RMB |
|
US$ |
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of products through online platforms |
|
1,313,386 |
|
|
1,854,120 |
|
|
287,167 |
|
|
2,981,681 |
|
|
3,346,900 |
|
|
518,369 |
|
Other revenues |
|
32,662 |
|
|
40,360 |
|
|
6,251 |
|
|
54,182 |
|
|
77,807 |
|
|
12,051 |
|
Total net
revenues |
|
1,346,048 |
|
|
1,894,480 |
|
|
293,418 |
|
|
3,035,863 |
|
|
3,424,707 |
|
|
530,420 |
|
Cost of revenues |
|
(1,059,125 |
) |
|
(1,752,626 |
) |
|
(271,447 |
) |
|
(2,238,132 |
) |
|
(3,093,875 |
) |
|
(479,180 |
) |
Fulfillment expenses(1) |
|
(342,202 |
) |
|
(540,990 |
) |
|
(83,789 |
) |
|
(757,377 |
) |
|
(981,214 |
) |
|
(151,971 |
) |
Sales and marketing expenses(1) |
|
(139,150 |
) |
|
(304,700 |
) |
|
(47,192 |
) |
|
(237,806 |
) |
|
(472,315 |
) |
|
(73,152 |
) |
General and administrative expenses(1) |
|
(58,736 |
) |
|
(396,012 |
) |
|
(61,334 |
) |
|
(140,569 |
) |
|
(482,865 |
) |
|
(74,786 |
) |
Technology and content(1) |
|
(83,586 |
) |
|
(393,829 |
) |
|
(60,996 |
) |
|
(185,747 |
) |
|
(488,623 |
) |
|
(75,678 |
) |
Total cost and
operating expenses |
|
(1,682,799 |
) |
|
(3,388,157 |
) |
|
(524,758 |
) |
|
(3,559,631 |
) |
|
(5,518,892 |
) |
|
(854,767 |
) |
Loss from
operations |
|
(336,751 |
) |
|
(1,493,677 |
) |
|
(231,340 |
) |
|
(523,768 |
) |
|
(2,094,185 |
) |
|
(324,347 |
) |
Other income/(expense), net |
|
121 |
|
|
6,193 |
|
|
959 |
|
|
(5,474 |
) |
|
3,421 |
|
|
530 |
|
Change in fair value of options and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
embedded conversion feature |
|
- |
|
|
69,094 |
|
|
10,701 |
|
|
- |
|
|
79,386 |
|
|
12,295 |
|
Interest expense, net |
|
(2,993 |
) |
|
(14,649 |
) |
|
(2,269 |
) |
|
(4,851 |
) |
|
(31,807 |
) |
|
(4,926 |
) |
Share of results of equity investees |
|
(194 |
) |
|
(195 |
) |
|
(30 |
) |
|
(389 |
) |
|
(396 |
) |
|
(61 |
) |
Loss before income tax
expenses |
|
(339,817 |
) |
|
(1,433,234 |
) |
|
(221,979 |
) |
|
(534,482 |
) |
|
(2,043,581 |
) |
|
(316,509 |
) |
Income tax expenses |
|
- |
|
|
(15 |
) |
|
(2 |
) |
|
- |
|
|
(17 |
) |
|
(3 |
) |
Net loss |
|
(339,817 |
) |
|
(1,433,249 |
) |
|
(221,981 |
) |
|
(534,482 |
) |
|
(2,043,598 |
) |
|
(316,512 |
) |
Net loss attributable to non-controlling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests shareholders |
|
- |
|
|
(390 |
) |
|
(60 |
) |
|
- |
|
|
(457 |
) |
|
(71 |
) |
Net loss attributable
to Missfresh Limited |
|
(339,817 |
) |
|
(1,433,639 |
) |
|
(222,041 |
) |
|
(534,482 |
) |
|
(2,044,055 |
) |
|
(316,583 |
) |
Accretion of convertible redeemable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
preferred shares to redemption value |
|
(126,094 |
) |
|
(162,467 |
) |
|
(25,163 |
) |
|
(247,402 |
) |
|
(313,680 |
) |
|
(48,583 |
) |
Accretion of convertible redeemable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling preferred shares to redemption value |
|
(1,742 |
) |
|
(1,724 |
) |
|
(267 |
) |
|
(1,742 |
) |
|
(4,296 |
) |
|
(665 |
) |
Net loss attributable
to ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of Missfresh Limited |
|
(467,653 |
) |
|
(1,597,830 |
) |
|
(247,471 |
) |
|
(783,626 |
) |
|
(2,362,031 |
) |
|
(365,831 |
) |
Shares used in calculating loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
96,894,953 |
|
|
141,586,134 |
|
|
141,586,134 |
|
|
96,594,435 |
|
|
124,884,733 |
|
|
124,884,733 |
|
Net loss per share attributable to ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of Missfresh Limited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share-Basic and diluted |
|
(4.83 |
) |
|
(11.29 |
) |
|
(1.75 |
) |
|
(8.11 |
) |
|
(18.91 |
) |
|
(2.93 |
) |
Net loss per ADS2 attributable to
ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of Missfresh Limited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS-Basic and diluted |
|
(14.49 |
) |
|
(33.87 |
) |
|
(5.25 |
) |
|
(24.33 |
) |
|
(56.73 |
) |
|
(8.79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US |
|
RMB |
|
RMB |
|
US$ |
(1) Includes share-based
compensation |
|
|
|
|
|
|
|
|
|
|
|
|
expenses included are as follows |
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment expenses |
|
- |
|
7,010 |
|
1,086 |
|
- |
|
7,010 |
|
1,086 |
Sales and marketing expenses |
|
- |
|
46,500 |
|
7,202 |
|
- |
|
46,500 |
|
7,202 |
Technology and content |
|
10,966 |
|
295,015 |
|
45,692 |
|
24,189 |
|
303,898 |
|
47,068 |
General and administrative expenses |
|
3,425 |
|
264,913 |
|
41,030 |
|
9,110 |
|
267,973 |
|
41,504 |
Total |
|
14,391 |
|
613,438 |
|
95,010 |
|
33,299 |
|
625,381 |
|
96,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSFRESH LIMITED |
|
UNAUDITED RECONCILIATION of GAAP and NON-GAAP
RESULTS |
|
(All amounts in thousands, except for share, per share data
or otherwise noted) |
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(336,751 |
) |
|
(1,493,677 |
) |
|
(231,340 |
) |
|
(523,768 |
) |
|
(2,094,185 |
) |
|
(324,347 |
) |
Add: Share-based compensation expenses |
|
14,391 |
|
|
613,438 |
|
|
95,010 |
|
|
33,299 |
|
|
625,381 |
|
|
96,860 |
|
Non-GAAP Loss from
operations |
|
(322,360 |
) |
|
(880,239 |
) |
|
(136,330 |
) |
|
(490,469 |
) |
|
(1,468,804 |
) |
|
(227,487 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
(339,817 |
) |
|
(1,433,249 |
) |
|
(221,981 |
) |
|
(534,482 |
) |
|
(2,043,598 |
) |
|
(316,512 |
) |
Add: Share-based compensation expenses |
|
14,391 |
|
|
613,438 |
|
|
95,010 |
|
|
33,299 |
|
|
625,381 |
|
|
96,860 |
|
Less: Change in fair value of options and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
embedded conversion feature |
|
- |
|
|
(69,094 |
) |
|
(10,701 |
) |
|
- |
|
|
(79,386 |
) |
|
(12,295 |
) |
Non-GAAP net
loss |
|
(325,426 |
) |
|
(888,905 |
) |
|
(137,672 |
) |
|
(501,183 |
) |
|
(1,497,603 |
) |
|
(231,947 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of Missfresh Limited |
|
(467,653 |
) |
|
(1,597,830 |
) |
|
(247,471 |
) |
|
(783,626 |
) |
|
(2,362,031 |
) |
|
(365,831 |
) |
Add: Share-based compensation expenses |
|
14,391 |
|
|
613,438 |
|
|
95,010 |
|
|
33,299 |
|
|
625,381 |
|
|
96,860 |
|
Less: Change in fair value of options and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
embedded conversion feature |
|
- |
|
|
(69,094 |
) |
|
(10,701 |
) |
|
- |
|
|
(79,386 |
) |
|
(12,295 |
) |
Add: Accretion of convertible redeemable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
preferred shares to redemption value |
|
126,094 |
|
|
162,467 |
|
|
25,163 |
|
|
247,402 |
|
|
313,680 |
|
|
48,583 |
|
Add: Accretion of convertible redeemable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling preferred shares to redemption value |
|
1,742 |
|
|
1,724 |
|
|
267 |
|
|
1,742 |
|
|
4,296 |
|
|
665 |
|
Non-GAAP net loss
attributable to ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of Missfresh Limited |
|
(325,426 |
) |
|
(889,295 |
) |
|
(137,732 |
) |
|
(501,183 |
) |
|
(1,498,060 |
) |
|
(232,018 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
96,894,953 |
|
|
141,586,134 |
|
|
141,586,134 |
|
|
96,594,435 |
|
|
124,884,733 |
|
|
124,884,733 |
|
Non-GAAP net loss per share attributable to
ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of Missfresh Limited |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per share-Basic and diluted |
|
(3.36 |
) |
|
(6.28 |
) |
|
(0.97 |
) |
|
(5.19 |
) |
|
(12.00 |
) |
|
(1.86 |
) |
Non-GAAP net loss per ADS attributable to
ordinary |
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of Missfresh Limited |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per ADS-Basic and diluted |
|
(10.08 |
) |
|
(18.84 |
) |
|
(2.91 |
) |
|
(15.57 |
) |
|
(36.00 |
) |
|
(5.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSFRESH LIMITED |
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(All amounts in thousands, except for share, per share data
or otherwise noted) |
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
|
RMB |
|
RMB |
|
US |
|
RMB |
|
RMB |
|
US$ |
Net Cash used in Operating Activities |
|
(518,993 |
) |
|
(698,021 |
) |
|
(108,110 |
) |
|
(745,622 |
) |
|
(1,287,568 |
) |
|
(199,419 |
) |
Net Cash provided by/ (used in) Investing Activities |
|
78,358 |
|
|
(79,587 |
) |
|
(12,326 |
) |
|
(48,946 |
) |
|
(67,237 |
) |
|
(10,414 |
) |
Net Cash provided by Financing Activities |
|
969,733 |
|
|
2,179,187 |
|
|
337,513 |
|
|
1,480,683 |
|
|
3,768,944 |
|
|
583,735 |
|
Effects of exchange rate changes on cash, cash equivalents and
restricted cash |
|
(697 |
) |
|
(32,971 |
) |
|
(5,107 |
) |
|
5,557 |
|
|
(7,193 |
) |
|
(1,114 |
) |
Net increase in cash, cash equivalents and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
restricted cash |
|
528,401 |
|
|
1,368,608 |
|
|
211,970 |
|
|
691,672 |
|
|
2,406,946 |
|
|
372,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
at beginning of the period |
|
724,369 |
|
|
1,960,720 |
|
|
303,677 |
|
|
561,098 |
|
|
922,382 |
|
|
142,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
at end of the period |
|
1,252,770 |
|
|
3,329,328 |
|
|
515,647 |
|
|
1,252,770 |
|
|
3,329,328 |
|
|
515,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________1 Adjusted net loss is a non-GAAP
financial measure, which is defined as net loss excluding
share-based compensation expenses and changes in fair value of
options and embedded conversion feature. 2 Each ADS represents
three Class B ordinary shares.
LIZHI (NASDAQ:LIZI)
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From Mar 2024 to Apr 2024
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From Apr 2023 to Apr 2024