Shulou(Shulou.com)11/24 Report--

According to news in the morning of March 9, Beijing time, Dada Group today released its unaudited results for the fourth quarter and full year of fiscal 2022 for the year ended December 31, 2022.

According to the report, total net revenue in the fourth quarter of 2022 was 2.681 billion yuan, up 31.9% from 2.0321 billion yuan in the same period last year, while the net loss was 370.6 million yuan, compared with 577.8 million yuan in the same period last year.

According to data provided by Yahoo Finance Channel, seven Wall Street analysts had on average expected Dada Group's total net revenue of $384.81 million in the fourth quarter. According to the financial report, the total net revenue of Dada Group in the fourth quarter was 2.681 billion yuan.

In addition, on average, five analysts had expected a loss of $0.11 per share in the fourth quarter, not in accordance with US general accounting standards. Financial results show that, not in accordance with US general accounting standards, Dada Group's basic loss per share and diluted loss per share in the fourth quarter were both 0.18 yuan, which significantly exceeded analysts' expectations.

On average, 15 Wall Street analysts had expected total net revenue of $1.35 billion in fiscal 2022, according to data provided by Yahoo Finance. According to the financial report, the total net revenue of Dada Group in fiscal year 2022 was 9.3676 billion yuan.

In addition, on average, six analysts had expected a loss per share of 79 cents per share in fiscal 2022, not in accordance with GAAP. The financial report shows that Dada Group's basic loss per share and diluted loss per share for fiscal year 2022 were both Rmb1.31 per share, which was significantly better than analysts' expectations.

Performance highlights:-Dada Group's total net revenue in the fourth quarter was 2.681 billion yuan, an increase of 31.9% compared with 2.0321 billion yuan in the same period last year. Dada Group's total net revenue in fiscal 2022 was 9.3676 billion yuan, an increase of 36.4% compared with 6.8663 billion yuan in the previous fiscal year.

JD.com 's total transaction volume (GMV) in fiscal year 2022 was 63.3 billion yuan, an increase of 46.9% compared with 43.1 billion yuan in fiscal year 2021.

The number of active consumers was 78.6 million in 2022, compared with 62.3 million in 2021.

Dada Group's total revenue of 2.7 billion yuan in the fourth quarter of 2022 increased by 32% compared with the same period last year, and the adjusted operating profit margin improved by more than 17% compared with the same period last year. Townsend database ThomsonOne unanimously expected a loss of 220 million yuan, with an actual adjusted net loss of 180 million yuan, better than market expectations. Thanks to the significant optimization of profitability and efficient management of working capital, Dada Group achieved positive free cash flow in the second half of 2022.

In the fourth quarter, the revenue of Dada Express platform was 900 million yuan, and that of JD.com 's home platform was 1.8 billion yuan. JD.com and Dada Group continue to comprehensively deepen omni-channel O2O cooperation. JD.com 's hourly purchase of GMV has increased by more than 80% compared with the same period last year, and GMV, one of the important entrances, has increased more than three times compared with the same period last year. Following the search and the entrance of channels in the same city, Dada Group further realized the LBS of JD.com 's home page recommendation stream, bringing more traffic for hourly purchases.

In 2022, Dada Group's total revenue was 9.4 billion yuan, an increase of 36% over the same period last year. The revenue of Dada Express platform was 3.2 billion yuan, and the annual active riders reached 1 million, an increase of more than 40% over the same period last year. JD.com 's revenue of 6.2 billion yuan increased by 54% over the same period last year, with more than 220000 annual active stores and an increase of more than 50% over the same period last year. The total annual transaction volume (GMV) of JD.com 's home platform was 63.3 billion yuan, an increase of 47% over the same period last year, and the number of annual active users was 78.6 million.

Fourth quarter financial analysis: the total net revenue of the Dada Group in the fourth quarter was 2.681 billion yuan, an increase of 31.9% compared with 2.0321 billion yuan in the same period last year.

Dada Group's net revenue from Dada Express in the fourth quarter was 883 million yuan, compared with 718.4 million yuan in the same period last year, an increase of 22.9% over the same period last year, mainly due to an increase in orders for inter-city express services provided to chain stores.

The net income of Dada Group from JD.com 's home in the fourth quarter was 1.798 billion yuan, compared with 1.3137 billion yuan in the same period last year, an increase of 36.9% over the same period last year, mainly due to an increase in total transaction volume compared with the same period last year. This is driven by the increase in the number of active consumers and the average order size. Brand owners and retailers are carrying out more and more promotions, leading to an increase in revenue from online marketing services, which is also one of the reasons for JD.com 's net revenue growth.

Costs and expenses Dada Group's total costs and expenses in the fourth quarter were 3.1149 billion yuan, compared with 2.6883 billion yuan in the same period last year.

Dada Group's operating and support costs were 1.5746 billion yuan in the fourth quarter, compared with 1.3719 billion yuan in the same period last year. This increase is mainly due to an increase in the number of orders for inter-city delivery services provided to various chain stores on Dada Express and retailers on JD.com 's home delivery platform, resulting in higher riders' costs.

Dada Group spent 1.2935 billion yuan on sales and marketing in the fourth quarter, compared with 1.0327 billion yuan in the same period last year. This increase is mainly due to: (1) increased incentives provided to JD.com 's home consumers; (2) increased spending on advertising and marketing activities to attract new consumers to JD.com 's home platform; and (3) amortization of business cooperation agreements related to the share subscription deal reached with JD.com in February 2022.

The general and administrative expenses of Dada Group in the fourth quarter were 101 million yuan, compared with 99 million yuan in the same period last year, which was basically the same as the same period last year, mainly due to the effective cost control measures taken by the company.

Dada Group spent 125.7 million yuan on research and development in the fourth quarter, compared with 169.4 million yuan in the same period last year. This decline is mainly due to a drop in the cost of R & D personnel.

Operating loss Dada Group posted an operating loss of 399.6 million yuan in the fourth quarter, compared with an operating loss of 605.7 million yuan a year earlier.

Without US GAAP, Dada Group posted an operating loss of RMB 207 million in the fourth quarter, compared with an operating loss of RMB 505.4 million in the same period last year.

Net loss Dada Group posted a net loss of 370.6 million yuan in the fourth quarter, compared with a net loss of 577.8 million yuan a year earlier.

Not in accordance with US GAAP, Dada Group posted a net loss of RMB 179.2 million in the fourth quarter, compared with a net loss of RMB 485.4 million in the same period last year.

Dada Group posted a net loss of RMB 370.6 million attributable to common shareholders in the fourth quarter, compared with a net loss of RMB 577.8 million attributable to common shareholders in the same period last year.

Not in accordance with US general accounting standards, Dada Group recorded a net loss of RMB 179.2 million attributable to common shareholders in the fourth quarter, compared with a net loss of Rmb485.4 million in the same period a year earlier.

Loss per share Dada Group's basic loss per share and diluted loss per share in the fourth quarter were both 0.36 yuan, compared with 0.61 yuan per share basic loss and diluted loss per share in the same period last year.

Not in accordance with US general accounting standards, Dada Group's basic loss per share and diluted loss per share in the fourth quarter were both 0.18 yuan. Compared with the same period last year, the basic loss per share and diluted loss per share were both 0.51 yuan.

Financial analysis for fiscal year 2022:

Revenue Dada Group's total net revenue in fiscal 2022 was 9.3676 billion yuan, compared with 6.8663 billion yuan in the previous fiscal year, a year-on-year increase of 36.4%.

Dada Group's net revenue from Dada Express in fiscal year 2022 was 3.1576 billion yuan, compared with 2.8207 billion yuan in the previous fiscal year, an increase of 11.9% over the same period last year. The increase was mainly due to an increase in orders for inter-city express services provided to chain stores, but was partially offset by the upgrading of home delivery services.

The net income of Dada Group from JD.com 's home in fiscal year 2022 was 6.21 billion yuan, compared with 4.0456 billion yuan in the previous fiscal year, an increase of 53.5% over the same period last year. This growth is mainly due to the increase in total transaction volume compared with the same period last year. This is driven by the increase in the number of active consumers and the average order size. Brand owners and retailers are carrying out more and more promotions, leading to an increase in revenue from online marketing services, which is also one of the reasons for JD.com 's net revenue growth.

Costs and expenses Dada Group's total costs and expenses were 11.608 billion yuan in fiscal year 2022, compared with 9.6017 billion yuan in the previous fiscal year.

Dada Group's operating and support costs were 5.743 billion yuan in fiscal 2022, compared with 5.1391 billion yuan in the previous fiscal year. This increase is mainly due to an increase in rider costs due to an increase in orders for inter-city delivery services provided to various chain stores on Dada Express and retailers on JD.com 's home delivery platform, which is partly offset by a decrease in rider-related costs arising from the upgrading of home delivery services.

Dada Group spent 4.7479 billion yuan on sales and marketing in fiscal 2022, compared with 3.4279 billion yuan in the previous fiscal year. This increase is mainly due to: (1) increased incentives provided to JD.com 's home consumers; (2) increased spending on advertising and marketing activities to attract new consumers to JD.com 's home platform; and (3) amortization of business cooperation agreements related to the share subscription deal reached with JD.com in February 2022.

Dada Group's general and administrative expenses for fiscal year 2022 were 408.8 million yuan, compared with 400.4 million yuan in the previous fiscal year, which was basically the same as the same period last year, mainly due to the effective cost control measures taken by the company.

Dada Group spent 630.9 million yuan on R & D in fiscal 2022, compared with 573.9 million yuan in the previous fiscal year. This growth is mainly due to the increase in the cost of R & D personnel as the company continues to strengthen its technical capabilities.

Operating loss Dada Group posted an operating loss of 2.1195 billion yuan in fiscal 2022, compared with an operating loss of 2.5787 billion yuan in the previous fiscal year.

Without US GAAP, Dada Group posted an operating loss of RMB 1.4327 billion in fiscal 2022, compared with an operating loss of RMB 2.1989 billion in the previous fiscal year.

The net loss of Dada Group was 2.008 billion yuan in fiscal 2022, compared with a net loss of 2.4711 billion yuan in the previous fiscal year.

Not in accordance with US GAAP, Dada Group posted a net loss of RMB 1.3262 billion in fiscal 2022, compared with RMB 2.1029 billion in the previous fiscal year.

Dada Group recorded a net loss of RMB 2.008 billion attributable to common shareholders in fiscal 2022, compared with a net loss of RMB 2.4711 billion in the previous fiscal year.

Not in accordance with US GAAP, Dada Group's net loss attributable to common shareholders in fiscal 2022 was 1.3262 billion yuan, compared with 2.1029 billion yuan in the previous fiscal year.

Loss per share Dada Group's basic loss per share and diluted loss per share in fiscal year 2022 were both RMB1.98, compared with RMB2.60 per share in the previous fiscal year.

Not in accordance with US general accounting standards, Dada Group's basic loss per share and diluted loss per share in fiscal 2022 were both RMB1.31, compared with RMB2.21 per share in the previous fiscal year.

Share Repurchase Program under the $70 million share repurchase program announced by the Dada Group in March 2022, the Dada Group has repurchased approximately $60.1 million worth of American depositary shares as of December 31, 2022.

Cash position as of December 31, 2022, the total amount of cash, cash equivalents, restricted cash and short-term investments held by the Dada Group was 4.3704 billion yuan, compared with 1.7648 billion yuan as of December 31, 2021.

Performance outlook: for the first quarter of fiscal 2023, Dada expects its total revenue to reach between 2.57 billion yuan and 2.77 billion yuan, up 27% to 37% from a year earlier. This performance outlook is based on information available as of the date of this press release and reflects the company's current and initial expectations that may change in the future due to various uncertainties.

On average, four Wall Street analysts expect Dada Group's revenue to reach $381.56 million in the first quarter of fiscal 2023, according to data provided by Yahoo Finance.

Share price movements: on the day, Dada shares fell $0.03, or 0.31%, to $9.72 in regular Nasdaq trading. In after-hours trading as of 05:29 EDT on the 8th (06:29 Beijing time on the 9th), Dada shares rose 22 cents, or 2.26 percent, to $9.94. In the past 52 weeks, the highest price of Dada Group is $15.59 and the lowest price is $2.98.

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