Financial Performance - Total revenues for the six months ended September 30, 2023 decreased by 27.5% to RMB83.3 million (US301.0 million), a decrease of 22.3% year-on-year[3] - Live video broadcast (LVB) associated GMV for the six months ended September 30, 2023 decreased by 20.9% to RMB2,137 million (US7.1 million), compared to a loss of RMB48.1 million in the same period of the fiscal year 2023[10] - Net loss attributable to MOGU Inc. for the six months ended September 30, 2023 was RMB35.4 million (US7.6 million) from RMB71.7 million in the same period of the fiscal year 2023[6] - Marketing services revenues for the six months ended September 30, 2023 decreased by 75.0% to RMB0.7 million (US64.5 million) as of September 30, 2023, compared with RMB562.8 million as of March 31, 2023[12] - Cash and cash equivalents decreased to RMB 366,151 thousand as of September 30, 2023, from RMB 416,201 thousand as of March 31, 2023, reflecting a decline of 12.0%[22] - As of September 30, 2023, MOGU Inc. reported total assets of RMB 928,247 thousand, a decrease of 5.9% from RMB 986,148 thousand as of March 31, 2023[22] - The company’s total liabilities decreased to RMB 291,646 thousand as of September 30, 2023, from RMB 314,789 thousand as of March 31, 2023, a decline of 7.3%[22] - MOGU's total shareholders' equity as of September 30, 2023, was RMB 636,601 thousand, down from RMB 671,359 thousand as of March 31, 2023, representing a decrease of 5.2%[22] Operational Changes and Future Plans - The company plans to strengthen its e-commerce live streaming service capabilities and channels to generate new business growth points[2] - The company has restructured its platform to focus on professional services in various categories, including beauty and personal care, health, and food[2] Expenses and Impairments - Research and development expenses for the three months ended September 30, 2023, were RMB 13,879 thousand, down 33.6% from RMB 20,922 thousand in the same period of 2022[24] - The company reported an impairment of intangible assets of RMB 9,945 for the six months ended September 30, 2023, which was not present in the same period of 2022[28] - Share-based compensation expenses decreased to RMB 2,789 for the six months ended September 30, 2023, from RMB 8,836 in the same period of 2022, a reduction of approximately 68.4%[28] - Interest income decreased to RMB 7,142 for the six months ended September 30, 2023, down from RMB 9,013 in the same period of 2022, a decline of approximately 20.8%[28] - The company experienced a loss from investments, netting RMB (1,267) for the six months ended September 30, 2023, compared to a gain of RMB 19,431 in the same period of 2022[28] Adjusted Metrics - Adjusted EBITDA for the six months ended September 30, 2023, was RMB (33,990), compared to RMB (17,135) for the same period in 2022, indicating a decline in performance[28] - Adjusted net loss for the six months ended September 30, 2023, was RMB 32,800, slightly higher than RMB 31,813 for the same period in 2022[28] - EBITDA for the six months ended September 30, 2023, was RMB (45,961), compared to RMB (46,527) for the same period in 2022, showing a marginal improvement[28] - The company recorded depreciation of property and equipment of RMB 3,529 for the six months ended September 30, 2023, an increase from RMB 2,067 in the same period of 2022[28] - Income tax benefits for the six months ended September 30, 2023, were RMB (1,662), compared to RMB (1,086) for the same period in 2022, indicating an increase in tax benefits[28]
MOGU(MOGU) - 2024 Q2 - Quarterly Report