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Qudian Inc. Reports Second Quarter 2024 Unaudited Financial Results
QDQudian(QD) Prnewswire·2024-09-06 09:00

Core Viewpoint - Qudian Inc. reported significant financial improvements in the second quarter of 2024, achieving a net income of RMB99.8 million (US13.7million)comparedtoanetlossofRMB76.9millioninthesameperiodlastyear,drivenprimarilybythegrowthofitslast−miledeliverybusiness[2][5].FinancialHighlights−TotalrevenuesforQ22024wereRMB53.3million(US13.7 million) compared to a net loss of RMB76.9 million in the same period last year, driven primarily by the growth of its last-mile delivery business [2][5]. Financial Highlights - Total revenues for Q2 2024 were RMB53.3 million (US7.3 million), a substantial increase from RMB11.1 million in Q2 2023 [2][3]. - The last-mile delivery business generated approximately RMB46.2 million (US6.4million)inrevenue,upfromRMB4.3millioninQ22023[2][3].−NetincomeperdilutedADSwasRMB0.53(US6.4 million) in revenue, up from RMB4.3 million in Q2 2023 [2][3]. - Net income per diluted ADS was RMB0.53 (US0.07) for Q2 2024, compared to a net loss per diluted ADS of RMB0.34 in Q2 2023 [5][24]. Operating Costs and Expenses - Total operating costs and expenses rose to RMB110.8 million (US15.2million)fromRMB106.7millioninQ22023[3][4].−CostofrevenuesincreasedsignificantlytoRMB46.2million(US15.2 million) from RMB106.7 million in Q2 2023 [3][4]. - Cost of revenues increased significantly to RMB46.2 million (US6.4 million) from RMB12.7 million in Q2 2023, primarily due to the last-mile delivery business [3][4]. - General and administrative expenses decreased by 27.9% to RMB47.2 million (US6.5million)fromRMB65.4millioninQ22023[4].CashFlowandFinancialPosition−AsofJune30,2024,thecompanyhadcashandcashequivalentsofRMB4,849.0million(US6.5 million) from RMB65.4 million in Q2 2023 [4]. Cash Flow and Financial Position - As of June 30, 2024, the company had cash and cash equivalents of RMB4,849.0 million (US667.2 million) and restricted cash of RMB52.0 million (US7.2million)[6].−ForQ22024,netcashusedinoperatingactivitieswasRMB1,184.3million(US7.2 million) [6]. - For Q2 2024, net cash used in operating activities was RMB1,184.3 million (US163.0 million), mainly due to labor-related costs and investments [6]. Last-Mile Delivery Business - The last-mile delivery service, branded as "Fast Horse," was launched in December 2022 and has expanded its operations to Australia and New Zealand, responding to the growing demand for cross-border e-commerce [7]. Share Repurchase Program - The company has an ongoing share repurchase program initiated in June 2022, allowing for the purchase of up to US200millionworthofshares,withapproximatelyUS200 million worth of shares, with approximately US113.0 million spent to date [8][9]. - A new share repurchase program was approved in March 2024, allowing for an additional US$300 million in purchases over the next 36 months [9].