Summary by Moomoo AI
Fast Dog Motoring Holdings Limited (GOGOX) announced its results for the year ended 31 December 2023, with revenue down slightly by 2.6% to RMB752,818 thousand and gross profit down by 1.4% to RMB257,895 thousand. Year-on-year loss narrowed 9.0% to RMB1,100,596 thousand and adjusted net loss decreased 25.6% to RMB170,325 thousand. The Company's goodwill impairment amounted to RMB843,500 thousand, mainly due to the challenging market environment in Mainland China and Hong Kong, as well as the market decline in the valuation of the Company's business. The company's future focus will be on a sustainable development strategy and no dividend will be distributed. The Audit Committee has reviewed the financial statements and considers that they meet the applicable accounting criteria. The Company's shares were listed on the Stock Exchange on 24 June 2022. The net proceeds from global sales of approximately HK$554.5 million will be used to expand its user base, develop new services and products, strategic alliances and investments in overseas markets, enhance technical and R&D capabilities, and operating capital and general corporate purposes.