Summary by Moomoo AI
Weimob Inc announced the unaudited interim performance for the six months ended June 30, 2024, showing a 28.3% year-on-year decrease in revenue to 867.4 million RMB and a 29.4% decrease in gross profit to 575.9 million RMB. The company is facing challenging market conditions and is focusing on core business to reduce costs, optimize business structure, enhance innovation capabilities, improve operational efficiency, and improve financial fundamentals. The net loss for the period increased to 569.8 million RMB, but the adjusted net loss narrowed significantly by 81.4% to 46.4 million RMB. The company has positive operating cash flow and has repurchased all of the convertible bonds issued in 2021, effectively reducing the asset-liability ratio and current liabilities, and improving the capital structure. The company has a cash and bank deposit balance of approximately 1.772 billion RMB, and its cash and financial position is healthy. In the future, the company will continue to achieve cost-effectiveness through technological innovation and efficient operation, explore innovative revenue models, forward-looking layouts, and intelligent solutions, laying a solid foundation for sustainable business development.
