Quchi Group (00917) released its interim performance for the six months ended June 30, 2024. The group achieved revenue of RMB 0.515 billion, an increase of 41.7% year-on-year. The net loss attributable to the owners of the parent company was RMB 1.848 billion, compared to a profit of RMB 64.625 million in the same period last year. The loss per share was RMB 13.71.
Quchi Group (00917) released its interim performance for the six months ended June 30, 2024 on the Zhìtōng Cáijīng APP. The group achieved revenue of RMB 0.515 billion, an increase of 41.7% year-on-year. The net loss attributable to the owners of the parent company was RMB 1.848 billion, compared to a profit of RMB 64.625 million in the same period last year. The loss per share was RMB 13.71.
The group's net loss in the first half of 2024 was RMB 1.846 billion, mainly due to a one-time non-cash fair value change of RMB 1.899 billion caused by the conversion of 0.1386 billion shares of redeemable convertible preferred stock into ordinary shares at the time of listing. It is expected that there will be no more income or loss related to the valuation changes of such financial instruments in the future. The adjusted profit of the group (measured under non-international financial reporting standards) was a total of RMB 80.3 million, an increase of 48.8% year-on-year, and the business's profitability continues to strengthen.
