Lianlian DigiTech Achieves 40.1% Revenue Growth in 1H2024
Xin continued, "In the first half of the year, we launched innovative payment services, such as enterprise wallets, and expanded our presence in
Business Highlights for 1H2024
Global Business
Our global digital payment services recorded a TPV of
During the period, we continued to broaden our one-stop service capabilities, upgrade our virtual bank card services, and further improve in acquiring solutions with five major card organizations to meet the varied payment needs of our diverse clientele. In
Domestic Business and Value-Added Services
Our domestic TPV for digital payment services grew by 130.1% year-on-year to
Financial Highlights for 1H2024
Total Revenue
Our total revenue for the six months ended
The table below sets forth the breakdown of our revenue over the period:
|
Six months ended |
|
||
Revenue |
2024 |
2023 |
Change |
Change in % |
|
(RMB in thousands) |
|
|
|
Digital Payment Services |
541,888 |
383,231 |
158,657 |
41.4 % |
– Global payment (i) |
372,374 |
305,383 |
66,991 |
21.9 % |
– Domestic payment (ii) |
169,514 |
77,848 |
91,666 |
117.8 % |
Value-added services |
66,773 |
47,303 |
19,470 |
41.2 % |
Others (iii) |
8,726 |
10,055 |
(1,329) |
(13.2) % |
Total |
617,387 |
440,589 |
176,798 |
40.1 % |
Notes: |
i. Refers to payment transactions for cross-border activities or activities occurring outside of mainland |
ii. Refers to payment transactions occurring within mainland |
iii. In addition to providing digital payment solutions, we also operate several other businesses, primarily property leasing. |
Digital Payment Services
Most of our revenue in 1H2024 came from both domestic and global digital payments, which brought in
-
Global digital payments: Revenue grew by 21.9% year-on-year, or
RMB67.0 million , driven by continued growth in our global TPV. -
Domestic digital payments: Revenue surged by 117.8% year-on-year, or
RMB91.7 million , mainly due to a 130.1% increase in domestic TPV.
Value-Added Services
Revenue from value-added services for 1H2024 amounted to
Cost of Sales for 1H2024
Cost of sales over the period amounted to
i. A year-on-year increase in payment costs of 79.6%, or
ii. A year-on-year increase of 50.6%, or
Gross Profit and Gross Profit Margin for 1H2024
Our gross profit for the period was
i. Gross profit from global payment services was
ii. Gross profit from domestic payment services was
iii. Gross profit from value-added services was
Selling and Marketing Expenses
|
Six months ended |
|
||
|
2024 |
2023 |
Change |
Change in % |
|
(RMB in thousands) |
|
|
|
Selling and Marketing Expenses |
108,883 |
84,962 |
23,921 |
28.2 % |
Less: |
|
|
|
|
Share-based Compensation Expenses |
(7,497) |
(3,453) |
(4,044) |
117.1 % |
Adjusted Selling and Marketing Expenses (Non-IFRS Measures) |
101,386 |
81,509 |
19,877 |
24.4 % |
Our selling and marketing expenses over the period amounted to
General and Administrative Expenses
|
Six months ended |
|
|
|
|
2024 |
2023 |
Change |
Change in % |
|
(RMB in thousands) |
|
|
|
General and Administrative Expenses |
290,244 |
153,699 |
136,545 |
88.8 % |
Less: |
|
|
|
|
Share-based Compensation Expenses |
(93,075) |
(30,513) |
(62,562) |
205.0 % |
Listing Expenses |
(7,799) |
(4,339) |
(3,460) |
79.7 % |
Adjusted General and Administrative Expenses (Non-IFRS Measures) |
189,370 |
118,847 |
70,523 |
59.3 % |
General and administrative expenses over the period amounted to
Research and Development Expenses
|
Six months ended |
|
|
|
|
2024 |
2023 |
Change |
Change in % |
|
(RMB in thousands) |
|
|
|
Research and Development Expenses |
147,469 |
119,377 |
28,092 |
23.5 % |
Less: |
|
|
|
|
Share-based Compensation Expenses |
(26,281) |
(9,200) |
(17,081) |
185.7 % |
(Non-IFRS Measures) |
121,188 |
110,177 |
11,011 |
10.0 % |
Research and development expenses over the period amounted to
Net Loss
We recorded a net loss of
Cash Flow
During the period, net cash outflow from operating activities amounted to
Conference Call Information
We will hold 2024 interim earnings conference call at
The conference call will be accessible by dialing the following numbers and entering the corresponding passwords:
Mainland |
400 810 8228 (Chinese) 400 810 8128 (English) |
|
+852 3005 1355 (Chinese) +852 3005 1313 (English) |
|
+1 646 2543594 (English) 8666363243 (English) |
Passwords:
|
829844 |
English Channel: |
330278 |
Dial-in Details:
1. You are encouraged to dial the access number approximately 10 minutes before the scheduled starting time.
2. Your call will be answered by an operator who will take down your name and your company name. Then, you will be placed on hold with music played until the conference begins. Please do not hang up.
3. Please redial the access number if your line is disconnected during the conference.
Additionally, a live webcast of this conference call will be available via the links below. If you intend to ask questions, you may choose to participate in the conference call or raise them during the live webcast.
|
|
English Channel: |
https://www.roadshowing.com/en_US/roadshowing/info.html?id=97773 |
Forward-Looking statement
This press release may contain projections and forward-looking statements that may reflect the company's current views with respect to future events and financial performance. You are cautioned not to place undue reliance on these forward-looking statements which are subject to various risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-IFRS Measures
We believe that Non-IFRS measures facilitate the comparisons of operating performance from period to period and company to company and provide useful information to investors and others in understanding and evaluating our operating performance in the same manner as it helps our management. However, our presentation of Non-IFRS measures for the years/periods may not be comparable to similarly titled measures presented by other companies. The use of Non-IFRS measures has limitations as an analytical tool, and investors should not consider it in isolation from, or as a substitute for analysis of, our results of operations or financial condition as reported under IFRS Accounting Standards.
-End-
About Lianlian DigiTech
As of
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SOURCE LianLian