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[卡车运输] 营收翻倍!满帮(YMM.US)上市后首份财报表现亮眼:GTV达740亿元 履约订单数达3600万单

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2021-8-12 10:20:27 | 显示全部楼层 |阅读模式
8月10日美股盘前,满帮集团公布了截至2021年6月30日的2021年度二季度财报。这是满帮集团上市以来发布的首份财报。财报发布后,截至财报发布当日美股收盘,满帮集团股价上涨5.89%,收盘价为14.02美元,总市值152.24亿美元。
下面为满帮集团财报原文,我们也会在下帖中附上详细解读:


Full Truck Alliance Co. Ltd. Announces Second Quarter 2021 Unaudited Financial Results
GUIYANG, China, August 10, 2021—Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the second quarter ended June 30, 2021.

  • Second Quarter 2021 Financial and Operational Highlights
  • Total net revenues in the second quarter of 2021 were RMB1,118.8 million (US$173.3 million), an increase of 100.9% from RMB556.9 million in the same period of 2020.
  • Net loss in the second quarter of 2021 was RMB1,958.2 million (US$303.3 million), compared with RMB297.3 million in the same period of 2020.
  • Non-GAAP adjusted net income1 in the second quarter of 2021 was RMB99.5 million (US$15.4 million), compared with non-GAAPadjusted net loss1 of RMB39.1 million in the same period of 2020.
  • Gross Transaction Value (“GTV”)2in the second quarter of 2021 reached RMB74.0 billion (US$11.5 billion), an increase of 57.8% from RMB46.9 billion in the same period of 2020.
  • Fulfilled orders3in the second quarter of 2021 reached 36.0 million, an increase of 87.9% from 19.2 million in the same period of 2020.
  • Average shipper MAUs4in the second quarter of 2021 reached 1.53 million, an increase of 40.3% from 1.09 million in the same period of 2020.

Recent Development
  • The Company successfully completed its initial public offering and listing of 82,500,000 ADSs on the New York Stock Exchange in June 2021, or the initial public offering. Concurrently, each of Ontario Teachers’ Pension Plan Board and an entity affiliated with Mubadala Investment Company PJSC, an Abu Dhabi-based sovereign investor, completed purchase of US$100.0 million of Class A ordinary shares from the Company at a price per share equal to the IPO price adjusted for the ADS-to-Class A ordinary share ratio in a private placement, or the concurrent private placement. The Company raised net proceeds of approximately US$1.71 billion from the initial public offering and the concurrent private placement.

Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, stated, “We are pleased with our progress in terms of business expansion and scale in the second quarter, especially as we mark our first quarter as a public company. While the ongoing cybersecurity review of our main apps and new COVID-19 variant outbreaks in China have brought uncertainties in the third quarter, we are confident in the continued growth of China’s economy and believe the robustness of our platform and expansive network will enable us to maintain our leading position and achieve long-term business growth. As we move forward, we will speed up the execution of our strategic initiatives to create a comprehensive logistics network that caters to a wide range of evolving demands from our ecosystem participants. In line with our commitment to safeguard national security and public interest, we will spare no effort to fulfill our corporate and social responsibilities and actively promote the implementation of relevant regulatory policies.”

“We are pleased with our second quarter financial and operating results. Total net revenues doubled year-over-year following robust performances across our core businesses. We also swung to a non-GAAP adjusted net income during the quarter following a year-ago non-GAAP adjusted net loss. While we face certain headwinds in the third quarter, we have confidence in the resilience of our business model and our ability to adeptly execute our operational plan,” said Mr. Simon Cai, Chief Financial Officer of FTA. “Going forward, we will continue investing in infrastructure development, technology innovation and the expansion of our servicing logistics network, as diversified product offerings and network coverage remain key components to our success.”

1、Non-GAAP adjusted net income/(loss) is defined as net loss excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (iv) tax effects of non-GAAP adjustments and (v) net income from discontinued operations, net of tax. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

2、GTV or gross transaction value of our platform in a given period is defined as the aggregate freight prices specified by our users for all fulfilled orders on our platform during the period without deducting any commission or service fee charged by us; we make downward adjustments to unreasonably high freight prices specified by users that are apparently due to clerical errors.

3、Fulfilled orders on our platform in a given period is defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently cancelled, and (ii) shipping orders for which our users failed to specify any freight prices as there are substantial uncertainties as to whether the shipping orders are fulfilled.

4、Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of such period, by (ii) the number of months in such period. Shipper MAUs is defined as the number of active shippers in a given month.

Second Quarter 2021 Financial Results
Net Revenues (including value added taxes, “VAT”, of RMB332.3 million and RMB630.7 million for the three months ended June 30, 2020 and 2021, respectively). Total net revenues in the second quarter of 2021 were RMB1,118.8 million (US$173.3 million), representing an increase of 100.9% from RMB556.9 million in the same period of 2020, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the second quarter of 2021 were RMB937.6 million (US$145.2 million), representing an increase of 109.8% from RMB446.9 million in the same period of 2020. The increase was primarily due to an increase in revenues from freight brokerage service and freight listing service as well as growth in transaction commissions.

  • Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2021 were RMB601.3 million (US$93.1 million), increased by 88.6% from RMB318.9 million in the same period of 2020, primarily due to a significant increase in transaction activities, amid a substantial recovery in road transportation in China from the COVID-19 pandemic, but partially offset by a decrease in our average fee rate to attract more shippers to use our service.
  • Freight listing service. Revenues from freight listing service in the second quarter of 2021 were RMB175.4 million (US$27.2 million), increased by 37.0% from RMB128.0 million in the same period of 2020, primarily due to an increase in total paying members amid increased shipper demand for our services as our business continued to expand.
  • Transaction commission. We started monetizing online transaction service by collecting commissions from truckers on certain shipping orders in August 2020. Transaction commission amounted to RMB160.9 million (US$24.9 million) in the second quarter of 2021.
Value-added services. Revenues from value-added services in the second quarter of 2021 were RMB181.2 million (US$28.1 million), representing an increase of 64.8% from RMB110.0 million in the same period of 2020, mainly attributable to higher revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB279.9 million and RMB481.1 million for the three months ended June 30, 2020 and 2021, respectively). Cost of revenues in the second quarter of 2021 was RMB627.0 million (US$97.1 million), compared with RMB378.2 million in the same period of 2020. The increase was primarily attributable to an increase in VAT, related tax surcharges and other tax costs, net of tax refunds from government authorities, which was RMB572.4 million, representing an increase of 73.7% from RMB329.5 million in the same period of 2020, primarily due to an increase in transaction activities involving our freight brokerage service. As a percentage of total net revenues, cost of revenues for the second quarter of 2021 decreased to 56.0% from 67.9% in the same period of 2020.

Sales and Marketing Expenses.Sales and marketing expenses in the second quarter of 2021 were RMB236.8 million (US$36.7 million), compared with RMB71.5 million in the same period of 2020. The increase was primarily due to higher advertising and marketing expenses to promote new initiatives, an increase in salary and benefits expenses driven by an increase in sales and marketing headcount, as well as increased share-based compensation expenses.

General and Administrative Expenses.General and administrative expenses in the second quarter of 2021 were RMB2,123.0 million (US$328.8 million), compared with RMB347.1 million in the same period of 2020. The increase was primarily due to an increase in share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the second quarter of 2021were RMB155.1 million (US$24.0 million), compared with RMB87.9 million in the same period of 2020. The increase was primarily due to an increase in salary and benefits expenses driven by higher headcount in research and development personnel and increased share-based compensation expenses.

Loss from Operations. Loss from operations in the second quarter of 2021 was RMB2,040.4 million (US$316.0 million), compared to RMB345.0 million in the same period of 2020.
Non-GAAP Adjusted Operating Income/(Loss)5. Non-GAAP adjusted operating income in the second quarter of 2021 was RMB20.1 million (US$3.1 million), compared with non-GAAP adjusted operating loss of RMB84.1 million in the same period of 2020.

Net Loss.Net loss in the second quarter of 2021 was RMB1,958.2 million (US$303.3 million), compared with RMB297.3 million in the same period of 2020.

Non-GAAP Adjusted Net Income/(Loss). Non-GAAP adjusted net income in the second quarter of 2021 was RMB99.5 million (US$15.4 million), compared with non-GAAP adjusted net loss of RMB39.1 million in the same period of 2020.

Basic and Diluted Net Loss per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS7. Basic and diluted net loss per ADS were RMB7.34 (US$1.14) in the second quarter of 2021, compared with RMB1.72 in the same period of 2020. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.49 (US$0.08) in the second quarter of 2021, compared with RMB0.23 in the same period of 2020.

Balance Sheet and Cash Flow
As of June 30, 2021, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB26.9 billion (US$4.2 billion) in total, compared with RMB18.9 billion as of December 31, 2020.

For the second quarter of 2021, net cash used in operating activities was RMB48.8 million (US$7.6 million).

Business Outlook
As previously announced by the Company, the Cybersecurity Review Office (“CRO”) of the Cyberspace Administration of China has initiated a cybersecurity review of FTA’s Yunmanman apps and Huochebang apps. FTA will fully cooperate with the CRO to facilitate its review process. During the cybersecurity review, the Yunmanman and Huochebang apps are required to suspend new user registration.

The Company expects its total net revenues to be between RMB1.04 billion and RMB1.15 billion in the third quarter of 2021, representing a year-over-year growth rate of approximately 42.0% to 56.2%. These forecasts reflect the Company’s current and preliminary views on the market, operational conditions and the impact of the on-going cybersecurity review and COVID-19 outbreaks in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB6.4566 to US$1.00, the exchange rate in effect as of June 30, 2021 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

5、Non-GAAP adjusted operating income/(loss) is defined as loss from operations excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value and (iii) amortization of intangible assets resulting from business acquisitions. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

6、ADS refers to the American depositary shares, each of which represents 20 Class A ordinary shares.

7、Non-GAAP adjusted basic and diluted net loss per ADS is net loss attributable to ordinary shareholders excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (vi) tax effects of non-GAAP adjustments and (v) net income from discontinued operations, net of tax. divided by weighted average number of basic and diluted ADS, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.



Conference Call
The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on August 10, 2021 or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2021.
Dial-in details for the earnings conference call are as follows:

United States (toll free):  +1-888-317-6003
International:  +1-412-317-6061
Mainland China (toll free):  400-120-6115
Hong Kong (toll free):  800-963-976
Hong Kong:  +852-5808-1995
United Kingdom:
Singapore:
Access Code:
  
08082389063
800-120-5863
6279813
The replay will be accessible through August 17, 2021 by dialing the following numbers:

United States:  +1-877-344-7529
International:  +1-412-317-0088
Replay Access Code:  10159255
A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform, connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services including freight listing service, freight brokerage service and online transaction service. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas stations operators. With a mission to make logistics better, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures
The Company uses non-GAAP adjusted operating income/(loss), non-GAAP adjusted net income/(loss), non-GAAP adjusted net loss attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net loss per ordinary shareholder and non-GAAP adjusted basic and diluted net loss per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income/(loss) as loss from operations excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value and (iii) amortization of intangible assets resulting from business acquisitions. The Company defines non-GAAP adjusted net income/(loss) as net lossexcluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (vi) tax effects of non-GAAP adjustments and (v) net income from discontinued operations, net of tax. The Company defines non-GAAP adjusted net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (vi) tax effects of non-GAAP adjustments and (v) net income from discontinued operations, net of tax. The Company defines non-GAAP adjusted basic and diluted net loss per share as non-GAAPnet loss attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net loss per ADS as non-GAAP net loss attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADS, respectively.


The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value and amortization of intangible assets resulting from business acquisitions have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income/(loss), non-GAAP adjusted net income/(loss), non-GAAP adjusted net loss attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net loss per share should not be considered in isolation or construed as an alternative to operating income/(loss), net income/(loss), net loss attributable to ordinary shareholders and basic and diluted net loss per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” set forth at the end of this release.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect is systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of COVID-19 pandemic; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050







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英文的财报完全看不懂啊  发表于 2021-8-12 18:18

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 楼主| 2021-8-12 15:15:39 | 显示全部楼层
详解满帮财报:营收涨超百分百,但盈利主要靠税项调节

作者 | 李新笛

来源 | 资本侦探


满帮集团的增长潜力很难从一份财报中看出,克服内忧与外患、发力自动驾驶,满帮集团还需要继续向市场证明数字化货运平台的发展潜力。

8月10日美股盘前,满帮集团公布了截至2021年6月30日的2021年度二季度财报。这是满帮集团上市以来发布的首份财报。财报发布后,截至财报发布当日美股收盘,满帮集团股价上涨5.89%,收盘价为14.02美元,总市值152.24亿美元。


2.jpg


总体来看,这份财报所呈现的内容较为亮眼:

  • 2021年第二季度,满帮集团的营收为11.19亿元(以下内容如无特殊指代均为人民币),同比增长100.9%;

  • 满帮集团2021年第二季度运营亏损为20.4亿元,Non-GAAP下经调整净利润与上年同期相比已经转正,为9950万元;

  • 满帮集团的多项业务数据均实现增长,其中成交GTV同比增长57.8%,履约订单量同比增长87.9%,发货货主平均月活同比增长40.3%。



此前,受国内政策及中概股整体出清泡沫等因素性影响,市场对满帮集团信心减少——自6月22日上市以来,满帮集团的股价震荡明显,在七月下旬一度腰斩至7.95美元,此后其股价有所回升。而震荡的原因之一是满帮集团旗下的“运满满”和“货车帮”平台遭遇网络安全审查。


另外,「资本侦探」注意到,本季度满帮集团毛利水平的大幅提升,主要是由于与增值税、相关附加税费、以及政府税收返还等因素,导致成本项下降所致。剔除增值税对毛利率的影响后,公司Non-GAAP下仍然难以实现盈利。


截屏2021-08-12 下午3.14.38.png

2021年6月满帮集团在纽交所上市


高投入高营收,盈利主要靠税项调节

作为数字化货运平台,满帮集团所做的其实是分散的公路货运市场中的“撮合生意”——将货运需求者与货车司机通过平台更高效地联系在一起。满帮集团也因此从两边获利:向货运需求者收取会员费、向货运司机收取佣金、从供需双方的交易中赚取差价。此外,满帮集团的另一大业务是为货运司机提供信贷、保险等一条龙金融服务。


国家统计局报告显示,中国有着世界上最大的公路运输市场——2019年中国货运量约为470亿吨,超7成通过公路运输。从满帮集团的营收来看,其显然从广阔市场中获利颇丰。


根据财报,满帮集团2021年Q2营收达到11.19亿元,同比增长100.9%。


从具体业务来看,满帮集团的货运匹配服务一直是主要的收入来源且增长迅速,2021年Q2该项的营收达到9.38亿元,同比增长109.8%,占总营收比例高达83.8%。该项业务在2019年和2020年在总营收占比也分别达到了71.6%和75.5%。


此外,满帮集团的增值业务营收,在2020年和2021年Q2分别为1.1亿元和1.81亿元,营收占比为19.75%、16.20%。


4.png


在盈利方面,满帮集团本季度已经实现扭亏为盈,Non-GAAP下经调整净利润从去年同期的亏损3913.5万元变为本季度的盈利9954.6万元。


之所以在本季度集团实现盈利,从拆分来看,主要是得益于公司毛利水平的大幅提升。本季度,满帮集团实现毛利润4.92亿元,同比大幅增长175.2%;毛利率也从去年同期的32.1%提升至本季度的44%,毛利率提升近12个百分点。


但从财报披露的情况来看,本季度满帮集团毛利水平的大幅提升,主要是由于与增值税、相关附加税费、以及政府税收返还等因素,导致成本项下降所致。由于增值税在我国属于价外税,且相关抵扣政策是根据开票进行抵扣(与收入确认存在时间差);而政府的税收返还同样存在周期性,与收入确认并不匹配,因此公司本季度毛利率的提升并非经营层面取得的提升,更多是由于收入与税务确认时点差异层面导致的结果。


而在经营费用方面,满帮集团本季度在剔除掉股权激励(SBC)影响后的经营费用为5.21亿元,相比较去年同期的2.62亿元,同比增长98.6%,与收入增幅基本一致,而这也就意味着,剔除掉增值税对毛利率的影响后,公司Non-GAAP下仍然难以实现盈利。


佣金业务效益明显,但面临用户流失风险

此前,满帮集团提高货币化率的主要方式是赚取交易差价、向货运需求者收取会员费等,但满帮集团并不满足于此,并一直着力寻找新的变现方式。


2020年8月,满帮集团在杭州、湖州、绍兴三个城市试点,向货车司机收取佣金。该业务在2021年3月扩展至国内60个城市。仅2021年3月,满帮集团在收取佣金的模式下GTV总量为86亿元人民币,占全部GTV的36.3%。该项业务贡献的营收占总营收的比例也显著提高,在2020年和2021年Q2的营收占比分别为1.7%、17.16%。


不过,收取佣金其实是一把双刃剑,满帮集团寄希望于这些业务提高收入增长能力,但货车司机可能并不愿为此买账。风里来雨里去的货车司机挣钱并不容易,因而对价格分外敏感。一旦收入减少,货车司机随时都可能离开。2020年下旬满帮集团开始向司机收费之后,便遭到了舆论的口诛笔伐,甚至因为定价机制不合理、运营规则不公平、等突出问题,被有关部门约谈并要求整改。


提高货币化率意图明显,但用户流失将会是满帮集团所面临的风险。


增值业务始终没那么重要

与增长迅速的货运匹配服务不同,满帮集团的增值业务却总是不及预期。


财报显示,尽管该业务营收在2021年Q2达到了1.81亿元,比上年同期增长64.73%,但该业务在总营收中的占比却从2020年Q2的19.75%下降到2021年Q2的16.20%。


而这种下降不是一时的。招股书显示,2019年到2020年,该项业务的营收下降近1亿元,其在总营收占比中也下降了将近10%,2020年该业务在总营收的占比为24.5%。由此看出,增值业务虽在2021年营收总额有所增长,但总体而言在对满帮集团的整体营收增长方面,贡献远低于货运业务。


5.png


增值业务比重低,这可能与满帮集团对其期待相差甚远。


在招股书中,满帮集团表示增值业务满足了货主和货车司机的需求,能够增强其对平台的粘性。长期来看,增值业务是平台提高货币化率的重要方式。此前,满帮集团的高层也公开表示过对增值业务的期待。据投资者网、创业邦等多家媒体报道,满帮集团的贵阳公共事务负责人赵强曾公开强调,未来满帮的收入来源将主要依赖金融服务业。


与预期有差距的原因何在?


增值业务其实主要是向货主和货运司机提供贷款,贷款业务在2020年占增值业务总营收的74.6%,此外增值业务还包括保险、ETC等服务。根据满帮集团的招股书,贷款的年利率从20%到36%不等,而这样的利率显然已经远超过银行等金融机构消费贷等借款利率。


6.jpg

图源:满帮招股书


从消费端来看,有多少人会愿意消费这样的服务?红星资本局曾经报道,满帮集团的货车司机收入一再下降,因为货主的议价能力很强,因而不断压价。“以前一个月能赚两万多吧,后来用平台接活儿,每个月少了五六千。”


为收入较低的货车司机提供高利率贷款,无疑会加重货车司机的负担,因而其消费意愿可能难以提高,这显然降低了增值业务增长的天花板。


监管与竞争困局难解

总体来看,满帮集团的多项数据增幅很大,但其依然面临持续亏损、用户流失风险和增值业务增长不力的问题。与此同时,满帮集团的外部压力一直未曾消失,并且持续对满帮集团产生巨大影响。


一方面,满帮目前依旧受到强监管影响。7月5日,网络安全审查办公室对满帮旗下的“运满满”“货车帮”实施网络安全审查,审查期间“运满满”“货车帮”停止新用户注册。目前,审查尚未结束,满帮集团因而一直难以拉新。


满帮集团在财报中对监管做出回应、也试图安抚市场情绪:“虽然网络安全审查和疫情为第三季度增长带来不确定性,但我们相信平台的稳健性和覆盖范围较广的运输网络能够让我们保持业务增长。我们将不遗余力地履行我们的企业和社会责任,积极推动相关监管政策的落实。”


另一方面,满帮集团面临的竞争压力一直未减。


正在准备上市的福佑卡车,未来可能成为满帮集团最大的竞争对手。两者同样是通过互联网方式解决车货匹配问题,但运行逻辑大不同:满帮集团主要采用的是撮合、抽成模式,不参与定价、物流交付环节,逻辑类似于58同城;福佑卡车则深入参与货主与司机的交易、把控交易流程,通过算法给运单定价、分配订单。


尽管满帮集团目前在体量、增速、Non-GAAP净利润等方面都表现得优于福佑卡车,但长久来看,福佑卡车的运行模式技术含量更高,这也为其的增长提供更多想象空间。


此外,满帮集团在2020年上半年开辟同城货运业务,试图寻找新的增长点,但与其原本的跨城货运业务相比,同城货运业务的竞争空前——货拉拉在该领域的市场份额一度达到50%,新入局的滴滴在开启同城货运业务仅半年就实现了10万日订单。


为了提高竞争力,满帮集团选择布局自动驾驶领域。IT桔子数据显示,满帮集团从2018年开始,参与了重卡自动驾驶公司智加科技A轮、A+轮、D轮和D+轮的融资,目前该公司已成为满帮集团的独家自动驾驶技术伙伴。今年5月,智加科技被传出将通过SPAC登陆美股,满帮集团在自动驾驶领域如何布局,备受市场期待。



满帮集团的增长潜力很难从一份财报中看出,克服内忧与外患、发力自动驾驶,满帮集团还需要继续向市场证明数字化货运平台的发展潜力。

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 楼主| 2021-8-12 15:20:01 | 显示全部楼层
满帮集团上市后首份财报细节:Q3增速将放缓,张晖称存在不确定性

来源: 贝多财经

日前,满帮集团(NYSE:YMM)发布截至6月30日的2021年第二季度财报。据了解,这也是满帮集团自2021年6月22日上市以来的首份财报。
财报显示,满帮集团2021年第二季度营收11.19亿元(约1.73亿美元),较2020年同期的5.57亿元增长100.9%;净亏损为19.58亿元(约3.03亿美元),较2020年同期的净亏损2.97亿元扩大5.6倍。

截屏2021-08-12 下午3.14.38.png

非美国通用会计准则(Non-GAAP)下,2021年第二季度,满帮集团经调整后的净利润为9950万元(1540万美元),2020年同期的净亏损为3910万元,实现扭亏为盈。

据了解,满帮集团于2021年6月在纽交所上市,期间计入了一次性的股权激励,致使其产生巨额亏损。此前招股书显示,满帮集团2019年、2020年的净亏损分别为15.24亿元、35.91亿元。

非美国公认会计准则(Non-GAAP)下,满帮集团2019年、2020年经调整后的净利润分别为-9280万元、2.81亿元。2021年第一季度,其实现调整后净利润1.13亿元。

按收入结构来看,货运匹配服务为满帮集团的主要收入来源。2021年第一季度,这一板块收入为9.38亿元,同比增长109.8%;增值服务收入1.81亿元,同比增长64.8%。

得益于IPO时募资约20亿美元(募资净额为17.1亿美元),满帮集团的现金余额十分充沛。截至2021年6月30日,满帮集团持有的现金及现金等价物等共计269亿元,而截至2020年12月末为189亿元。

运营指标方面,满帮集团2021年第二季度的总交易额(GTV)为740亿元,同比增长57.8%;履约订单数为3600万单,同比增长87.9%;发货货主平均月活为153万,同比增长40.3%。

不过,满帮集团在接下来的一段时间内增速或将大幅下滑。据贝多财经了解,今年7月5日,网络安全审查办公室宣布启动对“运满满”、“货车帮”实施网络安全审查。审查期间,运满满、货车帮停止新用户注册。

其中,运满满、货车帮为满帮集团旗下经营业务的主要主体。这也意味着,从2021年第三季度起,满帮集团基本告别了新用户(司机、货主)增长的空间,只能依靠存量用户实现的订单而获得相关服务收入。

满帮集团董事长兼CEO张晖在点评财报时也表示,网络安全审查和新冠肺炎疫情给第三季度带来了不确定性,但张晖也称,其对中国经济的持续增长充满信心,对满帮集团长期业务增长也有信心。

截屏2021-08-12 下午3.20.54.png

据满帮集团披露,其预计2021年第三季度的总净收入将在10.4亿元至11.5亿元之间,同比增长率约为42.0%至56.2%,这些预测反映了其对市场、运营状况以及正在进行的网络安全审查和新冠疫情等影响。

按此来看,满帮集团的营收同比增速或将在下一个季度下降约50个百分点。而在此前的2019年、2020年,满帮集团的营收分别为24.73亿元、25.81亿元,增长率也并不明显。

二级市场上,满帮集团在赴美上市的第五个交易日便跌破发行价。而在2021年7月27日,满帮集团的股价还一度跌至7.95美元/股,创造历史新低,较IPO发行价19美元/股的跌幅为58.16%,股价及市值“腰斩”。

而截至8月10日美股收盘,满帮集团收报14.02美元/股,较IPO发行价的跌幅收窄至26.21%。按此计算,满帮集团的总市值为152.24亿美元。

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