Gogox Holdings (2246) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 12.3% YoY to RMB660.1m, reflecting strategic adjustments in mainland China; Hong Kong and overseas revenue rose to 74.8% of total, from 62.0%.

• Adjusted net loss narrowed 49.4% to RMB86.1m and adjusted EBITDA loss narrowed 51.4% to RMB68.3m; FY2024 IFRS loss was RMB194.0m.

• Strategy prioritizes growth in overseas markets, service refinement and technology-led operating efficiency.

Financial highlights

• Revenue was RMB660.1m, down 12.3% YoY; gross profit was RMB218.7m, down 15.2%.

• Operating loss improved to RMB204.6m from RMB1,102.4m; loss before tax was RMB203.3m versus RMB1,103.1m.

• Net loss was RMB194.0m versus RMB1,100.6m; basic and diluted loss per share was RMB0.31 versus RMB1.76.

• Adjusted net loss, excluding share-based compensation and goodwill impairment, was RMB86.1m versus RMB170.3m; adjusted EBITDA loss was RMB68.3m versus RMB140.5m.

• Selling and marketing expenses fell 25.6% to RMB151.8m; G&A fell 38.3% to RMB166.2m; R&D fell 41.8% to RMB22.3m.

Outlook and guidance

• 2025 priorities are accelerating growth in high-potential overseas markets, refining offerings and using technology to improve operational efficiency; no quantified guidance was stated.

• Liquidity needs are expected to be met through operating cash generation and remaining net proceeds from the Global Offering.