Figure ** on the web.
Recently, Qudian, a U.S.-listed company, announced its results for the third quarter of 2023 and handed over another answer sheet for the decline in revenue.
According to the data, the company's Q3 revenue was 29.6 million yuan, a year-on-year decrease of 731%；Net loss attributable to shareholders of the Company 181.2 billion yuan, compared with 648 billion yuan.
As a company that started with campus loans and made a fortune from Internet financial business, Qudian's business development has been full of twists and turns, and now it has completely abandoned the financial business. Its cross-border in many fields such as automobile retail, education, campus socialization, high-end housekeeping, prefabricated dishes, and logistics has also affected the company's financial situation to a certain extent.
Since the first quarter of 2020, Qudian's performance has been in a state of sharp year-on-year decline, and has declined for 15 consecutive quarters.
Compared with the second quarter of 2023, Qudian's revenue and net profit both declined sharply during the reporting period. According to previously disclosed data, the revenue in the second quarter of 2023 was 1108800,000 yuan, net profit attributable to ordinary shareholders was -7686500,000 yuan. Based on this calculation, Qudian's revenue in the third quarter fell by 62% quarter-on-quarter54%, and the net loss widened by nearly three percent quarter-on-quarter.
In terms of other operating data, in the third quarter of 2023, the cost and expenses of Qudian were 14.1 billion yuan, up from 4.1 billion yuan in the same period last year1.1 billion yuan, down 66%. Among them, due to the closure of the prefabricated food business, Qudian's cost expenditure in the quarter increased by 23.6 billion yuan decreased to 46.3 million yuan, a year-on-year decrease of 804%。Qudian's sales and marketing expenses in the third quarter of 2023 fell to 0 yuan, compared with 1 yuan in the same period last year7.7 billion yuan.
At the same time, it was again mentioned in the financial report that due to the end of the lending business, since the second quarter of 2023, Qudian's financing income, loan facility income and other related income, as well as transaction service fees and other related income, have been reduced to zero. According to the financial report, Qudian's core business has become an intelligent last-mile logistics business, and the sector achieved a revenue of about 29 million yuan in the third quarter.
Qudian's operating loss for the third quarter of 2023 was 100.8 billion yuan, the operating loss in the same period last year was 299.8 billion yuan. Qudian's net loss for the third quarter of 2023 was 18.1 billion yuan, with a net loss of 64.8 billion yuan.
As of September 30, 2023, Qudian had cash and cash equivalents of 722.6 billion yuan (about 9..)$900 million), * $2.2 billion.
However, the total shareholders' equity, which reflects the company's own capital strength, continued to decline. As of September 30, 2023, Qudian's total equity attributable to shareholders was 119500 million yuan, 123 in the first two quarters9.7 billion yuan, 1234.6 billion yuan. This also means that in the third quarter, the total equity attributable to shareholders of Qudian fell by 400 million yuan.
After falling from the peak of financial technology, Qudian has also tried to transform many times, and has successively done Dabai Automobile, Wanlimu e-commerce, Wanlimu children's education, and prefabricated dishes, all of which ended in failure. Today, Qudian's core business has become a smart last-mile logistics business.
Luo Min, Founder, Chairman and Chief Executive Officer of Qudian, said, "We are pleased to report the progress we have made in the development of our smart last-mile logistics business, which recorded revenue of approximately RMB29 million in the third quarter. ”
In addition to logistics, Qudian has also carried out multiple layouts in technology, engineering, and e-commerce. "We are optimistic about the potential of the e-commerce market in all regions of the world and are committed to expanding investment in this area. In the pursuit of growth, there is also the possibility that 'we may suffer additional operational losses'. Nonetheless, we remain firmly committed to executing on our business transformation while maintaining prudent cash management to protect our balance sheet. ”
At present, Qudian's "intelligent last mile logistics business" is being vigorously developed, and some netizens revealed on social platforms that when they went to the company for an interview, they learned that the business has begun to take shape in Australia, with an average of 60,000 orders per day, which is a bit similar to Dingdong and Pupu in China.
However, Qudian's main intelligent last-mile logistics business has not yet become the main support for the company's revenue. After Qudian abandoned its original main financial business, interest and investment income and financial derivatives income became important income for the company**. In the third quarter of 2023, Qudian's net interest and investment losses decreased by 90.0% from 73.6 million yuan in the same period last year4% to $7.1 million, derivatives losses from 35.8 billion yuan to 10.8 billion yuan.
In the short term, Qudian still has money to burn. It's just that I don't know how far the smart logistics business can go in this transformation.