Dingdong Ltd(NYSE:DDL) 
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-11-13 | 2025-08-22 | 2025-05-16 | 2025-03-07 | 2024-12-31 | 2024-11-07 | 2024-08-09 | 2024-05-14 | 2024-03-01 | 2023-12-31 | 2023-11-17 | 2023-09-01 | 2023-05-12 | 2023-02-14 | 2022-12-31 | 2022-11-14 | 2022-08-11 | 2022-06-15 | 2022-02-15 | 2021-11-15 | 2021-08-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | |||||||||||||||||||||
product revenues | 6,573,085,000 | 5,893,728,000 | 5,386,500,000 | 5,822,527,000 | 6,458,447,000 | 5,517,850,000 | 4,944,289,000 | 4,922,419,000 | 5,082,513,000 | 4,778,733,000 | 4,937,763,000 | 5,413,928,000 | 6,122,324,000 | 4,603,265,000 | |||||||
service revenues | 89,311,000 | 82,141,000 | 92,539,000 | 82,495,000 | 79,788,000 | 81,103,000 | 79,755,000 | 71,035,000 | 57,168,000 | 61,873,000 | 59,715,000 | 69,594,000 | 67,155,000 | 42,741,000 | |||||||
total revenues | 6,662,396,000 | 5,975,869,000 | 5,479,039,000 | 5,905,022,000 | 6,538,235,000 | 5,598,953,000 | 5,024,044,000 | 4,993,454,000 | 5,139,681,000 | 4,840,606,000 | 4,997,478,000 | 5,483,522,000 | 6,189,479,000 | 4,646,006,000 | |||||||
yoy | -8.60% | -2.14% | 17.54% | 8.94% | 3.79% | -0.08% | |||||||||||||||
qoq | 11.49% | 9.07% | -7.21% | 16.78% | 11.44% | 0.61% | 6.18% | -3.14% | -11.41% | 33.22% | |||||||||||
operating costs and expenses: | |||||||||||||||||||||
cost of goods sold | -3,964,800,000 | -5,061,160,000 | -3,967,378,000 | ||||||||||||||||||
fulfillment expenses | -1,786,262,000 | -2,308,712,000 | -1,693,470,000 | ||||||||||||||||||
sales and marketing expenses | -357,971,000 | -428,283,000 | -409,991,000 | ||||||||||||||||||
product development expenses | -284,740,000 | -257,286,000 | -206,479,000 | ||||||||||||||||||
general and administrative expenses | -129,417,000 | -152,897,000 | -306,261,000 | ||||||||||||||||||
total operating costs and expenses | -6,523,190,000 | -8,208,338,000 | -6,583,579,000 | ||||||||||||||||||
other operating income | 18,540,000 | 85,870,000 | 18,723,000 | 4,534,000 | 10,796,000 | 14,452,000 | |||||||||||||||
income from operations | 59,302,000 | 81,635,000 | -1,039,668,000 | -2,018,859,000 | -1,937,573,000 | ||||||||||||||||
yoy | |||||||||||||||||||||
qoq | -27.36% | -48.50% | 4.20% | ||||||||||||||||||
operating margin % | 0.89% | 1.37% | 0% | 0% | NaN% | 0% | 0% | 0% | 0% | NaN% | 0% | 0% | 0% | NaN% | NaN% | NaN% | NaN% | NaN% | -18.96% | -32.62% | -41.70% |
interest income | 29,694,000 | 33,393,000 | 35,123,000 | 37,879,000 | 38,446,000 | 37,807,000 | 40,298,000 | 42,292,000 | 40,103,000 | 41,340,000 | 33,751,000 | 12,167,000 | 14,130,000 | 15,187,000 | |||||||
interest expenses | -25,975,000 | -24,640,000 | -19,982,000 | ||||||||||||||||||
other loss | |||||||||||||||||||||
income before income tax | 84,709,000 | 110,991,000 | 9,575,000 | 136,480,000 | |||||||||||||||||
income tax expenses | -9,373,000 | ||||||||||||||||||||
net income | 82,893,000 | 107,187,000 | 8,017,000 | 133,406,000 | -1,096,339,000 | -2,010,577,000 | -1,937,397,000 | ||||||||||||||
yoy | -19.65% | ||||||||||||||||||||
qoq | -22.67% | 1237.00% | -45.47% | 3.78% | |||||||||||||||||
net income margin % | 1.24% | 1.79% | 0.15% | 0% | NaN% | 2.04% | 0% | 0% | 0% | NaN% | 0% | 0% | 0% | NaN% | NaN% | NaN% | NaN% | NaN% | -19.99% | -32.48% | -41.70% |
accretion of redeemable noncontrolling interests | |||||||||||||||||||||
net income attributable to ordinary shareholders | 80,341,000 | 104,711,000 | 5,615,000 | ||||||||||||||||||
other (loss)/income | 783,000 | ||||||||||||||||||||
other income | 1,657,000 | 1,561,000 | 2,866,000 | 15,130,000 | 25,770,000 | 5,704,000 | |||||||||||||||
(loss) /income from operations | 61,519,000 | 110,549,000 | 53,600,000 | ||||||||||||||||||
other (expenses)/income | 2,875,000 | ||||||||||||||||||||
(loss)/income before income tax | 95,421,000 | ||||||||||||||||||||
net (loss)/income | 91,591,000 | 67,126,000 | 12,273,000 | ||||||||||||||||||
net (loss) /income attributable to ordinary shareholders | 89,182,000 | 131,043,000 | |||||||||||||||||||
other operating (loss)/ income | 67,438,000 | 9,858,000 | |||||||||||||||||||
(loss) /income before income tax | 74,540,000 | 13,972,000 | |||||||||||||||||||
net (loss)/income attributable to ordinary shareholders | 64,834,000 | 10,024,000 | |||||||||||||||||||
income / (loss) from operations | |||||||||||||||||||||
other incomes | |||||||||||||||||||||
income / (loss) before income tax | |||||||||||||||||||||
net income / | |||||||||||||||||||||
net income / (loss) attributable to ordinary shareholders | |||||||||||||||||||||
other operating income/(loss) | 15,359,000 | ||||||||||||||||||||
(loss) / income before income tax | 5,600,000 | ||||||||||||||||||||
net (loss) / income | 2,104,000 | ||||||||||||||||||||
other operating expenses | |||||||||||||||||||||
• | |||||||||||||||||||||
international: | 1 | ||||||||||||||||||||
united states toll free: | 1 | ||||||||||||||||||||
mainland china toll free: | 4,001 | ||||||||||||||||||||
hong kong toll free: | 800 | ||||||||||||||||||||
conference id: | 227,192 | ||||||||||||||||||||
united states: | 1 | ||||||||||||||||||||
access code: | 1,497,622 | ||||||||||||||||||||
other expenses | -48,620,000 | -6,978,000 | -733,000 | ||||||||||||||||||
changes in fair value of warrant liabilities | |||||||||||||||||||||
loss before income tax | -1,086,966,000 | -2,010,577,000 | -1,937,397,000 | ||||||||||||||||||
accretion of redeemable convertible preferred shares | -221,948,000 | ||||||||||||||||||||
net loss attributable to ordinary shareholders | -1,096,339,000 | -2,010,577,000 | -2,159,345,000 | ||||||||||||||||||
net income per share | |||||||||||||||||||||
basic and diluted | -3.38 | -6.19 | -33.27 | ||||||||||||||||||
weighted-average common shares outstanding used in net loss per share computation | 324,708,900 | 324,709,928 | 64,908,700 | ||||||||||||||||||
other comprehensive loss, net of tax of nil: | |||||||||||||||||||||
foreign currency translation adjustments | -99,105 | 19,172 | -85,974 | ||||||||||||||||||
comprehensive loss | -1,195,444 | -1,991,405 | -2,023,371 | ||||||||||||||||||
comprehensive loss attributable to ordinary shareholders | -1,195,444 | -1,991,405 | -2,245,319 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-11-13 | 2025-09-30 | 2025-08-22 | 2025-06-30 | 2025-05-16 | 2025-03-31 | 2025-03-07 | 2024-12-31 | 2024-11-07 | 2024-09-30 | 2024-08-09 | 2024-06-30 | 2024-05-14 | 2024-03-31 | 2024-03-01 | 2023-12-31 | 2023-11-17 | 2023-09-30 | 2023-09-01 | 2023-06-30 | 2023-05-12 | 2023-03-31 | 2023-02-14 | 2022-12-31 | 2022-11-14 | 2022-09-30 | 2022-08-11 | 2022-06-30 | 2022-06-15 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-08-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||||||||
cash and cash equivalents | 832,307,000 | 832,307,000 | 926,209,000 | 926,209,000 | 1,212,956,000 | 1,212,956,000 | 887,427,000 | 887,427,000 | 899,769,000 | 899,769,000 | 1,060,366,000 | 1,060,366,000 | 1,131,012,000 | 1,131,012,000 | 1,209,225,000 | 1,209,225,000 | 1,296,558,000 | 1,296,558,000 | 1,528,980,000 | 1,528,980,000 | 1,778,127,000 | 1,778,127,000 | 1,856,187,000 | 1,856,187,000 | 1,400,842,000 | 1,400,842,000 | 2,011,719,000 | 2,011,719,000 | 1,256,903,000 | 1,256,903,000 | 662,768,000 | 3,097,640,000 | 1,049,972,000 | 1,049,972,000 |
restricted cash | 612,000 | 612,000 | 1,630,000 | 1,630,000 | 4,037,000 | 4,037,000 | 2,788,000 | 2,788,000 | 4,673,000 | 4,673,000 | 1,301,000 | 1,301,000 | 462,000 | 462,000 | 480,000 | 480,000 | 1,150,000 | 1,150,000 | 1,200,000 | 1,200,000 | 7,714,000 | 7,714,000 | 2,763,000 | 2,763,000 | 16,673,000 | 16,673,000 | 1,100,000 | 1,100,000 | 9,664,000 | 9,664,000 | 7,664,000 | 6,476,000 | 2,000,000 | 2,000,000 |
short-term investments | 3,075,305,000 | 3,075,305,000 | 3,046,326,000 | 3,046,326,000 | 3,077,508,000 | 3,077,508,000 | 3,561,977,000 | 3,561,977,000 | 3,392,420,000 | 3,392,420,000 | 3,095,942,000 | 3,095,942,000 | 3,378,613,000 | 3,378,613,000 | 4,099,977,000 | 4,099,977,000 | 4,335,268,000 | 4,335,268,000 | 3,988,827,000 | 3,988,827,000 | 3,922,041,000 | 3,922,041,000 | 4,636,774,000 | 4,636,774,000 | 4,460,727,000 | 4,460,727,000 | 4,052,094,000 | 4,052,094,000 | 3,595,810,000 | 3,595,810,000 | 4,568,346,000 | 3,719,019,000 | 6,235,686,000 | 6,235,686,000 |
accounts receivable | 177,976,000 | 177,976,000 | 136,912,000 | 136,912,000 | 134,860,000 | 134,860,000 | 125,896,000 | 125,896,000 | 136,089,000 | 136,089,000 | 112,041,000 | 112,041,000 | 103,902,000 | 103,902,000 | 107,879,000 | 107,879,000 | 130,121,000 | 130,121,000 | 107,093,000 | 107,093,000 | 103,933,000 | 103,933,000 | 141,468,000 | 141,468,000 | 161,287,000 | 161,287,000 | 158,232,000 | 158,232,000 | 257,264,000 | 257,264,000 | 191,519,000 | 154,127,000 | 82,905,000 | 82,905,000 |
inventories | 590,974,000 | 590,974,000 | 504,934,000 | 504,934,000 | 471,610,000 | 471,610,000 | 553,601,000 | 553,601,000 | 593,436,000 | 593,436,000 | 475,366,000 | 475,366,000 | 450,144,000 | 450,144,000 | 471,872,000 | 471,872,000 | 509,268,000 | 509,268,000 | 427,265,000 | 427,265,000 | 478,763,000 | 478,763,000 | 604,884,000 | 604,884,000 | 635,378,000 | 635,378,000 | 578,396,000 | 578,396,000 | 475,223,000 | 475,223,000 | 537,472,000 | 648,861,000 | 503,663,000 | 503,663,000 |
advance to suppliers | 143,999,000 | 143,999,000 | 96,275,000 | 96,275,000 | 84,390,000 | 84,390,000 | 62,730,000 | 100,633,000 | 100,633,000 | 59,983,000 | 59,983,000 | 55,378,000 | 55,378,000 | 73,732,000 | 78,183,000 | 78,183,000 | 77,594,000 | 77,594,000 | 72,262,000 | 72,262,000 | 83,835,000 | 73,294,000 | 73,294,000 | 107,264,000 | 107,264,000 | 136,047,000 | 136,047,000 | 86,711,000 | 88,228,000 | 71,571,000 | 71,571,000 | |||
prepayments and other current assets | 156,453,000 | 156,453,000 | 193,875,000 | 193,875,000 | 182,181,000 | 182,181,000 | 170,753,000 | 170,753,000 | 136,345,000 | 136,345,000 | 201,097,000 | 201,097,000 | 206,046,000 | 206,046,000 | 187,486,000 | 187,486,000 | 158,506,000 | 158,506,000 | 166,011,000 | 166,011,000 | 181,256,000 | 181,256,000 | 170,336,000 | 170,336,000 | 222,193,000 | 222,193,000 | 213,989,000 | 213,989,000 | 283,530,000 | 283,530,000 | 461,843,000 | 370,591,000 | 272,828,000 | 272,828,000 |
total current assets | 4,977,626,000 | 4,977,626,000 | 4,906,161,000 | 4,906,161,000 | 5,167,542,000 | 5,167,542,000 | 5,365,172,000 | 5,365,172,000 | 5,263,365,000 | 5,263,365,000 | 5,006,096,000 | 5,006,096,000 | 5,325,557,000 | 5,325,557,000 | 6,150,651,000 | 6,150,651,000 | 6,509,054,000 | 6,509,054,000 | 6,296,970,000 | 6,296,970,000 | 6,544,096,000 | 6,544,096,000 | 7,496,247,000 | 7,496,247,000 | 6,970,394,000 | 6,970,394,000 | 7,122,794,000 | 7,122,794,000 | 6,014,441,000 | 6,014,441,000 | 6,516,323,000 | 8,084,942,000 | 8,218,625,000 | 8,218,625,000 |
non-current assets: | ||||||||||||||||||||||||||||||||||
property and equipment | 220,367,000 | 220,367,000 | 196,384,000 | 196,384,000 | 189,506,000 | 189,506,000 | 176,290,000 | 176,290,000 | 171,619,000 | 171,619,000 | 150,736,000 | 150,736,000 | 164,389,000 | 164,389,000 | 189,084,000 | 189,084,000 | 206,505,000 | 206,505,000 | 236,731,000 | 236,731,000 | 277,907,000 | 277,907,000 | 314,980,000 | 314,980,000 | 353,110,000 | 353,110,000 | 401,170,000 | 401,170,000 | 460,103,000 | 460,103,000 | 472,371,000 | 434,646,000 | 346,537,000 | 346,537,000 |
operating lease right-of-use assets | 1,598,004,000 | 1,598,004,000 | 1,509,628,000 | 1,509,628,000 | 1,443,762,000 | 1,443,762,000 | 1,464,791,000 | 1,464,791,000 | 1,323,093,000 | 1,323,093,000 | 1,247,578,000 | 1,247,578,000 | 1,169,394,000 | 1,169,394,000 | 1,262,134,000 | 1,262,134,000 | 1,205,583,000 | 1,205,583,000 | 1,290,846,000 | 1,290,846,000 | 1,362,000,000 | 1,362,000,000 | 1,425,117,000 | 1,425,117,000 | 1,701,385,000 | 1,701,385,000 | 1,751,432,000 | 1,751,432,000 | 1,960,191,000 | 1,960,191,000 | 2,245,571,000 | 2,040,602,000 | 1,756,171,000 | 1,756,171,000 |
other non-current assets | 150,397,000 | 150,397,000 | 145,938,000 | 145,938,000 | 109,036,000 | 109,036,000 | 111,395,000 | 115,109,000 | 115,109,000 | 92,859,000 | 92,859,000 | 90,848,000 | 90,848,000 | 96,687,000 | 111,611,000 | 111,611,000 | 130,311,000 | 130,311,000 | 145,815,000 | 145,815,000 | 145,563,000 | 164,010,000 | 164,010,000 | 155,970,000 | 155,970,000 | 188,303,000 | 188,303,000 | 185,793,000 | 184,310,000 | 162,252,000 | 162,252,000 | |||
total non-current assets | 1,968,768,000 | 1,968,768,000 | 1,851,950,000 | 1,851,950,000 | 1,742,304,000 | 1,742,304,000 | 1,752,476,000 | 1,752,476,000 | 1,609,821,000 | 1,609,821,000 | 1,491,173,000 | 1,491,173,000 | 1,424,631,000 | 1,424,631,000 | 1,547,905,000 | 1,547,905,000 | 1,523,699,000 | 1,523,699,000 | 1,657,888,000 | 1,657,888,000 | 1,785,722,000 | 1,785,722,000 | 1,885,660,000 | 1,885,660,000 | 2,218,505,000 | 2,218,505,000 | 2,308,572,000 | 2,308,572,000 | 2,608,597,000 | 2,608,597,000 | 2,903,735,000 | 2,659,558,000 | 2,264,960,000 | 2,264,960,000 |
total assets | 6,946,394,000 | 6,946,394,000 | 6,758,111,000 | 6,758,111,000 | 6,909,846,000 | 6,909,846,000 | 7,117,648,000 | 7,117,648,000 | 6,873,186,000 | 6,873,186,000 | 6,497,269,000 | 6,497,269,000 | 6,750,188,000 | 6,750,188,000 | 7,698,556,000 | 7,698,556,000 | 8,032,753,000 | 8,032,753,000 | 7,954,858,000 | 7,954,858,000 | 8,329,818,000 | 8,329,818,000 | 9,381,907,000 | 9,381,907,000 | 9,188,899,000 | 9,188,899,000 | 9,431,366,000 | 9,431,366,000 | 8,623,038,000 | 8,623,038,000 | 9,420,058,000 | 10,744,500,000 | ||
liabilities, mezzanine equity and shareholders’ equity | ||||||||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||||||||
accounts payable | 1,884,339,000 | 1,884,339,000 | 1,782,194,000 | 1,782,194,000 | 1,642,311,000 | 1,642,311,000 | 1,660,472,000 | 1,660,472,000 | 1,735,794,000 | 1,735,794,000 | 1,502,879,000 | 1,502,879,000 | 1,313,140,000 | 1,313,140,000 | 1,422,183,000 | 1,422,183,000 | 1,464,025,000 | 1,464,025,000 | 1,357,264,000 | 1,357,264,000 | 1,464,798,000 | 1,464,798,000 | 1,886,689,000 | 1,886,689,000 | 1,674,688,000 | 1,674,688,000 | 1,876,611,000 | 1,876,611,000 | 1,870,064,000 | 1,870,064,000 | 2,058,624,000 | 2,797,392,000 | 2,131,883,000 | 2,131,883,000 |
customer advances and deferred revenue | 272,048,000 | 272,048,000 | 249,154,000 | 249,154,000 | 258,839,000 | 258,839,000 | 279,276,000 | 279,276,000 | 269,109,000 | 269,109,000 | 257,709,000 | 257,709,000 | 249,652,000 | 249,652,000 | 240,280,000 | 240,280,000 | 231,265,000 | 231,265,000 | 221,416,000 | 221,416,000 | 241,289,000 | 241,289,000 | 253,010,000 | 253,010,000 | 246,813,000 | 246,813,000 | 249,628,000 | 249,628,000 | 243,629,000 | 243,629,000 | 243,480,000 | 226,796,000 | 165,308,000 | 165,308,000 |
accrued expenses and other current liabilities | 759,988,000 | 759,988,000 | 755,559,000 | 755,559,000 | 765,036,000 | 765,036,000 | 767,082,000 | 767,080,000 | 775,869,000 | 775,869,000 | 693,251,000 | 693,251,000 | 702,075,000 | 702,075,000 | 656,408,000 | 656,408,000 | 638,714,000 | 638,714,000 | 638,464,000 | 638,464,000 | 653,309,000 | 653,309,000 | 810,963,000 | 810,963,000 | 698,191,000 | 698,191,000 | 699,749,000 | 699,749,000 | 681,475,000 | 681,475,000 | 653,261,000 | 895,508,000 | 637,761,000 | 637,761,000 |
salary and welfare payable | 250,560,000 | 250,560,000 | 218,035,000 | 218,035,000 | 343,455,000 | 343,455,000 | 317,152,000 | 317,152,000 | 268,815,000 | 268,815,000 | 222,440,000 | 222,440,000 | 267,213,000 | 267,213,000 | 233,073,000 | 233,073,000 | 201,305,000 | 201,305,000 | 172,996,000 | 172,996,000 | 334,438,000 | 334,438,000 | 329,104,000 | 329,104,000 | 255,970,000 | 255,970,000 | 188,721,000 | 188,721,000 | 245,119,000 | 245,119,000 | 244,740,000 | 207,676,000 | 148,575,000 | 148,575,000 |
operating lease liabilities, current | 651,863,000 | 651,863,000 | 667,992,000 | 667,992,000 | 622,210,000 | 622,210,000 | 640,245,000 | 640,245,000 | 578,411,000 | 578,411,000 | 596,799,000 | 596,799,000 | 599,799,000 | 599,799,000 | 653,529,000 | 653,529,000 | 656,577,000 | 656,577,000 | 672,125,000 | 672,125,000 | 704,286,000 | 704,286,000 | 693,496,000 | 969,494,000 | ||||||||||
short-term borrowings | 916,154,000 | 916,154,000 | 1,061,954,000 | 1,061,954,000 | 1,406,342,000 | 1,406,342,000 | 1,606,253,000 | 1,606,253,000 | 1,656,477,000 | 1,656,477,000 | 1,832,776,000 | 1,832,776,000 | 2,422,163,000 | 2,422,163,000 | 3,300,214,000 | 3,300,214,000 | 3,694,002,000 | 3,694,002,000 | 3,676,987,000 | 3,676,987,000 | 3,803,576,000 | 3,803,576,000 | 4,237,978,000 | 4,237,978,000 | 4,258,337,000 | 4,258,337,000 | 4,075,411,000 | 4,075,411,000 | 3,197,730,000 | 3,197,730,000 | 3,121,046,000 | 2,718,474,000 | 2,377,768,000 | 2,377,768,000 |
total current liabilities | 4,734,952,000 | 4,734,952,000 | 4,734,888,000 | 4,734,888,000 | 5,038,193,000 | 5,038,193,000 | 5,270,480,000 | 5,270,478,000 | 5,284,475,000 | 5,284,475,000 | 5,105,854,000 | 5,105,854,000 | 5,554,042,000 | 5,554,042,000 | 6,505,687,000 | 6,505,687,000 | 6,885,888,000 | 6,885,888,000 | 6,739,252,000 | 6,739,252,000 | 7,201,696,000 | 7,201,696,000 | 8,211,240,000 | 8,211,240,000 | 7,943,104,000 | 7,943,104,000 | 7,941,256,000 | 7,941,256,000 | 7,133,198,000 | 7,133,198,000 | 7,348,520,000 | 7,751,359,000 | 6,249,623,000 | 6,249,623,000 |
non-current liabilities: | ||||||||||||||||||||||||||||||||||
operating lease liabilities, non-current | 907,421,000 | 907,421,000 | 805,058,000 | 805,058,000 | 776,243,000 | 776,243,000 | 780,036,000 | 780,036,000 | 701,812,000 | 701,812,000 | 607,365,000 | 607,365,000 | 527,817,000 | 527,817,000 | 568,039,000 | 568,039,000 | 516,845,000 | 516,845,000 | 592,115,000 | 592,115,000 | 615,025,000 | 615,025,000 | 678,000,000 | 1,244,096,000 | ||||||||||
other non-current liabilities | 146,347,000 | 146,347,000 | 145,122,000 | 145,122,000 | 144,073,000 | 144,073,000 | 143,118,000 | 143,118,000 | 135,612,000 | 135,612,000 | 134,562,000 | 134,562,000 | 127,892,000 | 127,892,000 | 126,206,000 | 126,206,000 | 121,365,000 | 121,365,000 | 117,865,000 | 117,865,000 | 115,067,000 | 115,067,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 69,373,000 | 69,373,000 | 69,373,000 | |||
total non-current liabilities | 1,053,768,000 | 1,053,768,000 | 950,180,000 | 950,180,000 | 920,316,000 | 920,316,000 | 923,154,000 | 923,154,000 | 837,424,000 | 837,424,000 | 741,927,000 | 741,927,000 | 655,709,000 | 655,709,000 | 694,245,000 | 694,245,000 | 638,210,000 | 638,210,000 | 709,980,000 | 709,980,000 | 730,092,000 | 730,092,000 | 753,000,000 | 753,000,000 | 908,833,000 | 908,833,000 | 974,617,000 | 974,617,000 | 1,118,876,000 | 1,118,876,000 | 1,313,469,000 | 1,124,872,000 | 999,228,000 | 999,228,000 |
total liabilities | 5,788,720,000 | 5,788,720,000 | 6,193,632,000 | 6,209,751,000 | 6,209,751,000 | 7,199,932,000 | 7,449,232,000 | 7,449,232,000 | 8,964,240,000 | 8,964,240,000 | 8,851,937,000 | 8,851,937,000 | 8,915,873,000 | 8,915,873,000 | 8,252,074,000 | 8,252,074,000 | 8,661,989,000 | 8,876,231,000 | ||||||||||||||||
advances to suppliers | 62,730,000 | 73,732,000 | 83,835,000 | |||||||||||||||||||||||||||||||
other non-current assets, net of allowance for credit losses | 111,395,000 | |||||||||||||||||||||||||||||||||
commitments and contingencies | ||||||||||||||||||||||||||||||||||
other non-current assets, net of allowance for credit losses of rmb2,930 and rmb881 (us124) as of december 31, 2022 and 2023, respectively | 96,687,000 | |||||||||||||||||||||||||||||||||
operating lease liabilities | 693,496,000 | 802,105,000 | 802,105,000 | 835,511,000 | 835,511,000 | 870,931,000 | 870,931,000 | 841,013,000 | 716,328,000 | 716,328,000 | ||||||||||||||||||||||||
current portion of long-term borrowings | 7,000,000 | 7,000,000 | 15,625,000 | 15,625,000 | 24,250,000 | 24,250,000 | 57,875,000 | 64,500,000 | 72,000,000 | 72,000,000 | ||||||||||||||||||||||||
other non-current assets, net of allowance for credit losses of nil and rmb2,930 (us425) as of december 31, 2021 and 2022, respectively | 145,563,000 | |||||||||||||||||||||||||||||||||
amounts due from related parties | ||||||||||||||||||||||||||||||||||
liabilities, mezzanine equity and shareholders’ (deficit) /equity | ||||||||||||||||||||||||||||||||||
warrant liabilities | ||||||||||||||||||||||||||||||||||
long-term borrowings | 9,500,000 | 25,625,000 | 25,625,000 | |||||||||||||||||||||||||||||||
liabilities, mezzanine equity and shareholders’ | ||||||||||||||||||||||||||||||||||
mezzanine equity: | ||||||||||||||||||||||||||||||||||
redeemable convertible preferred shares | ||||||||||||||||||||||||||||||||||
redeemable noncontrolling interests | 30,000,000 | |||||||||||||||||||||||||||||||||
total mezzanine equity | 30,000,000 | |||||||||||||||||||||||||||||||||
shareholders’ (deficit)/equity: | ||||||||||||||||||||||||||||||||||
ordinary shares | 4,000 | 4,000 | ||||||||||||||||||||||||||||||||
additional paid-in capital | 13,685,062,000 | 13,622,775,000 | ||||||||||||||||||||||||||||||||
treasury stock | -7,042,000 | |||||||||||||||||||||||||||||||||
accumulated deficit | -12,765,713,000 | -11,669,373,000 | ||||||||||||||||||||||||||||||||
accumulated other comprehensive loss | -184,242,000 | -85,137,000 | ||||||||||||||||||||||||||||||||
total shareholders’ (deficit)/equity | 728,069,000 | 1,868,269,000 | ||||||||||||||||||||||||||||||||
total liabilities, mezzanine equity and shareholders’ (deficit)/equity | 9,420,058,000 | |||||||||||||||||||||||||||||||||
mezzanine equity | ||||||||||||||||||||||||||||||||||
total liabilities, mezzanine equity and shareholders’ (deficit) /equity | 10,744,500,000 | |||||||||||||||||||||||||||||||||
total assets. | 10,483,585,000 | 10,483,585,000 | ||||||||||||||||||||||||||||||||
liabilities, mezzanine equity and shareholders’ deficit | ||||||||||||||||||||||||||||||||||
total liabilities. | 7,248,851,000 | 7,248,851,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-11-13 | 2025-09-30 | 2025-08-22 | 2025-06-30 | 2025-05-16 | 2025-03-31 | 2025-03-07 | 2024-11-07 | 2024-09-30 | 2024-08-09 | 2024-06-30 | 2024-05-14 | 2024-03-31 | 2024-03-01 | 2023-11-17 | 2023-09-30 | 2023-09-01 | 2023-06-30 | 2023-05-12 | 2023-03-31 | 2023-02-14 | 2022-11-14 | 2022-09-30 | 2022-08-11 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net cash generated from operating activities | 144,411,000 | 144,411,000 | 101,401,000 | 101,401,000 | 85,234,000 | 85,234,000 | 190,878,000 | 397,639,000 | 397,639,000 | 119,835,000 | ||||||||||||||||||
net cash from investing activities | -230,500,000 | -359,578,000 | -359,578,000 | -5,114,051,000 | ||||||||||||||||||||||||
net cash from financing activities | ||||||||||||||||||||||||||||
effect of exchange rate changes on cash and cash equivalents and restricted cash | 3,425,000 | 228,000 | 228,000 | 5,265,000 | 5,265,000 | 660,000 | 16,164,000 | 16,164,000 | 22,632,000 | 22,632,000 | -3,560,000 | -6,368,000 | -61,779,000 | |||||||||||||||
net decrease in cash and cash equivalents and restricted cash | ||||||||||||||||||||||||||||
cash and cash equivalents and restricted cash at the beginning of the period | 927,838,000 | 927,838,000 | 1,216,994,000 | 1,216,994,000 | 890,215,000 | 890,215,000 | 904,440,000 | 1,061,667,000 | 1,061,667,000 | 1,131,474,000 | 1,131,474,000 | 1,209,704,000 | 1,209,704,000 | 1,297,708,000 | 1,530,180,000 | 1,530,180,000 | 1,785,841,000 | 1,785,841,000 | 1,858,951,000 | 1,858,951,000 | 1,417,515,000 | 2,012,819,000 | 2,012,819,000 | 1,266,567,000 | 1,266,567,000 | 670,432,000 | 1,051,972,000 | 4,414,207,000 |
cash and cash equivalents and restricted cash at the end of the period | 832,919,000 | 832,919,000 | 927,839,000 | 927,839,000 | 1,216,993,000 | 1,216,993,000 | 890,215,000 | 904,442,000 | 904,442,000 | 1,061,667,000 | 1,061,667,000 | 1,131,474,000 | 1,131,474,000 | 1,209,705,000 | 1,297,708,000 | 1,297,708,000 | 1,530,180,000 | 1,530,180,000 | 1,785,841,000 | 1,785,841,000 | 1,858,950,000 | 1,417,515,000 | 1,417,515,000 | 2,012,819,000 | 2,012,819,000 | 1,266,567,000 | 3,104,116,000 | 1,051,972,000 |
net cash generated from investing activities | 441,686,000 | 441,686,000 | 278,839,000 | 278,839,000 | 708,001,000 | 708,001,000 | 669,811,000 | 669,811,000 | -362,730,000 | |||||||||||||||||||
net cash generated from/ (used in) investing activities | ||||||||||||||||||||||||||||
net increase in cash and cash equivalents and restricted cash | 326,778,000 | 441,435,000 | -595,304,000 | 746,252,000 | 596,135,000 | |||||||||||||||||||||||
net (decrease)/increase in cash and cash equivalents and restricted cash | 326,778,000 | 746,252,000 | 2,052,144,000 | |||||||||||||||||||||||||
net cash generated/(used in) investing activities | ||||||||||||||||||||||||||||
operating activities: | ||||||||||||||||||||||||||||
net income | ||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||||||
depreciation and amortization | ||||||||||||||||||||||||||||
noncash operating lease expense | ||||||||||||||||||||||||||||
foreign exchange loss | ||||||||||||||||||||||||||||
share-based compensation | ||||||||||||||||||||||||||||
loss on disposal of property and equipment | ||||||||||||||||||||||||||||
allowance for credit losses | ||||||||||||||||||||||||||||
other non-cash charges | ||||||||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
accounts receivable | ||||||||||||||||||||||||||||
inventories | ||||||||||||||||||||||||||||
advance to suppliers | ||||||||||||||||||||||||||||
prepayments and other current assets | ||||||||||||||||||||||||||||
other non-current assets | ||||||||||||||||||||||||||||
accounts payable | ||||||||||||||||||||||||||||
salary and welfare payable | ||||||||||||||||||||||||||||
customer advances and deferred revenue | ||||||||||||||||||||||||||||
accrued expenses and other current liabilities | ||||||||||||||||||||||||||||
operating lease liability | ||||||||||||||||||||||||||||
other non-current liabilities | ||||||||||||||||||||||||||||
investing activities: | ||||||||||||||||||||||||||||
purchases of property and equipment | ||||||||||||||||||||||||||||
proceeds from disposal of property and equipment | ||||||||||||||||||||||||||||
purchases of short-term investments | ||||||||||||||||||||||||||||
maturities of short-term investments | ||||||||||||||||||||||||||||
purchases of debt and equity investments | ||||||||||||||||||||||||||||
proceeds from redemption of debt and equity investments | ||||||||||||||||||||||||||||
net cash (used in)/generated from investing activities | ||||||||||||||||||||||||||||
financing activities: | ||||||||||||||||||||||||||||
proceeds from short-term borrowings | ||||||||||||||||||||||||||||
repayment of short-term borrowings | ||||||||||||||||||||||||||||
repayment of long-term borrowings | ||||||||||||||||||||||||||||
issuance of redeemable noncontrolling interests | ||||||||||||||||||||||||||||
repurchase of ordinary shares | ||||||||||||||||||||||||||||
proceeds from exercise of share-based awards | ||||||||||||||||||||||||||||
net cash generated from financing activities | 18,448,000 | 18,448,000 | -10,843,000 | 158,762,000 | 158,762,000 | 865,473,000 | 865,473,000 | 98,991,000 | 907,039,000 | 3,435,843,000 | ||||||||||||||||||
cash and cash equivalents and restricted cash at the beginning of the year | ||||||||||||||||||||||||||||
cash and cash equivalents and restricted cash at the end of the year | ||||||||||||||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||
interest paid | ||||||||||||||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||||||||||||
purchase of property and equipment included in accrued expenses and other liabilities | ||||||||||||||||||||||||||||
reconciliation of cash and cash equivalents and restricted cash: | ||||||||||||||||||||||||||||
cash and cash equivalents | ||||||||||||||||||||||||||||
restricted cash | ||||||||||||||||||||||||||||
total cash and cash equivalents and restricted cash shown in the statements of cash flows | ||||||||||||||||||||||||||||
net cash generated from/ (used in) financing activities | ||||||||||||||||||||||||||||
net cash (used in) / generated from operating activities | 245,738,000 | 245,738,000 | 94,775,000 | 94,775,000 | 130,111,000 | 130,111,000 | 682,118,000 | |||||||||||||||||||||
• | ||||||||||||||||||||||||||||
net cash (used in) / generated from investing activities | 186,761,000 | 43,003,000 | 43,003,000 | |||||||||||||||||||||||||
net loss | ||||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||||||||||
changes in fair value of warrant liabilities | ||||||||||||||||||||||||||||
operating lease right-of-use assets | ||||||||||||||||||||||||||||
advances from customers and deferred revenue | ||||||||||||||||||||||||||||
operating lease liabilities | ||||||||||||||||||||||||||||
net cash (used in)/generated from operating activities | 217,725,000 | 217,725,000 | ||||||||||||||||||||||||||
loans to related parties | ||||||||||||||||||||||||||||
repayment of loans from related parties | ||||||||||||||||||||||||||||
issuance of redeemable convertible preferred shares, net of issuance costs | ||||||||||||||||||||||||||||
proceeds from initial public offering, net of issuance costs | ||||||||||||||||||||||||||||
repayment of advance from shareholders | ||||||||||||||||||||||||||||
issuance of series b4 redeemable convertible preferred shares upon exercise of warrants | ||||||||||||||||||||||||||||
issuance of series c1 redeemable convertible preferred shares upon the extinguishment of advance from shareholders | ||||||||||||||||||||||||||||
net cash generated from / (used in) operating activities | ||||||||||||||||||||||||||||
net cash generated from / (used in) financing activities | ||||||||||||||||||||||||||||
net increase / (decrease) in cash and cash equivalents and restricted cash | -595,304,000 | |||||||||||||||||||||||||||
net cash from operating activities | -407,500,000 | -407,500,000 | -385,203,000 | -1,267,965,000 | -1,622,248,000 | |||||||||||||||||||||||
capital expenditures | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
free cash flows | -407,500,000 | -407,500,000 | -385,203,000 | -1,267,965,000 | -1,622,248,000 | |||||||||||||||||||||||
accretion related to convertible notes | ||||||||||||||||||||||||||||
extinguishment losses | ||||||||||||||||||||||||||||
proceeds from long-term borrowings | ||||||||||||||||||||||||||||
advance from shareholders | ||||||||||||||||||||||||||||
issuance of series b4-1 redeemable convertible preferred shares upon exercise of warrants held by the founder | ||||||||||||||||||||||||||||
issuance of series c1 redeemable convertible preferred shares upon conversion of convertible notes | ||||||||||||||||||||||||||||
net cash generated from / (used in) investing activities | -362,730,000 | |||||||||||||||||||||||||||
net cash (used in)/provided by investing activities | 885,907,000 | 2,419,438,000 | ||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||
issuance of convertible notes, net of issuance costs | ||||||||||||||||||||||||||||
extinguishment of convertible loans provided by the founder in exchange for warrants | ||||||||||||||||||||||||||||
net increase/(decrease) in cash and cash equivalents and restricted cash | -3,362,235,000 |