Dada Announces Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results
SHANGHAI, China, March 05, 2025 (GLOBE NEWSWIRE) -- Dada Nexus Limited (NASDAQ: DADA, "Dada", the "Company", or "we"), China's leading local on-demand retail and delivery platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter 2024 Financial Results
Total net revenues were RMB2,432.7 million in the fourth quarter of 2024, compared with RMB2,752.2 million in the same quarter of 2023.
Beginning with the second quarter of 2024, the Company changed the presentation of disaggregated revenues to better reflect its lines of business. The table below sets forth the disaggregation of revenues for the three months ended December 31, 2024, with prior period financial results retrospectively recast to conform to current period presentation.
For the three months ended
-------------------------------------------------
December September December 31, YoY%
31, 2023 30, 2024 2024 Change
----------- ----------- ------------ ---------
(RMB in thousands, except percentage data)
Net revenues
JD NOW(1)
Commission
fee 436,646 331,719 296,785 (32.0)%
Online
advertising
and
marketing
services 425,264 66,392 48,680 (88.6)%
Fulfillment
services and
others 686,621 532,100 391,894 (42.9)%
----------- ----------- ------------
Subtotal 1,548,531 930,211 737,359 (52.4)%
----------- ----------- ------------
Dada NOW(2)
Intra-city
delivery
services 1,045,139 1,321,809 1,474,903 41.1%
Last-mile
delivery
services 135,810 129,222 152,307 12.1%
Others 22,709 48,197 68,110 199.9%
----------- ----------- ------------
Subtotal 1,203,658 1,499,228 1,695,320 40.8%
----------- ----------- ------------
Total 2,752,189 2,429,439 2,432,679 (11.6)%
=========== =========== ============
-- Net revenues generated from JD NOW were RMB737.4 million in the fourth
quarter of 2024, compared with RMB1,548.5 million in the fourth quarter
of 2023, mainly due to a decrease in online advertising and marketing
services revenues and a decrease in fulfillment services and other
revenues.
-- Net revenues generated from Dada NOW increased by 40.8% from RMB1,203.7
million in the fourth quarter of 2023 to RMB1,695.3 million in the fourth
quarter of 2024, mainly driven by an increase in order volume of
intra-city delivery services provided to various chain merchants.
Total costs and expenses were RMB3,712.9 million in the fourth quarter of 2024, compared with RMB4,077.9 million in the same quarter of 2023.
-- Operations and support costs were RMB1,914.1 million in the fourth
quarter of 2024, compared with RMB1,918.9 million in the same quarter of
2023. The decrease was primarily due to a decrease in online advertising
and marketing services costs, offset by an increase in rider cost as a
result of the increased order volume of intra-city delivery services
provided to various chain merchants.
-- Selling and marketing expenses were RMB609.5 million in the fourth
quarter of 2024, compared with RMB1,002.3 million in the same quarter of
2023. The decrease was primarily due to a decrease in promotional
activities initiated by us on the JD NOW platform.
-- General and administrative expenses were RMB27.5 million in the fourth
quarter of 2024, compared with RMB88.8 million in the same quarter of
2023. The decrease was primarily due to a decrease in provision for
credit loss.
-- Research and development expenses were RMB92.8 million in the fourth
quarter of 2024, compared with RMB91.5 million in the same quarter of
2023.
-- Impairment loss of intangible assets was RMB1,058.7 million in the fourth
quarter of 2024, compared with nil in the same quarter of 2023.
-- Impairment loss of goodwill was nil in the fourth quarter of 2024,
compared with RMB957.6 million in the same quarter of 2023.
Loss from operations was RMB1,257.3 million in the fourth quarter of 2024, compared with RMB1,314.7 million in the same quarter of 2023.
Non-GAAP loss from operations(3) was RMB48.6 million in the fourth quarter of 2024, compared with RMB190.2 million in the same quarter of 2023.
Net loss was RMB1,227.0 million in the fourth quarter of 2024, compared with RMB1,282.4 million in the same quarter of 2023.
Non-GAAP net loss(4) was RMB29.0 million in the fourth quarter of 2024, compared with RMB159.1 million in the same quarter of 2023.
Basic and diluted net loss per ordinary share was RMB1.18 in the fourth quarter of 2024, compared with RMB1.22 for the fourth quarter of 2023.
Non-GAAP basic and diluted net loss per ordinary share(5) was RMB0.03 in the fourth quarter of 2024, compared with RMB0.15 for the fourth quarter of 2023.
Fiscal Year 2024 Financial Results
Total net revenues were RMB9,663.8 million in 2024, compared with RMB10,506.3 million in 2023.
The table below sets forth the disaggregation of revenues for the twelve months ended December 31, 2024, with prior period financial results retrospectively recast to conform to current period presentation.
For the twelve months ended
------------------------------------------------
YoY%
December 31, 2023 December 31, 2024 Change
------------------ ----------------- ---------
(RMB in thousands, except percentage data)
Net revenues
JD NOW(1)
Commission fee 1,679,218 1,423,256 (15.2)%
Online
advertising
and marketing
services 2,131,150 606,720 (71.5)%
Fulfillment
services and
others 2,681,386 1,828,580 (31.8)%
------------------ -----------------
Subtotal 6,491,754 3,858,556 (40.6)%
------------------ -----------------
Dada NOW(2)
Intra-city
delivery
services 3,529,214 5,077,762 43.9%
Last-mile
delivery
services 347,678 524,822 51.0%
Others 137,604 202,640 47.3%
------------------ -----------------
Subtotal 4,014,496 5,805,224 44.6%
------------------ -----------------
Total 10,506,250 9,663,780 (8.0)%
================== =================
-- Net revenues generated from JD NOW were RMB3,858.6 million in 2024,
compared with RMB6,491.8 million in 2023, mainly due to a decrease in
online advertising and marketing services revenues and a decrease in
fulfillment services and other revenues.
-- Net revenues generated from Dada NOW increased by 44.6% from RMB4,014.5
million in 2023 to RMB5,805.2 million in 2024, mainly driven by an
increase in order volume of intra-city delivery services provided to
various chain merchants.
Total costs and expenses were RMB11,854.1 million in 2024, compared with RMB12,678.6 million in 2023.
-- Operations and support costs were RMB7,221.5 million in 2024, compared
with RMB 6,530.3 million in 2023. The increase was primarily due to an
increase in rider cost as a result of the increased order volume of
intra-city delivery services provided to various chain merchants, offset
by a decrease in online advertising and marketing services costs.
-- Selling and marketing expenses were RMB2,927.1 million in 2024, compared
with RMB4,474.1 million in 2023. The decrease was primarily due to a
decrease in promotional activities initiated by us on the JD NOW
platform.
-- General and administrative expenses were RMB233.9 million in 2024,
compared with RMB252.8 million in 2023.
-- Research and development expenses were RMB362.6 million in 2024, compared
with RMB416.3 million in 2023. The decrease was primarily due to a
decrease in research and development personnel costs.
-- Impairment loss of intangible assets was RMB1,058.7 million in 2024,
compared with nil in 2023.
-- Impairment loss of goodwill was nil in 2024, compared with RMB957.6
million in 2023.
Loss from operations was RMB2,159.5 million in 2024, compared with RMB2,108.5 million in 2023.
Non-GAAP loss from operations(3) was RMB529.5 million in 2024, compared with RMB487.8 million in 2023.
Net loss was RMB2,038.5 million in 2024, compared with RMB1,957.5 million in 2023.
Non-GAAP net loss(4) was RMB425.5 million in 2024, compared with RMB341.8 million in 2023.
Basic and diluted net loss per ordinary share was RMB1.95 in 2024, compared with RMB1.88 in 2023.
Non-GAAP basic and diluted net loss per ordinary share(5) was RMB0.41 in 2024, compared with RMB0.33 in 2023.
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