TuanChe Ltd (TC) 首席执行官魏文于 2019年 第二季度业绩 - 收益电话会议记录

TuanChe Ltd (NASDAQ:TC) Q2 2019 Earnings Conference Call August 20, 2019 8:00 AM ET

TuanChe Ltd(纳斯达克股票代码:[TC])2019年第二季度收益电话会议2019年8月20日美国东部时间上午8:00

公司参与者

Cynthia Tan - IR, Director
Wei Wen - CEO
Troy Mao - CFO

  • Cynthia Tan - IR,主任
  • 魏文 - CEO
  • 特洛伊毛 - 首席财务官

电话会议参与者

Allen Klee - Maxim Group
Laura Liu - Stone Street Group

  • Allen Klee - Maxim Group
  • 劳拉刘 - 石街集团

会议主持员

Good morning and good evening everyone. Thank you for standing by and welcome to TuanChe Limited Second Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. After today's presentation, there will be an opportunity to ask questions.
Now, I'll turn the call over to your speaker host today, Ms. Cynthia Tan, IR Director of the Company. Please go ahead, ma'am.

大家早上好,晚上好。 感谢您的支持,欢迎来到TuanChe Limited 2019年第二季度收益电话会议。 此时,所有参与者都处于只听模式。 在今天的演讲之后,将有机会提问。

现在,我将把这个电话转给你的发言人主持人,公司的IR主任Cynthia Tan女士。 请继续,女士。

Cynthia Tan

Hello, everyone, and welcome to TuanChe's second quarter 2019 earnings conference call. The Company's earnings results were released earlier today and are available on our website, as well as on newswire services. Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our earnings release and our registration statement filed with the SEC. TuanChe does not assume any obligation to update any forward-looking statements, except as required by law.
Today, you'll hear from Mr. Wei Wen, the Company's Chief Executive Officer, who will comment on our operating results. He will be followed by Mr. Troy Mao, the Company's Chief Financial Officer, who will provide additional details on TuanChe's performance, review the Company's financial results, and discuss the financial outlook. Following management's prepared remarks, we will open up the call for questions.
With that said, I would now like to turn the call over to our CEO, Mr. Wen. Please go ahead, sir.

大家好,欢迎来到TuanChe的2019年第二季度财报电话会议。公司的盈利结果于今天早些时候发布,可在我们的网站上获得,也可在新闻专线服务上获得。在我们继续之前,请注意今天的讨论将包含根据1995年美国私人证券诉讼改革法案的安全港条款作出的前瞻性陈述。

前瞻性陈述涉及固有风险和不确定性。因此,我们未来的结果可能与今天表达的观点存在重大差异。有关这些及其他风险和不确定性的更多信息包含在我们的收益发布和向美国证券交易委员会提交的注册声明中。除法律要求外,TuanChe不承担更新任何前瞻性陈述的义务。

今天,您将听到公司首席执行官魏文先生的发言,他将对我们的经营业绩发表评论。随后将由公司首席财务官Troy Mao先生跟随,他将提供有关TuanChe业绩的更多详情,审查公司的财务业绩,并讨论财务前景。在管理层准备好的评论之后,我们将打开电话提问。

话虽如此,我现在想把这个电话转给我们的首席执行官温先生。请继续,先生。

魏文

Hello and thank you everyone for joining us on our second quarter earnings call today. During the quarter, car sales in China continued to plunge due to the uncertainties in the macroeconomic environment and unexpected regulatory changes. According to the Chinese Association of Automobile Manufacturers, passenger vehicle sales further dropped by more than 14% in the first half of 2019. Despite these adverse market conditions, we continued to execute our prudent expansion strategies into lower-tier cities and sustained our growth momentum.
Importantly, our net revenues in the second quarter of 2019 increased by 11.9% to RMB203.5 million, that growth was driven by the strong performance of our offline market services, which generated RMB196.4 million in revenues during the quarter and increased by 8% year-over-year. In addition, the continued ramp-up of new business initiatives, including virtual dealership and online marketing services, also contributed to our growth in the quarter.
During the second quarter of 2019, we achieved success in three key areas; one, expanding our core auto show business into lower-tier city markets; two, accelerating the development of customized special events; and three, progressing in our virtual dealership and online marketing services. Our success in these areas and a strong brand equity enabled us to maintain a healthy growth trajectory throughout the market downturn in the quarter.
First, for our core auto show business, we continued to expand into lower-tier cities while maintaining our industry-leading market share in first- and second-tier cities. Despite China's economic slowdown continuing in the first half of 2019, lower-tier cities have experienced a significant consumption upgrade. In fact, while big-city residents have more disposable income, it is their peers in lower-tier cities and county districts who are more willing to spend a premium on aspirational purchases. In view of this marketing trend, we proactively worked to continue establishing our first-mover advantage in these high growth potential markets during the quarter.
As a result, we successfully organized 344 auto shows across 186 cities during the second quarter of 2019, compared to 219 auto shows in 116 cities in the prior-year period. This consistent improvement to auto show geographic coverage once again demonstrated the effectiveness of our prudent expansion strategy, possessiveness of our brand recognition, and the force of our market leadership.
Secondly, we continued to accelerate the development of customized special promotion events during the quarter. Due to unexpected changes in government automobile regulations and the challenging macroeconomic environment, both OEMs and 4S dealers are currently under significant pressure to reduce their inventory. By accelerating the development of our customized special promotional events, we help customers to optimize both their consumer experience and the sales conversion rate. As a result, service fees generated from our special promotional events exceeded our previous expectations in the quarter, contributing RMB5.8 million to our total revenues.

您好,感谢大家今天加入我们的第二季度财报电话会议。本季度,由于宏观经济环境的不确定性和意外的监管变化,中国的汽车销量继续大幅下滑。根据中国汽车制造商协会的数据,2019年上半年乘用车销量进一步下降超过14%。尽管市场形势不利,我们继续对低线城市实施审慎的扩张策略,并保持增长势头。

重要的是,我们在2019年第二季度的净收入增长了11.9%至人民币203.5百万元,这一增长主要得益于我们的线下市场服务的强劲表现,该季度收入产生了人民币196.4百万元,增长了8倍。 % 年复一年。此外,包括虚拟经销商和在线营销服务在内的新业务计划的持续增长也为我们本季度的增长做出了贡献。

在2019年第二季度,我们在三个关键领域取得了成功;一,将我们的核心车展业务扩展到低端城市市场;二,加快定制特别活动的发展;三,在虚拟经销商和在线营销服务方面取得进展。我们在这些领域的成功和强大的品牌资产使我们能够在本季度的市场低迷期间保持健康的增长轨迹。

首先,对于我们的核心车展业务,我们继续扩展到低线城市,同时保持我们在一线和二线城市的行业领先市场份额。尽管中国经济在2019年上半年持续放缓,但低线城市的消费升级幅度很大。事实上,虽然大城市居民拥有更多的可支配收入,但是较低级别的城市和县区的同龄人更愿意花钱购买。鉴于这种营销趋势,我们积极致力于在本季度继续在这些高增长潜力市场中建立我们的先发优势。

因此,我们在2019年第二季度成功地在186个城市组织了344个车展,而去年同期的116个城市有219个车展。这种对车展地理覆盖范围的持续改进再次证明了我们审慎扩张战略的有效性,我们品牌认知的占有性以及我们市场领导力。

其次,我们在本季度继续加快定制特别促销活动的发展。由于政府汽车法规的意外变化和充满挑战的宏观经济环境,OEM和4S经销商目前都面临着减少库存的巨大压力。通过加速定制特殊促销活动的开发,我们帮助客户优化其消费者体验和销售转化率。因此,我们特别促销活动产生的服务费超出了我们此前的预期,为我们的总收入贡献了人民币580万元。

Further, our recently announced acquisition of Longye International has made meaningful progress. Longye is a leading systems developer that creates and implements social CRM cloud systems for China's automotive industry. Longye's flagship SaaS product, Cheshangtong, provides auto dealers with social CRM services by facilitating the effective flow of information between auto dealers and customers.
This acquisition will enable us to help auto dealers digitize their operations, produce actionable analytics, enhance their sales capabilities, and optimize their social media marketing campaigns. Longye has also recently developed an AI-powered, in-store traffic solution and maximized auto dealers' in-store monetization capabilities. This system uses high definition cameras equipped with AI-based facial recognition and biometric technology to produce precise multifaceted user profiles.
Based on its profile analysis, the system matches customers to the most suitable sales representative in the dealership while storing the profiles for future follow-up and inspection. This system improves the efficiency and results of an auto dealer's in-store traffic management process while reducing labor costs and mitigating the risks of losing valuable sales leads. We are confident that the unique value provided to auto dealers through these social CRM services will enhance our dealers' stickiness.
In summary, our strategy to expand into lower-tier city markets with high growth potential has shown promising results in the second quarter. As we continue to enhance our service offerings to OEMs and auto dealers, we improve our ability to capture additional market share in turn. Despite the current adverse market conditions, we are confident that this work combined with our nationwide service coverage, diversified revenue streams and strong brand equity will fortify our market-leading position going forward.

此外,我们最近宣布收购龙眼国际取得了有意义的进展。 Longye是一家领先的系统开发商,为中国汽车行业创建和实施社交CRM云系统。朗业旗舰产品SaaS产品Cheshangtong通过促进汽车经销商与客户之间的有效信息流动,为汽车经销商提供社交CRM服务。

此次收购将使我们能够帮助汽车经销商将其运营数字化,生成可操作的分析,增强其销售能力,并优化其社交媒体营销活动。 Longye最近还开发了一种基于人工智能的店内流量解决方案,并最大限度地提高了汽车经销商的店内货币化能力。该系统使用配备基于AI的面部识别和生物识别技术的高清摄像机,以生成精确的多方面用户配置文件。

根据其配置文件分析,系统将客户与经销商中最合适的销售代表进行匹配,同时存储配置文件以供将来跟进和检查。该系统提高了汽车经销商店内交通管理流程的效率和结果,同时降低了劳动力成本并降低了丢失宝贵销售线索的风险。我们相信,通过这些社交CRM服务为汽车经销商提供的独特价值将增强我们经销商的粘性。

总之,我们扩展到具有高增长潜力的低端城市市场的战略在第二季度取得了可喜的成果。随着我们继续加强对OEM和汽车经销商的服务,我们提高了依次获取额外市场份额的能力。尽管目前市场环境不利,但我们相信这项工作加上我们全国范围的服务范围,多元化的收入来源和强大的品牌资产将巩固我们未来的市场领先地位。

Cynthia Tan

Now, let's turn the call to our CFO, Mr. Troy Mao. Please go ahead, sir.

现在,让我们转达我们的首席财务官,特洛伊毛泽东先生。 请继续,先生。

特洛伊毛泽东

Thank you, Wei. Hello, everyone. Before I start, please be reminded that beginning January 1st, 2019, we changed our revenue classifications and decided to report our net revenues under the following new segments; first, offline marketing services, auto shows; second, offline marketing services, special promotion events; and third, auto dealership, online marketing services, and others.
Now, before I move on to our second-quarter financial results, please also note that all numbers stated here are in RMB terms and all percentage comparisons are on a year-over-year basis unless otherwise noted. Despite challenging market conditions in the second quarter, our revenues increased by 11.9% to RMB203.5 million from RMB181.9 million in the same period last year, primarily driven by the revenue growth from our offline marketing services, which increased by 8% year-over-year to RMB196.4 million from 181.8 million in the same period last year.
It is worth highlighting that offline marketing services revenues generated from our special promotion events reached RMB5.8 million in the second quarter compared to RMB0.8 million in the first quarter of 2019. Based on the performance of our special promotion events, we have confidence in the business growth prospects and expect that it will continue to contribute to our long-term growth going forward.
Despite new car sales in China continuing to decline in the second quarter, the total gross merchandise volume of new automobiles sold through our offline events increased by 7.8% to RMB15.2 billion from RMB14.1 billion in the same period last year. Thanks to our prudent expansion strategies. Meanwhile, the number of automobile sales transactions facilitated during the quarter increased by 12% to RMB110,400 from RMB98,600 in the same period last year.
In addition to our offline marketing services business, we also continued ramp-up of new growth initiatives during the second quarter. Revenues from auto dealerships, online marketing services, and others increased to RMB7.1 million during the second quarter. Our gross profit in the second quarter increased by 9% to RMB144.0 million from RMB132.2 million, and our gross margin fell slightly to 70.8% from 72.6% in the same period last year.
In the second quarter, selling and marketing expenses increased to RMB217.5 million from RMB109.6 million in the same period last year, primarily due to an increase in staff compensation expenses as well as our advertising and promotional activities, which not only continued to boost our growth, but also further strengthened our brand influence. Selling and marketing expenses for the second quarter included share-based compensation expenses of RMB71.5 million compared to RMB7.1 million in the same period last year.
General and administrative expenses increased to RMB28.1 million from RMB22.9 million in the same period last year, which was due to a headcount increase as a result of our business expansion during the second quarter. To a lesser extent, we also incurred higher professional fees and other ongoing expenses as a public company in the second quarter of 2019.

谢谢魏。大家好。在开始之前,请注意,自2019年1月1日起,我们更改了收入分类,并决定在以下新细分中报告我们的净收入;一,线下营销服务,车展;二,线下营销服务,特别推广活动;第三,汽车经销商,在线营销服务等。

现在,在我进入第二季度财务业绩之前,请注意,除非另有说明,否则此处所述的所有数字均以人民币计算,所有百分比均按年度计算。尽管第二季度市场环境充满挑战,但我们的收入由去年同期的人民币181.9百万元增加11.9%至人民币203.5百万元,主要受我们的线下营销服务收入增长所带动,年增长8% - 去年同期的人民币1.96亿元,从去年同期的1.818亿。

值得强调的是,我们的特别促销活动产生的线下营销服务收入在第二季度达到人民币580万元,而2019年第一季度为人民币0.8百万元。根据我们特别推广活动的表现,我们有信心在业务增长前景中,并期望它将继续为我们未来的长期增长做出贡献。

尽管中国新车销量在第二季度继续下滑,但通过我们的线下活动销售的新车总商品总量从去年同期的人民币141亿元增加了7.8%至人民币152亿元。感谢我们谨慎的扩张策略。与此同时,本季度推动的汽车销售交易数量由去年同期的人民币98,600元增加12%至人民币110,400元。

除了我们的线下营销服务业务外,我们还在第二季度继续推进新的增长计划。汽车经销商,在线营销服务等收入在第二季度增加至人民币710万元。我们第二季度的毛利由人民币132.2百万元增加9%至人民币144.0百万元,我们的毛利率由去年同期的72.6%微跌至70.8%。

第二季度,销售和营销费用从去年同期的人民币109.6百万元增加至人民币217.5百万元,主要是由于员工薪酬支出以及我们的广告和促销活动增加,这不仅继续促进我们的增长,也进一步增强了我们的品牌影响力。第二季度的销售和营销费用包括股权奖励支出人民币71.5百万元,而去年同期为人民币7.1百万元。

一般及行政开支由去年同期的人民币22.9百万元增加至人民币28.1百万元,这是由于我们于二季度业务扩张导致员工人数增加所致。在较小程度上,我们在2019年第二季度作为上市公司承担了更高的专业费用和其他持续费用。

General and administrative expenses included share-based compensation expenses of RMB7.5 million and a bad debt allowance of RMB6.8 million in the second quarter. Research and development expenses increased to RMB9.9 million from RMB3.9 million in the same period last year as a result of efforts to improve and innovates our product and service offerings.
Consequently, our loss from continued operations was RMB111.4 million in the second quarter compared with RMB4.2 million in the same period last year. Excluding the effect of share-based compensation expenses, fair value loss of warrant and the impairment of investments, adjusted net loss attributable to the Company's shareholders was RMB29.3 million in the second quarter compared to an income of RMB16.1 million in the same period last year.
Adjusted diluted loss per share was RMB0.10 in the second quarter compared to a gain of RMB0.17 in the same period last year. Adjusted EBITDA was a loss of RMB30.4 million in the second quarter compared to an adjusted EBITDA of RMB17.7 million in the same period last year.
Now, turning to our balance sheet, at the end of June 2019, we had RMB364.3 million in cash and cash equivalents. Let me also give a brief overview of our half-year results. For the first half of 2019, our net revenues increased by 21.2% year-over-year to RMB326.4 million, driven by the 17.4% year-over-year revenue growth in offline marketing services.
Gross profit for the first half of 2019 increased by 19.3% year-over-year to RMB232.9 million, and gross margin was 71.4% compared to 72.5% in the first half of 2018. Adjusted net loss attributable to the Company's shareholders for the first half of 2019 was RMB44.8 million compared to an income of RMB3.3 million in the first half of 2018. Adjusted EBITDA for the first half of 2019 was a loss of RMB48.2 million compared to an adjusted EBITDA of RMB6.5 million in the first half of 2018.
Before I discuss our outlook for the third quarter, I would like to provide some color on the recent regulatory changes and how they have impacted the auto industry in China. Originally planned for July 2020, China unexpectedly released new national six standards, some of the world's strictest standards for auto emissions, on July 1st, 2019.
These auto emissions standards have already been introduced in 15 seriously polluted cities and provinces and will soon be introduced to other cities as well. Due to these regulations, cars that have failed to meet a new emissions standard have been barred from production, sales, and registration in targeted areas.
During the second quarter, the majority of individuals planning to purchase cars delayed their vehicle purchases to wait until the new emissions standards took effect. As a result, OEMs and auto dealers desperately reduced their inventories of cars, unable to meet new standards, rushed to introduce unprecedented vehicle discounts, and in doing so, temporarily boosted their car sales in June.
However, as the Chinese carmakers have begun the process of building engines and auto parts that comply with the new standards, the supply of new cars has been slow to catch up, further creating uncertainties for car sales in the remainder of 2019.

一般及行政开支包括第二季度的股权奖励开支人民币750万元及坏账准备人民币6.8百万元。由于努力改进和创新我们的产品和服务,研发费用从去年同期的人民币390万元增加至人民币990万元。

因此,第二季度我们持续经营亏损为人民币111.4百万元,而去年同期则为人民币420万元。剔除股权奖励支出,权证公允价值损失和投资减值的影响,第二季度归属于公司股东的调整后净亏损为人民币29.3百万元,而同期收入为人民币16.1百万元。去年期间。

第二季度调整后的每股摊薄亏损为人民币0.10元,而去年同期则为人民币0.17元。与去年同期调整后的EBITDA为人民币17.7百万元相比,第二季度经调整EBITDA为人民币30.4百万元。

现在,转到我们的资产负债表,在2019年6月底,我们有现金和现金等价物人民币3.643亿元。我还简要介绍一下半年的结果。 2019年上半年,由于线下营销服务收入同比增长17.4%,我们的净收入同比增长21.2%至人民币3.264亿元。

2019年上半年毛利润同比增长19.3%至人民币232.9百万元,毛利率为71.4%,而2018年上半年为72.5%。调整后公司股东应占净亏损为人民币。 2019年上半年为人民币44.8百万元,而2018年上半年收入为人民币3,300万元。经调整EBITDA为人民币6.5元,2019年上半年的调整后EBITDA为人民币48.2百万元。 2018年上半年万元。

在我讨论第三季度的展望之前,我想就最近的监管变化及其对中国汽车业的影响提供一些颜色。原计划于2020年7月,中国意外地在2019年7月1日发布了新的国家六项标准,一些世界上最严格的汽车排放标准。

这些汽车排放标准已经在15个污染严重的城市和省份引入,并将很快引入其他城市。由于这些规定,未达到新排放标准的汽车已被禁止在目标区域进行生产,销售和注册。

在第二季度,计划购买汽车的大多数人推迟购车,等到新的排放标准生效。因此,原始设备制造商和汽车经销商拼命减少汽车库存,无法达到新标准,急于推出前所未有的汽车折扣,并在此过程中暂时提高了6月份的汽车销量。

然而,随着中国汽车制造商开始制造符合新标准的发动机和汽车零部件的过程,新车的供应一直缓慢赶上,进一步造成2019年剩余时间内汽车销售的不确定性。

Mindful of these marketplace trends, in the third quarter of 2019, we expect net revenues to be between approximately RMB160-170 million, represented approximated year-over-year growth of 3.0-9.5%. Please note that these forecasts reflect our current and preliminary views of the market operational conditions, which are subject to change. This concludes our prepared remarks for the day.
Operator, we are now ready to take questions.

考虑到这些市场趋势,在2019年第三季度,我们预计净收入约为人民币160-170百万元,相当于同比增长3.0-9.5%。 请注意,这些预测反映了我们对市场运营状况的当前和初步观点,这些观点可能会有所变化。 以上是我们为当天准备的评论。

接线员,我们现在准备回答问题了。

问答环节

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] We have our first question coming from the line of Allen Klee of Maxim Group. Please go ahead.

谢谢。 女士们,先生们,我们现在开始问答环节。 [操作员说明]我们的第一个问题来自Maxim Group的Allen Klee。 请继续。

Allen Klee

I'd like to start with what you just finished talking about the regulatory changes. Could you help us maybe how you think the path will be of getting through this uncertainty kind of your best guess of how long it might last and then get back to a little bit more clear situation and higher sales, hopefully?

我想从刚刚谈到监管变化的内容开始。 您能否帮助我们如何思考如何通过这种不确定性来解决它可能持续多久的最佳猜测,然后再回到更明确的情况和更高的销售额?

Cynthia Tan

Let me translate to Mr. Wei Wen.

让我翻译一下魏文先生。

魏文

About regarding your question on how long we'll get to a normal market standard, we expect the impact from national five standard transition to national six standard will last for about one quarter. The impact will be mainly on the third quarter of 2019.

关于您对我们达到正常市场标准多久的问题,我们预计国家五级标准过渡到国家六级标准的影响将持续约四分之一。 影响将主要发生在2019年第三季度。

Allen Klee

Okay, but then, just to follow up. Does it have an impact on cars that -- what about -- there's a bunch of cars that will not meet the standard, so does that mean that the overall demand will naturally drop, or your understanding is that they'll get reconfigured to meet the standard?

好的,但接下来,只是为了跟进。 它是否会对汽车产生影响 - 那么 - 有很多汽车不符合标准,所以这意味着整体需求会自然下降,或者你的理解是它们会被重新配置以满足 标准?

Cynthia Tan

Let me translate.

让我翻译。

魏文

The national No. 6 standard is not implemented in all areas of China. We expect about 70% of the highly polluted cities and areas already implemented the standard, but still, there are remaining areas where the No. 5 standard vehicles can be sold and registered. So, we expect the automakers will move the inventory to other areas to sell through.

国家第6号标准未在中国所有地区实施。 我们预计大约70%的高污染城市和地区已经实施了该标准,但仍然有剩下的地区可以出售和注册5号标准车辆。 因此,我们预计汽车制造商会将库存转移到其他区域进行销售。

Allen Klee

And then, just if I look at the number of auto shows you put on, it was quite impressive -- the growth rate year-over-year -- but it looks like for each auto show, I'm guessing you're making less money. Is that a function that you're moving into smaller cities, or that there's less booths that are being taken up? How should we think about the growth rate in auto shows, and then, the revenue that you'll make per auto show?

然后,如果我看一下你所播放的车展数量,那就非常令人印象深刻 - 同比增长率 - 但看起来每个车展都有,我猜你正在制作 少钱。 这是一个你正在进入较小城市的功能,还是那些被占用的摊位较少? 我们应该如何考虑车展的增长率,然后是每个车展的收入?

Cynthia Tan

Let me translate first.

让我先翻译一下。

魏文

The two factors you mentioned are actually part of the reason, but the most prioritized reason is that our industry customers' marketing budgets are greatly reduced due to current market conditions. The secondary reason for the unparalleled growth in our revenue-per-hour auto show growth is, as you mentioned, we actually turned into smaller cities, where there will be less brands and less booths, and thus, lower revenue per auto show.

您提到的两个因素实际上是原因的一部分,但最优先的原因是,由于当前的市场条件,我们的行业客户的营销预算大大减少。 如你所说,我们的每小时收入车展增长无可比拟的增长的第二个原因是,我们实际上变成了较小的城市,其中品牌较少,摊位较少,因此每个车展的收入较低。

Cynthia Tan

Does that answer your question?

这是否回答你的问题?

Allen Klee

Yes, thank you. And then, for virtual dealerships, could you perhaps -- is there any metrics of the number of virtual dealers that you've done, and how that compares, and how you think about how that can potentially grow going forward?

是的,谢谢。 然后,对于虚拟经销商,您可能 - 是否有任何关于您已经完成的虚拟经销商数量的指标,以及相比之处,以及您如何看待未来可能会如何发展?

Cynthia Tan

Let me translate first.

让我先翻译一下。

魏文

We have launched our auto dealership business in various cities across China, but actually, we are more focused on the iteration and exploration of the product and business model for now. We successfully launched a whole new groundbreaking flagship store of our virtual dealership at the end of the second quarter. This flagship store covers an area of over 1,000 square meters, with independent showcases for 10 different auto brands, which will break the traditional limits of single-brand 4S dealership stores.
It is also fully digitalized, equipped with our AI-based in-store traffic management system together with our Cheshangtong system, which is part of our synergy from our acquisition of Longye Corporation in progress. This will allow us to efficiently manage the store and improve the sales conversion rate.
We define this new business model as the new car supermarket or new car more. We are seeing very promising progress for now in our flagship store model, and we will further expand the model into other suitable locations once ready.

我们在中国各个城市开展了汽车经销业务,但实际上,我们现在更专注于产品和商业模式的迭代和探索。我们在第二季度末成功推出了我们虚拟经销商的全新开创性旗舰店。这家旗舰店占地面积超过1000平方米,拥有10个不同汽车品牌的独立展示柜,打破了单一品牌4S经销店的传统限制。

它还完全数字化,配备我们基于AI的店内交通管理系统以及我们的Cheshangtong系统,这是我们收购Longye Corporation正在进行的协同作用的一部分。这将使我们能够有效地管理商店并提高销售转化率。

我们将这种新的商业模式定义为新的汽车超市或新车。我们现在看到我们的旗舰店模型取得了非常有希望的进展,我们将在准备好后将模型进一步扩展到其他合适的位置。

Cynthia Tan

Does that answer your question?

这是否回答你的问题?

Allen Klee

Yes. Thank you so much. Maybe just following up on what you've mentioned on Longye. Can you fill us in, in terms of -- is this at the point that it -- has it closed, and have the shares been issued? If they have been, maybe related to that, in terms of the $20 million buyback you've announced, can you say how much of that has been utilized?

是。 非常感谢。 也许只是跟进你在Longye上提到的内容。 您是否可以填写我们 - 这是否已经关闭,并且已经发行了股票? 如果他们已经,或许与此有关,就你已宣布的2000万美元的回购而言,你能说出已经使用了多少回购?

特洛伊毛泽东

Allen, let me answer your question. Even though there are still uncertainties in terms of regulatory requirements, we expect to close the acquisition of Longye by the end of Q3, so right now, we have not consolidated Longye yet. Regarding the $20 million buyback program, since the board approval, we have initiated buyback activities from the open market. You will definitely expect to see the results from Q3 financials. Right now, we cannot disclose more than that.

艾伦,让我回答你的问题。 尽管监管要求仍存在不确定性,但我们预计到第三季度末将完成对Longye的收购,所以目前我们还没有整合Longye。 关于2000万美元的回购计划,自董事会批准以来,我们已经开放了公开市场的回购活动。 您肯定会期望看到Q3财务报告的结果。 现在,我们不能透露更多。

Allen Klee

Okay, thank you. And then, maybe my last one, and then I'll get back in the queue. Last quarter, you talked about a partnership you were going to be entering in with Easyhome, which I think had around 200 potential locations. Could you maybe provide an update of where that stands?

好的谢谢你。 然后,也许是我的最后一个,然后我会回到队列中。 上个季度,您谈到了您将与Easyhome合作的合作伙伴关系,我认为该合作伙伴关系有大约200个潜在地点。 你能否提供最新资料?

Cynthia Tan

Let me translate.

让我翻译。

魏文

Actually, our cooperation with Easyhome is progressing very smoothly for now. We already have 42 other shows in 40 cities, with our venue cost since our cooperation announced in late April. We will further bring our auto show to Easyhome's over 300 home furnishing malls in 200 cities across China and improve the consumer experience and cost efficiency of our future auto shows and virtual dealerships.

实际上,我们与Easyhome的合作目前进展顺利。 自4月下旬宣布合作以来,我们已经在40个城市举办了42场其他演出。 我们将进一步将我们的车展带到Easyhome在中国200个城市的300多家家居用品商场,并改善未来车展和虚拟经销商的消费者体验和成本效益。

Cynthia Tan

Does that answer your question?

这是否回答你的问题?

Allen Klee

Yes, thank you so much.

是的,非常感谢你。

会议主持员

Thank you. Next question is from the line of Laura Liu of Stone Street Group. Please go ahead.

谢谢。 接下来的问题来自Stone Street Group的Laura Liu。 请继续。

Laura Liu

Thank you. This is Laura. Can you please tell us a bit more the color of the background and the role of the new COO, Mr. Yuan, like his expertise? And also, how is he going to help the Company to grow in the long run?

谢谢。 这是劳拉。 您能否告诉我们更多背景的颜色以及新任首席运营官袁先生的作用,就像他的专业知识一样? 而且,他如何帮助公司长远发展?

Cynthia Tan

Thank you, Laura. Let me translate the question first.

谢谢你,劳拉。 让我先解释一下这个问题。

魏文

First of all, we warmly welcome Mr. Hui Yuan to join our TuanChe family. Mr. Yuan has over 18 years of experience in China's automotive industry. He specializes in the management of product development operations, sales, and marketing. Mr. Yuan was once President and Chairman of the Product and Technology Committee of Bitauto Holdings, and after leaving Bitauto, as Founder and CEO of Huimaicho. He co-founded XiongmaoCar.
Before launching his career in the automotive industry, Mr. Yuan also held product R&D positions in several Chinese internet companies, including Dangdang.com. As our new COO of the Company, Mr. Yuan will oversee the development of our omni-channel marketplace as well as the ongoing optimization of user experience. In addition, he will lead the Company's efforts in product research and development, online marketing, big data operations, and new sales and marketing initiatives.

首先,我们热烈欢迎汇源先生加入我们的团车家庭。 袁先生在中国汽车行业拥有超过18年的经验。 他专注于产品开发运营,销售和营销的管理。 袁先生曾担任Bitauto Holdings的产品和技术委员会主席兼主席,离开Bitauto后,担任Huimaicho的创始人兼首席执行官。 他是XiongmaoCar的共同创始人。

在开始他在汽车行业的职业生涯之前,袁先生还曾在包括当当网在内的多家中国互联网公司担任产品研发职位。 作为本公司的新首席运营官,袁先生将监督我们的全渠道市场的发展以及持续优化的用户体验。 此外,他还将领导公司在产品研发,在线营销,大数据运营以及新的销售和营销计划方面的努力。

Cynthia Tan

Does that answer your question, Laura?

那回答你的问题,劳拉?

Laura Liu

Yes. Thank you very much. Also, I'm interested in the synergy of the merger with Longye. I'm not sure if you can just tell us more about the synergy of this acquisition?

是。 非常感谢你。 此外,我对与Longye合并的协同作用感兴趣。 我不确定您是否可以告诉我们更多有关此次收购的协同效应的信息?

Cynthia Tan

Let me translate first.

让我先翻译一下。

魏文

As we mentioned in previous remarks, the acquisition is still ongoing.
Longye is a leading SaaS provider in the auto industry, we believe its rich product line not only efficiently complements and enriches the existing business line of TuanChe, but also provides great strategic value and synergy for future developments.
First of all, Longye's flagship Cheshangtong CRM product allows the sales personnel to directly interact with highly targeted consumers. This will provide a one-stop, one-on-one service from pre-sale consultation to post-sale maintenance. By providing direct interaction and reducing unnecessary levels in the sales funnel, the Cheshangtong CRM systems not only greatly improves the consumer conversion rate, but also provides an efficient tool in sales and stock management.
In addition, as we mentioned in previous remarks, Longye also recently developed an AI digital store solutions that maximizes auto dealers' in-store monetization capabilities. This system is using high-definition cameras equipped with AI-based facial recognition to produce precise, multifaceted user profiles to facilitate sales personnel to enhance consumer conversion rate and management efficiency.
We are confident that this product offer will enable us to help our industry customers to digitize their operation, utilize the big data analytics, optimize their social media marketing campaigns, improve their sales capabilities, and eventually broaden our industry customer base and enhance user techniques.
On the other hand of the synergy, we will also implement the Cheshangtong CRM and AI system for the operation and management of our own virtual dealership flagship stores and achieve efficient remote control and management.

正如我们在之前的评论中提到的那样,此次收购仍在进行中。

朗业是汽车行业领先的SaaS供应商,我们相信其丰富的产品线不仅有效地补充和丰富了团车的现有业务线,而且为未来的发展提供了巨大的战略价值和协同效应。

首先,朗业的旗舰产品Cheshangtong CRM产品使销售人员能够直接与目标明确的消费者进行互动。这将提供从售前咨询到售后维护的一站式一对一服务。通过在销售渠道中提供直接互动并减少不必要的水平,Cheshangtong CRM系统不仅大大提高了消费者转化率,而且还提供了销售和库存管理的有效工具。

此外,正如我们在之前的评论中所提到的,Longye最近还开发了一种AI数字商店解决方案,可最大限度地提高汽车经销商的店内货币化能力。该系统使用配备基于AI的面部识别的高清摄像机,生成精确,多方面的用户配置文件,方便销售人员提高消费者转换率和管理效率。

我们相信,该产品可以帮助我们的行业客户数字化他们的运营,利用大数据分析,优化他们的社交媒体营销活动,提高他们的销售能力,并最终拓宽我们的行业客户群并增强用户技术。

另一方面,我们还将实施Cheshangtong CRM和AI系统,用于运营和管理我们自己的虚拟经销商旗舰店,实现高效的远程控制和管理。

Cynthia Tan

Does that answer your question, Laura?

那回答你的问题,劳拉?

Laura Liu

Yes, that's great. Yes, thank you.

是的,那很好。 是的,谢谢。

会议主持员

Thank you. We have a question from Allen Klee of Maxim Group. Please go ahead.

谢谢。 我们有来自Maxim Group的Allen Klee的问题。 请继续。

Allen Klee

Yes, hi. I had two follow-ups. The first was your sales and marketing expense in the second quarter of '19 increased to RMB217.5 million, but tell me if it's correct that this had an unusual amount of stock-based comp, so if I took a more normalized amount of stock-based comp that would be more of a reasonable run rate going forward? Thank you.

是的,嗨。 我有两次跟进。 首先是你在19世纪第二季度的销售和营销费用增加到人民币217.5百万元,但告诉我这是不正确的,这是一个不寻常的基于股票的比例,所以如果我采取更正常的数量的股票 基于比较的合并后续运行费率是多少? 谢谢。

特洛伊毛泽东

Hi, Allen. This is Troy. Let me take your question. You noted there's a significant increase in Q2 in terms of share-based compensation expense for sales and marketing personnel. Even though we cannot make a guarantee, we will treat it as a one-time event, so we don't expect a similar pattern will be maintained going forward.

嗨,艾伦。 这是特洛伊。 让我来看看你的问题。 您注意到第二季度销售和营销人员的股票薪酬支出大幅增加。 即使我们无法做出保证,我们也会将其视为一次性事件,因此我们预计未来会保持类似的模式。

Allen Klee

That's great. Thank you so much. My last question, this is really not a fair question; I apologize, but I'm going to do it anyway. If you did not see the regulatory change impact on the results during this quarter, even given the tough macro environment you're in, do you think that you would have hit your guidance for 2Q '19?

那很棒。 非常感谢。 我的最后一个问题,这不是一个公平的问题; 我道歉,但无论如何我都会去做。 如果你没有看到监管变化对本季度业绩的影响,即使你处于艰难的宏观环境中,你认为你会在19年第二季度达到你的指引吗?

Cynthia Tan

Let me translate the question first.

让我先解释一下这个问题。

魏文

Hi, Allen. Actually, this regarding the national six standard implementation impacts, the macro economy slowdown is still our major reason for our revenue slowdown. So, even excluding that impact, we are still seeing stronger-than-expected market headwinds, so this is why we missed our guidance.

嗨,艾伦。 实际上,这对于国家六项标准实施的影响,宏观经济放缓仍是我们收入增速放缓的主要原因。 因此,即使排除这种影响,我们仍然看到市场逆风强于预期,因此这就是我们错过指引的原因。

Allen Klee

Okay, thank you so much.

好的,非常感谢你。

魏文

As a follow-up the national six standard implementations actually enlarged our pressures in meeting our guidance.

作为后续行动,国家六项标准实施实际上扩大了我们的压力,以满足我们的指导。

会议主持员

Thank you. [Operator Instructions] No more questions as of this time. I would now like to hand the conference back to the management. Please go ahead.

谢谢。 [操作员说明]此时不再有任何问题。 我现在想把会议交给管理层。 请继续。

Cynthia Tan

Okay, thank you for joining us on today's call and looking forward to seeing you next quarter. Thank you.

好的,感谢您参加今天的电话会议,并期待在下个季度与您见面。 谢谢。

会议主持员

Thank you. Ladies and gentlemen, that does conclude the conference today, and thank you for participating. You may now all disconnect.

谢谢。 女士们,先生们,今天的会议结束了,并感谢您的参与。 你现在可能都断开了。

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