Kuaigou Taxi’s 2024 Interim Results Announcement: Revenue and Gross Profit Decrease, Loss Reduced by 87.1%

On September 4, Kuaigou Taxi (2246.HK) released its 2024 interim results announcement. In the first half of 2024, Kuaigou Taxi achieved revenue of 324 million yuan, a year-on-year decrease of 12.8%; gross profit of 113 million yuan, a year-on-year decrease of 5.5%; Kuaigou Taxi’s loss during the period was reduced to 82.9 million yuan, a significant decrease of 87.1%.

According to the China Business Network Mobile Travel Station (DCX.100EC.CN), in the first half of this year, Kuaigou Taxi completed 7.5 million orders with a GTV of 822 million yuan. As of June 30, 2024, the company has a total of 33.7 million registered users and 6.8 million registered drivers. The huge user and driver base has laid a solid foundation for the company’s continued growth.

During the reporting period, Kuaigou taxi-hailing platform services achieved revenue of 81.07 million yuan, accounting for 25.0% of the revenue. This is mainly due to the company’s use of AI technology to significantly improve order distribution efficiency and customer service quality, which not only enhances user experience, but also further consolidates customer loyalty. In the Chinese mainland market, the company has implemented strict driver management strategies and competitive pricing strategies, which has reduced the negative review rate by 28% year-on-year and significantly improved user satisfaction.

Kuaigou Taxi is affiliated to Tianjin 58 Home Freight Service Co., Ltd., located in Tianjin Binhai Hi-tech Zone. The platform was originally 58 Express. As the core business of 58 Home, it aims to establish the fastest and most affordable same-city freight service in the country. With moving and freight as the entry point, it realizes ordering based on user location, door-to-door service, and online delivery.

The company’s business model includes providing “media + think tank” and “membership + incubation” services. It also provides services to various e-commerce platforms, leading service providers, and start-up companies.

The e-commerce database of the Internet Economics Society “Electronic Data Treasure” (DATA.100EC.CN) comprehensively covers the “head + waist + long tail” e-commerce, aiming to help understand the e-commerce industry through data visualization, tap the industry’s market potential, assist corporate decision-making, and serve as a “good adviser” for e-commerce research and decision-making.