| | | | | 1 | | | |
| | | | | 5 | | | |
| | | | | 19 | | | |
| | | | | 28 | | | |
| | | | | 41 | | | |
| | | | | 47 | | | |
| | | | | 82 | | | |
| | | | | 95 | | | |
| | | | | 129 | | | |
| | | | | 133 | | | |
| | | | | 135 | | |
| |
The following section sets forth certain recent developments that have been updated and/or supplemented in the Listing Application.
|
| |
| |
The following section sets forth certain risk factors that have been updated and/or supplemented since the filing of our 2021 Form 20-F as well as additional risk factors relating to the Listing.
|
| |
| |
The following section sets forth new information and statistics relating to the industry in which we operate. Such information is derived from various official government publications and other publications, and from the market research report prepared by China Insights Industry Consultancy Limited, which was commissioned by us.
|
| |
| | | | | |
In 2021
|
| |
In the Six Months Ended June 30, 2022
|
| ||||||||||||||||||||||||||||||
Ranking
|
| |
Platform
|
| |
Average
mobile MAU |
| |
Average mobile
DAU/Average mobile MAU |
| |
Market share
in online recruitment industry(1) |
| |
Average
mobile MAU |
| |
Average mobile
DAU/Average mobile MAU |
| |
Market share
in online recruitment industry(1) |
| ||||||||||||||||||
| | | | | |
(in millions)
|
| | | | | | | | | | | | | |
(in millions)
|
| | | ||||||||||||||||
1
|
| |
Our Company
|
| | | | 27.1 | | | | | | 26.7% | | | | | | 5.9% | | | | | | 25.9 | | | | | | 27.8% | | | | | | 6.1% | | |
2
|
| |
Platform A(2)
|
| | | | 14.0 | | | | | | 18.0% | | | | | | 2.9% | | | | | | 19.8 | | | | | | 20.5% | | | | | | 2.7% | | |
3
|
| |
Platform B(3)
|
| | | | 10.9 | | | | | | 18.5% | | | | | | 3.9% | | | | | | 16.7 | | | | | | 19.5% | | | | | | 3.6% | | |
4
|
| |
Platform C(4)
|
| | | | 6.4 | | | | | | 19.7% | | | | | | 3.2% | | | | | | 7.4 | | | | | | 20.6% | | | | | | 3.3% | | |
| |
The following section sets forth supplemental and updated information concerning certain regulations to which we are subject.
|
| |
| |
The following section sets forth updated and supplemental information in the Listing Application relating to selected aspects of our history, development and corporate structure.
|
| |
Timeline
|
| |
Event
|
|
July 2014 | | | We launched our “BOSS Zhipin” app. | |
April 2016 | | | We launched paid services to enterprise users. | |
June 2018 | | | We ran marketing campaigns during the 2018 FIFA World Cup. | |
July 2019 | | | Our MAU ranked the first among the industry peers for the first time in July 2019.(1) | |
June 2021 | | | We listed our ADSs on Nasdaq under the symbol “BZ.” | |
June 2021 | | | We served 100 million verified users (including job seekers and enterprise users). | |
Name
|
| |
Principal business activities
|
| |
Date and jurisdiction of establishment
|
|
Beijing Huapin Borui Network
Technology Co., Ltd. |
| | Online recruitment services | | | December 25, 2013, PRC | |
Techfish Limited | | | Investment holding | | | February 14, 2014, Hong Kong | |
Beijing Glory Wolf Co., Ltd. | | | Management consultancy and technical services | | | May 7, 2014, PRC | |
| |
The following section sets forth updated and supplemental information in the Listing Application relating to selected aspects of our business and operations as well as a current description of our strengths and strategies.
|
| |
| Resume centric | | | Communication-oriented | |
|
—
Traditional models serve the limited role of a directory for job openings and candidate information, which resulted in the lack of meaningful user data.
|
| |
—
Direct recruitment model propels two-way flow of information and meaningful dialogues, thereby generating more meaningful data points to power more accurate and tailored recommendation.
|
|
|
—
Users find it difficult to manage expectations due to the lack of communication between job seekers and enterprise users.
|
| |
—
Direct communication helps both job seekers and enterprise users discern the other party’s interest quickly, saving time and efforts during the recruitment and job hunting process.
|
|
| Search-based | | | Feed-based recommendation | |
|
—
Users’ search results are confined by their search term inputs.
|
| |
—
Feed-based recommendation factors in a wide array of factors that enable accurate job and candidate matching, including the likelihood of receiving an offer and making a successful hire.
|
|
|
—
Search results unevenly drive internet traffic towards top candidates and well-known corporations.
|
| |
—
The recommendation model is specifically designed to drive more traffic to users who are more responsive and have a higher level of interaction with other participants. This stimulates user engagement and ensures adequate exposure for more job seekers and employers with less recruitment budget.
|
|
| Limited user coverage | | | Full user coverage | |
|
—
Less accurate recommendation and irrelevant matches made it challenging to support the co-existence of diverse user base.
|
| |
—
Users are less disturbed by less relevant jobs and candidates, thus enabling full user coverage while providing tailored and focused user experience.
|
|
|
—
Bosses have to rely on recruiting professionals to screen resumes, significantly prolonging the recruiting process.
|
| |
—
Accurate recommendations reduce the burden to have HRs shortlist resumes and identify candidates. This opens up new scenarios for Bosses to conveniently participate in the hiring process early on, improving efficiency.
|
|
Services
|
| |
Main features
|
|
Job posting | | |
—
Our job posting function allows enterprise users to present key information of the position, including job title, responsibilities, pay, location, employer background and other pertinent information in succinct and easy-to-follow manner.
|
|
Job seeker recommendation | | |
—
We provide curated job seeker recommendation results to enterprise users.
|
|
Services
|
| |
Main features
|
|
Direct chat | | |
—
Enterprise users can initiate direct conversation with job seekers to communicate about vacancies, company culture, perks and benefits and job seekers’ interests in the position, etc.
|
|
Resume delivery | | |
—
Enterprise users can invite job seekers to deliver their resumes. To protect user privacy and give more say to job seekers, we do not allow enterprise users to access job seekers’ full resume without their express consent.
|
|
Bulk invite sending | | |
—
Bulk invite sending connects enterprise users with multiple job seekers at one go to assist the employers to accomplish their recruiting goals in a timely manner.
|
|
Conversation booster | | |
—
Conversation booster allows enterprise users to browse the mini-resume of and initiate conversation with more job seekers.
|
|
Advanced filter | | |
—
Advanced filer allows enterprise users to filter through the list of job seekers we recommend to them through our proprietary matching system, and initiate direct chat with job seekers.
|
|
Supplier
|
| |
Years of
relationship |
| |
Purchase
amount |
| |
% of our total
purchase |
| ||||||
| | |
(in RMB thousands)
|
| ||||||||||||
Six months ended June 30, 2022 | | | | | | | | | | | | | | | | |
Supplier A(1)
|
| |
Over 3 years
|
| | | | 92,123 | | | | | | 10.1% | | |
Supplier B(2)
|
| |
Over 3 years
|
| | | | 91,224 | | | | | | 10.0% | | |
Supplier C(2)
|
| |
Over 3 years
|
| | | | 85,589 | | | | | | 9.4% | | |
Supplier D(2)
|
| |
Less than 1 year
|
| | | | 54,183 | | | | | | 5.9% | | |
Supplier E(1)
|
| |
Less than 1 year
|
| | | | 43,252 | | | | | | 4.7% | | |
Year ended December 31, 2021 | | | | | | | | | | | | | | | | |
Supplier B(2)
|
| |
Over 3 years
|
| | | | 198,336 | | | | | | 10.9% | | |
Supplier F(1)
|
| |
2 – 3 years
|
| | | | 153,312 | | | | | | 8.4% | | |
Supplier C(2)
|
| |
Over 3 years
|
| | | | 125,457 | | | | | | 6.9% | | |
Supplier G(1)
|
| |
2 – 3 years
|
| | | | 108,709 | | | | | | 6.0% | | |
Supplier H(1)
|
| |
Over 3 years
|
| | | | 88,141 | | | | | | 4.8% | | |
Supplier
|
| |
Years of
relationship |
| |
Purchase
amount |
| |
% of our total
purchase |
| ||||||
| | |
(in RMB thousands)
|
| ||||||||||||
Year ended December 31, 2020 | | | | | | | | | | | | | | | | |
Supplier G(1)
|
| |
2 – 3 years
|
| | | | 108,120 | | | | | | 8.4% | | |
Supplier H(1)
|
| |
Over 3 years
|
| | | | 104,582 | | | | | | 8.1% | | |
Supplier C(2)
|
| |
Over 3 years
|
| | | | 103,177 | | | | | | 8.0% | | |
Supplier B(2)
|
| |
Over 3 years
|
| | | | 92,511 | | | | | | 7.2% | | |
Supplier A(1)
|
| |
Over 3 years
|
| | | | 76,382 | | | | | | 5.9% | | |
Year ended December 31, 2019 | | | | | | | | | | | | | | | | |
Supplier I(1)
|
| |
Over 3 years
|
| | | | 103,780 | | | | | | 12.8% | | |
Supplier B(2)
|
| |
Over 3 years
|
| | | | 54,221 | | | | | | 6.7% | | |
Supplier A(1)
|
| |
Over 3 years
|
| | | | 53,579 | | | | | | 6.6% | | |
Supplier H(1)
|
| |
Over 3 years
|
| | | | 50,495 | | | | | | 6.2% | | |
Supplier J(1)
|
| |
Over 3 years
|
| | | | 46,503 | | | | | | 5.7% | | |
Function
|
| |
Number of
Employees |
| |
Percentage
|
| ||||||
Sales and marketing
|
| | | | 2,525 | | | | | | 46.9% | | |
Research and development
|
| | | | 1,399 | | | | | | 26.0% | | |
Operations
|
| | | | 1,186 | | | | | | 22.1% | | |
General administration
|
| | | | 269 | | | | | | 5.0% | | |
Total | | | | | 5,379 | | | | | | 100.0% | | |
License/Permit
|
| |
Holder
|
| |
Issuing Authority
|
| |
Grant Date
|
| |
Expiration Date
|
|
Value-added
Telecommunication Service License (for provision of internet information services) |
| |
Beijing
Huapin Borui |
| |
Beijing
Communications Administration |
| |
August 31,
2020 |
| |
August 31,
2025 |
|
Human Resource Services License | | |
Beijing
Huapin Borui |
| | Beijing Chaoyang District Human Resources and Social Security Bureau | | |
November 22,
2021 |
| |
November 21,
2026 |
|
Human Resource Services License | | | Beijing Glory Wolf | | | Beijing Chaoyang District Human Resources and Social Security Bureau | | |
August 2,
2019 |
| |
August 1,
2024 |
|
Award/Recognition
|
| |
Award
Year |
| |
Awarding Institution/Authority
|
|
Well-known Internet Platform Award — 2019 Asia Pacific Human Resource Development and Service Expo (知名互聯網平台獎 — 2019亞太人力資源開發與服務博覽會) | | |
2019
|
| |
Organizing Committee of Asia Pacific Human Resource Development and Service Expo (亞太人力資源開發與服務博覽會組委會)
|
|
The first member unit of the Digital Economy Committee of the Asia-Pacific Economic Cooperation (APEC) China Business Council (亞太經合組織(APEC)中國工商理事會數字經濟委員會首屆委員單位) | | |
2020
|
| |
APEC China Business Council (APEC中國工商理事會)
|
|
Most Valuable Platform of 2021 Asia-Pacific Human Resource Development and Service Expo (2021亞太人力資源開發與服務博覽會 “最具價值平台”) | | |
2021
|
| |
Asia Pacific Talent Service Institute (亞太人才服務研究院)
|
|
Member Unit of the Internet Industry Social Responsibility Construction Working Committee of the Internet Society of China (中國互聯網協會互聯網行業社會責任建設工作委員會成員單位) | | |
2021
|
| |
Internet Society of China Internet Industry Social Responsibility Construction Working Committee/Internet Society of China Secretariat (中國互聯網協會互聯網行業社會責任建設工作委員會/中國互聯網協會秘書處)
|
|
Excellent Employment Service Partner for 2021 University Graduates (2021年度高校畢業生就業工作 — 卓越合作夥伴) | | |
2022
|
| |
Ministry of Education of the People’s Republic of China (教育部)
|
|
Executive Director Unit of Internet Society of China (中國互聯網協會常務理事單位) | | |
2022
|
| | Internet Society of China (中國互聯網協會) | |
No.
|
| |
Name of the target
company(1) |
| |
Investment amount(2)
|
| |
Percentage of
shareholding/equity interest(2) |
| |
Principal business activities
|
|
1. | | | Company A | | | RMB10,000,000 | | |
100%
|
| |
Provide executive search services to employers
|
|
| |
The following section sets forth updated and supplemental information in the Listing Application relating to our contractual arrangements.
|
| |
|
Prohibited business
|
| |
Documentary and video production business
|
|
| | | |
Beijing Huapin Borui engages in the production of documentaries in relation to workplace and job-hunting skills. Beijing Huapin Borui also creates and publishes video contents related to job-hunting through the official website of the Company and mobile applications operated by itself. Our documentary and video production business falls within the scope of “radio and television program production and operation business” (廣播電視節目製作經營業務), which requires us to obtain a radio and television production operation license (廣播電視節目製作經營許可證). Beijing Huapin Borui has obtained a radio and television production operation license for production and operation of radio and television programs as of the Latest Practicable Date. Pursuant to the Negative List, radio and television program production and operation business falls within the “prohibited” category, and foreign investors are prohibited from holding equity interest in an enterprise engaging in radio and television program production and operation business.
|
|
| | | |
The Company, together with our PRC Legal Adviser and the PRC legal adviser of the Joint Sponsors conducted a consultation with an officer of the Policy and Regulation Division of Beijing Municipal Radio and Television Bureau in July 2022, which is a competent authority as advised by our PRC Legal Adviser to confirm the matters relating to the Contractual Arrangements and our radio and television production operation license. We were advised that foreign investors are prohibited to invest in enterprises conducting radio and television program production and operation business in the PRC. In addition, Beijing Municipal Radio and Television Bureau had no objection to the Contractual Arrangements of the Company.
|
|
|
Restricted Business
|
| |
Online recruitment platform business
|
|
| | | |
Our online recruitment platform business constitute value-added telecommunication services. Pursuant to the Negative List, provision of value-added telecommunications services falls within the ‘restricted’ category. As such, the ultimate shareholding percentage of a foreign investor in companies engaged in value-added telecommunications services (except for e-commerce, domestic multi-party communications, storage- forwarding and call centers) shall not exceed 50%.
|
|
| | | |
Our online recruitment platform provides recruitment and job-seeking information for a fee. Pursuant to the Administrative Measures on Internet Information Services (《互聯網信息服務管理辦法》), a provider of ‘operational internet information services’ (namely services involving the provision of information or website-design services through the internet to internet-users for a fee) is required to obtain an ICP license. In addition, pursuant to the Administration of Online Recruitment Services (《網絡招聘服務管理規定》), a for-profit human resource service provider providing online recruitment services, where the operation of a telecommunications business is involved, shall obtain a telecommunications business permit in accordance with the law.
|
|
| | | |
We provide contents, information and services, including recruitment and job-seeking information, through our online recruitment platform for a fee for the users, which constitutes the operation of internet information services and requires us to obtain the ICP license. Our online recruitment service which constitutes human resources services is an integral part of our provision of internet information services via our online recruitment platform and is fully integrated into and cannot be delineated from the business of providing internet information services under an ICP licence. The provision of value-added telecommunication services is subject to foreign ownership restrictions. Therefore, our internet information services are conducted by, and the ICP license is held by Beijing Huapin Borui.
|
|
| | | |
The Company, together with our PRC Legal Adviser and the PRC legal adviser of the Joint Sponsors, conducted a consultation with an officer of the Institute of Industry and Planning of the China Academy of Information and Communications Technology (中國信息通信研究院產業與規劃研究所) in July 2022. We were advised that:
|
|
| | | |
(i)
the China Academy of Information and Communications Technology, or CAICT, is responsible for accepting applications and preliminary examination for telecommunication business license and the Institute of Industry and Planning of CAICT provides research support for the MIIT on industry policy and development plan, and consultation services relating to the interpretation of rules and regulations governing telecommunications services, including, among other things, consultation on the issue of the telecommunication business licenses;
|
|
| | | |
(ii)
Beijing Huapin Borui provides value-added telecommunications services with the ICP license for information service business (internet information service only), but foreign investors are prohibited from holding more than 50% of the equity interests in a company providing value-added telecommunications services, including internet information services;
|
|
| | | |
(iii)
when the MIIT is examining and approving the applications of the value-added telecommunications licenses of foreign- invested companies, the compliance with foreign investment restrictions on the applicant’s businesses would be comprehensively considered. If a company is engaged in a business prohibited from foreign investment, it will be difficult for it to obtain a value-added telecommunication service license as a foreign-invested company; and
|
|
| | | |
(iv)
entering into the Contractual Arrangements is not subject to approval or regulation from the MIIT.
|
|
| | | |
On March 29, 2022, the State Council promulgated the Decision of the State Council on Amending or Abolishing Certain Administrative Regulations, or the Decision, which came into effect on May 1, 2022. According to the Decision, the requirement of good track record and operational experience of the primary foreign investor in a foreign-invested value-added telecommunications enterprise, as stipulated in the Administrative Regulations on Foreign-Invested Telecommunications Enterprises (《外商投資電信企業管理規定》), was canceled. As advised by our PRC Legal Adviser, Tian Yuan Law Firm, such regulatory development does not invalidate our ICP licenses or require us to modify our Contractual Arrangements according to PRC laws and regulations. As of the Latest Practicable Date, we have not received any inquiry or notice from the competent authorities regarding the validity of our ICP license or our Contractual Arrangements as a whole. In addition, as advised by our PRC Legal Adviser, as the Decision only became effective on May 1, 2022, there remain uncertainties with respect to its future impact on us, including any specific requirements that we may need to satisfy. We will closely monitor any future development relating to the Decision and will take all necessary actions to comply with applicable laws, regulations and specific requirements, including reorganizing our corporate structure, if required in the future.
|
|
| |
The following section sets forth supplemental financial information for the years ended December 31, 2019, 2020 and 2021 and for the six months ended June 30, 2022 and as of December 31, 2020 and 2021 and June 30, 2022, including certain supplemental and updated disclosures made in connection with the Listing.
|
| |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Online recruitment services to enterprise customers
|
| | | | 986,859 | | | | | | 98.8 | | | | | | 1,927,178 | | | | | | 99.1 | | | | | | 4,219,026 | | | | | | 629,884 | | | | | | 99.1 | | | | | | 1,939,919 | | | | | | 99.1 | | | | | | 2,227,184 | | | | | | 332,510 | | | | | | 99.0 | | |
Others
|
| | | | 11,861 | | | | | | 1.2 | | | | | | 17,181 | | | | | | 0.9 | | | | | | 40,102 | | | | | | 5,987 | | | | | | 0.9 | | | | | | 16,798 | | | | | | 0.9 | | | | | | 23,040 | | | | | | 3,440 | | | | | | 1.0 | | |
Total revenues
|
| | | | 998,720 | | | | | | 100.0 | | | | | | 1,944,359 | | | | | | 100.0 | | | | | | 4,259,128 | | | | | | 635,871 | | | | | | 100.0 | | | | | | 1,956,717 | | | | | | 100.0 | | | | | | 2,250,224 | | | | | | 335,950 | | | | | | 100.0 | | |
Operating cost and expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues(1)
|
| | | | (137,812) | | | | | | (13.8) | | | | | | (240,211) | | | | | | (12.4) | | | | | | (554,648) | | | | | | (82,807) | | | | | | (13.0) | | | | | | (250,029) | | | | | | (12.8) | | | | | | (351,578) | | | | | | (52,489) | | | | | | (15.6) | | |
Sales and marketing expenses(1)
|
| | | | (916,832) | | | | | | (91.8) | | | | | | (1,347,532) | | | | | | (69.3) | | | | | | (1,942,670) | | | | | | (290,033) | | | | | | (45.6) | | | | | | (1,152,780) | | | | | | (58.9) | | | | | | (921,900) | | | | | | (137,636) | | | | | | (41.0) | | |
Research and development expenses(1)
|
| | | | (325,569) | | | | | | (32.6) | | | | | | (513,362) | | | | | | (26.4) | | | | | | (821,984) | | | | | | (122,719) | | | | | | (19.3) | | | | | | (413,728) | | | | | | (21.1) | | | | | | (598,425) | | | | | | (89,343) | | | | | | (26.6) | | |
General and administrative expenses(1)
|
| | | | (132,999) | | | | | | (13.3) | | | | | | (797,008) | | | | | | (41.0) | | | | | | (1,991,123) | | | | | | (297,267) | | | | | | (46.7) | | | | | | (1,748,612) | | | | | | (89.4) | | | | | | (316,035) | | | | | | (47,183) | | | | | | (14.0) | | |
Total operating cost and
expenses |
| | | | (1,513,212) | | | | | | (151.5) | | | | | | (2,898,113) | | | | | | (149.1) | | | | | | (5,310,425) | | | | | | (792,826) | | | | | | (124.6) | | | | | | (3,565,149) | | | | | | (182.2) | | | | | | (2,187,938) | | | | | | (326,651) | | | | | | (97.2) | | |
Other operating income, net
|
| | | | 2,573 | | | | | | 0.3 | | | | | | 8,849 | | | | | | 0.5 | | | | | | 14,977 | | | | | | 2,236 | | | | | | 0.4 | | | | | | 7,657 | | | | | | 0.4 | | | | | | 10,743 | | | | | | 1,604 | | | | | | 0.5 | | |
(Loss)/Income from operations
|
| | | | (511,919) | | | | | | (51.2) | | | | | | (944,905) | | | | | | (48.6) | | | | | | (1,036,320) | | | | | | (154,719) | | | | | | (24.2) | | | | | | (1,600,775) | | | | | | (81.8) | | | | | | 73,029 | | | | | | 10,903 | | | | | | 3.3 | | |
Investment income
|
| | | | 9,718 | | | | | | 1.0 | | | | | | 9,095 | | | | | | 0.5 | | | | | | 24,744 | | | | | | 3,694 | | | | | | 0.6 | | | | | | 8,629 | | | | | | 0.4 | | | | | | 17,075 | | | | | | 2,549 | | | | | | 0.8 | | |
Financial income,
net |
| | | | 145 | | | | | | 0.0 | | | | | | 3,098 | | | | | | 0.2 | | | | | | 9,735 | | | | | | 1,453 | | | | | | 0.2 | | | | | | 4,017 | | | | | | 0.2 | | | | | | 24,185 | | | | | | 3,611 | | | | | | 1.1 | | |
Foreign exchange gain/(loss)
|
| | | | 1 | | | | | | 0.0 | | | | | | (5,074) | | | | | | (0.3) | | | | | | (1,961) | | | | | | (293) | | | | | | (0.0) | | | | | | (586) | | | | | | (0.0) | | | | | | 4,694 | | | | | | 701 | | | | | | 0.2 | | |
Other expenses, net
|
| | | | — | | | | | | — | | | | | | (4,109) | | | | | | (0.2) | | | | | | (7,745) | | | | | | (1,156) | | | | | | (0.2) | | | | | | (1,597) | | | | | | (0.1) | | | | | | (24,539) | | | | | | (3,664) | | | | | | (1.2) | | |
(Loss)/Income before income tax expense
|
| | | | (502,055) | | | | | | (50.2) | | | | | | (941,895) | | | | | | (48.4) | | | | | | (1,011,547) | | | | | | (151,021) | | | | | | (23.6) | | | | | | (1,590,312) | | | | | | (81.3) | | | | | | 94,444 | | | | | | 14,100 | | | | | | 4.2 | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (59,527) | | | | | | (8,887) | | | | | | (1.4) | | | | | | — | | | | | | — | | | | | | (14,123) | | | | | | (2,109) | | | | | | (0.6) | | |
Net (loss)/income
|
| | | | (502,055) | | | | | | (50.2) | | | | | | (941,895) | | | | | | (48.4) | | | | | | (1,071,074) | | | | | | (159,908) | | | | | | (25.0) | | | | | | (1,590,312) | | | | | | (81.3) | | | | | | 80,321 | | | | | | 11,991 | | | | | | 3.6 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| | | | | | | |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Share-based compensation expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 944 | | | | | | 1,920 | | | | | | 31,467 | | | | | | 4,698 | | | | | | 13,137 | | | | | | 16,113 | | | | | | 2,406 | | |
Sales and marketing expenses
|
| | | | 8,443 | | | | | | 21,473 | | | | | | 73,733 | | | | | | 11,008 | | | | | | 26,922 | | | | | | 63,817 | | | | | | 9,528 | | |
Research and development expenses
|
| | | | 13,595 | | | | | | 30,883 | | | | | | 137,820 | | | | | | 20,576 | | | | | | 58,633 | | | | | | 115,117 | | | | | | 17,187 | | |
General and administrative expenses
|
| | | | 11,268 | | | | | | 602,960 | | | | | | 1,680,626 | | | | | | 250,911 | | | | | | 1,610,559 | | | | | | 87,999 | | | | | | 13,138 | | |
Total | | | | | 34,250 | | | | | | 657,236 | | | | | | 1,923,646 | | | | | | 287,193 | | | | | | 1,709,251 | | | | | | 283,046 | | | | | | 42,259 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
(unaudited)
|
| | | | | | | |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net (loss)/income | | | | | (502,055) | | | | | | (941,895) | | | | | | (1,071,074) | | | | | | (159,908) | | | | | | (1,590,312) | | | | | | 80,321 | | | | | | 11,991 | | |
Minus: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation expenses
|
| | | | (34,250) | | | | | | (657,236) | | | | | | (1,923,646) | | | | | | (287,193) | | | | | | (1,709,251) | | | | | | (283,046) | | | | | | (42,259) | | |
Adjusted net (loss)/income (non-GAAP financial measure)
|
| | | | (467,805) | | | | | | (284,659) | | | | | | 852,572 | | | | | | 127,285 | | | | | | 118,939 | | | | | | 363,367 | | | | | | 54,250 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Online recruitment
services to enterprise customers |
| | | | 986,859 | | | | | | 98.8 | | | | | | 1,927,178 | | | | | | 99.1 | | | | | | 4,219,026 | | | | | | 629,884 | | | | | | 99.1 | | | | | | 1,939,919 | | | | | | 99.1 | | | | | | 2,227,184 | | | | | | 332,510 | | | | | | 99.0 | | |
Others
|
| | | | 11,861 | | | | | | 1.2 | | | | | | 17,181 | | | | | | 0.9 | | | | | | 40,102 | | | | | | 5,987 | | | | | | 0.9 | | | | | | 16,798 | | | | | | 0.9 | | | | | | 23,040 | | | | | | 3,440 | | | | | | 1.0 | | |
Total revenues | | | | | 998,720 | | | | | | 100.0 | | | | | | 1,944,359 | | | | | | 100.0 | | | | | | 4,259,128 | | | | | | 635,871 | | | | | | 100.0 | | | | | | 1,956,717 | | | | | | 100.0 | | | | | | 2,250,224 | | | | | | 335,950 | | | | | | 100.0 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Third-party payment processing cost
|
| | | | 56,069 | | | | | | 5.6 | | | | | | 96,347 | | | | | | 5.0 | | | | | | 206,882 | | | | | | 30,887 | | | | | | 4.9 | | | | | | 109,393 | | | | | | 5.6 | | | | | | 94,976 | | | | | | 14,180 | | | | | | 4.2 | | |
Payroll and other employee-related expenses
|
| | | | 31,460 | | | | | | 3.2 | | | | | | 52,152 | | | | | | 2.7 | | | | | | 171,868 | | | | | | 25,659 | | | | | | 4.0 | | | | | | 61,250 | | | | | | 3.1 | | | | | | 132,451 | | | | | | 19,774 | | | | | | 5.9 | | |
Server and bandwidth service cost
|
| | | | 21,600 | | | | | | 2.2 | | | | | | 37,894 | | | | | | 1.9 | | | | | | 69,466 | | | | | | 10,371 | | | | | | 1.6 | | | | | | 29,919 | | | | | | 1.5 | | | | | | 48,793 | | | | | | 7,285 | | | | | | 2.2 | | |
Depreciation and amortization
|
| | | | 5,993 | | | | | | 0.6 | | | | | | 21,631 | | | | | | 1.1 | | | | | | 45,809 | | | | | | 6,839 | | | | | | 1.1 | | | | | | 19,313 | | | | | | 1.0 | | | | | | 39,918 | | | | | | 5,960 | | | | | | 1.8 | | |
Others
|
| | | | 22,690 | | | | | | 2.2 | | | | | | 32,187 | | | | | | 1.7 | | | | | | 60,623 | | | | | | 9,051 | | | | | | 1.4 | | | | | | 30,154 | | | | | | 1.6 | | | | | | 35,440 | | | | | | 5,290 | | | | | | 1.5 | | |
Total | | | | | 137,812 | | | | | | 13.8 | | | | | | 240,211 | | | | | | 12.4 | | | | | | 554,648 | | | | | | 82,807 | | | | | | 13.0 | | | | | | 250,029 | | | | | | 12.8 | | | | | | 351,578 | | | | | | 52,489 | | | | | | 15.6 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing
expenses |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Advertising expenses
|
| | | | 538,940 | | | | | | 54.0 | | | | | | 812,415 | | | | | | 41.8 | | | | | | 997,650 | | | | | | 148,945 | | | | | | 23.4 | | | | | | 723,724 | | | | | | 37.0 | | | | | | 348,594 | | | | | | 52,044 | | | | | | 15.5 | | |
Payroll and other
employee-related expenses |
| | | | 335,912 | | | | | | 33.6 | | | | | | 470,644 | | | | | | 24.2 | | | | | | 823,399 | | | | | | 122,930 | | | | | | 19.3 | | | | | | 375,148 | | | | | | 19.2 | | | | | | 509,057 | | | | | | 76,000 | | | | | | 22.6 | | |
Others
|
| | | | 41,980 | | | | | | 4.2 | | | | | | 64,473 | | | | | | 3.3 | | | | | | 121,621 | | | | | | 18,158 | | | | | | 2.9 | | | | | | 53,908 | | | | | | 2.7 | | | | | | 64,249 | | | | | | 9,592 | | | | | | 2.9 | | |
Total | | | | | 916,832 | | | | | | 91.8 | | | | | | 1,347,532 | | | | | | 69.3 | | | | | | 1,942,670 | | | | | | 290,033 | | | | | | 45.6 | | | | | | 1,152,780 | | | | | | 58.9 | | | | | | 921,900 | | | | | | 137,636 | | | | | | 41.0 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development
expenses |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payroll and other employee-related expenses
|
| | | | 293,802 | | | | | | 29.4 | | | | | | 467,942 | | | | | | 24.1 | | | | | | 776,420 | | | | | | 115,916 | | | | | | 18.2 | | | | | | 395,157 | | | | | | 20.2 | | | | | | 568,749 | | | | | | 84,912 | | | | | | 25.3 | | |
Others
|
| | | | 31,767 | | | | | | 3.2 | | | | | | 45,420 | | | | | | 2.3 | | | | | | 45,564 | | | | | | 6,803 | | | | | | 1.1 | | | | | | 18,571 | | | | | | 0.9 | | | | | | 29,676 | | | | | | 4,431 | | | | | | 1.3 | | |
Total | | | | | 325,569 | | | | | | 32.6 | | | | | | 513,362 | | | | | | 26.4 | | | | | | 821,984 | | | | | | 122,719 | | | | | | 19.3 | | | | | | 413,728 | | | | | | 21.1 | | | | | | 598,425 | | | | | | 89,343 | | | | | | 26.6 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payroll and other employee-related expenses(1)
|
| | | | 85,417 | | | | | | 8.6 | | | | | | 737,224 | | | | | | 37.9 | | | | | | 1,889,187 | | | | | | 282,048 | | | | | | 44.4 | | | | | | 1,706,188 | | | | | | 87.2 | | | | | | 242,796 | | | | | | 36,248 | | | | | | 10.8 | | |
Others
|
| | | | 47,582 | | | | | | 4.7 | | | | | | 59,784 | | | | | | 3.1 | | | | | | 101,936 | | | | | | 15,219 | | | | | | 2.3 | | | | | | 42,424 | | | | | | 2.2 | | | | | | 73,239 | | | | | | 10,935 | | | | | | 3.2 | | |
Total | | | | | 132,999 | | | | | | 13.3 | | | | | | 797,008 | | | | | | 41.0 | | | | | | 1,991,123 | | | | | | 297,267 | | | | | | 46.7 | | | | | | 1,748,612 | | | | | | 89.4 | | | | | | 316,035 | | | | | | 47,183 | | | | | | 14.0 | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Total current assets
|
| | | | 1,707,793 | | | | | | 4,747,312 | | | | | | 12,958,954 | | | | | | 1,934,721 | | | | | | 13,518,507 | | | | | | 2,018,261 | | |
Total non-current assets
|
| | | | 171,206 | | | | | | 335,967 | | | | | | 682,669 | | | | | | 101,920 | | | | | | 854,128 | | | | | | 127,518 | | |
Total assets
|
| | | | 1,878,999 | | | | | | 5,083,279 | | | | | | 13,641,623 | | | | | | 2,036,641 | | | | | | 14,372,635 | | | | | | 2,145,779 | | |
Total current liabilities
|
| | | | 1,007,855 | | | | | | 1,720,023 | | | | | | 2,784,202 | | | | | | 415,671 | | | | | | 2,839,444 | | | | | | 423,918 | | |
Total non-current liabilities
|
| | | | 37,659 | | | | | | 76,373 | | | | | | 183,365 | | | | | | 27,376 | | | | | | 166,309 | | | | | | 24,829 | | |
Total liabilities | | | | | 1,045,514 | | | | | | 1,796,396 | | | | | | 2,967,567 | | | | | | 443,047 | | | | | | 3,005,753 | | | | | | 448,747 | | |
Total mezzanine equity
|
| | | | 2,494,421 | | | | | | 5,587,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total shareholders’ (deficit)/equity
|
| | | | (1,660,936) | | | | | | (2,300,117) | | | | | | 10,674,056 | | | | | | 1,593,594 | | | | | | 11,366,882 | | | | | | 1,697,032 | | |
Total liabilities, mezzanine equity and
shareholders’ (deficit)/equity |
| | | | 1,878,999 | | | | | | 5,083,279 | | | | | | 13,641,623 | | | | | | 2,036,641 | | | | | | 14,372,635 | | | | | | 2,145,779 | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| |
As of August 31,
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 407,355 | | | | | | 3,998,203 | | | | | | 11,341,758 | | | | | | 1,693,280 | | | | | | 12,174,097 | | | | | | 1,817,545 | | | | | | 10,692,319 | | | | | | 1,596,321 | | |
Short-term investments
|
| | | | 1,142,015 | | | | | | 536,401 | | | | | | 884,996 | | | | | | 132,126 | | | | | | 812,225 | | | | | | 121,262 | | | | | | 2,687,459 | | | | | | 401,227 | | |
Accounts receivable
|
| | | | 1,798 | | | | | | 6,999 | | | | | | 1,002 | | | | | | 150 | | | | | | 2,013 | | | | | | 301 | | | | | | 1,654 | | | | | | 247 | | |
Amounts due from related parties
|
| | | | 37,861 | | | | | | 40,799 | | | | | | 6,615 | | | | | | 988 | | | | | | 9,583 | | | | | | 1,431 | | | | | | 8,812 | | | | | | 1,316 | | |
Prepayments and other
current assets |
| | | | 118,764 | | | | | | 164,910 | | | | | | 724,583 | | | | | | 108,177 | | | | | | 520,589 | | | | | | 77,722 | | | | | | 524,816 | | | | | | 78,353 | | |
Total current assets
|
| | | | 1,707,793 | | | | | | 4,747,312 | | | | | | 12,958,954 | | | | | | 1,934,721 | | | | | | 13,518,507 | | | | | | 2,018,261 | | | | | | 13,915,060 | | | | | | 2,077,464 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 42,617 | | | | | | 41,856 | | | | | | 52,963 | | | | | | 7,907 | | | | | | 135,273 | | | | | | 20,196 | | | | | | 59,852 | | | | | | 8,936 | | |
Deferred revenue
|
| | | | 614,820 | | | | | | 1,200,349 | | | | | | 1,958,570 | | | | | | 292,407 | | | | | | 1,979,056 | | | | | | 295,465 | | | | | | 1,969,586 | | | | | | 294,051 | | |
Other payables and accrued liabilities
|
| | | | 293,202 | | | | | | 418,259 | | | | | | 645,138 | | | | | | 96,317 | | | | | | 578,981 | | | | | | 86,440 | | | | | | 477,217 | | | | | | 71,247 | | |
Operating lease liabilities,
current |
| | | | 57,216 | | | | | | 59,559 | | | | | | 127,531 | | | | | | 19,040 | | | | | | 146,134 | | | | | | 21,817 | | | | | | 139,587 | | | | | | 20,840 | | |
Total current liabilities
|
| | | | 1,007,855 | | | | | | 1,720,023 | | | | | | 2,784,202 | | | | | | 415,671 | | | | | | 2,839,444 | | | | | | 423,918 | | | | | | 2,646,242 | | | | | | 395,074 | | |
Net current assets
|
| | | | 699,938 | | | | | | 3,027,289 | | | | | | 10,174,752 | | | | | | 1,519,050 | | | | | | 10,679,063 | | | | | | 1,594,343 | | | | | | 11,268,818 | | | | | | 1,682,390 | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Prepayments and other current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Prepaid advertising expenses and service fee
|
| | | | 52,165 | | | | | | 47,398 | | | | | | 234,490 | | | | | | 35,008 | | | | | | 134,821 | | | | | | 20,128 | | |
Receivables related to the exercise of share-based
awards(1) |
| | | | — | | | | | | — | | | | | | 289,822 | | | | | | 43,269 | | | | | | 166,202 | | | | | | 24,813 | | |
Receivables from third-party on-line payment platforms
|
| | | | 20,714 | | | | | | 41,221 | | | | | | 63,866 | | | | | | 9,535 | | | | | | 77,608 | | | | | | 11,587 | | |
Deposits
|
| | | | 24,455 | | | | | | 37,780 | | | | | | 63,814 | | | | | | 9,527 | | | | | | 64,646 | | | | | | 9,651 | | |
Staff loans and advances
|
| | | | 15,167 | | | | | | 32,902 | | | | | | 52,695 | | | | | | 7,867 | | | | | | 53,798 | | | | | | 8,032 | | |
Others | | | | | 6,263 | | | | | | 5,609 | | | | | | 19,896 | | | | | | 2,971 | | | | | | 23,514 | | | | | | 3,511 | | |
Total | | | | | 118,764 | | | | | | 164,910 | | | | | | 724,583 | | | | | | 108,177 | | | | | | 520,589 | | | | | | 77,722 | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||
Other payables and accrued liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries, welfare and bonus payable
|
| | | | 148,100 | | | | | | 260,123 | | | | | | 373,286 | | | | | | 55,730 | | | | | | 359,477 | | | | | | 53,669 | | |
Tax payable
|
| | | | 10,287 | | | | | | 21,704 | | | | | | 218,419 | | | | | | 32,609 | | | | | | 148,783 | | | | | | 22,213 | | |
Virtual accounts used in our platform
|
| | | | 14,464 | | | | | | 24,815 | | | | | | 41,070 | | | | | | 6,132 | | | | | | 47,748 | | | | | | 7,129 | | |
Contingent liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,882 | | | | | | 2,222 | | |
Payables to shareholders
|
| | | | 109,080 | | | | | | 103,596 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Others
|
| | | | 11,271 | | | | | | 8,021 | | | | | | 12,363 | | | | | | 1,846 | | | | | | 8,091 | | | | | | 1,207 | | |
Total | | | | | 293,202 | | | | | | 418,259 | | | | | | 645,138 | | | | | | 96,317 | | | | | | 578,981 | | | | | | 86,440 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months
Ended June 30, |
| ||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Gross margin (%)(1)
|
| | | | 86.2 | | | | | | 87.6 | | | | | | 87.0 | | | | | | 87.2 | | | | | | 84.4 | | |
Net (loss)/income margin (%)(2)
|
| | | | (50.2) | | | | | | (48.4) | | | | | | (25.0) | | | | | | (81.3) | | | | | | 3.6 | | |
Adjusted net (loss)/income margin (%)(3)
|
| | | | (46.8) | | | | | | (14.6) | | | | | | 20.0 | | | | | | 6.1 | | | | | | 16.1 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | | |||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Net cash (used in)/generated from operating activities
|
| | | | (105,663) | | | | | | 395,911 | | | | | | 1,641,381 | | | | | | 245,052 | | | | | | 836,543 | | | | | | 480,948 | | | | | | 71,804 | | |
Net cash (used in)/generated from investing activities
|
| | | | (1,223,803) | | | | | | 467,305 | | | | | | (601,862) | | | | | | (89,856) | | | | | | (167,365) | | | | | | (97,909) | | | | | | (14,617) | | |
Net cash generated from/(used in) financing activities
|
| | | | 993,475 | | | | | | 2,882,112 | | | | | | 6,431,263 | | | | | | 960,162 | | | | | | 6,412,214 | | | | | | (87,816) | | | | | | (13,111) | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | 43,113 | | | | | | (154,480) | | | | | | (127,227) | | | | | | (18,994) | | | | | | 9,364 | | | | | | 537,116 | | | | | | 80,189 | | |
Net (decrease)/increase in cash
and cash equivalents |
| | | | (292,878) | | | | | | 3,590,848 | | | | | | 7,343,555 | | | | | | 1,096,364 | | | | | | 7,090,756 | | | | | | 832,339 | | | | | | 124,265 | | |
Cash and cash equivalents at
the beginning of the year/period |
| | | | 700,233 | | | | | | 407,355 | | | | | | 3,998,203 | | | | | | 596,916 | | | | | | 3,998,203 | | | | | | 11,341,758 | | | | | | 1,693,280 | | |
Cash and cash equivalents at the end of the year/period
|
| | | | 407,355 | | | | | | 3,998,203 | | | | | | 11,341,758 | | | | | | 1,693,280 | | | | | | 11,088,959 | | | | | | 12,174,097 | | | | | | 1,817,545 | | |
| | |
Tax calculation(1)
|
| |||
Hypothetical pre-tax earnings(2)
|
| | | | 100.0% | | |
Tax on earnings at statutory rate of 25%(3)
|
| | | | (25.0)% | | |
Net earnings available for distribution
|
| | | | 75.0% | | |
Withholding tax at standard rate of 10%(4)
|
| | | | (7.5)% | | |
Net distribution to Parent/Shareholders
|
| | | | 67.5% | | |
| | |
For the Year Ended December 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
Consolidated Statements of
Comprehensive Loss (Extract) |
| |
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Cost of revenues
|
| | | | (137,812) | | | | | | — | | | | | | (461) | | | | | | 303 | | | | | | — | | | | | | — | | | | | | (137,970) | | |
Sales and marketing expenses
|
| | | | (916,832) | | | | | | — | | | | | | (3,224) | | | | | | 495 | | | | | | — | | | | | | — | | | | | | (919,561) | | |
Research and development
expenses |
| | | | (325,569) | | | | | | — | | | | | | (5,015) | | | | | | 885 | | | | | | — | | | | | | — | | | | | | (329,699) | | |
General and administrative
expenses |
| | | | (132,999) | | | | | | (26,860) | | | | | | (4,026) | | | | | | 286 | | | | | | — | | | | | | (105) | | | | | | (163,704) | | |
Fair value change of financial instruments
|
| | | | — | | | | | | (1,984,892) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,984,892) | | |
Financial income, net
|
| | | | 145 | | | | | | — | | | | | | — | | | | | | (3,021) | | | | | | — | | | | | | — | | | | | | (2,876) | | |
Net loss
|
| | | | (502,055) | | | | | | (2,011,752) | | | | | | (12,726) | | | | | | (1,052) | | | | | | — | | | | | | (105) | | | | | | (2,527,690) | | |
Accretion on convertible redeemable
preferred shares to redemption value |
| | | | (232,319) | | | | | | 232,319 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | | (734,374) | | | | | | (1,779,433) | | | | | | (12,726) | | | | | | (1,052) | | | | | | — | | | | | | (105) | | | | | | (2,527,690) | | |
Other comprehensive income/(loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation
adjustments |
| | | | 25,354 | | | | | | (83,294) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (57,940) | | |
Effects of changes in credit risk for financial liabilities designated as at fair value through profit or
loss |
| | | | — | | | | | | (26,318) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,318) | | |
| | |
For the Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
Consolidated Statements of
Comprehensive Loss (Extract) |
| |
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Cost of revenues
|
| | | | (240,211) | | | | | | — | | | | | | (697) | | | | | | 527 | | | | | | — | | | | | | — | | | | | | (240,381) | | |
Sales and marketing expenses
|
| | | | (1,347,532) | | | | | | — | | | | | | 307 | | | | | | 1,365 | | | | | | — | | | | | | — | | | | | | (1,345,860) | | |
Research and development
expenses |
| | | | (513,362) | | | | | | — | | | | | | (14,747) | | | | | | 1,626 | | | | | | — | | | | | | — | | | | | | (526,483) | | |
General and administrative
expenses |
| | | | (797,008) | | | | | | (20,166) | | | | | | (18,439) | | | | | | 419 | | | | | | — | | | | | | (142) | | | | | | (835,336) | | |
Fair value change of financial instruments
|
| | | | — | | | | | | (8,310,573) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,310,573) | | |
Financial income, net
|
| | | | 3,098 | | | | | | — | | | | | | — | | | | | | (4,760) | | | | | | — | | | | | | — | | | | | | (1,662) | | |
Net loss
|
| | | | (941,895) | | | | | | (8,330,739) | | | | | | (33,576) | | | | | | (823) | | | | | | — | | | | | | (142) | | | | | | (9,307,175) | | |
Accretion on convertible redeemable preferred shares to redemption
value |
| | | | (283,981) | | | | | | 283,981 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | | (1,225,876) | | | | | | (8,046,758) | | | | | | (33,576) | | | | | | (823) | | | | | | — | | | | | | (142) | | | | | | (9,307,175) | | |
Other comprehensive (loss)/income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | (149,539) | | | | | | 900,324 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | 750,785 | | |
Effects of changes in credit risk for
financial liabilities designated as at fair value through profit or loss |
| | | | (40,799) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | (40,799) | | |
| | |
For the Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
Consolidated Statements of
Comprehensive Loss (Extract) |
| |
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Cost of revenues
|
| | | | (554,648) | | | | | | — | | | | | | (22,693) | | | | | | 1,589 | | | | | | — | | | | | | — | | | | | | (575,752) | | |
Sales and marketing expenses
|
| | | | (1,942,670) | | | | | | — | | | | | | (26,597) | | | | | | 4,439 | | | | | | — | | | | | | — | | | | | | (1,964,828) | | |
Research and development
expenses |
| | | | (821,984) | | | | | | — | | | | | | (50,491) | | | | | | 1,408 | | | | | | — | | | | | | — | | | | | | (871,067) | | |
General and administrative
expenses |
| | | | (1,991,123) | | | | | | — | | | | | | (51,079) | | | | | | 309 | | | | | | (22,592) | | | | | | (242) | | | | | | (2,064,727) | | |
Fair value change of financial instruments
|
| | | | — | | | | | | (18,098,803) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,098,803) | | |
Financial income, net
|
| | | | 9,735 | | | | | | — | | | | | | — | | | | | | (10,469) | | | | | | — | | | | | | — | | | | | | (734) | | |
Net loss
|
| | | | (1,071,074) | | | | | | (18,098,803) | | | | | | (150,860) | | | | | | (2,724) | | | | | | (22,592) | | | | | | (242) | | | | | | (19,346,295) | | |
Accretion on convertible
redeemable preferred shares to redemption value |
| | | | (164,065) | | | | | | 164,065 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | | (1,235,139) | | | | | | (17,934,738) | | | | | | (150,860) | | | | | | (2,724) | | | | | | (22,592) | | | | | | (242) | | | | | | (19,346,295) | | |
| | |
For the Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
Consolidated Statements of
Comprehensive Loss (Extract) |
| |
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Other comprehensive (loss)/income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | (127,378) | | | | | | 588,457 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 461,079 | | |
Effects of changes in credit risk for financial liabilities designated as at fair value through profit or loss
|
| | | | — | | | | | | (634) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (634) | | |
| | |
For the Six Months Ended June 30, 2021 (unaudited)
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
Consolidated Statements of
Comprehensive Loss (Extract) |
| |
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
Expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Cost of revenues
|
| | | | (250,029) | | | | | | — | | | | | | (9,491) | | | | | | 654 | | | | | | — | | | | | | — | | | | | | (258,866) | | |
Sales and marketing expenses
|
| | | | (1,152,780) | | | | | | — | | | | | | (7,739) | | | | | | 1,917 | | | | | | — | | | | | | — | | | | | | (1,158,602) | | |
Research and development
expenses |
| | | | (413,728) | | | | | | — | | | | | | (13,014) | | | | | | 607 | | | | | | — | | | | | | — | | | | | | (426,135) | | |
General and administrative
expenses |
| | | | (1,748,612) | | | | | | — | | | | | | (17,041) | | | | | | 129 | | | | | | (22,592) | | | | | | (120) | | | | | | (1,788,236) | | |
Fair value change of financial instruments
|
| | | | — | | | | | | (18,098,803) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,098,803) | | |
Financial income, net
|
| | | | 4,017 | | | | | | — | | | | | | — | | | | | | (4,204) | | | | | | — | | | | | | — | | | | | | (187) | | |
Net loss
|
| | | | (1,590,312) | | | | | | (18,098,803) | | | | | | (47,285) | | | | | | (897) | | | | | | (22,592) | | | | | | (120) | | | | | | (19,760,009) | | |
Accretion on convertible
redeemable preferred shares to redemption value |
| | | | (164,065) | | | | | | 164,065 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss attributable to ordinary shareholders
|
| | | | (1,754,377) | | | | | | (17,934,738) | | | | | | (47,285) | | | | | | (897) | | | | | | (22,592) | | | | | | (120) | | | | | | (19,760,009) | | |
Other comprehensive income/(loss)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 7,884 | | | | | | 588,457 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | 596,341 | | |
Effects of changes in credit risk for financial liabilities designated as at fair value through profit or loss
|
| | | | — | | | | | | (634) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (634) | | |
| | |
For the Six Months Ended June 30, 2022
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
Consolidated Statements of
Comprehensive (Loss)/Income (Extract) |
| |
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Cost of revenues
|
| | | | (351,578) | | | | | | — | | | | | | (11,743) | | | | | | 1,011 | | | | | | — | | | | | | — | | | | | | (362,310) | | |
Sales and marketing expenses
|
| | | | (921,900) | | | | | | — | | | | | | (43,206) | | | | | | 2,993 | | | | | | — | | | | | | — | | | | | | (962,113) | | |
Research and development expenses
|
| | | | (598,425) | | | | | | — | | | | | | (75,707) | | | | | | 908 | | | | | | — | | | | | | — | | | | | | (673,224) | | |
General and administrative expenses
|
| | | | (316,035) | | | | | | — | | | | | | (42,804) | | | | | | 626 | | | | | | — | | | | | | (111) | | | | | | (358,324) | | |
Financial income, net
|
| | | | 24,185 | | | | | | — | | | | | | — | | | | | | (7,564) | | | | | | — | | | | | | — | | | | | | 16,621 | | |
Net income/(loss)
|
| | | | 80,321 | | | | | | — | | | | | | (173,460) | | | | | | (2,026) | | | | | | — | | | | | | (111) | | | | | | (95,276) | | |
Net income/(loss) attributable to ordinary shareholders
|
| | | | 80,321 | | | | | | — | | | | | | (173,460) | | | | | | (2,026) | | | | | | — | | | | | | (111) | | | | | | (95,276) | | |
| | |
As of December 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets
(Extract) |
| |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
|
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Prepayments and other current
assets |
| | | | 118,764 | | | | | | 109,080 | | | | | | — | | | | | | — | | | | | | — | | | | | | (223) | | | | | | 227,621 | | |
Right-of-use assets, net
|
| | | | 98,138 | | | | | | — | | | | | | — | | | | | | (1,052) | | | | | | — | | | | | | — | | | | | | 97,086 | | |
Total assets
|
| | | | 1,878,999 | | | | | | 109,080 | | | | | | — | | | | | | (1,052) | | | | | | — | | | | | | (223) | | | | | | 1,986,804 | | |
Financial liabilities designated
as at fair value through profit or loss |
| | | | — | | | | | | 5,661,479 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,661,479 | | |
Total liabilities
|
| | | | 1,045,514 | | | | | | 5,661,479 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,706,993 | | |
Convertible redeemable preferred shares
|
| | | | 2,603,501 | | | | | | (2,603,501) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Subscription receivables from shareholders
|
| | | | (109,080) | | | | | | 109,080 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total mezzanine equity
|
| | | | 2,494,421 | | | | | | (2,494,421) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | — | | | | | | 58,337 | | | | | | 22,128 | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,465 | | |
Accumulated other comprehensive income/
(loss) |
| | | | 19,152 | | | | | | (200,552) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (181,400) | | |
Accumulated deficit
|
| | | | (1,680,150) | | | | | | (2,915,763) | | | | | | (22,128) | | | | | | (1,052) | | | | | | — | | | | | | (223) | | | | | | (4,619,316) | | |
Total shareholders’ deficit
|
| | | | (1,660,936) | | | | | | (3,057,978) | | | | | | — | | | | | | (1,052) | | | | | | — | | | | | | (223) | | | | | | (4,720,189) | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets
(Extract) |
| |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
|
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Prepayments and other current assets
|
| | | | 164,910 | | | | | | 103,596 | | | | | | — | | | | | | — | | | | | | — | | | | | | (365) | | | | | | 268,141 | | |
Right-of-use assets, net
|
| | | | 144,063 | | | | | | — | | | | | | — | | | | | | (1,875) | | | | | | — | | | | | | — | | | | | | 142,188 | | |
Total assets
|
| | | | 5,083,279 | | | | | | 103,596 | | | | | | — | | | | | | (1,875) | | | | | | — | | | | | | (365) | | | | | | 5,184,635 | | |
Financial liabilities
designated as at fair value through profit or loss |
| | | | — | | | | | | 15,935,807 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,935,807 | | |
Total liabilities
|
| | | | 1,796,396 | | | | | | 15,935,807 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,732,203 | | |
Convertible redeemable preferred shares
|
| | | | 5,690,596 | | | | | | (5,690,596) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Subscription receivables from shareholders
|
| | | | (103,596) | | | | | | 103,596 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total mezzanine equity
|
| | | | 5,587,000 | | | | | | (5,587,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 452,234 | | | | | | 342,318 | | | | | | 55,704 | | | | | | — | | | | | | — | | | | | | — | | | | | | 850,256 | | |
Accumulated other comprehensive (loss)/income
|
| | | | (130,387) | | | | | | 658,973 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 528,586 | | |
Accumulated deficit
|
| | | | (2,622,045) | | | | | | (11,246,502) | | | | | | (55,704) | | | | | | (1,875) | | | | | | — | | | | | | (365) | | | | | | (13,926,491) | | |
Total shareholders’ deficit
|
| | | | (2,300,117) | | | | | | (10,245,211) | | | | | | — | | | | | | (1,875) | | | | | | — | | | | | | (365) | | | | | | (12,547,568) | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets
(Extract) |
| |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
|
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Prepayments and other current assets
|
| | | | 724,583 | | | | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | (607) | | | | | | 723,976 | | |
Right-of-use assets, net
|
| | | | 309,085 | | | | |
|
—
|
| | | | | — | | | | | | (4,599) | | | | |
|
—
|
| | | | | — | | | | | | 304,486 | | |
Total assets
|
| | | | 13,641,623 | | | | | | — | | | | | | — | | | | | | (4,599) | | | | | | — | | | | | | (607) | | | | | | 13,636,417 | | |
Additional paid-in capital
|
| | | | 14,624,386 | | | | | | 28,098,509 | | | | | | 206,564 | | | | |
|
—
|
| | | | | 22,592 | | | | |
|
—
|
| | | | | 42,952,051 | | |
Accumulated other comprehensive (loss)/income
|
| | | | (257,765) | | | | | | 1,246,796 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 989,031 | | |
Accumulated deficit
|
| | | | (3,693,119) | | | | | | (29,345,305) | | | | | | (206,564) | | | | | | (4,599) | | | | | | (22,592) | | | | | | (607) | | | | | | (33,272,786) | | |
Total shareholders’ equity
|
| | | | 10,674,056 | | | | | | — | | | | | | — | | | | | | (4,599) | | | | | | — | | | | | | (607) | | | | | | 10,668,850 | | |
| | |
As of June 30, 2022
|
| |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets
(Extract) |
| |
Amounts
as reported under U.S. GAAP |
| |
IFRS adjustments
|
| |
Amounts
as reported under IFRS |
| |||||||||||||||||||||||||||||||||
|
Preferred
Shares |
| |
Share-based
compensation |
| |
Operating
leases |
| |
[REDACTED]
expenses |
| |
Expected
credit loss |
| |||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||
| | | | | | | | |
Note (i)
|
| |
Note (ii)
|
| |
Note (iii)
|
| |
Note (iv)
|
| |
Note (v)
|
| | | | | | | |||||||||||||||
Prepayments and other current assets
|
| | | | 520,589 | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | (718) | | | | | | 519,871 | | |
Right-of-use assets, net
|
| | | | 303,609 | | | | | | — | | | | | | — | | | | | | (6,625) | | | | | | — | | | | | | — | | | | | | 296,984 | | |
Total assets
|
| | | | 14,372,635 | | | | | | — | | | | | | — | | | | | | (6,625) | | | | | | — | | | | | | (718) | | | | | | 14,365,292 | | |
Additional paid-in
capital |
| | | | 14,965,856 | | | | | | 28,098,509 | | | | | | 380,024 | | | | | | — | | | | | | 22,592 | | | | | | — | | | | | | 43,466,981 | | |
Accumulated other comprehensive
income |
| | | | 281,247 | | | | | | 1,246,796 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,528,043 | | |
Accumulated deficit
|
| | | | (3,612,798) | | | | | | (29,345,305) | | | | | | (380,024) | | | | | | (6,625) | | | | | | (22,592) | | | | | | (718) | | | | | | (33,368,062) | | |
Total shareholders’ equity
|
| | | | 11,366,882 | | | | | | — | | | | | | — | | | | | | (6,625) | | | | | | — | | | | | | (718) | | | | | | 11,359,539 | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| |
As of August 31,
|
| |||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Current | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating lease liabilities, current
|
| | | | 57,216 | | | | | | 59,559 | | | | | | 127,531 | | | | | | 19,040 | | | | | | 146,134 | | | | | | 21,817 | | | | | | 139,587 | | | | | | 20,840 | | |
Non-current | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating lease liabilities, non-current
|
| | | | 37,659 | | | | | | 76,373 | | | | | | 183,365 | | | | | | 27,376 | | | | | | 166,309 | | | | | | 24,829 | | | | | | 153,225 | | | | | | 22,876 | | |
Total | | | | | 94,875 | | | | | | 135,932 | | | | | | 310,896 | | | | | | 46,416 | | | | | | 312,443 | | | | | | 46,646 | | | | | | 292,812 | | | | | | 43,716 | | |
| | | | | | | | |
Payment Due by Period
|
| |||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
| | | | | | | | |
(in RMB thousands)
|
| | | | | | | |||||||||||||||
Operating lease obligations
|
| | | | 335,295 | | | | | | 149,413 | | | | | | 140,851 | | | | | | 45,031 | | | | | | — | | |
Advertising commitments
|
| | | | 110,261 | | | | | | 104,012 | | | | | | 6,249 | | | | | | — | | | | | | — | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended
June 30, |
| ||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| | | | | | | |||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Cloud services from Tencent Group
|
| | | | 2,063 | | | | | | 6,109 | | | | | | 18,119 | | | | | | 7,715 | | | | | | 11,402 | | |
On-line payment platform clearing services from Tencent Group
|
| | | | 836 | | | | | | 1,886 | | | | | | 5,464 | | | | | | 2,887 | | | | | | 2,355 | | |
Cash advance to Mr. Peng Zhao
|
| | | | 24,930 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cash advance to individual executive officer
|
| | | | 5,093 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 32,922 | | | | | | 7,995 | | | | | | 23,583 | | | | | | 10,602 | | | | | | 13,757 | | |
| | |
Audited
consolidated net tangible assets of the Group attributable to ordinary shareholders of the Company as of June 30, 2022 |
| |
Estimated net
[REDACTED] from the [REDACTED] |
| |
Unaudited
pro forma adjusted net tangible assets of the Group attributable to ordinary shareholders of the Company as of June 30, 2022 |
| |
Unaudited
pro forma adjusted net tangible assets per Share |
| |
Unaudited
pro forma adjusted net tangible assets per ADS |
| |
Unaudited
pro forma adjusted net tangible assets per Share |
| |
Unaudited
pro forma adjusted net tangible assets per ADS |
| |||||||||||||||||||||
| | |
RMB’000
|
| |
RMB’000
|
| |
RMB’000
|
| |
RMB
|
| |
RMB
|
| |
HK$
|
| |
HK$
|
| |||||||||||||||||||||
| | |
(Note 1)
|
| |
(Note 2)
|
| | | | | | | |
(Note 3)
|
| |
(Note 4)
|
| |
(Note 5)
|
| |
(Note 5)
|
| ||||||||||||||||||
Based on the
[REDACTED] of HK$[REDACTED] per Share |
| | | | [11,366,469] | | | | | | [REDACTED] | | | | | | [REDACTED] | | | | | | [REDACTED] | | | | | | [REDACTED] | | | | | | [REDACTED] | | | | | | [REDACTED] | | |
| |
The following section sets forth supplemental information concerning connected transactions pursuant to the Hong Kong Listing Rules.
|
| |
| | |
Applicable
Listing Rule |
| | | | |
Proposed annual cap for the
year ending December 31, (RMB) |
| ||||||
Transaction
|
| |
Waiver sought
|
| |
2023
|
| |
2024
|
| |
2025
|
| |||
Non-exempt continuing connected transaction | | | | | | | | | | | | | | |||
1.
Contractual Arrangements
|
| |
Rule 14A.35
Rule 14A.36
Rule 14A.52
Rule 14A.53
Rule 14A.105
|
| | Announcement and independent shareholders’ approval, circular, annual cap, limiting the term to three years | | | N/A | | | N/A | | | N/A | |
| |
The following section sets forth updated and supplemental information concerning substantial shareholders in the Listing Application.
|
| |
Name of substantial shareholder
|
| |
Capacity/Nature of Interest
|
| |
Number of
Shares |
| |
Approximate
percentage of shareholding in each class of share of our Company as at the Latest Practicable Date(1) |
| |
Approximate
percentage of shareholding in each class of share of our Company after the [REDACTED](1) |
| |||||||||
Class A Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | |
Image Frame Investment (HK) Limited.(2)
|
| | Beneficial interest | | | | | 72,309,691 | | | | | | 9.9% | | | | | | [REDACTED] | | |
Tencent Holdings Limited(2)
|
| |
Interest in a controlled corporation
|
| | | | 72,309,691 | | | | | | 9.9% | | | | | | [REDACTED] | | |
CTG Evergreen Investment X Limited(3)
|
| | Beneficial interest | | | | | 46,724,789 | | | | | | 6.4% | | | | | | [REDACTED] | | |
CTG Evergreen Investment R Limited(3)
|
| | Beneficial interest | | | | | 3,606,665 | | | | | | 0.5% | | | | | | [REDACTED] | | |
Capital Today Evergreen Fund, L.P.(3)
|
| |
Interest in controlled corporations
|
| | | | 50,331,454 | | | | | | 6.9% | | | | | | [REDACTED] | | |
Capital Today Evergreen GenPar LTD.(3)
|
| |
Interest in controlled corporations
|
| | | | 50,331,454 | | | | | | 6.9% | | | | | | [REDACTED] | | |
Ms. Xin Xu(3)
|
| |
Interest in controlled corporations
|
| | | | 50,331,454 | | | | | | 6.9% | | | | | | [REDACTED] | | |
Banyan Partners Fund II, L.P.(4)
|
| | Beneficial Interest | | | | | 47,286,435 | | | | | | 6.5% | | | | | | [REDACTED] | | |
Banyan Partners II Ltd.(4)
|
| |
Interest in a controlled corporation
|
| | | | 47,286,435 | | | | | | 6.5% | | | | | | [REDACTED] | | |
Ceyuan Ventures III, L.P.(5)
|
| | Beneficial interest | | | | | 37,122,332 | | | | | | 5.1% | | | | | | [REDACTED] | | |
Ceyuan Ventures Advisors Fund III, LLC(5)
|
| | Beneficial interest | | | | | 1,334,450 | | | | | | 0.2% | | | | | | [REDACTED] | | |
Ceyuan Ventures Management III, LLC(5)
|
| |
Interest in controlled corporations
|
| | | | 38,456,782 | | | | | | 5.3% | | | | | | [REDACTED] | | |
Class B Ordinary Shares | | | | | | | | | | | | | | | | | | | | | | |
TECHWOLF LIMITED(6)
|
| | Beneficial interest | | | | | 140,830,401 | | | | | | 100% | | | | | | [REDACTED] | | |
Mr. Zhao(6) | | |
Founder of a trust/beneficiary of a trust
|
| | | | 140,830,401 | | | | | | 100% | | | | | | [REDACTED] | | |
| |
The following section sets forth updated and supplemental information concerning directors and senior management in the Listing Application.
|
| |
Name
|
| |
Age
|
| |
Position
|
| |
Date of joining
our Group |
| |
Date of
appointment as a Director |
| |
Roles and
responsibilities |
|
Mr. Peng Zhao (趙鵬) | | |
51
|
| | Executive Director, Chairman, Chief Executive Officer and Founder | | |
December 2013
|
| |
January 16, 2014
|
| | Responsible for the overall executive and business direction and overall management of our Group | |
Mr. Yu Zhang (張宇) | | |
45
|
| | Executive Director and Chief Financial Officer | | |
September 2019
|
| |
May 21, 2021
|
| | Responsible for the accounting, legal and internal control functions and the capital markets activities of our Group | |
Mr. Xu Chen (陳旭) | | |
46
|
| | Executive Director and Chief Marketing Officer | | |
December 2016
|
| |
May 21, 2021
|
| | Responsible for the marketing, platform operation and public relations functions of our Group | |
Mr. Tao Zhang (張濤) | | |
40
|
| | Executive Director and Chief Technology Officer | | |
December 2013
|
| |
May 21, 2021
|
| | Responsible for the research and development and information technology infrastructure of our Group | |
Ms. Xiehua Wang (王燮華) | | |
34
|
| | Executive Director | | |
October 2016
|
| |
April 30, 2022
|
| | Responsible for the product management of our Group | |
Mr. Haiyang Yu (余海洋) | | |
39
|
| | Non-executive Director | | |
July 4, 2019
|
| |
July 4, 2019
|
| | Providing professional advice, opinion, and guidance to our Board | |
Mr. Charles Zhaoxuan Yang (楊昭烜) | | |
38
|
| | Independent non-executive Director | | |
June 10, 2021
|
| |
June 10, 2021
|
| | Providing professional advice, opinion, and guidance to our Board | |
Mr. Yonggang Sun (孫永剛) | | |
52
|
| | Independent non-executive Director | | |
June 10, 2021
|
| |
June 10, 2021
|
| | Providing professional advice, opinion, and guidance to our Board | |
Mr. Yusheng Wang (王渝生) | | |
79
|
| | Independent non-executive Director | | |
October 9, 2022
|
| |
October 9, 2022
|
| | Providing professional advice, opinion, and guidance to our Board | |
Name
|
| |
Age
|
| |
Position
|
| |
Date of joining our
Group |
| |
Roles and
responsibilities |
|
Mr. Peng Zhao (趙鵬) | | |
51
|
| | Executive Director, Chairman, Chief Executive Officer and Founder | | |
December 2013
|
| | Responsible for the overall executive and business direction and overall management of our Group | |
Mr. Yu Zhang (張宇) | | |
45
|
| | Executive Director and Chief Financial Officer | | |
September 2019
|
| | Responsible for the accounting, legal and internal control functions and the capital markets activities of our Group | |
Mr. Xu Chen (陳旭) | | |
46
|
| | Executive Director and Chief Marketing Officer | | |
December 2016
|
| | Responsible for the marketing, platform operation and public relations functions of our Group | |
Mr. Tao Zhang (張濤) | | |
40
|
| | Executive Director and Chief Technology Officer | | |
December 2013
|
| | Responsible for the research and development and information technology infrastructure of our Group | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 11,341,758 | | | | | | 12,174,097 | | |
Short-term investments
|
| | | | 884,996 | | | | | | 812,225 | | |
Accounts receivable
|
| | | | 1,002 | | | | | | 2,013 | | |
Amounts due from related parties
|
| | | | 6,615 | | | | | | 9,583 | | |
Prepayments and other current assets
|
| | | | 724,583 | | | | | | 520,589 | | |
Total current assets
|
| | | | 12,958,954 | | | | | | 13,518,507 | | |
Non-current assets | | | | | | | | | | | | | |
Property, equipment and software, net
|
| | | | 369,126 | | | | | | 546,106 | | |
Intangible assets, net
|
| | | | 458 | | | | | | 413 | | |
Right-of-use assets, net
|
| | | | 309,085 | | | | | | 303,609 | | |
Other non-current assets
|
| | | | 4,000 | | | | | | 4,000 | | |
Total non-current assets
|
| | | | 682,669 | | | | | | 854,128 | | |
Total assets
|
| | | | 13,641,623 | | | | | | 14,372,635 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities (including amounts of the consolidated VIE and VIE’s subsidiaries without recourse to the primary beneficiary of RMB2,762,123 and RMB2,811,310 as of December 31, 2021 and June 30, 2022, respectively)
|
| | | | | | | | | | | | |
Accounts payable
|
| | | | 52,963 | | | | | | 135,273 | | |
Deferred revenue
|
| | | | 1,958,570 | | | | | | 1,979,056 | | |
Other payables and accrued liabilities
|
| | | | 645,138 | | | | | | 578,981 | | |
Operating lease liabilities, current
|
| | | | 127,531 | | | | | | 146,134 | | |
Total current liabilities
|
| | | | 2,784,202 | | | | | | 2,839,444 | | |
Non-current liabilities (including amounts of the consolidated VIE and VIE’s subsidiaries without recourse to the primary beneficiary of RMB178,844 and RMB155,954 as of December 31, 2021 and June 30, 2022, respectively)
|
| | | | | | | | | | | | |
Operating lease liabilities, non-current
|
| | | | 183,365 | | | | | | 166,309 | | |
Total non-current liabilities
|
| | | | 183,365 | | | | | | 166,309 | | |
Total liabilities
|
| | | | 2,967,567 | | | | | | 3,005,753 | | |
Commitments and contingencies (Note 17) | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | |
Ordinary shares (US$0.0001 par value; 1,500,000,000 shares authorized; 748,953,103 Class A ordinary shares issued and 727,855,233 outstanding, 140,830,401 Class B ordinary shares issued and outstanding as of December 31, 2021; 749,323,103 Class A ordinary shares issued and 730,777,761 outstanding, 140,830,401 Class B ordinary shares issued and outstanding as of June 30, 2022)
|
| | | | 554 | | | | | | 559 | | |
Treasury shares (21,097,870 and 18,545,342 shares as of December 31, 2021 and
June 30, 2022, respectively) |
| | | | — | | | | | | (267,982) | | |
Additional paid-in capital
|
| | | | 14,624,386 | | | | | | 14,965,856 | | |
Accumulated other comprehensive (loss)/income
|
| | | | (257,765) | | | | | | 281,247 | | |
Accumulated deficit
|
| | | | (3,693,119) | | | | | | (3,612,798) | | |
Total shareholders’ equity
|
| | | | 10,674,056 | | | | | | 11,366,882 | | |
Total liabilities and shareholders’ equity
|
| | | | 13,641,623 | | | | | | 14,372,635 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Revenues | | | | | | | | | | | | | |
Online recruitment services to enterprise customers
|
| | | | 1,939,919 | | | | | | 2,227,184 | | |
Others
|
| | | | 16,798 | | | | | | 23,040 | | |
Total revenues
|
| | | | 1,956,717 | | | | | | 2,250,224 | | |
Operating cost and expenses | | | | | | | | | | | | | |
Cost of revenues
|
| | | | (250,029) | | | | | | (351,578) | | |
Sales and marketing expenses
|
| | | | (1,152,780) | | | | | | (921,900) | | |
Research and development expenses
|
| | | | (413,728) | | | | | | (598,425) | | |
General and administrative expenses
|
| | | | (1,748,612) | | | | | | (316,035) | | |
Total operating cost and expenses
|
| | | | (3,565,149) | | | | | | (2,187,938) | | |
Other operating income, net
|
| | | | 7,657 | | | | | | 10,743 | | |
(Loss)/Income from operations
|
| | | | (1,600,775) | | | | | | 73,029 | | |
Investment income
|
| | | | 8,629 | | | | | | 17,075 | | |
Financial income, net
|
| | | | 4,017 | | | | | | 24,185 | | |
Foreign exchange (loss)/gain
|
| | | | (586) | | | | | | 4,694 | | |
Other expenses, net
|
| | | | (1,597) | | | | | | (24,539) | | |
(Loss)/Income before income tax expense
|
| | | | (1,590,312) | | | | | | 94,444 | | |
Income tax expense
|
| | | | — | | | | | | (14,123) | | |
Net (loss)/income
|
| | | | (1,590,312) | | | | | | 80,321 | | |
Accretion on convertible redeemable preferred shares to redemption
value |
| | | | (164,065) | | | | | | — | | |
Net (loss)/income attributable to ordinary shareholders
|
| | | | (1,754,377) | | | | | | 80,321 | | |
Net (loss)/income
|
| | | | (1,590,312) | | | | | | 80,321 | | |
Other comprehensive income | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 7,884 | | | | | | 539,012 | | |
Total comprehensive (loss)/income
|
| | | | (1,582,428) | | | | | | 619,333 | | |
Weighted average number of ordinary shares used in computing net (loss)/income per share
|
| | | | | | | | | | | | |
−Basic
|
| | | | 147,308,942 | | | | | | 869,427,036 | | |
−Diluted
|
| | | | 147,308,942 | | | | | | 917,484,059 | | |
Net (loss)/income per share attributable to ordinary shareholders | | | | | | | | | | | | | |
−Basic
|
| | | | (11.91) | | | | | | 0.09 | | |
−Diluted
|
| | | | (11.91) | | | | | | 0.09 | | |
| | |
Ordinary shares
|
| |
Treasury shares
|
| |
Additional
paid-in capital |
| |
Accumulated
other comprehensive (loss)/income |
| |
Accumulated
deficit |
| |
Total
shareholders’ equity |
| ||||||||||||||||||||||||||||||
| | |
Number
of shares outstanding |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||
Balance as of January 1, 2021
|
| | | | 128,983,824 | | | | | | 81 | | | | | | 3,657,853 | | | | | | — | | | | | | 452,234 | | | | | | (130,387) | | | | | | (2,622,045) | | | | | | (2,300,117) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,590,312) | | | | | | (1,590,312) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,884 | | | | | | — | | | | | | 7,884 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 202,887 | | | | | | — | | | | | | — | | | | | | 202,887 | | |
Accretion on convertible redeemable preferred shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (164,065) | | | | | | — | | | | | | — | | | | | | (164,065) | | |
Repurchase and cancellation of Class B ordinary shares (Note 13)
|
| | | | (1,181,339) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | (42,263) | | | | | | — | | | | | | — | | | | | | (42,264) | | |
Issuance of Class A ordinary shares upon initial public offering in the
United States of America (“IPO”), net of issuance cost |
| | | | 110,400,000 | | | | | | 70 | | | | | | — | | | | | | — | | | | | | 6,406,802 | | | | | | — | | | | | | — | | | | | | 6,406,872 | | |
Conversion of convertible redeemable preferred shares
|
| | | | 551,352,134 | | | | | | 353 | | | | | | — | | | | | | — | | | | | | 5,854,308 | | | | | | — | | | | | | — | | | | | | 5,854,661 | | |
Issuance of Class B ordinary shares to TECHWOLF LIMITED (Note 13)
|
| | | | 24,745,531 | | | | | | 16 | | | | | | — | | | | | | — | | | | | | 1,506,346 | | | | | | — | | | | | | — | | | | | | 1,506,362 | | |
Exercise of share-based awards
|
| | | | 3,657,853 | | | | | | 2 | | | | | | (3,657,853) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | |
Balance as of June 30, 2021
|
| | | | 817,958,003 | | | | | | 521 | | | | | | — | | | | | | — | | | | | | 14,216,249 | | | | | | (122,503) | | | | | | (4,212,357) | | | | | | 9,881,910 | | |
| | |
Ordinary shares
|
| |
Treasury shares
|
| |
Additional
paid-in capital |
| |
Accumulated
other comprehensive (loss)/income |
| |
Accumulated
deficit |
| |
Total
shareholders’ equity |
| ||||||||||||||||||||||||||||||
| | |
Number
of shares outstanding |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||
Balance as of January 1, 2022
|
| | | | 868,685,634 | | | | | | 554 | | | | | | 21,097,870 | | | | | | — | | | | | | 14,624,386 | | | | | | (257,765) | | | | | | (3,693,119) | | | | | | 10,674,056 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,321 | | | | | | 80,321 | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 539,012 | | | | | | — | | | | | | 539,012 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 283,046 | | | | | | — | | | | | | — | | | | | | 283,046 | | |
Issuance of ordinary shares for share award plan
|
| | | | — | | | | | | — | | | | | | 370,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of share-based awards
|
| | | | 7,069,594 | | | | | | 5 | | | | | | (7,069,594) | | | | | | — | | | | | | 58,424 | | | | | | — | | | | | | — | | | | | | 58,429 | | |
Repurchase of ordinary shares
|
| | | | (4,147,066) | | | | | | — | | | | | | 4,147,066 | | | | | | (267,982) | | | | | | — | | | | | | — | | | | | | — | | | | | | (267,982) | | |
Balance as of June 30, 2022
|
| | | | 871,608,162 | | | | | | 559 | | | | | | 18,545,342 | | | | | | (267,982) | | | | | | 14,965,856 | | | | | | 281,247 | | | | | | (3,612,798) | | | | | | 11,366,882 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net (loss)/income
|
| | | | (1,590,312) | | | | | | 80,321 | | |
Adjustments to reconcile net (loss)/income to net cash generated from operating activities:
|
| | | | | | | | | | | | |
Share-based compensation
|
| | | | 202,887 | | | | | | 283,046 | | |
Issuance of Class B ordinary shares to TECHWOLF LIMITED (Note 13)
|
| | | | 1,506,362 | | | | | | — | | |
Depreciation and amortization
|
| | | | 35,139 | | | | | | 59,748 | | |
Loss from disposal of property, equipment and software
|
| | | | 42 | | | | | | 7 | | |
Foreign exchange loss/(gain)
|
| | | | 586 | | | | | | (4,694) | | |
Amortization of right-of-use assets
|
| | | | 43,453 | | | | | | 68,979 | | |
Unrealized investment income
|
| | | | (1,294) | | | | | | (2,229) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 4,404 | | | | | | (1,011) | | |
Prepayments and other current assets
|
| | | | (98,442) | | | | | | 87,319 | | |
Amounts due from related parties
|
| | | | 1,037 | | | | | | (2,968) | | |
Accounts payable
|
| | | | 62,080 | | | | | | 17,974 | | |
Deferred revenue
|
| | | | 670,129 | | | | | | 20,486 | | |
Other payables and accrued liabilities
|
| | | | 39,347 | | | | | | (64,074) | | |
Operating lease liabilities
|
| | | | (38,875) | | | | | | (61,956) | | |
Net cash generated from operating activities
|
| | | | 836,543 | | | | | | 480,948 | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property, equipment and software
|
| | | | (81,374) | | | | | | (173,207) | | |
Proceeds from disposal of property, equipment and software
|
| | | | 9 | | | | | | 298 | | |
Purchase of short-term investments
|
| | | | (2,164,000) | | | | | | (1,450,000) | | |
Proceeds from maturity of short-term investments
|
| | | | 2,078,000 | | | | | | 1,525,000 | | |
Net cash used in investing activities
|
| | | | (167,365) | | | | | | (97,909) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from IPO, net of issuance cost
|
| | | | 6,423,798 | | | | | | — | | |
Proceeds from exercise of share options
|
| | | | — | | | | | | 180,166 | | |
Repurchase of Class A ordinary shares
|
| | | | — | | | | | | (267,982) | | |
Repurchase of Class B ordinary shares from TECHWOLF LIMITED
|
| | | | (11,584) | | | | | | — | | |
Net cash generated from/(used in) financing activities
|
| | | | 6,412,214 | | | | | | (87,816) | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | 9,364 | | | | | | 537,116 | | |
Net increase in cash and cash equivalents
|
| | | | 7,090,756 | | | | | | 832,339 | | |
Cash and cash equivalents at beginning of the period
|
| | | | 3,998,203 | | | | | | 11,341,758 | | |
Cash and cash equivalents at end of the period
|
| | | | 11,088,959 | | | | | | 12,174,097 | | |
Supplemental cash flow disclosures | | | | | | | | | | | | | |
Cash paid for income tax
|
| | | | — | | | | | | 72,083 | | |
Supplemental schedule of non-cash investing and financing activities | | | | | | | | | | | | | |
Accretion on convertible redeemable preferred shares to redemption value
|
| | | | 164,065 | | | | | | — | | |
Changes in payables for purchase of property, equipment and software
|
| | | | (1,895) | | | | | | 64,336 | | |
Company name
|
| |
Place of
incorporation |
| |
Date of
incorporation |
| |
Equity
interest held |
| |
Principal activities
|
|
Subsidiaries | | | | | | | | | | | | | |
Techfish Limited
|
| |
Hong Kong, China
|
| |
February 14, 2014
|
| |
100%
|
| |
Investment holding in Hong Kong
|
|
Beijing Glory Wolf Co., Ltd. (“Glory”, or the “WFOE”)
|
| |
Beijing, China
|
| |
May 7, 2014
|
| |
100%
|
| |
Management consultancy and technical services in the PRC
|
|
VIE | | | | | | | | | | | | | |
Beijing Huapin Borui Network Technology Co., Ltd. (“Huapin”)
|
| |
Beijing, China
|
| |
December 25, 2013
|
| |
100%
|
| |
Online recruitment
service in the PRC |
|
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 864,851 | | | | | | 1,245,088 | | |
Short-term investments
|
| | | | 864,557 | | | | | | 802,159 | | |
Accounts receivable
|
| | | | 1,002 | | | | | | 1,946 | | |
Amounts due from Group companies
|
| | | | 86,989 | | | | | | 100,805 | | |
Amounts due from related parties
|
| | | | 6,615 | | | | | | 9,583 | | |
Prepayments and other current assets
|
| | | | 487,598 | | | | | | 450,841 | | |
Total current assets
|
| | | | 2,311,612 | | | | | | 2,610,422 | | |
Non-current assets | | | | | | | | | | | | | |
Property, equipment and software, net
|
| | | | 368,381 | | | | | | 544,171 | | |
Intangible assets, net
|
| | | | 458 | | | | | | 413 | | |
Right-of-use assets, net
|
| | | | 301,288 | | | | | | 287,032 | | |
Other non-current assets
|
| | | | 4,000 | | | | | | 4,000 | | |
Total non-current assets
|
| | | | 674,127 | | | | | | 835,616 | | |
Total assets
|
| | | | 2,985,739 | | | | | | 3,446,038 | | |
LIABILITIES | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | | 52,938 | | | | | | 135,098 | | |
Deferred revenue
|
| | | | 1,958,570 | | | | | | 1,979,019 | | |
Other payables and accrued liabilities
|
| | | | 626,151 | | | | | | 557,568 | | |
Amounts due to Group companies
|
| | | | 27,223 | | | | | | 37,362 | | |
Operating lease liabilities, current
|
| | | | 124,464 | | | | | | 139,625 | | |
Total current liabilities
|
| | | | 2,789,346 | | | | | | 2,848,672 | | |
Non-current liabilities | | | | | | | | | | | | | |
Operating lease liabilities, non-current
|
| | | | 178,844 | | | | | | 155,954 | | |
Total non-current liabilities
|
| | | | 178,844 | | | | | | 155,954 | | |
Total liabilities
|
| | | | 2,968,190 | | | | | | 3,004,626 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Total revenues
|
| | | | 1,956,717 | | | | | | 2,250,118 | | |
Cost of revenues
|
| | | | (250,007) | | | | | | (351,566) | | |
Net (loss)/income
|
| | | | (41,429) | | | | | | 162,265 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Net cash generated from operating activities
|
| | | | 861,135 | | | | | | 486,939 | | |
Net cash used in investing activities
|
| | | | (167,365) | | | | | | (106,702) | | |
Net cash used in financing activities
|
| | | | (438,586) | | | | | | — | | |
Net increase in cash and cash equivalents
|
| | | | 255,184 | | | | | | 380,237 | | |
Cash and cash equivalents at beginning of the period
|
| | | | 183,199 | | | | | | 864,851 | | |
Cash and cash equivalents at end of the period
|
| | | | 438,383 | | | | | | 1,245,088 | | |
Category
|
| |
Estimated useful lives
|
|
Electronic equipment | | | 3 - 5 years | |
Leasehold improvement | | |
Shorter of lease term or estimated useful life of the assets
|
|
Furniture and fixtures | | | 5 years | |
Motor vehicles | | | 3 - 5 years | |
Software | | | 5 years | |
Category
|
| |
Estimated useful lives
|
|
Domains | | | 10 years | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Online recruitment services to enterprise customers | | | | | | | | | | | | | |
– Key accounts
|
| | | | 362,763 | | | | | | 517,925 | | |
– Mid-sized accounts
|
| | | | 633,685 | | | | | | 910,848 | | |
– Small-sized accounts
|
| | | | 943,471 | | | | | | 798,411 | | |
Others
|
| | | | 16,798 | | | | | | 23,040 | | |
Total | | | | | 1,956,717 | | | | | | 2,250,224 | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Wealth management products
|
| | | | 884,996 | | | | | | 812,225 | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Prepaid advertising expenses and service fee
|
| | | | 234,490 | | | | | | 134,821 | | |
Receivables related to the exercise of share-based awards*
|
| | | | 289,822 | | | | | | 166,202 | | |
Receivables from third-party on-line payment platforms
|
| | | | 63,866 | | | | | | 77,608 | | |
Deposits
|
| | | | 63,814 | | | | | | 64,646 | | |
Staff loans and advances
|
| | | | 52,695 | | | | | | 53,798 | | |
Others
|
| | | | 19,896 | | | | | | 23,514 | | |
Total | | | | | 724,583 | | | | | | 520,589 | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Electronic equipment
|
| | | | 429,683 | | | | | | 642,042 | | |
Leasehold improvement
|
| | | | 65,885 | | | | | | 86,129 | | |
Furniture and fixtures
|
| | | | 12,784 | | | | | | 15,912 | | |
Motor vehicles
|
| | | | 3,904 | | | | | | 3,904 | | |
Software
|
| | | | 3,126 | | | | | | 4,055 | | |
Total cost
|
| | | | 515,382 | | | | | | 752,042 | | |
Less: accumulated depreciation
|
| | | | (146,256) | | | | | | (205,936) | | |
Total property, equipment and software, net
|
| | | | 369,126 | | | | | | 546,106 | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Payables for purchase of property, equipment and software
|
| | | | 19,987 | | | | | | 84,323 | | |
Payables for advertising expenses
|
| | | | 30,646 | | | | | | 39,870 | | |
Others
|
| | | | 2,330 | | | | | | 11,080 | | |
Total | | | | | 52,963 | | | | | | 135,273 | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Salary, welfare and bonus payable
|
| | | | 373,286 | | | | | | 359,477 | | |
Tax payable(1)
|
| | | | 218,419 | | | | | | 148,783 | | |
Virtual accounts used in the Group’s platform(2)
|
| | | | 41,070 | | | | | | 47,748 | | |
Contingent liability (Note 17)
|
| | | | — | | | | | | 14,882 | | |
Others
|
| | | | 12,363 | | | | | | 8,091 | | |
Total | | | | | 645,138 | | | | | | 578,981 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Operating lease expenses
|
| | | | 49,357 | | | | | | 76,627 | | |
Expenses for short-term leases within 12 months
|
| | | | 1,104 | | | | | | 922 | | |
Total lease expenses
|
| | | | 50,461 | | | | | | 77,549 | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Right-of-use assets
|
| | | | 309,085 | | | | | | 303,609 | | |
Operating lease liabilities, current
|
| | | | 127,531 | | | | | | 146,134 | | |
Operating lease liabilities, non-current
|
| | | | 183,365 | | | | | | 166,309 | | |
Total operating lease liabilities
|
| | | | 310,896 | | | | | | 312,443 | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Weighted average remaining lease term (in years)
|
| | | | 3.26 | | | | | | 2.90 | | |
Weighted average discount rate
|
| | | | 4.82% | | | | | | 4.82% | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cash paid for amounts included in the measurement of operating lease liabilities
|
| | | | 43,391 | | | | | | 68,850 | | |
Right-of-use assets obtained in exchange for operating lease liabilities
|
| | | | 87,503 | | | | | | 63,934 | | |
| | |
As of June 30,
2022 |
| |||
| | |
RMB
|
| |||
Succeeding period in 2022
|
| | | | 80,485 | | |
2023
|
| | | | 124,876 | | |
2024
|
| | | | 64,381 | | |
2025
|
| | | | 38,268 | | |
2026
|
| | | | 25,451 | | |
2027
|
| | | | 1,834 | | |
Thereafter
|
| | | | — | | |
Total undiscounted lease payments
|
| | | | 335,295 | | |
Less: imputed interest
|
| | | | (22,852) | | |
Total operating lease liabilities
|
| | | | 312,443 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
VAT-in super deduction*
|
| | | | 5,552 | | | | | | 5,082 | | |
Others
|
| | | | 2,105 | | | | | | 5,661 | | |
Total | | | | | 7,657 | | | | | | 10,743 | | |
Name of related parties
|
| |
Relationship with the Group
|
|
Image Frame Investment (HK) Limited (under the control of Tencent Holdings Limited)
|
| | Principal shareholder of the Group | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Receivables from Tencent Group’s on-line payment platform*
|
| | | | 4,284 | | | | | | 6,215 | | |
Prepaid cloud service fee to Tencent Group*
|
| | | | 2,331 | | | | | | 3,368 | | |
Total | | | | | 6,615 | | | | | | 9,583 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cloud services from Tencent Group*
|
| | | | 7,715 | | | | | | 11,402 | | |
On-line payment platform clearing services from Tencent Group*
|
| | | | 2,887 | | | | | | 2,355 | | |
Total | | | | | 10,602 | | | | | | 13,757 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
(Loss)/income from PRC entities
|
| | | | (40,300) | | | | | | 177,153 | | |
Loss from overseas entities
|
| | | | (1,550,012) | | | | | | (82,709) | | |
Total (loss)/income before income tax
|
| | | | (1,590,312) | | | | | | 94,444 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Current income tax expense
|
| | | | — | | | | | | 14,123 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
PRC statutory income tax rate
|
| | | | 25.00% | | | | | | 25.00% | | |
Tax rate difference from statutory rate in other jurisdictions(1)
|
| | | | (23.84)% | | | | | | 5.83% | | |
Permanent difference(2)
|
| | | | 0.46% | | | | | | (6.53)% | | |
Effect of preferential tax rates
|
| | | | (0.41)% | | | | | | (17.76)% | | |
Changes in valuation allowance
|
| | | | (7.72)% | | | | | | 10.57% | | |
Others
|
| | | | 6.51% | | | | | | (2.16)% | | |
Effective tax rate
|
| | | | — | | | | | | 14.95% | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Net operating loss carry-forwards
|
| | | | 70,985 | | | | | | 82,028 | | |
Deductible advertising expenses
|
| | | | 262,801 | | | | | | 262,797 | | |
Others
|
| | | | 1,062 | | | | | | — | | |
Total deferred tax assets
|
| | | | 334,848 | | | | | | 344,825 | | |
Less: valuation allowance
|
| | | | (334,848) | | | | | | (344,825) | | |
Total deferred tax assets, net of valuation allowance
|
| | | | — | | | | | | — | | |
| | |
As of December 31,
2021 |
| |
As of June 30,
2022 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Balance at beginning of the year/period
|
| | | | 250,032 | | | | | | 334,848 | | |
Additions
|
| | | | 84,816 | | | | | | 9,977 | | |
Balance at end of the year/period
|
| | | | 334,848 | | | | | | 344,825 | | |
| | |
Series A
Preferred Shares |
| |
Series B
Preferred Shares |
| |
Series C
Preferred Shares |
| |
Series D
Preferred Shares |
| |
Series E
Preferred Shares |
| |
Series F
Preferred Shares |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |||||||||||||||||||||
Balance as of January 1, 2021
|
| | | | 60,000,000 | | | | | | 36,177 | | | | | | 40,000,000 | | | | | | 67,976 | | | | | | 147,068,133 | | | | | | 478,565 | | | | | | 60,856,049 | | | | | | 380,782 | | | | | | 144,073,367 | | | | | | 1,845,033 | | | | | | 99,354,585 | | | | | | 2,882,063 | | | | | | 551,352,134 | | | | | | 5,690,596 | | |
Accretion on convertible
redeemable preferred shares to redemption value |
| | | | — | | | | | | 1,057 | | | | | | — | | | | | | 2,006 | | | | | | — | | | | | | 13,580 | | | | | | — | | | | | | 10,823 | | | | | | — | | | | | | 51,072 | | | | | | — | | | | | | 85,527 | | | | | | — | | | | | | 164,065 | | |
Conversion of Preferred Shares to
ordinary shares |
| | | | (60,000,000) | | | | | | (37,234) | | | | | | (40,000,000) | | | | | | (69,982) | | | | | | (147,068,133) | | | | | | (492,145) | | | | | | (60,856,049) | | | | | | (391,605) | | | | | | (144,073,367) | | | | | | (1,896,105) | | | | | | (99,354,585) | | | | | | (2,967,590) | | | | | | (551,352,134) | | | | | | (5,854,661) | | |
Balance as of June 30, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Number of
options |
| |
Weighted
average exercise price |
| |
Weighted
average remaining contractual life |
| |
Aggregate
intrinsic value |
| |
Weighted
average grant-date fair value |
| |||||||||||||||
| | | | | | | | |
US$
|
| |
In Years
|
| |
US$
|
| |
US$
|
| ||||||||||||
Outstanding as of January 1,
2021 |
| | | | 107,133,353 | | | | | | 1.16 | | | | | | 6.84 | | | | | | 226,639 | | | | | | 0.64 | | |
Granted
|
| | | | 32,701,729 | | | | | | 4.14 | | | | | | | | | | | | | | | | | | | | |
Forfeited
|
| | | | (2,463,934) | | | | | | 1.85 | | | | | | | | | | | | | | | | | | | | |
Outstanding as of June 30, 2021
|
| | | | 137,371,148 | | | | | | 1.85 | | | | | | 7.45 | | | | | | 2,468,589 | | | | | | 1.93 | | |
Outstanding as of January 1,
2022 |
| | | | 82,475,968 | | | | | | 2.71 | | | | | | 8.05 | | | | | | 1,214,916 | | | | | | 2.82 | | |
Granted
|
| | | | 8,424 | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Exercised
|
| | | | (6,812,174) | | | | | | 1.30 | | | | | | | | | | | | | | | | | | | | |
Forfeited
|
| | | | (1,113,600) | | | | | | 2.50 | | | | | | | | | | | | | | | | | | | | |
Outstanding as of June 30, 2022
|
| | | | 74,558,618 | | | | | | 2.84 | | | | | | 7.68 | | | | | | 767,897 | | | | | | 2.90 | | |
Vested and expected to vest as of June 30, 2022
|
| | | | 74,558,618 | | | | | | 2.84 | | | | | | 7.68 | | | | | | 767,897 | | | | | | 2.90 | | |
Exercisable as of June 30, 2022
|
| | | | 30,629,972 | | | | | | 2.12 | | | | | | 6.93 | | | | | | 337,665 | | | | | | 1.79 | | |
| | |
For the six months ended
June 30, 2021 |
|
Fair value of ordinary shares on the date of option grant
|
| |
6.78 – 18.09
|
|
Risk-free interest rate(1)
|
| |
1.7% – 2.0%
|
|
Expected term (in years)
|
| |
10
|
|
Expected dividend yield(2)
|
| |
0%
|
|
Expected volatility(3)
|
| |
58.8% – 59.8%
|
|
Expected early exercise multiple
|
| |
2.2× – 2.8×
|
|
| | |
Number of
RSUs |
| |
Weighted average
grant-date fair value |
| ||||||
| | | | | | | | |
US$
|
| |||
Outstanding as of January 1, 2022
|
| | | | 3,521,118 | | | | | | 19.05 | | |
Granted
|
| | | | 8,118,214 | | | | | | | | |
Vested
|
| | | | (257,420) | | | | | | | | |
Forfeited
|
| | | | (242,012) | | | | | | | | |
Outstanding as of June 30, 2022
|
| | | | 11,139,900 | | | | | | 12.81 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cost of revenues
|
| | | | 13,137 | | | | | | 16,113 | | |
Sales and marketing expenses
|
| | | | 26,922 | | | | | | 63,817 | | |
Research and development expenses
|
| | | | 58,633 | | | | | | 115,117 | | |
General and administrative expenses*
|
| | | | 1,610,559 | | | | | | 87,999 | | |
Total | | | | | 1,709,251 | | | | | | 283,046 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Numerator | | | | | | | | | | | | | |
Net (loss)/income
|
| | | | (1,590,312) | | | | | | 80,321 | | |
Accretion on convertible redeemable preferred shares to redemption
value |
| | | | (164,065) | | | | | | — | | |
Net (loss)/income attributable to ordinary shareholders
|
| | | | (1,754,377) | | | | | | 80,321 | | |
Denominator | | | | | | | | | | | | | |
Weighted average number of ordinary shares used in computing net
(loss)/income per share, basic |
| | | | 147,308,942 | | | | | | 869,427,036 | | |
Dilutive effect of share-based awards
|
| | | | — | | | | | | 48,057,023 | | |
Weighted average number of ordinary shares used in computing net (loss)/income per share, diluted
|
| | | | 147,308,942 | | | | | | 917,484,059 | | |
Net (loss)/income per share attributable to ordinary shareholders
|
| | | | | | | | | | | | |
– Basic
|
| | | | (11.91) | | | | | | 0.09 | | |
– Diluted
|
| | | | (11.91) | | | | | | 0.09 | | |
| | |
For the six months
ended June 30, 2021 |
| |||
| | |
RMB
|
| |||
Preferred shares
|
| | | | 502,881,617 | | |
Share options and RSUs
|
| | | | 94,100,191 | | |
Description
|
| |
Fair value
|
| |
Fair value measurement at reporting date using
|
| ||||||||||||||||||
|
Quoted prices in active
markets for identical assets (Level 1) |
| |
Significant other
observable inputs (Level 2) |
| |
Significant
unobservable inputs (Level 3) |
| |||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||
Short-term investments | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2021
|
| | | | 884,996 | | | | | | — | | | | | | 884,996 | | | | | | — | | |
As of June 30, 2022
|
| | | | 812,225 | | | | | | — | | | | | | 812,225 | | | | | | — | | |