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Missfresh Limited Reports Second Quarter 2021 Unaudited Financial Results

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BEIJING, Aug. 26, 2021 (GLOBE NEWSWIRE) — Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF), an innovator and leader in China’s neighborhood retail industry, today announced its unaudited financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Operational and Financial Highlights

  • Total net revenues reached RMB1,894.5 million (US$293.4 million) for the second quarter of 2021, representing a 40.7% increase from RMB1,346.0 million for the second quarter of 2020.
  • Total GMV reached RMB2,313.7 million (US$358.3 million) for the second quarter of 2021, representing a 35.4% increase from RMB1,708.4 million for the second quarter of 2020.
  • Total number of orders fulfilled reached 23.8 million for the second quarter of 2021, representing a 32.2% increase from 18.0 million for the second quarter of 2020.
  • Average price per order was RMB96.1 (US$14.9) for the second quarter of 2021, representing a 2.6% increase from RMB93.7 for the second quarter of 2020.

Mr. Zheng Xu, Founder, Chairman and Chief Executive Officer of the Company, commented, “We are very pleased to report solid operational and financial results for the second quarter, highlighted by 40.7% year-on-year revenue growth. Our results demonstrate the robustness and effective execution of our strategy, further cementing our leadership position in the industry. Our unwavering dedication to the neighborhood retail market, extensive industry know-how and cutting-edge technology enable us to lead digital transformation across neighborhood retail market segments in China, meeting the evolving needs of consumers, as we pursue our mission to help every family enjoy quality grocery at their fingertips.”

“During the quarter, we continued our efforts to enhance our customers’ shopping experience. As we strive to strengthen our supply chain capabilities, we remain focused on enriching our product choices while maintaining the highest standards for our fresh produce offerings,” continued Mr. Xu. “The neighborhood retail industry in China, which encompasses multiple business models to accommodate diverse consumer needs for fresh produce and fast-moving consumer goods (“FMCG”) shopping, has tremendous potential. Its growth is accelerating rapidly due to the wave of industry-wide digital transformation.”

“Our unique business matrix consisting of on-demand DMW retail, intelligent fresh markets and retail cloud service, along with our core capabilities built on supply chain enhancement, technology-driven forces and value chain empowerment, present an excellent value proposition in the neighborhood retail market. We believe this winning combination will drive even stronger, higher quality and more sustainable growth for Missfresh in the long run.”

Ms. Catherine Chen, Co-Chief Financial Officer of the Company, said, “With our strategic focus on sustainable growth, we have been constantly building upon our brand to attract new customers and retain repeat users. Our recent listing on the NASDAQ further reinforces our brand name recognition and influence in the industry. In addition, supported by our comprehensive Retail Artificial Intelligence Network system (“RAIN”), we are able to meet the needs of our customers with ensured quality of product offered on our platform and speedy shopping experiences. This quarter’s success will enable us to explore more strategic partnerships. Going forward, we will remain committed to expanding our supply chain capacity, strengthening brand equity and enhancing technological capabilities to maintain and improve the superior user experience we deliver to our growing user base.”

Business Highlights and Recent Development

On-demand DMW (Distributed Mini-warehouse) Business

  • As of June 30, 2021, the Company had operated 625 DMWs in 16 cities in China and the total covering areas of DMW had reached 208,283 square meters, representing an 11.0% year-over-year increase compared with the second quarter of 2020. The average delivery time per order was further shortened to 37 minutes in the second quarter of 2021, from 39 minutes in the first quarter of 2021.
  • The Company further enriched SKUs offered to customers, such as live seafood and flowers, on the back of Missfresh’s strong sourcing and logistics capabilities.

Intelligent Fresh Market Business

  • As of June 30, 2021, Missfresh had entered into contracts to operate 58 intelligent fresh markets in 15 cities in China and had started operation of 34 intelligent fresh markets in 11 cities in China.

Retail Cloud Service Business

  • Missfresh and Tencent recently held a strategic cooperation press conference on Retail Cloud business collaboration.

Second Quarter 2021 Unaudited Financial Results

Total net revenues reached RMB1,894.5 million (US$293.4 million) for the second quarter of 2021, representing an increase of 40.7% year-over-year from RMB1,346.0 million in the same period of 2020 and an increase of 23.8% quarter-over-quarter.

Sales of products through online platforms increased by 41.2% to RMB1,854.1 million (US$287.2 million) for the second quarter of 2021, from RMB1,313.4 million in the same period of 2020, primarily driven by the increase in number of orders fulfilled as a result of increased transacting users in the reporting period.

Other revenues reached RMB40.4 million (US$6.3 million) for the second quarter of 2021, representing an increase of 23.6% from RMB32.7 million in the same period of 2020, primarily due to an increase in sales of products through convenience go business.

Cost of revenues increased by 65.5% to RMB1,752.6 million (US$271.4 million) for the second quarter of 2021, from RMB1,059.1 million in the same period of 2020.

Gross profit was RMB141.9 million (US$22.0 million) for the second quarter of 2021, representing a decrease of 50.6% from RMB286.9 million in the same period of 2020.

Gross margin was 7.5% for the second quarter of 2021, compared to gross margin of 21.3% for the second quarter of 2020. The decrease was primarily attributable to the increase in discounts, coupons and incentives offered to customers.

Operating expenses were RMB1,635.5 million (US$253.3 million) for the second quarter of 2021, compared to RMB623.7 million in the same period of 2020, with detailed breakdown as below.

Fulfillment expenses were RMB541.0 million (US$83.8 million) for the second quarter of 2021, compared to RMB342.2 million in the same period of 2020, primarily attributable to the increase in number of orders fulfilled and the increase in product delivery, warehouse operations, quality control and customer service staff for further enhancement of the Company’s fulfillment capabilities. Fulfillment expenses as a percentage of net revenues was 28.6% in the second quarter of 2021, compared with 28.8% in the first quarter of 2021 and 25.4% in the second quarter of 2020.

Sales and marketing expenses were RMB304.7 million (US$47.2 million) for the second quarter of 2021, compared to RMB139.2 million in the same period of 2020, primarily due to the increase in advertising and marketing promotion expenses as the Company increased investment in targeted advertisements in residential neighborhoods to acquire new customers and retain existing customers, as well as the increase in share-based compensation recognized upon the completion of Missfresh’s initial public offering (“IPO”) in June 2021.

General and administrative expenses were RMB396.0 million (US$61.3 million) for the second quarter of 2021, compared to RMB58.7 million in the same period of 2020. The increase was mainly due to the increase in share-based compensation recognized upon the completion of the IPO in June 2021, and the increase in the number of management staff for new business initiatives.

Technology and content expenses were RMB393.8 million (US$61.0 million) for the second quarter of 2021, compared to RMB83.6 million in the same period of 2020. The increase was mainly attributable to the increase in share-based compensation recognized upon the completion of the IPO in June 2021.

Loss from operations was RMB1,493.7 million (US$231.3 million) for the second quarter of 2021, compared with a loss of RMB336.8 million in the same period of 2020.

Net loss was RMB1,433.2 million (US$222.0 million) for the second quarter of 2021, compared with RMB339.8 million in the same period of 2020.

Non-GAAP adjusted net loss1 was RMB888.9 million (US$137.7 million) for the second quarter of 2021, compared to adjusted net loss of RMB325.4 million in the same period of 2020.

Basic and diluted net loss per American depositary shares (“ADS”) were both RMB33.87 (US$5.25) for the second quarter of 2021, compared to basic and diluted net loss of RMB14.49 per ADS in the second quarter of 2020.

Non-GAAP basic and diluted net loss per ADS were both RMB18.84 (US$2.91) for the second quarter of 2021, compared to basic and diluted net loss of RMB10.08 per ADS in the second quarter of 2020.

Balance Sheets and Cash Flow

As of June 30, 2021, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3,427.3 million (US$530.8 million), compared with RMB1,041.5 million as of December 31, 2020. The increase was primarily due to net proceeds received from the Company’s IPO in June 2021.

In the second quarter of 2021, net cash used in operating activities was RMB698.0 million (US$108.1 million).

Appointment of Co-CFOs

The Company’s board of directors (the “Board”) has recently approved the appointment of Mr. Jun Wang and Ms. Xi (Catherine) Chen as co-chief financial officers of the Company.

Ms. Xi (Catherine) Chen joined the Company in January 2021 and has been the Company’s senior vice president. Prior to joining the Company, Ms. Chen served as chief financial officer of LIZHI INC. (Nasdaq: LIZI) from 2019 to 2020. Previously, Ms. Chen worked in Goldman Sachs Investment Banking Division from 2010 to 2019 and served as an executive director from 2016 to 2019. Before that, Ms. Chen worked in the London offices of the Investment Banking Division of Credit Suisse from 2009 to 2010. Ms. Chen received her bachelor’s degree and master’s degree from Tsinghua University.

Business Outlook

For the third quarter of 2021, the Company currently expects net revenues to be in the range of RMB2,020 million to RMB2,090 million, representing a year-over-year growth of approximately 40% to 45%, and gross margin to improve by 250 basis points to 350 basis points on a quarter-over-quarter basis.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call
  
The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on August 26, 2021 (9:00 AM Beijing/Hong Kong time on August 27, 2021). Details for the conference call are as follows:

Please access the link provided above complete the Direct Event online registration by at least 15 minutes prior to the scheduled call start time. Upon registration, each participant will receive a set of participant dial-in numbers, Direct Event passcode, a unique Registrant ID, and further detailed instructions, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.missfresh.cn.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until September 2, 2021, by dialing the following telephone numbers:

United States: +1-855-452-5696
International: +61-2-8199-0299
Hong Kong, China: 800-963-117
Mainland China: 400-632-2162
Replay Access Code: 8895626
   

About Missfresh Limited

Missfresh Limited is an innovator and leader in China’s neighborhood retail industry. The Company invented the Distributed Mini Warehouse (DMW) model to operate an integrated online-and-offline on-demand retail business focusing on offering fresh produce and fast-moving consumer goods (FMCGs). Through the “Missfresh” mobile application and Mini Program embedded in third-party social platforms, consumers can easily purchase quality groceries at their fingertips and have the finest products delivered to their doorstep in 37 minutes on average

Leveraging its core capabilities, Missfresh launched an intelligent fresh market business in the second half of 2020. This innovative business model is dedicated to standardizing and transforming fresh markets into smart fresh malls. Missfresh has also built up a full stack of proprietary technologies that empower a wide range of participants in the neighborhood retail business, such as supermarkets, fresh markets and local retailers, to jumpstart and efficiently operate their business in a digital way.

For more information, please visit: http://ir.missfresh.cn.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP net loss per share and non-GAAP net loss per ADS, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP loss from operations as loss from operations excluding share-based compensation. The company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation, change in fair value of options and embedded conversion feature, accretion of convertible redeemable preferred shares to redemption value, and accretion of convertible redeemable non-controlling preferred shares to redemption value. Non-GAAP basic net loss per share is calculated by dividing non-GAAP net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net loss per share is calculated by dividing non-GAAP net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method. Non-GAAP net loss per ADS is equal to non-GAAP net loss per share multiplied by three.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. Non-GAAP loss from operations, non-GAAP net loss, and non-GAAP net loss attributable to ordinary shareholders reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.4566 to US$1.00, the exchange rate on June 30, 2021 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends, which involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Missfresh Limited
Investor Relations
Tel: +86 (10) 5954-4422
Email: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

 
 
MISSFRESH LIMITED
 
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
 
(All amounts in thousands, except for share, per share data or otherwise noted)
 
    As of
    December 31,   June 30,
    2020    2021 
    RMB     RMB     US$  
                   
ASSETS                  
Current assets                  
Cash and cash equivalents   866,113     3,095,836     479,484  
Restricted cash   56,269     233,492     36,163  
Short-term investments   119,126     98,000     15,178  
Accounts receivable, net   41,403     42,410     6,568  
Inventories, net   173,688     190,639     29,526  
Prepayments and other current assets   192,824     241,920     37,469  
Total current assets   1,449,423     3,902,297     604,388  
Non-current assets            
Long-term investments   48,472     62,776     9,723  
Operating lease right-of-use assets, net   469,644     688,416     106,622  
Property and equipment, net   143,864     194,997     30,201  
Intangible assets, net   7,208     6,529     1,011  
Other non-current assets   44,151     45,430     7,036  
Total non-current assets   713,339     998,148     154,593  
Total assets   2,162,762     4,900,445     758,981  
             
LIABILITIES            
Current liabilities            
Short-term borrowings and convertible note   1,078,878     991,602     153,580  
Accounts payable   1,088,431     1,353,672     209,657  
Deferred revenue   119,214     120,558     18,672  
Accrued expenses and other current liabilities   347,468     363,295     56,267  
Operating lease liabilities, current   252,740     322,444     49,940  
Options and embedded conversion feature   11,117          
Total current liabilities   2,897,848     3,151,571     488,116  
Non-current liabilities            
Operating lease liabilities, non-current   171,433     305,273     47,281  
Total non-current liabilities   171,433     305,273     47,281  
Total liabilities   3,069,281     3,456,844     535,397  
             
Mezzanine equity   8,529,146          
             
SHAREHOLDERS’ DEFICIT            
Class A Ordinary shares (US $0.0001 par value;                   
 75,555,520 and 200,000,000 shares authorized as
 of December 31, 2020 and June 30, 2021;
 75,555,520 and 86,383,174 shares issued and
 outstanding as of December 31, 2020 and June 30,
 2021)
  52     59     9  
Class B Ordinary shares (US$ 0.0001 par value,                   
 476,660,736 and 4,700,000,000 shares authorized
 as of December 31, 2020 and June 30, 2021;
 9,527,219 and 619,971,303 shares issued and
 outstanding as of December 31, 2020 and June 30,
 2021)
  6     385     60  
Additional paid-in capital       13,218,281     2,047,251  
Accumulated deficit   (9,387,528 )   (11,727,146 )   (1,816,304 )
Accumulated other comprehensive loss   (48,195 )   (52,934 )   (8,198 )
Total Missfresh Limited Shareholders’ (deficit)/equity   (9,435,665 )   1,438,645     222,818  
Non-controlling interest       4,956     766  
Total Shareholders’ (deficit)/equity   (9,435,665 )   1,443,601     223,584  
Total Liabilities, Mezzanine equity and                   
Shareholders’ (deficit)/equity   2,162,762     4,900,445     758,981  
                   
MISSFRESH LIMITED
 
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(All amounts in thousands, except for share, per share data or otherwise noted)
         
    For the three months ended
  For the six months ended
    June 30,
  June 30,   June 30,
  June 30,
    2020   2021   2020
  2021
    RMB   RMB   US     RMB   RMB   US$
Net revenues                                    
Sales of products through online platforms   1,313,386     1,854,120     287,167     2,981,681     3,346,900     518,369  
Other revenues   32,662     40,360     6,251     54,182     77,807     12,051  
Total net revenues   1,346,048     1,894,480     293,418     3,035,863     3,424,707     530,420  
Cost of revenues   (1,059,125 )   (1,752,626 )   (271,447 )   (2,238,132 )   (3,093,875 )   (479,180 )
Fulfillment expenses(1)   (342,202 )   (540,990 )   (83,789 )   (757,377 )   (981,214 )   (151,971 )
Sales and marketing expenses(1)   (139,150 )   (304,700 )   (47,192 )   (237,806 )   (472,315 )   (73,152 )
General and administrative expenses(1)   (58,736 )   (396,012 )   (61,334 )   (140,569 )   (482,865 )   (74,786 )
Technology and content(1)   (83,586 )   (393,829 )   (60,996 )   (185,747 )   (488,623 )   (75,678 )
Total cost and operating expenses   (1,682,799 )   (3,388,157 )   (524,758 )   (3,559,631 )   (5,518,892 )   (854,767 )
Loss from operations   (336,751 )   (1,493,677 )   (231,340 )   (523,768 )   (2,094,185 )   (324,347 )
Other income/(expense), net   121     6,193     959     (5,474 )   3,421     530  
Change in fair value of options and                                    
embedded conversion feature       69,094     10,701         79,386     12,295  
Interest expense, net   (2,993 )   (14,649 )   (2,269 )   (4,851 )   (31,807 )   (4,926 )
Share of results of equity investees   (194 )   (195 )   (30 )   (389 )   (396 )   (61 )
Loss before income tax expenses   (339,817 )   (1,433,234 )   (221,979 )   (534,482 )   (2,043,581 )   (316,509 )
Income tax expenses       (15 )   (2 )       (17 )   (3 )
Net loss   (339,817 )   (1,433,249 )   (221,981 )   (534,482 )   (2,043,598 )   (316,512 )
Net loss attributable to non-controlling                                    
interests shareholders       (390 )   (60 )       (457 )   (71 )
Net loss attributable to Missfresh Limited   (339,817 )   (1,433,639 )   (222,041 )   (534,482 )   (2,044,055 )   (316,583 )
Accretion of convertible redeemable                                    
preferred shares to redemption value   (126,094 )   (162,467 )   (25,163 )   (247,402 )   (313,680 )   (48,583 )
Accretion of convertible redeemable                                    
non-controlling preferred shares to
redemption value
  (1,742 )   (1,724 )   (267 )   (1,742 )   (4,296 )   (665 )
Net loss attributable to ordinary                                    
shareholders of Missfresh Limited   (467,653 )   (1,597,830 )   (247,471 )   (783,626 )   (2,362,031 )   (365,831 )
Shares used in calculating loss per share:                                    
Weighted average number of ordinary shares:                                    
Basic and diluted   96,894,953     141,586,134     141,586,134     96,594,435     124,884,733     124,884,733  
Net loss per share attributable to ordinary                                    
shareholders of Missfresh Limited                                    
Net loss per share-Basic and diluted   (4.83 )   (11.29 )   (1.75 )   (8.11 )   (18.91 )   (2.93 )
Net loss per ADS2 attributable to ordinary                                     
shareholders of Missfresh Limited                                    
Net loss per ADS-Basic and diluted   (14.49 )   (33.87 )   (5.25 )   (24.33 )   (56.73 )   (8.79 )
                                     
    For the three months ended   For the six months ended
    June 30,   June 30,   June 30,   June 30,
    2020   2021   2020   2021
    RMB   RMB   US   RMB   RMB   US$
(1)   Includes share-based compensation                         
 expenses included are as follows                        
Fulfillment expenses     7,010   1,086     7,010   1,086
Sales and marketing expenses     46,500   7,202     46,500   7,202
Technology and content   10,966   295,015   45,692   24,189   303,898   47,068
General and administrative expenses   3,425   264,913   41,030   9,110   267,973   41,504
Total   14,391   613,438   95,010   33,299   625,381   96,860
                         
MISSFRESH LIMITED
 
UNAUDITED RECONCILIATION of GAAP and NON-GAAP RESULTS
 
(All amounts in thousands, except for share, per share data or otherwise noted)
         
    For the three months ended   For the six months ended
    June 30,   June 30,   June 30,   June 30,
    2020    2021   2020    2021 
    RMB   RMB   US   RMB   RMB   US$
                         
Loss from operations   (336,751 )   (1,493,677 )   (231,340 )   (523,768 )   (2,094,185 )   (324,347 )
Add: Share-based compensation expenses   14,391     613,438     95,010     33,299     625,381     96,860  
Non-GAAP Loss from operations   (322,360 )   (880,239 )   (136,330 )   (490,469 )   (1,468,804 )   (227,487 )
                         
Net Loss   (339,817 )   (1,433,249 )   (221,981 )   (534,482 )   (2,043,598 )   (316,512 )
Add: Share-based compensation expenses   14,391     613,438     95,010     33,299     625,381     96,860  
Less: Change in fair value of options and                                    
  embedded conversion feature       (69,094 )   (10,701 )       (79,386 )   (12,295 )
Non-GAAP net loss   (325,426 )   (888,905 )   (137,672 )   (501,183 )   (1,497,603 )   (231,947 )
                         
Net loss attributable to ordinary shareholders                                    
of Missfresh Limited   (467,653 )   (1,597,830 )   (247,471 )   (783,626 )   (2,362,031 )   (365,831 )
Add: Share-based compensation expenses   14,391     613,438     95,010     33,299     625,381     96,860  
Less: Change in fair value of options and                                    
embedded conversion feature       (69,094 )   (10,701 )       (79,386 )   (12,295 )
Add: Accretion of convertible redeemable                                    
preferred shares to redemption value   126,094     162,467     25,163     247,402     313,680     48,583  
Add: Accretion of convertible redeemable                                    
non-controlling preferred shares to
redemption value
  1,742     1,724     267     1,742     4,296     665  
Non-GAAP net loss attributable to ordinary                                    
shareholders of Missfresh Limited   (325,426 )   (889,295 )   (137,732 )   (501,183 )   (1,498,060 )   (232,018 )
                         
Shares used in calculating loss per share:                        
Weighted average number of ordinary shares:                        
Basic and diluted   96,894,953     141,586,134     141,586,134     96,594,435     124,884,733     124,884,733  
Non-GAAP net loss per share attributable to ordinary                        
shareholders of Missfresh Limited                        
Non-GAAP net loss per share-Basic and diluted   (3.36 )   (6.28 )   (0.97 )   (5.19 )   (12.00 )   (1.86 )
Non-GAAP net loss per ADS attributable to ordinary                        
shareholders of Missfresh Limited                        
Non-GAAP net loss per ADS-Basic and diluted   (10.08 )   (18.84 )   (2.91 )   (15.57 )   (36.00 )   (5.58 )
                         
MISSFRESH LIMITED
 
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(All amounts in thousands, except for share, per share data or otherwise noted)
 
    For the three months ended   For the six months ended
    June 30,   June 30,   June 30,   June 30,
    2020   2021   2020   2021
    RMB   RMB   US   RMB   RMB   US$
Net Cash used in Operating Activities   (518,993 )   (698,021 )   (108,110 )   (745,622 )   (1,287,568 )   (199,419 )
Net Cash provided by/ (used in) Investing Activities   78,358     (79,587 )   (12,326 )   (48,946 )   (67,237 )   (10,414 )
Net Cash provided by Financing Activities   969,733     2,179,187     337,513     1,480,683     3,768,944     583,735  
Effects of exchange rate changes on cash, cash equivalents and restricted cash   (697 )   (32,971 )   (5,107 )   5,557     (7,193 )   (1,114 )
Net increase in cash, cash equivalents and                                    
restricted cash   528,401     1,368,608     211,970     691,672     2,406,946     372,788  
                                     
Cash, cash equivalents and restricted cash                                    
at beginning of the period   724,369     1,960,720     303,677     561,098     922,382     142,859  
                                     
Cash, cash equivalents and restricted cash                                    
at end of the period   1,252,770     3,329,328     515,647     1,252,770     3,329,328     515,647  
                                     

_______________
1 Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses and changes in fair value of options and embedded conversion feature.
2 Each ADS represents three Class B ordinary shares. 

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Artificial Intelligence

Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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