DADA - Earnings call transcript Q2 2024

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Operator

Good morning, ladies and gentlemen, and thank you for standing by, for Dada's Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded.

I will now turn the meeting over to your host for today's call, Ms. Caroline Dong, Head of Investor Relations for Dada. Caroline. proceed, Please

Caroline Dong

Hello, second operator. thank for you Thank XXXX everyone, earnings our quarter conference joining you, and call.

operations, will On the Jun about financials. Mao Henry the be questions available session. have we and to our He talk answer will call today Mao, from CFO. Dada, company the highlights during your Mr. Q&A Mr.

in release to Before contain forward-looking call our we today's our safe which this that latest conference applies begin, press I'd call. you like the harbor website, IR statement Please on to refer earnings remind to statements.

certain Also, our financial during this contains measures call, we release, measures. press comparable Please will a to discuss refer the of non-GAAP non-GAAP to also which reconciliation measures. earnings GAAP

mentioned Finally, please during in call note RMB. are that conference unless figures all this otherwise stated,

my pleasure introduce to ahead. Mr. our go please Mao. is It now Henry, CFO,

Henry Jun Mao

thank joining of Thank all XXXX, you, delivered In quarter high-quality we you Caroline, results. the second and for us.

the transacting penetration For recorded of JD the continue monthly among year-on-year both JD Meanwhile, over to Now, orders NOW users JD JD in quarter. sequentially. XXX% users App growth the increase through and

exceeded For overall year-on-year. narrowed local Dada platform, year delivery growth Driven the the second net in NOW, sequentially first efficiency, the of by on-demand in the our operational improvement half margin in revenue non-GAAP our XX% loss quarter.

review X.X Specifically, year. from Dada continued Group's of NOW year-on-year adjustments The billion. RMB was beginning second revenues change due the in were total this business the and net the quarter of mainly to the starting JD

increased NOW to the of billion, by business. billion. Dada penetration increased year-on-year from XXX year, driven from the half existing the new JD Net of in RMB to In NOW revenues revenues of first by X.X customers in partners KA by year-on-year revenues were and the Dada our of increased continuous RMB XX% net the million expansion mainly Net NOW RMB X.X quarter. XX%

sequentially gradually which million, in quarter strategic X.X XX This RMB net the businesses, quarter ratio Non-GAAP million. was to in fruit. second loss improving net was sequentially is by mainly bearing was points. second XXX percentage X.X%, core narrowing by Non-GAAP our on the loss due RMB refocusing

highlights Now NOW Starting NOW. for brand May an the in XXXX, update in Dada platforms: the NOW and operating further After JD brand JD through let's image. X July with advantage we brand the enhance our announced our JD of go NOW. effort to in first officially

delivery Olympic and by and NOW merchandise Xiang, Champion its industry-leading of deepen quality witnessed instant showcased As delivery. hurdler, JD speed brand image Liu its

brand Olympic with experience users conducted Paris During Games, we by echoing enthusiasm, sharing as delivery promotion shopping minutes. the fast as XXXX series athletes campaigns, on a X users with on-demand Olympic providing the watching of and game marketing and shopping

celebration orders waiving gold providing a metal, launched channel and a snacks rich For XXXX of beverage. of nighttime China audience every time in randomly free for and the bill with late feed selections selected instance, we charge offering campaign, claimed a night

on driving how users the resonated as focused as JD on-demand retail. market needs share on supply quarter, these growth our with see diverse have to for customers. pleased serve we better user In are We enriching the second increasing to well App, remain continuously efforts well

on-demand in to coverage expanded batch with we of right more XX NOW May new delivering retail nationwide, of launched on our penetration accelerated of users the enabling service JD the NOW to than We JD users. a home NOW the to and more page side, the the section and merchants On gain among NOW following central the months, of in the expanded for demand JD we exposure. geographic NOW reach X incremental JD JD their on nationwide XXXX, more products JD the operations in members Earlier App the coverage JD section section App in services further August, JD cities area doorsteps. the JD first convenient PLUS

to Meanwhile, on-demand price with of exclusive engage NOW to NOW compared retail them XX% members we -- of for the benefits mindshare. daily who JD March discounts and PLUS June service increased on experience average introduced the 'XX. JD the convenient PLUS JD such In gain placed as their by number JD members as XXXX, orders

took On initiatives comprehensively side, supply our on we forefront supply the to enhance capability.

our coverage, convenience and in offering store categories expand of continue In consumer existing stores such terms product as we electronics. to

largest stores store X,XXX In of count, cooperation stores launched with convenience in store board. X,XXX internationally we convenience such in quarter, over China terms in its stores category, of And convenience during Lawson. JD renowned as on NOW operator brand Meiyijia, store over deepened this the July, with

In consumer launch accessories in progress essential electronics we addition, the support meet to NOW in the immediate users' JD the needs. category, further made of section, better to

such in with in renowned [ brand ], a as accessories For UGREEN, a and and brand smartphone partners, partnerships as accessory instance, brand leading tablet deepened China new Python digital such initiated leading we China. cooperation existing with

users' the value-for-money than category of continue XX,XXX stores JD enhance by competitiveness, our In During of perceptions offerings. increased transacting the sequentially. more to efforts price to we quarter, number in NOW's electronics capabilities and boost consumer reinforce

more the X-day purchased as users X value-for-money the X the was launched rate app. RMB purchase our than section NOW the landing products page who inception JD points higher that May, we JD repeat million for priced of XX of the products entire of top consumers percentage In X. offering this NOW from low tab, RMB items as May, ] than [ brand In on of

flagship the offered supermarket fresh in category, tap June, of launched curated SKUs featuring and In categories treasures in inventory, ] the terms such reliable store in by [ as product supermarkets. we the leading of produce

for will differentiated explore tap to the product treasures continue and [ Going ] opportunities more like supermarkets, forward, of store we with the highlight offerings.

over and improve product by product In results attractiveness. other and the useful points. X we results increased rate information side, by added product main percentage divisions click-through the and search the percentage product information to discounts and the conversion points, point over the rate content we enrich images, of X which On promotional continue May, to search selling

On with the on-demand we JD In guarantee to of of the extra delivered continuous delivery fulfilled the for showcasing average we experience. delivery automatically JD by than estimated is our speed. Dada users which order In than the customers time, on orders when launched NOW's threshold coupon App, minutes improve improvement in the the more later fulfillment XX the shortened fulfillment delivery XX% compensate time confidence our no second the continue May, the service side, on-time year-on-year. quarter, service NOW by

service or apparel in joined In consumers menswear on size orders if enabling take Highland [ the of retail enjoy industry, other addition, long-chain shipping hands demand and brand returned May, find to in we after free provided brands they with fitting. and Home style lead to free try-on by unsatisfactory the ]

brand more of the XX%. Following the launch the service, increased the of by rate than related conversion

to implement comprehensive continue to NOW above-mentioned of the we growth. measures, accelerated JD penetration the increase among mindshare While continue with JD users

resulting supply accelerated volume to Our growth. improve, continued order quality store density and in

the up increased points year-on-year, the XX% purchase over our percentage App impact of excluding by adjustments. daily of stickiness, XX quarter, XX% over the second launch through repeat increased App driving over the of the the JD homepage, of center daily by JD visitors adjustments. quarter, year-on-year, average NOW the increase to average of by JD the rate the the And XXX% while of over paying users year-on-year the With in section business during impact at App user channel users year-on-year, business was through terms unique user JD our this in XX-day rate conversion core excluding

section launched XX% June. the in of May and users the NOW Specifically, purchase exceeded repeat JD XX-day rate of newly in

In impact over June, channel JD high-frequency from the purchase with users business of excluding improvement rate. to accelerated overall and April number through month the XXX% to adjustments contributing by the the repeat year-on-year, App month, in increased of

improve by by per in In the demonstrated a quarter, XX% or year-on-year. in user second continue to addition, over CPO decrease satisfaction cost order we

The our By XX% number to operating stores side, during end continue June, we year-on-year. over transacting the supply of increased year-on-year. increased average of On stores expand XX% daily quarter the of by by nearly offering. the number

of through increased continuous of that quarter, the of points year end attractively user increased Driven QX. JD priced points XX specific store competitive the a to more nearly of stronger base a channel X XXX% bringing of by year-on-year priced as the by use orders the online well from percentage products highly SKUs number million. and in as of in of faster than At XXX App June, the total proportion earlier, growth mindshare the supply, the the enhancement percentage second over than number

JD order online reached quarter. during the day peak The new volume of a NOW high

this average our Excluding business paid increased over daily order year-on-year NOW's the volume impact in by quarter. of JD adjustment, XX%

update like of NOW to the KAs. delivery leading increase maintained give in continued growth Dada categories. long-haul demand quarter, across a I'd and In platform Dada to rapid by penetration second various centers average and merchants Next, industries individual open driven an the the you restaurants NOW, product on and

by second to revenues gross billion merchants orders directly centers number Net for in of of added NOW Dada we and the number delivered by earnings RMB release merchants XX% NOW NOW orders X.X JD billings quarter. business. year-on-year disclosure increased earlier, fulfilled include our delivered the delivery Dada on-demand distributed and NOW. Dada The of from of orders orders by through the individual The on and placed

delivered and rose We in this The on-demand representative grew measure to X charges XX% Gross business quarter by scale peers. year-on-year delivery the service to to RMB orders our our orders the of year-on-year is of second amount XXX of billings billings tax. comparable that more of XX% and for NOW to believe gross by more million the Dada services, net billion. NOW refer of value-added of gross Dada number above-mention

of year-on-year net of the the RMB number the to was to increased Dada the XX% to gross billings up of billion, Dada year-on-year well customers of as existing X.X customers. XX% billion, billion. X.X and In year-over-year NOW as The were XX% the of delivered up KA increased first by penetration in due Dada half expansion revenues NOW mainly orders X.X by continued from year, new half to NOW first RMB

second than restaurant or in quarter, year-on-year revenues number to chain which which the XX% more growth of a new beverage net as KA merchants by nearly the of XX% stores, Our nearly revenue KAs year-over-year. significant and in saw of grew doubled overall an of growth business

we of terms with such KAs, beverage In deepened CHAGEE. and as brands Luckin Coffee cooperation our

number our concludes operational KAs, such orders platforms. increase as the updates China, penetration subcategory. and to than the doubling Yum we This continue restaurant top more fulfilled for For the of X of of customers, revenues

enhancement share continuous further consumer The quarter, the supply in a user Meanwhile, Dada high-quality NOW of committed during JD Overall, KAs. we strategy. record resulted to to from remain the interest and beverage gains engagement JD the growth saw restaurants of market NOW increased the revenue experience our momentum, strong growth as of and and and growth App. of penetration order

development. focus user the continue our increase retail the efforts last and we to board, will on forward, Going on-demand delivery on-demand on-demand across is high-quality the our mindshare of strengthened platforms. business It and and synergies to between retail has the experience third the

that, the over the With will go quarter. financials now I for

be going a Before And I'm comparisons figures otherwise year-over-year way our as the the evaluate a to to our give housekeeping noted. performance. few believe a RMB, and are just we We result, useful in are go change will year-over-year numbers, basis most all over that on percentage items.

financials please net the to reflect our better [ of quarter presentation addition, presentation. conform revenues this current with recast the business our period of retrospectively period that lines prior to changed In we ] note to disaggregation

namely from revenues, revenues from And X revenues revenues. revenues services Net others. also namely Dada line and items, includes JD marketing and commission services last-mile fulfillment include X NOW revenue, online revenues advertising line services items, NOW and services delivery fee delivery intra-city other net and

XXXX. in decrease marketing Net quarter revenues JD of result a revenues in billion. mainly rollout NOW revenue advertising to services services and was in delivery our million, The and full second from waiver program a for CNY the total February other of CNY exceeding was fee X.X orders online as revenues since RMB due XXX decrease and a fulfillment the net XX

XX% order X.X chain intra-city NOW in increase Dada to increased billion, driven to from by by delivery mainly CNY provided an volume services various of revenues merchants. Net

XXXX, of NOW X.X by half net increased the to For from Dada CNY first billion. revenues XX%

services respectively. Specifically, revenues delivery the and revenues intra-city and last-mile of XXXX, from XX% XX% services first from half increased delivery in by

of a quarter were volume side. to merchants, result as and rider to in services services cost expense intra-city costs. the support increased delivery and by was X.X order online offset billion. cost second of in due increase CNY decrease increase a Operations to primarily provided over costs Moving the marketing chain and an partially in advertising various This

amortization XXXX. expenses expenses decreased NOW primarily of and on us decreased due a General by in million marketing in decreased CNY initiated and intangible decreased NOW the to and mainly attributable acquisition to JD a Selling million, of result platform. decrease activities of XX development arising to assets and to administrative decrease costs. expenses $XXX research the promotion Research CNY in million, a a development to as personnel JD XX from

XX.X% million, [ was loss X.X net Non-GAAP margin CNY X.X% was XXX (sic) sequentially narrowing by points. non-GAAP net ], percentage loss and

XX short-term in pursuant USD XX, had share USD ADSs of repurchase X.X March cash investments. and of billion million X.X CNY program with had cash announced XXXX, we we XXXX, XX, approximately June repurchased June free XXXX. our cash, And equivalents, million to of in as As

This are we ready remarks. begin to prepared Q&A Thank concludes my you. now Operator, session. the

Operator

the Instructions] Chong [Operator first with from line question Our Thomas Jefferies. of is

Thomas Chong

management the the half? in management business My and my about comment trend can the about first update we How about quarters? should sentiment. of trend And second second over competitive landscape. for think consumer And is months? question NOW it in couple JD the about question next Dada NOW about is Can recent

Henry Jun Mao

for Thank you, your Thomas, question.

on overall willingness JD for we shared trend. focus on our of As calls NOW, the we consumption and previous

overall growth and of in willingness quarter, the base, year's physical to online increased year-on-year in year-on-year high On X.X%, continuous grew of goods X.X% stable and to by sales second the the last front, spend. July consumer on the rate willingness reflecting slightly and confidence the recovery

In demand terms trends, continue various consumption observe or growing convenience of we across consumer categories. to

are to increasingly we across on-demand high-quality categories wide platform, range selection. provide retail a with consumers an expanding As supply of an rich actively

of On experience retail the social will quality reinforce that Therefore, and fulfillment to the firmly mindset the other speed. retail on-demand optimize the believe overall of rate hand, we we continuously continue and penetration increase. and

market And on to rapid embrace as as we side upgrade big side, started and experience ride the of lie edges JD.com and in you in user to NOW the that drive base within of this App our on retail GMV JD.com ecosystem We industry we of the the with the maintained industry since beginning the us share the fully when and know, user growth may believe on-demand year, richness JD JD our competitive channel. demand offerings driving with a supply integration growth. as the the increase on the has

On customers. across rich local supply wide and of chain supermarkets, extensive merchants authorized trust our foundation stores, continuously the as a categories cooperation with partnership ensures range of platform, on a with expanded continuously high-quality gaining side, brand retaining merchants cetera. et stores, such we've all attracting supply products is the of of which the With convenience

quarterly room our mid-single-digit further only overall users. JD's a for user ample percentage of among users base, side, currently demand the JD.com on leaving paying for penetration And account

improvement have of which and retail are we that and delivery users quality inherently well. more believe fits as user on-demand on-demand the continuous remain among retail users our efficient converting purpose in profile JD.com in more users long-term of JD.com clear rate demanded terms of Given as the confident shopping We penetration product that JD.com as users. into speed,

on-demand are I delivery of outperformed see and the continuously in delivery meaning that growth the and major significantly of don't half I third-party know, but can share. on-demand -- now first platforms, for we market in gaining XXXX industry And volume think revenue order terms you the

network delivery in growth of in above-industry has and coverage confidence rate long NOW in giving us maintaining significantly costs, Dada the run. advantaged terms

already counties X.X In the and millions. cumulative terms tens approaching the annual with covered number network and of riders an active the than of coverage has more X,XXX of registered count cities and million rider

low-tier So cities. this high-tier and both capacity ensures sufficient in delivery

like-for-like cost, average delivery as delivery of for lower per cost order the model, that is other terms delivery than on of on-demand in NOW major a cloud-sourced And basis. the platforms Dada delivery third-party to the

users the been industry. the always on-demand instant has NOW of to in quality committed and on-demand to JD retail order shopping retail And delivery meet merchandise providing of with experience development

I comprehensive we and the earlier, year, established of partnership as a strategy so have the adjustment So mentioned with at have user JD.com. with we the a deepening beginning and of focusing on embracing business, review fully of strategic JD.com ecosystem experience, our further

the of with the we among been waiver vast end, program measures such experience NOW. year, for aim half optimizing the the further and this supply mindshare the upgrade JD To base user brand and penetration enriching have fee user accelerating as the through first of series brand delivery JD.com's and and influence enhancing a user the of

operational orders on In points transacting this as trend percentage App a our monthly we introduced XX basis, through by average over year-over-year XXX% QX strong grew on JD a in core from quarter, of improvements 'XX. see and over accelerating by metrics, users the

term, on-demand long which investing committed firmly room its So in our there the rate stage industry and is still penetration that is believe with in in early of are development increase we for the to huge significant we upside, business. to retail

first the X and share made particular, our progress over improve increasing profitability, XX industry for growth percentage we growth. significantly significant in Dada the in And half years, revenue year-on-year market outpaced of continued for have the over NOW, past

are for in of and process So the NOW, upgrade. -- Dada currently we brand

strengthen service a Dada brand will renamed NOW, NOW delivery as high-speed, as be NOW, our So to provider. image Dada capitalized high-quality

Operator

Yap is Citigroup. of line Alicia the from next Our question with

Alicis a Yap

So pattern consumption versus in Two non-FMCG us is demand, seen the category cutback terms the your management of can NOW One have you for order JD questions FMCG category? the the user whether on how here. with category. share

different macro the rate given for pressure there are the wondering, any situation. across take categories, the Just

second -- The question follow-up.

you more So a thank quarter. this disclosure giving for starting lot

So segments NOW. each the us besides the also Dada management gross just for revenue, the for can the trend wondering remind if of profit

For example, customer, last-mile of customer. key the the the in SME terms

wondering bigger any macro that headwind. and So see you if segments segments of the provide the if you a can of actually have some

Henry Jun Mao

you, Thank questions. Alicia, for your

I the channels. company on and while of the in our and terminating streamlining add adjustments, channels businesses some the concentrating has So to beginning proactively core this from business just want operations undergone that the inefficient starting year,

we for in the nonetheless, in revenue So consequently, overall will challenges run. growth of high-growth, high-quality sustainable pave GMV JD way adjustments the NOW faced long the terms has term, that in short these growth and anticipate

Well, the the volume we of are users channel. the encouraged to growth and App see all JD rapid on

to question, Within established of of Compared consumers. stores your stores a this to our brand models So we mature and experience years is to convenience categories, the of supermarket stable. have minds noticed consumers. we've in with club other the growing appeal like retail more category the category, supermarket among and category, firmly warehouse

actively collaborations models are So this with fulfill thinking in consumer we response, need. to

For to in top July. category, for stores example, store X,XXX extend more than supply continue quarter the for Lawson deepen orders Meiyijia our more in we in brands stores The bringing the also NOW. XX,XXX than improvement to convenience and with in and cooperation incremental second JD led

on-demand have mindshare. growth these in categories rate non-supermarket in largely rate to This continued the has rising than evolving seen supermarkets and year. higher years, trend consumer this retail sectors And into due recent consistently penetration a

famed thanks which expansion supply second resonated and series registered marketing flowers our well of consumers. campaigns, rapid For quarter, the beverages growth such to with during as efforts emerging categories our and festival instance, a

channels, all So for in potential future demand consumers retail merchants that convenience prioritize category on the JD we for holds growth across and increasingly as are that value significant confident NOW. every categories

development this UE still for is terms question in NOW, your of KA to of the And ] business Dada Dada of trend year. NOW, focus the business [ regarding

improvement. meet for of and market profitability top the share. the high-caliber we our of for fulfillment and industry KA both So we the business, business, and to monitor its our closely needs the industry customers and growth with line services peers the SME will our will development And increase KA

your performance -- in restaurants categories. other delivery and resilient. growing service and across The demand Dada I question. fast NOW's hope has remains supermarkets that been answers on-demand beverage,

Operator

of CICC. next question Li the with comes Jiulu Our from line

Jiulu Li

I think questions I have here. two

is The about one guidance. first financial

the JD? we developments a are relatively of one perspective, or what target may higher share understand Do some financial and new to or here. our As can quantify a From the face our we like NOW color see, users? short-term, pressure cooperation how Dada by JD second has have is guidance in with addition, financial XX% long goals mid-term more In growth cost ideas some revenue growth that about term, cooperation to long-term aim about even business? growth this? NOW we in and and still like your we the penetrate JD And

noticed about And strategy? any we about change And change, management the are can the this also we survey it? management company's month, share change to there more

Henry Jun Mao

question. Thank you, for your Jiulu,

So we have results the ecosystem and term, in more short App JD.com this partially posed where regarding the with growth of JD as growth on plan, think emission but and review GMV have mentioned the earlier, impact repeatedly focus of the volume JD the offset I revenue with we which a embracing our year, think, and challenge from of base order business adjustment, seen some like on outlook business streamlining. I starting and business has the the has through user NOW's fruitful

affected for flat a our App from was advertising monetization NOW of primarily basis. rate. the year-over-year adjustment, JD business this a focus second And year-over-year the for -- generated largely revenue experiencing the for especially GMV the shift the So JDDJ our growth quarter, impact channel over previously. temporarily channel also, also App Advertising of JD excluding so XX%, from on was GMV independent

JD since App we strategically converting ] of the However, channel. the year, beginning have been [ the to

of shown as continuous App advertising has a JDDJ independent GMV and decline attracting traffic a of So the result monetization.

GMV the the hand, On have and significantly JD the channel increased. the App traffic in although other

the merchant products refinement at in location-based on focusing education. and still so which JD App within further are mindshare the user for penetration, improvement solutions sophistication We same is and time, and advertising, room require technology, channel, calculating marketing the of there

potential on-demand our believe in business the fully healthier long monetization in confident pave growth. the the and JD we App will a run, the long-term However, adjustments sustainable within advertising for retail that business channel are way of structure following

And beverage and Dada revenue in in share order the of strong momentum continuously rate NOW, achieved and network volume growth on-demand industry maintaining for the run. delivery case, the has long cost Dada restaurants industry. thanks significant NOW us advantages of market delivery and the in our confidence to gives rapid our gaining terms growth in above coverage

overall, with volume users long currently, their So mindshare of enhancing order advertising monetization management the business. focus users think the revenue are better penetrating along on-demand JD to of purchase will In a improvement I the prioritizing user and of commission GMV and growth and retail. on run, growth and order volume more the contribute repeat in

front our our profitability competitive the the advantages. bottom achieving line And term. in in potential optimistic and about is We confidence on remain long industry's the breakeven and

our embrace and categories covering minutes. fully JD.com, digital it convenience And JD XX on-demand tea, across focuses delivery fresh X on a to ecosystem, high-frequency growth. offering on continue essential of we as accelerating new as consumers produce section page shopping fast May, quarter, all and initially penetration emergency products as this markets stores, NOW categories the with cities, home and such launched of and the cooperation with with App, coffee options user JD In milk JD was speaking mindshare

section and JD app. which rate JD JD.com NOW that repurchase through XX%, exceeded the the of NOW app, approached June, is through section of NOW the XX-day XX% users users the In of higher of of paying users in overall JD had the than daily also the JD.com users the average

penetration of achieved section it that as sign think retail initial section cultivating users terms JD JD the has yesterday, habits. And JD.com consumer geographical expanded in their nationwide, of of of we more providing user service. NOW a to on-demand with we further results is So and coverage NOW

the entry about of launched various Next JD the in the at continuous rates conversion as increase well to exposure CTR newly by as NOW section points. and brought optimization

and JD rate penetration of single both the user quarterly quarter, among this paying base users in NOW's growth. digits year-on-year reached JD So with the middle quarter-over-quarter

also handling capacity confident order smart providing support services. further flexible are pickup in NOW of Dada the mostly the the user And for improvement penetration we June Logistics XX festival, JD future. is and also So the the in delivery during shopping last-mile peak delivery the

your question company the regarding to And strategy.

NOW to can of and has the Chair the Directors both you Dada changed. As so the change, Kevin NOW become management high-level JD announcement never Board the of company, planning of and has The to the in providing merchandise JD also, and retail retail to stable and to providing regarding Mr. consultation strategy with Dada quality on see, efficient with we the experience continuing strategic shopping providing the on-demand of NOW of committed Guo the has NOW, always delivery industry. been users And order focus customers instant of lead on-demand development the on-demand are delivery services. company.

top mentioned, I of a KA business is and year. restaurant as priority this And beverage also,

Operator

I operator. questions more for remarks. lost Jiulu, for further Caroline gentlemen, are Caroline? no back any the time, this line at And Jiulu. you hand and to there questions? closing as will now Do have have Ladies is the we this

Caroline Dong

behalf closing, participation on we'd management In of to operator. you thank today's in like you, for your team, Thank Dada's call.

feel you to reach any information, free us If you This concludes out for call. require further to directly. please the joining today. Thank us

Operator

Thank for participating. conference our you. today. for Thank That concludes you

lines. may disconnect You now your

Dada Nexus Limited (DADA) 21 Aug 242024 Q2 Earnings call transcript