UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
September 2023
Commission File Number: 001-38230
QUDIAN INC.
Tower A, AVIC Zijin Plaza,
Siming District, Xiamen, Fujian Province 361000,
China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
TABLE OF CONTENTS
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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QUDIAN INC. |
|
|
|
|
By: |
/s/ Yan Gao |
|
|
|
|
|
|
Name: |
Yan Gao |
|
Title: |
Vice President of Finance |
Date: September 8, 2023
Exhibit 99.1
Qudian Inc. Reports
Second Quarter 2023
Unaudited Financial
Results
XIAMEN, China,
September 7, 2023/PRNewswire/ -- Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD),
a consumer-oriented technology company, today announced its unaudited financial results for the quarter ended June 30, 2023.
Second Quarter
2023 Financial Highlights:
| ● | Total
revenues were RMB11.1 million (US$1.5 million), compared to RMB105.4 million for the same
period of last year |
| ● | Net
loss attributable to Qudian’s shareholders was RMB76.9 million (US$10.6 million), compared
to net loss of RMB61.3 million for the same period of last year; net loss per diluted ADS
was RMB0.34 (US$0.05) for the second quarter of 2023 |
| ● | Non-GAAP
net loss attributable to Qudian’s shareholders was RMB75.5 million (US$10.4 million),
compared to net loss of RMB52.8 million for the same period of last year. We exclude share-based
compensation expenses from our non-GAAP measures. Non-GAAP net loss per diluted ADS was RMB0.34
(US$0.05) for the second quarter of 2023 |
“We
are delighted to report our initial advancements in the global expansion of our smart last-mile logistics business, marking the inaugural
phase of our comprehensive group-wide strategic transformation,” said Mr. Min Luo, Founder, Chairman and Chief Executive Officer
of Qudian. “We continued to execute our business transition and establish our new last-mile delivery business while maintaining
a healthy balance sheet by pursuing efficient cash management.”
Mr. Luo continued,
“Our new last-mile delivery business has made steady progress since we launched it on a trial basis in December 2022 and started
to achieve initial shape and scale in the second quarter of 2023 in Australia under the name of “Fast Horse.” We believe
such a new strategic business initiative will bring value to our shareholders and we expect to expand its footprint across Australia,
North America, and New Zealand and will provide more details on the development of this business as we continue to build it.”
Second Quarter
Financial Results
Total
revenues were RMB11.1 million (US$1.5 million), representing a decrease of 89.5% from RMB105.4
million for the second quarter of 2022.
Financing
income, loan facilitation income and other related income and transaction services fee and other related income decreased
to nil as a result of the winding down of the loan book business.
Sales
income and others increased to RMB11.1 million (US$1.5 million), which was mostly attributable
to incomes generated from the QD Food business attributable to its sales made prior to its winding-down and incomes generated from last-mile
delivery business, compared with RMB8.8 million for the second quarter of 2022, which was mainly attributable to sales income generated
by QD Food. We have wound down the QD Food business in second quarter of 2023.
Total
operating costs and expenses decreased to RMB106.7 million (US$14.7 million) from RMB135.9
million for the second quarter of 2022.
Cost
of revenues decreased by 69.1% to RMB12.7 million (US$1.7 million) from RMB41.1 million for
the second quarter of 2022, primarily due to the winding down of the QD Food business and loan book business, partially offset by cost
from last-mile delivery business.
Sales
and marketing expenses decreased to nil as a result of the winding down of the loan book
business and QD Food business.
General
and administrative expenses increased by 87.9% to RMB65.4 million (US$9.0 million) from RMB34.8
million for the second quarter of 2022, primarily due to the increase in professional services fees from last-mile delivery business.
Research
and development expenses decreased by 47.3% to RMB9.9 million (US$1.4 million) from RMB18.8
million for the second quarter of 2022, as a result of the decrease in staff head count, which led to a corresponding decrease in staff
salaries and a decrease in third-party service fees.
Expected
credit loss for receivables and other assets was RMB17.3 million (US$2.4 million) as compared
to a gain of RMB28.7 million for the second quarter of 2022, primarily due to credit loss for other assets related to the businesses
the Company historically operated.
Loss
from operations was RMB94.1 million (US$13.0 million), compared to RMB29.4 million for the
second quarter of 2022.
Interest
and investment income, net increased by 47.8% to RMB6.8 million (US$0.9 million) from RMB4.6
million for the second quarter of 2022, mainly due to loss from investments of Secoo recorded in the second quarter of 2022 which did
not appear in the second quarter of 2023.
Gain
on derivative instrument was RMB10.4 million (US$1.4 million), compared to a loss of RMB34.7
million for the second quarter of 2022, primarily due to the increase in quoted price of the underlying equity securities relating to
the derivative instruments we held.
Net
loss attributable to Qudian’s shareholders was RMB76.9 million (US$10.6 million). Net
loss per diluted ADS was RMB0.34 (US$0.05).
Non-GAAP net loss
attributable to Qudian’s shareholders was RMB75.5 million (US$10.4 million). Non-GAAP net loss per diluted ADS was RMB0.34 (US$0.05).
Cash Flow
As of June 30,
2023, the Company had cash and cash equivalents of RMB5,013.1 million (US$691.3 million) and restricted cash
of RMB63.4 million (US$8.7 million).
For
the second quarter of 2023, net cash provided by operating activities was RMB34.8 million (US$4.8 million), mainly due to the
interest income from the Company’s short-term investments.Net cash
provided by investing activities was RMB115.2 million (US$15.9 million), mainly due to the net proceeds from the redemption of short-term
investments. Net cash used in financing activities was RMB186.2 million (US$25.7 million), mainly due to the repayment of short-term
borrowings and repurchase of ordinary shares.
Last-mile Delivery
Business
In response to
the surging demand for cross-border e-commerce transactions, the Company has proactively sought innovative logistic services and
solutions to meet global consumers’ expectations for swift and top-tier delivery services. In December 2022, the Company
introduced a pioneering strategic venture into last-mile delivery services. The business was launched on a trial basis and has
successfully taking shape and achieving initial scale in Australia during the second quarter of 2023. The Company operates such
business under the brand name of “Fast Horse.” Alongside the Company’s commitment to strengthening its presence in
current markets, it has strategic plans to extend the last-mile delivery services to countries experiencing strong e-commerce
demand.
Update on Share
Repurchase
As previously disclosed,
the Company established a share repurchase program in June 2022, under which the Company may purchase up to US$200 million worth
of its Class A ordinary shares and/or ADSs over a 24-month period. From the launch of the share repurchase program on June 13,
2022 to September 4, 2023, the Company has in aggregate purchased 36.0 million ADSs in the open market for a total amount of approximately
US$50.8 million (an average price of $1.4 per ADS) pursuant to the share repurchase program.
About Qudian
Inc.
Qudian Inc. ("Qudian")
is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring
innovative logistics services to satisfy consumers' demand for e-commerce transactions by leveraging its technology capabilities.
For
more information, please visit http://ir.qudian.com.
Use of Non-GAAP
Financial Measures
We use Non-GAAP
net income/loss attributable to Qudian’s shareholders, a Non-GAAP financial measure, in evaluating our operating results and for
financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders
helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges.
We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders provides useful information about our operating
results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect
to key metrics used by our management in its financial and operational decision-making.
Non-GAAP net income/loss
attributable to Qudian’s shareholders is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP
financial measure has limitations as an analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors
should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other
consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP.
We mitigate these
limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be
considered when evaluating our performance.
For more information
on this Non-GAAP financial measure, please see the table captioned "Unaudited 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 ("US$") at specified rates solely for the convenience of the
reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2513 to US$1.00, the noon buying rate
in effect on June 30, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that
the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Statement Regarding
Preliminary Unaudited Financial Information
The unaudited financial
information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial
statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences
from this preliminary unaudited financial information.
Safe Harbor
Statement
This announcement
contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes," "estimates"
and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements.
Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Qudian's beliefs and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained
in any forward-looking statement, including but not limited to the following: Qudian's goal and strategies; Qudian's expansion plans;
Qudian's future business development, financial condition and results of operations; Qudian's expectations regarding demand for, and
market acceptance of, its products; Qudian's expectations regarding keeping and strengthening its relationships with customers, business
partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any
of the foregoing. Further information regarding these and other risks is included in Qudian's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of this press release, and Qudian 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:
Qudian Inc.
Tel: +86-592-596-8208
E-mail:
ir@qudian.com
QUDIAN INC.
Unaudited Condensed Consolidated Statements
of Operations
| |
Three months ended June 30, | |
(In thousands except for number | |
2022 | | |
2023 | |
of shares and per-share data) | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
Revenues: | |
| | | |
| | | |
| | |
Financing income | |
| 66,231 | | |
| - | | |
| - | |
Sales commission fee | |
| 95 | | |
| - | | |
| - | |
Sales income and others | |
| 8,753 | | |
| 11,088 | | |
| 1,529 | |
Penalty fee | |
| 17,297 | | |
| - | | |
| - | |
Loan facilitation income and other related income | |
| 6,589 | | |
| - | | |
| - | |
Transaction services fee and other related income | |
| 6,481 | | |
| - | | |
| - | |
Total revenues | |
| 105,446 | | |
| 11,088 | | |
| 1,529 | |
| |
| | | |
| | | |
| | |
Operating cost and expenses: | |
| | | |
| | | |
| | |
Cost of revenues | |
| (41,083 | ) | |
| (12,667 | ) | |
| (1,747 | ) |
Sales and marketing | |
| (53,211 | ) | |
| - | | |
| - | |
General and administrative | |
| (34,828 | ) | |
| (65,419 | ) | |
| (9,022 | ) |
Research and development | |
| (18,774 | ) | |
| (9,918 | ) | |
| (1,368 | ) |
Changes in guarantee liabilities and risk assurance liabilities(1) | |
| 28,839 | | |
| - | | |
| - | |
Expected credit gain/(loss) for receivables and other assets | |
| 28,657 | | |
| (17,313 | ) | |
| (2,388 | ) |
Impairment loss from other assets | |
| (45,536 | ) | |
| (1,343 | ) | |
| (185 | ) |
Total operating cost and expenses | |
| (135,936 | ) | |
| (106,660 | ) | |
| (14,710 | ) |
Other operating income | |
| 1,129 | | |
| 1,470 | | |
| 203 | |
| |
| | | |
| | | |
| | |
Loss from operations | |
| (29,361 | ) | |
| (94,102 | ) | |
| (12,978 | ) |
Interest and investment income, net | |
| 4,646 | | |
| 6,798 | | |
| 937 | |
(Loss)/Gain from equity method investments | |
| (241 | ) | |
| 2,661 | | |
| 367 | |
(Loss)/Gain on derivative instruments | |
| (34,671 | ) | |
| 10,434 | | |
| 1,439 | |
Foreign exchange gain/(loss), net | |
| 798 | | |
| (42 | ) | |
| (6 | ) |
Other income | |
| 9,569 | | |
| 16,622 | | |
| 2,292 | |
Other expenses | |
| (4,974 | ) | |
| (308 | ) | |
| (42 | ) |
Net loss before income taxes | |
| (54,234 | ) | |
| (57,937 | ) | |
| (7,991 | ) |
Income tax expenses | |
| (7,081 | ) | |
| (18,928 | ) | |
| (2,610 | ) |
| |
| | | |
| | | |
| | |
Net loss | |
| (61,315 | ) | |
| (76,865 | ) | |
| (10,601 | ) |
Less: net loss attributable to non-controlling interest
shareholders | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Net loss attributable to Qudian Inc.'s shareholders | |
| (61,315 | ) | |
| (76,865 | ) | |
| (10,601 | ) |
| |
| | | |
| | | |
| | |
Loss per share for Class A and Class B ordinary shares: | |
| | | |
| | | |
| | |
Basic | |
| (0.25 | ) | |
| (0.34 | ) | |
| (0.05 | ) |
Diluted | |
| (0.25 | ) | |
| (0.34 | ) | |
| (0.05 | ) |
| |
| | | |
| | | |
| | |
Loss per ADS (1 Class A ordinary share equals 1 ADSs): | |
| | | |
| | | |
| | |
Basic | |
| (0.25 | ) | |
| (0.34 | ) | |
| (0.05 | ) |
Diluted | |
| (0.25 | ) | |
| (0.34 | ) | |
| (0.05 | ) |
| |
| | | |
| | | |
| | |
Weighted average number of Class A and Class B
ordinary shares outstanding: | |
| | | |
| | | |
| | |
Basic | |
| 248,458,980 | | |
| 223,467,498 | | |
| 223,467,498 | |
Diluted | |
| 253,530,688 | | |
| 226,379,819 | | |
| 226,379,819 | |
| |
| | | |
| | | |
| | |
Other comprehensive gain: | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| 6,489 | | |
| 65,401 | | |
| 9,019 | |
| |
| | | |
| | | |
| | |
Total comprehensive loss | |
| (54,826 | ) | |
| (11,464 | ) | |
| (1,582 | ) |
Less: total comprehensive loss attributable to
non-controlling interest shareholders | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Total comprehensive loss attributable to Qudian Inc.'s
shareholders | |
| (54,826 | ) | |
| (11,464 | ) | |
| (1,582 | ) |
Note:
(1):The amount includes the change in fair value of the guarantee liabilities
accounted in accordance with ASC 815,"Derivative", and the change in risk assurance liabilities accounted in accordance
with ASC 450, "Contingencies" and ASC 460, "Guarantees".
QUDIAN INC.
Unaudited Condensed Consolidated Balance Sheets
| |
As of March 31, | | |
As of June 30, | |
(In thousands except for number | |
2023 | | |
2023 | |
of shares and per-share data) | |
(Audited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
ASSETS: | |
| | |
| | |
| |
Current assets: | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| 5,001,285 | | |
| 5,013,109 | | |
| 691,339 | |
Restricted cash | |
| 56,503 | | |
| 63,407 | | |
| 8,744 | |
Short-term investments | |
| 4,812,491 | | |
| 3,777,220 | | |
| 520,902 | |
Short-term finance lease receivables | |
| 960 | | |
| - | | |
| - | |
Other current assets | |
| 1,422,320 | | |
| 2,078,060 | | |
| 286,578 | |
Total current assets | |
| 11,293,559 | | |
| 10,931,796 | | |
| 1,507,563 | |
| |
| | | |
| | | |
| | |
Non-current assets: | |
| | | |
| | | |
| | |
Right-of-use assets | |
| 105,749 | | |
| 104,156 | | |
| 14,364 | |
Investment in equity method investee | |
| 134,293 | | |
| 137,965 | | |
| 19,026 | |
Long-term investments | |
| 211,212 | | |
| 206,857 | | |
| 28,527 | |
Property and equipment, net | |
| 833,722 | | |
| 1,069,145 | | |
| 147,442 | |
Intangible assets | |
| 4,353 | | |
| 3,452 | | |
| 476 | |
Other non-current assets | |
| 451,134 | | |
| 450,923 | | |
| 62,185 | |
Total non-current assets | |
| 1,740,463 | | |
| 1,972,498 | | |
| 272,020 | |
| |
| | | |
| | | |
| | |
TOTAL ASSETS | |
| 13,034,022 | | |
| 12,904,294 | | |
| 1,779,583 | |
QUDIAN
INC.
Unaudited Condensed Consolidated Balance Sheets (Continued)
| |
As of March 31, | | |
As of June 30, | |
(In thousands except for number | |
2023 | | |
2023 | |
of shares and per-share data) | |
(Audited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | | |
| | | |
| | |
Current liabilities: | |
| | | |
| | | |
| | |
Short-term borrowings and interest payables | |
| 145,312 | | |
| - | | |
| - | |
Short-term lease liabilities | |
| 8,083 | | |
| 6,766 | | |
| 933 | |
Derivative instruments-liability | |
| 108,729 | | |
| 179,444 | | |
| 24,746 | |
Accrued expenses and other current liabilities | |
| 213,928 | | |
| 204,898 | | |
| 28,257 | |
Income tax payable | |
| 158,498 | | |
| 164,173 | | |
| 22,640 | |
Total current liabilities | |
| 634,550 | | |
| 555,281 | | |
| 76,576 | |
| |
| | | |
| | | |
| | |
Non-current liabilities: | |
| | | |
| | | |
| | |
Deferred tax liabilities, net | |
| 19 | | |
| 23 | | |
| 3 | |
Long-term lease liabilities | |
| 2,038 | | |
| 2,603 | | |
| 359 | |
Total non-current liabilities | |
| 2,057 | | |
| 2,626 | | |
| 362 | |
Total liabilities | |
| 636,607 | | |
| 557,907 | | |
| 76,938 | |
| |
| | | |
| | | |
| | |
Shareholders' equity: | |
| | | |
| | | |
| | |
Class A Ordinary shares | |
| 132 | | |
| 132 | | |
| 19 | |
Class B Ordinary shares | |
| 44 | | |
| 44 | | |
| 6 | |
Treasury shares | |
| (542,715 | ) | |
| (580,653 | ) | |
| (80,076 | ) |
Additional paid-in capital | |
| 4,036,452 | | |
| 4,034,824 | | |
| 556,428 | |
Accumulated other comprehensive loss | |
| (50,050 | ) | |
| 15,351 | | |
| 2,117 | |
Retained earnings | |
| 8,953,552 | | |
| 8,876,689 | | |
| 1,224,151 | |
| |
| | | |
| | | |
| | |
Total shareholders' equity | |
| 12,397,415 | | |
| 12,346,387 | | |
| 1,702,645 | |
| |
| | | |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | |
| 13,034,022 | | |
| 12,904,294 | | |
| 1,779,583 | |
QUDIAN INC.
Unaudited Reconciliation of GAAP And Non-GAAP Results
| |
Three months ended June 30, | |
(In thousands except for number | |
2022 | | |
2023 | |
of shares and per-share data) | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
RMB | | |
RMB | | |
US$ | |
Total net loss attributable to Qudian Inc.'s shareholders | |
| (61,315 | ) | |
| (76,865 | ) | |
| (10,601 | ) |
Add: Share-based compensation expenses | |
| 8,672 | | |
| 1,335 | | |
| 184 | |
Less: Convertible bonds buyback income | |
| 196 | | |
| - | | |
| - | |
Non-GAAP net loss attributable to Qudian Inc.'s shareholders | |
| (52,839 | ) | |
| (75,530 | ) | |
| (10,417 | ) |
| |
| | | |
| | | |
| | |
Non-GAAP net loss per share—basic | |
| (0.21 | ) | |
| (0.34 | ) | |
| (0.05 | ) |
Non-GAAP net loss per share—diluted | |
| (0.21 | ) | |
| (0.34 | ) | |
| (0.05 | ) |
Weighted average shares outstanding—basic | |
| 248,458,980 | | |
| 223,467,498 | | |
| 223,467,498 | |
Weighted average shares outstanding—diluted | |
| 253,530,688 | | |
| 226,379,819 | | |
| 226,379,819 | |
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