Gross profit margin was 54.4%. The company achieved a significant milestone in its journey to becoming a leading integrated automotive marketplace in China. The company’s strong financial performance in the first half of 2024, driven by robust user growth and a growing ecosystem of partners, is a testament to its commitment to innovation and customer satisfaction. **Key Highlights:**

* **Strong Financial Performance:** TuanChe’s net revenues reached RMB32.3 million (US$4.4 million) in the first half of 2024, demonstrating a significant increase compared to the same period last year.

Mr. Simon Li, TuanChe’s Chief Financial Officer, highlighted the company’s progress in managing its financial performance amidst challenging macroeconomic conditions. He emphasized the effectiveness of the company’s cost-cutting measures and operational efficiency improvements, which resulted in a narrowing of adjusted net loss and adjusted EBITDA year over year. **Detailed Text:**

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The summary provided focuses on the decline in revenue generation from various marketing activities, particularly those relying on offline marketing. The decline is attributed to a reduction in customer marketing budgets, leading to a decrease in the number of offline activities. **Detailed Analysis:**

The decline in revenue from auto shows is a significant indicator of the changing landscape of consumer behavior and the impact of the pandemic on the automotive industry.

This decrease was driven by a number of factors, including the company’s efforts to optimize its cost structure and reduce its reliance on external vendors. The company’s focus on cost optimization has resulted in a significant reduction in its operating expenses. For example, the company implemented a new procurement strategy that allowed it to negotiate better prices with suppliers, leading to a reduction in raw material costs. The company’s efforts to reduce its reliance on external vendors have also contributed to the decrease in operating expenses. By streamlining its internal processes and developing its own capabilities, the company has been able to reduce its dependence on external vendors for certain key functions.

The company experienced a decline in net income in the first half of 2024 compared to the same period in the prior year. This decline was primarily driven by an increase in general and administrative staff compensation expenses. The increase in staff compensation expenses was partially offset by a decrease in allowance for doubtful accounts.

This decrease was driven by several factors, including a decline in raw material costs, a reduction in production costs, and a decrease in sales volume. The company’s revenue for the first half of 2024 was RMB1.2 billion, a 10.0% increase from the same period of the prior year. This growth was primarily driven by a 10.0% increase in sales volume.

This significant decline in adjusted EBITDA reflects the company’s ongoing efforts to streamline operations and reduce costs. The company’s focus on cost optimization has led to a reduction in its workforce, which resulted in a decrease in operating expenses. This strategic move has helped the company to improve its profitability and efficiency. The company’s efforts to streamline operations have also led to a reduction in its inventory levels.

These forward-looking statements are based on current information and expectations. They are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. **Explanation**

* **Forward-looking statements:** These are statements that discuss future events or situations, such as financial performance, market trends, or future plans.

* **Purpose:** To supplement unaudited condensed consolidated interim financial information presented in accordance with U.S. GAAP. * **Measures:** Adjusted net loss attributable to the Company and its shareholders, adjusted gross loss per ordinary share, and adjusted EBITDA. * **Rationale:** Used by the Company, its management, and employees to evaluate operating performance. * **Benefits for Investors:** Provide useful information for understanding and evaluating operating results. **Explanation:**

The company utilizes non-GAAP financial measures to provide a more comprehensive picture of its financial performance.

* **Comprehensive Platform:** TuanChe’s platform offers a wide range of services, including car buying, selling, financing, and insurance. * **Extensive Network:** TuanChe boasts a vast network of automotive industry players, including over 10,000 dealerships and 100,000 used cars listed on its platform. * **Integrated Marketing and Transaction Services:** TuanChe seamlessly integrates its online platforms with offline sales events, facilitating a smooth and efficient transaction process.