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Dada Group's First Financial Report: Revenue Up 93.1% YoY in 2Q 2020
COVID-19 and China
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On August 25, the local on-demand retail and delivery platform, Dada Group, released its unaudited financial report for the second quarter ending June 30. The first financial report after listing showed that Dada Group's revenue reached CNY 1.32 billion, a year-on-year increase of 93.1%. The net loss narrowed to CNY 390 million compared with CNY 450 million in 2Q 2019.

From the perspective of revenue composition, the local on-demand delivery platform Dada Now's revenue increased by 90.4% year-on-year to CNY 837 million. In the 12 months ending June 30, 2020, Dada Now delivered 926 million orders. Chain merchants' revenue increased by about 500% year-on-year, and individual and small and medium-sized merchant businesses achieved full profitability in all operating cities.

JD Daojia, a local on-demand retail platform, saw its revenue grew 97.9% year-on-year to CNY 486 million. Thanks to the increase in customer unit prices and the number of active consumers, the GMV reached CNY 18.30 billion, a year-on-year increase of 98%; active consumers were 32.30 million, an increase of 72% year-on-year.

JD Daojia has continued to accelerate its layout in the sinking market. As of the end of June, JD Daojia has covered about 1,000 counties, districts and cities in China, with a growth of more than 200 in a single quarter. Dada Group estimates that in the third quarter of 2020, the company's total revenue will be between CNY 1.28 billion and CNY 1.34 billion, a year-on-year increase of approximately 82% to 91%.

Editor: Luke Sheehan

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