Bitauto Announces fiscal year 2012 results: increase in revenue mainly attributed to the growth of the bitauto.com business / Dangdang announces fiscal year 2012 results: + 8.6 million new customers in 2012

China quick review : Bitauto and DangDang fiscal year

Bitauto Announces Fourth Quarter and Fiscal Year 2012 Results

Bitauto Holdings, a Beijing based provider of Internet content and marketing services for China's automotive industry, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012. The Company operates two websites: bitauto.com and taoche.com (formerly ucar.cn) that provide consumers automobile pricing information, specifications, reviews and consumer feedback. The Company also distributes its dealer customers' automobile pricing and promotional information through its partner websites (portals and search engines operated by Tencent, Netease, and Baidu, as well as social networking websites Renren and Kaixin).

Revenue in 2012 was RMB1.06 billion (US$169.6 million), representing a 57.8% increase from 2011. The increase in revenue is mainly attributed to the growth of the bitauto.com business. Revenue from the bitauto.com business in 2012 was RMB840.6 million (US$134.9 million), representing an 81.4% increase from 2011. The increase was attributed to an increase in dealer subscription revenue, as well as an increase in advertising revenue resulting from better brand recognition of the bitauto.com website. Revenue from the taoche.com business in 2012 was RMB21.6 million (US$3.5 million), representing a 23.2% decrease from 2011. This decrease was the result of our annual sales policy adjustments which led to a reduction in fee-paying dealer customers.

Revenue from the digital marketing solutions business in 2012 was RMB194.7 million (US$31.3 million), representing a 9.1% increase from 2011, which reflects an increase in spending on advertising and events by our customers. Non-GAAP profit in fiscal year 2012 was RMB148.4 million (US$23.8 million), a 40.2% increase from 2011. Non-GAAP basic and diluted profit per ADS in fiscal year 2012 amounted to RMB3.73 (US$0.60) and RMB3.66 (US$0.59), respectively. Bitauto currently expects to generate revenue in the range of RMB235.0 million (US$37.7 million) to RMB245.0 million (US$39.3 million) in the first quarter of fiscal year 2013, representing a 32.0% to 37.7% year-over-year increase.

Dangdang Announces Fourth Quarter and Fiscal Year 2012 Results

E-Commerce China Dangdang, a business-to-consumer e-commerce company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012. Total net revenues in fiscal year 2012 were RMB5,193.8 million ($833.7 million), a 44% increase from the corresponding period in 2011. Media product revenue in 2012 was RMB3,252.5 million (+32%). General merchandise revenue in 2012 was RMB1,768.3 million (+62%).

Other revenue including revenues from third-party merchants in 2012 was RMB173.0 million(+156%). Total orders in 2012 were approximately 54.2 million (+33%). Net loss was RMB443.9 million ($71.2 million), as compared with a net loss of RMB228.5 million in 2011, primarily due to the increased investments in fulfillment, technology and general and administrative. Dangdang expects its total net revenues and the GMV from marketplace in the first quarter of 2013 to be around RMB1, 300 million and RMB549 million, representing year-over-year growth of around 20% and 175% respectively. 

Dangdang had about 15.7 million active customers and 8.6 million new customers in 2012, representing a 28% and 31% increase from 2011, respectively. 58% of the active customers in 2011 have purchased on Dangdang's website in 2012.