Smart Share Global Limited (NASDAQ:EM) Q1 2024 Earnings Call Transcript (

Smart Share Global Limited (NASDAQ:EM) Q1 2024 Earnings Call Transcript

Smart Share Global Limited (NASDAQ:

) Q1 2024 Earnings Call Transcript June 3, 2024

Operator: Hello, and thank you for standing by for Energy Monster’s First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen only mode. Today’s conference is being recorded. If you have any objections you may disconnect at this time. I would now like to turn the meeting over to your host for today’s conference call, Director of Investor Relations, Hansen Shi. Please go ahead.

Hansen Shi: Thank you. Welcome to our 2024 first quarter earnings conference call. Joining me on the call today are Mars Cai, Energy Monster’s Chairman and Chief Executive Officer; and Maria Xin, Chief Financial Officer. For today’s agenda, management will discuss business updates, operation highlights, and financial performance for the first quarter of 2024. Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call, as we will make forward-looking statements. Also, this call includes discussion of certain non-GAAP financial measures. Please refer to our earnings release which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this call are in RMB. I would now like to turn the call over to our Chairman and Chief Executive Officer, Mars Cai, for the business and operation highlights.

Mars Cai: Thank you very much, Hanson. Good day, everyone. Welcome to our 2024 first quarter earnings call. During the first quarter of 2024, our performance remained stable with GMV showing a slight year-over-year increase. This is a testament to our continued resilience and adaptability in navigating the post-pandemic economic environment. The 2024 Chinese New Year holiday period was particularly robust with daily GMV increasing by 23% year-over-year compared to the same period last year. This significant growth during the holiday season highlights the strong recovery in consumer activities and the effectiveness of our strategic initiatives. However, we experienced a slight decline in March which we attribute to seasonal fluctuations and decline in consumption confidence.

In terms of performance by city tier, first tier and second tier cities experienced a slight decline in GMV, reflecting the general softness in consumption. However, growth was observed in lower tier cities where we are increasing our presence in and see increased adoption of our service. Specifically, third tier cities and lower tier cities saw a 4% year-over-year increase. This growth in lower tier cities demonstrates the effectiveness of our localized strategies and the impact potential in these markets. When looking into POIs by type, transportation, healthcare, popular locations and education segments showed the fastest growth with year-over-year increase of 42%, 30%, 27%, and 23%, respectively. This…

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