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Securities Times reporter Wu Zhi
On May 22, Fasthand (01024. HK) disclosed the first quarter report of 2024 and a number of core business data of the platform.
In the first quarter, the operating revenue was 29.4 billion yuan, up 16.6% year on year; The adjusted net profit reached 4.39 billion yuan, up 103 times from 42 million yuan in the same period of 2023, a new quarterly high.
Fast hand said that although the first quarter was a typical off-season of the industry, the company's financial performance was strong, reflecting the resilience of the business.
The main revenue sources of Fasthand include online marketing services, live broadcast and other services (including e-commerce). In the first quarter, the three incomes contributed 56.6%, 29.2% and 14.2% to the fast selling income respectively.
Among them, online marketing service revenue was 16.7 billion yuan, up 27.4% year on year. Quickly mentioned that the company's AIGC capability can quickly generate high-quality creative content relying on AI and big language model capabilities, and the peak daily consumption of AIGC marketing materials in the first quarter exceeded 10 million yuan.
In terms of e-commerce business, in the first quarter, the GMV (total commodity transactions) of fast selling e-commerce increased by 28.2% year-on-year to 288.1 billion yuan, and the monthly active buyers of e-commerce increased by 22.4% year-on-year to 126 million yuan. Quickly mentioned that the platform short video e-commerce GMV grew by 100% year on year in the first quarter.
Quickly disclosed the latest user data. In the first quarter, the daily active users of the platform increased by 5.2% to 394 million, compared with 374 million in the same period last year; The average monthly active users increased by 6.6% to 697 million, compared with 654 million in the same period last year.
In the first quarterly report, Fasthand highlighted the progress of overseas business.
Fasthand has previously announced the promotion of core market regional focus strategy, with its focus on markets including Brazil, Indonesia and other places. In the first quarter of this year, Fasthand's overseas revenue reached 991 million yuan, up 193% year on year. The overall operating loss of overseas business was 268 million yuan, a year-on-year decrease of 67.4%.
Fast hand said that the company firmly implements localization strategy in overseas core development markets to form differentiated advantages. In the first quarter, the average daily active users in the core development areas grew steadily, and the use duration increased year on year and month on month. Among them, in the first quarter, the average daily active users of Fasthand Brazil increased by 13% year on year, and the average daily use time of each active user exceeded 75 minutes.
After announcing the results of the first quarter of 2024, Fasthand announced the launch of a new round of share repurchase plan: it plans to repurchase Class B shares with a value of no more than HK $16 billion in the next three years, until the end of the annual general meeting of shareholders held in 2027.
The HK $4 billion buyback plan launched by Fasthand last May will expire at the shareholders' meeting in June this year. So far, the Company has repurchased Class B shares worth HK $3.09 billion.
In the announcement, Fasthand said that share repurchases under current conditions can show that the company is confident in its business outlook and prospects, and will eventually bring benefits to the company and create value for shareholders. The board of directors of Fast Hands believes that the company's existing financial resources are sufficient to support share repurchases and maintain a sound financial position.
According to the financial report, as of March 31, 2024, the cash and cash equivalents in fast hand were 11 billion yuan. Including time deposits, financial assets, etc., the total amount of funds available for quick hand is 63.7 billion yuan, which is further up from 61.6 billion yuan on December 31, 2023.
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