MOGU Inc MOGU Stock Analysis

About MOGU Inc

MOGU Inc. is a KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU’s platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience. MOGU INC. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) As of March 31, September 30, 2024 2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 358,787 84,356 12,021 Restricted cash 511 511 73 Short-term investments 61,312 271,525 38,692 Inventories, net 98 67 10 Loan receivables, net 31,564 28,759 4,098 Prepayments, receivables and other current assets 54,956 95,562 13,617 Amounts due from related parties 587 331 47 Total current assets 507,815 481,111 68,558 Non-current assets: Property and equipment, net 299,741 299,996 42,749 Intangible assets, net 949 871 124 Right-of-use assets 2,576 1,650 235 Investments 81,808 54,058 7,703 Other non-current assets 45,473 49,411 7,041 Total non-current assets 430,547 405,986 57,852 Total assets 938,362 887,097 126,410 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable 6,862 3,567 508 Salaries and welfare payable 6,936 5,254 749 Advances from customers 207 627 89 Taxes payable 1,285 2,436 347 Amounts due to related parties 5,341 4,490 640 Current portion of lease liabilities 1,888 374 53 Accruals and other current liabilities 299,317 295,641 42,129 Total current liabilities 321,836 312,389 44,515 Non-current liabilities: Non-current lease liabilities 773 386 55 Deferred tax liabilities 1,299 — — Total non-current liabilities 2,072 386 55 Total liabilities 323,908 312,775 44,570 Shareholders’ equity Ordinary shares 181 181 26 Treasury stock (137,446 ) (138,269 ) (19,703 ) Statutory reserves 3,331 3,331 475 Additional paid-in capital 9,489,254 9,489,994 1,352,313 Accumulated other comprehensive income 89,567 72,084 10,272 Accumulated deficit (8,856,494 ) (8,880,623 ) (1,265,479 ) Total MOGU Inc. shareholders’ equity 588,393 546,698 77,904 Non-controlling interests 26,061 27,624 3,936 Total shareholders’ equity 614,454 574,322 81,840 Total liabilities and shareholders’ equity 938,362 887,097 126,410 MOGU INC. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts in thousands, except for share and per share data) For the six months ended September 30, 2023 2024 RMB RMB US$ Net revenues Commission revenues 55,619 35,275 5,027 Marketing services revenues 746 63 9 Financing solutions revenues 5,403 3,827 545 Technology services revenues 18,388 20,734 2,955 Other revenues 3,146 1,954 278 Total revenues 83,302 61,853 8,814 Cost of revenues (exclusive of amortization of intangible assets shown separately below) (49,602 ) (39,560 ) (5,637 ) Sales and marketing expenses (37,274 ) (26,362 ) (3,757 ) Research and development expenses (13,879 ) (12,332 ) (1,757 ) General and administrative expenses (27,914 ) (27,143 ) (3,868 ) Amortization of intangible assets (1,826 ) (75 ) (11 ) Impairment of intangible assets (9,945 ) — — Other income, net 5,059 2,172 310 Loss from operations (52,079 ) (41,447 ) (5,906 ) Interest income 7,142 3,120 445 Gain from investments, net 1,267 16,468 2,347 Loss before income tax and share of results of equity investees (43,670 ) (21,859 ) (3,114 ) Income tax benefits/(expenses) 1,662 (7 ) (1 ) Share of results of equity method investees (504 ) (700 ) (100 ) Net loss (42,512 ) (22,566 ) (3,215 ) Net (loss)/gain attributable to non-controlling interests (7,105 ) 1,563 223 Net loss attributable to MOGU Inc. (35,407 ) (24,129 ) (3,438 ) Net loss (42,512 ) (22,566 ) (3,215 ) Other…