Temu's GMV target for next year is $30 billion, Jingxi business director resigns|CEO Study Room

[Ebrun Original] Temu's GMV target for next year is $30 billion; Jingxi's business director resigns; Miniso's Q1 revenue is nearly 3.8 billion yuan; Rokid raises $112 million in financing.

I am a white novice, and this is the CEO Study Room. I have prepared a study material to help you review the most watched e-commerce events.

Temu's GMV target for next year is $30 billion

Temu has set a GMV (transaction amount) target for 2024—$30 billion, which is more than double that of this year. It is estimated that Temu will complete $14 billion GMV for the whole of 2023. (LatePost)

Jingdong: Jingxi business director resigns

It is reported that Su Li, Vice President of JD Group and Director of Jingxi Business Division, resigned before Double 11 in 2023. At the end of August this year, Su Li was still leading a team to research the jewelry market. However, before Double 11, Jingxi's business had been basically cut, and Su Li, as the last director, bid farewell to Jingxi's business. Not long ago, JD Group announced that CEO Xu Ran will concurrently serve as the CEO of JD Retail, and the original CEO of JD Retail, Xin Lijun, has been appointed elsewhere. (Retail Circle)

Kuaishou: Q3 revenue of 27.95 billion yuan, a year-on-year increase of 20.8%

Kuaishou released its financial report for the third quarter of 2023. The report shows that Kuaishou achieved revenue of 27.95 billion yuan in the quarter, a year-on-year increase of 20.8%, which is in line with the market's expectation of 27.7 billion yuan. Among them, online marketing services (advertising) revenue increased by 26.7% year-on-year to 14.69 billion yuan, accounting for 52.6% of total revenue. In the third quarter, the user base of the Kuaishou app reached a historic high, with the average daily active users increasing by 6.4% year-on-year to reach 387 million, and the average monthly active users increasing by 9.4% year-on-year to reach 685 million.

Miniso: Q1 revenue reaches 3.79 billion yuan, a year-on-year increase of 37%

Miniso released its financial report for the first quarter of the 2024 fiscal year. The report shows that Miniso's revenue for the first quarter once again set a new single-quarter record, reaching 3.79 billion yuan, a year-on-year increase of 37%. Among them, domestic revenue exceeded 2.49 billion yuan, a year-on-year increase of 35%, and international revenue reached 1.3 billion yuan, a year-on-year increase of 41%. The gross profit margin also exceeded 40% for the first time, reaching 41.8%, an increase of 6.1 percentage points from the same period last year. After non-IFRS adjustments, the net profit was 640 million yuan, a year-on-year increase of 54%.

GAP's third-quarter performance exceeds expectations, and its stock price soars by 30%

GAP announced its financial performance for the third quarter. The report shows that sales for the third quarter fell by 7% year-on-year to $3.8 billion, but exceeded market expectations. Comparable sales fell by 2%, with a gross profit margin of 41.3%, and a net profit of $218 million, a slight decrease from the $282 million in the same period last year. After the financial report was released, GAP's stock price soared by more than 30%, with a current market value of about $6.6 billion. (LadyMax)

Yan Zhi Wu goes through a hearing at the Hong Kong Stock Exchange

On November 19, Xiamen Yan Zhi Wu Biotech Co., Ltd. has passed the hearing at the Hong Kong Stock Exchange, and on the same day disclosed the post-hearing information, with CICC and GF Securities acting as joint sponsors. Established in 1997, Yan Zhi Wu now mainly owns three categories of products—pure swiftlet's nest products, "swiftlet's nest+" products, and "+swiftlet's nest" products. (IPO Early Insights)

McDonald's global to acquire Carlyle's stake in the Golden Arches

McDonald's global and Carlyle Group have announced that McDonald's global has agreed to acquire Carlyle's minority stake in the strategic cooperation company of McDonald's in mainland China, Hong Kong, and Macau. The Citic-led Chinese consortium will continue to hold a controlling stake. After the transaction is completed, the Citic consortium will continue to hold 52% of the shares, and McDonald's global, as a minority shareholder, will increase its stake from 20% to 48%. The above transaction is subject to approval from the relevant regulatory authorities and is expected to be completed in the first quarter of 2024.

"Rokid" completes $112 million in Series C financing

Augmented reality glasses and head-mounted device company "Rokid" recently completed its Series C financing, with a total size of $112 million, in which NetDragon as an important strategic investment partner participated. "Rokid" and NetDragon will carry out in-depth exploration in the fields of spatial computing, AR, education, and more.