Onion Global Ltd

CIK:0001829949|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(LOSS) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Revenues:
Total revenues (including related party amounts of RMB12,366, RMB31,740 and RMB54,163 (US$8,499) for the year ended December 31, 2019, 2020 and 2021, respectively)	¥ 2,556,856	$ 401,226	¥ 3,810,660	¥ 2,850,724
Operating cost and expenses:
Costs of revenues (including related party amounts of RMB nil, RMB258 and RMB25,351 (US$3,979) for the year ended December 31, 2019, 2020 and 2021, respectively)	(2,035,275)	(319,379)	(3,032,110)	(2,308,004)
Fulfillment expenses	(158,693)	(24,902)	(201,635)	(212,183)
Technology and content expenses	(39,413)	(6,186)	(24,316)	(19,889)
Selling and marketing expenses (including related party amounts of RMB5,837, RMB8,681 and RMB2,500 (US$392) for the year ended December 31, 2019, 2020 and 2021, respectively)	(236,528)	(37,116)	(243,784)	(127,160)
General and administrative expenses (including related party amounts of RMB750, RMB nil and RMB1,145 (US$180) for the year ended December 31, 2019, 2020 and 2021, respectively)	(466,961)	(73,276)	(63,151)	(50,597)
Total operating cost and expenses	(2,936,870)	(460,859)	(3,564,996)	(2,717,833)
Other operating income	2,694	422	10,238	13,105
Income/(loss) from operations	(377,320)	(59,211)	255,902	145,996
Other (expenses)/income:
Interest income (including related party amounts of RMB279, RMB1,516 and RMB18 (US$3) for the year ended December 31, 2019, 2020 and 2021, respectively)	4,169	654	6,758	1,529
Interest expense	(2,111)	(331)	(755)	(87)
Foreign exchange (loss)/gain, net	13,721	2,153	(20,168)	(21,240)
Other (loss)/income, net	772	121	14,992	(4,369)
Total other (expenses)/income	16,551	2,597	827	(24,167)
Income/(loss) before income taxes and share of (loss)/income from equity method investments	(360,769)	(56,614)	256,729	121,829
Income tax expenses	7,033	1,105	(29,848)	(15,067)
Income /(loss) before share of (loss)/income from equity method investments	(353,736)	(55,509)	226,881	106,762
Share of (loss)/income from equity method investments	854	134	(18,879)	(3,928)
Net income /(loss)	(352,882)	(55,375)	208,002	102,834
Less: net loss/(income) attributable to non-controlling interests	(3,335)	(523)	1,657	361
Net income/(loss) attributable to Onion Global Limited	¥ (356,217)	$ (55,898)	¥ 209,659	¥ 103,195
Earnings/(loss) per share:
Basic (in dollars per share) \| (per share)	¥ 0	$ 0	¥ 26	¥ 13
Diluted (in dollars per share) \| ¥ / shares			¥ 26	¥ 13
Weighted average shares outstanding used in earnings/(loss) per share computation:
Basic (in shares)	0	0	7,993,846	7,993,846
Diluted (in shares)			7,993,846	7,993,846
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of tax of nil	¥ (4,221)	$ (662)	¥ 737	¥ (70)
Total other comprehensive loss, net of tax of nil	(4,221)	(662)	737	(70)
Comprehensive income/(loss)	(357,103)	(56,037)	208,739	102,764
Less: comprehensive income/(loss) attributable to non-controlling interests	3,384	531	(1,536)	(308)
Comprehensive income/(loss) attributable to Onion Global Limited	¥ (360,487)	$ (56,568)	¥ 210,275	¥ 103,072
Class A
Earnings/(loss) per share:
Basic (in dollars per share) \| (per share)	¥ (38)	$ (6)	¥ 0	¥ 0
Diluted (in dollars per share) \| (per share)	¥ (38)	$ (6)
Weighted average shares outstanding used in earnings/(loss) per share computation:
Basic (in shares)	4,569,509	4,569,509	0	0
Diluted (in shares)	4,569,509	4,569,509
Class B
Earnings/(loss) per share:
Basic (in dollars per share) \| (per share)	¥ (38)	$ (6)	¥ 0	¥ 0
Diluted (in dollars per share) \| (per share)	¥ (38)	$ (6)
Weighted average shares outstanding used in earnings/(loss) per share computation:
Basic (in shares)	4,840,000	4,840,000	0	0
Diluted (in shares)	4,840,000	4,840,000

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash flows from operating activities:
Net income/(loss)	¥ (352,882)	$ (55,375)	¥ 208,002	¥ 102,834
Adjustments to reconcile net income/(loss) to net cash generated from operating activities:
Depreciation and amortization	16,049	2,519	4,828	3,499
Allowance for loans provided to a related party	56	9	(2,651)	(3,400)
Inventories provision	3,298	518	4,780	6,098
Unrealized foreign exchange loss	(5,701)	(895)	885
Share of loss/(income) on equity method investments	(854)	(134)	18,879	3,928
Impairment of long-term investments				4,152
Deferred income tax (benefit)/expense	20,745	3,255	(2,253)	8,117
Share-based compensation	350,107	54,939
Loss on disposal of property and equipment	70	11		69
Gain from settlement of pre-existing loans to an equity investee			(11,873)
Gain on the remeasurement of the pre-existing equity interest			(3,765)
Interest expense/(income)	(622)	(98)
Changes in operating assets and liabilities:
Accounts receivable	(9,484)	(1,488)	(9,248)	448
Inventories	(185,661)	(29,134)	24,087	(212,780)
Prepayments and other current assets	(182,104)	(28,576)	(94,795)	5,972
Change in other non-current assets	(1,591)	(250)
Amounts due from related parties	(11,428)	(1,793)	21,358	(2,479)
Accounts payable	(37,466)	(5,879)	76,795	46,890
Customer advances and deferred revenue	(133,389)	(20,932)	(205,972)	151,872
Amounts due to related parties	3,703	581	(869)	99
Accrued expenses and other liabilities	19,649	3,084	(555)	81,102
Income tax payable	(33,770)	(5,299)	17,802	12,841
Net cash generated from/used in operating activities	(582,877)	(91,465)	55,243	199,828
Cash flows from investing activities:
Purchase of short-term investments	(555,070)	(87,103)	(575,000)	(194,600)
Proceeds from maturity or redemption of short-term investments	660,734	103,684	539,600	127,000
Purchase of property and equipment	(14,141)	(2,219)	(11,703)	(3,046)
Purchase of intangible assets	(45,755)	(7,181)
Purchase of long-term investments	(5,000)	(785)	(4,671)	(300)
Repayment of loans provided to a third party	6,098	957	8,080	9,164
Loans provided to related parties	(250)	(39)	(33,558)	(12,985)
Repayment of loans provided to related parties	2,486	390	12,555	3,603
Proceeds from disposal or liquidation of long-term investments			300
Proceeds from disposal of property and equipment	22	4
Proceeds from disposal of loan receivables of a related party	3,000	471	4,200
Business acquisition, net of cash acquired			127
Net cash (used in)/generated from investing activities	52,124	8,179	(60,070)	(71,164)
Cash flows from financing activities:
Proceeds from short-term bank loans	233,233	36,599	113,056	2,874
Repayment of short-term bank loans	(205,872)	(32,306)	(91,665)	(950)
Proceeds from long-term loan			1,199
Proceeds from issuance of shares by the Company's subsidiaries			805	312
Proceeds from IPO, and PIPE and Over-allotment, net of issuance costs	556,958	87,399
Net cash generated from financing activities	584,319	91,692	23,395	2,236
Effect of exchange rate on cash and cash equivalents	(4,221)	(662)	520	(70)
Net increase/(decrease) in cash, cash equivalents and restricted cash	49,345	7,744	19,088	130,830
Cash, cash equivalents and restricted cash at the beginning of the period	249,720	39,186	230,632	99,802
Cash, cash equivalents and restricted cash at the end of the period	299,065	46,930	249,720	230,632
Supplemental disclosures of cash flow information:
Interest paid	834	131	755	87
Income taxes paid	41,343	6,488	10,320	10,123
Supplemental disclosures of non-cash information:
Purchase of long-term investments included in accrued expenses and other liabilities				¥ 547
Consideration for business combination included in accrued expenses and other liabilities	¥ 89	$ 14	89
Disposal of long-term investments and loan receivables included in amounts due from related parties			¥ 3,152

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 288,048	$ 45,201	¥ 241,706
Restricted cash	11,017	1,729	8,014
Short-term investments			103,217
Accounts receivable, net	18,917	2,969	9,433
Inventories, net	624,991	98,075	442,628
Loans receivable, net			5,575
Prepayments and other current assets	378,962	59,467	189,812
Amounts due from related parties	18,732	2,939	9,358
Total current assets	1,340,667	210,380	1,009,743
Non-current assets:
Long-term investments	10,898	1,710	4,990
Property and equipment, net	20,643	3,239	15,594
Intangible assets	39,623	6,219
Deferred tax assets	26,952	4,229	6,207
Goodwill	22,778	3,574	22,778
Other non-current assets	1,591	250
Total non-current assets	122,485	19,221	49,569
Total assets	1,463,152	229,601	1,059,312
Current liabilities (including current liabilities of the VIE without recourse to the primary beneficiary of RMB181,412 and RMB48,003 (US$7,533) as of December 31, 2020 and December 31, 2021, respectively):
Short-term bank loans	52,793	8,284	24,200
Accounts payable	108,529	17,031	145,995
Customer advances and deferred revenue	41,067	6,444	174,456
Amounts due to related parties	3,703	581
Income tax payable	11,142	1,748	37,969
Accrued expenses and other liabilities	245,742	38,562	233,587
Long-term loan, current portion	269	42
Total current liabilities	463,245	72,692	616,207
Non-current liabilities (including non-current liabilities of the VIE without recourse to the primary beneficiary of nil as of December 31, 2020 and December 31, 2021):
Long-term loan	803	126	1,199
Other non-current assets	7,236	1,137
Total non-current liabilities	8,039	1,263	1,199
Total liabilities	471,284	73,955	617,406
Commitments and contingencies
Shareholders' equity:
Ordinary shares			5
Statutory reserves	10,432	1,637	9,984
Accumulated deficit	(764,764)	(120,008)	(408,099)
Accumulated other comprehensive income/(loss)	(3,704)	(581)	566
Onion Global Limited shareholders' equity	982,889	154,237	436,311
Non-controlling interests	8,979	1,409	5,595
Total shareholders' equity	991,868	155,646	441,906
Total liabilities and shareholders' equity	1,463,152	229,601	1,059,312
Class A
Shareholders' equity:
Ordinary shares	3	1
Class B
Shareholders' equity:
Ordinary shares	3
Additional paid-in capital	¥ 1,740,919	$ 273,188	¥ 833,855