NEW YORK, Nov. 26, 2019 /PRNewswire/ -- Stone Street Group has announced it has published 2019 Q3 earnings update note on TuanChe Limited. (Nasdaq: TC).
The full report can be found here: TuanChe 2019 Q3 Update Report
Key Report Highlights:
TuanChe's net revenues from the first 9 months of 2019 grew by 8.8% YoY, remaining outperformed the overall industry where September marked the 15th consecutive month of a year-over-year decline in industry-wide passenger car sales in China. Gross profit also showed a YoY growth of 7.2% over a margin of ~70.6%.
Taking into consideration of the ongoing macroeconomic headwinds facing the auto industry, as well as heightened emission regulations, TuanChe management expects the company's net revenues to range from approximately RMB190 million to RMB200 million, representing an approximate YoY decrease of 16.1% to 11.7% in 4Q-2019, reflective of TuanChe's view on current business operating and market condition.
TuanChe signed a strategic partnership with Tmall Auto in Oct. 2019, where Tmall Auto is the automotive arm of Alibaba Group's (NYSE: BABA) B2C platform Tmall, the largest eCommerce platform in China.
This partnership is expected to enable both TuanChe and Tmall Auto to collaborate and further explore additional growth opportunities throughout China's automotive value chain, where Tmall Auto will work with TuanChe to integrate its online resources, e-commerce infrastructure, and big data analysis capabilities with TuanChe's extensive national footprint and proven track record in managing both offline automotive operations and sales events. Both companies plan to jointly integrate a new data-driven, smart, online-to-offline automotive transaction service platform, while further expand each other's customer bases and enhance the car-purchasing experience for consumers.
About Stone Street Group:
Stone Street Group LLC ("Stone Street") is a leading global research and publications firm that focuses on small and mid-cap stocks. We offer small and mid-cap research and create exposure for clients through extensive digital distribution. We are headquartered in New York and maintain offices in major financial centers around the world. Stone Street received a flat fee from or on behalf of the company discussed in this report for the creation and dissemination of the report.
SOURCE Stone Street Group LLC