PR Newswire | Sep 29, 2021 04:31PM EDT

09/29 15:30 CDT

TuanChe Announces Unaudited Second Quarter 2021 Financial Results BEIJING, Sept. 29, 2021

BEIJING, Sept. 29, 2021 /PRNewswire/ -- TuanChe Limited ("TuanChe," "Company," "we" or "our") (NASDAQ: TC), a leading omni-channel automotive marketplace in China, today announced its unaudited financial results for the second quarter ended June 30, 2021.

Key Second Quarter 2021 Financial and Operating Metrics

* Net revenues increased by 141.9% to RMB132.4 million (US$20.5 million) from RMB54.7 million in the same period of 2020. * Gross profit increased by 126.6% to RMB97.5 million (US15.1 million) from RMB43.0 million in the same period of 2020. * Quarterly number of auto shows organized across China increased by 188.5% to 176 in 110 cities from 61 in 56 cities in the same period of 2020. * Quarterly number of automobile sale transactions facilitated increased by 105.4% to 40,364 from 19,656 in the same period of 2020. Quarterly gross merchandise volume of new automobiles sold increased by 103.6% to RMB5.7 billion (US$0.9 billion) from RMB2.8 billion in the same period of 2020. * Sales operations covering 125 cities as of June 30, 2021, compared to 125 cities as of March 31, 2021 and 134 cities as of June 30, 2020.

First Half 2021 Financial and Operating Metrics

* Net revenues increased by 231.1% to RMB213.3 million (US$33.0 million) from RMB64.4 million in the same period of 2020. * Gross profit increased by 232.4% to RMB161.9 million (US$25.1 million) from RMB48.7 million in the same period of 2020. * The number of auto shows organized during the first half of 2021 increased by 314.9% to 278 in 133 cities from 67 auto shows in 60 cities across China in the same period of 2020. * The number of automobile sales transactions facilitated during the first half of 2021 increased by 192.3% to 64,187 from 21,961 in the same period of 2020, and the gross merchandise volume of new automobiles sold during the first half of 2021 increased by 190.3% to RMB9.0 billion (US$1.4 billion) from RMB3.1 billion in the same period of 2020.

Mr. Wei Wen, Chairman and Chief Executive Officer of TuanChe, commented, "We maintained our positive momentum in the second quarter of 2021 with robust topline growth, improved our profitability and made solid progress in our omni-channel strategy. Our net revenues reached RMB132.4 million, a 141.9% year-over-year increase, fueled by the strength of our offline marketing services and advances in our online initiatives. As we continued to innovate diversified retail scenarios through strategic cooperation, we organized 176 auto shows in 110 cities during the second quarter. This resulted in the number of automobile sale transactions facilitated and the GMV of new automobiles sold more than doubled on a year-over-year basis, generating net revenues of RMB99.4 million, which was up by 197.9% year-over-year from the low base last year. Looking ahead, we are optimistic that our extensive online and offline outreach, comprehensive capabilities in marketing innovation, strength in data analytics and deeper engagement with strategic partners will outline promising prospects for the Company."

Mr. Chenxi Yu, Deputy Chief Financial Officer of TuanChe, added, "We are encouraged by our progress in the second quarter, as we innovate and introduce services and applications that improve consumers' purchase experience and provide creative marketing solutions to OEMs and dealers. In the second quarter, our gross profit climbed to RMB97.5 million, representing year-over-year growth of 126.6%, benefitting from the strong topline growth and our robust gross margin of 73.6%. Our cost management strategy was also effective with general and administrative expenses down by 48.6% year-over-year. Net loss attributable to shareholders thus narrowed further by 84.9% year-over-year to RMB6.0 million. We are confident that as our strategy continues to evolve to adapt to the changing market environment and consumer needs, we will continue to create value for OEMs, dealers and consumers."

Recent Business Developments

* COVID-19 Impact

As the COVID-19 pandemic is largely under control in China, the Company has gradually resumed offline operations in some cities since the end of May 2020, with the pace of recovery subject to the ongoing development of the COVID-19 pandemic and the associated government guidance. Recent developments of the COVID-19 pandemic in China, such as reported cases in the Guangdong province in the second quarter of 2021, continue to generate uncertainties over the Company's business, results of operations, financial condition and cash flow. Furthermore, as business operations of industry customers have also been disrupted by the COVID-19 pandemic, the Company continues to experience delays in collecting accounts receivables from these customers. See "Business Outlook" for the Company's current and preliminary views on the impact of COVID-19 on the auto market and operational conditions for the third quarter. The Company also continues to closely monitor both the development of the pandemic and regulatory responses and restrictions as well as the impact on the Company's business, results of operations, financial condition and cash flows. Moreover, the Company has implemented and will continue to implement measures to adjust the pace of business operations and conserve resources and may resort to other cost cutting measures for cash flow management.

Unaudited Second Quarter 2021 Financial Results

Net Revenues

Net revenues in the second quarter of 2021 increased by 141.9% to RMB132.4 million (US$20.5 million) from RMB54.7 million in the same period of prior year, primarily due to 190.2% year-over-year increase of revenues generated from offline marketing services to RMB101.1 million (US$15.7 million) from RMB34.9 million in the same period of prior year, as well as the strong revenue growth generated from online marketing services and others.

* Offline marketing services. Net revenues generated from auto shows increased by 197.9% to RMB99.4 million (US$15.4 million) in the second quarter of 2021 from RMB33.4 million in the same period of prior year, and net revenues generated from special promotion events increased by 14.6% to RMB1.7 million (US$263 thousand) in the second quarter of 2021 from RMB1.5 million in the same period of prior year. The increase in offline marketing services primarily due to the resumption of offline business activities as a result of the alleviation of the COVID-19 pandemic. * Virtual dealership, online marketing services and others. Net revenues generated from virtual dealership, online marketing services and others increased by 57.4% to RMB31.3 million (US$4.8 million) in the second quarter of 2021 from RMB19.9 million in the same period of prior year, primarily due to our continuous expansion of collaboration with Baidu Youjia and Webank.

Gross Profit

Gross profit increased by 126.6% to RMB97.5 million (US$15.1 million) in the second quarter of 2021 from RMB43.0 million in the same period of prior year. Gross margin was 73.6% in the second quarter of 2021 compared to 78.6% in the same period of prior year, primarily attributable to the change in revenue mix.

Total Operating Expenses and Loss from Operations

Total operating expenses increased by 25.9% to RMB106.8 million (US$16.5 million) in the second quarter of 2021 from RMB84.9 million in the same period of prior year.

* Selling and marketing expenses increased by 72.1% to RMB83.6 million (US$12.9 million) in the second quarter of 2021 from RMB48.6 million in the same period of prior year, primarily due to increases in promotion expenses and staff compensation expenses as a result of increased volume of offline events. * General and administrative expenses decreased by 48.6% to RMB14.4 million (US$2.2 million) in the second quarter of 2021 from RMB28.0 million in the same period of prior year, primarily due to decrease in the general and administrative staff compensation expenses and allowance for doubtful accounts, as a result of the optimization of the company's employees compensation structure under the impact of COVID-19 and the strengthening of accounts receivable management. * Research and development expenses increased by 6.9% to RMB8.8 million (US$1.4 million) in the second quarter of 2021 from RMB8.3 million in the same period of prior year, primarily due to higher staff compensation expenses for research and development personnel.

As a result of the foregoing, loss from operations decreased by 77.8% to RMB9.3 million (US$1.4 million) in the second quarter of 2021 from RMB41.8 million in the same period of prior year.

Net loss attributable to the Company's Shareholders and Non-GAAP Measures

Net loss attributable to the Company's shareholders in the second quarter of 2021 decreased by 84.9% to RMB6.0 million (US$0.9 million) from RMB40.0 million in the same period of prior year. Basic and diluted loss per ordinary share were both RMB0.02(US$0.003) in the second quarter of 2021 compared with RMB0.13 in the same period of prior year.

Adjusted net loss attributable to the Company's shareholders in the second quarter of 2021 decreased by 91.1% to RMB2.9 million (US$0.4 million) from RMB32.8 million in the same period of prior year. Adjusted basic and diluted net loss per ordinary share were both RMB0.01(US$0.001) in the second quarter of 2021 compared with RMB0.11 in the same period of prior year. (1)

Adjusted EBITDA was a loss of RMB1.6 million (US$0.2 million) in the second quarter of 2021 compared with a loss of RMB32.1 million in the same period of prior year. (1)

_______________

(1) For details on the calculation of and reconciliation to the nearest GAAP measures for each of adjusted net loss attributable to the Company's shareholders, adjusted net loss per ordinary share and adjusted EBITDA, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP and GAAP Results."

Balance Sheet and Cash Flow

As of June 30, 2021, the Company had RMB126.2 million (US$19.5 million) cash and cash equivalents and RMB22.1 million (US$3.4 million) restricted cash. Net cash used in operating activities in the second quarter of 2021 was RMB3.26 million (US$0.51 million) compared with net cash used in operating activities of RMB5.7 million in the same period of prior year.

Unaudited First Half 2021 Financial Results

Net Revenues

Net revenues in the first half of 2021 increased by 231.1% to RMB213.3 million (US$33.0 million) from RMB64.4 million in the same period of prior year, primarily due to a 291.8% year-over-year increase in revenue generated from offline marketing services to RMB160.0 million (US$24.8 million) from RMB40.8 million in the same period of prior year, primarily due to the effective containment of the COVID-19 pandemic in the first half of 2021 compared with the extremely serious epidemic situation in the first half of 2020.

* Offline marketing services. Revenues generated from auto shows in the first half of 2021 increased by 304.8% to RMB158.1 million (US$24.5 million) from RMB39.1 million in the same period of prior year, and revenues generated from special promotion events in the first half of 2021 increased by 7.0% to RMB1.9 million (US$0.3 million) from RMB1.8 million in the same period of prior year, primarily due to the resumption of offline business activities as a result of the alleviation of the COVID-19 pandemic. * Virtual dealership, online marketing services and others. Revenue generated from virtual dealership, online marketing services and others increased by 125.9% to RMB53.3 million (US$8.3 million) in the first half of 2021 from RMB23.6 million in the same period of prior year, primarily due to our continuous expansion of online marketing services, including deepen collaboration with Baidu Youjia and Webank.

Gross Profit

Gross profit in the first half of 2021 increased by 232.4% to RMB161.9 million (US$25.1 million) from RMB48.7 million in the same period of prior year. Gross margin increased to 75.9% in the first half of 2021 from 75.6% in the same period of prior year.

Total Operating Expenses and Loss from Operations

Total operating expenses in the first half of 2021 increased by 26.5% to RMB189.2 million (US$29.3 million) from RMB149.5 million in the same period of prior year.

* Selling and marketing expenses in the first half of 2021 increased by 75.3% to RMB140.8 million (US$21.8 million) from RMB80.3 million in the same period of prior year, primarily due to increases in promotion expenses and staff compensation expenses as a result of increased volume of offline events. * General and administrative expenses in the first half of 2021 decreased by 41.4% to RMB30.6 million (US$4.7 million) from RMB52.3 million in the same period of prior year, primarily due to decrease in the general and administrative staff compensation expenses and allowance for doubtful accounts, as a result of the optimization of the company's compensation structure under the impact of COVID-19 and the strengthening of accounts receivable management. * Research and development expenses in the first half of 2021 increased by 4.9% to RMB17.7 million (US$2.7 million) from RMB16.9 million in the same period of prior year, primarily due to higher staff compensation expenses for research and development personnel.

Loss from operations decreased by 73.0% to RMB27.2 million (US$4.2 million) in the first half of 2021 from RMB100.8 million in the same period of prior year.

Net loss attributable to the Company's Shareholders and Non-GAAP Measures

Net loss attributable to the Company's shareholders in the first half of 2021 decreased by 76.6% to RMB22.6 million (US$3.5 million) from RMB96.5 million in the same period of prior year. Basic and diluted loss per ordinary share were both RMB0.07(US$0.01) in the first half of 2021 compared to RMB0.32 in the same period of prior year.

Adjusted net loss attributable to the Company's shareholders decreased by 81.2% to RMB15.9 million (US$2.5 million) in the first half of 2021 from an adjusted net loss of RMB84.6 million in the same period of prior year. Adjusted basic and diluted loss per ordinary share were both RMB0.05(US$0.01) in the first half of 2021 compared to RMB0.28 in the same period of prior year. (1)

Adjusted EBITDA was a loss of RMB11.8 million (US$1.8 million) in the first half of 2021 compared to a loss of RMB82.8 million in the same period of prior year.(1)

Business Outlook

For the third quarter of 2021, the Company expects net revenues to range from approximately RMB60.0 million to RMB65.0 million, representing a year-over-year approximate decrease of 40.0% to 35.0%. This is primarily attributable to the estimated declining number of offline events that is expected to be held in the third quarter of 2021 (including auto shows and special promotion events) due to the COVID-19 pandemic.

This forecast reflects the Company's current and preliminary views on the market and operational conditions as well as the influence of the COVID-19 pandemic, which are subject to change.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2021, or at any other rate.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's business plans and development, business outlook, as well as the length and severity of the COVID-19 pandemic and its impact on the Company's business and industry, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Use of Non-GAAP Financial Measures

To supplement the Company's unaudited condensed consolidated quarterly financial information which are presented in accordance with U.S. GAAP, the Company also uses adjusted net loss attributable to the Company's shareholders, adjusted net loss per ordinary share and adjusted EBITDA as additional non-GAAP financial measures. The Company presents these non-GAAP financial measures because they are used by the Company's management to evaluate its operating performance. The Company also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's consolidated results of operations in the same manner as its management and in comparing financial results across accounting periods and to those of the Company's peer companies.

The Company defines adjusted net loss as net loss excluding the impact of share-based compensation expenses, fair value loss of guarantee liability and impairment of long-term investment. The Company defines adjusted net loss per ordinary share as adjusted net loss divided by the weighted average number of ordinary shares. The Company defines adjusted EBITDA as net loss excluding the impact of depreciation and amortization, interest income net, share-based compensation expenses,fair value loss of guarantee liability and impairment of long-term investment. The Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's operating results. These non-GAAP financial measures are adjusted for the impact of items that the Company does not consider indicative of the operational performance of the Company's business, and should not be considered in isolation or construed as an alternative to net income/(loss) or any other measure of performance or as an indicator of the Company's operating performance.

In addition, the non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. Interest income or expenses, depreciation and amortization, share-based compensation expenses and fair value loss of guarantee liability have been and may continue to be incurred in the Company's business and are not reflected in the presentation of these non-GAAP measures. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures.

About TuanChe

Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading omni-channel automotive marketplace in China. TuanChe offers services to connect automotive consumers with various industry players such as automakers, dealers and other automotive service providers. TuanChe provides automotive marketing and transaction related services by integrating its online platforms with offline sales events. Through its integrated marketing solutions, TuanChe turns individual and isolated automobile purchase transactions into large-scale collective purchase activities by creating an interactive many-to-many environment. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe's online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. For more information, please contact ir@tuanche.com.

For investor and media inquiries, please contact:

TuanChe Limited Investor RelationsTel: +86 (10) 6398-2942Email: ir@tuanche.com

The Piacente Group, Inc.Brandi PiacenteTel: +1 (212) 481-2050Email: tuanche@tpg-ir.com

Yang SongTel: +86 (10) 6508-0677Email: tuanche@tpg-ir.com

TUANCHE LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amount in thousands, except as noted)

As of

December 31, 2020 June 30, 2021

RMB RMB US$

Audited Unaudited Unaudited

ASSETS

Current assets:

Cash and cash equivalents 109,916 126,150 19,538

Restricted cash 29,829 22,088 3,421

Time deposits 45,674 - -

Accounts receivable, net 66,126 57,841 8,958

Prepayment and other current assets 59,856 68,266 10,573

Total current assets 311,401 274,345 42,490

Non?current assets:

Property, equipment and software, net 5,708 4,713 730

Identifiable intangible assets from acquisition 21,821 19,801 3,067

Operating lease right-of-use assets, net 10,801 7,999 1,239

Long-term investments 8,949 4,130 640

Goodwill 115,414 115,414 17,875

Other non-current assets 313 313 48

Total non?current assets 163,006 152,370 23,599

Total assets 474,407 426,715 66,089

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable 21,794 21,647 3,353

Advances from customers 21,466 4,835 749

Salary and welfare benefits payable 57,996 45,050 6,977

Short-term borrowings - 7,000 1,084

Other taxes payable 22,992 24,555 3,803

Current portion of deferred revenue 4,054 3,729 578

Short-term operating lease liabilities 5,911 4,437 687

Guarantee liabilities 387 1,929 299

Other current liabilities 41,564 36,010 5,577

Total current liabilities 176,164 149,192 23,107

Non?current liabilities:

Non-current portion of deferred revenue 185 830 129

Deferred tax liability 5,451 4,935 764

Long-term operating lease liabilities 4,048 2,522 391

Other non?current liabilities 1,498 1,229 190

Total non-current liabilities 11,182 9,516 1,474

Total liabilities 187,346 158,708 24,581

Shareholders' equity:

Class A ordinary shares 181 181 28

Class B ordinary shares 35 35 5

Treasury stock (45,886) (45,886) (7,107)

Additional paid-in capital 1,221,339 1,225,755 189,845

Accumulated deficit (881,700) (904,296) (140,057)

Accumulated other comprehensive loss (5,805) (6,679) (1,035)

Total equity attributable to equity shareholders of 288,164 269,110 41,679 the Company

Non-controlling interests (1,103) (1,103) (171)

Total shareholders' equity 287,061 268,007 41,508

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 474,407 426,715 66,089

TUANCHE LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amount in thousands, except share and per share data)

For the three months ended June 30,

2020 2021

RMB RMB US$

Net revenues

Offline Marketing Services:

Auto shows 33,371 99,427 15,399

Special promotion events 1,482 1,699 263

Virtual dealership, online marketing services and others 19,895 31,310 4,849

Total net revenues 54,748 132,436 20,511

Cost of revenues (11,702) (34,906) (5,406)

Gross profit 43,046 97,530 15,105

Operating expenses:

Selling and marketing expenses (48,577) (83,579) (12,945)

General and administrative expenses (28,023) (14,405) (2,231)

Research and development expenses (8,255) (8,825) (1,367)

Total operating expenses (84,855) (106,809) (16,543)

Loss from operations (41,809) (9,279) (1,438)

Other expenses, net:

Interest income, net 484 74 12

Exchange (loss)/gain (130) 144 22

Gain/(loss) from an equity method investment 219 (61) (9)

Impairment of a long-term investment (700) (108)

Others, net 996 3,527 547

Loss before income taxes (40,240) (6,295) (974)

Income tax expense 164 258 40

Net loss (40,076) (6,037) (934)

Net loss attributable to TuanChe Limited's shareholders (39,970) (6,037) (934)

Net loss attributable to the Non-controlling interests (106) - -

Net loss (40,076) (6,037) (934)

Other comprehensive loss:

Foreign currency translation adjustments (6) (1,382) (214)

Total other comprehensive loss (6) (1,382) (214)

Total comprehensive loss (40,082) (7,419) (1,148)

Comprehensive loss attributable to:

TuanChe Limited's shareholders (39,976) (7,419) (1,148)

Non-controlling interests (106) - -

Net loss per share

Basic and diluted (0.13) (0.02) (0.003)

Weighted average number of ordinary shares

Basic and diluted 303,332,885 305,919,043 305,919,043

TUANCHE LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amount in thousands, except share and per share data)

For the six months ended June 30,

2020 2021

RMB RMB US$

Net revenues

Offline Marketing Services:

Auto shows 39,061 158,129 24,491

Special promotion events 1,787 1,911 296

Virtual dealership, online marketing services and others 23,591 53,287 8,253

Total net revenues 64,439 213,327 33,040

Cost of revenues (15,716) (51,390) (7,959)

Gross profit 48,723 161,937 25,081

Operating expenses:

Selling and marketing expenses (80,314) (140,810) (21,809)

General and administrative expenses (52,323) (30,643) (4,746)

Research and development expenses (16,888) (17,722) (2,745)

Total operating expenses (149,525) (189,175) (29,300)

Loss from operations (100,802) (27,238) (4,219)

Other expenses, net:

Interest income, net 1,451 496 77

Exchange gain 590 246 38

Gain/(loss) from an equity method investment 52 (220) (34)

Impairment of a long-term investment (700) (108)

Others, net 1,586 4,304 666

Loss before income taxes (97,123) (23,112) (3,580)

Income tax expense 516 516 80

Net loss (96,607) (22,596) (3,500)

Net loss attributable to TuanChe Limited's shareholders (96,485) (22,596) (3,500)

Net loss attributable to the Non-controlling interests (122) - -

Net loss (96,607) (22,596) (3,500)

Other comprehensive income/(loss):

Foreign currency translation adjustments 876 (874) (135)

Total other comprehensive income/(loss) 876 (874) (135)

Total comprehensive loss (95,731) (23,470) (3,635)

Comprehensive loss attributable to:

TuanChe Limited's shareholders (95,609) (23,470) (3,635)

Non-controlling interests (122) - -

Net loss per share

Basic and diluted (0.32) (0.07) (0.01)

Weighted average number of ordinary shares

Basic and diluted 303,221,278 305,884,935 305,884,935

TUANCHE LIMITED

RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share data)

For the three months ended June 30,

2020 2021

RMB RMB US$

Net loss (40,076) (6,037) (934)

Add ?

Depreciation and amortization 1,308 1,407 218

Subtract?

Interest income, net 484 74 12

EBITDA (39,252) (4,704) (728)

Add ?

Share-based compensation expenses 7,191 2,304 357

Fair value loss of guarantee liability - 130 20

Impairment of a long-term investment - 700 108

Adjusted EBITDA (32,061) (1,570) (243)

Net loss (40,076) (6,037) (934)

Add ?

Share-based compensation expenses 7,191 2,304 357

Fair value loss of guarantee liability - 130 20

Impairment of a long-term investment - 700 108

Adjusted net loss (32,885) (2,903) (449)

Adjusted net loss attributable to TuanChe Limited's (32,779) (2,903) (449)shareholders

Adjusted net loss attributable to the Non-controlling (106) - -interests

Weighted average number of ordinary shares

Basic and diluted 303,332,885 305,919,043 305,919,043

Adjusted net loss per share from operations

Basic and diluted (0.11) (0.01) (0.001)

TUANCHE LIMITED

RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except share and per share data)

For the six months ended June 30,

2020 2021

RMB RMB US$

Net loss (96,607) (22,596) (3,500)

Add ?

Depreciation and amortization 3,446 4,634 718

Subtract?

Interest income, net 1,451 496 77

EBITDA (94,612) (18,458) (2,859)

Add ?

Share-based compensation expenses 11,847 4,415 684

Fair value loss of guarantee liability - 1,542 239

Impairment of a long-term investment - 700 108

Adjusted EBITDA (82,765) (11,801) (1,828)

Net loss (96,607) (22,596) (3,500)

Add ?

Share-based compensation expenses 11,847 4,415 684

Fair value loss of guarantee liability - 1,542 239

Impairment of a long-term investment - 700 108

Adjusted net loss (84,760) (15,939) (2,469)

Adjusted net loss attributable to TuanChe Limited's (84,638) (15,939) (2,469)shareholders

Adjusted net loss attributable to the Non-controlling (122) - -interests

Weighted average number of ordinary shares

Basic and diluted 303,221,278 305,884,935 305,884,935

Adjusted net loss per share from operations

Basic and diluted (0.28) (0.05) (0.01)

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SOURCE TuanChe Limited