Dada Nexus Limited (NASDAQ:DADA) Q2 2024 Earnings Conference Call August 20, 2024 9:30 PM ET

Company Participants

Caroline Dong - Head of Investor Relations
Henry Jun Mao - Chief Financial Officer

Conference Call Participants

Thomas Chong - Jefferies
Alicia Yap - Citigroup
Jiulu Li - CICC

Operator

Good morning, ladies and gentlemen and thank you for standing by for Dada's Second Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. After the management’s prepared remarks, there will be a question-and-answer session. As a reminder, today's conference call is being recorded.

I will now turn the meeting over to your host for today's call, Ms. Caroline Dong, Head of Investor Relations for Dada. Please proceed, Caroline.

Caroline Dong

Thank you, operator. Hello everyone and thank you for joining our second quarter 2024 earnings conference call. On the call today from Dada, we have Mr. Henry Jun Mao, CFO. Mr. Mao will talk about our operations, company highlights and the financials. He will be available to answer your questions during the Q&A session.

Before we begin, I'd like to remind you that today's conference call contain forward-looking statements. Please refer to our latest Safe Harbor statement in the earnings press release on our IR website which applies to this call. Also, during this call, we will discuss certain non-GAAP financial measures. Please also refer to our earnings press release which contains a reconciliation of non-GAAP measures to the comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.

It is now my pleasure to introduce our CFO, Mr. Mao. Henry, please go ahead.

Henry Jun Mao

Thank you, Caroline and thank you all for joining us. In the second quarter of 2024, we delivered high-quality results. For JD Now, both monthly transacting users and orders through the JD App recorded over 100% year-on-year growth in the quarter. Meanwhile, the penetration of JD NOW among JD users continue to increase sequentially.

For Dada NOW, our local on-demand delivery platform, revenue growth in the first half of the year exceeded 50% year-on-year. Driven by the overall improvement in operational efficiency, our non-GAAP net loss margin narrowed sequentially in the second quarter. Specifically, Dada Group's total net revenues in the second quarter were RMB2.3 billion. The year-on-year change was mainly due to the continued review and adjustments of the JD NOW business starting from the beginning of this year.