$易车(BITA)$ 业绩好到爆，严重超预期！@梁剑 @Ricky

营收同比增54.5%，至5.22亿元人民币；

nongaap净利润1.24亿元人民币，同比增110.3%；

（q1季报时曾预计Q2营收增速42-47.9%，调整后利润增速72.7-76.2%；）

预计q3营收5.5-5.7亿元，增速45.4-50.7%；nongaap利润1.25-1.32亿元，增速60.9-69.9%；业绩预期还是一如既往的保守。

Delivers Year-over-year Growth of 159.5% in Operating Profit

BEIJING, Aug. 11, 2014 /PRNewswire/ -- Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of Internet content and marketing services for China's fast-growing automotive industry, today announced its unaudited financial results for the second quarter 2014 ended June 30, 2014[1].

Second Quarter 2014 Highlights

Revenue in the second quarter of 2014 was RMB522.3 million (US$84.2 million), a 54.5% increase from the corresponding period in 2013.

Gross profit in the second quarter of 2014 was RMB419.3 million (US$67.6 million), a 64.3% increase from the corresponding period in 2013.
Operating profit in the second quarter of 2014 was RMB131.8 million (US$21.2 million), a 159.5% increase from the corresponding period in 2013.
IFRS profit in the second quarter of 2014 was RMB115.9 million (US$18.7 million), a 107.6% increase from the corresponding period in 2013.
Non-GAAP profit in the second quarter of 2014 was RMB124.2 million (US$20.0 million), a 110.3% increase from the corresponding period in 2013.

Non-GAAP basic and diluted profit per ADS in the second quarter of 2014 was RMB2.99 (US$0.48) and RMB2.80 (US$0.45), respectively.
Mr. William Li, chief executive officer and chairman of Bitauto commented, "I am pleased to report that we delivered another quarter of strong top and bottom line results with year-over-year revenue growth of 54.5% and non-GAAP profit growth of 110.3% in the second quarter of 2014. In particular, our bitauto.com advertising and EP platform businesses continued to drive positive results with year-over-year revenue growth of 67.0% and 59.4%, respectively."

"I'm also pleased to say that in the second quarter of 2014 our EP platform generated over 14.0 million general sales leads[2] for our auto dealer customers. We continued our efforts in developing pay-for-performance and transaction services and products, including huimaiche.com, our newly-launched C2B website, which has received positive market feedback. Investing in our mobile product offerings remains a priority and in June, we signed a strategic agreement with Baidu to be the exclusive supplier of auto-related content for the mobile segment of Baidu's Aladdin Platform. Furthermore, the number of active users of our "Bitauto Auto Price" app continues to grow and it has already become a significant generator of sales leads for our auto dealer customers.

"Moving forward, we continue to focus on developing our mobile product and service offerings and to execute our established three core growth strategies. First, we continue to expand the variety of value-added services on the EP platform and to drive forward our pay-for-performance and transaction services and products. Second, we continue our brand building efforts and in particular, to further enhance bitauto.com's brand recognition. On this front, we intend to enhance our advertising efforts via traditional offline platforms starting from the third quarter. Third, we continue to invest in our used car business."

Mr. Andy Zhang, chief financial officer of Bitauto, said: "We continued to see strong top and bottom line results driven by our popular online and mobile platforms for automaker and auto dealer customers. Improving operating efficiencies remains a priority and we were pleased to expand our operating margin for the quarter to 25.2% from 15.0% in the second quarter of last year."

Recent Updates

As of June 30, 2014, the Company had a total of 44,055,745 ordinary shares, with 30,368,244 ADSs issued and outstanding. Each ADS represents one ordinary share of the Company. Basic and diluted per ADS figures for the second quarter of 2014 were calculated using a weighted average of 41,486,974 and 44,379,077 ADSs, respectively.

Second Quarter 2014 Results

Bitauto reported revenue of RMB522.3 million (US$84.2 million) for the second quarter of 2014, including advertising and subscription revenue of RMB468.6 million (US$75.5 million) and agent service revenue[3] of RMB53.7 million (US$8.7 million). The increase in revenue was primarily attributable to the growth of the bitauto.com advertising business and the EP platform business.

Cost of revenue for the second quarter of 2014 was RMB103.0 million (US$16.6 million), representing a year-over-year increase of 24.4% from RMB82.8 million (US$13.4 million). Cost of revenue as a percentage of revenue in the second quarter of 2014 was 19.7%, compared to 24.5% in the corresponding period in 2013. The increase in cost of revenue was mainly due to an increase in personnel expenses of employees directly engaged in revenue-generating activities and an increase in tax and related surcharges in line with revenue growth.

Gross profit for the second quarter of 2014 was RMB419.3 million (US$67.6 million), representing a 64.3% increase from the corresponding period in 2013.

Selling and administrative expenses were RMB255.9 million (US$41.3 million) for the second quarter of 2014, representing an increase of 40.4% from the corresponding period in 2013. This increase was primarily attributable to an increase in expenses relating to the Company's mobile marketing efforts, navigation and search engine marketing efforts, as well as an increase in selling and administrative headcount, and an increase in employee salaries and benefits.

Product development expenses were RMB31.6 million (US$5.1 million) for the second quarter of 2014, a 42.5% increase from the corresponding period in 2013. The increase was primarily due to an increase in product development headcount and their related expenses.

Share-based payment expenses, which were allocated to related operating expense line items, were RMB8.3 million (US$1.3 million) in the second quarter of 2014, compared to RMB3.2 million (US$0.5 million) in the corresponding period in 2013. The increase was mainly due to the granting of restricted share units in 2013.

Operating profit in the second quarter of 2014 was RMB131.8 million (US$21.2 million), representing a 159.5% increase from the corresponding period in 2013. The increase was primarily due to business scalability and an increase in operation efficiency.

Income tax expense in the second quarter of 2014 was RMB20.9 million (US$3.4 million), compared to an income tax expense of RMB2.2 million (US$0.4 million) in the corresponding period in 2013. The income tax expense was mainly attributed to an increase in taxable profit.

IFRS profit in the second quarter of 2014 was RMB115.9 million (US$18.7 million), a 107.6% increase from the corresponding period in 2013. Basic and diluted profit per ADS, each representing one ordinary share, in the second quarter of 2014 amounted to RMB2.79 (US$0.45) and RMB2.61 (US$0.42), respectively.

Non-GAAP profit in the second quarter of 2014 was RMB124.2 million (US$20.0 million), a 110.3% increase from the corresponding period in 2013. Non-GAAP basic and diluted profit per ADS in the second quarter of 2014 amounted to RMB2.99 (US$0.48) and RMB2.80 (US$0.45), respectively.

Second Quarter 2014 Business Segment Results

Revenue from the bitauto.com advertising business for the second quarter of 2014 was RMB294.9 million (US$47.5 million), representing a 67.0% increase from the corresponding period in 2013. The increase was attributable to better brand recognition of the bitauto.com website thanks to its leading position as one of the most effective auto vertical destinations in China as well as an increase in advertising spending by automaker customers.

Cost of revenue for the bitauto.com advertising business for the second quarter of 2014 was RMB37.6 million (US$6.1 million), representing a year-over-year increase of 38.2% from RMB27.2 million (US$4.4 million) for the corresponding period in 2013. This was mainly due to an increase in personnel expenses of employees directly engaged in revenue-generating activities and an increase in tax and related surcharges in line with revenue growth. Cost of revenue as a percentage of revenue in the second quarter of 2014 was 12.7%, compared to 15.4% in the corresponding period in 2013.

Gross profit from the bitauto.com advertising business for the second quarter of 2014 was RMB257.3 million (US$41.5 million), representing a 72.3% increase from the corresponding period in 2013.

Operating profit from the bitauto.com advertising business for the second quarter of 2014 was RMB102.2 million (US$16.5 million), representing a 99.6% increase from the corresponding period in 2013. The increase was mainly due to enhanced sales efficiency and scalability of the bitauto.com advertising business.

Revenue from the EP platform business for the second quarter of 2014 was RMB168.1 million (US$27.1 million), representing a 59.4% increase from the corresponding period in 2013. The increase was attributable to an increase in both the number of paid subscribers and months of paid subscription. The Company recorded 41,909 months of paid subscription for the period.

Cost of revenue for the EP platform business for the second quarter of 2014 was RMB29.7 million (US$4.8 million), representing a year-over-year increase of 42.5% from RMB20.8 million (US$3.4 million) for the corresponding period in 2013. This was mainly due to an increase in higher-direct-cost services. Cost of revenue as a percentage of revenue in the second quarter of 2014 was 17.7%, compared to 19.7% in the corresponding period in 2013.

Gross profit from the EP platform business for the second quarter of 2014 was RMB138.4 million (US$22.3 million), representing a 63.5% increase from the corresponding period in 2013.

Operating profit from the EP platform business for the second quarter of 2014 was RMB45.4 million (US$7.3 million), representing a 115.9% increase from the corresponding period in 2013.

Revenue from the taoche.com business for the second quarter of 2014 was RMB5.7 million (US$0.9 million), representing a 2.7% decrease from the corresponding period in 2013.

Cost of revenue for the taoche.com business for the second quarter of 2014 was RMB4.9 million (US$0.8 million), representing a year-over-year decrease of 47.7% from RMB9.3 million (US$1.5 million) for the corresponding period in 2013.

Gross profit from the taoche.com business for the second quarter of 2014 was RMB0.8 million (US$0.1 million), compared to a gross loss of RMB3.4 million (US$0.6 million) in the corresponding period in 2013.

Operating loss from the taoche.com business for the second quarter of 2014 was RMB10.6 million (US$1.7 million), compared to an operating loss of RMB18.7 million (US$3.0 million) in the corresponding period in 2013.

Revenue from the digital marketing solutions business for the second quarter of 2014 was RMB53.7 million (US$8.7 million), representing a 7.0% increase from the corresponding period in 2013, which reflects an increase in the number of advertising customers.

Cost of revenue for the digital marketing solutions business for the second quarter of 2014 was RMB30.9 million (US$5.0 million), representing a year-over-year increase of 21.2% from RMB25.5 million (US$4.1 million) for the corresponding period in 2013. The increase was mainly due to an increase in personnel expenses of employees directly engaged in revenue-generating activities.

Gross profit from the digital marketing solutions business for the second quarter of 2014 was RMB22.8 million (US$3.7 million), representing a 7.6% decrease from the corresponding period in 2013.

Operating loss from the digital marketing solutions business for the second quarter of 2014 was RMB5.2 million (US$0.8 million), compared to an operating loss of RMB2.7 million (US$0.4 million) in the corresponding period in 2013.

As of June 30, 2014, the Company had cash and cash equivalents of RMB1.1 billion (US$178.3 million). Cash from operating activities, cash used in investing activities such as capital expenditures, and cash from financing activities in the second quarter of 2014 were RMB72.8 million (US$11.7 million), RMB39.7 million (US$6.4 million), and RMB12.2 million (US$2.0 million), respectively.

Gross billings[4] in the second quarter of 2014 was RMB798.7 million (US$128.7 million), compared to RMB493.0 million (US$79.5 million) in the corresponding period in 2013.

Bills receivables, representing short-term notes receivable issued by financial institutions that entitle the Company to receive the full face amount from the financial institutions at maturity, which generally range from three to six months from the date of issuance, was RMB37.3 million (US$6.0 million) as of June 30, 2014, compared to RMB69.2 million (US$11.2 million) as of December 31, 2013.

Trade receivables was RMB1.0 billion (US$164.0 million) as of June 30, 2014, compared to RMB656.7 million (US$105.9 million) as of December 31, 2013.

The number of employees totaled 2,486 as of June 30, 2014, representing a 19.5% increase from the same period in 2013. The increase in headcount was due to the year-over-year expansion of the Company's sales network from 140 to 163 locations and an increase in headcount in our mobile product development team.

Third Quarter 2014 Outlook

Bitauto currently expects to generate revenue in the range of RMB550.0 million (US$88.7 million) to RMB570.0 million (US$91.9 million) in the third quarter of 2014, representing a 45.4% to 50.7% year-over-year increase. Bitauto currently expects non-GAAP profit in the range of RMB125.0 million (US$20.2 million) to RMB132.0 million (US$21.3 million) in the third quarter of 2014, representing a 60.9% to 69.9% year-over-year increase.


This forecast takes into consideration seasonality factors in Bitauto's business, and excludes any impact of foreign currency fluctuation. It reflects management's current and preliminary view, which is subject to change.