Monster Charging's 2024 Q2 Report User Count Increase, Revenue Decrease
TapTechNews August 23rd news, Monster Charging today announced its unaudited financial report for the second quarter of 2024. In the second quarter of 2024, Monster Charging's cumulative registered user count increased by 12.8 million to 417 million.
Monster Charging's revenue in the second quarter of 2024 was 462.9 million Chinese yuan, a decrease of 55.3% compared to the same period in 2023. This decline was mainly due to certain one-time adjustments made to the revenue of mobile device charging in the second quarter of 2024.
In the second quarter of 2024, the revenue of mobile device charging (including the revenue generated by the direct operation mode and the network partner mode) decreased by 60% to 410.6 million Chinese yuan, while it was 10.263 million Chinese yuan in the same period of the previous year.
The revenue generated by the direct operation mode decreased by 60.7% from 30.07 million Chinese yuan to 11.81 million Chinese yuan year-on-year, and the reduction was mainly due to the decrease in the number of POIs (point locations) operating under the direct mode.
The revenue generated by the network partner mode decreased by 59.7% from 72.56 million Chinese yuan in the same period of 2023 to 29.25 million Chinese yuan in the second quarter of 2024.
TapTechNews noted that the previous news showed that Monster Charging fully turned to agency franchise, and both the direct and franchise operations had year-on-year declines in terms of revenue changes, but the revenue of the franchise business increased slightly quarter-on-quarter.
Other revenues mainly include the revenues of new business initiatives and advertising services, which increased by 453.7% from 9.4 million Chinese yuan in the same period of 2023 to 52.3 million Chinese yuan in the second quarter of 2024. The growth was mainly attributed to new business initiatives.
Monster Charging's net profit attributable to common shareholders in the second quarter of 2024 was 920,000 Chinese yuan, while the net profit attributable to common shareholders in the same period of the previous year was 2.45 million Chinese yuan, a decrease of 62%.
From the perspective of key data such as the number of point locations and the number of online power banks, as of June 30, 2024, Monster Charging had 9.5 million online power banks and 1.267 million POIs (point locations) nationwide.
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