Gelonghui March 30th 丨Cash Bar (01753.HK) announced that for the year ended December 31, 2022, the Group recorded total revenue of RMB 1,617 million, an increase of about 23.2% over 2021. The increase was mainly due to a 25.1% increase in Internet advertising revenue in 2022 to RMB 1,426 million compared to 2021, reflecting the increase in the number of daily active users and the number of monthly active users in 2022 from 30.2 million to 36.9 million and from 434 million to 566 million, respectively, due to the recovery of advertiser demand and budgets and the recovery of offline platform traffic after the COVID-19 pandemic was effectively controlled, as well as continued R&D investment.

The Group recorded revenue of RMB 1,099 million in the second half of 2022, an increase of 112.1% over the first half of 2022. Revenue in the first half of 2022 was relatively low, mainly because customers who contributed the main revenue to the Group's advertising business in 2021 reduced their budgets for this year due to changes in the market environment in which they operate. In the second half of 2022, in an environment where the COVID-19 pandemic was effectively controlled, advertiser demand and budgets picked up. Coupled with the company's continuous exploration in Internet companies and other fields, performance increased significantly compared to the first half of 2022.

According to the announcement,The Group's growth record picked up due to the overall recovery in advertiser demand and budgets, and a significant improvement in offline traffic on advertising platforms. At the same time, in order to better serve advertisers, the Group purchased more traffic from large corporate platforms, so the cost of the Group's Internet advertising business rose rapidly, leading to a decline in gross profit. In addition, the SaaS business operated by the Group's users was affected to a certain extent due to the epidemic control in the second quarter of 2022. Commuting and services were affected to a certain extent. Business growth weakened in stages, and the Group continued to promote the monetization of the SaaS business operated by users in the second half of 2022.