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On August 6, UClub a coworking space provider released its financial report for the second quarter of 2021. The financial report shows that in the second quarter of 2021, the total revenue of UClub was 261 million yuan, with a year-on-year increase of 34.3%. In addition, the asset-light income is increasing by 292.1% year-on-year.
1. The steady expansion of business coverage for all UClub coworking spaces
UClub has shown promising growth, as it expanded its coworking office coverage to 87 cities. With a total of 700,000 square meters of management area and 282 locations leased. Currently, there are 52 cities with light assets with a year-on-year increase of 63%. At present, The asset-light management area is 439,000 square meters with a year-on-year increase of 98%. To sum up, there are 154 asset-light properties leased across all of its locations with a year-on-year increase of 141%.
2. The total increase in revenue for UClub coworking space exceeds expectations, with the rapid expansion of the asset-light business
In the second quarter of 2021, the total revenue of UClub was 261 million yuan, with a year-on-year increase of 34.3%. On the other hand, UClub’s marketing and brand services income stand at 126 million yuan with a year-on-year increase of 162.3%. while, its light asset income stands at 15.2 million yuan with a year-on-year increase of 292.1%. At present, UClub’s gross profit is at 4.6 million yuan with a year-on-year increase of 228.6%.
3. Huge reduction in net loss, highlighting the advantage of the asset-light model
UClub is seeing a significant reduction in its loss with a year-on-year decrease of 43.0%. As a result, it now stands at 21.94 million, which is 33.4% lower than the first quarter of 2021. On the other hand, UClub’s net loss is at 21.87 million yuan, which is 53.2% lower than the first quarter of 2021. UClub sees a year-on-year decrease of 72.3%.
