0001104659-24-049608 | 20-F | XBRL Viewer

Print Document

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares
CONSOLIDATED BALANCE SHEETS
Accounts receivable, net of allowance for doubtful accounts \| ¥	¥ 42,907		¥ 10,651
Ordinary shares, par value \| $ / shares		$ 0.0001		$ 0.0001
Ordinary shares, shares authorized	2,000,000,000		2,000,000,000
Ordinary shares, shares issued	1,100,285,570		1,079,881,662
Ordinary shares, shares outstanding	1,056,311,362		1,021,923,242

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

Property and equipment and the accumulated depreciation were as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Office facilities	2,844	2,163
Software	20,610	21,298
Computer equipment	18,797	17,981
Vehicles	285	201
Leasehold improvement	59,302	59,294
Total cost	101,838	100,937
Less: accumulated depreciation	(84,989)	(92,545)
Property and equipment, net	16,849	8,392

Depreciation expenses related to property and equipment were RMB18,826, RMB27,055 and RMB14,202 for the years ended December 31, 2021, 2022 and 2023, respectively.

PREPAYMENTS AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Loan provided to third party companies	¥ 285,700		¥ 240,000
VAT receivables	145,868		91,022
Funds receivable from third party mobile and online payment platforms	71,394		47,842
Advance to suppliers	32,621		20,641
Interest receivable	61,325		7,332
Other receivables	9,594		8,489
Prepayments and other current assets	606,502		¥ 415,326	$ 58,497
Term of the loans paid to third party companies		1 year
Maximum borrowing capacity under the loans paid to third party companies	¥ 400,000	¥ 300,000
Percentage of interest under the loans paid to third party companies		4.50%
Maturity term of each loans under the loans paid to third party companies	3 months
Maximum amount of borrowing capacity					¥ 500,000

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

11. SHARE-BASED COMPENSATION

In February 2015, the Group adopted the 2015 Incentive Compensation Plan (“2015 Plan”), which permits the granting of share options, restricted share units and other equity incentives to employees, directors and consultants of the Group. The 2015 Plan administrator is the Group’s board of directors. The board may also authorize one or more of the Group’s officers to grant awards under the plan. The Group has authorized 61,605,996 ordinary shares for issuance under the 2015 Plan. The options expire in ten years from the date of grant.

In June 2020, the Group adopted the 2020 Incentive Compensation Plan (“2020 Plan”), which permits the granting of share options, restricted share units and other equity incentives to employees, directors and consultants of the Group. The 2020 Plan administrator is the Group’s board of directors. The board may also authorize one or more of the Group’s officers to grant awards under the plan. The Group has initially authorized 45,765,386 ordinary shares, plus an annual increase on the first day of each year during the ten-year term of the 2020 Plan commencing with the year beginning January 1, 2021, by an amount equal to 1.0% of the total number of shares issued and outstanding on the last day of the immediately preceding year, for issuance under the 2020 Plan. The options expire in ten years from the date of grant. The Company uses treasury shares or new shares for issuing shares under 2020 Plan.

11. SHARE-BASED COMPENSATION - continued

For the years ended December 31, 2021, 2022 and 2023, total share-based compensation expenses recognized were RMB207,943, RMB218,730 and RMB163,153, respectively. The following table sets forth the allocation of share-based compensation expenses:


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Selling and marketing	50,430	60,474	69,799
General and administrative	111,307	98,243	40,313
Research and development	46,206	60,013	53,041
Total	207,943	218,730	163,153

Share option

Under the 2015 Plan and 2020 Plan, options granted to employees vest upon satisfaction of a service condition, which is generally satisfied over four years. The Group recognized RMB52,569, RMB30,928 and RMB18,198 of stock-based compensation expenses for the years ended December 31, 2021, 2022 and 2023, respectively. The Group did not grant any share options for the years ended December 31, 2021, 2022 and 2023.

The following table summarized the Group’s share option activities under the option plans:


			Weighted
		Weighted	Average	Weighted
		Average	Remaining	Average	Aggregate
	Number	Exercise	Contract Life	Grant Date	Intrinsic
	of Options	Price	(years)	Fair Value	Value
		US$		US$	US$
Outstanding at January 1, 2023	10,404,360	0.67	5.06	2.11	11,219
Exercised	(3,984,236)	0.46		1.86
Forfeited	(270,040)	0.80		3.86
Outstanding at December 31, 2023	6,150,084	0.76	4.59	2.20	404
Vested and expect to vest at December 31, 2023	6,150,084	0.76	4.59	2.20	404
Exercisable at December 31, 2023	5,632,464	0.76	4.43	2.01	389

The total intrinsic value of options exercised during the years ended December 31, 2021, 2022, and 2023 was RMB674,174, RMB203,841 and RMB51,110, respectively. As of December 31, 2023, there was RMB2,629 of total unrecognized compensation expense related to options, which is expected to be recognized over a weighted-average period of 0.26 years.

Restricted share units

The Group granted restricted share units to employees and non-employees in 2021, 2022 and 2023.

In 2021, the Group granted in total 9,253,000 restricted share units generally subject to a four-year service vesting schedule under the 2020 Plan. The weighted average estimated fair value on the grant date of each restricted share unit was US$6.04 (RMB38.48).

In 2022, the Group granted in total 13,178,072 restricted share units, subject to a two-year or four-year service vesting schedule under the 2020 Plan. The weighted average estimated fair value on the grant date of each restricted share unit was US$2.02 (RMB13.94).

In 2023, the Group granted in total 8,479,188 restricted share units, subject to a four-year service vesting schedule under the 2020 Plan. The weighted average estimated fair value on the grant date of each restricted share unit was US$1.66 (RMB11.76).

11. SHARE-BASED COMPENSATION - continued

Restricted share units - continued

The following table summarized the Group’s restricted share unit activities under the 2015 Plan and the 2020 Plan:


	Number of	Weighted Average
	Restricted Share	Grant Date
	Units	Fair Value
		US$
Nonvested at January 1, 2023	19,629,929	3.39
Granted	8,479,188	1.66
Vested	(5,524,008)	3.60
Forfeited	(4,541,889)	3.18
Nonvested at December 31, 2023	18,043,220	2.51
Expected to vest at December 31, 2023	18,043,220	2.51

Restricted share units granted to employees and non-employees are measured based on the closing price of ordinary shares on the grant date and recognized as compensation cost on a straight-line basis over the requisite service period. Total share-based compensation expenses recognized for these restricted share units in 2021, 2022 and 2023 were RMB146,996, RMB183,798 and RMB135,755, respectively. The total fair value of restricted share units vested during the years ended December 31, 2021, 2022 and 2023, was RMB115,893, RMB214,134 and RMB80,913, respectively. As of December 31, 2023, there were RMB235,206 of unrecognized compensation expenses related to nonvested restricted share units which is expected to be recognized over a weighted-average period of 2.35 years.

JD’s Share Incentive Plan (the “JD Employee Awards”)

On April 26, 2016, the Group consummated the acquisition of JDDJ business from JD. The acquisition involved the transfer of certain employees from JD to the Group. These employees were granted with nonvested restricted share units by JD when they were employed by JD. The JD Employee Awards which are generally vested annually over six years continued in effect after the acquisition for the employees transferred to the Group, provided that these employees continue their employment with the Group or any subsidiaries of JD. In addition, certain employees of the Group were transferred from JD Group. Prior to their transfer, these employees were granted with JD Employee Awards and the JD Employee Awards remain in effect after their transfer to the Group per original agreement.

The Group recognizes the entire cost of JD Employee Awards incurred by JD, the Group’s shareholder, as compensation cost with a corresponding amount as a capital contribution according to ASC 505-10-25-3. The share-based compensation amounts related to JD’s share were RMB8,378, RMB4,004 and RMB9,200 for the years ended December 31, 2021, 2022 and 2023, respectively.

INTANGIBLE ASSETS, NET - Estimated Amortization Expense (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
INTANGIBLE ASSETS, NET
2024	¥ 500,914
2025	500,907
2026	411,564
2027	65,190
2028 and thereafter	1,069
Intangible assets, net	¥ 1,479,644	$ 208,403	¥ 1,665,320

PRINCIPAL ACCOUNTING POLICIES - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) item $ / ¥	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Foreign currency exchange rate \| $ / ¥	7.0999
Gain on investments	¥ 25,760		¥ 19,865	¥ 14,524
Accounts receivable, net of allowance for doubtful accounts	42,907		10,651
Provisions for doubtful accounts	¥ 42,354	$ 5,965	10,651
Number of reporting units \| item	1	1
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	true	true
Revenue, Remaining Performance Obligation, Optional Exemption, Variable Consideration [true false]	true	true
Advertising and marketing expenses	¥ 753,490		¥ 944,471	¥ 574,569
First service period for options and restricted share units granted to employees and non-employees, including directors	2 years	2 years
Second service period for options and restricted share units granted to employees and non-employees, including directors	4 years	4 years

PROPERTY AND EQUIPMENT, NET (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
PROPERTY AND EQUIPMENT, NET
Total cost	¥ 100,937		¥ 101,838
Less: accumulated depreciation	(92,545)		(84,989)
Property and equipment, net	8,392	$ 1,182	16,849
Office facilities
PROPERTY AND EQUIPMENT, NET
Total cost	2,163		2,844
Software
PROPERTY AND EQUIPMENT, NET
Total cost	21,298		20,610
Computer equipment
PROPERTY AND EQUIPMENT, NET
Total cost	17,981		18,797
Vehicles
PROPERTY AND EQUIPMENT, NET
Total cost	201		285
Leasehold improvement
PROPERTY AND EQUIPMENT, NET
Total cost	¥ 59,294		¥ 59,302

OPERATING LEASES - Future lease payments under operating leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
OPERATING LEASES
Within one year	¥ 15,030		¥ 25,836
Within a period of more than one year but not more than two years	419		16,878
Total future lease payments	15,449		42,714
Less: imputed interest	(316)		(1,680)
Total lease liabilities balance	15,133		41,034
Less: Current operating lease liabilities	14,719	$ 2,073	24,460
Long-term operating lease liabilities	414	$ 58	16,574
Future lease payments for short-term leases	¥ 2,257		¥ 2,061

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENT

SUBSEQUENT EVENT

20. SUBSEQUENT EVENTS

In March 2023, the Board of Directors of the Company authorized a share repurchase program of up to US$40 million (“2024 Share Repurchase Program”) of ADSs funded by existing cash balance for a two-year period through March 2026.

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET
Depreciation expenses	¥ 14,202	¥ 27,055	¥ 18,826

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER CURRENT ASSETS

Schedule of prepayments and other current assets


	As of December 31,
	2022	2023
	RMB	RMB
Loan provided to third party companies⁽¹⁾	285,700	240,000
VAT receivables	145,868	91,022
Funds receivable from third party mobile and online payment platforms	71,394	47,842
Advance to suppliers	32,621	20,641
Interest receivable	61,325	7,332
Other receivables	9,594	8,489
Prepayments and other current assets	606,502	415,326

Note:

(1)

In 2021, the Group made available to third party companies a one-year revolving credit facility of up to RMB300,000 with annualized interest rate of 4.5%. The facility was guaranteed by certain shareholders of those third party companies. In 2022, the Group agreed to extend the maturity date mentioned in the original agreement to the date of April 26, 2024 and increase the cap of the revolving credit facility to RMB400,000. Each loan under this credit facility has a maturity of three months.

PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

PRINCIPAL ACCOUNTING POLICIES

Schedule of amounts and balances of the consolidated VIE that were included in the group's consolidated financial statements after the elimination of intercompany balances and transactions


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	13,968	339
Accounts receivable, net	373	342
Amount due from related parties	2,688	1,454
Prepayments and other current assets	4,122	825
Property and equipment, net	84	52
Intangible assets, net	9,302	7,869
Other non-current assets	92	33
Total assets	30,629	10,914

Payable to riders and drivers	304	269
Amount due to related parties	966	1,408
Accrued expenses and other current liabilities	15,559	11,322
Total liabilities	16,829	12,999


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Net revenues	13,104	15,769	1,219
Net loss	(58,641)	(36,743)	(29,952)
Net cash provided by/(used in) operating activities	4,308	10,007	(36,203)
Net cash used in investing activities	(859)	—	(63)

Schedule of estimated useful lives of property and equipment, net


Category		Estimated useful lives
Computer equipment		3-4 years
Office facilities		3-5 years
Vehicles		5 years
Software		3-5 years
Leasehold improvement		Over the shorter of the expected useful life or the lease term

Schedule of useful lives of identifiable intangible assets


Category		Amortization Years
BCA		3-10
NCC		7
Technology		3.7
Trademark and domain name		9-9.7

Schedule of disaggregated revenues by revenue streams


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
JDDJ: ⁽¹⁾
Services	4,045,550	6,205,180	6,489,420
Sales of goods	—	4,845	2,334
Subtotal	4,045,550	6,210,025	6,491,754
Dada Now: ⁽²⁾
Services	2,753,458	3,082,928	3,963,593
Sales of goods	67,254	74,642	50,903
Subtotal	2,820,712	3,157,570	4,014,496
Total	6,866,262	9,367,595	10,506,250

Notes:

(1)

Includes net revenues from (i) commission fee, and online advertising and marketing services of RMB2,275,306, RMB3,831,218 and RMB3,810,368 for the years ended December 31, 2021, 2022 and 2023, respectively; and (ii) fulfillment services and others of RMB1,770,244, RMB2,373,962 and RMB2,679,052 for the years ended December 31, 2021, 2022 and 2023, respectively.

(2)	Includes net revenues from on-demand delivery services and freight services. Revenue from on-demand delivery services for which the Group acts as a principal was RMB1,681,121, RMB2,343,206 and RMB3,279,905 for the years ended December 31, 2021, 2022 and 2023, respectively.

Schedule of opening and closing balances of the Group's advances from customers


		Advances from
		Customers
		RMB
Ending Balance as of January 1, 2021		26,251
Additions, net		23,264
Ending Balance as of December 31, 2021		49,515
Additions, net		44,407
Ending Balance as of December 31, 2022		93,922
Additions, net		56,321
Ending Balance as of December 31, 2023		150,243

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

Schedule of allocation of share-based compensation expenses


	For the year ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Selling and marketing	50,430	60,474	69,799
General and administrative	111,307	98,243	40,313
Research and development	46,206	60,013	53,041
Total	207,943	218,730	163,153

Summary of share option activities under the option plans


			Weighted
		Weighted	Average	Weighted
		Average	Remaining	Average	Aggregate
	Number	Exercise	Contract Life	Grant Date	Intrinsic
	of Options	Price	(years)	Fair Value	Value
		US$		US$	US$
Outstanding at January 1, 2023	10,404,360	0.67	5.06	2.11	11,219
Exercised	(3,984,236)	0.46		1.86
Forfeited	(270,040)	0.80		3.86
Outstanding at December 31, 2023	6,150,084	0.76	4.59	2.20	404
Vested and expect to vest at December 31, 2023	6,150,084	0.76	4.59	2.20	404
Exercisable at December 31, 2023	5,632,464	0.76	4.43	2.01	389

Restricted share units

SHARE-BASED COMPENSATION

Summary of restricted shares activity


	Number of	Weighted Average
	Restricted Share	Grant Date
	Units	Fair Value
		US$
Nonvested at January 1, 2023	19,629,929	3.39
Granted	8,479,188	1.66
Vested	(5,524,008)	3.60
Forfeited	(4,541,889)	3.18
Nonvested at December 31, 2023	18,043,220	2.51
Expected to vest at December 31, 2023	18,043,220	2.51

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES


	As of December 31,
	2022	2023
	RMB	RMB
Payables to retailers on JDDJ⁽¹⁾	220,913	199,344
Accrued marketing expenses	179,608	171,501
Salaries and welfare payables	227,338	151,101
Advance for online advertising and marketing services	88,694	141,141
Deposits from retailers and outsourced agencies	56,466	78,379
Advance for delivery services⁽²⁾	37,222	60,592
Tax payables	13,581	40,034
Professional fee payable	62,048	30,741
Others	46,073	49,650
Total	931,943	922,483

Notes:

(1)	Payables to retailers on JDDJ represent cash collected on behalf of retailers for goods sold through JDDJ.

(2)	Advance for delivery services represent the prepayments for on-demand delivery services. The amount is refundable if no service is provided.

SHORT-TERM LOAN (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
SHORT-TERM LOAN
Short-term bank borrowings	¥ 100,000

LOSS PER SHARE - Weighted average number of shares excluded from calculation of diluted loss per share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share option
LOSS PER SHARE
Antidilutive securities excluded from computation of diluted loss per share (in shares)	7,194,850	15,028,082	18,640,216
Restricted share units
LOSS PER SHARE
Antidilutive securities excluded from computation of diluted loss per share (in shares)	18,970,100	21,358,045	17,133,658

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Net revenues (including related party revenues of RMB 2,339,013, RMB 3,928,088 and RMB 4,738,106 for the years ended December 31, 2021, 2022 and 2023, respectively)	¥ 10,506,250	$ 1,479,774	¥ 9,367,595	¥ 6,866,262
Costs and expenses:
Operations and support	(6,530,343)	(919,780)	(5,743,010)	(5,139,102)
Selling and marketing	(4,474,087)	(630,162)	(4,747,926)	(3,427,909)
General and administrative	(252,802)	(35,606)	(408,771)	(400,397)
Research and development	(416,346)	(58,641)	(630,911)	(573,949)
Impairment loss of goodwill	(957,605)	(134,876)	0	0
Other operating expenses	(47,456)	(6,684)	(77,423)	(60,326)
Total costs and expenses	(12,678,639)	(1,785,749)	(11,608,041)	(9,601,683)
Other operating income	63,859	8,994	120,921	156,714
Loss from operations	(2,108,530)	(296,981)	(2,119,525)	(2,578,707)
Other income/(expenses)
Interest expenses	(807)	(114)	(10,946)	(13,806)
Others, net	146,782	20,674	117,625	109,828
Total other income, net	145,975	20,560	106,679	96,022
Loss before income tax benefits	(1,962,555)	(276,421)	(2,012,846)	(2,482,685)
Income tax benefits	5,012	706	4,841	11,558
Net loss	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Net loss available to ordinary shareholders of Dada Nexus Limited	¥ (1,957,543)	$ (275,715)	¥ (2,008,005)	¥ (2,471,127)
Net loss per ordinary share:
Basic \| (per share)	¥ (1.88)	$ (0.26)	¥ (1.98)	¥ (2.60)
Diluted \| (per share)	¥ (1.88)	$ (0.26)	¥ (1.98)	¥ (2.60)
Weighted average number of shares used in calculating net loss per ordinary share:
Basic	1,040,680,392	1,040,680,392	1,015,265,686	950,697,557
Diluted	1,040,680,392	1,040,680,392	1,015,265,686	950,697,557
Net loss	¥ (1,957,543)	$ (275,715)	¥ (2,008,005)	¥ (2,471,127)
Other comprehensive income/(loss)
Foreign currency translation adjustments, net of tax of nil	89,780	12,645	333,507	(39,487)
Total comprehensive loss	¥ (1,867,763)	$ (263,070)	¥ (1,674,498)	¥ (2,510,614)

LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

LOSS PER SHARE

Schedule for computing loss per share


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net loss available to ordinary shareholders of the Company—basic and diluted	(2,471,127)	(2,008,005)	(1,957,543)
Denominator:
Weighted average number of ordinary shares outstanding	950,697,557	1,015,265,686	1,040,680,392
Basic and diluted loss per share	(2.60)	(1.98)	(1.88)

Schedule of weighted average number of shares excluded from calculation of diluted loss per share.


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Share options	18,640,216	15,028,082	7,194,850
Restricted share units	17,133,658	21,358,045	18,970,100

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Expenses and income (loss)
Other operating income	¥ 63,859	$ 8,994	¥ 120,921	¥ 156,714
Others, net	146,782	20,674	117,625	109,828
Net loss	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Net loss available to ordinary shareholders of Dada Nexus Limited	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Net loss	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Other comprehensive (loss)/income
Foreign currency translation adjustments	89,780	12,645	333,507	(39,487)
Total comprehensive loss	(1,867,763)	(263,070)	(1,674,498)	(2,510,614)
Reportable legal entity \| Parent
Expenses and income (loss)
Operating expenses	(639,963)	(90,137)	(668,231)	(358,458)
Other operating income	9,871	1,390	18,163	13,334
Others, net	72,404	10,197	31,068	29,322
Equity in losses of subsidiaries, VIE and VIE's subsidiaries	(1,399,855)	(197,165)	(1,389,005)	(2,155,325)
Net loss	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Net loss available to ordinary shareholders of Dada Nexus Limited	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Net loss	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Other comprehensive (loss)/income
Foreign currency translation adjustments	89,780	12,645	333,507	(39,487)
Total comprehensive loss	¥ (1,867,763)	$ (263,070)	¥ (1,674,498)	¥ (2,510,614)

PRINCIPAL ACCOUNTING POLICIES - Goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Number of reporting units	1	1
Impairment loss of goodwill	¥ 957,605	$ 134,876	¥ 0	¥ 0

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

7. INTANGIBLE ASSETS, NET

Gross carrying amount, accumulated amortization and net book value of the intangible assets were as follows:


	As of December 31,
	2022	2023
	RMB	RMB
BCA	2,235,457	2,529,525
NCC	580,678	590,525
Trademark and domain name	340,053	340,053
Technology	96,000	96,000
Less: accumulated amortization	(1,586,868)	(2,076,459)
Intangible assets, net	1,665,320	1,479,644

Amortization expenses related to intangible assets were RMB173,741, RMB469,903 and RMB501,522 for the years ended December 31, 2021, 2022 and 2023, respectively.

Along with JD Investments (as defined below in note 12) on February 28, 2022, JD and the Group entered into a BCA which granted the Group certain strategic resources. The BCA primarily included cooperation areas such as user traffic and search results. The Group recognized BCA arising from JD Investments of USD254,000 (RMB1,605,839) and amortized it on a straight-line basis over the 5-year contract term.

In April 2023, JD and the Group entered into a BCA which granted the Group certain strategic resources. The BCA primarily includes cooperation areas for user traffic. The Group recognized BCA arising from JD Investments of RMB249,000 and amortized it on a straight-line basis over the 3-year contract term.

7. INTANGIBLE ASSETS, NET - continued

The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows:


		Future Amortization Expense
		RMB
For the years ending December 31,
2024		500,914
2025		500,907
2026		411,564
2027		65,190
2028 and thereafter		1,069
Total		1,479,644

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2023

OPERATING LEASES

Schedule of Supplemental cash flow information related to operating leases


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cash payments for amounts included in measurement of liabilities	49,864	36,890	22,259
New operating lease assets obtained in exchange for operating lease liabilities	18,744	5,836	29,371
ROU modification due to early surrender	(3,154)	(11,873)	(29,645)
Lease liabilities modification due to early surrender	2,778	12,705	34,234

Schedule of future lease payments under operating leases


	As of December 31,
	2022	2023
	RMB	RMB
Within one year	25,836	15,030
Within a period of more than one year but not more than two years	16,878	419
Total future lease payments	42,714	15,449
Less: imputed interest	(1,680)	(316)
Total lease liabilities balance	41,034	15,133
Less: Current operating lease liabilities	24,460	14,719
Long-term operating lease liabilities	16,574	414

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (1,957,543)	$ (275,715)	¥ (2,008,005)	¥ (2,471,127)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	515,724	72,638	496,958	192,567
Share-based compensation	163,153	22,980	218,730	207,943
Foreign exchange loss/(gain)	(63)	(9)	(7,419)	1,126
(Gain)/loss from disposal of property and equipment	715	101	546	(133)
Unrealized gains from wealth management products	(2,756)	(388)	(2,175)
Impairment loss of goodwill	957,605	134,876	0	0
Inventory write-down			297	176
Provision for credit loss	42,354	5,965	10,651
Changes in operating assets and liabilities:
Accounts receivable	(115,620)	(16,285)	28,171	51,260
Inventories	(444)	(63)	(2,779)	(1,561)
Amount due from related parties	(226,093)	(31,845)	(220,319)	(194,326)
Prepayments and other current assets	143,900	20,270	(53,236)	(65,491)
Operating lease right-of-use assets	21,257	2,994	39,219	30,309
Other non-current assets	7,711	1,086	(4,449)	(20,467)
Accounts payable	(4,783)	(674)	(9)	(4,046)
Notes payable				(170,000)
Payable to riders and drivers	73,003	10,282	213,337	(136,513)
Amount due to related parties	43,036	6,061	75,243	18,842
Accrued expenses and other current liabilities	(11,084)	(1,560)	315,779	(55,321)
Deferred tax liabilities	(5,009)	(706)	(5,012)	(11,558)
Operating lease liabilities	(25,901)	(3,648)	(40,968)	(29,260)
Net cash used in operating activities	(380,838)	(53,640)	(945,440)	(2,657,580)
Cash flows from investing activities:
Proceeds from disposal of short-term investments	2,754,169	387,917	3,694,301	730,278
Purchase of short-term investments	(1,578,399)	(222,313)	(4,670,101)	(1,162,294)
Purchase of property and equipment and intangible assets	(7,248)	(1,021)	(3,743)	(16,880)
Proceeds from disposal of property and equipment	634	89	917	166
Loan provided to third party companies (see Note 5)	(1,177,500)	(165,847)	(1,103,500)	(446,223)
Loan settled by third party companies (see Note 5)	1,223,200	172,284	1,055,733	208,290
Net cash (used in)/provided by investing activities	1,214,856	171,109	(1,026,393)	(686,663)
Cash flows from financing activities:
Proceeds from short-term loan			600,000	100,000
Repayment of short-term loan	(100,000)	(14,085)	(600,000)	(600,000)
Issuance of ordinary shares			3,451,921
Proceeds from exercise of share options	12,806	1,804	10,665	31,754
Repurchase of ordinary shares			(401,566)	(968,409)
(Payment of)/proceeds from stock sold on behalf of employees	1,996	281	(6,166)	(117,850)
Net cash (used in)/provided by financing activities	(85,198)	(12,000)	3,054,854	(1,554,505)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(4,450)	(626)	13,998	(51,457)
Net (decrease)/increase in cash, cash equivalents and restricted cash	744,370	104,843	1,097,019	(4,950,205)
Cash and cash equivalents and restricted cash, beginning of the year	1,667,869	234,914	570,850	5,521,055
Cash and cash equivalents and restricted cash, end of the year	¥ 2,412,239	$ 339,757	¥ 1,667,869	¥ 570,850

PRINCIPAL ACCOUNTING POLICIES - VIE Arrangements (Details) - Dada Glory ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Variable Interest Entity
Percentage of direct ownership	50.00%
Shanghai Qusheng
Variable Interest Entity
Percentage of equity interests pledged by the shareholders of VIE	50.00%
Percentage of net income generated by the VIE payable as monthly service fees	100.00%
Initial term of the exclusive business cooperation agreement	10 years
Service fees	¥ 0
Initial term of the exclusive option agreement	10 years
Percentage of direct ownership	50.00%

TAXATION

12 Months Ended

Dec. 31, 2023

TAXATION

TAXATION

14. TAXATION

Income Taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company incorporated in the Cayman Islands are not subject to tax on income or capital gain.

Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Operations in Hong Kong have incurred net accumulated operating losses for income tax purpose and therefore no income tax provisions are recorded for the periods presented. Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiary domiciled in Hong Kong is subject to a two-tiered profits tax rate regime. The profits tax rate for the first HK dollar 2,000 of profits of corporations is 8.25%, while profits above that amount is subject to the tax rate of 16.5%.

Chinese mainland

Under the PRC Corporate Income Tax Law (“CIT Law”), Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to corporate income tax at a uniform rate of 25%. Dada Glory and Shanghai JDDJ qualified as high and new technology enterprises (“HNTE”) (effective till 2023) and are eligible to a reduced income tax rate of 15% for the years ended December 31, 2021, 2022 and 2023 if certain conditions are met. Beijing Daguan Information Technology Co., Ltd. qualified as HNTE and is eligible to a reduced income tax rate of 15% for the years ended December 31, 2023, 2024 and 2025 if certain conditions are met.

Withholding tax on undistributed dividends

The CIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the Chinese mainland be treated as a resident enterprise for the Chinese mainland tax purposes and consequently be subject to the Chinese mainland income tax at the rate of 25% for its global income. The implementing rules of the CIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-Chinese mainland company is located”. Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the Chinese mainland should be considered a resident enterprise for Chinese mainland tax purposes.

Loss by tax jurisdictions:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Loss from the Chinese mainland operations	2,225,317	1,402,607	461,858
Loss from the non-Chinese mainland operations	257,368	610,239	1,500,697
Total losses before tax	2,482,685	2,012,846	1,962,555

14. TAXATION - continued

Income Taxes - continued

The current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss are as follows:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current tax expenses	—	171	—
Deferred tax benefits	(11,558)	(5,012)	(5,012)
Income tax benefits	(11,558)	(4,841)	(5,012)

Reconciliation of the difference between the Chinese mainland statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Statutory tax rate	25.0	%	25.0	%	25.0	%
Effect on tax rates in different tax jurisdictions	(2.6)	%	(7.6)	%	(19.1)	%
Changes in valuation allowance	(25.6)	%	(19.5)	%	(7.6)	%
Other expenses not deductible for tax purposes	(0.1)	%	(0.2)	%	(1.0)	%
Expired tax loss	(0.6)	%	(1.4)	%	0.0	%
Additional deduction of research and development expense	4.2	%	6.8	%	4.4	%
Others	0.2	%	(2.9)	%	(1.4)	%
Effective tax rate	0.5	%	0.2	%	0.3	%

Deferred tax assets and deferred tax liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets
- Net operating loss carry forwards	3,045,224	3,108,434
- Advertising expenses	173,525	231,505
- Allowance for accounts receivable	2,663	10,727
- Accrued expenses and others	1,760	21,490
Less: valuation allowance	(3,223,172)	(3,372,156)
Net deferred tax assets	—	—
Deferred tax liabilities
- Identifiable intangible assets from business combination	21,988	16,979
Total deferred tax liabilities	21,988	16,979

As of December 31, 2022 and 2023, the Group had net operating loss carry forwards of approximately RMB12,180,894 and RMB12,433,736, respectively, which arose from the subsidiaries, VIE and VIE’s subsidiaries established in the PRC. The loss carry forwards will expire during the period from 2024 to 2033.

The Group believes that it is more likely than not that the net operating loss carry forwards and other deferred tax assets will not be utilized in the future based on an evaluation of a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Therefore, the Group provided full valuation allowances for the deferred tax assets as of December 31, 2022 and 2023, respectively.

14. TAXATION - continued

Movement of valuation allowance


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at beginning of the year	2,195,870	2,830,917	3,223,172
Addition, net	635,047	392,255	148,984
Balance at end of the year	2,830,917	3,223,172	3,372,156

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100 is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The Group’s Chinese mainland subsidiaries are therefore subject to examination by the PRC tax authorities from 2018 through 2023 on non-transfer pricing matters and transfer pricing matters.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

PRINCIPAL ACCOUNTING POLICIES

Basis of presentation

2.1 Basis of presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the years presented.

Basis of consolidation

2.2 Basis of consolidation

The financial statements include the financial statements of the Company, its subsidiaries, VIE and VIE’s subsidiaries in which it has a controlling financial interest. The results of the subsidiaries, VIE and VIE’s subsidiaries are consolidated from the date on which the Company obtained control and continue to be consolidated until the date that such control ceases. All intercompany balances and transactions between the Group, its subsidiaries, VIE and VIE’s subsidiaries have been eliminated upon consolidation.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements

In order to comply with the PRC laws and regulations which prohibit or restrict foreign control of companies involved in provision of internet content and other restricted businesses, the Group operates its websites and other restricted businesses in the Chinese mainland through Shanghai Qusheng and its wholly-owned subsidiaries, whose equity interests are held by certain individuals or entities (“Nominee Shareholders”). The Group obtained control over the VIE and VIE’s subsidiaries by entering into a series of contractual arrangements amongst Dada Glory, VIE and its Nominee Shareholders. The contractual agreements were originally signed in November 2014 and further amended on December 28, 2022 and November 16, 2023, primary for change of Nominee Shareholders. As of November 16, 2023, Dada Glory had 50% direct ownership of Shanghai Qusheng, and the remaining 50% ownership was held by the Nominee Shareholder. The following is a summary of the agreements which allow Dada Glory to exercise effective control over Shanghai Qusheng.

Exclusive Business Cooperation Agreement

Pursuant to the exclusive business cooperation agreement between Dada Glory and the VIE, Dada Glory has the exclusive right to provide the VIE with complete business support and technical and consulting services, including but not limited to technical services, network support, business consultations, intellectual property licenses, equipment or leasing, marketing consultancy, system integration, product research and development, and system maintenance. Without Dada Glory’s prior written consent, the VIE may not accept any consultations and/or services regarding the matters contemplated by this agreement provided by any third party during the term of the agreement. The VIE agrees to pay Dada Glory service fees at an amount equals to 100% of the net income generated by the VIE, which should be paid on a monthly basis. However, no such service fees have been paid during the periods as the VIE has been in accumulated loss position. Dada Glory has the exclusive ownership of all the intellectual property rights created as a result of the performance of the exclusive business cooperation agreement. To guarantee the VIE’s performance of its obligations thereunder, Nominee Shareholder of the VIE have pledged all of their equity interests in the VIE to Dada Glory pursuant to the share pledge agreement. The exclusive business cooperation agreement has an initial term of 10 years and shall be extended if confirmed in writing by Dada Glory prior to the expiration. The extended term shall be determined by Dada Glory, and the VIE shall accept such extended term unconditionally.

Exclusive Option Agreements

Pursuant to the exclusive option agreements, Nominee Shareholder of the VIE has irrevocably granted Dada Glory, or any person designated by Dada Glory, an exclusive option to purchase all or part of its equity interests in the VIE. Dada Glory may exercise such options at a price equal to the lowest price as permitted by applicable PRC laws at the time of transfer of equity. The VIE and Nominee Shareholder of the VIE covenant that, without Dada Glory’s prior written consent, they will not, among other things, (i) supplement, change or amend the VIE’s articles of association and bylaws, (ii) increase or decrease the VIE’s registered capital or change its structure of registered capital, (iii) create any pledge or encumbrance on their equity interests in the VIE, other than those created under the equity interest pledge agreement, (iv) sell, transfer, mortgage, or dispose of their legal or beneficial interests in and any assets of the VIE and any legal or beneficial interests, (v) enter into any material contract by the VIE, except in the ordinary course of business, or (vi) merge or consolidate the VIE with any other entity. The exclusive option agreement has an initial term of ten years, and at the end of the initial term shall be renewed for a further term as specified by Dada Glory or terminated by Dada Glory in its sole discretion.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements - continued

Share Pledge Agreements

Pursuant to the share pledge agreements, Nominee Shareholder of the VIE has pledged the security interest in their respective equity interests in the VIE, representing 50% equity interests in the VIE in aggregate to Dada Glory, to guarantee performance by Nominee Shareholder of their obligations under the powers of attorney, the exclusive business cooperation agreement and the exclusive option agreement, as well as the performance by the VIE of its obligations under the exclusive business cooperation agreement and the exclusive option agreement. In the event of a breach by the VIE or any of its shareholders of contractual obligations under these contractual arrangements, Dada Glory, as pledgee, will have the right to take possession of and dispose of the pledged equity interests in the VIE and will have priority in receiving the proceeds from such disposal. Nominee Shareholder of the VIE also covenant that, without the prior written consent of Dada Glory, they shall not transfer or agree to other’s transfer of the pledged equity interests, create or allow any new pledge or any other encumbrance on the pledged equity interests. The equity interest pledge agreement will remain effective until the contractual obligations are fully fulfilled and terminated. During the equity pledge period, Dada Glory is entitled to all dividends and other distributions generated by the VIE.

Powers of Attorney

Pursuant to the power of attorney, each of Nominee Shareholder of the VIE has executed a power of attorney to irrevocably authorize Dada Glory, or any person designated by Dada Glory, to act as its attorney-in-fact to exercise all of its rights as a shareholder of the VIE, including, but not limited to, (i) the right to propose, convene and attend shareholders’ meetings, (ii) vote on any resolution on behalf of the shareholders that require the shareholders to vote under PRC law and the VIE’s articles of association, such as the sale, transfer, pledge and disposal of all or part of a shareholder’s equity interest in the VIE, and designate and appoint the VIE’s legal representative, director, supervisor, chief executive officer and other senior management members on behalf of the shareholders. The powers of attorney will remain effective until such shareholder ceases to be a shareholder of the VIE or otherwise instructed by Dada Glory.

U.S. GAAP provides guidance on the identification of VIE and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE.

The irrevocable powers of attorney described above have conveyed all shareholder rights held by the VIE’s shareholders to Dada Glory, including the right to appoint board members who nominate the general managers of the VIE to conduct day-to-day management of the VIE’s businesses, and to approve significant transactions of the VIE. The exclusive option agreements provide Dada Glory with a substantive kick-out right of the VIE shareholders through an exclusive option to purchase all or any part of the shareholders’ equity interest in the VIE at the lowest price permitted under the PRC laws then in effect. In addition, through the exclusive business cooperation agreement, Dada Glory has established the right to receive benefits from the VIE that could potentially be significant to the VIE, and through the share pledge agreement, Dada Glory has, in substance, an obligation to absorb losses of the VIE that could potentially be significant to the VIE. As these contractual arrangements allow the Group to effectively control the VIE and to derive substantially all of the economic benefits from it, the Group has consolidated the VIE.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements - continued

Risks in relation to the VIE structure

The Company believes that the contractual arrangements amongst Dada Glory, Shanghai Qusheng and their respective shareholders are in compliance with PRC law and are legally enforceable. The Nominee Shareholder of Shanghai Qusheng are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, Shanghai Qusheng and its Nominee Shareholder may fail to take certain actions required for the Company’s business or to follow the Company’s instructions despite their contractual obligations to do so. Furthermore, if Shanghai Qusheng or its Nominee Shareholder do not act in the best interests of the Company under the contractual arrangements and any dispute relating to these contractual arrangements remains unresolved, the Company will have to enforce its rights under these contractual arrangements through the operations of PRC law and courts and therefore will be subject to uncertainties in the PRC legal system. All of these contractual arrangements are governed by PRC law and provided for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements, which may make it difficult to exert effective control over Shanghai Qusheng, and its ability to conduct the Company’s business may be adversely affected.

The following amounts and balances of the Consolidated VIEs were included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions within the Group:


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	13,968	339
Accounts receivable, net	373	342
Amount due from related parties	2,688	1,454
Prepayments and other current assets	4,122	825
Property and equipment, net	84	52
Intangible assets, net	9,302	7,869
Other non-current assets	92	33
Total assets	30,629	10,914

Payable to riders and drivers	304	269
Amount due to related parties	966	1,408
Accrued expenses and other current liabilities	15,559	11,322
Total liabilities	16,829	12,999


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Net revenues	13,104	15,769	1,219
Net loss	(58,641)	(36,743)	(29,952)
Net cash provided by/(used in) operating activities	4,308	10,007	(36,203)
Net cash used in investing activities	(859)	—	(63)

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements - continued

The VIE contributed approximately 0.2%, 0.2% and 0.01% of the Group’s consolidated net revenues for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the VIE accounted for approximately 0.3% and 0.1% of the consolidated total assets, and approximately 0.8% and 0.6% of the consolidated total liabilities, respectively.

There are no terms in any arrangements, other than the capital contribution for the 50% interests directly held by Dada Glory, considering both explicit arrangements and implicit variable interests that require the Group or its subsidiaries to provide financial support to the VIE. However, if the VIE was ever to need financial support, the Group or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIE through loans to the shareholders of the VIE or entrustment loans to the VIE.

The Group believes that there are no assets held in the consolidated VIE that can be used only to settle obligations of the VIE, except for paid-in capital, additional paid-in capital (“APIC”) and the PRC statutory reserves. As the consolidated VIE is incorporated as a limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Group for any of the liabilities of the consolidated VIE.

Relevant PRC laws and regulations restrict the VIE from transferring a portion of their net assets, equivalent to the balance of their paid-in capital, APIC and PRC statutory reserve, to the Group in the form of loans and advances or cash dividends.

Use of estimates

2.3 Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Group’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Group to revise its estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include the useful lives of property and equipment and intangible assets, allowance for credit losses, assumptions used to measure the impairment loss of goodwill, property and equipment and intangible assets, and realization of deferred tax assets.

Functional currency and foreign currency translation

2.4 Functional currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company is the United States dollar (“US$” or “USD”). The functional currency of the Company’s subsidiaries, VIE and VIE’s subsidiaries is RMB or USD as determined based on the economic facts and circumstances.

Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Foreign currency denominated monetary assets and liabilities are re-measured at the balance sheet date exchange rate. The resulting exchange differences are included in the comprehensive loss.

Assets and liabilities of the Company and its subsidiaries with functional currency other than RMB are translated into RMB at fiscal year-end exchange rates. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated at average exchange rates during the fiscal year. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as accumulated other comprehensive (loss)/income.

Convenience translation

2.5 Convenience translation

The Group’s business is primarily conducted in China and almost all of its revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into USD using the then current exchange rates, for the convenience of the readers. Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive loss and consolidated statements of cash flows from RMB into USD as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2023, or at any other rate.

Cash and cash equivalents

2.6 Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand and cash in bank which is highly liquid and unrestricted as to withdrawal and use.

Restricted cash

2.7 Restricted cash

The Group’s restricted cash mainly represents cash received from consumers and reserved in bank supervised accounts for payments to retailers on the on-demand retail platform and payments to riders and drivers on the on-demand delivery platform.

Short-term investments

2.8 Short-term investments

Short-term investments include (i) wealth management products with variable interest rates and will mature within one year; (ii) time deposits with original maturities longer than three months but less than one year. The Group elects the fair value option to record investments in wealth management products with variable interest rates and deposits indexed to foreign exchange with maturities less than one year at fair value in accordance with ASC 825 Financial Instruments.Changes in the fair value are reflected in the consolidated statements of operations and comprehensive loss. The gains recognized from wealth management products are RMB14,524, RMB19,865, and RMB25,760 for the years ended December 31, 2021, 2022 and 2023, respectively.

Starting from 2023, the Company presents on a net basis of its investing cash flows related to purchase/disposal of short-term investments with original maturities less than three months and its financing cash flows related to proceeds/repayment of short-term loans within three months that qualify for net reporting under U.S. GAAP. Prior years’ disclosures have been revised to relevant amounts to conform to the current years’ presentation.

Accounts receivable, net

2.9 Accounts receivable, net

Accounts receivable mainly consists of amount due from the Group’s customers, which is recorded net of allowance for credit losses. The Group has developed a current expected credit loss (“CECL”) model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, and other factors that may affect its ability to collect from customers. Allowance of RMB10,651 and RMB42,907 was recognized for accounts receivable as of December 31, 2022 and 2023, respectively. Provision for credit loss of RMB10,651 and RMB42,354 was recorded for the year ended December 31, 2022 and 2023, respectively.

Inventories

2.10 Inventories

Inventories, consisting of products available for sale, are stated at the lower of cost or net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is determined based upon factors such as historical and forecasted consumer demand, and promotional environment.

Property and equipment, net

2.11 Property and equipment, net

Property and equipment is stated at cost less accumulated depreciation and impairment. Property and equipment is depreciated at rates sufficient to write off its costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows:


Category		Estimated useful lives
Computer equipment		3-4 years
Office facilities		3-5 years
Vehicles		5 years
Software		3-5 years
Leasehold improvement		Over the shorter of the expected useful life or the lease term

Repairs and maintenance costs are charged to operating expenses as incurred, whereas the costs of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the other operating income or expenses of consolidated statements of operations and comprehensive loss.

Intangible assets, net

2.12 Intangible assets, net

Intangible assets purchased are measured at cost. The Group’s intangible assets primarily comprise of business cooperation agreement (“BCA”), non-compete commitment (“NCC”), technology, trademark and domain name arising from the Group’s acquisition of JDDJ business from JD.com, Inc. (“JD”) in 2016 and BCA arising from JD Investments (as defined below in note 12) in 2022 and 2023, respectively, which are recognized at fair value based on a valuation upon acquisition. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows:


Category		Amortization Years
BCA		3-10
NCC		7
Technology		3.7
Trademark and domain name		9-9.7

Goodwill

2.13 Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisition of JDDJ business from JD occurred in 2016. Goodwill is not amortized but is reviewed at least annually for impairment or earlier, if any indication of impairment exists.

In evaluation of goodwill impairment, the Group performs a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than the carrying amount, the Group compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Application of goodwill impairment test in quantitative analysis requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

2. PRINCIPAL ACCOUNTING POLICIES – continued

2.13 Goodwill – continued

The Group has determined it has only one reporting unit and applied quantitative assessment in its annual impairment loss of goodwill analysis as of December 31 of each years. No impairment loss of goodwill was recorded for the years ended 2021 and 2022 as the fair value of reporting unit significantly exceeded its carrying value at respective assessment date. As of December 31, 2023, considering the duration and severity of the decline in Dada’s market capitalization, the Group assessed that it was more likely than not that the fair value of the Group was less than its carrying amount and performed quantitative impairment test. The fair value of the Group was determined based on the discounted cash flow analysis using the following significant assumptions (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using terminal year long-term future growth rate, and (c) a discount rate. As a result, the fair value of the Group was estimated to be below the carrying amount and the Group recorded a RMB957,605 impairment loss of goodwill in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.

Fair value measurement

2.14 Fair value measurement

Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it transacts and considers assumptions that market participants use when pricing the asset or liability.

The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach, (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities.

The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

As of December 31, 2023, investments in wealth management products are measured using Level 2 input and recorded at fair value initially and on a recurring basis in periods subsequent to their initial recognition. The fair values of investments in wealth management products are measured based on currently redeemable prices offered by the selling banks, which are considered as level 2 inputs.

Revenue recognition

2.15 Revenue recognition

The Group derives its revenues principally from (1) providing on-demand retail platform services and fulfillment services to retailers, and online advertising and marketing services to its customers (e.g. brand owners or their agents) on JDDJ platform, and (2) providing on-demand delivery services to merchants and individual senders on Dada Now platform. Revenue is stated net of value added tax, discounts and return allowances.

Services

The Group provides on-demand retail platform services on JDDJ platform. The service revenues primarily consist of commission fees charged to retailers for participating in the Group’s online marketplace, where the Group acts as an agent and its performance obligation is to facilitate the retailers’ online sales of their goods and services through JDDJ. The Group is not primarily obligated to the consumers, does not take inventory risk, and does not have latitude over pricing of the merchandise. Upon successful sales, the Group charges the retailer a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis at the point of delivery of merchandise.

The Group fulfills the delivery needs of retailers on JDDJ and other customers on Dada Now by utilizing the Group’s network of registered riders on Dada Now. Under this type of services, the Group enters into agreements with customers, which enforce the Group’s acceptance of all the related delivery requests at the prices stipulated in the agreements. The Group has determined that it acts as the principal in these transactions as the Group is primarily responsible for the delivery of merchandise and has the ability to control the related services. The Group has the ability to control the services provided by riders as it is responsible for and guarantees identifying and directing riders that meet the quality criteria stipulated in the agreements to complete the deliveries requested by customers. Additionally, the Group has ultimate control over the amounts charged to the customers. Although in this type of services, the riders still have the ability to accept, decline or disregard a delivery assignment, it is the Group’s responsibility to find a replacement and complete the delivery timely. Revenues resulting from these services are recognized on a gross basis at a pre-determined amount for each completed delivery, with the amounts paid to the riders recorded in operations and support costs. These revenues are recognized at the point of delivery of merchandise.

In addition, the Group arranges for on-demand delivery services to be provided through Dada Now platform where it assists its customer in finding a rider to complete a delivery requested by the customer. The Group concludes that it acts as an agent in these transactions as it is not responsible for fulfilling the promise to provide the delivery services, nor does the Group have the ability to control the related services. The Group does not have the ability to control the services provided by riders due to the following: (i) the Group does not pre-purchase or otherwise obtain control of the riders’ services prior to their transfer to the customers; (ii) the Group does not guarantee an order could be taken by a rider; (iii) the Group cannot direct the riders to accept, decline or disregard a transaction request and (iv) the Group’s platform services do not include the delivery services provided to the customers by the riders. The service fee earned by the Group is the difference between the amount paid by the customer based on an upfront quoted fare and the amount earned by the rider based on expected delivery time, distance and other factors, which are both fixed at the time a transaction is entered into with a customer. The Group may record a loss from a transaction when an upfront quoted fare offered to the customer is less than the amount the Group is committed to paying to the rider. The revenue is recognized on a net basis at the point of delivery of merchandise. The loss on this type of transactions is recorded in operations and support costs in the consolidated statements of operations and comprehensive loss, as it is not related to any other current, previous or future transactions with the customer and in substance, is an expense paid to the rider. The losses included in operations and support costs were RMB95,281, RMB85,177 and RMB53,074 for the years ended December 31, 2021, 2022 and 2023, respectively.

The Group also provides online advertising and marketing services to its customers (e.g. brand owners or their agents) on JDDJ platform. Revenue is recognized when service is rendered. Online advertising and marketing services revenues are recognized on a gross basis over a period of time.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.15 Revenue recognition – continued

Other services provided by the Group comprise packaging services. Revenue is recognized when service is rendered at the point in time.

Goods sales

The Group operates its own e-commerce business and sells delivery equipment and other merchandise on Dada Now. Revenue is recognized on a gross basis as the Group is acting as a principal in these transactions, is responsible for fulfilling the promise to provide the specified merchandise and also has pricing discretion. The Group recognizes revenues net of discounts and return allowances when the goods are delivered to the customers.

Incentive programs

Customer incentives

The Group offers various incentive programs to merchants, individual senders and business customers in the form of coupons or volume-based discounts that are recorded as reduction of revenue as the Group does not receive a distinct good or service in consideration.

Rider incentives

The Group offers various incentive programs to riders, primarily in the form of volume-based incentives. The riders are not the Group’s customers as they do not pay for their use of the Group’s platform in any form. Therefore, for transactions where the Group acts as an agent and recognizes revenue on a net basis, the related rider incentives are recorded as a reduction of revenue. The incentive amount in excess of the related revenue is included in operations and support costs. For transactions where the Group acts as a principal and recognizes revenue on a gross basis, the related rider incentives are included in operations and support costs. For the years ended December 31, 2021, 2022 and 2023, incentives to riders recorded in operations and support costs were RMB88,494, RMB79,238 and RMB41,056, respectively.

Consumer incentives

The consumer incentives are offered to promote the Group’s platform or brand owners’ products in the form of promotion coupon on JDDJ, which are valid only during a limited period of time. These incentives are provided at the Group’s discretion and are not contractually required by the retailers or brand owners. These incentives also do not reduce the overall pricing of the services provided by the Group. As the Group has no performance obligation to consumers, who are not the Group’s customers, consumer incentives offered to promote the Group’s platform are recognized as selling and marketing expenses, and consumer incentives offered on brand owners’ products are recognized as operation and support costs. For the years ended December 31, 2021, 2022 and 2023, RMB2,223,109, RMB2,782,585 and RMB2,548,189 were recorded as selling and marketing expenses, and RMB715,883, RMB1,013,636 and RMB1,055,745 were recorded as and operation and support costs, respectively.

All the consumer incentives granted can be categorized into (i) incentives granted concurrent with a purchase transaction, and (ii) incentives granted not concurrent with a purchase transaction. When the incentive is granted concurrent with a purchase transaction, expenses or reduction of revenue are accrued, in the most likely amount to be earned, as the related transactions are recorded. Since such incentives are generally earned over a very short period of time, there is limited uncertainty when estimating the expenses to be accrued or variable consideration to be recorded as a reduction of revenue. When the incentive (i.e. a coupon) is granted not concurrent with a purchase transaction, expenses or reduction of revenue are recognized upon the redemption of such incentive.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.15 Revenue recognition - continued

Disaggregation of revenues

For the years ended December 31, 2021, 2022 and 2023, all of the Group’s revenues were generated in the PRC. The disaggregated revenues by revenue streams were as follows:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
JDDJ: ⁽¹⁾
Services	4,045,550	6,205,180	6,489,420
Sales of goods	—	4,845	2,334
Subtotal	4,045,550	6,210,025	6,491,754
Dada Now: ⁽²⁾
Services	2,753,458	3,082,928	3,963,593
Sales of goods	67,254	74,642	50,903
Subtotal	2,820,712	3,157,570	4,014,496
Total	6,866,262	9,367,595	10,506,250

Notes:

(1)

(2)	Includes net revenues from on-demand delivery services and freight services. Revenue from on-demand delivery services for which the Group acts as a principal was RMB1,681,121, RMB2,343,206 and RMB3,279,905 for the years ended December 31, 2021, 2022 and 2023, respectively.

Contract balances

The remaining unsatisfied performance obligation as of December 31, 2022 and 2023 was immaterial.

Timing of revenue recognition may differ from the timing of invoicing customers. Accounts receivable represents amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied its performance obligation and has the unconditional right to payment.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.15 Revenue recognition - continued

The Group receives advance payments from customers pursuant to the agreements with certain customers before the services or products are provided, which is recorded as advance for online advertising and marketing services or goods sale included in the accrued expenses and other current liabilities on the consolidated balance sheets. The opening and closing balances of the Group’s advances from customers are as follows:


		Advances from
		Customers
		RMB
Ending Balance as of January 1, 2021		26,251
Additions, net		23,264
Ending Balance as of December 31, 2021		49,515
Additions, net		44,407
Ending Balance as of December 31, 2022		93,922
Additions, net		56,321
Ending Balance as of December 31, 2023		150,243

The opening balances of RMB26,251, RMB49,515 and RMB93,922 were recognized as revenue in the years ended December 31, 2021, 2022 and 2023, respectively.

Practical expedients and exemptions

The Group elects not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

Operations and support

2.16 Operations and support

Operations and support costs primarily consist of (i) riders’ and drivers’ remuneration and incentives to fulfil the Group’s delivery orders and picking orders, (ii) expenses incurred in providing customer and rider care services or the service fee charged by external customer service providers, (iii) expenses charged by outsourced delivery agencies, (iv) expenses incurred in providing online advertising and marketing services, (v) transaction fees charged by third-party payment platform, and (vi) packaging cost as well as other operations and support costs directly attributed to the Group’s principal operations.

Selling and marketing

2.17 Selling and marketing

Selling and marketing expenses primarily consist of online and offline promotion and coupons to promote the Group’s platforms, advertising and marketing expenses to attract or retain consumers for the Group’s JDDJ platform and Dada Now platform, payroll and related expenses for employees involved in selling and marketing functions, as well as the expenses incurred for facilities and equipment, such as depreciation expenses, rental and others. The advertising and marketing expenses amounted to RMB574,569, RMB944,471 and RMB753,490 for the years ended December 31, 2021, 2022 and 2023, respectively.

Research and development

2.18 Research and development

Research and development expenses primarily consist of technology infrastructure expenses, payroll and related expenses for employees involved in platform development, charges for the usage of the server and computer equipment, and editorial content.

Other operating expenses

2.19 Other operating expenses

Other operating expenses primarily consist of purchase price of merchandise sold on Dada Now.

Leases

2.20 Leases

As a lessee

The Group leases office space and warehouse facilities in different cities in PRC under non-cancellable operating lease agreements that expire at various dates through September 2025. The Group elected the short-term lease exemption for all contracts with an original lease term of 12 months or less.

Under ASC 842, “Leases”, the Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use (“ROU”) assets on its consolidated balance sheets at the lease commencement. The Group measures the operating lease liabilities at the commencement date based on the present value of remaining lease payments over the lease term, which is computed using the Group’s incremental borrowing rate, an estimated rate the Group would be required to pay for a collateralized borrowing equal to the total lease payments over the lease term. The Group measures the operating lease ROU assets based on the corresponding lease liabilities adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Group begins recognizing operating lease expense based on lease payments on a straight-line basis over the lease term after the lessor makes the underlying asset available to the Group. Some of the Group’s lease contracts include options to extend the leases for an additional period which has to be agreed with the lessors based on mutual negotiation. After considering the factors that create an economic incentive, the Group does not include renewal option periods in the lease term for which it is not reasonably certain to exercise.

Share-based compensation

2.21 Share-based compensation

The Group accounts for share options and restricted share units granted to employees, directors, and consultants under ASC 718, “Stock Compensation”. In accordance with the standards, the Group determines whether a share-based compensation should be classified and accounted for as a liability award or an equity award.

Options and restricted share units granted to employees and non-employees, including directors, vest upon satisfaction of a service condition, which is generally satisfied over two to four years, and are measured at fair value as of the grant date. The Company elects to recognize forfeitures when they occur.

According to ASC 718, a change in any of the terms or conditions of equity-based awards shall be accounted for as a modification of the award. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified. For vested options, the Group would recognize incremental compensation cost on the date of modification and for nonvested options, the Group would recognize, prospectively and over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award.

Loss per share

2.22 Loss per share

Basic loss per share is computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods presented.

Diluted loss per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had share options and restricted share units, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted loss per share the effect of the share options and restricted share units are computed using the treasury stock method.

Government grants

2.23 Government grants

Government grants are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support the Group’s ongoing operations in the region. The grants are determined at the discretion of the relevant government authorities and there are no restrictions on their use. The government grants are recorded as other operating income in the period the cash is received.

Taxation

2.24 Taxation

Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statements of operations and comprehensive loss in the period of the enactment of the change.

Segment reporting

2.25 Segment reporting

The Group uses management approach to determine operating segment. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions in allocation of resource and assessing performance.

The Group’s CODM has been identified as the president or interim president who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. The Group operates and manages its business as a single operating segment.

The Group’s long-lived assets are all located in the PRC and all of the Group’s revenues are derived from the PRC. Therefore, no geographic information is presented.

Comprehensive loss

2.26 Comprehensive loss

Comprehensive loss is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive loss is reported in the consolidated statements of operations and comprehensive loss. Accumulated other comprehensive income as presented in the accompanying consolidated balance sheets, represents accumulated foreign currency translation adjustments.

Recent accounting pronouncements

2.27 Recent accounting pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the CODM and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in the group including the additional required disclosures when adopted. The Group is currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Group has evaluated this ASU and expects to add additional disclosures to the consolidated financial statements, once adopted.

SHARE-BASED COMPENSATION - Share-based compensation expense allocation (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	¥ 163,153	¥ 218,730	¥ 207,943
Selling and marketing expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	69,799	60,474	50,430
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	40,313	98,243	111,307
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	¥ 53,041	¥ 60,013	¥ 46,206

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONCENTRATION OF CREDIT RISK - Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CONCENTRATION OF CREDIT RISK
Net revenues	¥ 10,506,250	$ 1,479,774	¥ 9,367,595	¥ 6,866,262
Customer A \| Revenues
CONCENTRATION OF CREDIT RISK
Net revenues	2,576,662		1,900,540	951,328
Customer B \| Revenues
CONCENTRATION OF CREDIT RISK
Net revenues	¥ 2,161,444		¥ 2,027,548	¥ 1,387,685

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

ORDINARY SHARES

12 Months Ended

Dec. 31, 2023

ORDINARY SHARES

ORDINARY SHARES

12. ORDINARY SHARES

In June 2021, the Group’s Board of Directors authorized a share repurchase program (“2021 Share Repurchase Program”) under which the Group may repurchase up to US$150,000 worth of its American depositary shares (ADSs) during the 12-month period. Under the 2021 Share Repurchase Program, the Group repurchased 28,099,564 ordinary shares for US$150,000 (RMB968,409) on the open market, at a weighted average price of US$5.34 (RMB34.03) per share including commission cost, for the year ended December 31, 2021. In March 2022, the Board of Directors of the Company has authorized a share repurchase program (“2022 Share Repurchase Program”) whereby the Company was authorized to repurchase up to US$70,000 worth of its ADSs during the next 12-month period. Under the 2022 Share Repurchase Program, the Group repurchased 34,137,780 ordinary shares for US$60,145 (RMB401,566) on the open market, at a weighted average price of US$1.76 (RMB12.13) per share including commission cost, for the year ended December 31, 2022. The repurchases of ordinary shares are accounted for under the cost method whereby the entire cost of the acquired stock was recorded as reductions of ordinary shares and additional paid-in capital.

In March 2021, the Company and JD entered into a share subscription agreement. Upon the terms and subject to the conditions of this agreement, at closing, JD agreed to subscribe for and purchase, and the Company agreed to issue and sell to JD 109,215,017 ordinary shares for an aggregate purchase price of US$800 million. In February 2022, the Company and JD entered into an amendment to share subscription agreement. Upon the closing of this deal, the Company issued 109,215,017 ordinary shares to JD in exchange for US$546 million in cash and BCA with a valuation of US$254 million from JD. JD holds, taking into account its existing shareholding, approximately 52% of the Company’s issued and outstanding shares.

In April 2023, the Company and JD entered into a share subscription agreement. Upon the closing of this deal, the Company issued 18,927,876 ordinary shares to JD in exchange for the usage of certain strategic resources with a valuation of US$36 million for 3 years. JD holds, taking into account its existing shareholding, approximately 53.9% of the Company’s issued and outstanding shares upon the closing of this deal. The share subscription agreements entered into in February 2022 and April 2023 were collectively refered to as JD Investments.

ORGANIZATION AND NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

1. ORGANIZATION AND NATURE OF OPERATIONS

Dada Nexus Limited (the “Company”) was incorporated under the laws of the Cayman Islands on July 8, 2014. The Company through its wholly-owned subsidiaries, VIE and VIE’s subsidiaries (collectively, the “Group”) primarily provides on-demand retail platform services and on-demand delivery services to its customers through its mobile platforms, websites and mini programs. The Group’s principal operations and geographic markets are in the People’s Republic of China (the “PRC”).

As of December 31, 2023, the Company’s major subsidiaries, VIE and VIE’s subsidiaries (“Consolidated VIEs”) were as follows:


			Percentage
			of direct
			or indirect
	Place of	Date of incorporation /	economic
Name of Company	incorporation	acquisition	ownership		Principal activities
Major Subsidiaries
Dada Group (HK) Limited (“Dada HK”)	Hong Kong	July 24, 2014	100	%	Investment holding
Dada Glory Network Technology (Shanghai) Co., Ltd. (“Dada Glory”)	the Chinese mainland	November 7, 2014	100	%	On-demand delivery services platform (“Dada Now”)
Shanghai JD Daojia Yuanxin Information Technology Co., Ltd. (“Shanghai JDDJ”)	the Chinese mainland	April 26, 2016	100	%	On-demand retail services platform (“JDDJ”)
VIE
Shanghai Qusheng Internet Technology Co. Ltd. (“Shanghai Qusheng”)	the Chinese mainland	July 2, 2014	100	%	Holding value-added telecommunications services license of Dada Now and maintaining Dada Now website
VIE’s Major Subsidiary
Shanghai JD Daojia Youheng E-Commerce Information Technology Co., Ltd. (“JDDJ Youheng”)	the Chinese mainland	December 3, 2015	100	%	Holding value-added telecommunications services license of JDDJ and maintaining JDDJ website

CONCENTRATION OF CREDIT RISK - Accounts receivable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
CONCENTRATION OF CREDIT RISK
Accounts receivable, net	¥ 386,768	$ 54,475	¥ 313,502
Customer C \| Accounts receivable
CONCENTRATION OF CREDIT RISK
Accounts receivable, net	53,626		41,574
Customer D \| Accounts receivable
CONCENTRATION OF CREDIT RISK
Accounts receivable, net	¥ 40,749		¥ 33,150

RELATED PARTY TRANSACTIONS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	¥ 4,738,106	¥ 3,928,088	¥ 2,339,013
Operating expenses	642,910	664,612	265,635
Purchases from JD Group	10,908	39,439	44,889
JD Group
Related Party Transaction [Line Items]
Revenues	2,576,662	1,900,540	951,328
Walmart Group
Related Party Transaction [Line Items]
Revenues	¥ 2,161,444	¥ 2,027,548	¥ 1,387,685

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONDENSED BALANCE SHEETS
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	2,000,000,000	2,000,000,000
Ordinary shares, shares issued	1,100,285,570	1,079,881,662
Ordinary shares, shares outstanding	1,056,311,362	1,021,923,242
Reportable legal entity \| Parent
CONDENSED BALANCE SHEETS
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	2,000,000,000	2,000,000,000
Ordinary shares, shares issued	1,100,285,570	1,079,881,662
Ordinary shares, shares outstanding	1,056,311,362	1,021,923,242

OPERATING LEASES

12 Months Ended

Dec. 31, 2023

OPERATING LEASES

OPERATING LEASES

8. OPERATING LEASES

For the years ended December 31, 2021, 2022 and 2023, the Group incurred operating lease costs amounting to RMB50,537, RMB35,973 and RMB22,207 respectively, excluding RMB9,256, RMB9,031 and RMB10,003 for short-term leases not capitalized as ROU assets, respectively.

Supplemental cash flow information related to operating leases included in operating lease assets and liabilities was as follows:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Cash payments for amounts included in measurement of liabilities	49,864	36,890	22,259
New operating lease assets obtained in exchange for operating lease liabilities	18,744	5,836	29,371
ROU modification due to early surrender	(3,154)	(11,873)	(29,645)
Lease liabilities modification due to early surrender	2,778	12,705	34,234

As of December 31, 2022 and 2023, the Group’s operating leases had a weighted average remaining lease term of 1.7 and 0.9 years and a weighted average discount rate of 4.8% and 4.8%, respectively.

Future lease payments under operating leases, excluding short-term leases not capitalized, as of December 31, 2022 and 2023 were as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Within one year	25,836	15,030
Within a period of more than one year but not more than two years	16,878	419
Total future lease payments	42,714	15,449
Less: imputed interest	(1,680)	(316)
Total lease liabilities balance	41,034	15,133
Less: Current operating lease liabilities	24,460	14,719
Long-term operating lease liabilities	16,574	414

The future lease payments for short-term leases not capitalized as ROU assets were RMB2,061 and RMB2,257 as of December 31, 2022 and December 31, 2023, which will be paid within one year.

CONCENTRATION OF CREDIT RISK

12 Months Ended

Dec. 31, 2023

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

15. CONCENTRATION OF CREDIT RISK

Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amount due from related parties and prepayments. The Group places its cash and cash equivalents, restricted cash, and short-term investments with financial institutions with high-credit ratings and quality. Accounts receivable mainly consist of amounts receivable from merchants and brand owners. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs in its customers and its ongoing monitoring process of outstanding balances. With respect to prepayments, the Group performs on-going credit evaluations of the financial condition of the suppliers.Concentration of customers

The following customers accounted for 10% or more of revenue for the years ended December 31, 2021, 2022 and 2023:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Customer A	951,328	1,900,540	2,576,662
Customer B	1,387,685	2,027,548	2,161,444

The following customers accounted for 10% or more of accounts receivable as of December 31, 2022 and 2023, respectively.


	As of December 31,
	2022	2023
	RMB	RMB
Customer C	41,574	53,626
Customer D	33,150	40,749

Foreign currency risk

In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents, restricted cash and short-term investments of the Group included aggregated amounts of RMB3,035,742 and RMB2,191,930 denominated in RMB as of December 31, 2022 and 2023, respectively.

FAIR VALUE MEASUREMENTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
FAIR VALUE MEASUREMENTS
Impairment loss of goodwill	¥ 957,605	$ 134,876	¥ 0	¥ 0
Impairment of property and equipment			¥ 0	¥ 0

SHORT-TERM LOAN- Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Mar. 31, 2023 CNY (¥)
SHORT-TERM LOAN
Amount of borrowings	¥ 24,000		¥ 100,000
Interest rate			1.80%
Interest expenses	¥ 807	$ 114	¥ 10,946	¥ 13,806
Maximum amount of borrowing capacity					¥ 500,000

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

TAXATION - Loss by tax jurisdictions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
TAXATION
Loss from the Chinese mainland operations	¥ 461,858		¥ 1,402,607	¥ 2,225,317
Loss from the non-Chinese mainland operations	1,500,697		610,239	257,368
Total losses before tax	¥ 1,962,555	$ 276,421	¥ 2,012,846	¥ 2,482,685

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

4. SHORT-TERM INVESTMENTS


	As of December 31,
	2022	2023
	RMB	RMB
Time deposits	2,031,336	1,204,059
Wealth management products	671,188	354,256
Total	2,702,524	1,558,315

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

Summary of transactions with major related parties

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2023:

Name of related parties		Relationship with the Group
JD, its subsidiaries and affiliated entities (“JD Group”)⁽¹⁾		Controlling Shareholder of the Company
Walmart, its subsidiaries and affiliates (“Walmart Group”)		Shareholder of the Company


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Revenues
Services to JD Group⁽¹⁾	951,328	1,900,540	2,576,662
Services to Walmart Group⁽²⁾	1,387,685	2,027,548	2,161,444
Operating expenses
Operational support services from JD Group⁽¹⁾	265,635	664,612	642,910
Purchases from JD Group	44,889	39,439	10,908


	As of December 31,
	2022	2023
	RMB	RMB
Current assets:
Amount due from JD Group	507,107	763,106
Amount due from Walmart Group	553,880	523,974
Total	1,060,987	1,287,080
Current liabilities:
Amount due to JD Group⁽¹⁾	92,119	133,018
Amount due to Walmart Group⁽²⁾	54,884	57,021
Total	147,003	190,039

SHORT-TERM INVESTMENTS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
SHORT-TERM INVESTMENTS
Time deposits	¥ 1,204,059		¥ 2,031,336
Wealth management products	354,256		671,188
Total	¥ 1,558,315	$ 219,484	¥ 2,702,524

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Payables to retailers on JDDJ	¥ 199,344		¥ 220,913
Accrued marketing expenses	171,501		179,608
Salaries and welfare payables	151,101		227,338
Advance for online advertising and marketing services	141,141		88,694
Deposits from retailers and outsourced agencies	78,379		56,466
Advance for delivery services	60,592		37,222
Tax payables	40,034		13,581
Professional fee payable	30,741		62,048
Others	49,650		46,073
Total	¥ 922,483	$ 129,929	¥ 931,943

TAXATION - Movement of valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TAXATION
Balance at beginning of the year	¥ 3,223,172	¥ 2,830,917	¥ 2,195,870
Addition, net	148,984	392,255	635,047
Balance at end of the year	¥ 3,372,156	¥ 3,223,172	¥ 2,830,917

SHORT-TERM LOAN (Tables)

12 Months Ended

Dec. 31, 2023

SHORT-TERM LOAN

Schedule of short-term loan


	As of December 31,
	2022	2023
	RMB	RMB
Short-term bank borrowings	100,000	—

ORGANIZATION AND NATURE OF OPERATIONS (Details)	12 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS (Details)	Dec. 31, 2023
Dada Group (HK) Limited ("Dada HK")
ORGANIZATION AND NATURE OF OPERATIONS
Economic ownership (as a percent)	100.00%
Dada Glory Network Technology (Shanghai) Co., Ltd. ("Dada Glory")
ORGANIZATION AND NATURE OF OPERATIONS
Economic ownership (as a percent)	100.00%
Shanghai JD Daojia Yuanxin Information Technology Co., Ltd. ("Shanghai JDDJ")
ORGANIZATION AND NATURE OF OPERATIONS
Economic ownership (as a percent)	100.00%
Shanghai Qusheng Internet Technology Co. Ltd. ("Shanghai Qusheng")
ORGANIZATION AND NATURE OF OPERATIONS
VIEs ownership (as a percent)	100.00%
Shanghai JD Daojia Youheng E-Commerce Information Technology Co., Ltd. ("JDDJ Youheng")
ORGANIZATION AND NATURE OF OPERATIONS
Economic ownership (as a percent)	100.00%

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

12 Months Ended

Dec. 31, 2023

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)


	As of December 31,
	2022	2023
	RMB	RMB	US$
			(Note 2)
ASSETS
Current assets:
Cash and cash equivalents	76,610	90,563	12,756
Short-term investments	1,253,628	1,348,474	189,929
Prepayments and other current assets	15,921	13,172	1,855
Total current assets	1,346,159	1,452,209	204,540
Investments in subsidiaries, VIE and VIE’s subsidiaries	4,102,926	2,704,295	380,891
Intangible assets, net	1,554,155	1,403,388	197,663
Total non-current assets	5,657,081	4,107,683	578,554
TOTAL ASSETS	7,003,240	5,559,892	783,094
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Accrued expenses and other current liabilities	3,520	2,976	419
TOTAL LIABILITIES	3,520	2,976	419
SHAREHOLDERS’ EQUITY
Ordinary shares (US$0.0001 par value, 2,000,000,000 shares authorized, 1,079,881,662 and 1,100,285,570 shares issued, 1,021,923,242 and 1,056,311,362 shares outstanding as of December 31, 2022 and 2023, respectively)	688	708	100
Additional paid-in capital	20,599,549	21,024,488	2,961,237
Accumulated deficit	(13,824,234)	(15,781,777)	(2,222,817)
Accumulated other comprehensive income	223,717	313,497	44,155
TOTAL SHAREHOLDERS’ EQUITY	6,999,720	5,556,916	782,675
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	7,003,240	5,559,892	783,094

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Amounts in thousands, except for share and per share data)


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2)
Expenses and income/(loss)
Operating expenses	(358,458)	(668,231)	(639,963)	(90,137)
Other operating income	13,334	18,163	9,871	1,390
Others, net	29,322	31,068	72,404	10,197
Equity in losses of subsidiaries, VIE and VIE’s subsidiaries	(2,155,325)	(1,389,005)	(1,399,855)	(197,165)
Net loss and net loss attributable to the Company	(2,471,127)	(2,008,005)	(1,957,543)	(275,715)
Net loss available to ordinary shareholders	(2,471,127)	(2,008,005)	(1,957,543)	(275,715)

Net loss	(2,471,127)	(2,008,005)	(1,957,543)	(275,715)
Other comprehensive (loss)/income
Foreign currency translation adjustments	(39,487)	333,507	89,780	12,645
Total comprehensive loss	(2,510,614)	(1,674,498)	(1,867,763)	(263,070)

CONDENSED STATEMENTS OF CASH FLOWS

(Amounts in thousands, except for share and per share data)


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2)
Net cash provided by operating activities	42,829	16,869	68,966	9,714
Net cash used in investing activities	(4,001,123)	(3,126,808)	(63,372)	(8,926)
Net cash (used in)/provided by financing activities	(936,655)	3,061,020	12,808	1,804
Effect of foreign exchange rate changes on cash and cash equivalents	(22,483)	13,155	(4,449)	(626)
Net (decrease)/increase in cash and cash equivalents	(4,917,432)	(35,764)	13,953	1,966
Cash and cash equivalents, beginning of the year	5,029,806	112,374	76,610	10,790
Cash and cash equivalents, end of the year	112,374	76,610	90,563	12,756

NOTES TO SCHEDULE I

(1)

Schedule 1 has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company does not include condensed financial information as to the changes in equity as such financial information is the same as the consolidated statements of changes in shareholders’ equity.

(2)

The condensed financial information has been prepared using the same accounting policies as set out in the financial statements except that the equity method has been used to account for investments in its subsidiaries and Consolidated VIEs. For the parent company, the Company records its investments in subsidiaries and Consolidated VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investment in subsidiaries, VIE and VIE’s subsidiaries” and the subsidiaries and VIE’s profit or loss as “Equity in losses of subsidiaries, VIE and VIE’s subsidiaries” on the Condensed Statements of Operations and Comprehensive Loss Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE in investment in and amount due from subsidiaries, VIE and VIE’s subsidiaries even though the parent company is not obligated to provide continuing support or fund losses.

RESTRICTED NET ASSETS (Details) ¥ in Thousands	12 Months Ended
RESTRICTED NET ASSETS (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
RESTRICTED NET ASSETS
Appropriation of after-tax income to statutory surplus reserve fund (as a percentage)	10
Threshold percentage of after-tax income required to be appropriated towards reserve until the reserve balance reaches a specified percentage of registered capital.	50
Restricted net assets	¥ 9,413,346

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

16. RELATED PARTY TRANSACTIONS

The table below sets forth the major related parties and their relationships with the Group as of December 31, 2023:

Name of related parties		Relationship with the Group
JD, its subsidiaries and affiliated entities (“JD Group”)⁽¹⁾		Controlling Shareholder of the Company
Walmart, its subsidiaries and affiliates (“Walmart Group”)		Shareholder of the Company

(1)	JD Group primarily consist of JD and its subsidiaries. Starting from February 2022, Yonghui Group, an affiliated entity of JD, became a related party of the Group after JD became the controlling shareholder of the Company.

(a) The Group entered into the following transactions with the major related parties:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Revenues
Services to JD Group⁽¹⁾	951,328	1,900,540	2,576,662
Services to Walmart Group⁽²⁾	1,387,685	2,027,548	2,161,444
Operating expenses
Operational support services from JD Group⁽¹⁾	265,635	664,612	642,910
Purchases from JD Group	44,889	39,439	10,908

(1)

The services revenues from JD Group primarily consist of revenues from delivery services, platform services, technology support service and promotion services. Before April 2021, the Group fulfilled the delivery needs of JD Group as the principal. The Group was primarily responsible for the delivery of merchandise and guaranteed identifying and directing riders to complete the deliveries requested by JD Group. Starting from April 2021, the Group entered into a new service agreement with JD Group. Under the new contractual terms, the Group only provides platform services to JD Group. It acts as an agent in fulfilling the last – mile delivery needs of JD Group and is not primarily responsible for the delivery of merchandise. The service agreement has an initial term of one year and remains valid till other replacement agreement is signed by both parties.

JD Group also provides certain operational supporting services to the Group, such as referral traffic under Omni-channel collaboration with JD Group and cloud server service.The service fee is confirmed with the Group on a monthly basis. The service agreements have terms ranging from one to three years and have been renewed upon expiration.

In addition, the Group entered into the purchase agreement with JD Group in August 2016 to purchase goods from JD Group for sale on Dada Now. The purchase agreement has an initial term of one year, remains valid till other replacement agreement is signed by both parties.

Yonghui Group, as an equity method investee of JD, became a related party of the Group in February 2022. The services revenues from Yonghui Group primarily consist of on-demand retail platform services revenues and delivery services revenues under the service agreement with Yonghui Group. The on-demand retail platform services revenues primarily consist of commission fees based on a pre-determined percentage charged to Yonghui Group for participating in the Group’s online marketplace. The Group also fulfills the delivery needs of Yonghui Group on JDDJ where the Group acts as a principal. Revenues are recognized on a gross basis at a pre-determined amount for each completed delivery.

16. RELATED PARTY TRANSACTIONS – continued

(2)

The services revenues from Walmart Group primarily consist of on-demand retail platform services revenues and delivery services revenues under the business cooperation agreement and service agreement with Walmart Group. The on-demand retail platform services revenues primarily consist of commission fees based on a pre-determined percentage charged to Walmart Group for participating in the Group’s online marketplace. The Group also fulfills the delivery needs of Walmart Group where the Group acts as a principal. Revenues are recognized on a gross basis at a pre-determined amount for each completed delivery. The Group entered into the business cooperation agreement with Walmart Group in June 2016, which was amended and restated in August 2018. The amended and restated business cooperation agreement has a term of six years. The service agreement has an initial term of one year, and remains valid till the termination of the business cooperation agreement.

(b) The Group had the following balances with the major related parties:


	As of December 31,
	2022	2023
	RMB	RMB
Current assets:
Amount due from JD Group	507,107	763,106
Amount due from Walmart Group	553,880	523,974
Total	1,060,987	1,287,080
Current liabilities:
Amount due to JD Group⁽¹⁾	92,119	133,018
Amount due to Walmart Group⁽²⁾	54,884	57,021
Total	147,003	190,039

(1)	Amount due to JD Group includes cost for referral traffic under omni-channel collaboration with JD Group, cloud server service fee, and cash collected from consumers on behalf of JD Group when the Group performs on-demand retail platform services.

(2)	Amount due to Walmart Group includes cash collected from consumers on behalf of Walmart when the Group performs on-demand retail platform services.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

LOSS PER SHARE

LOSS PER SHARE

13. LOSS PER SHARE

Loss per share was computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the years ended December 31, 2021, 2022 and 2023:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Numerator:
Net loss available to ordinary shareholders of the Company—basic and diluted	(2,471,127)	(2,008,005)	(1,957,543)
Denominator:
Weighted average number of ordinary shares outstanding	950,697,557	1,015,265,686	1,040,680,392
Basic and diluted loss per share	(2.60)	(1.98)	(1.88)

As a result of the Group’s net loss for the three years ended December 31, 2021, 2022 and 2023, the following weighted average numbers of the Company’s share options, and restricted share units outstanding in the respective periods were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive.


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Share options	18,640,216	15,028,082	7,194,850
Restricted share units	17,133,658	21,358,045	18,970,100

OPERATING LEASES - Supplemental cash flow information related to operating leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING LEASES
Cash payments for amounts included in measurement of liabilities	¥ 22,259	¥ 36,890	¥ 49,864
New operating lease assets obtained in exchange for operating lease liabilities	29,371	5,836	18,744
ROU modification due to early surrender	(29,645)	(11,873)	(3,154)
Lease liabilities modification due to early surrender	34,234	12,705	2,778
Operating Lease, Cost	22,207	35,973	50,537
Short-term Lease	¥ 10,003	¥ 9,031	¥ 9,256
Weighted average remaining lease term	10 months 24 days	1 year 8 months 12 days
Weighted average discount rate	4.80%	4.80%

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

PREPAYMENTS AND OTHER CURRENT ASSETS

PREPAYMENTS AND OTHER CURRENT ASSETS

5. PREPAYMENTS AND OTHER CURRENT ASSETS


	As of December 31,
	2022	2023
	RMB	RMB
Loan provided to third party companies⁽¹⁾	285,700	240,000
VAT receivables	145,868	91,022
Funds receivable from third party mobile and online payment platforms	71,394	47,842
Advance to suppliers	32,621	20,641
Interest receivable	61,325	7,332
Other receivables	9,594	8,489
Prepayments and other current assets	606,502	415,326

Note:

(1)

ORDINARY SHARES (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Apr. 30, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($) shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2021 ¥ / shares	Jun. 30, 2021 USD ($)
ORDINARY SHARES
Issuance of ordinary shares \| ¥					¥ 249,000	¥ 5,057,760
Par value (in dollars per share) \| $ / shares							$ 0.0001			$ 0.0001
Proceeds from ordinary shares issued \| ¥						3,451,921
Value of shares repurchased						¥ 401,566	$ 60,145	¥ 968,409
Share repurchase (in shares) \| shares						34,137,780	34,137,780
Stock Repurchase Program, Authorized Amount		$ 70,000,000
2022 share repurchase program, Period in force		12 months
2022 share repurchase program, Weighted average price of shares repurchased \| (per share)						¥ 12.13	$ 1.76
Share subscription agreement
ORDINARY SHARES
Issuance of ordinary shares				$ 800,000
Issuance of ordinary shares (in shares) \| shares	18,927,876		109,215,017
Proceeds from ordinary shares issued			$ 546,000
BCA valuation			$ 254,000
Strategic resources valuation	$ 36,000
Percentage of Company's issued and outstanding shares held	53.90%			52.00%
Number of shares agreed to issue and sell \| shares				109,215,017
Term of years	3 years
2021 Share Repurchase Program
ORDINARY SHARES
Value of shares repurchased								¥ 968,409	$ 150,000
Share repurchase (in shares) \| shares								28,099,564	28,099,564
Weighted average price per share of shares repurchased \| (per share)									$ 5.34		¥ 34.03
Stock Repurchase Program, Authorized Amount												$ 150,000

SHARE-BASED COMPENSATION (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
SHARE-BASED COMPENSATION (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	¥ 163,153	¥ 218,730	¥ 207,943
Incentive Compensation Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	61,605,996
Options expire term	10 years
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	45,765,386
Options expire term	10 years
Increase in authorized share capital per annum	1.00%
2015 Plan and 2020 Plan \| Employee options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Share option \| Employee options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	¥ 18,198	¥ 30,928	¥ 52,569

SHARE-BASED COMPENSATION - Restricted share units (Details) - Restricted share units	12 Months Ended
	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2023 ¥ / shares	Dec. 31, 2022 ¥ / shares	Dec. 31, 2021 ¥ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	8,479,188
Employee and Non employee options \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	8,479,188	13,178,072	9,253,000
Vesting period (in years)	4 years		4 years
weighted average value of the ordinary shares \| (per share)	$ 1.66	$ 2.02	$ 6.04	¥ 11.76	¥ 13.94	¥ 38.48
Employee and Non employee options \| Vesting schedule, one \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		2 years
Employee and Non employee options \| Vesting schedule, two \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

TAXATION (Tables)

12 Months Ended

Dec. 31, 2023

TAXATION

Schedule of loss by tax jurisdictions


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Loss from the Chinese mainland operations	2,225,317	1,402,607	461,858
Loss from the non-Chinese mainland operations	257,368	610,239	1,500,697
Total losses before tax	2,482,685	2,012,846	1,962,555

Schedule of current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current tax expenses	—	171	—
Deferred tax benefits	(11,558)	(5,012)	(5,012)
Income tax benefits	(11,558)	(4,841)	(5,012)

Schedule of reconciliation of the difference between the chinese mainland statutory income tax rate and the group's effective income tax rate


	For the Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Statutory tax rate	25.0	%	25.0	%	25.0	%
Effect on tax rates in different tax jurisdictions	(2.6)	%	(7.6)	%	(19.1)	%
Changes in valuation allowance	(25.6)	%	(19.5)	%	(7.6)	%
Other expenses not deductible for tax purposes	(0.1)	%	(0.2)	%	(1.0)	%
Expired tax loss	(0.6)	%	(1.4)	%	0.0	%
Additional deduction of research and development expense	4.2	%	6.8	%	4.4	%
Others	0.2	%	(2.9)	%	(1.4)	%
Effective tax rate	0.5	%	0.2	%	0.3	%

Schedule of deferred tax assets and deferred tax liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets
- Net operating loss carry forwards	3,045,224	3,108,434
- Advertising expenses	173,525	231,505
- Allowance for accounts receivable	2,663	10,727
- Accrued expenses and others	1,760	21,490
Less: valuation allowance	(3,223,172)	(3,372,156)
Net deferred tax assets	—	—
Deferred tax liabilities
- Identifiable intangible assets from business combination	21,988	16,979
Total deferred tax liabilities	21,988	16,979

Schedule of movement of valuation allowance


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Balance at beginning of the year	2,195,870	2,830,917	3,223,172
Addition, net	635,047	392,255	148,984
Balance at end of the year	2,830,917	3,223,172	3,372,156

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

SHORT-TERM INVESTMENTS

Summary of short-term investments


	As of December 31,
	2022	2023
	RMB	RMB
Time deposits	2,031,336	1,204,059
Wealth management products	671,188	354,256
Total	2,702,524	1,558,315

TAXATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
TAXATION (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021	Dec. 31, 2023 CNY (¥)
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	25.00%	25.00%	25.00%
Net operating loss carry forwards \| ¥		¥ 12,180,894		¥ 12,433,736
Hong Kong
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	16.50%
Hong Kong \| First HK dollar 2,000 of profits of corporations
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	8.25%
Amount of assessable profits under lowered tax rate \| $	$ 2,000
Mainland China
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	25.00%
Mainland China \| High and New Technology Enterprises ("HNTE")
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	15.00%	15.00%	15.00%
Mainland China \| Beijing Daguan Information Technology Co Ltd (HNTE) [Member]
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	15.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and cash equivalents	¥ 1,893,032		¥ 1,233,974	¥ 512,830	$ 266,628
Restricted cash	519,207		433,895	58,020	73,129
Total cash, cash equivalents, and restricted cash	2,412,239		1,667,869	570,850	$ 339,757
Supplemental disclosure for cash flow information
Cash paid for interest	807	$ 114	10,621	5,013
Cash paid for income tax			171
Supplemental disclosure of non-cash investing and financing activities:
Payables related to property and equipment	274	39	1,799	¥ 655
Intangible assets acquired from JD investments (Note 7)	¥ 249,000	$ 35,071	¥ 1,605,839

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

3. FAIR VALUE MEASUREMENTS

The Group’s financial instruments mainly include cash and cash equivalent, restricted cash, short-term investments, accounts receivable, prepayments and other current assets, amount due from and due to related parties, accounts payable, certain other current liabilities, short-term loan and payable to riders and drivers. The carrying amounts of short-term financial instruments approximate their fair value due to their short-term nature.

Certain non-financial assets are measured at fair value on a nonrecurring basis, including property and equipment, operating lease right-of-use assets, goodwill and intangible assets and they are recorded at fair value only when impairment is recognized by applying unobservable inputs such as forecasted financial performance and discount rate to the discounted cash flow valuation methodology. During the years ended December 31, 2021, 2022, the Group did not recognize any impairment of non-financial assets. During the year ended December 31, 2023, the Group recorded a RMB957,605 impairment loss of goodwill. Please refer to note 2.13 for more details.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Ordinary shares CNY (¥) shares	Additional paid-in capital CNY (¥)	Accumulated deficit CNY (¥)	Accumulated other comprehensive (loss)/ income CNY (¥)	CNY (¥) shares	USD ($) shares
Beginning balance at Dec. 31, 2020	¥ 639	¥ 16,442,721	¥ (9,345,102)	¥ (70,303)	¥ 7,027,955
Beginning balance (in shares) at Dec. 31, 2020 \| shares	941,450,185
Increase (decrease) in stockholders' equity
Shares issued for exercise of stock options and vest of restricted share units	¥ 12	31,742			31,754
Shares issued for exercise of stock options and vest of restricted share units (in shares)\|shares \| shares	14,425,931
Repurchase of ordinary shares	¥ (18)	(968,391)			(968,409)
Repurchase of ordinary shares (in shares) \| shares	(28,099,564)
Share-based compensation		207,943			207,943
Net loss			(2,471,127)		(2,471,127)
Foreign currency translation adjustments				(39,487)	(39,487)
Ending balance at Dec. 31, 2021	¥ 633	15,714,015	(11,816,229)	(109,790)	3,788,629
Ending balance (in shares) at Dec. 31, 2021 \| shares	927,776,552
Increase (decrease) in stockholders' equity
Issuance of ordinary shares to JD Group	¥ 69	5,057,691			5,057,760
Issuance of ordinary shares to JD Group (in shares) \| shares	109,215,017
Shares issued for exercise of stock options and vest of restricted share units	¥ 9	10,656			10,665
Shares issued for exercise of stock options and vest of restricted share units (in shares)\|shares \| shares	19,069,453
Repurchase of ordinary shares	¥ (23)	(401,543)			¥ (401,566)	$ (60,145)
Repurchase of ordinary shares (in shares) \| shares	(34,137,780)				(34,137,780)	(34,137,780)
Share-based compensation		218,730			¥ 218,730
Net loss			(2,008,005)		(2,008,005)
Foreign currency translation adjustments				333,507	333,507
Ending balance at Dec. 31, 2022	¥ 688	20,599,549	(13,824,234)	223,717	6,999,720
Ending balance (in shares) at Dec. 31, 2022 \| shares	1,021,923,242
Increase (decrease) in stockholders' equity
Issuance of ordinary shares to JD Group	¥ 13	248,987			249,000
Issuance of ordinary shares to JD Group (in shares) \| shares	18,927,876
Shares issued for exercise of stock options and vest of restricted share units	¥ 7	12,799			12,806
Shares issued for exercise of stock options and vest of restricted share units (in shares)\|shares \| shares	15,460,244
Share-based compensation		163,153			163,153
Net loss			(1,957,543)		(1,957,543)	$ (275,715)
Foreign currency translation adjustments				89,780	89,780	12,645
Ending balance at Dec. 31, 2023	¥ 708	¥ 21,024,488	¥ (15,781,777)	¥ 313,497	¥ 5,556,916	$ 782,675
Ending balance (in shares) at Dec. 31, 2023 \| shares	1,056,311,362

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY - CONDENSED BALANCE SHEETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,893,032	$ 266,628	¥ 1,233,974	¥ 512,830
Short-term investments	1,558,315	219,484	2,702,524
Prepayments and other current assets	415,326	58,497	606,502
Total current assets	6,068,998	854,800	6,360,210
Intangible assets, net	1,479,644	208,403	1,665,320
Total non-current assets	1,504,883	211,957	2,685,589
TOTAL ASSETS	7,573,881	1,066,757	9,045,799
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Accrued expenses and other current liabilities	922,483	129,929	931,943
TOTAL LIABILITIES	2,016,965	284,082	2,046,079
SHAREHOLDERS' EQUITY
Ordinary shares (US$0.0001 par value, 2,000,000,000 shares authorized, 1,079,881,662 and 1,100,285,570 shares issued, 1,021,923,242 and 1,049,783,190 shares outstanding as of December 31, 2022 and 2023, respectively)	708	100	688
Additional paid-in capital	21,024,488	2,961,237	20,599,549
Accumulated deficit	(15,781,777)	(2,222,817)	(13,824,234)
Accumulated other comprehensive income	313,497	44,155	223,717
TOTAL SHAREHOLDERS' EQUITY	5,556,916	782,675	6,999,720	¥ 3,788,629	¥ 7,027,955
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	7,573,881	1,066,757	9,045,799
Reportable legal entity \| Parent
Current assets:
Cash and cash equivalents	90,563	12,756	76,610
Short-term investments	1,348,474	189,929	1,253,628
Prepayments and other current assets	13,172	1,855	15,921
Total current assets	1,452,209	204,540	1,346,159
Investments in subsidiaries, VIE and VIE's subsidiaries	2,704,295	380,891	4,102,926
Intangible assets, net	1,403,388	197,663	1,554,155
Total non-current assets	4,107,683	578,554	5,657,081
TOTAL ASSETS	5,559,892	783,094	7,003,240
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Accrued expenses and other current liabilities	2,976	419	3,520
TOTAL LIABILITIES	2,976	419	3,520
SHAREHOLDERS' EQUITY
Ordinary shares (US$0.0001 par value, 2,000,000,000 shares authorized, 1,079,881,662 and 1,100,285,570 shares issued, 1,021,923,242 and 1,049,783,190 shares outstanding as of December 31, 2022 and 2023, respectively)	708	100	688
Additional paid-in capital	21,024,488	2,961,237	20,599,549
Accumulated deficit	(15,781,777)	(2,222,817)	(13,824,234)
Accumulated other comprehensive income	313,497	44,155	223,717
TOTAL SHAREHOLDERS' EQUITY	5,556,916	782,675	6,999,720
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	¥ 5,559,892	$ 783,094	¥ 7,003,240

CONTINGENCIES

12 Months Ended

Dec. 31, 2023

CONTINGENCIES

CONTINGENCIES

18. CONTINGENCIES

Contingencies

On January 10, 2024, the Company, its former president, and former chief financial officer were named as defendants in a putative securities class action brought by investors. Given that the case is in its preliminary stage, the Company has concluded, as advised by its external legal counsel, that the outcome of the case and the potential loss cannot be reasonably estimated.

Besides, the Group is subject to a number of legal or administrative proceedings that generally arise in the ordinary course of its business. Except for aforementioned class action, the Group does not believe that these pending legal or administrative proceeding to which the Group is a party will have a material adverse effect on the financial statements.

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY - CONDENSED STATEMENTS OF CASHFLOWS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CONDENSED STATEMENTS OF CASHFLOW
Net cash provided by operating activities	¥ (380,838)	$ (53,640)	¥ (945,440)	¥ (2,657,580)
Net cash used in investing activities	1,214,856	171,109	(1,026,393)	(686,663)
Net cash (used in)/provided by financing activities	(85,198)	(12,000)	3,054,854	(1,554,505)
Effect of foreign exchange rate changes on cash and cash equivalents	(4,450)	(626)	13,998	(51,457)
Net (decrease)/increase in cash, cash equivalents and restricted cash	744,370	104,843	1,097,019	(4,950,205)
Cash and cash equivalents and restricted cash, beginning of the year	1,667,869	234,914	570,850	5,521,055
Cash and cash equivalents and restricted cash, end of the year	2,412,239	339,757	1,667,869	570,850
Reportable legal entity \| Parent
CONDENSED STATEMENTS OF CASHFLOW
Net cash provided by operating activities	68,966	9,714	16,869	42,829
Net cash used in investing activities	(63,372)	(8,926)	(3,126,808)	(4,001,123)
Net cash (used in)/provided by financing activities	12,808	1,804	3,061,020	(936,655)
Effect of foreign exchange rate changes on cash and cash equivalents	(4,449)	(626)	13,155	(22,483)
Net (decrease)/increase in cash, cash equivalents and restricted cash	13,953	1,966	(35,764)	(4,917,432)
Cash and cash equivalents and restricted cash, beginning of the year	76,610	10,790	112,374	5,029,806
Cash and cash equivalents and restricted cash, end of the year	¥ 90,563	$ 12,756	¥ 76,610	¥ 112,374

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2023

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

19. RESTRICTED NET ASSETS

Pursuant to the laws applicable to the PRC’s Foreign Investment Enterprises and local enterprises, the Group’s entities in the PRC must make appropriation from after-tax profit to non-distributable reserve funds as determined by the Board of Directors of the subsidiaries.

PRC laws and regulations permit payments of dividends by the Company’s subsidiaries and VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries and VIE incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless such reserve has reached 50% of their respective registered capital. In addition, registered share capital and capital reserve accounts are also restricted from withdrawal in the PRC.

As a result of these PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with the PRC accounting standards and regulations, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in capital and APIC of the Company’s PRC subsidiaries, VIE and VIE’s subsidiaries. As of December 31, 2023, the total of restricted net assets were RMB9,413,346, respectively.

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Share repurchase program (2024)		$ 70,000
Share Repurchase Program 2024
Subsequent Event [Line Items]
Share repurchase program (2024)	$ 40

CONCENTRATION OF CREDIT RISK (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Denominated in RMB
CONCENTRATION OF CREDIT RISK
Cash and cash equivalents, restricted cash and short-term investments	¥ 2,191,930	¥ 3,035,742

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2023

INTANGIBLE ASSETS, NET

Schedule of intangible assets, net


	As of December 31,
	2022	2023
	RMB	RMB
BCA	2,235,457	2,529,525
NCC	580,678	590,525
Trademark and domain name	340,053	340,053
Technology	96,000	96,000
Less: accumulated amortization	(1,586,868)	(2,076,459)
Intangible assets, net	1,665,320	1,479,644

Schedule of estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter


		Future Amortization Expense
		RMB
For the years ending December 31,
2024		500,914
2025		500,907
2026		411,564
2027		65,190
2028 and thereafter		1,069
Total		1,479,644

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Payables to retailers on JDDJ⁽¹⁾	220,913	199,344
Accrued marketing expenses	179,608	171,501
Salaries and welfare payables	227,338	151,101
Advance for online advertising and marketing services	88,694	141,141
Deposits from retailers and outsourced agencies	56,466	78,379
Advance for delivery services⁽²⁾	37,222	60,592
Tax payables	13,581	40,034
Professional fee payable	62,048	30,741
Others	46,073	49,650
Total	931,943	922,483

Notes:

(1)	Payables to retailers on JDDJ represent cash collected on behalf of retailers for goods sold through JDDJ.

(2)	Advance for delivery services represent the prepayments for on-demand delivery services. The amount is refundable if no service is provided.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Related party revenues	¥ 4,738,106	¥ 3,928,088	¥ 2,339,013
Other comprehensive income/ (loss)	¥ 0	¥ 0	¥ 0

ORGANIZATION AND NATURE OF OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND NATURE OF OPERATIONS

Schedule of major subsidiaries and consolidated VIEs

As of December 31, 2023, the Company’s major subsidiaries, VIE and VIE’s subsidiaries (“Consolidated VIEs”) were as follows:


			Percentage
			of direct
			or indirect
	Place of	Date of incorporation /	economic
Name of Company	incorporation	acquisition	ownership		Principal activities
Major Subsidiaries
Dada Group (HK) Limited (“Dada HK”)	Hong Kong	July 24, 2014	100	%	Investment holding
Dada Glory Network Technology (Shanghai) Co., Ltd. (“Dada Glory”)	the Chinese mainland	November 7, 2014	100	%	On-demand delivery services platform (“Dada Now”)
Shanghai JD Daojia Yuanxin Information Technology Co., Ltd. (“Shanghai JDDJ”)	the Chinese mainland	April 26, 2016	100	%	On-demand retail services platform (“JDDJ”)
VIE
Shanghai Qusheng Internet Technology Co. Ltd. (“Shanghai Qusheng”)	the Chinese mainland	July 2, 2014	100	%	Holding value-added telecommunications services license of Dada Now and maintaining Dada Now website
VIE’s Major Subsidiary
Shanghai JD Daojia Youheng E-Commerce Information Technology Co., Ltd. (“JDDJ Youheng”)	the Chinese mainland	December 3, 2015	100	%	Holding value-added telecommunications services license of JDDJ and maintaining JDDJ website

SHORT-TERM LOAN

12 Months Ended

Dec. 31, 2023

SHORT-TERM LOAN

SHORT-TERM LOAN

9. SHORT-TERM LOAN


	As of December 31,
	2022	2023
	RMB	RMB
Short-term bank borrowings	100,000	—

The Group borrowed short-term loan of RMB100,000 for the year ended December 31, 2022 with interest rate of 1.8% per annum and fully repaid during the year ended December 31, 2023. For the year ended December 31, 2023, the Group borrowed RMB24 million and fully repaid within one month, which was presented on a net basis in the financing activities. The interest expense incurred for the short-term bank borrowings for the years ended December 31, 2022 and 2023 amounted to RMB10,946 and RMB807, respectively.

In March 2023, the Group entered into an one-year unsecured revolving credit of RMB500 million with a reputable commercial bank, which can be used for borrowings, bankers’ acceptances, bank guarantees and other purposes in accordance with the relevant agreements. As of December 31, 2023, the facility was unused.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

INTANGIBLE ASSETS, NET - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Apr. 30, 2023 CNY (¥)	Feb. 28, 2022 CNY (¥)	Feb. 28, 2022 USD ($)
INTANGIBLE ASSETS, NET
Amortization expenses	¥ 501,522	¥ 469,903	¥ 173,741
JD Investment
INTANGIBLE ASSETS, NET
Intangible asset				¥ 249,000	¥ 1,605,839	$ 254,000
Term of years				3 years	5 years	5 years

INTANGIBLE ASSETS, NET (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization	¥ (2,076,459)		¥ (1,586,868)
Intangible assets, net	1,479,644	$ 208,403	1,665,320
BCA
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	2,529,525		2,235,457
NCC
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	590,525		580,678
Trademark and domain name
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	340,053		340,053
Technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	¥ 96,000		¥ 96,000

LOSS PER SHARE (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net loss available to ordinary shareholders of the Company-basic and diluted	¥ (1,957,543)	$ (275,715)	¥ (2,008,005)	¥ (2,471,127)
Denominator:
Weighted average number of ordinary shares outstanding-basic	1,040,680,392	1,040,680,392	1,015,265,686	950,697,557
Weighted average number of ordinary shares outstanding-diluted	1,040,680,392	1,040,680,392	1,015,265,686	950,697,557
Loss per share-basic \| (per share)	¥ (1.88)	$ (0.26)	¥ (1.98)	¥ (2.60)
Loss per share-diluted \| (per share)	¥ (1.88)	$ (0.26)	¥ (1.98)	¥ (2.60)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

SHARE-BASED COMPENSATION - JD's Share incentive plan (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	¥ 163,153	¥ 218,730	¥ 207,943
JD Employee Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	¥ 9,200	¥ 4,004	¥ 8,378

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONCENTRATION OF CREDIT RISK (Tables)

12 Months Ended

Dec. 31, 2023

Revenues

CONCENTRATION OF CREDIT RISK

Schedule of concentration of customers


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Customer A	951,328	1,900,540	2,576,662
Customer B	1,387,685	2,027,548	2,161,444

Accounts receivable

CONCENTRATION OF CREDIT RISK

Schedule of concentration of customers


	As of December 31,
	2022	2023
	RMB	RMB
Customer C	41,574	53,626
Customer D	33,150	40,749

PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

PRINCIPAL ACCOUNTING POLICIES

PRINCIPAL ACCOUNTING POLICIES

2. PRINCIPAL ACCOUNTING POLICIES

2.1 Basis of presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the years presented.

2.2 Basis of consolidation

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements

Exclusive Business Cooperation Agreement

Exclusive Option Agreements

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements - continued

Share Pledge Agreements

Powers of Attorney

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements - continued

Risks in relation to the VIE structure


	As of December 31,
	2022	2023
	RMB	RMB
Cash and cash equivalents	13,968	339
Accounts receivable, net	373	342
Amount due from related parties	2,688	1,454
Prepayments and other current assets	4,122	825
Property and equipment, net	84	52
Intangible assets, net	9,302	7,869
Other non-current assets	92	33
Total assets	30,629	10,914

Payable to riders and drivers	304	269
Amount due to related parties	966	1,408
Accrued expenses and other current liabilities	15,559	11,322
Total liabilities	16,829	12,999


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Net revenues	13,104	15,769	1,219
Net loss	(58,641)	(36,743)	(29,952)
Net cash provided by/(used in) operating activities	4,308	10,007	(36,203)
Net cash used in investing activities	(859)	—	(63)

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.2 Basis of consolidation - continued

VIE Arrangements - continued

2.3 Use of estimates

2.4 Functional currency and foreign currency translation

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.5 Convenience translation

2.6 Cash and cash equivalents

Cash and cash equivalents primarily consist of cash on hand and cash in bank which is highly liquid and unrestricted as to withdrawal and use.

2.7 Restricted cash

2.8 Short-term investments

2.9 Accounts receivable, net

2.10 Inventories

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.11 Property and equipment, net


Category		Estimated useful lives
Computer equipment		3-4 years
Office facilities		3-5 years
Vehicles		5 years
Software		3-5 years
Leasehold improvement		Over the shorter of the expected useful life or the lease term

2.12 Intangible assets, net


Category		Amortization Years
BCA		3-10
NCC		7
Technology		3.7
Trademark and domain name		9-9.7

2.13 Goodwill

2. PRINCIPAL ACCOUNTING POLICIES – continued

2.13 Goodwill – continued

2.14 Fair value measurement

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.

Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.15 Revenue recognition

Services

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.15 Revenue recognition – continued

Other services provided by the Group comprise packaging services. Revenue is recognized when service is rendered at the point in time.

Goods sales

Incentive programs

Customer incentives

Rider incentives

Consumer incentives

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.15 Revenue recognition - continued

Disaggregation of revenues

For the years ended December 31, 2021, 2022 and 2023, all of the Group’s revenues were generated in the PRC. The disaggregated revenues by revenue streams were as follows:


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
JDDJ: ⁽¹⁾
Services	4,045,550	6,205,180	6,489,420
Sales of goods	—	4,845	2,334
Subtotal	4,045,550	6,210,025	6,491,754
Dada Now: ⁽²⁾
Services	2,753,458	3,082,928	3,963,593
Sales of goods	67,254	74,642	50,903
Subtotal	2,820,712	3,157,570	4,014,496
Total	6,866,262	9,367,595	10,506,250

Notes:

(1)

(2)	Includes net revenues from on-demand delivery services and freight services. Revenue from on-demand delivery services for which the Group acts as a principal was RMB1,681,121, RMB2,343,206 and RMB3,279,905 for the years ended December 31, 2021, 2022 and 2023, respectively.

Contract balances

The remaining unsatisfied performance obligation as of December 31, 2022 and 2023 was immaterial.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.15 Revenue recognition - continued


		Advances from
		Customers
		RMB
Ending Balance as of January 1, 2021		26,251
Additions, net		23,264
Ending Balance as of December 31, 2021		49,515
Additions, net		44,407
Ending Balance as of December 31, 2022		93,922
Additions, net		56,321
Ending Balance as of December 31, 2023		150,243

The opening balances of RMB26,251, RMB49,515 and RMB93,922 were recognized as revenue in the years ended December 31, 2021, 2022 and 2023, respectively.

Practical expedients and exemptions

The Group elects not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.

2.16 Operations and support

2.17 Selling and marketing

2.18 Research and development

2.19 Other operating expenses

Other operating expenses primarily consist of purchase price of merchandise sold on Dada Now.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.20 Leases

As a lessee

2.21 Share-based compensation

2.22 Loss per share

Basic loss per share is computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods presented.

2. PRINCIPAL ACCOUNTING POLICIES - continued

2.23 Government grants

2.24 Taxation

2.25 Segment reporting

The Group’s long-lived assets are all located in the PRC and all of the Group’s revenues are derived from the PRC. Therefore, no geographic information is presented.

2.26 Comprehensive loss

2.27 Recent accounting pronouncements

EMPLOYEE BENEFIT

12 Months Ended

Dec. 31, 2023

EMPLOYEE BENEFIT

EMPLOYEE BENEFIT

17. EMPLOYEE BENEFIT

As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses the Group incurred for the plan were RMB177,521, RMB209,769 and RMB204,652 for the years ended December 31, 2021, 2022 and 2023, respectively, which are recorded in expenses based on the function of employees.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39305
Entity Registrant Name	Dada Nexus Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	22/F, Oriental Fisherman’s Wharf
Entity Address, Address Line Two	No. 1088 Yangshupu Road
Entity Address, Address Line Three	Yangpu District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200082
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	1,056,311,362
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1113
Auditor Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Auditor Location	Shanghai, the People’s Republic of China
Entity Central Index Key	0001793862
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Ordinary shares
Document and Entity Information
Title of 12(b) Security	Ordinary shares, par valueUS$0.0001 per share
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
American depositary shares
Document and Entity Information
Title of 12(b) Security	American depositary shares (each ADS represents four of our ordinary shares, par value US$0.0001 per share)
Trading Symbol	DADA
Security Exchange Name	NASDAQ
Business Contact
Document and Entity Information
Entity Address, Address Line One	22/F, Oriental Fisherman’s Wharf
Entity Address, Address Line Two	No. 1088 Yangshupu Road
Entity Address, Address Line Three	Yangpu District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	200082
Entity Address, Country	CN
Country Region	86
City Area Code	21
Local Phone Number	3165-7167
Contact Personnel Name	Henry Jun Mao
Contact Personnel Email Address	ir@imdada.cn

PRINCIPAL ACCOUNTING POLICIES - Property and equipment, net (Details)	Dec. 31, 2023
Computer equipment \| Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Computer equipment \| Maximum
Property, Plant and Equipment
Estimated useful lives	4 years
Office facilities \| Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Office facilities \| Maximum
Property, Plant and Equipment
Estimated useful lives	5 years
Vehicles
Property, Plant and Equipment
Estimated useful lives	5 years
Software \| Minimum
Property, Plant and Equipment
Estimated useful lives	3 years
Software \| Maximum
Property, Plant and Equipment
Estimated useful lives	5 years

RELATED PARTY TRANSACTIONS - Additional information (Details)	12 Months Ended
	Dec. 31, 2023
JD Group
Related Party Transaction [Line Items]
Purchase agreement term (in years)	1 year
JD Group \| Operational support services \| Minimum
Related Party Transaction [Line Items]
Service Agreement term (in years)	1 year
JD Group \| Operational support services \| Maximum
Related Party Transaction [Line Items]
Service Agreement term (in years)	3 years
JD Group \| BCA
Related Party Transaction [Line Items]
Service Agreement term (in years)	6 years
Walmart Group \| BCA
Related Party Transaction [Line Items]
Service Agreement term (in years)	1 year

TAXATION - Deferred tax assets and deferred tax liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carry forwards	¥ 3,108,434	¥ 3,045,224
Advertising expenses	231,505	173,525
Allowance for accounts receivable	10,727	2,663
Accrued expenses and others	21,490	1,760
Less: valuation allowance	(3,372,156)	(3,223,172)	¥ (2,830,917)	¥ (2,195,870)
Deferred tax liabilities
Identifiable intangible assets from business combination	16,979	21,988
Total deferred tax liabilities	¥ 16,979	¥ 21,988

SHARE-BASED COMPENSATION - Restricted share units under 2015 and the 2020 plan (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 CNY (¥) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥)
Grant Date Fair Value
Stock-based compensation expense \| ¥	¥ 163,153		¥ 218,730	¥ 207,943
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at the beginning of the period (in shares) \| shares	19,629,929
Granted (in shares) \| shares	8,479,188
Vested (in shares) \| shares	(5,524,008)
Forfeited (in shares) \| shares	(4,541,889)
Nonvested the end of the period (in shares) \| shares	18,043,220		19,629,929
Expected to vest \| shares	18,043,220	18,043,220
Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share) \| $ / shares		$ 3.39
Granted (in dollars per share) \| $ / shares		1.66
Vested (in dollars per share) \| $ / shares		3.60
Forfeited (in dollars per share) \| $ / shares		3.18
Nonvested at the ending of the period (in dollars per share) \| $ / shares		2.51
Expected to vest (in dollars per share) \| $ / shares		$ 2.51
Stock-based compensation expense \| ¥	¥ 135,755		¥ 183,798	146,996
Total fair value of restricted share units vested \| ¥	80,913		¥ 214,134	¥ 115,893
Unrecognized compensation expense \| ¥	¥ 235,206	$ 235,206
Weighted average remaining service period	2 years 4 months 6 days

TAXATION - Current and deferred portion of income tax expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
TAXATION
Current tax expenses			¥ 171
Deferred tax benefits	¥ (5,012)		(5,012)	¥ (11,558)
Income tax benefits	¥ (5,012)	$ (706)	¥ (4,841)	¥ (11,558)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

PRINCIPAL ACCOUNTING POLICIES - Intangible assets, net (Details)	Dec. 31, 2023
BCA \| Minimum
Finite-Lived Intangible Assets
Useful lives of identifiable intangible assets	3 years
BCA \| Maximum
Finite-Lived Intangible Assets
Useful lives of identifiable intangible assets	10 years
NCC
Finite-Lived Intangible Assets
Useful lives of identifiable intangible assets	7 years
Technology
Finite-Lived Intangible Assets
Useful lives of identifiable intangible assets	3 years 8 months 12 days
Trademark and Domain name \| Minimum
Finite-Lived Intangible Assets
Useful lives of identifiable intangible assets	9 years
Trademark and Domain name \| Maximum
Finite-Lived Intangible Assets
Useful lives of identifiable intangible assets	9 years 8 months 12 days

TAXATION - Effective Income tax reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
TAXATION
Statutory tax rate	25.00%	25.00%	25.00%
Effect on tax rates in different tax jurisdictions	(19.10%)	(7.60%)	(2.60%)
Changes in valuation allowance	(7.60%)	(19.50%)	(25.60%)
Other expenses not deductible for tax purposes	(1.00%)	(0.20%)	(0.10%)
Expired tax loss	0.00%	(1.40%)	(0.60%)
Additional deduction of research and development expense	4.40%	6.80%	4.20%
Others	(1.40%)	(2.90%)	0.20%
Effective tax rate	0.30%	0.20%	0.50%

RELATED PARTY TRANSACTIONS - Balances with Major related parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Total	¥ 1,287,080	$ 181,281	¥ 1,060,987
Current liabilities:
Total	¥ 190,039	$ 26,766	¥ 147,003
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party	Related Party
Related Party \| JD Group
Current assets:
Total	¥ 763,106		¥ 507,107
Current liabilities:
Total	133,018		92,119
Related Party \| Walmart Group
Current assets:
Total	523,974		553,880
Current liabilities:
Total	¥ 57,021		¥ 54,884

PRINCIPAL ACCOUNTING POLICIES - Group's advances from customers (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PRINCIPAL ACCOUNTING POLICIES
Opening balance	¥ 93,922	¥ 49,515	¥ 26,251
Additions, net	56,321	44,407	23,264
Closing balance	150,243	93,922	49,515
Revenue recognized from opening balance	¥ 93,922	¥ 49,515	¥ 26,251

PRINCIPAL ACCOUNTING POLICIES - Amounts and balances of the consolidated VIE included in Group's consolidated financial statements after elimination of intercompany balances and transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Variable Interest Entity
Cash and cash equivalents	¥ 1,893,032		¥ 1,233,974	¥ 512,830	$ 266,628
Accounts receivable, net	386,768		313,502		54,475
Amount due from related parties	1,287,080		1,060,987		181,281
Prepayments and other current assets	415,326		606,502		58,497
Property and equipment, net	8,392		16,849		1,182
Intangible assets, net	1,479,644		1,665,320		208,403
Operating lease right-of-use assets	16,335		37,592		2,301
Other non-current assets	512		8,223		71
TOTAL ASSETS	7,573,881		9,045,799		1,066,757
Payable to riders and drivers	867,323		794,320		122,160
Amount due to related parties	190,039		147,003		26,766
Operating lease liabilities	14,719		24,460		2,073
Non-current operating lease liabilities	414		16,574		58
TOTAL LIABILITIES	2,016,965		2,046,079		$ 284,082
Net revenues	10,506,250	$ 1,479,774	9,367,595	6,866,262
Net loss	(1,957,543)	(275,715)	(2,008,005)	(2,471,127)
Net cash provided by/(used in) operating activities	(380,838)	(53,640)	(945,440)	(2,657,580)
Net cash used in investing activities	1,214,856	$ 171,109	(1,026,393)	(686,663)
VIEs
Variable Interest Entity
Cash and cash equivalents	339		13,968
Accounts receivable, net	342		373
Amount due from related parties	1,454		2,688
Prepayments and other current assets	825		4,122
Property and equipment, net	52		84
Intangible assets, net	7,869		9,302
Other non-current assets	33		92
TOTAL ASSETS	10,914		30,629
Payable to riders and drivers	269		304
Accrued expenses and other current liabilities	11,322		15,559
TOTAL LIABILITIES	12,999		16,829
Net revenues	1,219		15,769	13,104
Net loss	(29,952)		(36,743)	(58,641)
Net cash provided by/(used in) operating activities	(36,203)		¥ 10,007	4,308
Net cash used in investing activities	¥ (63)			¥ (859)
Percentage of consolidated net revenues contributed by VIE	0.01%	0.01%	0.20%	0.20%
Percentage of consolidated total assets accounted for by VIE	0.10%		0.30%		0.10%
Percentage of consolidated total liabilities accounted for by VIE	0.60%		0.80%		0.60%
VIEs \| Related Party
Variable Interest Entity
Amount due to related parties	¥ 1,408		¥ 966

EMPLOYEE BENEFIT (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
EMPLOYEE BENEFIT (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT
Employee benefit expenses	¥ 204,652	¥ 209,769	¥ 177,521

SHARE-BASED COMPENSATION - Share option under the option plans (Details) - Incentive compensation plan 2015 and 2020 $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($) $ / shares shares
Share option activities
Outstanding at beginning of the period (in shares) \| shares	10,404,360	10,404,360
Exercised (in shares) \| shares	(3,984,236)	(3,984,236)
Forfeited (in shares) \| shares	(270,040)	(270,040)
Outstanding at end of the period (in shares) \| shares	6,150,084	6,150,084	10,404,360	10,404,360
Vested and expect to vest (in shares) \| shares	6,150,084					6,150,084
Options exercisable (in shares) \| shares	5,632,464					5,632,464
Weighted average exercise price
Outstanding at beginning of the period (in dollars per share)		$ 0.67
Exercised (in dollars per share)		0.46
Forfeited (in dollars per share)		0.80
Outstanding at end of the period (in dollars per share)		$ 0.76		$ 0.67
Vested and expect to vest (in dollars per share)						$ 0.76
Options exercisable (in dollars per share)						0.76
Weighted average remaining contractual term (Years)
Outstanding (years)	4 years 7 months 2 days	4 years 7 months 2 days	5 years 21 days	5 years 21 days
Vested and expect to vest (years)	4 years 7 months 2 days	4 years 7 months 2 days
Options exercisable (years)	4 years 5 months 4 days	4 years 5 months 4 days
Weighted average grant date fair value
Outstanding at beginning of the period (in dollars per share)		$ 2.11
Exercised (in dollars per share)		1.86
Forfeited (in dollars per share)		3.86
Outstanding at end of the period (in dollars per share)		$ 2.20		$ 2.11
Vested and expect to vest (in dollars per share)						2.20
Options exercisable (in dollars per share)						$ 2.01
Aggregate Intrinsic Value
Outstanding at beginning of the period \| $		$ 11,219
Outstanding at ending of the period \| $		$ 404		$ 11,219
Vested and expect to vest \| $						$ 404
Options exercisable \| $						$ 389
Total intrinsic value of options exercised \| ¥	¥ 51,110		¥ 203,841		¥ 674,174
Unrecognized compensation expense \| ¥	¥ 2,629
Weighted average remaining service period	3 months 3 days	3 months 3 days

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2023

ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY

Summary of condensed balance sheets


	As of December 31,
	2022	2023
	RMB	RMB	US$
			(Note 2)
ASSETS
Current assets:
Cash and cash equivalents	76,610	90,563	12,756
Short-term investments	1,253,628	1,348,474	189,929
Prepayments and other current assets	15,921	13,172	1,855
Total current assets	1,346,159	1,452,209	204,540
Investments in subsidiaries, VIE and VIE’s subsidiaries	4,102,926	2,704,295	380,891
Intangible assets, net	1,554,155	1,403,388	197,663
Total non-current assets	5,657,081	4,107,683	578,554
TOTAL ASSETS	7,003,240	5,559,892	783,094
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
Accrued expenses and other current liabilities	3,520	2,976	419
TOTAL LIABILITIES	3,520	2,976	419
SHAREHOLDERS’ EQUITY
Ordinary shares (US$0.0001 par value, 2,000,000,000 shares authorized, 1,079,881,662 and 1,100,285,570 shares issued, 1,021,923,242 and 1,056,311,362 shares outstanding as of December 31, 2022 and 2023, respectively)	688	708	100
Additional paid-in capital	20,599,549	21,024,488	2,961,237
Accumulated deficit	(13,824,234)	(15,781,777)	(2,222,817)
Accumulated other comprehensive income	223,717	313,497	44,155
TOTAL SHAREHOLDERS’ EQUITY	6,999,720	5,556,916	782,675
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	7,003,240	5,559,892	783,094

Summary of condensed statements of operations and comprehensive loss


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2)
Expenses and income/(loss)
Operating expenses	(358,458)	(668,231)	(639,963)	(90,137)
Other operating income	13,334	18,163	9,871	1,390
Others, net	29,322	31,068	72,404	10,197
Equity in losses of subsidiaries, VIE and VIE’s subsidiaries	(2,155,325)	(1,389,005)	(1,399,855)	(197,165)
Net loss and net loss attributable to the Company	(2,471,127)	(2,008,005)	(1,957,543)	(275,715)
Net loss available to ordinary shareholders	(2,471,127)	(2,008,005)	(1,957,543)	(275,715)

Net loss	(2,471,127)	(2,008,005)	(1,957,543)	(275,715)
Other comprehensive (loss)/income
Foreign currency translation adjustments	(39,487)	333,507	89,780	12,645
Total comprehensive loss	(2,510,614)	(1,674,498)	(1,867,763)	(263,070)

Summary of condensed statements of cashflow


	For the Year Ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
				(Note 2)
Net cash provided by operating activities	42,829	16,869	68,966	9,714
Net cash used in investing activities	(4,001,123)	(3,126,808)	(63,372)	(8,926)
Net cash (used in)/provided by financing activities	(936,655)	3,061,020	12,808	1,804
Effect of foreign exchange rate changes on cash and cash equivalents	(22,483)	13,155	(4,449)	(626)
Net (decrease)/increase in cash and cash equivalents	(4,917,432)	(35,764)	13,953	1,966
Cash and cash equivalents, beginning of the year	5,029,806	112,374	76,610	10,790
Cash and cash equivalents, end of the year	112,374	76,610	90,563	12,756

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, net


	As of December 31,
	2022	2023
	RMB	RMB
Office facilities	2,844	2,163
Software	20,610	21,298
Computer equipment	18,797	17,981
Vehicles	285	201
Leasehold improvement	59,302	59,294
Total cost	101,838	100,937
Less: accumulated depreciation	(84,989)	(92,545)
Property and equipment, net	16,849	8,392

PRINCIPAL ACCOUNTING POLICIES - Disaggregation of Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Disaggregation of Revenue
Net loss	¥ (1,957,543)	$ (275,715)	¥ (2,008,005)	¥ (2,471,127)
Net revenues	10,506,250	$ 1,479,774	9,367,595	6,866,262
Operations and support costs
Disaggregation of Revenue
Rider incentives	41,056		79,238	88,494
Consumer incentives	1,055,745		1,013,636	715,883
Selling and marketing expense
Disaggregation of Revenue
Consumer incentives	2,548,189		2,782,585	2,223,109
JDDJ
Disaggregation of Revenue
Net revenues	6,491,754		6,210,025	4,045,550
JDDJ \| Service
Disaggregation of Revenue
Net revenues	6,489,420		6,205,180	4,045,550
JDDJ \| Fulfillment services and others
Disaggregation of Revenue
Net revenues	2,679,052		2,373,962	1,770,244
JDDJ \| Commission fee, and advertising and marketing services
Disaggregation of Revenue
Net revenues	3,810,368		3,831,218	2,275,306
JDDJ \| Sales of goods
Disaggregation of Revenue
Net revenues	2,334		4,845
Dada Now
Disaggregation of Revenue
Net revenues	4,014,496		3,157,570	2,820,712
Dada Now \| Service
Disaggregation of Revenue
Net revenues	3,963,593		3,082,928	2,753,458
Dada Now \| On-demand delivery services
Disaggregation of Revenue
Net revenues	3,279,905		2,343,206	1,681,121
Dada Now \| Sales of goods
Disaggregation of Revenue
Net revenues	50,903		74,642	67,254
Dada Now \| Operations and support costs
Disaggregation of Revenue
Net loss	¥ 53,074		¥ 85,177	¥ 95,281

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,893,032	$ 266,628	¥ 1,233,974
Restricted cash	519,207	73,129	433,895
Short-term investments	1,558,315	219,484	2,702,524
Accounts receivable, net of allowance for credit losses of RMB10,651 and RMB42,907 as of December 31,2022 and 2023, respectively	386,768	54,475	313,502
Inventories	9,270	1,306	8,826
Amount due from related parties	1,287,080	181,281	1,060,987
Prepayments and other current assets	415,326	58,497	606,502
Total current assets	6,068,998	854,800	6,360,210
Non-current assets:
Property and equipment, net	8,392	1,182	16,849
Goodwill			957,605
Intangible assets, net	1,479,644	208,403	1,665,320
Operating lease right-of-use assets	16,335	2,301	37,592
Other non-current assets	512	71	8,223
Total non-current assets	1,504,883	211,957	2,685,589
TOTAL ASSETS	7,573,881	1,066,757	9,045,799
Current liabilities:
Short-term loan			100,000
Accounts payable	5,008	705	9,791
Payable to riders and drivers	867,323	122,160	794,320
Amount due to related parties	¥ 190,039	$ 26,766	¥ 147,003
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Accrued expenses and other current liabilities	¥ 922,483	$ 129,929	¥ 931,943
Operating lease liabilities	14,719	2,073	24,460
Total current liabilities	1,999,572	281,633	2,007,517
Non-current liabilities:
Deferred tax liabilities	16,979	2,391	21,988
Non-current operating lease liabilities	414	58	16,574
Total non-current liabilities	17,393	2,449	38,562
TOTAL LIABILITIES	2,016,965	284,082	2,046,079
Contingencies
SHAREHOLDERS' EQUITY
Common Stock, Shares, Outstanding	708	100	688
Additional paid-in capital	21,024,488	2,961,237	20,599,549
Accumulated deficit	(15,781,777)	(2,222,817)	(13,824,234)
Accumulated other comprehensive income	313,497	44,155	223,717
TOTAL SHAREHOLDERS' EQUITY	5,556,916	782,675	6,999,720
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	¥ 7,573,881	$ 1,066,757	¥ 9,045,799