0001213900-26-033208
SEC filingUcommune International Ltd reported FY2025 revenue of RMB26.1 million (US$3.7 million), down 66.2% YoY from RMB77.2 million in FY2024, driven by workspace membership revenue falling 67.1% to RMB22.6 million (86.6% of total) due to space closures and contract expirations. Other services revenue declined 59.8% to RMB3.5 million. Total cost of revenue (excluding impairment) decreased 65.9% to RMB26.9 million, aligning with revenue contraction. Operating loss narrowed to RMB40.6 million from RMB46.3 million, aided by lower sales/marketing (down 80%) and G&A expenses (down 18.4%). Net loss from continuing operations improved 48.5% to RMB36.6 million (US$5.2 million). Discontinued operations (interior design/construction and marketing/branding) contributed RMB2.7 million loss. Cash used in operations from continuing was RMB3.7 million, with net cash increase of RMB0.8 million from investing/financing. Balance sheet shows total assets RMB202.5 million, liabilities RMB74.2 million, equity RMB127.1 million. Liquidity concerns persist with accumulated deficit RMB4.64 billion; management focuses on asset-light model and fundraising. Forward-looking, emphasis on profitability via cost control and new opportunities amid going concern doubts.
Ucommune's FY2025 revenue fell 66.2% YoY to RMB26.1M (US$3.7M) from RMB77.2M, primarily from workspace membership (RMB22.6M, -67.1%) due to 21 space closures and contract expirations. Other services dropped 59.8% to RMB3.5M. Cost of revenue (excl. impairment) declined 65.9% to RMB26.9M. Operating loss improved to RMB40.6M (-12.3% YoY). Net loss narrowed to RMB39.3M (-51.1%) with gains from subsidiary disposals (RMB3.2M). Discontinued ops loss RMB2.7M. Cash ops outflow RMB3.7M; net cash up RMB0.8M via financing (RMB16.9M from preferred shares). Assets RMB202.5M, equity RMB127.1M, accumulated deficit RMB4.64B signals liquidity risks.
Workspace membership: RMB22.6M (86.6%), down from RMB68.6M (88.8% mix), impacted by self-operated space disposals (RMB24.5M prior) and U Partner declines (RMB16.6M). Other services: RMB3.5M (13.4%), from U Brand (down RMB3.1M). No geographic breakdown disclosed; all PRC-focused. Drivers: space rationalization, contract losses.
Gross margin negative: cost excl. impairment RMB26.9M vs revenue RMB26.1M. Impairment RMB2.9M (vs RMB1.0M prior). Sales/marketing down 80% to RMB0.7M (2.7% rev). G&A RMB36.7M (140.4% rev, up % due to rev drop). Op margin -155.5% (vs -60.0%). Cost savings from staff reductions, but scale contraction pressured profitability.
Ops cash outflow RMB3.7M (vs RMB21.5M prior). Investing inflow RMB5.9M (Shengguang disposal RMB16.0M, offset PPE RMB7.2M). Financing RMB16.9M (preferred shares RMB18.1M). Cash RMB36.1M. Current assets RMB62.6M, liabilities RMB58.3M. Debt low; mezzanine RMB1.3M preferred shares.
Management eyes asset-light shift, cost optimization, new synergies. Fundraising planned amid going concern doubts (recurring losses, RMB4.64B deficit). Risks: liquidity, VIE enforcement, PRC regs. No quantitative guidance.