Leju Holdings Limited

For the second half of 2021, Leju reported total revenues of $233 million, down 47% from $439.8 million a year ago. E-commerce services revenue was $179.7 million, down 48%; online advertising revenue was $53.2 million, down 45%; and listing services revenue was $0.1 million, down 81%. Cost of revenues was $24.1 million, down 26%, while SG&A was $326.2 million, down 15% but pressured by increased bad debt provision. Operating loss was $116.9 million versus operating income of $23 million, and net loss was $103 million versus net income of $19.1 million; net loss attributable to shareholders was $103.2 million, or $0.75 per diluted ADS. For the full year 2021, revenue was $534.1 million, down 26% from $719.5 million; e-commerce revenue was $411.1 million, down 25%; online advertising revenue was $122.5 million, down 28%; and listing services revenue was $0.5 million, down 41%. Full-year SG&A was $645.6 million, up 4%, with bad debt provision up $106.4 million versus 2020; operating loss was $166.7 million and net loss was $149.9 million, with net loss attributable to shareholders of $150.9 million, or $1.10 per diluted ADS. Cash and cash equivalents plus restricted cash were $252.4 million at December 31, 2021, and second-half net cash used in operating activities was $78.7 million. No formal revenue or EPS guidance was provided on the call; management instead emphasized 2022 platform integration, operational efficiency, and exploration of new revenue opportunities.

CEO Geoffrey He said the second-half downturn in China’s real estate market directly hurt Leju’s online advertising and e-commerce businesses and also drove higher bad debt provisions as developers’ credit quality deteriorated. His tone was defensive but forward-looking: he said the team is “rising to the challenges” and highlighted marketing events that strengthened Leju’s industry media presence. He also pointed to the deepened strategic cooperation with Alibaba and said 2022 will focus on accelerating integration with Tmall Haofang, digitization of real estate, and new business models.

Michelle Yuan laid out the key financial deterioration with specific figures: second-half revenue of $233 million, down 47%, and full-year revenue of $534.1 million, down 26%. She noted that cost of revenues declined, but SG&A remained elevated at $326.2 million in the second half and $645.6 million for the year, largely because bad debt provision increased, including an additional loss allowance on receivables from customers whose credit quality worsened. She also reported cash and cash equivalents plus restricted cash of $252.4 million and second-half operating cash outflow of $78.7 million.

There was no analyst Q&A; the operator noted there were no questions at this time. As a result, management did not address follow-up concerns on demand trends, credit risk, or the outlook in live discussion beyond the prepared remarks.