6-K - LGCL - Equibles

UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM6-K

REPORTOF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16UNDER THE SECURITIES EXCHANGE ACT OF 1934

Forthe month of September 2024

CommissionFile Number: 001-41658

LucasGC Limited

(Exactname of registrant as specified in its charter)

Room5A01, 4^th^ Floor,

AirChina Building, Xiaoyun Road,

Sanyuanqiao,Chaoyang District,

Beijing100027, China

(Addressof principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒	Form 40-F ☐

EXPLANATORYNOTE

Lucas GC Limited, a Cayman Islands exempted company (the “Company”) is furnishing this Form 6-K to provide results for the six months ended June 30, 2024 in connection with the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024.

ExhibitsIndex

Exhibit No.	Description
99.1	Press Release - Lucas GC Limited Announces 1H 2024 Financial Results: Revenue at US$83.32 million with Increases in Both Gross Margin and Net Income Margin
101.<br> INS	Inline<br> XBRL Instance Document.
101.<br> SCH	Inline<br> XBRL Taxonomy Extension Schema Document
101.<br> CAL	Inline<br> XBRL Taxonomy Extension Calculation Linkbase Document
101.<br> DEF	Inline<br> XBRL Taxonomy Extension Definition Linkbase Document
101.<br> LAB	Inline<br> XBRL Taxonomy Extension Label Linkbase Document
101.<br> PRE	Inline<br> XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover<br> Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 26, 2024

Lucas GC Limited
By:	/s/ Howard Lee
Name:	Howard<br> Lee
Title:	CEO<br> and Chairman of the Board

Exhibit99.1

LucasGC Limited Announces 1H 2024 Financial Results:

Revenueat US$83.32 million with Increases in Both Gross Margin and Net Income Margin

NEW YORK, SEPTEMBER 26, 2024 (GLOBE NEWSWIRE) — Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, today announced its financial results for 1H fiscal year of 2024.

1H2024 Financial Highlights

●	Our<br> revenue was RMB605.52 million (US$83.32 million) for the six months ended June 30, 2024,<br> compared with RMB820.07 million for the six months ended June 30, 2023, representing a decrease<br> of 26.16%.
●	We<br> recorded a gross margin of 33.54% for the six months ended June 30, 2024, representing an<br> increase of 516 bps compared with that of the six months ended June 30, 2023.
●	We<br> recorded net income of RMB53.93 million (US$7.42 million) for the six months ended June 30,<br> 2024, compared with RMB53.69 million for the six months ended June 30, 2023.
●	Our<br> net income margin increased to 8.91% for the six months ended June 30, 2024, compared with<br> 6.55% for the six months ended June 30, 2023.

1H2024 Operational Highlights

●	Increased<br> active registered users by 10% to 702,060 in 1H 2024 as compared to Dec 2023.
●	Obtained<br> two patents related to core Artificial Intelligence (AI) technology, bringing the total number<br> of granted patents to 18.
●	Signed<br> two strategic agreements with publicly traded financial institutions, i.e. Bank of Ningbo<br> and Industrial Securities Co., Limited., to port the AI LLM technology into wealth management<br> vertical.
●	Signed<br> a strategic agreement with Beijing Fourth Paradigm Technology Co., Limited to develop Artificial<br> Intelligence training programs.
●	Won<br> The 2024 Cberi Prize in The Most Valuable Brand for Investment during the Asian Brand Economy<br> Conference (ABEC).

ManagementCommentary

Howard Lee, Chief Executive Officer of Lucas, said “We adopted a change of strategy in 1H 2024. We decided to position ourselves as a technology company rather than a service company. As a result, we started selling our technology to peers and let them deliver the assignments themselves, rather than compete with them. We tried to reduce our activities in delivering the recruitment assignments directly ourselves, and instead we focused on selling the technology and information to our peers and clients with products that have higher margins than those of assignment delivery services. That’s why we had significant gross margin improvement in 1H 2024 compared to 1H 2023. The revenue decrease was due to our change of strategy to focus on higher-margin products, as well as the effect of one-time post COVID recovery spike in China, making 1H 2023 a higher-than-normal-business-run-rate comparison.”

“In order to sustain our technological leads as a technology company, we have continued to invest significantly in research and development. R&D expenses increased by 2.45% compared to 1H 2023 due to continuous investments in AI-enabled technologies including Generative Pre-trained Transformer (GPT) and related artificial intelligence generated content (AIGC) technologies. R&D as a percentage of revenue was 13.31% in 1H 2024 compared with 9.59% in 1H 2023.”

“We had a strong growth of our user base: our active registered users reached 702,060 by June 2024, representing 10% growth in 1H 2024, compared to Dec 2023, setting the stage for strong revenue growth for the future, not only within human resource services, but in the areas such as IT outsourcing and information services. I also expect to execute acquisitions or form partnerships outside China that are accretive and will drive value for shareholders in the coming months.”

AboutLucas GC Limited

With 18 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 702,060 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

Forward-LookingStatements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions. Any forward-looking statements contained in this press release speak only as of the date hereof, and Lucas GC Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For Investor Inquiries and Media Contact:

https://www.lucasgc.com/

ir@lucasgc.com

T: 818-741-0923

LUCASGC LIMITED

UNAUDITEDCONDENSED CONSOLIDATED BALANCE SHEETS

(Allamounts in thousands, except for share and per share data, or otherwise noted)

			As of June 30,
			2024
			RMB			US
			(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	30,123			51,513
Restricted cash	100			-
Accounts receivable, net	28,144			46,448
Advance to suppliers, net	164,802			223,004
Deferred offering costs	6,541			706
Prepaid expenses and other current assets	1,626			1,616
Total current assets	231,336			323,287
Non-current assets
Software and equipment, net	48,299			76,388
Operating lease right-of-use assets, net	84			797
Deferred tax assets	12,103			12,897
Total non-current assets	60,486			90,082
TOTAL ASSETS	291,822			413,369
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	39,381			57,829
Accounts payable	35,217			51,997
Contract liabilities	13,552			17,203
Income tax payable	131			131
Amounts due to related parties	3,097			2,120
Operating lease liabilities, current	86			449
Accrued expenses and other current liabilities	3,766			3,580
Total current liabilities	95,230			133,309
Operating lease liabilities, non-current	-			401
Total non-current liability	-			401
TOTAL LIABILITIES	95,230			133,710
Shareholders’ equity
Ordinary shares (US0.000005 par value; 10,000,000,000 and 10,000,000,000 shares authorized as of December 31, 2023 and June 30, 2024; 78,063,300 and 78,063,300 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively)	3			3
Subscription receivables	(3	)		(3	)
Additional paid-in capital	113,554			142,255
Statutory reserve	19,559			23,758
Retained earnings	61,041			110,372
Accumulated other comprehensive (loss)/income	(11	)		427
Total Lucas GC Limited shareholders’ equity	194,143			276,812
Non-controlling interests	2,449			2,847
Total shareholders’ equity	196,592			279,659
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	291,822			413,369

All values are in US Dollars.

LUCASGC LIMITED

UNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Allamounts in thousands, except for share and per share data, or otherwise noted)

	For the six months ended June 30,
	2023			2024
	RMB			RMB			US
	(Unaudited)			(Unaudited)
Revenues
Recruitment service		395,360			155,812
Outsourcing service		366,550			418,456
Others		58,162			31,250
Total revenues		820,072			605,518
Cost of revenues		(587,382	)		(402,438	)		)
Gross profit		232,690			203,080
Operating expenses
Selling and marketing expenses		(41,678	)		(39,000	)		)
General and administrative expenses		(61,389	)		(30,298	)		)
Research and development expenses		(78,675	)		(80,612	)		)
Total operating expenses		(181,742	)		(149,910	)		)
Income from operations		50,948			53,170
Other/(expenses) income
Financial expenses, net		(273	)		(754	)		)
Other income, net		2,535			718
Total other income/(expenses), net		2,262			(36	)		)
Income before income tax benefit		53,210			53,134
Income tax benefit		482			794
Net income		53,692			53,928
Less: net income attributable to non-controlling interests		(397	)		(398	)		)
Net income attributable to Lucas GC Limited		53,295			53,530
Net income		53,692			53,928
Other comprehensive income:
Foreign currency translation difference, net of tax of nil		6			438
Total comprehensive income		53,698			54,366
Less: total comprehensive income attributable to non-controlling interests		(397	)		(398	)		)
Comprehensive income attributable to Lucas GC Limited		53,301			53,968
Net income per share:
Basic		0.68			0.69
Diluted		0.68			0.69
Weighted average shares outstanding used in calculating basic and diluted loss per share:
Basic		78,063,300			78,063,300
Diluted		78,063,300			78,063,300

All values are in US Dollars.