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HONG KONG, March 25, 2025 /PRNewswire/ -- Kuaishou Technology ("Kuaishou" or the "Company"; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced its financial results for the fourth quarter and full fiscal year ended December 31, 2024. Fourth Quarter 2024 Key Highlights Average DAUs on Kuaishou APP were 401.0 million, representing an increase of 4.8% from 382.5 million for the same period of 2023. Average MAUs on Kuaishou APP were 735.6 million, representing an increase of 5.0% from 700.4 million for the same period of 2023. Total e-commerce GMV(1) was RMB462.1 billion, representing an increase of 14.4% from RMB403.9 billion for the same period of 2023. Total revenue increased by 8.7% to RMB35.4 billion from RMB32.6 billion for the same period of 2023. Online marketing services and live streaming contributed 58.3% and 27.8%, respectively, to the total revenue. The other 13.9% came from other services. Gross profit increased by 10.6% to RMB19.1 billion from RMB17.3 billion for the same period of 2023. Gross profit margin in the fourth quarter of 2024 was 54.0%, improving from 53.1% for the same period of 2023. Profit for the period increased by 10.0% to RMB4.0 billion from RMB3.6 billion for the same period of 2023. Adjusted net profit(2) increased to RMB4.7 billion from RMB4.4 billion for the same period of 2023. Operating profit from the domestic segment(3) increased to RMB4.4 billion from RMB4.3 billion for the same period of 2023. Operating loss from the overseas segment(3) decreased to RMB236 million by 57.2% year-over-year. Full Year 2024 Key Highlights Average DAUs on Kuaishou APP were 399.4 million, representing an increase of 5.1% from 379.9 million in 2023. Average MAUs on Kuaishou APP were 709.7 million, representing an increase of 4.6% from 678.2 million in 2023. Total e-commerce GMV(1) was RMB1,389.6 billion, representing an increase of 17.3% from RMB1,184.4 billion in 2023. Total revenue increased by 11.8% to RMB126.9 billion from RMB113.5 billion in 2023. Online marketing services and live streaming contributed 57.1% and 29.2%, respectively, to the total revenue. The other 13.7% came from other services. Gross profit increased by 20.7% to RMB69.3 billion from RMB57.4 billion in 2023. Gross profit margin was 54.6%, improving from 50.6% in 2023. Profit for the year increased by 139.8% to RMB15.3 billion from RMB6.4 billion in 2023. Adjusted net profit(2) increased to RMB17.7 billion from RMB10.3 billion in 2023. Operating profit from the domestic segment(3) increased to RMB16.4 billion from RMB11.4 billion in 2023. Operating loss from the overseas segment(3) decreased to RMB934 million by 66.5% year-over-year. Mr. Cheng Yixiao, Co-founder, Chairman, and Chief Executive Officer of Kuaishou, said, "In 2024, guided by our technology-driven, user-centric approach, we created greater value for both our users and partners while achieving strong financial results by leveraging AI technology to empower our content and business ecosystem. Our average DAUs reached an all-time high of over 400 million, providing a solid foundation for our steady financial growth. For the full year, total revenue grew 11.8% year-over-year to RMB126.9 billion and adjusted net profit surged 72.5% year-over-year to RMB17.7 billion. Since its launch in June 2024, we have continuously iterated Kling, our large visual generation model, solidifying its position as a global leader. Its cutting-edge capabilities have been widely recognized by creators worldwide, reinforcing its impact across the industry. As AI technology and large models redefine video content creation, user experience and the broader business ecosystem, we remain at the forefront of this industry transformation. Looking ahead, we will be committed to executing our AI strategy, staying closely attuned to user needs, continuously expanding our content offerings, and nurturing our AI-driven content and business ecosystem built upon our trust-based community to create long-term value for our users, partners, and shareholders." Fourth Quarter 2024 Financial Review Revenue from our online marketing services increased by 13.3% to RMB20.6 billion for the fourth quarter of 2024, from RMB18.2 billion for the same period of 2023, primarily attributable to the increased consumption from marketing clients driven by continuous optimization of smart marketing solutions and the application of AI technology. Revenue from our live streaming business decreased by 2.0% to RMB9.8 billion for the fourth quarter of 2024 from RMB10.0 billion for the same period of 2023, as a result of our continuous efforts in building a healthy and sustainable live streaming ecosystem. Revenue from our other services increased by 14.1% to RMB4.9 billion for the fourth quarter of 2024, from RMB4.3 billion for the same period of 2023, primarily due to the growth of our e-commerce business, represented by the growth in our e-commerce GMV. The growth in e-commerce GMV was driven by increases in the number of e-commerce monthly active paying users and monthly active merchants as a result of our continuous refined omni-platform operating strategies. Other Key Financial Information for the Fourth Quarter of 2024 Operating profit was RMB4.3 billion, increasing from RMB3.6 billion for the same period of 2023. Adjusted EBITDA(4) was RMB6.9 billion, increasing from RMB6.1 billion for the same period of 2023. Full Year 2024 Financial Review Revenue from our online marketing services increased by 20.1% to RMB72.4 billion in 2024, from RMB60.3 billion in 2023, primarily attributable to the increased consumption from marketing clients, driven by our optimized smart marketing solutions and the application of AI technology. Revenue from our live streaming business decreased by 5.1% to RMB37.1 billion in 2024 from RMB39.1 billion in 2023, as a result of our continuous efforts in building a healthy and sustainable live streaming ecosystem. Revenue from our other services increased by 23.4% to RMB17.4 billion in 2024, from RMB14.1 billion in 2023, primarily attributable to the growth of our e-commerce business, represented by the growth in our e-commerce GMV. The growth in e-commerce GMV was driven by increases in the number of e-commerce monthly active paying users and monthly active merchants as a result of our continuous refined omni-platform operating strategies. Other Key Financial Information for the Full Year of 2024 Operating profit was RMB15.3 billion, increasing from RMB6.4 billion in 2023. Adjusted EBITDA(4) was RMB24.8 billion, increasing from RMB17.4 billion in 2023. Total available funds(5) reached RMB92.8 billion as of December 31, 2024. Notes: (1) Placed on or directed to our partners through our platform.(2) We define "adjusted net profit" as profit for the year or period adjusted by share-based compensation expenses and net fair value changes on investments.(3) Unallocated items include share-based compensation expenses, other income and other gains, net.(4) We define "adjusted EBITDA" as adjusted net profit for the year or period adjusted by income tax expenses/(benefits), depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance income, net.(5) Total available funds which we considered in cash management included but not limited to cash and cash equivalents, time deposits, financial assets and restricted cash. Financial assets mainly included wealth management products and others. Business Review Over the past year, guided by our technology-driven, user-centric business philosophy, we harnessed advanced artificial intelligence (AI) technology to empower our content and commercial ecosystem, creating greater value for both our users and business partners and achieving a robust financial performance. In the fourth quarter of 2024, our average DAUs remained above 400 million, and our total revenue grew by 8.7% year-over-year to RMB35.4 billion, and for the full year of 2024, it increased by 11.8% year-over-year to RMB126.9 billion. In the fourth quarter of 2024, our adjusted net profit reached RMB4.7 billion, and for the full year of 2024, it increased by 72.5% year-over-year to RMB17.7 billion, with an adjusted net profit margin of 14.0%, reflecting a steady improvement in our profitability. As we head into the year of 2025, it has become increasingly evident that the ongoing advancements and breakthroughs in large models and application capabilities are pushing the boundaries of video content creation, user experience and broader commercial ecosystem. As a leading content community and social platform in China and globally, Kuaishou is at the forefront of this critical intersection of AI technology and large video models, driving transformative changes across the industry landscape. We firmly believe that AI is much more than an efficiency tool; it is the core engine that will drive our platform to create more value for commercial ecosystem while achieving traffic growth. We are proactively engaging and advancing the industry's profound transition. In the fourth quarter of 2024, we unveiled Kling (可靈) 1.6 model, an upgrade to our large video generation model. This latest version maintained our world-leading technological advantages while featuring enhanced responsiveness to text descriptions, such as motion, temporal actions and camera movements. It also notably improved visual quality in terms of style consistency, color accuracy, lighting dynamics and detailed rendering. In addition, we officially launched the standalone Kling AI (可靈AI) App in the fourth quarter of 2024, providing global users with multiple access points, including web page and standalone App. With the continuous improvements in its functionality, Kling AI's (可靈AI) user base has grown at an accelerated pace. Kling AI's (可靈AI) commercialization has also steadily gained momentum, reaching an important milestone of more than RMB100 million in cumulative revenue as of February 2025 since its monetization. In the fourth quarter of 2024, we continued to deepen the application of AI large models in our content and commercial ecosystems. Leveraging on large models' capacity to comprehend short video, live streaming, comments and user interests, we improved our content recommendation accuracy, increasing user time spent and user engagement. In terms of commercialization scenarios, AIGC's capabilities significantly boosted the efficiency of clients' marketing materials production. In the fourth quarter of 2024, average daily spending on AIGC marketing materials exceeded RMB30 million. User and content ecosystem In the fourth quarter of 2024, the average DAUs on the Kuaishou App reached 401 million and MAUs reached 736 million, increasing by 4.8% and 5.0% year-over-year, respectively. The average daily time spent per DAU on the Kuaishou App was 125.6 minutes, and the total user time spent increased by 5.8% year-over-year. Through our increasingly refined user growth strategy, we have continuously improved new users' engagement, interaction and retention rates. By optimizing product features, iterating the traffic mechanism and improving content quality, we have enhanced user retention. In terms of feature optimization, we focused on improving end-to-end viewing experience for users, optimizing the resolution and ensuring smooth streaming. We have continuously enhanced the video sharing and communication experience while introducing various innovative features in private messaging, which drove daily average private messaging penetration rate up by nearly 5 percentage points year-over-year in the fourth quarter of 2024 among users with mutual followers. In comments scenarios, we refined the comment ranking strategy, resulting in a year-over-year increase of over 40.0% in user time spent on comment features in the fourth quarter of 2024. Content is the cornerstone of our thriving community. Understanding the reasons users open our App is central to our content strategy. Through targeted traffic distribution, we ensure that stand-out and high-quality contents featuring distinctive Kuaishou characteristics gain higher exposure. In the fourth quarter of 2024, content creator Da Bing's live streaming room emerged as a welcoming space for Kuaishou users to share their stories and interact with one another, strengthening heartfelt bonds between users and the content creator. In the pan-knowledge vertical, we partnered with Anwan Qin Opera Theater Troupe (安萬秦腔劇團) for offline tours and online live streaming, sparking widespread user engagement and discussions. The Troupe's New Year's Eve performance in Xi'an achieved over 140 million cumulative views across live streaming and short videos, fostering a connection between regional Kuaishou users both online and offline while promoting China's traditional art and intangible cultural heritage. Online marketing services In the fourth quarter of 2024, revenue from online marketing services grew by 13.3% year-over-year to RMB20.6 billion. For the full year of 2024, online marketing services revenue grew by over 20.0% year-over-year. In the fourth quarter of 2024, the clients' biding price (eCPM) for marketing services achieved a high single-digit year-on-year increase, serving as the primary driver of revenue growth in online marketing services. We captured incremental opportunities, such as commercialized short plays in online marketing services and improved the conversion rates of marketing material placement by leveraging AI large model technology to enhance the predictive capabilities of our marketing service recommendation models. In addition, our smart marketing solutions, including Universal Auto X (UAX, 全自動投放解決方案) placement solutions and omni-platform marketing solutions, have significantly enhanced the clients' marketing effectiveness. In the fourth quarter of 2024, external marketing services continued to be primary driver of our online marketing services. In particular, the content-consumption industry, which included short plays, mini-games and novels, experienced faster growth. Notably, marketing spending from commercialized short plays surged more than three-fold year-over-year in the fourth quarter of 2024. On the product front, we upgraded the UAX placement solutions, transitioning from rule-based to model-based decision-making. As a result, UAX -based marketing spending accounted for over 55.0% of total external marketing spending in the fourth quarter of 2024. In the fourth quarter of 2024, closed-loop marketing services continued to support e-commerce merchants in leveraging high-quality traffic on Kuaishou and boost operating efficiency. In the fourth quarter of 2024, total marketing spending by merchants using our omni-platform marketing solutions and smart hosting products contributed approximately 55.0% of total closed-loop marketing spending. Through focusing on enhancing small and medium-sized merchants' willingness for marketing placement on our platform and improving advertising performance, we drove a year-over-year increase of over 30.0% in these merchants' marketing spending in the fourth quarter of 2024. E-commerce By leveraging our content-based scenarios and pan-shelf-based e-commerce advantages, our e-commerce GMV grew by 14.4% year-over-year to RMB462.1 billion in the fourth quarter of 2024. The more abundant e-commerce offerings and enhanced synergy efficiency of our omni-platform traffic have enabled us to better meet the needs of our users. In the fourth quarter of 2024, the number of e-commerce monthly active paying users increased by 10.0% year-over-year to 143 million, with MAU penetration rate achieving 19.5%. We also launched targeted programs to acquire new users from southern China markets and enhanced their activity while harnessing key promotional events and refining coupon and subsidy strategies. During the Double 11 Sales Promotion in 2024, we gained a net total of over 7 million new users and made persistent efforts to fortify our e-commerce users' loyalty for repeat purchases. Going forward, we will continue to uphold our user-centric strategy, and partner with merchants and KOLs to optimize consumers' shopping experience. In the fourth quarter of 2024, merchants in Kuaishou's e-commerce ecosystem continued to thrive, with the number of average monthly active merchants increased by more than 25.0% year-over-year. GMV from small and medium-sized merchants largely grew year-over-year in the fourth quarter of 2024, mainly driven by our three core strategies, namely improving policies for new merchant recruitment, optimizing policies for existing merchants and leveraging diversified scenarios. To encourage new merchants to use Kuaishou, we launched the Golden Bounty Initiative (斗金計劃) , Set Sail Initiative (啟航計劃) and provided cold-start traffic support through targeted scenarios. These programs help early-stage merchants increase traffic, reduce operating costs and align incentives to their growth cycles and key transition points. We also worked with ecosystem partners to accelerate new merchants' growth, providing small and medium-sized merchants with refined methodologies for content-based e-commerce and establishing growth paths for merchants in KOL live streaming, short video and the shopping mall. In terms of the KOL business, we strengthened the platform's merchandise management capabilities through our Blockbusters Initiative (爆品計劃) , and broadened KOL's product offerings during sales promotion. Meanwhile, we further energized our content-based scenarios through diverse activities and marketing tools including KOL competition (達人PK賽) to motivate streamers. During the Double 11 Sales Promotion in 2024, more than 39 million users joined Group Buy for KOL followers (達人粉絲購物團), with over 2,500 live-streaming rooms achieving GMV exceeding RMB1 million. In terms of diversified scenarios, in the fourth quarter of 2024, short video e-commerce GMV grew by more than 50.0% year-over-year. As important components to our content-based scenarios, both short video e-commerce and synergy between short video and live streaming e-commerce have been instrumental in helping merchants and KOLs expand their businesses. Meanwhile, in the fourth quarter of 2024, pan-shelf-based e-commerce GMV accounted for 30.0% of our total e-commerce GMV. Its growth consistently outperformed our overall GMV growth, driven by strong supply and demand. In the fourth quarter of 2024, average daily active merchants and average daily paying users in our shopping mall grew by over 50.0% and nearly 40.0% year-over-year, respectively. As our pan-shelf-based e-commerce increasingly complements our content-based scenarios, we have enhanced merchants' operational efficiency by strengthening the platform's control over blockbuster products. Live streaming In the fourth quarter of 2024, revenue from our live-streaming business was RMB9.8 billion, with the year-over-year decline continuing to narrow compared to the previous quarter. We are adamant about building a healthy, sustainable live-streaming ecosystem for the long term and achieving diversified growth propelled by high-quality content. By the end of the fourth quarter of 2024, the number of our partner talent agencies grew by more than 30.0%, and the number of talent agency-managed streamers increased by over 60.0%, both on a year-over-year basis. On the supply side, leading categories continued to create value, such as multi-host live streaming, group live streaming and Grand Stage (直播大舞台). In addition, by expanding user engagement on Grand Stage (直播大舞台) into rural towns, we accelerated our ability to discover and support local small and medium-sized streamers. In the fourth quarter of 2024, we explored comprehensive collaborations with key games including Game for Peace (和平精英) and CrossFire (穿越火線) in areas such as streamer growth, content co-creation and event promotion while further deepening our expertise in fighting games and other niche verticals. As a prime example of our "live streaming+" services empowering traditional industries, in the fourth quarter of 2024, the average daily number of users submitting resumes on Kwai Hire (快聘) increased by over 100% year-over-year, and the number of matches grew by over 270% year-over-year. For Ideal Housing (理想家), daily lead generation surged by over 260% compared with the same period last year. Overseas Regarding our overseas business, deeply rooted in Brazil, we continued investing in local content operations and brand marketing. On the traffic front, we achieved breakthroughs in innovative user acquisition channels in the fourth quarter of 2024, increasing DAUs by 9.3% year-over-year in Brazil. Benefiting from our optimized traffic distribution mechanism and cooperation with top-tier local IP resources, we have gradually built a rich, diversified content ecosystem with steadily growing user activity. In the fourth quarter of 2024, the average daily time spent per DAU in Brazil grew steadily year-over-year and quarter-over-quarter, exceeding 75 minutes. In the fourth quarter of 2024, our total overseas revenue maintained rapid growth of 52.9% year-over-year. Notably, online marketing revenue increased by 83.5% year-over-year. Moreover, as a result of our effective control over costs and expenses, the operating loss from our overseas business narrowed by 57.2% year-over-year. We have initially validated our e-commerce business model in Brazil, achieving consistent growth in order volume with improved subsidy and operational efficiencies. These early successes have unlocked the potential for healthy, sustainable development potential in the Brazilian market. Local services In terms of our local services, GMV for local services was more than doubled year-over-year in the fourth quarter of 2024. We focused on city clusters with strong user base and consistently focused on meeting user needs by further optimizing price comparison capabilities and scenario applications, thereby enhancing a compelling value-for-money consumption experience to drive a 52.4% year-over-year increase in average monthly paying users in the fourth quarter of 2024. We also worked on improving content quality and optimizing user experience, which steadily increased conversion efficiency. In terms of monetization, revenue from local services grew by 2.6 times year-over-year in the fourth quarter of 2024 by further optimizing the infrastructure of our commercialization products. At the same time, we also strengthened our partnerships with more high-quality local operation- and lead-based merchants by leveraging our differentiated traffic resources, empowering merchants to achieve incremental growth on Kuaishou. In pursuing higher ROI for our local services, we further amplified subsidy and operational efficiencies. As a result, in the fourth quarter of 2024, operating loss for local services continued to narrow. Business Outlook As the new era of AI technology unfolds, we remain committed to advancing our AI strategy, aimed at becoming a leading AI-driven content platform. We will remain dedicated to our technology-driven, user-centric business philosophy, staying deeply attuned to users' needs, continuously expanding our content and product offerings and fostering our trust-based commercial ecosystem to create long-term value for our users, partners and Shareholders. About Kuaishou Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou's platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more. Forward-Looking Statements Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. For investor and media inquiries, please contact Kuaishou Technology Investor RelationsEmail: ir@kuaishou.com CONSOLIDATED INCOME STATEMENT Unaudited Audited Three Months Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 RMB'Million RMB'Million RMB'Million RMB'Million RMB'Million Revenues 35,384 31,131 32,561 126,898 113,470 Cost of revenues (16,261) (14,217) (15,269) (57,606) (56,079) Gross profit 19,123 16,914 17,292 69,292 57,391 Selling and marketing expenses (11,317) (10,364) (10,198) (41,105) (36,496) Administrative expenses (866) (796) (752) (2,916) (3,514) Research and development expenses (3,451) (3,100) (3,296) (12,199) (12,338) Other income 187 194 379 533 978 Other gains, net 592 271 197 1,682 410 Operating profit 4,268 3,119 3,622 15,287 6,431 Finance income, net 19 37 135 236 539 Share of losses of investments accounted for using the equity method (1) (6) (23) (29) (81) Profit before income tax 4,286 3,150 3,734 15,494 6,889 Income tax (expenses)/benefits (312) 120 (122) (150) (490) Profit for the period 3,974 3,270 3,612 15,344 6,399 Attributable to: — Equity holders of the Company 3,969 3,268 3,608 15,335 6,396 — Non-controlling interests 5 2 4 9 3 3,974 3,270 3,612 15,344 6,399 CONSOLIDATED BALANCE SHEET Audited Audited As of December 31, 2024 As of December 31, 2023 RMB'Million RMB'Million ASSETS Non-current assets Property and equipment 14,831 12,356 Right-of-use assets 8,891 10,399 Intangible assets 1,059 1,073 Investments accounted for using the equity method 166 214 Financial assets at fair value through profit or loss 24,430 5,245 Other financial assets at amortized cost 62 283 Deferred tax assets 6,604 6,108 Long-term time deposits 19,856 9,765 Other non-current assets 1,105 492 77,004 45,935 Current assets Trade receivables 6,674 6,457 Prepayments, other receivables and other current assets 4,646 4,919 Financial assets at fair value through profit or loss 27,050 25,128 Other financial assets at amortized cost 233 950 Short-term time deposits 11,522 9,874 Restricted cash 47 128 Cash and cash equivalents 12,697 12,905 62,869 60,361 Total assets 139,873 106,296 CONSOLIDATED BALANCE SHEET Audited Audited As of December 31, 2024 As of December 31, 2023 RMB'Million RMB'Million EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital - - Share premium 268,733 273,459 Treasury shares (341) (88) Other reserves 35,776 33,183 Accumulated losses (242,164) (257,491) 62,004 49,063 Non-controlling interests 20 11 Total equity 62,024 49,074 LIABILITIES Non-current liabilities Borrowings 11,100 - Financial liabilities at fair value through profit or loss 124 - Lease liabilities 6,765 8,405 Deferred tax liabilities 13 18 Other non-current liabilities 19 21 18,021 8,444 Current liabilities Accounts payables 27,470 23,601 Other payables and accruals 23,113 16,592 Advances from customers 4,696 4,036 Financial liabilities at fair value through profit or loss 5 - Income tax liabilities 873 1,222 Lease liabilities 3,671 3,327 59,828 48,778 Total liabilities 77,849 57,222 Total equity and liabilities 139,873 106,296 Financial Information by Segment Unaudited Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million RMB'Million Revenues 34,089 1,295 - 35,384 29,800 1,331 - 31,131 31,714 847 - 32,561 Operating profit/(loss) 4,361 (236) 143 4,268 3,505 (153) (233) 3,119 4,250 (551) (77) 3,622 Audited Year Ended December 31, 2024 2023 Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million Revenues 122,202 4,696 - 126,898 111,186 2,284 - 113,470 Operating profit/(loss) 16,355 (934) (134) 15,287 11,402 (2,789) (2,182) 6,431 Reconciliation of Non-IFRS Accounting Standards Measures to the Nearest IFRS Accounting Standards Measures Unaudited Unaudited Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 RMB'Million RMB'Million RMB'Million RMB'Million RMB'Million Profit for the period 3,974 3,270 3,612 15,344 6,399 Adjusted for: Share-based compensation expenses 636 698 653 2,349 3,570 Net fair value changes on investments(1) 91 (20) 97 23 302 Adjusted net profit 4,701 3,948 4,362 17,716 10,271 Adjusted net profit 4,701 3,948 4,362 17,716 10,271 Adjusted for: Income tax expenses/(benefits) 312 (120) 122 150 490 Depreciation of property and equipment 1,093 997 1,018 4,064 3,989 Depreciation of right-of-use assets 756 765 732 2,972 3,065 Amortization of intangible assets 26 25 33 104 148 Finance income, net (19) (37) (135) (236) (539) Adjusted EBITDA 6,869 5,578 6,132 24,770 17,424 Note: (1) Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair value through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on deemed disposals of investments and impairment provision for investments, which is unrelated to our core business and operating performance and subject to market fluctuations, and exclusion of which provides investors with more relevant and useful information to evaluate our performance.
BEIJING, March 25, 2025 /PRNewswire/ -- A report from chinadaily.com.cn "We've come a long way," said Csaba Korosi, a Hungarian diplomat who served as president of the 77th session of the United Nations General Assembly from September 2022 to September 2023, reflecting on 75 years of diplomatic relations between China and Hungary. In an exclusive interview with China Daily during his visit to Beijing, Korosi emphasized the significant milestone of the all-weather comprehensive strategic partnership established in May 2024. Related video: 77th UN General Assembly: Geopolitical divides hinder global transformation Hungary has become a key player in China's economic engagement in Europe. Under the Hungarian government's "Opening to the East "policy, adopted in 2012, and the Belt and Road Initiative, launched in 2013, bilateral trade and investment have grown significantly, positioning Hungary as China's economic gateway to Europe. Korosi explained that "the opening to the East does not mean it was previously closed to the East" but rather represents "a strategic shift". To ensure healthy national development, it is essential to establish beneficial cooperation with global economic powerhouses, particularly China, which he described as a key driver of the world economy today. The scale of Chinese investment in Hungary underscores this shift. According to the Hungarian Investment Promotion Agency, China leads in investment volume, with 5.2 billion euros ($5.64 billion), accounting for 51 percent of the total. In 2024, China was Hungary's largest source of foreign direct investment. China's investments, particularly in the automotive and electric vehicle industries, have transformed Hungary into a key hub for sustainable transportation in Europe. Chinese companies such as battery maker Contemporary Amperex Technology and EV maker BYD have established production facilities in Hungary, reinforcing the country's role in green transformation of the European automotive sector. These investments align with Hungary's industrial strategy, which prioritizes green transportation and battery manufacturing. Korosi, who was previously director of environmental sustainability at the Office of the President of Hungary, acknowledged this shift, stating, "The transport industry is going to become less and less environment- and climate-harming. That is a trend that is harmonizing with our climate policies, with our climate agreements and our agreements on fulfilling the 17 Sustainable Development Goals." However, as a former co-chair of the UN negotiations that produced the SDGs, Korosi expressed deep concern over the slow progress of global sustainability efforts. "We've already spent more than 60 percent of the implementation period, and the results indicate only about 17 percent progress. So we are falling far behind what we wanted to achieve." China's growing economic influence in Hungary coincides with rising global trade tensions. Korosi warned that global cooperation on issues like climate change and water is crucial. If geopolitical rivalry dominates these areas, it will not only lead to a zero-sum game, but could devolve into a negative-sum game, where everyone loses. He noted that the world is moving toward a deepening geopolitical divide, where economic cooperation is increasingly overshadowed by political rivalries, and markets are fragmenting into regional blocs. He believed that such divisions risk undermining global trade, technological collaboration, and broader transformation efforts agreed upon by the international community. Looking ahead, Korosi emphasized the need for institutional reforms within the UN and other global governance structures, noting that the current system, created after World War II, no longer reflects today's realities. "Almost 80 years have passed and a lot has changed in the world. What was the balance of power at that time is not necessarily the balance of power today. So it would be much more frank and just to those countries that were not even there at the creation of the United Nations, of the Bretton Woods institutions, to make sure that they also have their say on equal footing," he added. He pointed to the rising number of conflicts as clear evidence of the system's shortcomings. To address these challenges, he called for reforms aimed at not only strengthening peacekeeping efforts but also fostering more equitable and accelerated development worldwide.
CHANGSHA, China, March 25, 2025 /PRNewswire/ -- On March 24, Zoomlion released its 2024 annual report. The company achieved a total annual revenue of 45.48 billion yuan, with a net profit of 4 billion yuan, reflecting a year-on-year increase of 6.31%. The company's share-based payment expenses for 2024 amounted to 0.87 billion yuan, up by 0.59 billion yuan compared to the previous year. Excluding the impact of share-based payment expenses, the net profit for the year increased by 18.39% year-on-year. The gross profit margin for the year stood at 28.17%, up by 1.04 percentage points year-on-year. The net profit margin reached 8.81%, representing a year-on-year increase of 0.8 percentage points. Meanwhile, the company plans to distribute a cash dividend of 3 yuan (tax included) per 10 shares. During the reporting period, the company's overseas revenue reached 23.38 billion yuan, marking a year-on-year increase of 30.58%. The share of overseas revenue further rose to 51.41%, up by 13.37 percentage points year-on-year. Over the past three years, the company's export revenue has achieved a compound annual growth rate (CAGR) of 59.26%. The globalization transformation has created vast market opportunities for all business segments, while the "continuous growth" trend in overseas markets has significantly reduced the company's cyclical nature. By the End of 2024, the company operated more than 400 overseas outlets, with its products reaching over 170 countries. The company employed 4,400 local staff overseas, accounting for 70% of its international workforce, and maintained over 210 service and spare parts warehouses. In recent years, Zoomlion has undergone a comprehensive digital transformation, achieving end-to-end integration from R&D and supply chain to market and sales, resulting in standardized, transparent, and efficient operations. the four main machinery parks for earthmoving machinery, aerial work platforms, concrete machinery, and mobile cranes at Zoomlion Smart City have been already put in production, as a benchmark for "multi-variety, small-batch" discrete manufacturing in the field of intelligent manufacturing worldwide. While vigorously enhancing the company's competitive advantage, it will also provide excellent training scenarios and data for the development of the company's specific intelligent business in the future. In 2024, the company accelerated its transformation and upgrade toward diversification, internationalization, and digitalization, actively cultivating new growth curves. These transformation initiatives have significantly enhanced the company's development stability, effectively mitigating cyclical impacts. They have also injected continuous growth momentum, guiding the company toward a sustainable development path.
VICTORIA, Seychelles, March 25, 2025 /PRNewswire/ -- MEXC, a leading global cryptocurrency exchange, is pleased to announce that the Term Finance (TERM) will be listed on March 26, 2025 (UTC). To celebrate this listing, MEXC will launch a special Launchpool event featuring a 120,000 TERM token prize pool, providing new and existing users with exciting opportunities to earn rewards. MEXC Announces Term Finance (TERM) Listing with 120,000 TERM and 109,000 USDT Prize Pools The TERM token, which has a total supply of 100,000,000, serves as the utility token for Term Finance, a decentralized fixed-rate lending protocol. The platform utilizes on-chain auctions to enable loans, allowing users to lock in funding costs or secure fixed-rate returns with crypto-backed loans. It offers a transparent and competitive market-clearing rate for both borrowers and lenders. To learn more about the TERM token and its role within the Term Finance ecosystem, read the full article here. TERM Listing Celebration Events: Share 120,000 TERM and 109,000 USDT Bonus To celebrate the listing of Term Finance (TERM) on MEXC, the exchange is launching two exciting events, offering participants the chance to share 120,000 TERM and 109,000 USDT in bonuses. TERM Finance's Launchpool event runs from March 24 to 26, 2025 (UTC). Participants can stake USDT, MX, or TERM tokens to earn from a prize pool of 120,000 TERM. TERM holders and new users are eligible to join the Launchpool. New users can access the exclusive 60,000 TERM staking pool, while all users can participate in the general pool by staking MX or TERM. The participation process is simple, with a low entry threshold. Simply sign up for a MEXC account, complete KYC, and deposit USDT, MX, or TERM into the Launchpool. Holding at least 25 MX unlocks additional benefits. New users must deposit funds after the event begins to be eligible for the USDT pool. Additionally, users can participate in the Airdrop+ event, which runs from March 24 to April 3, 2025 (UTC), offering a total prize pool of 109,000 USDT. MEXC has established itself as an industry leader by consistently providing users with early access to promising web3 projects. In 2024, MEXC introduced 2,376 new tokens, with 1,716 of those being initial listings. According to the latest TokenInsight report, MEXC leads the industry with the highest number of spot listings at 461 and the fastest listing speed. Additionally, the exchange consistently adds new tokens in bi-weekly cycles, showcasing its exceptional ability to quickly capture market trends. By prioritizing low-market-cap projects and quickly listing trending tokens, MEXC remains at the forefront of emerging market trends. With advantages such as low fees, deep liquidity, and daily airdrops, MEXC has become the platform of choice for an increasing number of cryptocurrency traders. For full event details and participation rules, visit the event page. About MEXC Founded in 2018, MEXC is committed to being "Your Easiest Way to Crypto." Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding. MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC Source
VICTORIA, Seychelles, March 25, 2025 /PRNewswire/ -- MEXC, a leading global cryptocurrency exchange, announced the listing of Particle Network (PARTI) on both spot and futures markets, scheduled for March 25, 2025 (UTC). The launch on MEXC will be accompanied by an exciting Airdrop+ rewards program totaling 150,000 USDT. MEXC Lists Particle Network (PARTI) with 150,000 USDT Prize Pool Particle Network is the Layer 1 blockchain that powers chain abstraction, seamlessly unifying users and liquidity across Web3. By introducing Universal Accounts, the project provides a single account and unified balance across all chains, coordinated and secured by Particle Chain, ensuring a frictionless experience in the entire Web3 ecosystem. MEXC has prepared an exclusive Airdrop+ event to mark the Particle Network (PARTI) listing, offering substantial rewards for both new and existing users, from March 24, 2025, 12:00 – April 05, 2025, 10:00 (UTC): Benefit 1: Deposit and share 60,000 USDT (New user exclusive)Benefit 2: Spot Challenge — Trade to share 20,000 USDT (For all users)Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (For all users)Benefit 4: Invite new users and share 20,000 USDT (For all users) MEXC has established itself as an industry leader by consistently providing users with early access to promising web3 projects. In 2024, MEXC introduced 2,376 new tokens, with 1,716 of those being initial listings. According to the latest TokenInsight report, MEXC leads the industry with the highest number of spot listings at 461 and the fastest listing speed. Additionally, the exchange consistently adds new tokens in bi-weekly cycles, showcasing its exceptional ability to quickly capture market trends. Looking ahead, MEXC will continue to enhance its platform, offering advantages such as low fees, deep liquidity, a wide selection of trending tokens, and daily airdrops. This reaffirms MEXC's user-centric approach, providing traders with early access to high-potential projects, generous rewards, and an optimal trading experience. For full event details and participation rules, visit the event page. About MEXC Founded in 2018, MEXC is committed to being "Your Easiest Way to Crypto." Serving over 34 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC Risk Disclaimer: The information provided in this article about cryptocurrencies does not represent MEXC's official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.Source
STOCKHOLM, March 25, 2025 /PRNewswire/ -- Autoliv Inc., plans to publish its Financial Report for the first quarter 2025 on Wednesday, April 16, 2025 at 12:00 Central European Time (CET). The report will be available at www.autoliv.com In addition, a teleconference will take place the same day. Q1 2025 Earnings Call: Date: April 16, 2025 Time: 14:00 - 15:00 CET Main speaker: Mikael Bratt, President & CEO To attend by webcast, please use the link on our web or the link below: https://edge.media-server.com/mmc/p/myzc9om3 To attend by phone, use the link below to register your participation and obtain your personal pin code and phone number: https://register-conf.media-server.com/register/BI8cc69c8d73204339a54eb4898aa4ad77 Audio replay will be available after the conference until April 16, 2026: www.autoliv.com/investors/reports-presentations-transcripts Transcript will be available on: www.autoliv.com/investors/reports-presentations-transcripts For more information about Autoliv, please visit www.autoliv.com Best regards,Anders TrappV.P. Investor RelationsEmail: anders.trapp@autoliv.comPhone: +46 709578171 This information was brought to you by Cision http://news.cision.com https://news.cision.com/autoliv/r/correction--invitation-to-autoliv-s-q1--2025-earnings-call,c4123558 The following files are available for download: https://mb.cision.com/Public/751/4123558/aef0f17f43b1478f.pdf Invitation to Autoliv Q1 2025 Earnings
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