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Trailblazer Across Smart Technology, Tuya 2023 Results Highlight First Profit, and More Trailblazer Across Smart Technology, Tuya 2023 Results Highlight First Profit, and More Where will trends head in 2024 is the question I’m most asked recently. Compared to the confusion in the market in previous years, this year is characterized by a more headless lack of direction. In the field of smart technology, the wind changed at the end of last year, with many major companies shutting down parts of their IoT platform businesses, such as LatePost reporting that Alibaba Cloud began cutting down on projects that customize industry solutions for government and enterprise customers and downsizing its hardware integration business in the IoT business line and related personnel. In this regard, my answer is more optimistic. Every industry has its own maturity curve. Last year's successive exit news precisely indicates that smart technology is about to enter its next era - the first stage of excessive growth has passed, and it is inevitable that foam will be squeezed. The beginning of 2024 is filled with imagination. From a macro perspective, technology first shone its strength from AI technological innovations such as Sora and Gemini 1.5 Pro, causing a sensation in technology circles. Then followed the discussion of new quality productive force, depicting more certain development trends in smart technology. Focusing on the micro level, the intelligent industry has shifted from narrative to unleashing commercial value. For example, Tuya's Q4 and full year financial results for 2023 showed a significant year-on-year increase in revenue, turning losses into profits. Next, I will use Tuya as an example to interpret which enterprises will grasp more opportunities in the second half of smart technology era, to clarify the direction of the smart technology market. The Second Half of Smart Technology: On the Cusp of Entering the Climbing Stage Tuya’s Q4 financial report shows that the company's revenue increased by as much as 42.2% year-on-year; the comprehensive gross profit margin broke historical records, and the net cash flow generated from operating activities increased to $31.8 million year-on-year. From a full-year perspective, 2023 achieved the annual Non-GAAP net profit for the first time. The company's performance took the lead in stabilizing the entire industry and achieved significant growth in the fourth quarter of 2023. As a representative enterprise in the intelligent industry, Tuya also reflects to a certain extent the development of the entire industry from its performance. Tracing the development trajectory of technology, it can be roughly summarized in five stages: Innovation Trigger; Peak of Inflated Expectations; Trough of Disillusionment; Slope of Enlightenment; and Plateau of Productivity. There are two high-return periods for technology investment: the Peak of Inflated Expectations stage of rapid growth and the Slope of Enlightenment stage. However, the Peak of Inflated Expectations stage is the early stage of technological innovation, with extremely high risks. While during the Slope of Enlightenment stage, leading enterprises will be the first to rise in performance due to emerging new technologies, and correspondingly increasing industry valuations. Returning to the field of smart technology: many believed that the Peak of Inflated Expectations stage of the industry was before 2021, and in the years since then, the industry has ushered in the Trough of Disillusionment stage. But by the end of 2023, there are signs that the market has headed onto a new stage. Jerry Wang, Founder and CEO of Tuya Smart, said on the Q4 results conference call, "Over the past year, we've witnessed a global trend: an increasing number of influential companies worldwide are entering the smart technology arena, driven by competitive forces, industry opportunities, and their own strategic needs. This trend is especially pronounced in emerging markets such as Latin America and the Asia-Pacific region, where the awareness and adoption of smart technology are on a noticeable rise. " From an investment perspective, the smart industry has undergone a thorough process of expected digestion, and there is already sufficient safety cushion for sector valuation. From a market perspective, for one thing, production capacity has been significantly cleared, freeing up development space for competitive players; for another, policy guidance for new quality productive forces and technological innovations such as AI are driving the smart industry into a more mature era of commercialization. The prelude to the second half of "pan intelligence" has already begun. Pragmatic and Progressive, Tuya’s Strategy Leads to Revenue Growth Many years ago, Tuya proposed that the ultimate scenario of the Internet of Things (IoT) would inevitably be the Artificial intelligence of Things (AIoT). Tuya clearly positioned itself on a neutral, "pan intelligence" base from the beginning. The company does not stand in front of the stage, but has always been behind the scenes, driving the AIoT with innovative technologies, striving to become the best partner for every enterprise with needs of smart technology. It provides cutting-edge technologies such as IoT, AI, and cloud computing to help customers build diversified smart business scenarios, sparing no effort in helping customers succeed. In the meantime, Tuya will also share its expertise in IoT, AI, and cloud computing technologies with more developers. It is thereby born to empower the pan intelligence. On this basis, Tuya in 2023 has done at least two things to seize such opportunities: focusing on major customers at globally, and enhancing its product offerings. This means abandoning the extensive commercial route adopted by the public and focusing on cultivating intelligent fields with high value and high potential. The essence of a "key-account strategy" is to focus on customers with high potential and efficiency. It is obvious that the key accounts are often the main forces of industry transformation. Thus, Tuya chooses to meticulously cultivate major customers, deeply understand the needs of high-quality customers, and therefore uncovers higher intelligent value. For example, Tuya, along with major clients such as Midea and Haier, has continuously expanded into diverse fields such as energy and whole house, exploring opportunities for business collaboration, and working together at the forefront of the market to meet market demand at a faster pace. Moreover, Tuya’s inherent global genes also make its customer base more risk-resistant. In recent years, Tuya has been balancing its global customer layout, expanding its reach to customers like Brazil’s top operator group Vivo and one of the largest chain supermarkets in Latin America, Choppies, among others. Leveraging the globally recognized Cube Cloud smart private cloud solution, it has secured orders from giant groups such as China Gas, Indonesia’s Telekom, Thailand’s SCG, a leading telecom group in Malaysia, and Germany's century-old shipbuilding company, supporting these key accounts to realize their smart businesses. The essence of ‘product enhancement’ is to expand high-value smart solutions. By building a stronger and more focused product matrix, all three business lines of Tuya have posted strong growth in revenue, among which, the "smart device distribution" sector in Q4 achieved approximately $7.8 million in revenue, a year-on-year increase of 64.6%, with the gross margin has gradually increased from around 10%-15% in 2022 to around 30%. The main source of revenue for this sector before 2023 came from providing supply chain related services of smart device business to customers, but in 2023, it has successfully transformed into providing higher-value smart solutions under the strategy of product enhancement. The revenue of IoT PaaS business, SaaS and other business came in at $47.2 million and $9.5 million, respectively, with year-on-year growth of 44.6% and 19.3%, and gross margins of 44.8% and 74.2%, maintaining stability. The revenue and gross margin of the above sectors have steadily increased, pushing the overall gross margin of Tuya to 47.3% in Q4, setting a new all-time high for the second consecutive quarter. With the focus on "high value", Tuya ended the past year with strong momentum powered by consecutive quarterly growth. Morgan Stanley released a report stating that Tuya's revenue and profit margin for the fourth quarter of 2023 significantly beat expectations, reiterating its overweight (OW) rating for Tuya and further raising its target price to $3, with approximately 50%-60% upside from the current price. After achieving a year-on-year revenue growth rate of 35.7% in the third quarter of 2023, Tuya recorded revenue of $64.4 million in the fourth quarter, a year-on-year increase of 42.2%, which is the fifth consecutive quarter on quarter improvement in revenue, and it entered a relatively normal seasonal business cycle, emerging from the industry's harsh destocking and high inflation. Meanwhile, the company reported continuous improvement in operational efficiency, with an overall gross margin increased 2.7 percentage points year-on-year to reach 47.3% in Q4, and an overall gross margin for the entire year of 2023 increased 3.4 percentage points year-over-year to 46.4%. The non-GAAP net profit margin for the whole year stood at 8.9%. marking the company’s first annual profit turnaround. The company's has also significantly improved operating cash flow continousely. In Q4, net cash generated from operating activities reached approximately $31.8 million. As of the end of Q4, the total net cash of the company was as high as $984.3 million, while its recent total market cap hovers around $1.1 billion – effectively providing a financial safety cushion. Morgan Stanley pointed out that Tuya's current trading price is only 12% higher than its net cash, indicating a low single-digit P/E ratio (excluding cash) for 2024. This indicates that at present, Tuya has been significantly undervalued, either in growth potential or market price. Tuya in the Next Era, Customers First, Business Follows From a short-term perspective, destocking has tended to come to an end. Starting from the third quarter of last year, downstream inventory began to normalize, and inventory levels have returned to healthy levels. Jessie Liu, Board Director and CFO of Tuya Smart, noted that the fourth quarter marks the transition of Tuya from recovery to growth, efficiency improvement, and profit expansion. Given that Tuya focuses on operational efficiency and inventory backlog has become a thing of the past, there is an opportunity for the company's fundamental turning point to resonate with the macro environment turning point, making the near-term prospects promising. Looking at the longer cycle, the global process of pan intelligence has embarked on the second half, a better and broader space for development. As AI, 5G, and IoT integrate into every aspect of life as infrastructure, an increasing number of AI technologies will migrate to or merge with smart devices, creating unprecedented new opportunities. Morgan Stanley highlighted that, the globalization of Tuya customers and the diversification of product distribution, as well as the enhancement of competitiveness, constitute the cornerstone of its positive future outlook. Looking back at the previous era, Tuya’s growth outpaced other players, securing a leading market competitive position among giants, and marking itself one of the first players to pass the test on this track. In the new stage, with leading ABC (artificial intelligence, big data, cloud) technology, rich software and hardware capabilities such as smart device product matrix, as well as a globally leading platform ecosystem, Tuya also embraces a vast field beyond consumer electronics, constantly breaking through the imaginative boundaries of pan intelligence. For example, in response to the ESG energy field in recent years, Tuya has efficiently launched Home Energy Management System (HEMS) and diversified solutions in Europe and the Asia Pacific region, receiving favourable market feedback. In the fourth quarter, Tuya further enhanced its presence in smart heating and temperature control ventilation application, creating innovative products and making good business development progress; Tuya also strengthened its Energy-Saving Dashboard mini-programs and smart temperature control valve solutions, combining energy-saving algorithms in heating applications with Tuya's advanced cloud algorithm capabilities, and pairing them with more intelligent and precise temperature control devices. As an intelligent platform, Tuya will continue to back global customers and partners, helping them achieve their intelligent business roadmaps in a highly efficient and valuable way. Ultimately, the commercial success of more global customers in the smart field through Tuya will also feed back into the sustained growth of Tuya's value. Conclusion In a nutshell, there is a relatively accurate conclusion on the direction of 2024. Smart technology is a clear development path, with the boom of technologies such as AI, IoT, and cloud computing, as well as policy guidance such as new quality productive force. Smart technology has gradually entered a mature stage, and the market is starting to look at tangible results. Tuya, which has stood firm in the storms of the past few years and is now demonstrating profitability amid emerging optimistic prospects, reveals the future path of intellectualization - platform-based enterprises will become the cornerstone of the intelligent industry. Meanwhile, the path chosen by Tuya deserves attention: becoming the ground for customer innovation, fully supporting more customers to enter the era of smart technology and achieve commercial success, lowering the threshold for smart technology, making entry and innovation accessible to everyone, and promoting the popularization of intelligent application scenarios such as Killer App. The prosperity of smart technology requires the continuous effort of platforms like Tuya to make smart technology from building complexity to becoming more simplified and more inclusive, providing more enterprises with the entrance key to the AI smart business era. In the second half of smart technology development, everybody has the chance to play, so the potential for the platform value-add is readily apparent.
【本文由OPEN編輯部撰寫】 MUSE Design Awards 由歷史悠久的國際獎項協會 International Awards Associates（IAA）主辦，以發掘全球設計繆思為宗旨，為建築、室內、時尚等領域提供全面的發光舞台，每年嚴格的評分標準，吸引國際知名品牌與設計師爭相參與。 2023 年 MUSE Design Awards 共收到來自一百零八個國家、超過七萬五千份的參賽作品，並由逾兩百位專業評審進行遴選，可謂最具影響力的國際獎項之一，而 IAA 發言人Thomas Brandt指出，「於 2023 年 MUSE 大賽勝出的獲獎作品，其精緻程度與作品的完成度及深度，皆象徵著創意及設計行業的最佳表現。」他補充說：「IAA 讚揚所有參賽者對工藝的奉獻，並希望他們不斷用熱情進一步擴大創造力和設計的極限。」 全屋以中式風格為主軸，之餘設計 李宜家 設計總監 運用大理石與實木塑造古典大氣風範，搭綴閃爍金光的鍍鈦板和間接照明，展現複合現代時尚的混搭美學，為坐擁優美河景的度假宅《悅閑居》打造相襯的室內景緻，獲得2023 MUSE Design Awards「鉑金獎」的至高榮耀，帶領品牌邁向新的里程碑！ 之餘國際室內裝修工程有限公司李宜家 公司簡介詩經<桃夭>：「之子于歸，宜其室家。」宜其室家，寓意家庭和諧美滿，于取其諧音餘，從容悠然的自在餘韻，是之餘期望帶給客戶的怡然未來。 詳盡理解顧客所需，藉由深耕業界的淵博經驗，規劃舒適空間，兼備實用機能，跳脫既定框架，打造百變商空，形塑美好愜意的生活場域，構築屬於業主的夢想天地，一點一滴，將住者與訪者的日常， 妝點無與倫比的美麗。 設計理念「生活之餘，讓設計點綴心情；設計之餘，為空間增添溫度。」 從需求出發，盡心往來溝通，與顧客共同規劃理想藍圖，透過精緻細膩的工藝，展現貼合氣質的品味風格，揮灑自由無拘的想像，形塑豐富多采的場域樣貌，交融您的期許與專業美學，成就獨一無二的大雅之堂。 得獎紀錄2023 中國 金外灘獎 - 最佳精裝房獎 銅獎2023 中國 APDC 亞太室內設計菁英邀請賽 - 住宅空間 Winner2023 北美 PI設計大獎 - Finalist2023 法國 Novum Design Award - Bronze Winner2023 英國 Outstanding Property Award London - Honorable Mention 鉑金獎作品《悅閑居》 ▲客廳對花花紋的大理石電視牆，透過板材切分與間接照明，充分襯托業主心愛的音響，一旁的展示櫃另以鍍鈦金屬亮麗點綴，增添畫面的豐富層次；此處的軟裝多為圓弧、曲線等不規則造型，跳脫對方正空間的佈置想像。 ▲線條俐落而帶柔軟弧度的造型餐燈下方，紋理絢麗的藍寶石大理石餐桌搭配深、淺藍色餐椅，鄰近的書房則改採愛馬仕橘，創造冷暖對比的鮮明色彩。 ▲實木地坪與天花板，由深、淺交錯的木紋帶出自然氣息，於開放空間中劃分出泡茶區，中央茶几的桌腳以業主老家的樹木製成，透過半透明的樹脂桌面可見年輪節理，趣味且充滿溫情。 ▲床頭牆延續整體的線條設計，以深淺棕色簡單搭配出溫馨閒適之感，側邊的臨窗臥榻區，左右牆面皆配有閱讀燈，窗簾亦為電動風琴簾，方便自由調整光線明暗，營造最稱心的休憩環境。 OPEN Design動能開啟傳媒：http://www.openworld.tv/talk/
Continues to Penetrate Non-first-tier Cities in PRC and Taps into International Market Offers Diverse Travel Experiences to Develop Into New Generation National Travel PlatformHONG KONG SAR - Media OutReach Newswire - 19 March 2024 - Tongcheng Travel Holdings Limited ("Tongcheng Travel" or the "Company", together with its subsidiaries the "Group", stock code: 0780.HK), an innovator and leader in China's online travel industry, today announced its audited consolidated results for the year ended 31 December 2023 (the "period under review" or "2023"). 2023 Results Highlights with Year-on-year (yoy) Change Robust Financial Growth with Revenues Reaching New Highs Revenue increased by 80.7% yoy to RMB11.9 billion, representing a 60.9% increase compared to 2019. Adjusted EBITDA increased yoy by 117.4% to RMB3.12 billion; adjusted EBITDA margin increased by 4.5 percentage points to 26.3%. Adjusted EBITDA increased by 54.8% compared to 2019. Adjusted net profit increased by 240.3% to RMB2.2 billion; adjusted net margin increased by 8.7 percentage points to 18.5%. Adjusted net profit increased by 42.4% compared to 2019. The Board recommended payment of a final dividend of HK15 cents per share. Committed to Penetrating Non-first-tier Markets Average monthly paying users for 2023 rose by 39.1% to 41.3 million. Annual paying users grew by 25.2% to a historic high of 234.7 million. 72.7% of new paying users on the Weixin platform were from non-first-tier cities. Registered users residing in non-first-tier cities accounted for 86.9% of the total registered users. Major Businesses Recorded Strong Demand Rebound, Surpassing the Levels in 2019 Transportation ticketing services revenue rose by 78.5% to RMB6.03 billion, representing a 33.5% increase compared 2019. Accommodation reservation services revenue rose by 61.5% to RMB3.90 billion, representing a 65.4% increase compared to 2019. Revenue from others* increased by 148.6% to RMB1,996.7 million, representing a 280.3% increase compared to 2019. * Revenue from others mainly includes revenues generated from (i) tourism services; (ii) advertising services; (iii) hotel management services; (iv) corporate travel services and (v) ancillary value-added user services. In 2023, Tongcheng Travel capitalized on growth opportunities and outperformed the market with remarkable results. The Group's total revenue amounted to RMB 11.90 billion. Adjusted net profit reached RMB2.20 billion, representing a significant yoy increase of 240.3%, with an adjusted net profit margin of 18.5%. In 2023, the Group's average monthly paying users rose by 39.1% to 41.3 million and the annual paying users grew by 25.5% to 234.7 million. Gross merchandise volume achieved a record high and increased by 96.8% yoy to RMB241.5 billion. Mr. Ma Heping, Executive Director and Chief Executive Officer of Tongcheng Travel, said, "China's tourism industry achieved exceptional recovery momentum in 2023, which is set to continue into 2024. The Group's revenue recorded robust growth to a record high in the year under review, surpassing the same period in 2019. The Group will continue to penetrate the domestic market to gain more market shares. Significant progress has been achieved in our hotel management and packaged tour businesses which will pave the way to a second growth trajectory. Furthermore, the resumption of international market development will bring new opportunities for business expansion going forward." Developing into a New Generation National Travel Platform to Propel APUs to New High To expand its traffic sources, the Group continued to pursue various channels in both online and offline scenarios such as maintaining stable and effective traffic within the WeChat Mini Program and deepening strategic cooperation with Tencent. The Group explored various scenarios within the Tencent ecosystem to expand the user reach and made consistent efforts to refine the operations to enhance user acquisition efficiency. To attract young users, the Group collaborated with Tencent Games and launched e-Sports activities. It also optimized the entry point interfaces on QQ Browser and Weixin Search platform to deliver better user experience. The Group also increased efforts in operating its mini-program on Alipay and explored the potential of the ecosystem. Moreover, it continued the partnership with a prominent handset vendor, offering its users convenient and reliable services for transportation ticketing and accommodation reservations. Simultaneously, the Group persisted in developing offline user acquisition channels. Throughout 2023, the Group was dedicated to crafting marketing strategies with creativity. It initiated a variety of innovative marketing campaigns, such as e-sports games, open-door marketplace and music festivals, to strengthen bonding with younger users. As the coverage of service scenarios expands and users' trust level increases, Tongcheng Travel has gradually grown into the "New Generation National Travel Platform". During the period under review, the Group's average monthly paying users for 2023 increased by 39.1% yoy to 41.3 million, representing a 53.5% increase compared to 2019. Annual paying users increased by 25.2% year-to-year to a historic high 234.7 million, representing a 54.0% increase compared to 2019. Core Businesses Delivered Solid Growth while Other Businesses Expanded Rapidly The Group's revenue from transportation ticketing services increased by 78.5% yoy to RMB6.03 billion in the period under review, mainly driven by the strong rebound in demand for transportation ticketing services. For the fourth quarter of 2023, the group's air ticket volume increased by over 16% compared to the same period of 2019, far exceeding the overall industry performance. The Group's train ticketing business experienced a revenue growth that outpaced the increase in business volume, due to the strategic shifts to monetization enhancement. Moreover, Tongcheng Travel capitalized on the opportunities arising from the surge in local and short-haul travel demand and enhanced the operations of its bus and car-hailing businesses. The Group's accommodation business exhibited robust growth in both business volume and revenue. During the period under review, the revenue from the accommodation business increased by 61.5% yoy to RMB3.90 billion. In 2023Q4, the domestic room nights sold registered more than 70% growth compared with the same period of 2019 and the international room nights sold had fully recovered to the level in 2019. Besides, the Group is committed to achieving business diversification. Others business includes tourism services, advertising services, hotel management services, corporate travel services and ancillary value-added user services. Revenue from other businesses increased by 148.6% yoy to RMB1.97 billion, representing a 280.3% increase compared to 2019. The proportion of other businesses revenue segments in total revenue has continued to increase, rising by 9.5 percentage points from 7% in 2019 to 16.5% in 2023. The increase in other revenue is mainly attributed to the Group's further development of its tourism services, advertising services, and hotel management services. Integrating Intelligent Travel with Sustainable Development to Shape the Future of the Tourism Industry To ensure a gratifying experience for users, the Group has improved the intelligent Huixing system, which offers customized travel solutions according to their preferences. For customer services, the Group has persistently applied Artificial Intelligence Generated Content (AIGC) to improve efficiency and quality. In 2023Q4, the Group signed a strategic agreement with Chengdu Shuangliu Airport, aiming to collaborate in establishing the airport as a regional transit hub. Tongcheng Travel also partnered with Changbai Mountain to develop an intelligent tourist service platform that consolidates local tourism information. Additionally, the Group has built a comprehensive portfolio of PMS brands to offer Software-as-a-Service (SaaS) solutions to more individual and chain hotels as well as alternative accommodation to enhance their daily operation efficiency. Tongcheng Tavel intensifies efforts to improve its ESG performance and has attained remarkable results. The Group's MSCI ESG rating received AA rating for the second consecutive year in 2023 and was successfully included in The Sustainability Yearbook (China) 2023 by S&P Global. As a socially responsible enterprise, Tongcheng Travel is committed to supporting the sustainable development of the travel industry. The Group continued its contribution to the rural revitalization through projects such as the "Lindu Warm Village". It has also launched a training program on digital operation and marketing of rural tourism for tourism professionals to foster the growth of the rural economy. Moreover, the Group is focused on the well-being of the community it serves. It cooperated with various hotels in China throughout the year, initiated a hotel alliance "Tongcheng Shelter", to offer complimentary supplies and resting areas to users under diverse scenarios, such as during the college admission exam season and in response to extreme weather conditions in China. China's travel industry has obtained astonshingt recovery momentum, driven by diversified travel demand. This trend will continue into 2024. Looking ahead, the Group will continue to leverage its competitive strengths, including its solid market position, diverse traffic sources and advanced technological capabilities. The Group will focus on enhancing user loyalty and value, while broadening the user base. The Group will intensify efforts to enrich and refine products and services, thereby enhancing the user experience. In addition, the Group is committed to leveraging technology to transition from an OTA to an ITA. It will actively seek investment opportunities in line with its strategic objectives to foster future growth. It will integrate corporate governance, environmental protection and social responsibility into its operations and create long-term sustainable value for stakeholders. Hashtag: #TongchengTravelThe issuer is solely responsible for the content of this announcement.About Tongcheng Travel Holdings Limited (HKSE Stock Code: 0780.HK)Travel is a one-stop shop for users' travel needs. With the mission "make travel easier and more joyful", Tongcheng Travel offers a comprehensive and innovative selection of products and services covering nearly all aspects of travel, including transportation ticketing, accommodation reservation, tourist attraction ticketing, and products including package tour, self-guided tour and cruise, including a wide array of transportation and leisure travel scenarios primarily through its online platforms, which comprise its Tencent-based platforms, its proprietary mobile apps, quick apps and other channels. As a technology-driven company, Tongcheng Travel leverages big data and AI capabilities to better understand the preferences and behaviors of users, thereby offering users customized products and services. Tongcheng Travel has a strategic focus on lower-tier cities in China and seized opportunities there supported by its diversified traffic sources, product innovation capability and flexible operation strategies. Through the in-depth understanding of user experience and advanced technological capabilities, Tongcheng Travel has been revolutionizing what consumers expect from the online travel industry, making the entire travel process more convenient, personalized and enjoyable than ever. Tongcheng Travel aims to develop and apply its advanced technology to transform from an online travel agency to intelligent travel assistant.
SHANGHAI, March 19, 2024 /PRNewswire/ -- ZKH Group Limited ("ZKH" or the "Company") (NYSE: ZKH), a leading maintenance, repair and operations ("MRO") procurement service platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter and Fiscal Year 2023 Operational and Financial Highlights in thousand RMB, except for days, percentage and basis points ("bps") Fourth Quarter Fiscal Year 2022 2023 Change 2022 2023 Change GMV[1] 2,669,138 3,207,139 20.2 % 9,372,961 11,083,035 18.2 % GMV by Platform ZKH Platform 2,457,580 2,907,077 18.3 % 8,563,478 10,112,872 18.1 % GBB Platform 211,558 300,062 41.8 % 809,483 970,163 19.8 % GMV by Business Model Product Sales (1P) 2,173,506 2,321,861 6.8 % 7,928,804 8,336,846 5.1 % Marketplace (3P) 495,632 885,279 78.6 % 1,444,159 2,746,189 90.2 % Number of Customers 36,401 42,220 16.0 % 58,004 66,562 14.8 % ZKH Platform 26,319 31,174 18.4 % 40,495 48,211 19.1 % GBB Platform 10,082 11,046 9.6 % 17,509 18,351 4.8 % Net Revenue[2] 2,259,750 2,443,961 8.2 % 8,315,236 8,721,175 4.9 % Gross Profit 376,265 417,151 10.9 % 1,317,670 1,452,434 10.2 % % of Net Revenue 16.7 % 17.1 % 41.8bps 15.8 % 16.7 % 80.8bps Operating Loss (89,078) (6,779) -92.4 % (685,706) (398,724) -41.9 % % of Net Revenue -3.9 % -0.3 % 366.5bps -8.2 % -4.6 % 367.4bps Non-GAAP EBITDA[3] (56,741) 43,272 -176.3 % (561,337) (211,896) -62.3 % % of Net Revenue -2.5 % 1.8 % 428.2bps -6.8 % -2.4 % 432.1bps Net (Loss)/Profit (83,531) 20,229 -124.2 % (731,121) (304,900) -58.3 % % of Net Revenue -3.7 % 0.8 % 452.4bps -8.8 % -3.5 % 529.6bps Non-GAAP Adjusted Net (Loss)/Profit[4] (82,224) 27,538 -133.5 % (626,141) (287,507) -54.1 % % of Net Revenue -3.6 % 1.1 % 476.5bps -7.5 % -3.3 % 423.3bps Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, "Despite a challenging macro environment, we ended 2023 with solid growth, an improved gross margin, reduced losses, and, importantly, profitability in the fourth quarter, demonstrating the resilience and continued growth of the MRO industry and our strong execution to drive our business forward. We have invested and strengthened our advantages in (i) product capabilities through product category expansion and product line extension, (ii) client coverage and servicing capabilities by optimizing sales team's structure, and (iii) digitalization and artificial intelligence capabilities by integrating our industry know-how, data assets, and IT talents. As we look ahead to 2024, brimming with both challenges and opportunities, we will continue to invest, refine, and optimize our operations to propel long-term growth. In addition, we are aiming to officially launch our overseas business in the United States in the second half of 2024." Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, "We are delighted with our fourth quarter operational and financial performance, which enabled us to finish 2023 on a strong note, especially as we mark our first quarter as a public company. Powered by our growth from both the ZKH Platform and the GBB Platform, our full-year GMV increased by 18.2% year over year, compared with an increase of 9.2% in 2022. Concurrently, we demonstrated a clear path to profitability, with gross margin improving by 80.8 basis points in 2023 while operating loss margin and adjusted net loss margin narrowing by 366.5 and 476.5 basis points in the fourth quarter, respectively, marking the seventh consecutive quarter of year-over-year improvement. Notably, we achieved profitability in the fourth quarter of 2023, with an adjusted net profit of RMB27.5 million, resulting in a year-over-year decrease of RMB338.6 million in our full-year adjusted net loss." [1] GMV is the total transaction value of orders placed on the Company's platform and shipped to customers, excluding taxes, net of the returned amount. [2] Net revenue under the marketplace model is recognized on a net basis. Therefore, a higher proportion of GMV generated by the marketplace model tends to increase the difference in growth rate between GMV and net revenue. The proportion of GMV generated by the marketplace model was 18.6% and 15.4% for the fourth quarter of 2022 and for the fiscal year of 2022, and 27.6% for fourth quarter of 2023 and 24.8% for the fiscal year of 2023, respectively. [3] Non-GAAP EBITDA is defined as profit/(loss) before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. [4] Non-GAAP adjusted net (loss)/profit is defined as net (loss)/profit excluding share-based compensation expenses and interest expenses due to the issuance of Series F Convertible Notes, which have been fully converted into Series F preferred shares without payment of interest. Fourth Quarter 2023 Financial Results Net Revenues. Net revenues were RMB2,444.0 million (US$344.2 million), representing an increase of 8.2% from RMB2,259.8 million in the same period of 2022, with increases in all categories of net revenues primarily due to continued growth in MRO market demand. in thousand RMB, except for percentage Fourth Quarter 2022 2023 Change Net Revenue 2,259,750 2,443,961 8.2 % Net Product Revenues 2,188,957 2,324,986 6.2 % From ZKH Platform 1,978,830 2,028,986 2.5 % From GBB Platform 210,127 296,000 40.9 % Net Service Revenues 56,942 98,592 73.1 % Other Revenues 13,851 20,383 47.2 % Net Product Revenues. Net product revenues were RMB2,325.0 million (US$327.5 million), representing an increase of 6.2% from RMB2,189.0 million in the same period of 2022. The increase was mainly attributable to higher revenues generated from the ZKH platform and the GBB platform, primarily driven by increased customer numbers. Net Service Revenues. Net service revenues were RMB98.6 million (US$13.9 million), an increase of 73.1% from RMB56.9 million in the same period of 2022, primarily due to the growth of the marketplace model on the ZKH platform. Other Revenues. Other revenues were RMB20.4 million (US$2.9 million), an increase of 47.2% from RMB13.9 million in the same period of 2022, mainly attributable to higher revenues generated from the Company's warehousing and logistic services. Cost of Revenues. Cost of revenues was RMB2,026.8 million (US$285.5 million), representing an increase of 7.6% from RMB1,883.5 million in the same period of 2022, in line with the growth of the Company's product sales model. Gross Profit and Gross Margin. Gross profit was RMB417.2 million (US$58.8 million), an increase of 10.9% from RMB376.3 million in the same period of 2022. Gross margin was 17.1%, compared with 16.7% in the same period of 2022. The increase was driven by the significant growth of the marketplace model on the ZKH platform. The lower gross margin on product sales was due to the impact of inventory write-downs. in thousand RMB, except for percentage and basis points ("bps") Fourth Quarter 2022 2023 Change Gross Profit 376,265 417,151 10.9 % % of Net Revenue 16.7 % 17.1 % 41.8bps Under Product Sales (1P) ZKH Platform 297,317 291,915 -1.8 % % of Net Product Revenues from ZKH Platform 15.0 % 14.4 % -63.8bps GBB Platform 14,752 18,688 26.7 % % of Net Product Revenues from GBB Platform 7.0 % 6.3 % -70.7bps Under Marketplace (3P) 56,942 98,592 73.1 % % of Net Service Revenues 100 % 100.0 % - Others 7,254 7,956 9.7 % % of Other Revenues 52.4 % 39.0 % -1,333.9bps Operating Expenses. Operating expenses were RMB423.9 million (US$59.7 million), a decrease of 8.9% from RMB465.3 million in the same period of 2022. Operating expenses as a percentage of net revenues were 17.3%, compared with 20.6% in the same period of 2022, demonstrating the Company's improved operating efficiency and leverage. Fulfillment Expenses. Fulfillment expenses were RMB107.8 million (US$15.2 million), an increase of 9.8% from RMB98.2 million in the same period of 2022. The increase was primarily attributable to higher employee benefit costs. Fulfillment expenses as a percentage of net revenues were 4.4%, compared with 4.3% in the same period of 2022. Sales and Marketing Expenses. Sales and marketing expenses were RMB170.0 million (US$23.9 million), an increase of 3.2% from RMB164.7 million in the same period of 2022. The increase was primarily attributable to increased travel as well as marketing and promotion expenses as business travel and marketing and promotion activities resumed after COVID-19 restrictions were lifted. Sales and marketing expenses as a percentage of net revenues were 7.0%, compared with 7.3% in the same period of 2022. Research and Development Expenses. Research and development expenses were RMB37.8 million (US$5.3 million), a decrease of 36.4% from RMB59.5 million in the same period of 2022. The decrease was primarily attributable to lower employee benefit costs as a result of a reduced average research and development headcount. Research and development expenses as a percentage of net revenues were 1.5%, compared with 2.6% in the same period of 2022. General and Administrative Expenses. General and administrative expenses were RMB108.2 million (US$15.2 million), a decrease of 24.2% from RMB142.8 million in the same period of 2022. The decrease was primarily attributable to lower employee benefit costs as a result of a reduced average headcount. General and administrative expenses as a percentage of net revenues were 4.4%, compared with 6.3% in the same period of 2022. Loss from Operations. Loss from operations was RMB6.8 million (US$1.0 million), compared with RMB89.1 million in the same period of 2022. Operating loss margin was 0.3%, compared with 3.9% in the same period of 2022. Non-GAAP EBITDA. Non-GAAP EBITDA was RMB43.3 million (US$6.1 million), compared with negative RMB56.7 million in the same period of 2022. Non-GAAP EBITDA margin was 1.8%, compared with negative 2.5% in the same period of 2022. Net Profit/(Loss). Net profit was RMB20.2 million (US$2.8 million), compared with net loss of RMB83.5 million in the same period of 2022. Net profit margin was 0.8%, compared with net loss margin of 3.7% in the same period of 2022. Non-GAAP Adjusted Net Profit/(Loss). Non-GAAP adjusted net profit was RMB27.5 million (US$3.9 million), compared with non-GAAP adjusted net loss of RMB82.2 million in the same period of 2022. Non-GAAP adjusted net profit margin was 1.1%, compared with non-GAAP adjusted net loss margin of 3.6% in the same period of 2022. Basic and Diluted Net Profit/(Loss) per ADS[5] and Non-GAAP Adjusted Basic and Diluted Net Profit/(Loss) per ADS[6]. Basic and diluted net profit per ADS were RMB0.98 (US$0.14), compared with basic and diluted net loss per ADS of RMB4.22 in the same period of 2022. Non-GAAP adjusted basic and diluted net profit per ADS were RMB0.45 (US$0.06), compared with non-GAAP adjusted basic and diluted net loss per ADS of RMB2.17 in the same period of 2022. [5] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company. [6] Non-GAAP adjusted basic and diluted net profit/(loss) per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP net profit/(loss) attributable to the Company's ordinary shareholders by the weighted average number of ADSs. Fiscal Year 2023 Financial Results Net Revenues. Net revenues were RMB8,721.2 million (US$1,228.4 million), representing an increase of 4.9% from RMB8,315.2 million in 2022, with increases in all categories of net revenues primarily due to continued growth in MRO market demand. in thousand RMB, except for percentage Fiscal Year 2022 2023 Change Net Revenue 8,315,236 8,721,175 4.9 % Net Product Revenues 8,086,920 8,341,603 3.1 % From ZKH Platform 7,277,260 7,381,501 1.4 % From GBB Platform 809,660 960,102 18.6 % Net Service Revenues 179,508 307,412 71.3 % Other Revenues 48,808 72,160 47.8 % Net Product Revenues. Net product revenues were RMB8,341.6 million (US$1,174.9 million), representing an increase of 3.1% from RMB8,086.9 million in 2022. The increase was mainly attributable to higher revenues generated from the ZKH platform and the GBB platform, primarily driven by increased customer numbers. Net Service Revenues. Net service revenues were RMB307.4 million (US$43.3 million), an increase of 71.3% from RMB179.5 million in 2022, primarily due to the significant growth of the marketplace model on the ZKH platform. Other Revenues. Other revenues were RMB72.2 million (US$10.2 million), an increase of 47.8% from RMB48.8 million in 2022, mainly attributable to higher revenues generated from the Company's warehousing and logistic services. Cost of Revenues. Cost of revenues was RMB7,268.7 million (US$1,023.8 million), representing an increase of 3.9% from RMB6,997.6 million in 2022, in line with the growth of the Company's product sales model. Gross Profit and Gross Margin. Gross profit was RMB1,452.4 million (US$204.6 million), an increase of 10.2% from RMB1,317.7 million in 2022. Gross margin was 16.7%, compared with 15.8% in 2022. The increase was driven by the significant growth of the marketplace model on the ZKH platform. The lower gross margin on product sales was due to the impact of inventory write-down. in thousand RMB, except for percentage and basis points ("bps") Fiscal Year 2022 2023 Change Gross Profit 1,317,669 1,452,434 10.2 % % of Net Revenue 15.8 % 16.7 % 80.8bps Under Product Sales (1P) ZKH Platform 1,045,024 1,046,209 0.1 % % of Net Product Revenues from ZKH Platform 14.4 % 14.2 % -18.7bps GBB Platform 55,756 61,789 10.8 % % of Net Product Revenues from GBB Platform 6.9 % 6.4 % -45.1bps Under Marketplace (3P) 179,508 307,412 71.3 % % of Net Service Revenues 100.0 % 100.0 % - Others 37,381 37,024 -1.0 % % of Other Revenues 76.6 % 51.3 % -2,528.0bps Operating Expenses. Total operating expenses were RMB1,851.2 million (US$260.7 million), a decrease of 7.6% from RMB2,003.4 million in 2022. Operating expenses as a percentage of net revenue were 21.2%, compared with 24.1% in 2022, showing improved operating efficiency and leverage. Fulfillment Expenses. Fulfillment expenses were RMB439.0 million (US$61.8 million), a decrease of 6.1% from RMB467.4 million in 2022. The decrease was primarily attributable to (i) the decrease in distribution expenses as the Company switched to more distribution service providers that can offer competitive rates and increased direct cooperation with local transportation fleets instead of relying on distribution service providers as intermediaries, and (ii) the decrease in rental expenses. Fulfillment expenses as a percentage of net revenues were 5.0%, compared with 5.6% in 2022. Sales and Marketing Expenses. Sales and marketing expenses were RMB700.8 million (US$98.7 million), an increase of 2.6% from RMB683.2 million in 2022. The increase was primarily attributable to increased travel as well as marketing and promotion expenses as business travel and marketing and promotion activities resumed after COVID-19 restrictions were lifted, partially offset by lower employee benefit costs as a result of a reduced average sales and marketing headcount. Sales and marketing expenses as a percentage of net revenues were 8.0%, compared with 8.2% in 2022. Research and Development Expenses. Research and development expenses were RMB175.9 million (US$24.8 million), a decrease of 26.9% from RMB240.5 million in 2022. The decrease was primarily attributable to lower employee benefit costs as a result of a reduced average research and development headcount. Research and development expenses as a percentage of net revenues were 2.0%, compared with 2.9% in 2022. General and Administrative Expenses. General and administrative expenses were RMB535.5 million (US$75.4 million), a decrease of 12.5% from RMB612.3 million in 2022. The decrease was primarily attributable to lower employee benefit costs as a result of a reduced average headcount, partially offset by increased travel expenses. General and administrative expenses as a percentage of net revenues were 6.1%, compared with 7.4% in the same period of 2022. Loss from Operations. Loss from operations was RMB398.7 million (US$56.2 million), compared with RMB685.7 million in 2022. Operating loss margin was 4.6%, compared with 8.2% in 2022. Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB211.9 million (US$29.8 million), compared with negative RMB561.3 million in 2022. Non-GAAP EBITDA margin was negative 2.4%, compared with negative 6.8% in 2022. Net Loss. Net loss was RMB304.9 million (US$42.9 million), compared with RMB731.1 million in 2022. Net loss margin was 3.5%, compared with 8.8% in 2022. Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB287.5 million (US$40.5 million), compared with RMB626.1 million in 2022. Non-GAAP adjusted net loss margin was 3.3%, compared with 7.5% in 2022. Basic and Diluted Net Loss per ADS and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS. Basic and diluted net loss per ADS were RMB22.08 (US$3.11), compared with RMB32.88 in 2022. Non-GAAP adjusted basic and diluted net loss per ADS were RMB6.58 (US$0.93), compared with RMB16.54 in 2022. Balance Sheet and Cash Flow As of December 31, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB2.12 billion (US$299.2 million), compared with RMB2.01 billion as of December 31, 2022. Net cash used in operating activities was RMB59.3 million (US$8.4 million) in the fourth quarter of 2023, compared with net cash generated from operating activities of RMB31.8 million in the same period of 2022. Net cash used in operating activities was RMB567.9 million (US$80.0 million) in 2023, compared with RMB504.2 million in 2022. Exchange Rate This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all. Conference Call Information The Company's management will hold a conference call on Tuesday, March 19, 2024, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2023. United States (toll free): +1-888-317-6003 International: +1-412-317-6061 Mainland China (toll free): 400-120-6115 Hong Kong (toll free): 800-963-976 Hong Kong: +852-5808-1995 Access Code: 3148822 The replay will be accessible through March 26, 2024, by dialing the following numbers: United States: +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 4272788 A live and archived webcast of the conference call will also be available on the Company's investor relations website at https://ir.zkh.com. About ZKH Group Limited ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, dedicated to propelling the MRO industry's digital transformation to drive cost reduction and efficiency improvement industry-wide. Leveraging its outstanding product selection and recommendation capabilities, ZKH provides digitalized, one-stop MRO procurement solutions that enable its customers to transparently and efficiently access a wide selection of quality products at competitive prices. The Company also facilitates timely and reliable product delivery with professional fulfillment services. By catering specifically to the needs of MRO suppliers and customers through its unmatched digital infrastructure, the Company empowers all participants in the value chain to achieve more. For more information, please visit: https://ir.zkh.com. Use of Non-GAAP Financial Measures This press release contains the following non-GAAP financial measures: non-GAAP adjusted net profit/(loss), non-GAAP adjusted net profit/(loss) per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures. The Company defines non-GAAP adjusted net profit/(loss) for a specific period as net profit/(loss) in the same period excluding share-based compensation expenses and interest expense due to the issuance of Series F Convertible Notes, which have been fully converted into Series F preferred shares without payment of interests. The Company defines non-GAAP EBITDA as profit/(loss) before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net profit/(loss) per ADS is calculated by dividing adjusted net profit/(loss) attributable to the Company's ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods and then multiplied by 35. The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company's operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net profit/(loss) and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors' assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making. The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" set forth at the end of this press release. Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expects," "anticipates," "aim," "estimates," "intends," "plans," "believes," "is/are likely to," "potential," "continue," and similar statements. Among other things, the quotations from management in this press release, ZKH's strategic and operational plans and statements under the "Business Outlook" section, contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH's mission, goals and strategies; ZKH's future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH's expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH's expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company's industry; government policies and regulations relating to ZKH's industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH's filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: ZKH Group LimitedIR DepartmentE-mail: IR@zkh.com Piacente Financial CommunicationsHui FanTel: +86-10-6508-0677E-mail: zkh@thepiacentegroup.com In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: zkh@thepiacentegroup.com ZKH GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS, per share and per ADS data) As of December 31, 2022 2023 RMB RMB US$ Assets Current assets: Cash and cash equivalents 1,954,246 1,090,621 153,641 Restricted cash 51,610 159,751 22,470 Short-term investments - 874,210 123,130 Accounts receivable (net of allowance for credit losses of RMB96,959 and RMB107,032 as of December 31, 2022 and 2023, respectively) 3,067,064 3,639,794 512,654 Notes receivable 310,708 352,997 49,719 Inventories 655,997 668,984 94,224 Prepayments and other current assets 243,630 168,117 23,679 Total current assets 6,283,255 6,954,474 979,517 Non-current assets: Property and equipment, net 166,740 145,288 20,463 Land use right 10,930 11,033 1,554 Operating lease right-of-use assets, net 297,937 224,930 31,681 Intangible assets, net 24,051 20,096 2,830 Goodwill 30,807 30,807 4,339 Total non-current assets 530,465 432,154 60,867 Total assets 6,813,720 7,386,628 1,040,384 Liabilities Current liabilities: Short-term borrowings 250,000 585,000 82,396 Accounts and notes payable 2,566,136 2,883,370 406,114 Operating lease liabilities 95,775 91,230 12,849 Advance from customers 31,131 19,907 2,804 Accrued expenses and other current liabilities 539,191 448,225 63,131 Total current liabilities 3,482,233 4,027,732 567,294 Non-current liabilities: Non-current operating lease liabilities 214,427 146,970 20,700 Other non-current liabilities 782 507 71 Total non-current liabilities 215,209 147,477 20,771 Total liabilities 3,697,442 4,175,209 588,065 Mezzanine equity: Series A convertible redeemable preferred shares ("Series A Preferred Shares") (US$0.0000001 par value; 58,480,000 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 26,934 - - Series A+ convertible redeemable preferred shares ("Series A+ Preferred Shares") (US$0.0000001 par value; 84,480,000 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 40,608 - - Series B convertible redeemable preferred shares ("Series B Preferred Shares") (US$0.0000001 par value; 734,209,000 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 389,960 - - Series B+ convertible redeemable preferred shares ("Series B+ Preferred Shares") (US$0.0000001 par value; 277,730,000 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 240,033 - - Series C1 convertible redeemable preferred shares ("Series C1 Preferred Shares") (US$0.0000001 par value; 604,820,600 and nil shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively) 769,548 - - Series C2 convertible redeemable preferred shares ("Series C2 Preferred Shares") (US$0.0000001 par value; 372,859,000 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 458,503 - - Series D1 convertible redeemable preferred shares ("Series D1 Preferred Shares") (US$0.0000001 par value; 705,523,600 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 1,219,370 - - Series D2 convertible redeemable preferred shares ("Series D2 Preferred Shares") (US$0.0000001 par value; 105,302,000 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 179,429 - - Series E convertible redeemable preferred shares ("Series E Preferred Shares") (US$0.0000001 par value; 803,222,500 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 2,226,911 - - Series F convertible redeemable preferred shares ("Series F Preferred Shares") (US$0.0000001 par value; 392,013,413 and nil shares authorized, issued and outstanding as of December 31, 2022, and 2023, respectively) 1,631,477 - - Total mezzanine equity 7,182,773 - - ZKH Group Limited shareholders' (deficit)/equity: Ordinary shares (USD0.0000001 par value; 496,253,373,300 and 496,253,373,300 shares authorized; 1,218,621,800 and 5,621,490,964 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 1 4 1 Additional paid-in capital - 8,139,349 1,146,403 Statutory reserves 5,278 6,013 847 Accumulated other comprehensive loss (51,910) (25,154) (3,543) Accumulated deficit (4,024,102) (4,908,793) (691,389) Total ZKH Group Limited shareholders' (deficit)/equity (4,070,733) 3,211,419 452,319 Non-controlling interests 4,238 - - Total shareholders' (deficit)/equity (4,066,495) 3,211,419 452,319 Total liabilities, mezzanine equity and shareholders' deficit 6,813,720 7,386,628 1,040,384 ZKH GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS) (All amounts in thousands, except share, ADS, per share and per ADS data) For the three months ended December 31, For the year ended December 31, 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Net revenues Net product revenues 2,188,957 2,324,986 327,467 8,086,920 8,341,603 1,174,890 Net service revenues 56,942 98,592 13,886 179,508 307,412 43,298 Other revenues 13,851 20,383 2,871 48,808 72,160 10,164 Total net revenues 2,259,750 2,443,961 344,224 8,315,236 8,721,175 1,228,352 Cost of revenues (1,883,485) (2,026,810) (285,470) (6,997,566) (7,268,741) (1,023,781) Operating expenses Fulfillment (98,231) (107,823) (15,187) (467,384) (438,959) (61,826) Sales and marketing (164,749) (170,026) (23,948) (683,206) (700,791) (98,704) Research and development (59,517) (37,841) (5,330) (240,534) (175,915) (24,777) General and administrative (142,846) (108,240) (15,245) (612,252) (535,493) (75,423) Loss from operations (89,078) (6,779) (956) (685,706) (398,724) (56,159) Interest and investment income 7,935 10,418 1,467 14,559 53,703 7,564 Interest expense (7,590) (6,556) (923) (94,182) (19,343) (2,724) Others, net 5,366 23,086 3,252 33,737 59,659 8,403 (Loss)/profit before income tax (83,367) 20,169 2,840 (731,592) (304,705) (42,916) Income tax (expenses)/benefits (164) 60 8 471 (195) (27) Net (loss)/profit (83,531) 20,229 2,848 (731,121) (304,900) (42,943) Less: net income/(loss) attributable to non- controlling interests 35 (44) (6) 333 (393) (55) Less: net income/(loss) attributable to redeemable non-controlling interests 3,101 - - 4,227 (193) (27) Net (loss)/profit attributable to ZKH Group Limited (86,667) 20,273 2,854 (735,681) (304,314) (42,861) Accretion on preferred shares to redemption value (73,281) (79,870) (11,249) (509,281) (660,070) (92,969) Net loss attributable to ZKH Group Limited's ordinary shareholders (159,948) (59,597) (8,395) (1,244,962) (964,384) (135,830) Net (loss)/profit (83,531) 20,229 2,848 (731,121) (304,900) (42,944) Other comprehensive loss: Foreign currency translation adjustments (23,052) 76,369 10,756 (50,980) 26,756 3,769 Total comprehensive (loss)/profit (106,583) 96,598 13,604 (782,101) (278,144) (39,175) Less: comprehensive income/(loss) attributable to non-controlling interests 35 (44) (6) 333 (393) (55) Less: comprehensive income/(loss) attributable to redeemable non-controlling interests 3,101 - - 4,227 (193) (27) Total comprehensive (loss)/profit attributable to ZKH Group Limited (109,719) 96,642 13,610 (786,661) (277,558) (39,093) Accretion on Preferred Shares to redemption value (73,281) (79,870) (11,249) (509,281) (660,070) (92,969) Total comprehensive (loss)/profit attributable to ZKH Group Limited's ordinary shareholders (183,000) 16,772 2,361 (1,295,942) (937,628) (132,062) Net loss per ordinary share attributable to ordinary shareholders Basic and diluted (0.12) (0.03) (0.00) (0.94) (0.63) (0.09) Weighted average number of shares Basic and diluted 1,325,036,140 2,138,210,789 2,138,210,789 1,325,036,140 1,528,540,765 1,528,540,765 Net loss per ADS attributable to ordinary shareholders Basic and diluted (4.22) (0.98) (0.14) (32.88) (22.08) (3.11) Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS) Basic and diluted 37,858,175 61,091,737 61,091,737 37,858,175 43,672,593 43,672,593 ZKH GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data) For the three months ended December 31, For the year ended December 31, 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Net (loss)/profit (83,531) 20,229 2,849 (731,121) (304,900) (42,944) Income tax expenses/(benefits) 164 (60) (8) (471) 195 27 Interest expenses 7,590 6,556 923 94,182 19,343 2,724 Depreciation and amortization expenses 19,036 16,547 2,331 76,073 73,466 10,347 Non-GAAP EBITDA (56,741) 43,272 6,095 (561,337) (211,896) (29,846) For the three months ended December 31, For the year ended December 31, 2022 2023 2022 2023 RMB RMB US$ RMB RMB US$ Net (loss)/profit (83,531) 20,229 2,849 (731,121) (304,900) (42,944) Add: Share-based compensation expenses (1,109) 7,309 1,029 31,899 17,393 2,448 Interest expense due to the issuance of Series F Convertible Notes 2,416 - - 73,081 - - Adjusted net (loss)/profit (82,224) 27,538 3,878 (626,141) (287,507) (40,496) Non-GAAP net (loss)/profit attributable to ordinary shareholders per share Basic and diluted (0.06) 0.01 0.00 (0.47) (0.19) (0.03) Weighted average number of ordinary shares Basic and diluted 1,325,036,140 2,138,210,789 2,138,210,789 1,325,036,140 1,528,540,765 1,528,540,765 Non-GAAP net (loss)/profit attributable to ordinary shareholders per ADS Basic and diluted (2.17) 0.45 0.06 (16.54) (6.58) (0.93) Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS) Basic and diluted 37,858,175 61,091,737 61,091,737 37,858,175 43,672,593 43,672,593
GUANGZHOU, China, March 19, 2024 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights[1] Total net revenues for the fourth quarter of 2023 were RMB1,529.8 million (US$215.5 million), compared with RMB2,119.4 million for the same period of 2022. Net loss attributable to HUYA Inc. was RMB275.0 million (US$38.7 million) for the fourth quarter of 2023, compared with RMB562.7 million for the same period of 2022. Non-GAAP net loss attributable to HUYA Inc.[2] was RMB189.7 million (US$26.7 million) for the fourth quarter of 2023, compared with RMB438.7 million for the same period of 2022. Average mobile MAUs[3] of Huya Live for the fourth quarter of 2023 remained flat at 85.5 million, compared with 85.5 million for the same period of 2022. Fiscal Year 2023 Highlights Total net revenues for fiscal year 2023 were RMB6,994.3 million (US$985.1 million), compared with RMB9,264.4 million for 2022. Net loss attributable to HUYA Inc. for fiscal year 2023 was RMB204.5 million (US$28.8 million), compared with RMB547.7 million for 2022. Non-GAAP net income attributable to HUYA Inc. for fiscal year 2023 was RMB119.1 million (US$16.8 million), compared with a non-GAAP net loss attributable to HUYA Inc. of RMB290.7 million for 2022. Average mobile MAUs of Huya Live for fiscal year 2023 was 84.1 million, compared with 84.3 million for 2022. Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, "In the fourth quarter of 2023, we continued to attract and engage a broad audience with rich game and e-sports content while upgrading interactive features to enhance the viewing experience. Meanwhile, we made good progress in revamping our technology, products, and operational strategies to provide more innovative game-related services. As a result, Huya Live's user base remained stable during the quarter, with average mobile MAUs of 85.5 million. Paying users[4] on Huya Live increased sequentially for the fourth quarter, rising marginally to 4.3 million thanks to more users paying for our platform's new game-related service offerings. As we enter 2024, despite the rapidly changing market conditions, we will continue to solidify our core live streaming business while propelling the development of game-related services to expand our business horizons and unlock new revenue streams. We remain confident in our future business prospects as we steadily implement our strategic transformation." "Given the soft industry environment along with our proactive business adjustments, our live streaming revenues contracted in the fourth quarter. Nevertheless, we were encouraged to see that advertising and other revenues increased by 40.5% quarter-over-quarter and by 29.2% year-over-year, mainly due to the growth of game advertising and distribution revenues as we deepened cooperation with game companies," said Ms. Ashley Xin Wu, Huya's Acting Co-Chief Executive Officer and Vice President of Finance. "For the full year of 2023, we recorded total net revenues of approximately RMB7 billion. However, we drove a meaningful year-over-year margin expansion across the board through continuous, comprehensive efforts to improve cost efficiency and operational performance. Also, we're committed to enhancing shareholder value through disciplined capital allocation. As of the end of 2023, we had repurchased US$28.8 million of Huya shares. In addition, we're pleased to declare a special cash dividend totaling approximately US$150 million for our shareholders. Going forward, we will continue to strengthen our operational and financial capabilities to drive sustainable development." [1] In December 2023, the Company acquired a global mobile application service provider from Tencent Holdings Limited for an aggregate cash consideration of US$81 million, the principal terms of which were previously disclosed. As a result of this business combination under common control, in accordance with ASC 805, Business Combinations, the Company has consolidated the financial results of this mobile application service provider on a retrospective basis since the first quarter of 2022. Accordingly, retrospective adjustments have been made to the Company's consolidated historical financial information presented herein, reflecting the consolidation of this mobile application service provider. The Company does not believe the retrospective adjustments to the Company's results to be material, as compared to the historical financial information previously presented. Given that this was a transaction that involved entities under common control of Tencent Holdings Limited, all assets and assumed liabilities transferred have been recognized at the historical cost of the parent. [2] "Non-GAAP net (loss) income attributable to HUYA Inc." is defined as net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain on fair value change of investments and disposal of equity investments, net of income taxes, impairment of goodwill and investments, loss on equity method investment, net of income taxes, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [3] Refers to average monthly active users on mobile apps. Average mobile MAUs for any period is calculated by dividing (i) the sum of active users on the mobile apps for each month during such relevant period, by (ii) the number of months during such relevant period. [4] Refers to the sum of user accounts that purchased various products and services on our platform at least once during such relevant period. Fourth Quarter 2023 Financial Results Total net revenues for the fourth quarter of 2023 were RMB1,529.8 million (US$215.5 million), compared with RMB2,119.4 million for the same period of 2022. Live streaming revenues were RMB1,343.5 million (US$189.2 million) for the fourth quarter of 2023, compared with RMB1,975.2 million for the same period of 2022, primarily due to the soft macro and industry environment and the Company's proactive business adjustments in support of its strategic transformation and prudent operations. Advertising and other revenues were RMB186.3 million (US$26.2 million) for the fourth quarter of 2023, compared with RMB144.2 million for the same period of 2022, primarily due to increased revenues from game advertising and distribution services. Cost of revenues decreased by 36.6% to RMB1,514.6 million (US$213.3 million) for the fourth quarter of 2023 from RMB2,387.1 million for the same period of 2022, primarily due to decreased revenue sharing fees and content costs, as well as bandwidth costs. Revenue sharing fees and content costs decreased by 39.4% to RMB1,316.4 million (US$185.4 million) for the fourth quarter of 2023 from RMB2,170.6 million for the same period of 2022, primarily due to the decrease in revenue sharing fees associated with the decline in live streaming revenues, as well as lower costs related to e-sports content and content creators. Bandwidth costs decreased by 18.6% to RMB81.5 million (US$11.5 million) for the fourth quarter of 2023 from RMB100.1 million for the same period of 2022, primarily due to improved bandwidth cost management, favorable pricing terms and continued technology enhancement efforts. Gross profit was RMB15.2 million (US$2.1 million) for the fourth quarter of 2023, compared with a gross loss of RMB267.7 million for the same period of 2022. Gross margin was 1.0% for the fourth quarter of 2023, compared with negative 12.6% for the same period of 2022, primarily due to decreased revenue sharing fees and content costs as a percentage of total net revenues. Research and development expenses decreased by 5.6% to RMB137.0 million (US$19.3 million) for the fourth quarter of 2023 from RMB145.1 million for the same period of 2022, primarily due to decreased share-based compensation expenses. Sales and marketing expenses decreased by 10.8% to RMB113.3 million (US$16.0 million) for the fourth quarter of 2023 from RMB127.0 million for the same period of 2022, primarily due to decreased personnel-related expenses. General and administrative expenses increased by 17.8% to RMB100.2 million (US$14.1 million) for the fourth quarter of 2023 from RMB85.1 million for the same period of 2022, primarily due to provisions and increased professional services fees, partially offset by decreased share-based compensation expenses. Other income was RMB13.1 million (US$1.8 million) for the fourth quarter of 2023, compared with RMB43.8 million for the same period of 2022, primarily due to lower indirect tax refunds and government subsidies. Operating loss was RMB322.3 million (US$45.4 million) for the fourth quarter of 2023, compared with RMB581.2 million for the same period of 2022. Interest and short-term investments income was RMB129.5 million (US$18.2 million) for the fourth quarter of 2023, compared with RMB101.7 million for the same period of 2022, primarily due to increased interest rates and improved management of deposit products. Impairment loss of investments was RMB79.9 million (US$11.3 million) for the fourth quarter of 2023, compared with RMB55.2 million for the same period of 2022, primarily due to the recognition of increased impairment charges on the Company's investments. Net loss attributable to HUYA Inc. was RMB275.0 million (US$38.7 million) for the fourth quarter of 2023, compared with RMB562.7 million for the same period of 2022. Non-GAAP net loss attributable to HUYA Inc. was RMB189.7 million (US$26.7 million) for the fourth quarter of 2023, compared with RMB438.7 million for the same period of 2022. Basic and diluted net loss per American depositary share ("ADS") were each RMB1.14 (US$0.16) for the fourth quarter of 2023. Basic and diluted net loss per ADS were each RMB2.32 for the fourth quarter of 2022. Each ADS represents one Class A ordinary share of the Company. Non-GAAP basic and diluted net loss per ADS were each RMB0.79 (US$0.11) for the fourth quarter of 2023. Non-GAAP basic and diluted net loss per ADS were each RMB1.81 for the fourth quarter of 2022. As of December 31, 2023, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB9,916.4 million (US$1,396.7 million), compared with RMB10,676.8 million as of September 30, 2023. Fiscal Year 2023 Financial Results Total net revenues were RMB6,994.3 million (US$985.1 million) for fiscal year 2023, compared with RMB9,264.4 million for the prior year. Live streaming revenues were RMB6,450.8 million (US$908.6 million) for fiscal year 2023, compared with RMB8,195.9 million for the prior year, primarily due to the soft macro and industry environment and the Company's proactive business adjustments in support of its strategic transformation and prudent operations. Advertising and other revenues were RMB543.5 million (US$76.6 million) for fiscal year 2023, compared with RMB1,068.4 million for the prior year, primarily due to a significant decrease in content sub-licensing revenues. Cost of revenues decreased by 28.2% to RMB6,179.1 million (US$870.3 million) for fiscal year 2023 from RMB8,610.7 million for the prior year, primarily due to decreased revenue sharing fees and content costs, as well as bandwidth costs. Revenue sharing fees and content costs decreased by 28.6% to RMB5,378.4 million (US$757.5 million) for fiscal year 2023 from RMB7,535.7 million for the prior year, primarily due to the decrease in revenue sharing fees associated with the decline in live streaming revenues, as well as lower costs related to e-sports content and content creators. Bandwidth costs decreased by 33.0% to RMB360.7 million (US$50.8 million) for fiscal year 2023 from RMB537.9 million for the prior year, primarily due to improved bandwidth cost management, favorable pricing terms and continued technology enhancement efforts. Gross profit increased by 24.7% to RMB815.2 million (US$114.8 million) for fiscal year 2023 from RMB653.6 million for the prior year, primarily due to decreased cost of revenues driven by lower revenue sharing fees and content costs. Gross margin was 11.7% for fiscal year 2023, compared with 7.1% for fiscal year 2022, primarily due to decreased revenue sharing fees and content costs as a percentage of total net revenues. Research and development expenses decreased by 15.5% to RMB578.6 million (US$81.5 million) for fiscal year 2023 from RMB684.4 million for the prior year, primarily due to decreased personnel-related expenses and share-based compensation expenses. Sales and marketing expenses decreased by 16.9% to RMB440.6 million (US$62.1 million) for fiscal year 2023 from RMB530.5 million for the prior year, primarily due to decreased marketing and promotion fees, as well as personnel-related expenses. General and administrative expenses decreased by 6.0% to RMB320.8 million (US$45.2 million) for fiscal year 2023 from RMB341.2 million for the prior year, primarily due to decreased personnel-related expenses and share-based compensation expenses. Other income was RMB81.3 million (US$11.4 million) for fiscal year 2023, compared with RMB166.3 million for the prior year, primarily due to lower indirect tax refunds and government subsidies. Operating loss was RMB443.6 million (US$62.5 million) for fiscal year 2023, compared with RMB736.2 million for the prior year. Interest and short-term investments income were RMB479.7 million (US$67.6 million) for fiscal year 2023, compared with RMB298.2 million for the prior year, primarily due to increased interest rates and improved management of deposit products. Impairment loss of investments was RMB225.8 million (US$31.8 million) for fiscal year 2023, compared with RMB55.2 million for the prior year, primarily due to the recognition of increased impairment charges on the Company's investments. Net loss attributable to HUYA Inc. was RMB204.5 million (US$28.8 million) for fiscal year 2023, compared with RMB547.7 million for the prior year. Non-GAAP net income attributable to HUYA Inc. was RMB119.1 million (US$16.8 million) for fiscal year 2023, compared with a non-GAAP net loss attributable to HUYA Inc. of RMB290.7 million for the prior year. Basic and diluted net loss per ADS were each RMB0.84 (US$0.12) for fiscal year 2023. Basic and diluted net loss per ADS were each RMB2.27 for fiscal year 2022. Non-GAAP basic and diluted net income per ADS were RMB0.49 (US$0.07) and RMB0.48 (US$0.07), respectively, for fiscal year 2023. Non-GAAP basic and diluted net loss per ADS were each RMB1.20 for fiscal year 2022. Share Repurchase Program On August 15, 2023, the board of directors of the Company authorized a share repurchase program under which the Company may repurchase up to US$100 million of its ADSs or ordinary shares over a 12-month period. As of December 31, 2023, the Company had repurchased 9.2 million ADSs with a total aggregate consideration of US$28.8 million under this program. Declaration of Special Cash Dividend The board of directors of the Company has declared a special cash dividend of US$0.66 per ordinary share, or US$0.66 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on May 10, 2024, payable in U.S. dollars. The ex-dividend date will be May 9, 2024. The total amount of cash to be distributed for the dividend is expected to be approximately US$150 million, which will be funded by surplus cash on the Company's balance sheet. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around May 24, 2024. The dividend to be paid to the Company's ADS holders through the depositary bank will be subject to the terms of the deposit agreement. Director Appointment Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of the Company, has recently been appointed as a director of the Company, effective March 13, 2024. Earnings Webinar The Company's management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on March 19, 2024 (8:00 p.m. Beijing/Hong Kong time on March 19, 2024), to review and discuss the Company's business and financial performance. For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar. Participant Online Registration: Chinese Mainland[5]: https://meeting.tencent.com/dw/oiEb0h3kjllr International: https://voovmeeting.com/dw/oiEb0h3kjllr A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session. [5] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan. About HUYA Inc. HUYA Inc. is a leading game live streaming platform in China. As a technology-driven company, Huya offers rich and dynamic content across games, e-sports, and other entertainment genres where it has cultivated a large, highly engaged, interactive, immersive community of game enthusiasts. Building on its success in game live streaming and through close collaboration with game companies, e-sports tournament organizers, broadcasters and talent agencies, Huya is expanding its presence in the game industry, both domestically and internationally. By providing more innovative game-related services, the Company is committed to meeting the evolving needs of game enthusiasts, content creators, and industry partners. Use of Non-GAAP Financial Measures The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross (loss) profit, non-GAAP operating loss, non-GAAP net (loss) income attributable to HUYA Inc., non-GAAP net (loss) income attributable to ordinary shareholders, non-GAAP basic and diluted net (loss) income per ordinary shares, and non-GAAP basic and diluted net (loss) income per ADS, which are non-GAAP financial measures. Non-GAAP gross (loss) profit is gross (loss) profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net (loss) income attributable to HUYA Inc. is net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain on fair value change of investments and disposal of equity investments, net of income taxes, impairment of goodwill and investments, loss on equity method investment, net of income taxes, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net (loss) income attributable to ordinary shareholders is net (loss) income attributable to ordinary shareholders excluding share-based compensation expenses, gain on fair value change of investments and disposal of equity investments, net of income taxes, impairment of goodwill and investments, loss on equity method investment, net of income taxes, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net (loss) income per ADS is non-GAAP net (loss) income attributable to ordinary shareholders divided by weighted average number of ADS used in the calculation of non-GAAP basic and diluted net (loss) income per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) gain on fair value change of investments and disposal of equity investments, net of income taxes, (iii) impairment of goodwill and investments, (iv) loss on equity method investment, net of income taxes, and (v) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) gain on fair value change of investments and disposal of equity investments, net of income taxes, (iv) impairment of goodwill and investments, and (v) loss on equity method investment, net of income taxes, which may recur when there is observable price change in the future. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the game live streaming market; the expectation regarding the rate at which to gain active users, especially paying users; Huya's ability to monetize the user base; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: HUYA Inc.Investor RelationsTel: +86-20-2290-7829E-mail: ir@huya.com Piacente Financial CommunicationsJenny CaiTel: +86-10-6508-0677E-mail: huya@tpg-ir.com In the United States: Piacente Financial Communications Brandi PiacenteTel: +1-212-481-2050E-mail: huya@tpg-ir.com HUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS* (All amounts in thousands, except share, ADS, per share data and per ADS data) As of December 31, As of December 31, 2022 2023 2023 RMB RMB US$ Assets Current assets Cash and cash equivalents 694,091 511,973 72,110 Restricted cash 4,050 18,137 2,555 Short-term deposits 9,018,298 6,851,160 964,966 Short-term investments 3,117 - - Accounts receivable, net 84,240 64,258 9,051 Prepaid assets and amounts due from related parties, net 59,702 148,648 20,937 Prepayments and other current assets, net 637,378 556,435 78,371 Total current assets 10,500,876 8,150,611 1,147,990 Non-current assets Long-term deposits 1,072,548 2,553,293 359,624 Investments 906,215 751,844 105,895 Goodwill 449,357 456,976 64,364 Property and equipment, net 200,893 326,765 46,024 Intangible assets, net 207,101 161,739 22,780 Right-of-use assets, net 345,136 379,006 53,382 Prepayments and other non-current assets 110,874 144,120 20,299 Total non-current assets 3,292,124 4,773,743 672,368 Total assets 13,793,000 12,924,354 1,820,358 Liabilities and shareholders' equity Current liabilities Accounts payable 22,524 14,961 2,107 Advances from customers and deferred revenue 446,881 412,257 58,065 Income taxes payable 28,924 49,914 7,030 Accrued liabilities and other current liabilities 1,593,949 1,474,827 207,726 Amounts due to related parties 133,646 177,714 25,030 Lease liabilities due within one year 29,801 31,832 4,483 Total current liabilities 2,255,725 2,161,505 304,441 Non-current liabilities Lease liabilities 8,617 48,069 6,770 Deferred tax liabilities 45,913 42,317 5,960 Deferred revenue 73,354 47,864 6,742 Total non-current liabilities 127,884 138,250 19,472 Total liabilities 2,383,609 2,299,755 323,913 HUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS, per share data and per ADS data) As of December 31, As of December 31, 2022 2023 2023 RMB RMB US$ Shareholders' equity Class A ordinary shares (US$0.0001 par value; 750,000,000 shares authorized as of December 31, 2022 and 2023, respectively; 89,401,484 and 82,696,852 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 60 61 9 Class B ordinary shares (US$0.0001 par value; 200,000,000 shares authorized as of December 31, 2022 and 2023, respectively; 150,386,517 and 150,386,517 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 98 98 14 Treasury shares - (206,345) (29,063) Additional paid-in capital 12,496,534 12,000,100 1,690,179 Statutory reserves 122,429 122,429 17,244 Accumulated deficit (1,847,817) (2,052,336) (289,065) Accumulated other comprehensive income 638,087 760,592 107,127 Total shareholders' equity 11,409,391 10,624,599 1,496,445 Total liabilities and shareholders' equity 13,793,000 12,924,354 1,820,358 * HUYA Inc. Unaudited Condensed Consolidated Balance Sheets have been retrospectively adjusted due to the business combination undercommon control as stated in the footnote 1 of this press release. HUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS* (All amounts in thousands, except share, ADS, per share data and per ADS data) Three Months Ended Twelve Months Ended December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2023 RMB RMB RMB US$ RMB RMB US$ Net revenues Live streaming 1,975,155 1,531,711 1,343,463 189,223 8,195,907 6,450,782 908,574 Advertising and others 144,217 132,591 186,349 26,247 1,068,444 543,546 76,557 Total net revenues 2,119,372 1,664,302 1,529,812 215,470 9,264,351 6,994,328 985,131 Cost of revenues(1) (2,387,109) (1,421,460) (1,514,602) (213,327) (8,610,726) (6,179,125) (870,312) Gross (loss) profit (267,737) 242,842 15,210 2,143 653,625 815,203 114,819 Operating expenses(1) Research and development expenses (145,149) (142,832) (137,001) (19,296) (684,446) (578,610) (81,496) Sales and marketing expenses (127,007) (105,354) (113,342) (15,964) (530,482) (440,605) (62,058) General and administrative expenses (85,115) (66,417) (100,239) (14,118) (341,243) (320,838) (45,189) Total operating expenses (357,271) (314,603) (350,582) (49,378) (1,556,171) (1,340,053) (188,743) Other income, net 43,797 40,185 13,105 1,846 166,307 81,258 11,445 Operating loss (581,211) (31,576) (322,267) (45,389) (736,239) (443,592) (62,479) Interest and short-term investments income 101,667 128,480 129,480 18,237 298,205 479,681 67,562 Gain on fair value change of investments - - - - 7,602 - - Impairment loss of investments (55,201) (80,774) (79,911) (11,255) (55,201) (225,800) (31,803) Goodwill impairment (34,640) - - - (34,640) - - Foreign currency exchange gains (losses), net 3,680 (1,765) 2,224 313 (2,516) (1,593) (224) (Loss) income before income tax expenses (565,705) 14,365 (270,474) (38,094) (522,789) (191,304) (26,944) Income tax benefits (expenses) 3,431 (3,822) (4,497) (633) (24,364) (13,215) (1,861) (Loss) income before share of loss in equity method investments, net of income taxes (562,274) 10,543 (274,971) (38,727) (547,153) (204,519) (28,805) Share of loss in equity method investments, net of income taxes (414) - - - (520) - - Net (loss) income attributable to HUYA Inc. (562,688) 10,543 (274,971) (38,727) (547,673) (204,519) (28,805) Net (loss) income attributable to ordinary shareholders (562,688) 10,543 (274,971) (38,727) (547,673) (204,519) (28,805) HUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS, per share data and per ADS data) Three Months Ended Twelve Months Ended December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2023 RMB RMB RMB US$ RMB RMB US$ Net (loss) income per ADS** —Basic (2.32) 0.04 (1.14) (0.16) (2.27) (0.84) (0.12) —Diluted (2.32) 0.04 (1.14) (0.16) (2.27) (0.84) (0.12) Net (loss) income per ordinary share —Basic (2.32) 0.04 (1.14) (0.16) (2.27) (0.84) (0.12) —Diluted (2.32) 0.04 (1.14) (0.16) (2.27) (0.84) (0.12) Weighted average number of ADS used in calculating net (loss) income per ADS —Basic 242,506,902 244,651,286 240,915,572 240,915,572 241,437,842 243,025,428 243,025,428 —Diluted 242,506,902 246,437,179 240,915,572 240,915,572 241,437,842 243,025,428 243,025,428 * HUYA Inc. Unaudited Condensed Consolidated Statements of Operations have been retrospectively adjusted due to the business combination under common control as stated in the footnote 1 of this press release. ** Each ADS represents one Class A ordinary share. (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended Twelve Months Ended December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2023 RMB RMB RMB US$ RMB RMB US$ Cost of revenues 6,122 2,543 (17) (2) 31,955 16,137 2,273 Research and development expenses 14,427 7,296 546 77 67,242 40,679 5,730 Sales and marketing expenses 1,077 651 248 35 4,477 2,842 400 General and administrative expenses 7,200 (68) (393) (55) 52,804 18,607 2,621 HUYA INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS* (All amounts in thousands, except share, ADS, per share data and per ADS data) Three Months Ended Twelve Months Ended December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2023 RMB RMB RMB US$ RMB RMB US$ Gross (loss) profit (267,737) 242,842 15,210 2,143 653,625 815,203 114,819 Share-based compensation expenses allocated in cost of revenues 6,122 2,543 (17) (2) 31,955 16,137 2,273 Non-GAAP gross (loss) profit (261,615) 245,385 15,193 2,141 685,580 831,340 117,092 Operating loss (581,211) (31,576) (322,267) (45,389) (736,239) (443,592) (62,479) Share-based compensation expenses 28,826 10,422 384 55 156,478 78,265 11,024 Amortization of intangible assets from business acquisitions 5,958 5,993 5,965 840 20,631 23,570 3,319 Non-GAAP operating loss (546,427) (15,161) (315,918) (44,494) (559,130) (341,757) (48,136) Net (loss) income attributable to HUYA Inc. (562,688) 10,543 (274,971) (38,727) (547,673) (204,519) (28,805) Gain on fair value change of investments, net of income taxes - - - - (6,842) - - Impairment of goodwill and investments 89,841 80,774 79,911 11,255 89,841 225,800 31,803 Loss on equity method investment, net of income taxes 414 - - - 414 - - Share-based compensation expenses 28,826 10,422 384 55 156,478 78,265 11,024 Amortization of intangible assets from business acquisitions, net of income taxes 4,945 4,974 4,951 697 17,124 19,563 2,755 Non-GAAP net (loss) income attributable to HUYA Inc. (438,662) 106,713 (189,725) (26,720) (290,658) 119,109 16,777 Net (loss) income attributable to ordinary shareholders (562,688) 10,543 (274,971) (38,727) (547,673) (204,519) (28,805) Gain on fair value change of investments, net of income taxes - - - - (6,842) - - Impairment of goodwill and investments 89,841 80,774 79,911 11,255 89,841 225,800 31,803 Loss on equity method investment, net of income taxes 414 - - - 414 - - Share-based compensation expenses 28,826 10,422 384 55 156,478 78,265 11,024 Amortization of intangible assets from business acquisitions, net of income taxes 4,945 4,974 4,951 697 17,124 19,563 2,755 Non-GAAP net (loss) income attributable to ordinary shareholders (438,662) 106,713 (189,725) (26,720) (290,658) 119,109 16,777 Non-GAAP net (loss) income per ordinaryshare —Basic (1.81) 0.44 (0.79) (0.11) (1.20) 0.49 0.07 —Diluted (1.81) 0.43 (0.79) (0.11) (1.20) 0.48 0.07 Non-GAAP net (loss) income per ADS —Basic (1.81) 0.44 (0.79) (0.11) (1.20) 0.49 0.07 —Diluted (1.81) 0.43 (0.79) (0.11) (1.20) 0.48 0.07 Weighted average number of ADS used in calculating Non-GAAP net (loss) income per ADS —Basic 242,506,902 244,651,286 240,915,572 240,915,572 241,437,842 243,025,428 243,025,428 —Diluted 242,506,902 246,437,179 240,915,572 240,915,572 241,437,842 245,753,234 245,753,234 * HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results have been retrospectively adjusted due to the business combination under common control as stated in the footnote 1 of this press release.
SINGAPORE, March 19, 2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company"), a global leading technology company, announced its unaudited financial results for the fourth quarter and full year of 2023. During the fourth quarter, JOYY's revenue came in at US$570 million. The Company's core business segment BIGO generated revenues of US$491 million, up 3.1% year over year. For the full year of 2023, JOYY's revenue reached US$2.27 billion, with BIGO contributing US$1.92 billion. Due to continued optimization of operational efficiencies and strong execution, JOYY delivered continued profitability for the third consecutive year. The Company's net profit and non-GAAP net profit1 for the full year of 2023 reached US$302 million and US$293 million, with GAAP and non-GAAP net margins1 of 13.3% and 12.9%, respectively. The BIGO segment's operating profit and non-GAAP operating profit1 for the full year of 2023 reached US$230 million and US$288 million, with GAAP and non-GAAP operating profit margins1 of 12.0% and 15.0%, respectively. Notably, all social entertainment products under the BIGO segment were profitable in 2023. In addition, Hago generated its first-ever positive operating cash inflow for the year. Creating and returning value to its shareholders remains an important priority for JOYY. Over the course of 2023, JOYY repurchased shares and distributed cash dividends in an aggregate amount of US$355 million, equivalent to 121.5% of its annual non-GAAP net profit1. From 2020 to 2023, JOYY has in total distributed approximately US$1.38 billion in capital returns. Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, "2023 proved to be a year of progress. Importantly, global average mobile MAUs resumed year-over-year growth for three consecutive quarters. Our relentless optimization of operational efficiencies led to continued profitability for the third consecutive year. During the fourth quarter, BIGO sustained its top line recovery, with revenue increasing by 3.1% on an annual basis, driven by a steady 7.9% year-over-year growth in its number of paying users." "In 2024, globalization through localization remains our foremost strategy and the cornerstone for our global success. We will continue to cultivate our content and social ecosystems to steadily grow our thriving user community and reinforce our leadership in core geographic regions. We will dedicate our resources to build our core strengths, and carefully explore long-term growth opportunities. By driving innovations in both our products and operations, we expect to further diversify our revenue streams and capture long-term sustainable growth." Full Year 2023 Financial Highlights Net revenues for the full year of 2023 were US$2,267.9 million. Net income attributable to controlling interest of JOYY for the full year of 2023 was US$301.8 million, compared to US$128.9 million in 2022. Non-GAAP net income1 attributable to controlling interest and common shareholders of JOYY for the full year of 2023 increased by 46.8% to US$292.5 million from US$199.3 million in 2022. Non-GAAP net income margin1 for the full year of 2023 was 12.9%, compared to 8.3% in 2022. Fourth Quarter 2023 Financial Highlights Net revenues were US$569.8 million in the fourth quarter of 2023. Net income attributable to controlling interest of JOYY in the fourth quarter was US$45.8 million, compared to net loss of US$377.5 million in the corresponding period of 2022. Non-GAAP net income1 attributable to controlling interest and common shareholders of JOYY in the fourth quarter was US$64.2 million, compared to US$50.0 million in the corresponding period of 2022. Fourth Quarter and Full Year 2023 Business Highlights According to data.ai (formerly known as App Annie), Bigo Live was ranked as the World's #2 Social App by consumer spend in 20232. Bigo Live's global success stems from its diversified content ecosystem and constantly evolving social interaction features. In the fourth quarter, Bigo Live maintained its user growth momentum, with MAUs increasing by 4.5% year over year to 38.4 million. Growth was observed across several key regions, with year-over-year MAU increases of 10.9% in Europe, 8.4% in the Eastern Pacific Region, and 12.6% in the Middle East. Bigo Live's revenue and paying users sustained their recovery trend and sequential growth. During the fourth quarter, Bigo Live organized a series of events to discover both outstanding creators across various domains and inspire new and diverse content creation. In October, Bigo Live hosted the second season of its BIGO's Most Talented creator contest in North America. This event attracted talented dancers, singers, musicians, magicians, comedians, and more. Bigo Live also unveiled a brand-new creator incentive program across major regions around the world. While Bigo Live continued to support experienced professional streamers and PUGC, this program placed a stronger emphasis on new amateur streamers and UGC. As well as generous economic rewards, Bigo Live provided comprehensive training courses for amateur streamers, helping newcomers to develop their skills and learn the ropes of successful streaming. The UGC incentive program has already attracted over 300,000 amateur streamers as of the end of 2023. In January, BIGO successfully held its annual flagship event, the BIGO Awards Gala, in Las Vegas. The online livestream of the event attracted over 1.2 million viewers from across the globe. This year, Bigo Live also hosted regional galas in various locations, including Indonesia, Vietnam, and the Philippines. In the fourth quarter, Bigo Live's Family-based activities encouraged users to further explore and engage in Family events. On a sequential basis, revenue contributed by Family members increased by 5.7%. The number of contracted streamers in Families rose by 16.5% and average DAUs in Families increased by 5.5%. Throughout the fourth quarter, Bigo Live personalized the user experience by refining recommendation algorithms for its diverse user base. The next-day user retention rate in the fourth quarter rose by 2.3% sequentially, while average viewer time spent per session surged by 6.4%. By refining and optimizing the overall matching process, Bigo Live successfully leveraged Real Match to cultivate a greater number of stable user connections. In the fourth quarter, the total number of connections increased by 23.3% sequentially, and the number of direct chat messages between matched users grew by 14.8%. In 2023, Likee maintained its strategic focus on its core Middle East and Europe markets and implemented a series of targeted operational and product optimizations to drive user recovery and stimulate monetization growth. The number of Likee's paying users grew for four consecutive quarters during 2023. In terms of monetization, Likee's revenue for the full year was up year over year in 2023. Additionally, the recovery of DAUs in the Developed Countries Region (especially Europe), an evolving creator services ecosystem, and a more established business and creator marketplace, all contributed to Likee's advertising revenues growing by nearly 2.5 times for the full year of 2023. Thanks to the steady progress on diversifying its monetization channels and disciplined spending, Likee has achieved its first full-year profitability in 2023. Likee also achieved significant breakthroughs in key markets in 2023. According to data.ai (formerly known as App Annie), Likee was ranked as Saudi Arabia's #3 Social App by consumer spend in 20232. In the fourth quarter, Likee introduced text and image posting features alongside new monetization options, enabling user subscriptions for both video collections and individual videos. These features offer creators greater flexibility in terms of content formats, opening up new opportunities for monetization. During the fourth quarter, Likee continued to enhance its content production quality, leading to 2.7% sequential growth in average user time spent. Thanks to upgraded interactive features, overall user engagement, as measured by the ratio of DAUs to MAUs, improved by 2.2% in the same period. According to data.ai (formerly known as App Annie), Hago secured Top 10 positions in both Indonesia and the Philippines among social apps, in terms of consumer spending2. Thanks to enhanced monetization in its core markets, Hago achieved its first full-year operating cash flow break-even in 2023. During the fourth quarter, Hago's innovative year-end events and compelling new operational features drove sequential revenue growth. Furthermore, user social interactions also improved during the fourth quarter. Average time spent per user in social channels increased by 4% sequentially, surpassing 99 minutes. Average time spent per user in multi-guest voice rooms saw a similar trend, increasing by 4.9% over the same period. 1. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled "JOYY Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results" issued by the Company on March 19, 2024. 2. Based on data.ai (formerly known as App Annie)'s State of Mobile report published in January 2024.
2023
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