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NEW YORK, April 22, 2025 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins. NYSE Content Advisory: Pre-Market update + Tesla to report earnings Kristen Scholer delivers the pre-market update on April 22nd Stocks rose early Tuesday after a more than 2% loss on Monday for each of the major indexes. According to the White House, the U.S. and India are making strides toward a bilateral trade deal after Vice President Vance met with India Prime Minister Narendra Modi. On Monday, President Trump met with CEOs of NYSE-listed companies Walmart, Target, and Home Depot to talk tariffs. Tesla is set to report earnings after the close tonight. Opening BellGE Vernova (NYSE: GEV) celebrates Earth Day and the announcement of a new Greenspaces Grant in the US. Closing BellNASA celebrates the launch of SPHEREx, its newest astrophysics observatory to understand the origins and structure of the universe. Watch NYSE TV Live every weekday 9:00-10:00am ET Video - https://mma.prnasia.com/media2/2670013/NYSE_Market_Update_April_22_2025_v2.mp4
CHONGQING, China, April 22, 2025 /PRNewswire/ -- A news report from iChongqing - On April 21, the Stories of the CPC: Achievements of Chongqing in Practicing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era thematic briefing took place in Chongqing. Over 200 participants, including political leaders from more than 50 countries, foreign diplomats in China, and international business representatives, attended the event. The event explored Chongqing's role in Chinese-style modernization, addressing the question of what it truly looks like through featured activities like an Economic and Trade Promotion Meeting, Themed Dialogue Session, and a field visit to Minzhucun community. Foreign guests experienced Chongqing’s night views. (Photo/Visual Chongqing) At the thematic briefing, six CPC members living and working in Chongqing shared their stories of dedication, shedding light on the city's achievements in fields such as intelligent manufacturing, opening-up, urban governance, rural revitalization, and urban renewal. One key theme was the ongoing journey of openness, shared by Lyu Sixiang, a train driver from China Railway Chengdu Group's Chongqing Locomotive Depot. Anna Cordi from Germany was impressed that workers like train drivers and city staff could share their stories at a major event. She said the China Railway Express has reshaped global trade by connecting China and Europe. Julian Mordarski, Editor-in-Chief of Poland's Dziennik Trybuna, noted that the event deepened his understanding of smart cities. "Chongqing shows how a smart city really works," he said, adding that while Poland lacks similar technology, he sees future possibilities for collaboration with Chinese experts to build a smart city in Poland. In addition to the story sharing, the event featured expert views, including John Ross, Director of Economic and Business Policy for London's Mayor and Senior Fellow at Chongyang Institute for Financial Studies at Renmin University of China. Ross compared Chongqing with London, pointing out the differences in transportation systems and education. "While London and New York are major financial hubs, Chongqing is a global manufacturing powerhouse," he said. John also highlighted the need for Chongqing, like other major cities, to continue expanding internationally. He suggested that to effectively market a city, the promotion should be centered around its core strengths, with more localized efforts to build upon Chongqing's unique position. For more information, please visit: https://www.ichongqing.info/special/blaze-a-trail/#/super-city
NEW YORK, April 22, 2025 /PRNewswire/ -- ENGWE, a leading brand in the electric bike field, has announced a strategic adjustment to its omnichannel pricing structure, effective May 2025. This change will apply across the entire product line in response to evolving international trade policies. Tariff Challenges Prompt Strategic Rebalancing With key components such as lithium-ion batteries, brushless hub motors, controllers, and suspension systems seeing steep cost increases due to tariffs, some rising as much as 25%, ENGWE recognizes the need to adapt. "We've worked hard to offset these pressures internally, but quality must never be compromised," said Baron, ENGWE Product Manager. "This pricing update is a rational decision made after thorough analysis and planning." ENGWE is dedicated to ongoing progress to ensure a more stable future Improving the Supply Chain: We're making our supply chain more efficient and reducing costs, from sourcing and production to storage and delivery, while boosting flexibility to handle tariff changes. Enhanced Product Innovation: We continue to invest in R&D and integrate the latest technologies to ensure every ENGWE e-bike delivers outstanding quality, durability, and performance. Strengthening Global Support: We are expanding our after-sales service network across major international markets to offer faster, more localized, and reliable customer support. What This Means for Customers Product Quality: ENGWE e-bikes will continue to offer strong performance, safety, and durability. Lasting Value: This adjustment supports ongoing innovation and service, ensuring your investment in ENGWE is protected for the long run. Transparent Shopping Experience: By removing time-limited discounts and guesswork, we focus on providing fair pricing, lasting value, and superior service to every rider, every day. Enjoy Current Prices During the 11th Anniversary Celebration To give customers time to enjoy ongoing offers, ENGWE's pricing changes will begin after the 11th anniversary celebration (April 1–30), which includes a chance to win one of four e-bikes, a €119 cycling gift box with select orders, and discounts of up to €800 on selected models. In today's rapidly changing trade and economic landscape, staying proactive and transparent is more important than ever. ENGWE's price adjustments will take effect in May 2025. We encourage our valued customers to stay informed through our official channels. Thank you for your continued trust and support—together, we will navigate these challenges and drive the future of sustainable mobility.
BEIJING, April 22, 2025 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced that it has entered into a partnership with Wuhu Jetour Automobile Sales Company Limited ("Jetour Auto"), an automotive brand under Chery Holding Group Co., Ltd. ("Chery Holding Group"). This collaboration marks another step forward in Cheche's ongoing efforts to deepen its partnerships with automobile manufacturers across China. Jetour Auto was launched by Chery Holding Group in January 2018 to meet consumer demands and master market trends. Jetour Auto evolved into an independent entity in 2021 operating with its own research and development, procurement and marketing departments. Chery Holding Group ranks among China's top ten automobile manufacturers by sales volume, with over 2.5 million vehicles sold in 2024 and making its debut on the Fortune Global 500 list the same year. To better serve its customers, Jetour Auto has turned to Cheche's online insurance solutions for its auto insurance application and issuance services. The Company executed a partnership agreement with Jetour Auto to provide a comprehensive digital insurance transaction platform that is currently in preparation for launch. "We are excited to announce this new partnership with Chery Holding Group, marking a significant milestone in our journey to innovate within the automotive insurance ecosystem," said Lei Zhang, Founder, CEO, and Chairman of Cheche. "Our industry-leading technology and comprehensive suite of digital insurance solutions will deliver a more seamless, convenient, and personalized experience for Jetour Auto's customers. And this collaboration is just the beginning—we see tremendous potential in expanding our services and product offerings to other automotive brands within Chery Holding Group in the near future." Safe Harbor Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding existing and new partnerships and customer relationships, projections, estimation, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements. About Cheche Group Inc. Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en. Cheche Group Inc.:IR@chechegroup.com Crocker Coulsoncrocker.coulson@aummedia.org(646) 652-7185
Income from Operations up 78.5% Year Over YearNet Income Increased by Approximately RMB60 million Year Over Year BEIJING, April 22, 2025 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company", or "we") (NASDAQ: SJ), an interactive entertainment leader in the Chinese market, today announced its financial results for the year ended December 31, 2024. Fiscal Year 2024 Operating and Financial Summaries Total revenues decreased to RMB1,363.4 million (US$186.8 million) for the year ended December 31, 2024 from RMB1,464.9 million for the year ended December 31, 2023. Gross profit increased by 27.4% to RMB245.4 million (US$33.6 million) for the year ended December 31, 2024 from RMB192.7 million for the year ended December 31, 2023. Income from operations increased by 78.5% to RMB40.7 million (US$5.6 million) for the year ended December 31, 2024 from RMB22.8 million for the year ended December 31, 2023. Net income was RMB26.7 million (US$3.7 million) for the year ended December 31, 2024, increased by RMB61.7 million as compared to a net loss of RMB35.0 million for the year ended December 31, 2023. Net income attributable to the Company's shareholders was RMB39.7 million (US$5.4 million) for the year ended December 31, 2024, increased by RMB70.5 million, as compared with a net loss attributable to the Company's shareholders of RMB30.8 million for the year ended December 31, 2023. Adjusted net income attributable to the Company's shareholders was RMB50.3 million (US$6.9 million) for the year ended December 31, 2024, increased by RMB62.0 million as compared with a net loss adjusted attributable to the Company's shareholders of RMB11.7 million for the year ended December 31, 2023. As of December 31, 2024, the Company had cash and cash equivalent balance of RMB252.5 million (US$34.6 million), which represented an increase of RMB47.1 million from RMB205.5 million as of December 31, 2023. Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "In 2024, Scienjoy delivered a strong performance amid intense competition and complex macroeconomic conditions. We are proud to report significant growth in both gross profit and income from operations—rising by 27.4% and 78.5% respectively. These results reflect our ability to efficiently convert high-quality paying users into profit growth in an increasingly mature and competitive market. We also made meaningful progress in our global expansion strategy. Leveraging our strategic regional hub in Dubai, we have launched targeted promotional initiatives in the Middle East and North Africa—a region brimming with potential and vitality. Meanwhile, our diversified product portfolio drives organic growth through the integration of online and offline innovations. We believe these consumer-centric innovations have strengthened our market position in smart lifestyle solutions and demonstrate our commitment to create long-term value for stakeholders. Looking ahead, we are focusing on expanding global presence while investing further in cutting-edge Artificial Intelligence Generated Content, or AIGC, technologies and integrating them across our product ecosystem. We believe these efforts will pave the way for sustained growth and enduring success." Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, "We are pleased to share our strong financial performance for fiscal year 2024, which underscores the effectiveness of our strategic execution and disciplined financial management. Our income from operations significantly surged by 78.5% year-over-year, reflecting the success of our strategic initiatives and operational efficiencies. Additionally, we achieved a net income of RMB26.7 million in 2024 —an impressive turnaround from a net loss in 2023 by approximately RMB60 million. This significant improvement reflects the resilience of our business model and the dedication of our team in navigating a rapidly evolving market landscape. The fiscal year 2024 results validate our strategic focus and provide a solid foundation for growth. With an eye to the future, we remain steadfast in our commitment to innovation and growth, particularly in advancing our market position within the Metaverse field. Our continued investments in innovative technology, top-tier talent, and global expansion are set to unlock new opportunities and position us at the forefront of dynamic Metaverse industry. As we advance on our globalization journey, we remain confident that our strategic vision and operational excellence will continue to drive meaningful results in the years to come." Fiscal Year 2024 Financial Results Total revenues decreased to RMB1,363.4 million (US$186.8 million) for the year ended December 31, 2024 from RMB1,464.9 million for the year ended December 31, 2023, primarily caused by a decrease in paying users due to competitive landscape of China's mobile live streaming market. Total paying users were 494,652 for the year ended December 31, 2024, compared to 557,692 for the year ended December 31, 2023. Cost of revenues decreased to RMB1,117.9 million (US$153.2 million) for the year ended December 31, 2024 from RMB1,272.1 million for the year ended December 31, 2023. The decrease was primarily attributable to a decrease of RMB123.7 million in the Company's revenue sharing fees and a decrease of RMB26.5 million in the Company's user acquisition costs due to the fact that the Company already had a stable market share. Gross profit increased by 27.4% to RMB245.4 million (US$33.6 million) for the year ended December 31, 2024 from RMB192.7 million for the year ended December 31, 2023. The gross margin increased to 18.0% for the year ended December 31, 2024 from 13.2% in the year ended December 31, 2023 due to higher average live streaming revenue per paying user ("ARPPU") during the year ended December 31, 2024, showing the Company's effectiveness in converting high-quality paying user to its profit growth. Total operating expenses increased by 20.5% to RMB204.7 million (US$28.0 million) for the year ended December 31, 2024 from RMB169.9 million for the year ended December 31, 2023. Sales and marketing expenses increased by 420.2% to RMB7.0 million (US$1.0 million) for the year ended December 31, 2024 from RMB1.4 million for the year ended December 31, 2023, primarily attributable to sales and marketing activities in our new subsidiaries in Dubai. The Company is taking initiative in Dubai market, aiming at global expansion starting from the dynamic Middle East and North Africa ("MENA") region. General and administrative expenses increased by1.4% to RMB76.6 million (US$10.5 million) for the year ended December 31, 2024 from RMB75.6 million for the year ended December 31, 2023. The increase was primarily due to an increase of RMB5.9 million in employee salary and welfare, offset by a decrease of RMB2.5 million in office renovation expenses and a decrease of RMB2.4 million in share-based compensation. Research and development expenses increased by 20.4% to RMB90.5 million (US$12.4 million) for the year ended December 31, 2024 from RMB75.1 million for the year ended December 31, 2023, due to an increase of RMB14.7 million in technical service fee and an increase of RMB1.1 million in employee salary and welfare. Provision for credit losses increased by 71.2% to RMB30.6 million (US$4.2 million) for the year ended December 31, 2024 from RMB17.9 million for the year ended December 31, 2023, primary due to a one-time write-off of a RMB30.0 million investment buyback receivable. Income from operations increased by 78.5% to RMB40.7 million (US$5.6 million) for the year ended December 31, 2024 from RMB22.8 million for the year ended December 31, 2023. Change in fair value of contingent consideration was nil for the year ended December 31, 2024, as compared to a loss of RMB5.6 million for the year ended December 31, 2023. Change in fair value of contingent consideration is derived from earn out liabilities resulted from historical acquisitions. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized as either income or expense. Change in fair value of warrants liability was nil for the year ended December 31, 2024, as compared to a gain of RMB0.2 million for the year ended December 31, 2023. The fair value of the Company's warrants derivative liability assumed from the SPAC acquisition is re-measured to its fair value at the end of each reporting period, with the change being recorded as other expense or gain. In February 2024, the Company's warrants expired according to the terms of the warrant agreement. Change in fair value of investment in marketable security was a gain of RMB6.1 million (US$0.8 million) for the year ended December 31, 2024, as compared to a loss of RMB9.0 million for the year ended December 31, 2023. The change was primarily attributable to the fair value changes in investments in a publicly traded company. Investment loss decreased to RMB5.7 million (US$0.8 million) for the year ended December 31, 2024 as compared with an investment loss of RMB31.3 million for the year ended December 31, 2023. The investment loss was primarily attributable to share of unrealized loss in long-term investments. Impairment of long-term investments decreased to RMB10.4 million (US$1.4 million) for the year ended December 31, 2024, from RMB11.8 million for the year ended December 31, 2023. Net income was RMB26.7 million (US$3.7 million) for the year ended December 31 2024, increased by RMB61.7 million as compared to a net loss of RMB35.0 million for the year ended December 31, 2023. Net income attributable to the Company's shareholders was RMB39.7 million (US$5.4 million) for the year ended December 31, 2024, increased by RMB70.5 million as compared to a net loss attributable to the Company's shareholders of RMB30.8 million for the year ended December 31, 2023. Adjusted net income attributable to the Company's shareholders was RMB50.3 million (US$6.9 million) for the year ended December 31, 2024, increased by RMB62.0 million as compared to a net loss adjusted attributable to the Company's shareholders of RMB11.7 million for the year ended December 31, 2023. Basic and diluted net income attributable to the Company's shareholders per ordinary share was RMB0.96 (US$0.13) and RMB0.95 (US$0.13) for the year ended December 31, 2024. In comparison, basic and diluted net loss attributable to the Company's shareholders per ordinary share were both RMB0.76 for the year ended December 31, 2023. Adjusted basic and diluted net income attributable to the Company's shareholders per ordinary share was RMB1.22 (US$0.17) and RMB1.21 (US$0.17) for the year ended December 31, 2024. In comparison, adjusted basic and diluted net loss attributable to the Company's shareholders per ordinary share were both RMB0.29 for the year ended December 31, 2023 As of December 31, 2024, the Company had cash and cash equivalent balance of RMB252.5 million (US$34.6 million), which represented an increased by of RMB47.1 million from RMB205.5 million as of December 31, 2023. About Scienjoy Holding Corporation Scienjoy is a pioneering Nasdaq-listed interactive entertainment leader. Driven by the vision of shaping a metaverse lifestyle, Scienjoy leverages AI-powered technology to create immersive experiences that resonate with global audiences, fostering meaningful connections and redefining entertainment. For more information, please visit http://ir.scienjoy.com/. Use of Non-GAAP Financial Measures Adjusted net income is calculated as net income adjusted for change in fair value of contingent consideration, change in fair value of warrant liability and share based compensation. Adjusted basic and diluted net income per ordinary share is non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with US GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release. 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 RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars at that rate on December 31, 2024, or at any other rate. Safe Harbor Statement Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission ("SEC") from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release. For investor and media inquiries, please contact: Investor Relations Contacts Denny TangChief Financial OfficerScienjoy Holding Corporation+86-10-64428188ir@scienjoy.com Ascent Investor Relations LLC Tina Xiao+1-646-932-7242investors@ascent-ir.com CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data or otherwise stated) As of December 31, 2023 2024 2024 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 205,465 252,540 34,598 Accounts receivable, net 260,979 226,060 30,970 Prepaid expenses and other current assets 78,653 28,415 3,893 Amounts due from related parties 355 Investment in marketable security 31,525 37,629 5,155 Total current assets 576,977 544,644 74,616 Non-current assets Property and equipment, net 2,193 1,981 271 Intangible assets, net 412,154 405,256 55,520 Goodwill 182,467 182,661 25,024 Long term investments 254,411 257,387 35,262 Long term deposits and other assets 726 906 124 Right-of-use assets-operating lease 12,157 4,845 664 Deferred tax assets 7,379 7,505 1,028 Total non-current assets 871,487 860,541 117,893 TOTAL ASSETS 1,448,464 1,405,185 192,509 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 73,183 36,015 4,934 Accrued salary and employee benefits 14,763 22,346 3,061 Accrued expenses and other current liabilities 27,610 6,840 937 Income tax payable 13,005 11,284 1,546 Lease liabilities-operating lease -current 7,974 4,098 561 Deferred revenue 97,586 80,186 10,985 Total current liabilities 234,121 160,769 22,024 Non-current liabilities Deferred tax liabilities 59,818 58,400 8,001 Lease liabilities-operating lease -non-current 4,798 700 96 Total non-current liabilities 64,616 59,100 8,097 TOTAL LIABILITIES 298,737 219,869 30,121 Commitments and contingencies EQUITY Ordinary share, no par value, unlimited Class A ordinary shares and Class B ordinary shares authorized, 38,113,879 Class A ordinary shares and 2,925,058 Class B ordinary shares issued and outstanding as of December 31, 2023, respectively. 38,922,726 Class A ordinary shares and 2,925,058 Class B ordinary shares issued and outstanding as of December 31, 2024, respectively. Class A ordinary shares 423,623 444,162 60,850 Class B ordinary shares 23,896 23,896 3,274 Shares to be issued 30,777 20,817 2,852 Treasury stocks (19,216) (19,952) (2,733) Statutory reserves 44,698 50,705 6,947 Retained earnings 628,821 662,499 90,762 Accumulated other comprehensive income 17,965 16,967 2,324 Total shareholders' equity 1,150,564 1,199,094 164,276 Non-controlling interests (837) (13,778) (1,888) Total equity 1,149,727 1,185,316 162,388 TOTAL LIABILITIES AND EQUITY 1,448,464 1,405,185 192,509 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (All amounts in thousands, except share and per share data or otherwise stated) For the years ended December 31, 2023 2024 2024 RMB RMB US$ Live streaming - consumable virtual items revenue 1,420,258 1,317,601 180,510 Live streaming - time based virtual item revenue 25,004 24,935 3,416 Technical services and others 19,609 20,848 2,857 Total revenue 1,464,871 1,363,384 186,783 Cost of revenues (1,272,145) (1,117,942) (153,157) Gross profit 192,726 245,442 33,626 Sales and marketing expenses (1,355) (7,049) (966) General and administrative expenses (75,582) (76,629) (10,498) Research and development expenses (75,116) (90,461) (12,393) Provision for credit losses (17,865) (30,584) (4,188) Income from operations 22,808 40,719 5,581 Change in fair value of contingent consideration (5,624) - - Change in fair value of warrant liabilities 170 - - Change in fair value of investment in marketable security (9,023) 6,103 836 Investments loss (31,328) (5,742) (787) Impairment of long-term investments (11,800) (10,425) (1,428) Interest income, net 2,739 3,211 440 Other income, net 7,449 1,609 220 Foreign exchange (loss) gain, net (1,887) 3,805 521 Income (loss) before income taxes (26,496) 39,280 5,383 Income tax expense (8,480) (12,597) (1,726) Net (loss) income (34,976) 26,683 3,657 Less: net loss attributable to noncontrolling interest (4,188) (13,002) (1,781) Net (loss) income attributable to the Company's shareholders (30,788) 39,685 5,438 Other comprehensive (loss) income: Other comprehensive loss - foreign currency translation adjustment (105) (998) (137) Comprehensive (loss) income (35,081) 25,685 3,520 Less: comprehensive loss attributable to non-controlling interests (4,188) (13,002) (1,781) Comprehensive (loss) income attributable to the Company's shareholders (30,893) 38,687 5,301 Weighted average number of shares Basic 40,649,414 41,367,946 41,367,946 Diluted 40,649,414 41,564,237 41,564,237 (Loss) earnings per share Basic (0.76) 0.96 0.13 Diluted (0.76) 0.95 0.13 Reconciliations of Non-GAAP Results (All amounts in thousands, except share and per share data or otherwise stated) For the years ended December 31, 2023 2024 2024 RMB RMB US$ Net (loss) income attributable to the Company's shareholders (30,788) 39,685 5,438 Less: Change in fair value of contingent consideration (5,624) - - Change in fair value of warrants liability 170 - - Share based compensation (13,637) (10,579) (1,449) Adjusted net (loss) income attributable to the Company's shareholders* (11,697) 50,264 6,887 Adjusted net (loss) income per ordinary share Basic (0.29) 1.22 0.17 Diluted (0.29) 1.21 0.17 "Adjusted net (loss) income attributable to the Company's shareholders" is defined as net (loss) income attributable to the Company's shareholders excluding change in fair value of contingent consideration, change in fair value of warrant liability and share based compensation. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Results" at the end of this press release.
BEIJING, April 22, 2025 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading hologram augmented reality ("AR") technology provider, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission (the "SEC"). The company reported that its operation result made a significant turnaround, transitioning from a net loss of around RMB 510.4 million in 2023 to a net income of approximately RMB 103.3 million (USD 14.4 million) in 2024. This remarkable shift highlights the company's effective operation strategies and strong management. Moreover, the company had a substantial increase in its cash and cash equivalents and Short-term investments, which further solidifies its financial position. Our Cash and cash equivalents and Short-term investments increased by approximately RMB 1.14 billion, or 148.0%, from approximately RMB 773.9 million for the year ended December 31, 2023 to approximately RMB 1.92 billion (USD 266.9 million) for the year ended December 31, 2024.This improved financial situation equips the company to pursue new development opportunities, invest in innovation research, and drive future business growth. The information disclosed in this press release does not purport to be complete and is qualified in its entirety by reference to the Company's annual report on Form 20-F. The annual report, which contains the Company's audited consolidate statements, can be accessed on the SEC's website at http://www.sec.gov and on the Company's investor relations website at http://ir.wimiar.com/. The Company will provide a copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed to Investor Relations Department, Room#1508, 4th Building, Zhubang 2000 Business Center, No. 97, Balizhuang Xili, Chaoyang District, Beijing, The People's Republic of China.. About WIMI Hologram Cloud Inc. WiMi Hologram Cloud Inc. (NASDAQ: WIMI), whose commercial operations began in 2015, is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies. For more information, please visit http://ir.wimiar.com. Safe Harbor / Forward-Looking Statement This press release contains "forward-looking statements" within the meaning of the 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. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, 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. 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: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable laws.
A12 藝術空間
Banking/Financial Service
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