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NEW YORK, April 23, 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 + Elon Musk to lessen time running DOGE Kristen Scholer delivers the pre-market update on April 23rd Stocks are rallying early Wednesday after President Trump softened his stance on Fed Chair Powell and the U.S. toned down tariff talk on China. The S&P 500 traded up 2.5% pre-market on Wednesday, after a 2.5% gain on Tuesday. Elon Musk announced Tuesday that he will significantly scale back his time spent running DOGE after Tesla earnings and sales missed estimates last quarter. Opening BellElm Wealth celebrates the Elm Market Navigator ETF (NYSE Arca: ELM) Closing BellRockefeller Asset Management celebrates the recent listing of the Rockefeller Opportunistic Municipal Bond ETF, The Rockefeller US Small-Mid Cap ETF, and the Rockefeller Global Equity ETF (NYSE ARCA: RMOP, RSMC, RGEF) Watch NYSE TV Live every weekday 9:00-10:00am ET Video - https://mma.prnasia.com/media2/2671253/NYSE_Market_Update_April_23_2025.mp4
Exceptional 5K Clarity, Color Accuracy, and Thunderbolt 4 for Maximized Productivity BREA, Calif., April 23, 2025 /PRNewswire/ -- ViewSonic Corp, a leading global provider of visual solutions, announces the worldwide availability of 27-inch flagship ColorPro VP2788-5K, an iF Design Award-winning monitor designed for seamless integration with both Mac and PC ecosystems. Featuring 5K UHD+ resolution, industry-leading color accuracy, and Thunderbolt 4 connectivity for daisy chaining of dual 5K monitors, it is an ideal solution for designers, photographers, and videographers to boost productivity and streamline workflows. &amp;amp;amp;nbsp;ViewSonic is launching the ColorPro VP2788-5K globally, with availability in Asia this May and Europe in June. Featuring 5K UHD+ resolution, exceptional color accuracy, and Thunderbolt 4, it supports dual-monitor daisy-chaining. Designed for both Mac and PC, it's ideal for creative professionals seeking productivity and seamless workflow integration. "The VP2788-5K combines ViewSonic's ColorPro color accuracy with advanced functionalities to optimize productivity in creative sectors," said Oscar Lin, General Manager of the Monitor Business Unit at ViewSonic. "This monitor offers top-tier color fidelity and clarity, along with easy multi-display setups, establishing a new benchmark for professional displays both within the ViewSonic community and beyond." Optimized Visual Performance for CreativesDesigned for an optimal experience with Mac devices, the 27-inch VP2788-5K monitor delivers 5K UHD+ resolution with 218 PPI for Retina-level clarity. Its resolution expands the onscreen workspace by 77% compared to a 4K monitor, ensuring crisp text, well-spaced interface elements, and effortless multi-window workflows. This allows creators to work more efficiently across multiple applications on a single display. For industry-leading color fidelity, the VP2788-5K boasts 99% DCI-P3 gamut coverage and Delta E<2 precision, ensuring true-to-life colors for creative tasks. It offers both self- and hardware-calibration for consistent color output with support for HDR 400 to enhance depth and contrast. Additionally, the Anti-Glare Low Reflection (AGLR) coating minimizes glare, optimizing visibility in bright environments—ideal for professionals needing precision details. Enhanced Productivity & Versatile ConnectivityThe VP2788-5K maximizes efficiency with dual Thunderbolt 4 ports for daisy-chained dual 5K display setups, high-speed 40Gbps data transfers, and up to 100W of power delivery for fast charging of laptops, smartphones, and tablets. It also includes HDMI and DisplayPort options for seamless connectivity with a wide range of devices. Additionally, the monitor's integrated USB hub features a USB-C upstream port, two USB-A ports, and a powered USB-C downstream port, making it easy to connect peripheral devices. Its ergonomic stand offers height, tilt, swivel, and pivot adjustments, allowing users to customize their setup for optimal comfort and focus during extended work sessions. Certified Design for Environmental ResponsibilityThe ColorPro VP2788-5K is also an eco-friendly option for creative professionals while maintaining high-performance standards. It has received EPEAT Silver and ENERGY STAR certifications, showcasing its adherence to strict energy efficiency and environmental standards. Furthermore, its green packaging is certified by the Forest Stewardship Council (FSC), which helps reduce environmental impact by using responsible materials. AvailabilityThe ColorPro VP2788-5K is now available in North America and will extend to Asia starting in May 2025, followed by Europe in early June 2025. To learn more about how the VP2788-5K enhances professional workflows, please visit the product page and video or contact your local sales representative or distributor. ColorPro VP2788-5K Monitor 27-inch display with native 5K (5120x2880) resolution 99% DCI-P3 color gamut and factory-calibrated color accuracy for true-to-life visuals 60Hz refresh rate, overclockable to 75Hz Comprehensive connectivity with Thunderbolt 4 (100W power delivery), HDMI 2.1, USB-C, USB-A, and DisplayPort. Daisy-chaining support for dual 5K monitor setups Ergonomic stand with height, tilt, and swivel adjustments for flexible positioning About ViewSonic Founded in 1987 in California, ViewSonic is a leading global visual solutions provider with a presence in over 100 countries. The company leverages over 35 years of expertise in visual technology to deliver a comprehensive portfolio of hardware, software, content, and services. ViewSonic offers a wide range of products, with screen sizes spanning from 5 inches to a massive 760 inches. This includes interactive displays, large format displays, LED displays, pen displays, monitors, projectors, SaaS, AI services, interactive content, and more. This innovative ecosystem empowers education, workplaces, and individuals to foster creativity, collaboration, and seamless learning. ViewSonic focuses on designing products that deliver optimal performance and customer satisfaction while integrating sustainable production practices and upholding comprehensive environmental, social, and governance standards. The company aims to enable customers to "See the Difference." Learn more at www.viewsonic.com.
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
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.
New Documentary Explores Hong Kong's Forgotten Oyster Reefs and Their Role in Securing a Sustainable Future HONG KONG, April 22, 2025 /PRNewswire/ -- This Earth Day (April 22, 2025) marks the online launch of a groundbreaking documentary, City of Shells: Our Forgotten Oyster Reefs (香江遺礁), which sheds light on this lost marine habitat and the urgent efforts to restore it. Produced and directed by Mike Sakas, the film follows researchers, historical ecologists, and restoration scientists as they explore the vital role oyster reefs played in Hong Kong's history and economy, highlighting why their restoration is crucial for the city's environmental resilience and sustainability. This Earth Day (April 22, 2025) marks the online launch of City of Shells: Our Forgotten Oyster Reefs (香江遺礁). The Silent Disappearance of Oyster Reefs Oyster reefs are one of the most endangered marine habitats on the planet, with over 85% lAost globally due to overharvesting, pollution, and urban development. Hong Kong is no exception—once home to extensive shellfish ecosystems, its reefs have been relentlessly dredged, mined for lime production, and buried under reclamation projects over the centuries. Despite their critical role in cleaning water, providing habitats for marine life, and protecting coastlines from erosion, these ecosystems remain largely absent from marine conservation policies. Unlike coral reefs and mangroves, oyster reefs lack formal recognition and official protection. Without an increase in local conservation efforts, they risk complete disappearance in Hong Kong waters—along with the immense environmental benefits they provide. "Even for well-known marine species, conservation is a challenge due to inadequate protection, weak enforcement, and coastal development. But for oyster reefs, the situation is even worse. Without any form of recognition, they are left out of conservation policies entirely. If this doesn't change, these already degraded, vulnerable ecosystems will disappear completely—along with the vast benefits they provide for ocean health," says Marine Thomas, Associate Director of Conservation, The Nature Conservancy Hong Kong (TNC), who is featured in the film. Professor Bayden Russell, from the Swire Institute of Marine Science (SWIMS), The University of Hong Kong, says that society has forgotten the vast benefits that oyster reefs provide both nature and society. "Oyster reefs are extraordinary! It's globally recognised that they house amazing biodiversity of other species, they fuel productivity in marine ecosystems, and are powerhouses for filtering and cleaning coastal waters. But, sadly, oyster reefs across the Pearl River Delta were almost completely gone before living memory due to overharvesting and coastal development. Until we started looking deep into the history of the area, we didn't even know that they existed here! Just think of all the benefits to the environment and human society that we're missing – we need to get it back! We need restoration." Inside the Documentary City of Shells: Our Forgotten Oyster Reefs is the culmination of three years of filming, chronicling over seven years of ongoing research and conservation efforts to restore oyster reefs in Hong Kong and the Pearl River Delta. Through historical research and scientific exploration, the film reveals how oysters have shaped the region's development — delving deeper into the socio-cultural ties between oysters and coastal communities, the lime industry that fueled early infrastructure across the region, and the thriving marine ecosystems that once flourished beneath its waters. The film follows a team of researchers, restoration ecologists, citizen explorers, and marine scientists as they search for remnant reefs, using historical maps, ecological surveys, and underwater expeditions to piece together clues about where these lost habitats might still perdure. Their findings suggest that not all is lost, and if restoration efforts are implemented at scale, oyster reefs could flourish once more. And the prospect is enormous—by filtering millions of liters of water daily, providing essential habitats for marine species, and acting as natural coastal barriers against storms and erosion, these restored ecosystems would significantly enhance biodiversity and ocean health, bringing life back to our waters. "Conservation is a rather young concept, and its genesis lies in a reaction to the observed loss of habitat. So, when we think about conservation, we tend to approach it with the intent of minimizing damage, and we rarely think about conservation as an opportunity for enhancing benefits. Restoration is an opportunity to enrich our environment and improve the health of systems in the region, with knock-on benefits to everyone who lives and works in the Pearl River Delta," says Mike Sakas, producer and director of the film. "Oyster reefs fulfilled a fundamental role in both Hong Kong's marine landscape and the city's evolution, and yet today, they are virtually forgotten." "This film is not just about oysters—it is about rebalancing our relationship with the ocean," Sakas continues. "Environmental restoration and human progress can coexist; they must coexist. We got here because of a rich environment, why would we think we could go forward without it? The good news is, in the case of our oyster reefs anyway, if we give them a chance, they have the potential to regenerate. With a nudge from us and a bit of care, these little creatures can get on with the work of restoring balance to marine environments and strengthening coastlines." But Sakas warns that action must be taken soon. "We are approaching the deadline for action. Without immediate restoration efforts, these ecosystems—and their immense environmental benefits—could be lost forever. Oysters certainly aren't going to win mass adoption based on looks. But if we want to swim in clean water, take our kids fishing, and see more wildlife along the shores, then we need to get down to the business of caring for oysters. If we do, the natural features we love about Hong Kong will be even more magnificent. If we don't, it will be our loss and our failure to future generations." TNC is honored to be featured in the documentary, contributing its expertise in marine conservation and restoration. Through its ongoing efforts, TNC strives to protect and restore oyster reefs as part of a broader mission to safeguard Hong Kong's marine ecosystems for future generations. The Asia premiere of City of Shells: Our Forgotten Oyster Reefs took place in Hong Kong on April 14, aiming to raise public awareness and increase support for oyster reefs as the Hong Kong government updates its Biodiversity Strategy Action Plan (BSAP) later this year. It was a wonderful evening celebrating the importance of oyster reefs. In addition to the premiere, TNC, in collaboration with other featured organizations, including The Swire Institute of Marine Science (SWIMS) of The University of Hong Kong, and The Explorers Club HK, will host private screenings and public talks featuring the film's scientists and conservationists. These events will provide insights into the ecological significance of oysters and discuss actionable solutions for protecting these vital habitats. The full documentary is now available to the public online at www.cityofshells.com, inviting viewers in Hong Kong to learn more and take part in raising awareness for marine restoration. This documentary was made possible through the support of Hermès Asia Pacific Limited and the dedicated efforts of numerous organizations, including The Nature Conservancy Hong Kong Foundation Limited, The Swire Institute of Marine Science, The University of Hong Kong, The Explorers Club Hong Kong, Streamline Media / TNC Australia, Airport Authority Hong Kong, Dr. Boze Hancock, Prof. Daniel Pauly, Deep Bay Oyster Cultivation Association, Edges Of Earth, Hong Kong Oyster Hatchery and Innovation Research Unit, Marine Ecology Enhancement Fund, Marine Futures Laboratory, Shelly McLeod, Charlie and Rex, Simon F.S. Li Marine Science Laboratory, The Chinese University of Hong Kong, South China Diving Club, Way Foong Charters, William Meacham, and William Sargent. Their collective contributions to research, restoration, and education continue to drive meaningful change in the conservation of oyster reefs. For more information about the documentary or to learn how to support oyster reef restoration, visit www.cityofshells.com. About Director Mike Sakas Mike Sakas is a professional photographer and documentary maker who has devoted his career to documenting projects of social and environmental significance. His passion for adventure, conservation, and an insatiable curiosity underpins the narrative of City of Shells: our Forgotten Oyster Reefs and highlights the pressing issues facing our oyster reefs. About The Nature Conservancy Hong Kong (TNC) The Nature Conservancy (TNC) is the world's leading international conservation non-profit organization dedicated to protecting natural places and preserving life on Earth for future generations since 1951. TNC follows a science-based conservation approach to create innovative solutions to global conservation challenges and enable nature and people to thrive together. We are currently addressing climate change at an unprecedented scale by protecting lands, waters, and oceans in sustainable ways, providing food and water resources, and helping cities become more sustainable. Our projects span 81 countries and territories, using collaborative approaches with local communities, governments, private sector and others, to carry out various conservation projects and activities, including biodiversity conservation, forest conservation, marine conservation, climate change, and sustainable land use. TNC organizes various community projects and educational activities, aiming to promote public awareness and action towards environmental protection and sustainable development and to raise public awareness of natural environments and wildlife. TNC has been in Asia Pacific for almost 30 years with projects in Australia, China, Hong Kong (SAR), Indonesia, Mongolia, New Zealand, and the Pacific Islands. TNC was awarded the 2019 Lui Che Woo Prize - Prize for Sustainable Development. For more about TNC's work, please visit: The Nature Conservancy (tnc.org.hk) If you also care about environmental protection and wildlife conservation, please support TNC's work, participate in our community projects and activities, and work together to protect the natural environment and wildlife, follow TNC Hong Kong's social platforms for more environmental conservation information: Facebook: TNC HK 大自然保護協會 Instagram: @tnc_hk About The Explorers Club Hong Kong The Explorers Club is an international multidisciplinary professional society dedicated to the advancement of field research and the ideal that it is vital to preserve the instinct to explore. Since its inception in 1904, the Club has served as a meeting point and unifying force for explorers and scientists worldwide, and its members have been responsible for an illustrious series of famous firsts, including first to the North Pole, first to the South Pole, first to the summit of Mount Everest, first to the deepest point in the ocean, and first to the surface of the moon. The Explorers Club Hong Kong Chapter was established in 2013 to expand the Club's mission in Asia, and to create a modern base of operations for staging more inclusive and innovating scientific expeditions in the region and beyond. Today the HK Chapter is home to over 60 of Hong Kong's most intrepid explorers, conservationists and hardcore field scientists as well as Explorers Club members from all over the world who are drawn to its unique "Collaboration over Conquest" approach to exploration. About The Swire Institute of Marine Science (The University of Hong Kong) The Swire Institute of Marine Science (SWIMS) is one of the world's leading marine research institutions. The research of SWIMS' scientists is focused on the interaction of humanity and the ocean – SWIMS specialises in the study of coastal ecosystems, the shallow seas that hundreds of millions of people depend on for their livelihood. Using leading technology and novel, interdisciplinary methods, SWIMS studies the impact of human actions, such as climate change and pollution, on marine ecosystems and biodiversity, providing science-based solutions to conservation, restoration, and sustainable management of marine resources. Hong Kong's maritime traditions and marine biodiversity are SWIMS' local roots, but the impact is global. Since its foundation in 1990, SWIMS has trained hundreds of scientists from over 30 countries, who have gone on to play leading roles in marine research and conservation. 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