本網站使用瀏覽器紀錄 (Cookies) 來提供您最好的使用體驗，我們使用的 Cookie 也包括了第三方 Cookie。相關資訊請訪問我們的隱私權與 Cookie 政策。如果您選擇繼續瀏覽或關閉這個提示，便表示您已接受我們的網站使用條款。 關閉
Favorable policies driving rapid growth HONG KONG, March 27, 2025 /PRNewswire/ -- Baguio Green Group Limited (''Baguio'' or the ''Group'', Stock Code: 01397.HK) is pleased to announce its annual results for the year ended 31 December 2024 (the "Year"). Revenue for the Year amounted to approximately HK$2.60 billion, representing an increase of approximately 11.8% as compared to the same period last year. Profit for the Year amounted to approximately HK$56.5 million, representing an increase of approximately 17.3% as compared to the same period last year. The Board recommends the payment of a final dividend for the Year at HK$3.8 cents per share. Business Overview and Prospects The Group's core business, cleaning services, recorded growth in the Year. Revenue from cleaning services increased by 14.2% to approximately HK$2,086.8 million, accounting for approximately 80.1% of the Group's total revenue. The Group's Government-related street cleaning services cover a total of seven districts, serving a population of approximately 2.8 million, marking Baguio's leading position in the Hong Kong cleaning services market. During the Year, the Group's mechanical street sweeping services covered various districts in Hong Kong. In addition, the Group provides cleaning services for Government markets, facilities, and leisure venues across various districts in Hong Kong. The Group's other cleaning sites cover hospitals, Government clinics, Hong Kong International Airport, schools, housing estates and private institutions, demonstrating that the Group's professional services are widely recognised. Waste management and recycling business recorded growth in revenue during the Year which increased by approximately 2.5% to approximately HK$285.8 million, accounting for approximately 11.0% of the Group's total revenue. Gross profit of the waste management and recycling business increased significantly by approximately 58.2% to approximately HK$33.5 million, mainly due to the Government's proactive promotion of recycling and the substantial expansion of the network of recycling spots, including those for food waste, which facilitated public participation and effectively stimulated collection. The Group continued to provide Government-related waste collection services to five districts, serving a population of approximately 1.6 million. In terms of recycling, the Group is contracted by the Environmental Protection Department ("EPD") to provide collection services for thousands of recycling spots (including plastic, glass bottles, metals, waste paper and food waste) across Hong Kong, and is one of the market leaders. During the Year, the Group provided collection services for recycling bins in public places and schools. Baguio continued to provide plastic collection services for several districts under the EPD Plastic Recycling Pilot Scheme contract. Baguio also provides collection services for Recycling Stations of"GREEN@COMMUNITY", introduced by the EPD, recycling convenience spots and smart recycling machines, and other institutions in Hong Kong. In addition, the Group also provides the Government with glass bottles collection and management services and food waste collection services in several districts in Hong Kong, and is one of the market leaders. Regarding green technology business, the Group has proactively developed its green technology business and successfully launched a one-stop smart recycling system by integrating smart digital technologies, big data analysis and Internet of Things technologies. Users can accurately understand the amount of recycling through real-time data, which helps to schedule timely transportation and reduce logistics costs and carbon emissions. During the Year, the Group won two smart contracts from the EPD (in relation to provision of smart food waste recycling machines and smart balances, respectively), demonstrating the Group's outstanding capabilities in product innovation, research and development, and leading market position in the green technology sector as well as its alignment with Hong Kong's goal of becoming a smart city. The Group's existing green technology products including smart recycling machines, smart food waste recycling machines, and smart balances contributed to the Group's revenue during the Year, and are widely used in Government organizations, public housing and private residential estates, shopping malls, universities, hospitals, large-scale exhibition centers, etc. It not only provides convenient recycling experience to the public but also improve the recycling efficiency, thus supporting the sustainable development of Hong Kong. In partnership with Jardine Engineering Corporation Limited, the Pilot Biochar Production Plant at the EcoPark in Tuen Mun was commenced trial operation during the Year. By converting yard waste into high-quality biochar with pyrolysis technology for various applications, the production plant effectively "turns waste into useful resources". The Group provides landscaping services for a wide range of clients, including large private residences, Government premises, schools, shopping malls, hotels, airports, Hong Kong Housing Authority, Hong Kong Jockey Club, Hong Kong Science Park, the University of Hong Kong, Hong Kong University of Science and Technology and Lingnan University, etc. The newly awarded contracts won by the Group during the Year covers Hong Kong-Shenzhen Innovation and Technology Park, microparks in Yau Ma Tei and Mong Kok, and the Tung Chung New Town Extension (West). For pest management business, the Group continued to provide pest management services in Wong Tai Sin and Tai Po districts during the Year. In addition, the Group provided termite control and monitoring services to 29 monuments under the Antiquities and Monuments Office and 24 temples under the Chinese Temples Committee respectively. As of 31 December 2024, the Group's contracts on hand amounted to approximately HK$3.89 billion, providing considerable revenue for subsequent years. With the orderly implementation of the "market-led" approach in Producer Responsibility Scheme on Plastic Beverage Containers and Beverage Cartons, the Group considers that the measure provides economic incentives to encourage citizens to proactively participate in recycling, which is expected to stimulate the recycling rate of plastic beverage containers and cartons, promote the healthy development of the recycling industry, and help build a circular economy and green industry in Hong Kong. In addition, the Group was awarded a service contract from the Food and Environmental Hygiene Department ("FEHD") to supply solar-powered smart collection bins after the Year. According to the Government's information, the FEHD plans to install a variety of waste collection facilities at around 300 locations by the end of 2026, including the solar-powered compacting refuse bins with an aim to further optimize waste collection in rural areas and improve environmental hygiene. The Group's product is designed with a focus on sustainability and smart technology, tailored to meet the needs of different scenarios in Hong Kong, with the goal of enhancing waste collection quality, supporting smart city development, and creating a livable environment. As The Stock Exchange of Hong Kong Limited requires listed companies to enhance climate-related disclosure, it is believed that to drive an increasing demand for the Group's ESG-related business. Looking forward, the Group will consolidate the market share of its core businesses and actively engage in expansions in Hong Kong and international markets and explore mergers and acquisitions, joint ventures and new business opportunities to drive business growth and create long-term value for the shareholders. For details of the Group's 2024 annual results announcement, please visit the following website: https://www.baguio.com.hk/en/news_center/press_release/ About Baguio Green Group Established in 1980, Baguio Green Group (Stock code: 01397.HK) is one of Hong Kong's largest integrated environmental management solution providers. It provides a full spectrum of professional services including professional cleaning, waste collection & recycling, waste management, green technology, green products, horticulture & landscaping, and pest control. The Group delivers innovative environmental solutions using the latest technologies to serve a wide range of customers in various sectors including Government departments, statutory organizations and multinational corporations. Fully committed to ESG, the Group works relentlessly to advance sustainable development and create a cleaner, greener, healthier city for a greener tomorrow.
AI applications empowered product ecosystemStellar growth overseas across AsiaMore robust business models with enhanced profitability HONG KONG, March 27, 2025 /PRNewswire/ -- Yeahka Limited ("Yeahka" or the "Company," Stock Code: 9923.HK), a leading payment and digital commerce technology platform in Asia, is pleased to announce its annual results for the year ended December 31, 2024 (the "year" or the "2024"). Business and Financial Summary Focusing in recent years on in-depth and extensive application of generative AI technology, and have achieved remarkable results in reducing costs, increasing efficiency and generating revenue for the Company and our customers. Fushi Technology, our investee company, launched the first AI Agent industry solution for merchants in Southeast Asia; Overseas business transaction volume exceeded RMB1.1 billion in 2024, a nearly five-fold year-on-year increase, with expanded business footprint in more Asian countries such as Japan and Singapore; Our one-stop payment services continued to lead the industry, with peak number of daily transactions reaching nearly 60 million; Against the industry backdrop of decrease in average transaction value per customer, our gross payment volume (GPV) in 2024 was RMB2,335.5 billion, representing a decrease of 19.0% compared to 2023; Our payment fee rate for 2024 was 11.9 basis points (bps), maintaining our commercialization capabilities in line with industry trends; Revenue for 2024 was RMB3,086.7 million, representing a decrease of 21.9% from 2023; Optimization of business structure continued, where revenue contribution from value-added services (including merchant solutions and in-store e-commerce services) with higher gross profit margins increased from 11.8% in 2023 to 13.0% in 2024; Overall gross profit margin increased from 18.7% in 2023 to 23.6% in 2024. In particular, overall gross profit margin for second half 2024 reached 28.4%, recovering to pre-pandemic levels; Leveraging the broader application of AI across the Group's three major business lines, selling, administrative, and research and development expenses in 2024 decreased by 11.0%, 10.8%, and 10.5%, respectively, compared to 2023, reflecting cost reduction across the board; Our equity shareholder and financing structure were actively upgraded, with finance costs in 2024 reduced by 31.5% compared to 2023; Net cash generated from operating activities in 2024 was approximately RMB118.9 million. Adjusted EBITDA in 2024 was RMB384.5 million. Profit for the year amounted to RMB73.0 million in 2024, representing an increase of more than six times compared to 2023; and Gearing ratio decreased to 35.9% as of December 31, 2024 due to the Company's early repurchase of its convertible bonds using its internal cash flow. Mr. Luke Liu, Chairman of the Board and Chief Executive Officer, said, "In 2024, we further embraced AI and generative technologies. We expanded our product range including more AI-related products; we deepened service offerings into more geographies in Asia; we increased focus on margins and commercial sustainability across payments and value-added services; and we also applied technology streamlining operations delivering thicker profits and cash flow, which in turn further power our investments into products and regions more comprehensively. All these form a continuous, virtuous cycle that solidifies our Company's inherent competitive advantage to continue to lead the industry, which is still in its early stages in AI application globally." Mr. Vincent Chan, Head of Corporate Development & Capital Markets, added, "For instance, we are providing the first industry AI agent solution in Southeast Asia through Fushi. Our core edge lies on our commercial digitalized ecosystem, where our payment business captures trillions RMB worth of transactions and behavioral data every year, from which we can further develop many extension of use cases as captured through our merchant solutions and in-store e-commerce businesses, based on which merchants' needs on AI could be further developed and satisfied by our new products. The inter-connectedness amongst all these components is well poised to have a flywheel effect and support much wider application of our products, including AI." Outlook Mr. Luke Liu concluded, "We remain committed to innovation further harnessing the transformative power of AI technology in enhancing operational efficiency and product competitiveness. We also prioritize localized operations and addressing local needs in our global expansion drawing operational experience and established products in China. We will continue to enhance commercialization on a wider array of products and strengthen our market position being a leading payment-based technology platform for merchants, one-stop, across regions." About YEAHKA LIMITED (Stock Code: 9923.HK) Yeahka is a leading commerce enablement technology platform dedicated to creating value for merchants and consumers. We strive to expand an independent commercial digitalized ecosystem to (i) provide seamless, convenient and reliable payment services to both merchants and consumers through our one-stop payment services; (ii) enable merchants to better manage and drive business growth through our merchant solutions; and (iii) provide consumers with local lifestyle services of great value through our in-store e-commerce services. For more information, please visit https://www.yeahka.com/
Highlights of Annual Results for the Year Ended December 31, 2024Revenue reached RMB1,986.7 millionGross profit amounted to RMB687.4 millionNet profit recorded RMB222.0 million, a significant turnaround from a year agoAdjusted Non-IFRS net profit recorded RMB314.6 million, a YOY increase of nearly 50.6%. SHANGHAI, March 27, 2025 /PRNewswire/ -- On March 27, 2025, Viva Biotech Holdings ("Viva Biotech", "the Group" or "the Company", stock code: 1873.HK) announced that for the Group's revenue during the Reporting Period achieved RMB1,986.7 million, gross profit amounted to RMB687.4 million and net profit recorded RMB222.0 million, a significant turnaround from a net loss of RMB99.8 million in the corresponding period of last year, mainly benefiting from the elimination of relevant financial adjustments due to the full repayment of convertible bonds, and an increase in adjusted non-IFRS net profit to RMB314.6 million from RMB208.8 million in the corresponding period of last year, representing an increase of nearly 50.6% as compared to last year, which was mainly attributable to an increase in operating profit margin driven by the recovery of CRO business growth and the improving operational efficiency in 2H2024, as well as the recognition of investment income from milestone payments received by the Group during the year. In addition, the Group's subsidiary Viva Biotech Shanghai was successfully restructured into a joint stock limited company on September 27, 2024, as the Group currently holds approximately 72.9% of its total issued share capital. During the Reporting Period, the Group's management and its strategic investors commenced a number of collaborations with full mutual trust, fully utilizing the strategic investors' strengths in global vision, capital markets and strategic resources to empower the Group's continuous enhancement in corporate governance, business operations, investment and financing as well as strategic planning. CRO Revenue Growth Improved Significantly Improving in the Second Half of the Year to Sustain a Recovery Momentum Ahead In 2024, the revenue of the Company's CRO business decreased by approximately 4.0% to RMB810.9 million from RMB844.9 million in the same period of last year, while the corresponding adjusted gross profit decreased by approximately 1.9% to RMB357.1 million from RMB363.8 million in the same period of last year. The decrease in CRO revenue in 2024 as compared to previous years was mainly attributable to the short-term impact of the global biopharmaceutical investment and financing pressure in 2023 on the R&D investment in innovative drugs in 1H2024. However, with the gradual recovery of global biopharmaceutical investment and financing since 2024, the Company's CRO revenue in 2H2024 has realized positive year-on-year and quarter-on-quarter growth compared with the same period last year and the first half of 2024. In addition, the CRO order value has realized positive growth year-on-year, and the monthly new order value is still maintained at a high level, which will drive the Company's CRO revenue to further maintain the rebound trend in 2025. Meanwhile, the Company has also taken a series of effective measures to enhance operational efficiency to maintain the profitability of CRO at a higher level. As of December 31, 2024, the Company's cumulative number of CRO customers increased to 1,568, including the world's top 10 pharmaceutical companies (based on the total revenue of the 2024 annual report), with the revenue share of the top 10 customers accounting for 24.4%. The CRO business has a diversified geographical distribution of customers, with the revenue share from overseas regions accounting for approximately 87.3%. Revenue from customers in Mainland China accounted for approximately 12.7%. As of the end of 2024, the Company has cumulatively delivered more than 82,716 protein structures to the clients, approximately 17,681 of which were newly delivered in 2024. The R&D of the Company has accumulated over 2,098 independent drug targets, 112 of which were newly delivered in 2024. Currently, the Company maintains a leading global position in the industry in the field of protein structure analysis. During the Reporting Period, the utilization of synchrotron radiation source reached 1,867 hours. The Company established long-term cooperation with 13 synchrotron radiation source centers around the world, the Company will ensure uninterrupted data collection throughout the year. In terms of marketing and business development, on one hand, the Company will obtain integrated service orders by fostering synergistic development of biological and chemical segments, on the other hand, the Company will actively continue to enhance the integration of digital marketing and offline business development (BD), while expanding its global BD team. During the Reporting Period, the Group not only strengthened its presence in the European market, but also established a branch in Boston, the United States. This marked a new milestone in the Company's global footprints, allowing us to further expand and deepen the international cooperation network. Moreover, the Company attaches great importance to the important role of artificial intelligence (AI) in drug R&D. Based on the efforts in improving efficiency and success rate, the Company combines dry and wet experiments to expand quantity and scale of new projects continuously. It is worth mentioning that by the end of 2024, the Company had participated in 157 AIDD projects, and the cumulative number of customers purchasing CADD/AIDD reached 51. Revenue from AI-enabled projects exceeded US$10 million, and cooperation with renowned institutions regarding a complete set of AI discovery solutions has been reached in some niche fields. New Commercial CDMO Projects to be Launched Soon and the CMC Business Optimization and Adjustment Largely Completed The Group is committed to building a one-stop service platform from R&D to production of global innovative drugs. Through the 100% equity interests acquisition of Zhejiang Langhua Pharmaceutical Co., Ltd (Langhua Pharmaceutical), the Group has been able to complete the deployment of the production side of the business. During the Reporting Period, the Group continued to expand CDMO capacity to prepare for commercial production of new molecules in the future. In addition, the Company completed optimization and adjustment of the CMC business. In 2024, Langhua Pharmaceutical recorded revenue of RMB1,175.7 million and the adjusted gross profit of RMB344.5 million. As of December 31, 2024, Langhua Pharmaceutical had served 897 clients, with 66.8% of revenue accounted for by the top ten customers and 100% retention rate of the top ten customers. Currently, Langhua Pharmaceutical's CDMO business, in addition to the existing commercialized projects that can maintain natural growth, has two important new commercialized projects that are at the process performance qualification (PPQ) stage and are expected to be commercially launched in 2025 and 2026, respectively, which will serve as a new growth driver for the CDMO business in the future. With respect to production capacity, the current total available total capacity has reached 860 cubic meters. In addition, Langhua Pharmaceutical plans to establish a new production capacity of 400 cubic meters between 2024 and 2025 to cater the commercial production of new molecules, and the civil construction work has already been completed. This endeavor will provide sufficient assurance for the Company's revenue growth with the launch of new products and release of reserved capacity in the future. Langhua Pharmaceutical will continue to adhere to the principles of customer first and regulatory compliance in quality management, strengthen cooperation with quality customers, and continuously improve and enhance the guidance and operability of the quality system. During the Reporting Period, Langham Pharmaceutical passed the on-site inspections of WHO and FDA again, which fully demonstrates that the quality system of Langham Pharmaceutical is further well aligned with the international system standards, and can guarantee the provision of quality, safe and reliable CDMO services to the world's leading pharmaceutical enterprises. In 2024, the Group adjusted its CMC business structure by focusing more on synthesis and analytics operations, strengthened BD efforts to overseas customers, and promoted continuous improvement in profitability through cost reduction, efficiency enhancement and customer mix optimization. Since its establishment, CMC has completed and is currently progressing with a total of 255 new drug projects, driven by a CMC R&D team of 105 members, and generated revenue of nearly RMB43.0 million. In addition, the projects channeled by the Group progressed smoothly, and one pipeline has rapidly advanced to Phase III clinical trials, showcasing the success of the Group's integrated strategy. In the future, the Group will further strengthen the BD and channeling efforts for acquiring high-quality CMC projects with a view to promoting revenue growth and profitability improvement of the CMC business on the basis of fully utilizing internal project resources, reducing costs and increasing efficiency. Partial Exits of Incubation Portfolio Companies Continued to Realize Investment Returns, Accretive to the Group's Profits During the Reporting Period, the Company achieved partial investment exits from a number of portfolio companies (Focus-X, Saverna, Dogma, Riparian, DTX and Nerio), realizing corresponding investment returns and generating total proceeds of nearly RMB162.5 million. As of December 31, 2024, the Group had invested in a total of 93 portfolio companies. The portfolio companies are mainly from the United States, Canada, Europe and China. 67.7% of the portfolio companies are from North America and 25.8% are from China. In 2024, 11 of the Company's portfolio companies completed or were close to completing a new round of financing, raising approximately US$292.7 million. The R&D efforts of the portfolio companies were advancing smoothly, with the total number of pipeline projects reaching close to 227, of which 186 pipelines are in the preclinical stage and 41 pipelines in the clinical stage. So far, the Group has successfully realized 15 investment exits or partial exits. Furthermore, the Group may have several potential exits of our portfolio companies, and it also can be foreseen that a peak season of investment exits will arrive in the next three years. As of December 31, 2024, the Company has strategically invested in a series of high-quality assets, including portfolio companies such as Haya, Mediar, Nerio, Full-Life, Absci, Dogma, Arthrosi, Basking, Cybrexa and FuseBio. In the future, as these portfolio companies to develop successfully, secure ongoing financing, and realize exits, the initial investments will gradually enter the harvesting phase, providing sustained cash returns and investment income for the Group. Technology Highlights and R&D Breakthroughs Viva Biotech's artificial intelligence technology, accumulated and developed over many years, is empowering its entire drug discovery platform. The current AI capabilities cover the full workflow of FIC drug discovery and are gradually transforming the logical paradigm of drug discovery through end-to-end integration. By focusing on new targets, novel MOA and new modalities, Viva Biotech has developed distinctive AI capabilities, driving its one-stop innovative drug R&D service platform from "AI-assisted" to "AI-driven". New Target A series of target protein structures not reported in the PDB protein structure database have been delivered to customers. Novel MOA Including allosteric mechanisms, target selectivity and conformational selectivity. Comprehensive drug discovery technologies such as DEL, ASMS, Intact-MS, SPR, NMR, crystal soaking, virtual screening, membrane protein technology, phage display and HTS; as well as various experimental validation techniques including protein crystal structures, Cryo-EM structures, HDX-MS and Bioassay. Additionally, the Company provides medicinal chemistry, computational chemistry, Pharmacology and DMPK services. New Modality Established platforms such as the XDC platform, peptide technology platform, PROTAC/molecular glue platform, and antibody/large molecule R&D technology platform. XDC Platform: Successfully integrated biologics/antibody platforms, peptide platforms, and small molecule drug platforms into the XDC large platform, covering multiple fields and capable of supporting various conjugated molecular models such as ADC, RDC, AOC, APC, DAC, etc. Additionally, the XDC platform has been deeply integrated with AIDD/CADD technologies and DEL technologies. Peptide Technology Platform: At the peptide discovery journey, a new AI-based peptide generation method has been developed, as well as a peptide screening strategy combining DEL/phage display screening data with AI analysis capabilities. Through a multi-dimension peptide research and development approach, the success rate of customer peptide R&D has been comprehensively improved. The company also provides one-stop peptide R&D and partial production services, including synthesis, biological testing, and PK research. PROTAC/ Molecular Glue Platform: PROTAC/molecular glue-related services account for approximately 10.75% of the CRO's total revenue. Over 50 E3 ligases have been researched, and more than 150 PROTAC ternary complexes have been delivered. Macromolecular Drug/Antibody Platform: By combining AIDD/CADD technologies, multiple high-difficulty antibody affinity modification projects and patent breakthroughs have been successfully completed. Furthermore, the antibody R&D platform has been enhanced through the expansion and improvement of bispecific antibody design platforms, high-throughput antibody rapid expression platforms, mRNA immunization, gene gun immunization, and other technologies. AI-enabled SBDD One-Stop Novel Drug R&D Service Platform The Company's AIDD and CADD platforms possess proprietary algorithms and platform-building capabilities, along with experience in developing various drug modalities. Leveraging Viva Biotech's strengths in structure-based drug R&D and supported by the computational power of the Shanghai supercomputing cluster, these platforms comprehensively empower all stages of early drug development. Building on this foundation, Viva Biotech is transitioning from a phase where computational methods primarily supported various drug development stages to a new phase where AI drives drug design, integrates with experimentation, and transforms the drug design paradigm. Staff and Facilities As at December 31, 2024, the Group had a total of 2,063 employees, of whom the number of CRO R&D personnel reached 1,121, and the headcount of Langhua Pharmaceutical was 711. The Company has well-established office and laboratory facilities in line, and is expanding production capacity to meet the fast-growing business needs, including: The Group's headquarters in Zhoupu, Shanghai, with a total area of approximately 40,000 square meters. The incubation center located in Faladi Road, Shanghai has an actual usable area of approximately 7,576 square meters, including 5,552 square meters of laboratory area. The park in Chengdu is approximately 64,564 square meters, of which 12,210 square meters of properties had been put into use as at December 31, 2024, including 10,800 square meters of laboratory area. A park in Suzhou is approximately 7,545 square meters, including nearly 5,305 square meters of laboratory area. A park in Jiaxing is approximately 6,362 square meters, including nearly 5,335 square meters of laboratory area. Shanghai Supercomputing Center has been officially put into operation in 2021. At present, it can support computer-aided drug discovery (CADD) computation, artificial intelligence in drug discovery (AIDD) related computation, and crystal structure and Cryo-EM (Micro-ED) computation. The factory of Langhua Pharmaceutical in Taizhou, Zhejiang is approximately 35,168 square meters, including the Taizhou R&D center with an area of approximately 2,500 square meters. The R&D center of Ningbo Nuobai has an area of approximately 1,300 square meters and the office building of Ningbo Nuobai has an area of approximately 1,500 square meters. Dr. Mao Chen Cheney, Chairman and Chief Executive Officer of Viva Biotech, said, "With unique advantages in structure-based drug R&D (SBDD), the Company will increase the cross-sell between biological and chemical businesses, continue to strengthen the construction of a one-stop drug R&D and manufacturing service platform, deepen the synergy between CRO and CDMO business, improve the capacity building for front-end services and drive business to back-end services to further enhance the business funnel effect. The Company is in an effort to establish an open eco-system for global biopharma innovators. " About Viva Biotech Established in 2008, Viva Biotech (01873.HK) provides one-stop services ranging from early-stage Structure-Based Drug R&D to commercial drug delivery to global biopharmaceutical innovators. We offer leading early-stage to late-phase drug discovery expertise by integrating our dedicated team of experts, cutting-edge technology platforms, and state-of-the-art equipment in X-ray crystallization, Cryo-EM, DEL, ASMS, SPR, HDX, AIDD/CADD, and much more. Our business covers all aspects of therapeutic strategies and drug modalities, including small molecules and biologics across the pharma and biotech spectrum. The experienced chemistry team, led by senior medicinal chemists and drug discovery biologists, provides services for drug design, medicinal chemistry (hit to lead and lead optimization), custom synthesis, chemical analysis and purification, kilogram scale-up, peptide synthesis and corresponding bioassays. With our subsidiary, Langhua Pharma, we offer our worldwide pharmaceutical and biotech partners a one-stop integrated CMC (Chemical, Manufacturing, and Control) service from preclinical to commercial manufacturing. Additionally, Viva embedded an equity for service (EFS) model to high potential startups to address unmet medical needs. As of December 31, 2024, Viva Biotech had cumulatively provided drug R&D and manufacturing services to 2,465 biotech and pharmaceutical clients around the world. We have invested and incubated 93 biotech start-ups in total. In the future, the company will continue to strengthen its technological barriers and improve R&D, production levels, and our service capacity to provide high-quality and diversified services for more drug discovery start-ups, as well as medium and large pharmaceutical enterprises around the world.
BEIJING, March 27, 2025 /PRNewswire/ -- Maoyan Entertainment ("Maoyan" or the "Company", 1896.HK), a leading platform providing innovative Internet empowered entertainment services in China, today announced its audited consolidated results for the year ended December 31, 2024. The Board has proposed a final dividend of HKD 0.32 per share for 2024, underscoring the company's strong commitment to shareholder value and confidence in its future business growth and performance. Full Year 2024 Financial Highlights Revenue was RMB4,082.2 million, compared with RMB4,757.4 million in 2023. Profit was RMB181.9 million, compared with RMB907.8 million in 2023. Adjusted net profit[1] was RMB309.6 million, compared with RMB1,029.0 million in 2023. [1] We defined adjusted net profit as net profit for the year adjusted by adding back share-based compensation and amortization of intangible assets resulting from business combinations. BUSINESS REVIEW According to the data released by the China Film Administration (國家電影局) for 2024, the total box office nationwide reached RMB42.502 billion, representing a decrease of 22.6% compared to 2023. The offline performance market maintained its growth trend, with commercial performance box office revenue nationwide reaching RMB57.954 billion for the full year, reflecting a year- on-year increase of 15.37%, according to the National Performance Market Development Briefing for 2024 (《2024全國演出市場簡報》) released by the China Association of Performing Arts (中國演出行業協會). During the Reporting Period, the number of released movies in which the Company was involved and their box office performance continued to rank at the top among industry leaders. With our enhanced promotion and distribution service capabilities, the movies for which we acted as a lead distributor reached record highs at the box office contribution. Our live entertainment business continued to outperform the overall market in both revenue and GMV growth, further strengthening our market competitiveness. By continuing to optimize the revenue structure, the Company maintained its profitability. Entertainment Content Services As a leading promoter and distributor of domestic movies, as well as a premier movie producer and self-developer in China, we actively serve the industry and contribute to the distribution, production and development of various genres of domestic movies. In 2024, we were involved in a total of 63 released domestic movies, achieving a cumulative box office of approximately RMB23.2 billion, with both the number of films we participated in and the market share reaching historic highs for the same period. We also increased the number of top-tier movies we participated in and deepened our presence. Out of the top 10 domestic films in terms of box office in 2024, Maoyan was involved in the production/distribution of 8 movies, including 6 movies for which we acted as a lead distributor. During the Reporting Period, we continued to refine our promotion and distribution capabilities and methodologies, while maintaining a keen sense of market conditions and project evaluation. From early-stage insights into themes, release dates, and evolving user demands to refined operations, we continued to improve and streamline our promotion and distribution capabilities, product systems, and organizational development. We also further standardized our promotion and distribution processes, covering various areas including pre-release marketing, short videos, materials, and collaborative promotion and distribution coordination. At the same time, we persisted in iterating and optimizing our product promotion and distribution capabilities, embraced new technologies and capabilities, and continued exploring synergies among various industries. For instance, we collaborated with mainstream platforms including Baidu, Tencent, and Douyin on AI technology applications in a number of movies, effectively enhancing the movies' promotional effects and user engagement. Leveraging our high-quality promotion and distribution services, as well as our long-standing and ever-growing movie selection and data capabilities, during the Reporting Period, we participated in the promotion and distribution of 60 domestic movies, among which we acted as a lead distributor for 36 domestic movies, setting new records in terms of both the number of movies and the box office. Many of these movies performed exceptionally well in the following release periods: During the 2024 New Year, Shining For One Thing (一閃一閃亮星星), Johnny Keep Walking! (年會不能停!) and The Goldfinger (金手指), for which we acted as a lead distributor/producer ranked among the top three in box office for the release period. During the 2024 Labour Day Holiday, The Last Frenzy (末路狂花錢), for which we acted as the lead distributor/producer ranked second in box office for the release period. During the 2024 Dragon Boat Festival, Be My Friend (我才不要和你做朋友呢), for which we acted as a lead distributor/producer ranked No. 1 in box office, respectively for the release period. During the 2024 summer movie season, Successor (抓娃娃) and A Place Called Silence (默殺), for which we acted as a lead distributor/producer ranked first and second in box office for the release period. During the 2024 National Day, The Volunteers: The Battle of Life and Death (志願軍: 存亡之戰), for which we acted as a lead distributor/producer ranked first in box office for the release period. Moreover, several of the aforementioned movies won or were nominated for awards at the Hundred Flowers Awards (大衆電影百花獎), the China Golden Rooster Awards (中國電影金雞獎), the Changchun Film Festival (長春電影節), the Hong Kong Film Awards (香港金像獎), the Asian Film Awards (亞洲電影大獎), and the Tokyo International Film Festival (東京國際電影節). In particular, during the last five consecutive Spring Festivals, from 2021 to 2025, movies for which we acted as a lead distributor achieved outstanding performances and claimed the top two spots in the corresponding film seasons, including DETECTIVE CHINATOWN 1900 (唐探1900) in 2025, Pegasus 2 (飛馳人生2) in 2024, Full River Red (滿江紅) (ranking No. 7 in China's movie history) in 2023, Too Cool To Kill (這個殺手不太冷靜) in 2022, and Hi, Mom (你好，李煥英) (ranking No. 4 in China's movie history) in 2021. These successes again demonstrated our consistent and reliable ability to identify and capture high-quality content. We continued to focus on self-production and creation, strengthened our own IP development, and enhanced our ability to develop and produce excellent content achieving further breakthroughs in the production domain. During the Reporting Period, we successively released several self- produced movies including A Place Called Silence (默殺), The Umbrella Fairy (傘少女), Go For Broke (重生), Panda Plan (熊貓計劃), and Honey Money Phony ("騙騙"喜歡你). Many of these movies achieved outstanding box office performance and reputation, including: A Place Called Silence (默殺) grossed RMB1.351 billion at the box office, making it the second-highest grossing film of the 2024 summer movie season, and received multiple awards and nominations at the 37th Tokyo International Film Festival (第37屆東京國際電影節) and the 19th Changchun Film Festival (第19屆長春電影節). Panda Project (熊貓計劃) is the best family bonding movie for the National Day season. Honey Money Phony ("騙騙"喜歡你) achieved outstanding box office performance during the 2024 New Year's Eve and 2025 New Year's Day seasons, ranking the third-highest box office revenue in both periods. Furthermore, we remain committed to the animated film industry with a long-term, patient approach. To date, we have made strategic investments and taken concrete steps in talent development, deep collaboration with content creators, IP incubation and growth, technological innovation, and capacity expansion. This year, Endless Journey of Love (時間之子), the first 3D animated movie that we self-produced, is set to meet the audience on May 30, 2025. Furthermore, we involve in the production/distribution of animated movies that have either already been or are about to be scheduled, such as Nobody: Lang Lang Ago (小妖怪的夏天). Moving forward, we will continue to invest and remain committed to creating long-term value in animation movies. Currently, a series of movies for which we acted as a distributor/producer are already released, such as, The Dumpling Queen (水餃皇后), A Gilded Game (獵金游戲), Endless Journey of Love (時間之子), The Litchi Road (長安的荔枝) and Panda Plan 2 (熊貓計劃2). Furthermore, we continue to maintain a diverse and abundant pipeline of movie content covering varied themes. An array of movies in our pipeline are steadily progressing, such as, De Xian Jin Zhi (得閑謹制), Malice (惡意), Intercross (人•魚), VANISHED PEOPLE (消失的人), The Adventure (奇遇) and Nobody: Lang Lang Ago (小妖怪的夏天), as well as several of our self-produced films, such as Running In The Rain (千金不換), and Casual Revenge (即興謀殺). Online Entertainment Ticketing Services Since 2024, the offline performance market has maintained rich supply and strong demand. We have consistently invested in and developed our offline performance ticketing business, further enhancing our market competitiveness. During the Reporting Period, the total revenue and GMV of our offline performances reached new highs compared to the same period in previous years. As for large-scale performance events, in addition to continuing to provide ticketing services for several top-tier domestic artists' tours, including Jacky Cheung, Eason Chan, and Jay Chou, we also provided high-quality ticketing and on-site services for various top-tier international artists' concerts in China, including Kanye West and Mariah Carey. During the Reporting Period, the GMV of concerts for which Maoyan provided ticketing services grew by approximately 90% year-on-year. For local performance events, our market share continued to increase, and the category coverage of our services continues to grow and evolve. For instance, we actively promoted the online penetration of local Quyi shows, with their GMV increasing by approximately 90% year-on-year. We also supported cultural activities organised by local governments by distributing millions of consumption vouchers, driving GMV growth of over RMB10 million. In overseas regions, in addition to support services for various performances in Hong Kong through the Urban Ticketing System (城市售票網), we continued to expand the performance lineup of our self-operated ticketing platform, UUTIX, in the Hong Kong and Macau regions, serving multiple performances, including Macau 2049 (澳門2049) directed by Zhang Yimou (張藝謀) and ComplexCon Hong Kong. We have also established long-term ticketing business partnerships with several entertainment groups in Macau. In addition, we have actively explored cooperation opportunities in multiple regions, including Southeast Asia, the Middle East, and Latin America, and have established in-depth cooperation with several apps in these local regions. We will continue to strengthen our partnerships in the performance business going forward. In 2024, we continued to provide high-quality movie ticketing services to the industry, maintaining our market-leading position and continuously strengthening our competitiveness. During the Reporting Period, we continued to enrich our product offerings with "Cloud Block Booking" (雲包場) and other services, exploring and satisfying our users' diverse needs. In addition, we proactively expanded into new ticketing scenarios by leveraging emerging formats such as live streaming and merchandise promotions to broaden our user service coverage. Furthermore, we continued to enhance our service capabilities for film festivals and government cultural activities. During the Reporting Period, Maoyan served as the official ticketing platform for the 14th Beijing International Film Festival (第十四屆北京國際電影節) for the fourth consecutive year. We also provided ticketing and special promotions for multiple film festivals, including the 49th Hong Kong International Film Festival (第49屆香港國際電影節), the 11th Silk Road International Film Festival (第11屆絲綢之路國際電影節), and the 6th Hainan Island International Film Festival (第6屆海南島國際電影節). Furthermore, we conducted various public welfare activities at the provincial, municipal, and district levels across the country, including movie ticket discounts, a combination of movies and performance, and "savoring food through movies" (跟著電影品美食) campaigns. Advertising Services and Others In terms of promotional and marketing services, we fully leveraged our resource integration capabilities and deepened cooperation with a number of internet platforms. Leveraging our strategic foresight and advantages in products and resources, we expanded our audience reach to lower-tier markets and provided rich advertising promotions for films. During the Reporting Period, we upgraded our comprehensive live streaming marketing services, further diversifying our commercial offerings to boost online film promotions. These efforts generated over RMB10 million in commercialization revenue. To date, our content matrix has attracted a total number of more than 80 million fans. We continue to serve the movie industry with our "technology + big data" approach, while also keeping abreast of the integration of AI technology into the film and television industry. During the Reporting Period, we independently developed AI film creation software, designed to perform intelligent script analysis, intelligent character creation and other functions, effectively enhancing the efficiency of front-end script creation and communication processes. At the same time, we collaborated with multiple AI companies in the industry to jointly explore and advance the application of AI technology in animation production and visual storytelling. Maoyan Pro (貓眼專業版) continues to update and iterate its tool products, leading to a steady increase in industry influence, with the daily average visits reaching a historic high during the 2025 Spring Festival season. Maoyan Pro's global box office data service was further upgraded with more accurate and timely global box office data. This service currently covers major markets including North America, Japan, South Korea, the UK, and Australia, offering the industry a comprehensive and precise reference for global box office performance. As the first authoritative data and information platform in the industry to provide information on domestic movies' overseas release and box office performance, Maoyan Pro has become a key resource for the domestic film and television industry to gauge market performance abroad. Furthermore, during the Reporting Period, we officially launched Maoyan Pro's PC Professional Edition, providing multi-dimensional and scenario-based data query combinations. This upgrade helps our industry partners better formulate their promotion and distribution strategies. Maoyan Research Institute remains committed to leveraging precise and scientific data analysis to provide in-depth, systematic data services for films at every stage of their lifecycle, by closely monitoring market trends, audience preferences, and consumption habits. During the Reporting Period, Maoyan Research Institute published an array of data insights and analysis reports on audience profiles, viewing demands, and audience sentiments during multiple key seasons. Concurrently, Maoyan Research Institute actively expanded its early-stage user research, furnishing concept testing and IP research services for movie projects in development. This helps to keep the industry informed of audience feedback, thereby influencing content creation at its source. OUTLOOK As of March 26, 2025, the total box office for the domestic film market in 2025 had exceeded RMB24.2 billion. Notably, six movies, including NE ZHA 2 (哪吒之魔童閙海), were released during the Spring Festival season. Their total box office reached RMB9.51 billion with 187 million movie viewers, both setting new records for the Spring Festival season. As a key participant in China's film industry, we will adhere to the core development strategy of "Technology + Pan-entertainment" to deepen our presence in the pan-entertainment industry. With a firm commitment to improving our core competitiveness and profitability, we will uphold our original aspiration of serving the entire entertainment ecosystem, while driving high-quality development in the cultural and entertainment industry and making positive contribution to the development of a culture powerhouse. We will continue to strengthen our strategic investment in the entertainment content business, further solidifying our leading advantages and capabilities in movie promotion and distribution. We will also deepen our participation in the distribution and production of blockbusters. Moreover, we will remain committed to the long-term development of animated movies, as well as value creation. Live entertainment remains one of our Company's strategic development priorities. We will closely track market trends while continuing to increase our long-term investment in our performance business, enhancing our infrastructure and service capabilities to further strengthen our market competitiveness. At the same time, building on our existing platforms and business collaborations in Hong Kong and Macau, we will further expand commercial cooperation in these regions and beyond as we seek new growth opportunities and possibilities for the Company's development. Furthermore, we will continue to explore and expand innovative business opportunities, such as the integration of AI technology into film creation and new collaborative scenarios with cinemas and other partners. Last but not least, we would like to express our sincere gratitude to all of our colleagues, shareholders, and industry partners for their trust and support. Let us forge ahead together and propel the high-quality development of the film industry, advancing China's transformation into a cinematic powerhouse. About Maoyan Entertainment Maoyan Entertainment (1896.HK) is a leading technology-driven entertainment company providing diversified services and valuable industry insights in China's pan-entertainment industry. The Company's mission is to make it easy to create, deliver, and enjoy great entertainment. Based on its core development strategy of "Technology + Pan-Entertainment", the Company has grown from an online movie ticketing service provider into an innovative one-stop platform with comprehensive entertainment services. For more information, please visit https://ir.maoyan.com/. Investor Relations Contact Maoyan EntertainmentEmail: ir@maoyan.com Piacente Financial CommunicationsHelen WuEmail: maoyan@tpg-ir.comTel: +86-10-6508-0677 Non-IFRS Financial Measures To supplement the consolidated results of the Company prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of, operating profit, operating margin, profit for the period, net margin, profit attributable to equity holders of the Company, basic EPS and diluted EPS), have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies. The Company's management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Company's core operations by excluding certain noncash items and certain impact of M&A transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Company's material associates based on available published financials of the relevant material associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises. Forward-Looking Statements This press release contains forward-looking statements relating to the business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.
MILPITAS, Calif., March 27, 2025 /PRNewswire/ -- Zepp Health Corporation ("Zepp" or the "Company") (NYSE: ZEPP) today announced its unaudited financial results for the fourth quarter of 2024. Fourth Quarter 2024 Financial and Operating Highlights: Revenue reached US$59.5 million representing a 40.2% of quarter over quarter increase, out of which our Amazfit-branded products grew by 43.4% quarter-over-quarter. Gross margin was 36.8% compared with 34.7% in the same period last year. Adjusted operating loss[1] was US$7.4 million, which was the lowest level in 2024. Full Year 2024 Financial and Operating Highlights: Gross margin was 38.5% compared with 26.2% in the full year of 2023. Adjusted operating expenses[2] was US$110.4 million, compared with US$111.7 million in the full year of 2023. [1] Adjusted operating income/(loss) represents operating income/(loss) excluding: (i) share-based compensation expenses and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements. Please refer to the section titled "Reconciliation of GAAP and non-GAAP results" [2] Adjusted operating expenses represent operating expenses excluding (i) share-based compensation expenses and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements. Please refer to the section titled "Reconciliation of GAAP and non-GAAP results" Mr. Wang 'Wayne' Huang, Chairman and CEO of Zepp, commented, "In the fourth quarter of 2024, despite macroeconomic challenges and supply bottlenecks, we kept transitioning to a higher-margin, enhanced brand power model. Our fourth quarter of 2024 sales rose 40% quarter-over-quarter, in line with guidance. In 2024, our gross margin was 38.5%, up from 26.2% in 2023. We ended the year with US$111 million in cash, enabling investment and market response. The T-Rex 3 became a dark horse in the outdoor and sports watch market. Six months after launch, user activations rose steadily, with plenty of positive feedback from users and KOLs. We're confident it'll keep rising, driving Amazfit sales with good margins and bringing us closer to near-term profitability." Wayne added, "In branding, we've been beefing up the Amazfit athletes team. Five-time Olympic medallist Gabby Thomas and Italian tennis star Jasmine Polini recently joined as Athlete Ambassadors. We're also deepening the HYROX collaboration and will launch more powerful HYROX products and features. These partnerships have boosted confidence among major offline key account partners in the US and Europe, who have allocated us more display space to replace competitors' counters, which will fuel growth in the second half of the year. " Wayne concluded: "Leveraging Active 2 and Bip 6 series, we're expanding market share, growing the entry-level user base, and enhancing brand influence in the value-for-money segment, especially in emerging markets. Since its launch in the first quarter, Active 2 has gained strong momentum in Europe and the U.S., with excellent media reviews calling it the best smartwatch at the $100 price point, and very positive user feedback. On the technology side, we're advancing Zepp OS with OpenAI 4.5 integration. In nutrition tracking, our food logging feature by picture and video analytics within the Zepp App is now available in Europe and North America, receiving increasingly strong user adoption. To accelerate large-scale deployment of both Zepp OS and food logging capabilities, we're exploring DeepSeek's power to significantly reduce processing costs. With a robust roadmap and an integrated ecosystem, we've never been more confident about our future." Zepp Health's CFO, Mr. Leon Deng, said, "The fourth quarter of 2024 revenue grew 40.2% quarter-over-quarter due to T-Rex 3 launch, but declined 28.3% YoY due to product structure changes and macro headwinds. The gross margin was 36.8% in the fourth quarter 2024, up from 34.7% in the fourth quarter of 2023 and grew from 26.2% in the full year of 2023 to 38.5% in the full year of 2024, helped by better product mix and brand awareness. Operating costs were in check and aligned with guidance, achieving the highest quarterly adjusted EBIT[3] in 2024, moving towards break even. The fourth quarter of 2024 GAAP loss was US$36.9 million with various provisions, which are non-cash and one-off in nature. As of December 31, 2024, the company had US$111 million in cash, down from US$140 million as of Dec 31, 2023, mainly due to lower operating profit offset by better working capital management. Inventory balance stood at US$56.8 million on Dec 31, 2024, it was the lowest since 2018. By February 2025, the company has successfully refinanced majority of its short-term debts maturing in 2025 into long-term debt instruments with a low coupon rate. Following this adjustment, long-term debt accounts for around 75% of the company's overall debt structure. Since the first quarter of 2023, US$56.3 million of the total debt had been retired and the capital structure would be further optimized as operating cash flow strengthened. We are pleased to see that revenue resumed an upward trend in the first quarter of 2025, boosting confidence for 2025. The share repurchase program would continue in 2025, showing faith in Zepp Health's long-term potential and commitment to shareholder value." [3] Adjusted EBIT is a non-GAAP financial measure, which is defined as net loss, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements, (iii) gain/(loss) from fair value change of long-term investment, (iv) impairment loss from long-term investments, (v) income/(loss) from equity method investments, (vi) income tax (benefit)/ expense, and (vii) interest income and interest expense. Fourth Quarter 2024 Financial Results Revenues Revenues for the fourth quarter of 2024 reached US$59.5 million, a decrease by 28.3% from the fourth quarter of 2023. The decrease was primarily due to the decrease in the sales of Xiaomi wearable products, as well as the decrease in sales of Amazfit-branded products, due to different new product launch timing and product mix, with fewer SKUs currently on sale compared to 2023. Also, supply was still somewhat constrained by the production capacity for T-Rex 3 in the fourth quarter. However, compared with the third quarter of 2024, revenue of Amazfit-branded products increased by 43.4%, which is the highest quarter-over-quarter increase in 2024, the increase was primarily driven by the positive market reception of our recent launches, especially the newly introduced Amazfit T-Rex 3, and our core products such as Balance, Active, have seen continued popularity and growing demand. Gross Margin Gross margin in the fourth quarter of 2024 was 36.8%, compared to 34.7% in the same period of 2023. Higher gross margin of self-branded products was primarily driven by the product mix, especially higher gross margin of T-Rex 3.We expect the positive gross margin trend to continue into 2025 with the new product launches, such as Amazfit Active 2 and Amazfit Bip 6. Research and Development Expenses Research and development expenses in the fourth quarter of 2024 were US$11.1 million, a decrease by 0.6% year-over-year. The decrease was as a result of our refined research and development approaches, as we consistently evaluated resource efficiency to ensure maximum return on investment and productivity. We are committed to investing in new technologies and AI to maintain our competitive edge against our peers. Selling and Marketing Expenses Selling and marketing expenses in the fourth quarter of 2024 were US$13.3 million, an increase by 10.6% year-over-year. The increase was primarily due to the peak season for promotional campaigns to build brand recognition and drive sales growth. At the same time, we consistently pushed on retail profitability and channel mix improvement, which included meticulous refinement of our retail channels and strategic staffing arrangements across sales regions. We are committed to investing efficiently in marketing and branding to ensure our sustainable growth. General and Administrative Expenses General and administrative expenses were US$6.6 million in the fourth quarter of 2024, an increase by 28.5% year-over-year. The increase was largely attributable to provision for bad debt and foreign exchange rate fluctuations. Operating Expenses Total operating expenses for the fourth quarter of 2024 were US$30.9 million, an increase by 9.4% year-over-year. Adjusted operating expenses, which exclude share-based compensation and amortization of intangible assets resulting from acquisitions and business cooperation agreements, were US$29.3 million. The increase was primarily due to the launch of various marketing campaigns to build brand recognition and drive sales growth and provision for bad debt. We will maintain our cost-conscious approach in the upcoming quarters. Concurrently, we remain committed to investing in R&D and marketing activities to ensure our long-term competitiveness. Operating Income/(Loss) Operating loss for the fourth quarter of 2024 was US$8.9 million, compared to operating income of US$0.6 million for the fourth quarter of 2023. Adjusted operating loss for the fourth quarter of 2024 was US$7.4 million, compared to adjusted operating income of US$3.0 million for the fourth quarter of 2023. The loss was mainly due to lower sales volume, which resulted in an inability to fully cover operating expenses. The adjusted operating loss was the narrowest among four quarters in 2024. Net Income/(Loss) Net loss attributable to Zepp Health Corporation for the fourth quarter of 2024 was US$36.9 million, compared to net loss of US$1.3 million in the fourth quarter of 2023, which included operating loss of US$8.9 million, income tax impacts of US$13.6 million (primarily result from valuation allowance for deferred tax assets) and net investment results of US$12.9 million (including impairment loss from investments, loss from equity method investments, loss from fair value change of long-term investment), both are non-recurring and non-cash in nature. Adjusted net loss attributable to Zepp Health Corporation[4] was US$22.5 million, compared to adjusted net loss of US$0.5 million in the fourth quarter of 2023. Adjusted EBIT in the fourth quarter of 2024 was loss of US$8.2 million, it represents the narrowest loss among all four quarters in 2024. [4] Adjusted net income/(loss) attributable to Zepp Health Corporation represents net income/(loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements, (iii) gain/(loss) from fair value change of long-term investment, (iv) impairment loss from long-term investments, (v) income/(loss) from equity method investments, and (vi) tax effects of the above non-GAAP adjustments. See "Reconciliation of GAAP and non-GAAP results" at the end of this press release. Liquidity and Capital Resources As of December 31, 2024, the Company had cash and cash equivalents and restricted cash of US$111 million, compared with US$140 million of cash balance as of December 31, 2023, the result is driven by US$56.7 million adjusted net loss for the year of 2024, offset by US$27.7 million tighter working capital management. The decrease of cash balance was mainly the result of the operating activities. This cash position provides ample runway for the Company to invest and seize potential market opportunities. The Company continued to manage its working capital and inventory efficiently and recorded inventory of US$56.8 million as of December 31, 2024, it was the lowest level since 2018. We will continue to manage working capital tightly. By February 2025, we have successfully refinanced majority of our short-term debts maturing in 2025 to a multi-year long term debt maturing in 2027 and beyond with a lower interest rate. Starting the first quarter of 2023, we have initiated the retirement of our short/long-term debt portfolio. Since then, and including the fourth quarter of 2024 we have successfully retired US$56.3 million of debt. As our operating cash flow continues to strengthen, we will continue to optimize the capital structure for the company. Shares Outstanding As of December 31, 2024, the Company had a total of 232.0 million ordinary shares outstanding, representing the equivalent of 14.5 million ADSs assuming the conversion of all ordinary shares into ADSs. Share Repurchase Program Update The Company announced in its third quarter 2021 earnings release that the board had authorized a share repurchase program of up to US$20 million through November 2022. On November 21, 2022, the board authorized a 12-month extension of the Company's share repurchase program. On November 20, 2023, the board further authorized the Company to extend its share repurchase program for another 12 months. On November 18, 2024, the board further authorized the Company to extend its share repurchase program for another 24 months. Pursuant to the extended share repurchase program, the Company may repurchase its shares in the form of ADSs and/or ordinary shares through November 2026 with an aggregate value equal to the remaining balance under the share repurchase program. As of December 31, 2024, the Company had used US$15.0 million to repurchase approximately 1.9 million ADSs. The Company expects to fund the repurchases under the extended share repurchase program out of its existing cash balance. Full Year 2024 Revenues Total revenues of 2024 reached US$182.6 million, a decrease of 48.3% from the full year of 2023. The decrease in total revenues mainly resulted from an 88.0% decline in the sales of Xiaomi wearable products. In 2024, Amazfit-branded products accounted for 94.0% of our total revenues, compared with 73.9% in 2023. Sales of our Amazfit-branded product decreased by 34.2% as compared with 2023. This was mainly because in 2024 we only have one new product (Amazfit T-Rex 3), which was launched by the end of third quarter. Gross Margin Gross margin in the full year 2024 was 38.5%, 12.3 percentage points higher than 26.2% in the full year of 2023. The higher gross margin of Amazfit-branded products was very much driven by the product mix, especially higher gross margin of newly launched products. Research and Development Expenses Research and development expenses for the full year 2024 were US$46.2 million, a decrease of 10.4% year-over-year. The decrease was as a result of our refined research and development approaches, as we consistently evaluated resource efficiency to ensure maximum return on investment and productivity. We are committed to investing in new technologies and AI to maintain our competitive edge against our peers. Selling and Marketing Expenses Selling and marketing expenses for the full year 2024 were US$46.5 million, an increase of 4.4% year-over-year. The increase was primarily due to the launch of various marketing campaigns for our products, as well as the expansion of our Amazfit Athletes team by partnering with renowned athletes to build brand recognition. At the same time, we consistently pushed on retail profitability and channel mix improvement, which included meticulous refinement of our retail channels and strategic staffing arrangements across sales regions. We are committed to investing efficiently in marketing and branding to ensure our sustainable growth. General and Administrative Expenses General and administrative expenses were US$24.9 million in the full year 2024, a decrease of 7.2% year-over-year. The decrease was largely attributable to strict administrative expense control. Operating Expenses Total operating expenses for the full year 2024 were US$117.5 million, a decrease of 4.3% year-over-year. Adjusted operating expenses, which exclude share-based compensation expenses and amortization of intangible assets resulting from acquisitions and business cooperation agreements, were US$110.4 million, compared with US$111.7 million for the full year 2023. We plan to continue our focus on cost efficiency in the upcoming year. At the same time, we are dedicated to invest in R&D and marketing efforts, which are essential for maintaining our competitive edge over the long term. Net Income/(Loss) Net loss attributable to Zepp Health Corporation for the full year of 2024 was US$75.7 million, compared with US$31.0 million in net loss in 2023. The adjusted net loss attributable to Zepp Health Corporation was US$56.7 million, compared with the adjusted net loss of US$21.3 million for the same period of 2023. The adjusted EBIT for the full year of 2024 was loss of US$40.9 million, compared with loss of US$19.8 million in 2023. In the full year of 2024, the Company recorded income tax impacts of US$13.7 million (primarily resulting from valuation allowance for deferred tax assets) and net investment results of US$12.3 million (including impairment loss from investments, loss from equity method investments, and gain from fair value change of long-term investment), both are non-recurring and non-cash in nature. Outlook For the first quarter of 2025, the Company's management currently expects net revenues to be between US$40 million and US$45 million, representing 14% to 29% growth for revenue of Amazfit-branded products compared with first quarter of 2024. This outlook is based on current market conditions and reflects the Company's current and preliminary estimates of market, operating conditions and customer demand, which are all subject to change. Conference Call The Company's management team will hold a conference call at 7:00 p.m. Eastern Time on Wednesday, March 26, 2025 to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing: US (Toll Free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (Toll Free): 400-120-1203 Hong Kong (Toll Free): 800-905-945 Hong Kong: +852-3018-4992 Participants should dial in at least 10 minutes before the scheduled start time and ask to be connected to the call for "Zepp Health Corporation". Additionally, a live and archived webcast of the conference call will be available at http://ir.zepp.com. A telephone replay will be available one hour after the call until April 2, 2025 by dialing: US Toll Free: +1-877-344-7529 International: +1-412-317-0088 Replay Passcode: 1239487 About Zepp Health Corporation Zepp Health Corporation (NYSE: ZEPP) is a global smart wearable and health technology leader, empowering users to live their healthiest lives by optimizing their health, fitness, and wellness journeys through its leading consumer brands, Amazfit, Zepp Clarity and Zepp Aura. Powered by its proprietary Zepp Digital Management Platform, which includes the Zepp OS, AI chips, biometric sensors and data algorithms, Zepp delivers cloud-based 24/7 actionable insights and guidance to help users attain their wellness goals. To date, Zepp has shipped over 200 million units, and its products are available in more than 90 countries and regions. Founded in 2013 as Huami Corp., the Company changed its name to Zepp Health Corporation in February 2021 to emphasize its health focus with a name that resonates across languages and cultures globally. Zepp has team members and offices across globe, especially in Europe and USA regions. Use of Non-GAAP Measures We use adjusted net income/(loss), a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. Adjusted operating expenses represent operating expenses excluding (i) share-based compensation expenses and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements. Adjusted operating income/(loss) represents operating income/(loss) excluding: (i) share-based compensation expenses and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements. Adjusted EBIT represents net income/(loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements, (iii) gain/(loss) from fair value change of long-term investment, (iv) impairment loss from long-term investments, (v) income/(loss) from equity method investments, (vi) income tax (benefit)/expense, and (vii) interest income and interest expense. Adjusted net income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements, (iii) gain/(loss) from fair value change of long-term investment, (iv) impairment loss from long-term investments, (v) income/(loss) from equity method investments, and (vi) tax effects of the above non-GAAP adjustments, and is used as the numerator in computation of adjusted net income/(loss) per share and per ADS attributable to Zepp Health Corporation. We believe that adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in net income/(loss) and net income/(loss) attributable to Zepp Health Corporation. We believe adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Adjusted EBIT and adjusted net income/(loss) attributable to Zepp Health Corporation, should not be considered in isolation or construed as an alternative to net income/(loss), basic and diluted net income/(loss) per share and per ADS attributable to Zepp Health Corporation or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBIT and adjusted net income/(loss) attributable to ordinary shareholders, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. 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," "confident" and similar statements. Statements that are not historical facts, including statements about the Company'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: the cooperation with Xiaomi, the recognition of the Company's Amazfit-branded products; the Company's growth strategies; trends and competition in global wearable technology market; changes in the Company's revenues and certain cost or expense accounting policies; governmental policies relating to the Company's industry and general economic conditions in China and the global. Further information regarding these and other risks is included in the Company's filings with the United States Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China:Zepp Health CorporationGrace Yujia ZhangEmail: ir@zepp.com Piacente Financial CommunicationsTel: +86-10-6508-0677Email: zepp@tpg-ir.com Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31, As of December 31, 2023 2024 US$ US$ Assets Current assets: Cash and cash equivalents 133,669 91,069 Restricted cash 6,800 19,666 Accounts receivable, net 60,727 62,965 Amounts due from related parties 8,605 2,663 Inventories, net 84,887 56,789 Short-term investments 5,153 997 Prepaid expenses and other current assets 16,891 17,415 Total current assets 316,732 251,564 Property, plant and equipment, net 8,929 6,898 Intangible asset, net 9,868 7,091 Goodwill 9,581 9,581 Long-term investments 238,540 225,910 Deferred tax assets 32,401 17,465 Amount due from related parties, non-current 2,951 2,019 Other non-current assets 9,698 4,607 Operating lease right-of-use assets 6,819 3,458 Total assets 635,519 528,593 Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED (Amounts in thousands of U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31, As of December 31, 2023 2024 US$ US$ Liabilities Current liabilities: Accounts payable 37,286 51,077 Advance from customers 233 197 Amount due to related parties 3,475 2,477 Accrued expenses and other current liabilities 44,450 37,576 Income tax payables 986 508 Notes payable 66,991 61,679 Short-term bank borrowings 1,690 41,853 Total current liabilities 155,111 195,367 Deferred tax liabilities 4,169 3,117 Long-term borrowings 120,020 75,241 Other non-current liabilities 270 133 Non-current operating lease liabilities 3,197 2,007 Total liabilities 282,767 275,865 Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED (Amounts in thousands of U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) As of December 31, As of December 31, 2023 2024 US$ US$ Equity Ordinary shares 26 26 Additional paid-in capital 273,386 278,116 Treasury stock (12,874) (14,993) Accumulated retained earnings 104,351 28,618 Accumulated other comprehensive loss (14,008) (40,178) Total Zepp Health Corporation shareholders' equity 350,881 251,589 Noncontrolling interest 1,871 1,139 Total equity 352,752 252,728 Total liabilities and equity 635,519 528,593 Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Three Months Ended December 31, 2023 2024 US$ US$ Revenues 83,007 59,542 Cost of revenues (54,173) (37,613) Gross profit 28,834 21,929 Operating expenses: Selling and marketing (11,984) (13,251) General and administrative (5,100) (6,555) Research and development (11,124) (11,061) Total operating expenses (28,208) (30,867) Operating income/(loss) 626 (8,938) Other income and expenses: Interest income 825 771 Interest expense (1,438) (1,447) Other income/(expense), net 116 (767) (Loss)/gain from fair value change of long-term investments (709) 33 Impairment loss from investments (313) (10,129) Investment loss (44) - Loss before income tax and loss from equity method investments (937) (20,477) Income tax expenses (2,775) (13,574) Loss before income/(loss) from equity method investments (3,712) (34,051) Net income/(loss) from equity method investments 2,448 (2,850) Net loss (1,264) (36,901) Less: Net income/(loss) attributable to noncontrolling interest 15 (25) Net loss attributable to Zepp Health Corporation (1,279) (36,876) Net loss per share attributable to Zepp Health Corporation Basic loss per ordinary share (0.01) (0.14) Diluted loss per ordinary share (0.01) (0.14) Net loss per ADS (16 ordinary shares equal to 1 ADS) ADS – basic (0.08) (2.29) ADS – diluted (0.08) (2.29) Weighted average number of shares used in computing net loss per share Ordinary share – basic 241,521,944 257,216,039 Ordinary share – diluted 241,521,944 257,216,039 Zepp Health Corporation Reconciliation of GAAP and Non-GAAP Results (Amounts in thousands of U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) For the Three Months Ended December 31, 2023 2024 US$ US$ Total operating expenses (28,208) (30,867) Share-based compensation expenses 1,779 951 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 566 567 Total adjusted operating expenses (25,863) (29,349) Operating income/(loss) 626 (8,938) Share-based compensation expenses 1,779 951 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 566 567 Adjusted operating income/(loss) 2,971 (7,420) Net loss (1,264) (36,901) Share-based compensation expenses 1,779 951 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 566 567 Loss/(gain) from fair value change of long-term investments 709 (33) Impairment loss from investments 313 10,129 (Income)/loss from equity method investments (2,448) 2,850 Income tax expenses 2,775 13,574 Interest income (825) (771) Interest expense 1,438 1,447 Adjusted EBIT 3,043 (8,187) Net loss attributable to Zepp Health Corporation (1,279) (36,876) Share-based compensation expenses 1,779 951 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 566 567 Loss/(gain) from fair value change of long-term investments 709 (33) Impairment loss from investments 313 10,129 (Income)/loss from equity method investments (2,448) 2,850 Tax effects on non-GAAP adjustments (91) (91) Adjusted net loss attributable to Zepp Health Corporation (451) (22,503) Adjusted net loss per share attributable to Zepp Health Corporation Adjusted basic loss per ordinary share (0.002) (0.09) Adjusted diluted loss per ordinary share[5] (0.002) (0.09) Adjusted net loss per ADS (16 ordinary shares equal to 1 ADS) ADS – basic (0.03) (1.40) ADS – diluted (0.03) (1.40) Weighted average number of shares used in computing adjusted net loss per share Ordinary share – basic 241,521,944 257,216,039 Ordinary share – diluted 241,521,944 257,216,039 Share-based compensation expenses included are follows: Selling and marketing 140 94 General and administrative 1,142 433 Research and development 497 424 Total 1,779 951 [5] Adjusted diluted net income/(loss) is the abbreviation of adjusted net (loss)/income attributable to Zepp Health Corporation, which is a non-GAAP measure and excludes (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreements, (iii) gain/(loss) from fair value change of long-term investment, (iv) impairment loss from long-term investments, and (v) income/(loss) from equity method investments, and (vi) tax effects of the above non-GAAP adjustments, and is used as the numerator in computation of adjusted basic and diluted net loss per ADS attributable to Zepp Health Corporation. Zepp Health Corporation UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) Years Ended December 31, 2023 2024 US$ US$ Revenues 352,860 182,603 Cost of revenues (260,502) (112,369) Gross profit 92,358 70,234 Operating expenses: Selling and marketing (44,527) (46,471) General and administrative (26,778) (24,854) Research and development (51,503) (46,159) Total operating expenses (122,808) (117,484) Operating loss (30,450) (47,250) Other income and expenses: Interest income 3,089 3,672 Interest expense (6,752) (5,552) Other expense, net (525) (656) Gain from fair value change of long-term investments 213 2,011 Impairment loss from investments (313) (10,129) Investment income 109 - Loss before income tax and income/(loss) from equity method investments (34,629) (57,904) Income tax benefits/(expenses) 2,430 (13,693) Loss before income/(loss) from equity method investments (32,199) (71,597) Net income/(loss) from equity method investments 1,113 (4,211) Net loss (31,086) (75,808) Less: Net loss attributable to noncontrolling interest (66) (75) Net loss attributable to Zepp Health Corporation (31,020) (75,733) Net loss per share attributable to Zepp Health Corporation Basic loss per ordinary share (0.13) (0.29) Diluted loss per ordinary share (0.13) (0.29) Net loss per ADS (16 ordinary shares equal to 1 ADS) ADS – basic (2.04) (4.68) ADS – diluted (2.04) (4.68) Weighted average number of shares used in computing net loss per share Ordinary share – basic 243,135,964 258,876,120 Ordinary share – diluted 243,135,964 258,876,120 Zepp Health Corporation Reconciliation of GAAP and Non-GAAP Results (Amounts in thousands of U.S. dollars ("US$") except for number of shares and per share data, or otherwise noted) Years Ended December 31, 2023 2024 US$ US$ Total operating expenses (122,808) (117,484) Share-based compensation expenses 8,792 4,778 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 2,285 2,267 Total adjusted operating expenses (111,731) (110,439) Operating loss (30,450) (47,250) Share-based compensation expenses 8,792 4,778 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 2,285 2,267 Adjusted operating loss (19,373) (40,205) Net loss (31,086) (75,808) Share-based compensation expenses 8,792 4,778 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 2,285 2,267 Gain from fair value change of long-term investments (213) (2,011) Impairment loss from investments 313 10,129 (Income)/loss from equity method investments (1,113) 4,211 Income tax (benefits)/expenses (2,430) 13,693 Interest income (3,089) (3,672) Interest expense 6,752 5,552 Adjusted EBIT (19,789) (40,861) Net loss attributable to Zepp Health Corporation (31,020) (75,733) Share-based compensation expenses 8,792 4,778 Amortization of intangible assets resulting from acquisitions and business cooperation agreements 2,285 2,267 Gain from fair value change of long-term investments (213) (2,011) Impairment loss from investments 313 10,129 (Income)/loss from equity method investments (1,113) 4,211 Tax effects on non-GAAP adjustments (368) (365) Adjusted net loss attributable to Zepp Health Corporation (21,324) (56,724) Adjusted net loss per share attributable to Zepp Health Corporation Adjusted basic loss per ordinary share (0.09) (0.22) Adjusted diluted loss per ordinary share (0.09) (0.22) Adjusted net loss per ADS (16 ordinary shares equal to 1 ADS) ADS – basic (1.40) (3.51) ADS – diluted (1.40) (3.51) Weighted average number of shares used in computing adjusted net loss per share Ordinary share – basic 243,135,964 258,876,120 Ordinary share – diluted 243,135,964 258,876,120 Share-based compensation expenses included are follows: Selling and marketing 637 462 General and administrative 4,296 2,245 Research and development 3,859 2,071 Total 8,792 4,778
Fiscal Full Year 2024 Operating Expenses Reduced by 28% YoY; Earnings Per Share Jumps to $1.03 Per Basic and Diluted Share From a Loss of $1.20 Per Basic and Diluted Share EAST WINDSOR, N.J., March 27, 2025 /PRNewswire/ -- Greenland Technologies Holding Corporation (Nasdaq: GTEC) ("Greenland" or the "Company"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced its audited financial results for the fiscal full year ended December 31, 2024. Full Year 2024 Financial and Operating Highlights Greenland reduced its operating expenses 28%, to $9.9 million for the fiscal full year 2024, compared to $13.8 million for the fiscal full year 2023, demonstrating a strong commitment to cost efficiency. Income from operations increased 17%, reaching $12.59 million for the fiscal full year 2024, up from $10.8 million for the fiscal full year 2023, driven by lower operating expenses and enhanced operational performance. The Company achieved net income of $15.15 million for the fiscal full year 2024, increased from a net loss of $25.02 million for the fiscal full year 2023. Raymond Wang, Chief Executive Officer of Greenland Technologies, commented, "While we were impacted by broader market and economic challenges along with our customers, we are definitely encouraged by the relative stability of our revenue and resiliency of our business. We achieved an impressive rebound in profitability, delivering net income of $1.03 per basic and diluted share for the fiscal full year 2024, compared to a loss of $1.20 per basic and diluted share for the fiscal full year 2023, as we work to accelerate more widespread commercialization of our vehicles and product lines. We have both expanded and diversified our product line, which we believe is an important step to strengthen our market position and ability to support customers. In addition to transmission systems and integrated powertrains, our portfolio of electric industrial heavy equipment now includes a wide array of all-electric clean and sustainable alternatives to traditional heavy-emission systems in the industrial heavy equipment industry under the Company's HEVI brand." "We have now successfully launched seven industrial heavy equipment models, with strong enthusiasm from customers and ecosystem partners. I am also excited to report that HEVI developed and is now selling an exciting new line of direct current ("DC") mobile charging solutions that are designed for easy, flexible and cost-effective charging integration to support a DC-powered electric vehicle fleet at any powered work site. We believe these solutions will create a seamless adoption of HEVI's electric heavy equipment or any compatible DC-powered EV into any existing fleet operation, while creating another revenue stream for the HEVI business. In addition, we believe our manufacturing process is now contributing to greater efficiency and cost-effectiveness. Specifically, a combination of modern operational and management systems, advanced manufacturing equipment, experienced manufacturing know-how, skilled workforce, and flexible manufacturing system allows us to shorten the time to market for new products. Moreover, the combination allows us to timely adjust product lines in anticipation of changes in market demands, as we drive growth and build greater value for all shareholders." Jing Jin, Chief Financial Officer of Greenland Technologies, commented, "Our team quickly adjusted to the broader market volatility and took decisive steps to ensure the Company's financial strength and market position. Excluding the impact of exchange rate fluctuation, our revenue for the fiscal year ended December 31, 2024 decreased by approximately 5.6% compared to the fiscal year ended December 31, 2023, while we reduced operating expenses by 28% for the fiscal full year 2024. This helped us achieve a remarkable turnaround, with net income of $15.15 million for the fiscal full year 2024 compared to a loss of $25.02 million for the fiscal full year 2023. We remain committed to further strengthening our balance sheet as we continue to invest in our product roadmap, revenue generation capabilities and customer support, to achieve Greenland's long-term strategic objectives." Fiscal Full Year 2024 Financial Results Greenland's revenue decreased by approximately $6.39 million, or approximately 7.1%, to approximately $83.94 million for the fiscal year ended December 31, 2024, from approximately $90.33 million for the fiscal year ended December 31, 2023. Excluding the impact of exchange rate fluctuation, our revenue for the fiscal year ended December 31, 2024 decreased by approximately 5.6% compared to the fiscal year ended December 31, 2023. The decrease in revenue was primarily a result of the decrease of approximately $6.17 million in the Company's sales volume of transmission products for the year ended December 31, 2024. The total cost of goods sold decreased by approximately $4.35 million, or approximately 6.6%, to approximately $61.41 million for the fiscal year ended December 31, 2024, from approximately $65.76 million for the fiscal year ended December 31, 2023. Cost of goods sold decreased in fiscal year 2024 compared to fiscal year 2023 due to the decrease in our sales volume. Gross profit decreased by approximately $2.04 million, or 8.3%, to approximately $22.53 million for the fiscal year ended December 31, 2024, from approximately $24.58 million for the fiscal year ended December 31, 2023. For the fiscal years ended December 31, 2024 and 2023, Greenland's gross margin was approximately 26.8% and 27.2%, respectively. The decrease in gross profit in fiscal year 2024 compared to fiscal year 2023 was primarily due to the decrease in our sales volume. Total operating expenses were $9.94 million for the fiscal year ended December 31, 2024, representing a decrease of 28.0% from $13.80 million for the fiscal year ended December 31, 2023. The decrease in operating expenses was primarily due to a decrease in the after-sales service fees, research and development expenses and allowance for credit losses in fiscal year 2024 compared to fiscal year 2023. Income from operations for the fiscal year ended December 31, 2024 was approximately $12.59 million, representing an increase of approximately $1.81 million, from approximately $10.78 million for the fiscal year ended December 31, 2023. Net income was approximately $15.15 million for the fiscal year ended December 31, 2024, representing an increase of approximately $40.17 million, from the net loss of approximately $25.02 million for the fiscal year ended December 31, 2023. Net income per basic and diluted share was $1.03 for the fiscal year ended December 31, 2024, as compared to a loss of $1.20 per basic and diluted share for the fiscal year ended December 31, 2023. As of December 31, 2024, Greenland had approximately $6.66 million of cash and cash equivalents, a decrease of approximately $16.32 million, or 71.02%, as compared to approximately $22.98 million as of December 31, 2023. The decrease of cash and cash equivalents was mainly due to an increase in short term investment, as compared to that as of December 31, 2023. As of December 31, 2024, Greenland had approximately $1.95 million of restricted cash, a decrease of approximately $3.26 million, or 62.51%, as compared to approximately $5.21 million as of December 31, 2023. The decrease of restricted cash was due to a decrease in notes payable. As of December 31, 2024, Greenland had approximately $15.80 million of accounts receivables, a decrease of approximately $1.55 million, or 8.96%, as compared to approximately $17.35 million as of December 31, 2023. The decrease in accounts receivables was due to the decrease in our sales volume. Greenland's net cash provided by operating activities was approximately $13.34 million and $2.45 million for the fiscal years ended December 31, 2024 and 2023, respectively. About Greenland Technologies Holding Corporation Greenland Technologies Holding Corporation (Nasdaq: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. Information on the Company's clean industrial heavy equipment division can be found at HEVI Corp. Safe Harbor Statement This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to the success of Greenland's business execution, ability to unlock shareholder value or its ability to grow its business as an integrated company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law. GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (AUDITED, IN U.S. DOLLARS) For the years endedDecember 31, 2024 2023 Revenues $ 83,944,661 $ 90,333,240 Cost of goods sold 61,411,693 65,757,237 Gross profit 22,532,968 24,576,003 Selling expenses 2,148,659 2,319,835 General and administrative expenses 4,853,768 6,052,541 Research and development expenses 2,936,399 5,424,400 Total operating expenses $ 9,938,826 $ 13,796,776 INCOME FROM OPERATIONS $ 12,594,142 $ 10,779,227 Interest income 864,390 143,094 Interest expense (84,243) (250,410) Loss (gain) on disposal of property, plant, equipment 5,863 (31,072) Impairment for investments - (300,000) Change in fair value of the warrant liability 1,746,382 1,398,774 Allowance for expected credit loss-related parties receivable - (34,462,992) Remeasurement loss from change in functional currency - (2,490,646) Government subsidies income 881,175 692,443 Other income 659,204 1,212,354 INCOME (LOSS) BEFORE INCOME TAX $ 16,666,913 $ (23,309,228) INCOME TAX EXPENSE 1,512,758 1,708,262 NET INCOME (LOSS) $ 15,154,155 $ (25,017,490) LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST 1,087,183 (9,138,374) NET INCOME (LOSS) ATTRIBUTABLE TO GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES $ 14,066,972 $ (15,879,116) OTHER COMPREHENSIVE INCOME (LOSS): (1,218,261) 842,646 Unrealized foreign currency translation income (loss) attributable to Greenland Technologies Holding Corporation and subsidiaries (1,123,306) 247,625 Unrealized foreign currency translation income (loss) attributable to non-controlling interest (94,955) 595,021 Total comprehensive income (loss) attributable to Greenland technologies holding corporation and subsidiaries 12,943,666 (15,631,491) Total comprehensive income (loss) attributable to noncontrolling interest 992,228 (8,543,353) WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: 13,594,530 13,229,978 Basic and diluted 1.03 (1.20) GREENLAND TECHNOLOGIES HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND 2023 (AUDITED, IN U.S. DOLLARS) December 31, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 6,659,142 $ 22,981,324 Restricted cash 1,952,653 5,208,063 Short Term Investment 18,535,354 2,818,068 Notes receivable 22,736,700 27,135,249 Accounts receivable, net 15,796,423 16,483,533 Inventories, net 23,378,090 24,596,795 Due from related parties-current, net 235,497 225,927 Advance to suppliers 1,810,157 288,578 Prepayments and other current assets 1,542,743 53,204 Total Current Assets $ 92,646,759 $ 99,790,741 Non-current asset Property, plant, equipment and construction in progress, net 13,140,534 13,698,997 Land use rights, net 3,269,999 3,448,505 Intangible assets 89,959 189,620 Deferred tax assets 426,485 256,556 Right-of-use assets 1,624,290 2,125,542 Fixed deposit 4,130,514 9,916,308 Other non-current assets 247,655 1,050,698 Total non-current assets $ 22,929,436 $ 30,686,226 TOTAL ASSETS $ 115,576,195 $ 130,476,967 Current Liabilities Short-term bank loans $ - $ 3,042,296 Notes payable-bank acceptance notes 19,366,241 36,712,562 Accounts payable 23,102,944 25,272,528 Taxes payables 1,200,681 758,307 Customer deposits 328,873 137,985 Due to related parties 9,037,543 3,831,636 Other current liabilities 3,985,008 2,281,507 Lease liabilities 516,673 487,695 Total current liabilities $ 57,537,963 $ 72,524,516 Non-current liabilities Lease liabilities 1,167,941 1,684,614 Deferred revenue 1,263,180 1,529,831 Warrant liability 2,338,223 4,084,605 Total non-current liabilities $ 4,769,344 $ 7,299,050 TOTAL LIABILITIES $ 62,307,307 $ 79,823,566 COMMITMENTS AND CONTINGENCIES - - Shareholders' equity Ordinary shares, no par value, unlimited shares authorized; 13,594,530 and 13,594,530 shares issued and outstanding as of December 31, 2024 and December 31, 2023. - - Additional paid-in capital 27,470,361 30,286,560 Statutory reserves 3,842,331 3,842,331 Retained earnings 32,602,105 18,535,133 Accumulated other comprehensive loss (3,707,100) (2,583,794) Total shareholders' equity $ 60,207,697 $ 50,080,230 Non-controlling interest (6,938,809) 573,171 TOTAL SHAREHOLDERS' EQUITY $ 53,268,888 $ 50,653,401 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 115,576,195 $ 130,476,967
A12 藝術空間
Earnings
請先登入後才能發佈新聞。
還不是會員嗎？立即 加入台灣產經新聞網會員 ，使用免費新聞發佈服務。 （服務項目） （投稿規範）
