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Revenue grew 18.9 % year over year Significant sequential improvement of same-store sales(1) in MINISO mainland China for March Quarter Gross margin reached 44.2%, up 0.8 ppt year over year Adjusted EBITDA increased 7.5% year over year to RMB1,037.3 million Shareholder returns reached around RMB986.9 million year to date GUANGZHOU, China, May 23, 2025 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the quarter ended March 31, 2025 (the "March Quarter"). Financial Highlights Revenue increased 18.9 % year over year to RMB4,427.0 million (US$610.1 million). Same-store sales(1) in MINISO mainland China has significantly narrowed its decline for March Quarter to mid-single digit. Gross profit increased 21.1% year over year to RMB1,958.0 million (US$269.8 million). Gross margin was 44.2%, compared to 43.4% in the same period last year. Operating profit was RMB709.8 million (US$97.8 million), compared to RMB743.3 million in the same period last year. Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period last year. Excluding other expenses and interest expenses related to issuance of equity linked securities in January 2025 (the "Equity Linked Securities"), and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*(永輝超市股份有限公司), profit for the period would have been RMB562.3 million (US$77.5 million). Adjusted net profit(2) was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year. Adjusted net margin(2) was 13.3%, compared to 16.6% in the same period last year. Adjusted EBITDA(2) increased 7.5% year over year to RMB1,037.3 million (US$142.9 million). Adjusted EBITDA margin(2) was 23.4%, compared to 25.9% in the same period of 2024. Adjusted basic and diluted earnings per ADS(2) were RMB1.92 (US$0.26) and RMB1.88 (US$0.26) respectively, compared with each of RMB1.96 in the same period last year. Cash Position(3) was RMB7,255.3 million (US$999.8 million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024. Operational Highlights Total number of stores on group level was 7,768 as of March 31, 2025, representing a year-over-year increase of 978 net new stores. Number of MINISO stores was 7,488 as of March 31, 2025, representing a year-over-year increase of 858 net new stores. Number of MINISO stores in mainland China was 4,275 as of March 31, 2025, representing a year-over-year increase of 241 net new stores. Number of MINISO stores in overseas markets reached 3,213 as of March 31, 2025, representing a year-over-year increase of 617 net new stores. Number of TOP TOY stores was 280 as of March 31, 2025, representing a year-over-year increase of 120 net new stores. TOP TOY has also begun to expand into overseas markets since December quarter of 2024. This strategic move aligns with the Company's plan to expand globally and strengthen its brand presence. Notes: (1) "Same-store sales" refers to the daily sale on per store basis generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods and closed for less than 30 days during both comparative periods. (2) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information. (3) "Cash position" refers to the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets. The following table provides a breakdown of the Company's store network and its changes on a year-over-year basis. 70% of new MINISO stores in the past twelve months were located in overseas markets. As of March 31, 2024 March 31, 2025 YoY Number of stores on group level 6,790 7,768 978 Number of MINISO stores 6,630 7,488 858 Mainland China 4,034 4,275 241 —Directly operated stores 29 20 (9) —Stores operated under MINISO Retail Partner model 3,983 4,229 246 —Stores operated under distributor model 22 26 4 Overseas 2,596 3,213 617 —Directly operated stores 281 548 267 —Stores operated under MINISO Retail Partner model 314 432 118 —Stores operated under distributor model 2,001 2,233 232 Number of TOP TOY stores 160 280 120 —Directly operated stores 17 40 23 —Stores operated under MINISO Retail Partner model 143 240 97 Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, "We delivered a solid March Quarter to kick off 2025 and are pleased to see our revenue grow by 18.9% year over year. Our revenue growth was mainly attributable to a 9.1% revenue growth in MINISO mainland China, an acceleration from September and December quarter last year, powered by a solid recovery in same-store sales. Through our steady progress in product mix optimization and strategical store network refinement, we are confident in achieving sustainable and high-quality growth. Revenue in MINISO overseas grew by 30.3%, with a year-over-year 3 percentage points increase in contribution to our total revenue. We are forging more holistic collaborations with our overseas partners to enhance synergies, upgrade store formats to improve operational efficiency and unlock potential in store opening space." "Entering into 2025, we are facing an increasingly volatile macroeconomic environment. Yet, with over ten years' experience of globalization, unparalleled scale and diversified footprint, we will stay resilient and agile in order to deliver long-term profitable growth." Mr. Ye continued. Mr. Eason Zhang, CFO of MINISO, commented, "Gross margin for March Quarter reached 44.2%, which was the highest for the past March quarters ever, thanks to our solid performance from overseas markets and TOP TOY. Adjusted EBITDA grew by 7.5% year over year to RMB1,037.3 million, with an adjusted EBITDA margin of 23.4%. Our mainland franchise segment achieved a stable operating margin year over year amid a challenging environment while our investments into new businesses will open up growth opportunities over the long term." "MINISO Group remains steadfast in our consumer-centric strategy driving business transformation and market expansion through continuous innovation. We are committed to delivering high-quality, creatively designed products and services to our customers while generating sustainable value for shareholders. We maintained a strong cash position of RMB7,255.3 million as of March 31, 2025 and distributed cash dividends of US$101.4 million this April. Supplemented by year-to-date share repurchase of about RMB255.7 million, our returns to shareholders totaled RMB986.9 million. Moving forward, we will continue to exert effort on disciplined cost control and moderate budgeting, and balance both growth and our commitment to bringing stable and foreseeable returns to shareholders." Mr. Zhang concluded. Financial Results for the March Quarter Revenue was RMB4,427.0 million (US$610.1 million), representing an increase of 18.9% year over year, primarily driven by an 16.5% year-over-year increase in average store count. Revenue from MINISO brand increased by 16.5% to RMB4,085.8 million (US$563.0 million), driven by (i) an increase of 9.1% in mainland China, and (ii) an increase of 30.3% in overseas markets. The year-over-year increase was primarily due to an increase of 24.6% in average store count in overseas. Overseas revenue contributed to 39.0% of revenue from MINISO brand, compared to 34.8% in the same period of 2024. Revenue from TOP TOY brand increased by 58.9% to RMB339.9 million (US$46.8 million), primarily powered by its rapid growth in average store count. For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release. Cost of sales was RMB2,469.0 million (US$340.2 million), representing an increase of 17.2% year over year. Gross profit was RMB1,958.0 million (US$269.8 million), representing an increase of 21.1% year over year. Gross margin reached 44.2%, representing an increase of 0.8 percentage point. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution of MINISO brand from overseas markets, (ii) higher gross margin of TOP TOY due to a shift in revenue mix towards more profitable products. Other income was RMB3.0 million (US$0.4 million), compared to RMB3.6 million in the same period of 2024. Selling and distribution expenses were RMB1,021.2 million (US$140.7 million), increased by 46.7% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,012.8 million (US$139.6 million), increased by 50.7% year over year. The year-over-year increase was mainly attributable to the Company's investments into directly operated stores to pursue the future success of the Company's business. As of March 31, 2025, total number of directly operated stores in overseas markets was 608, compared with 327 in the same period last year. In the March Quarter, revenue from directly operated stores has increased 85.5% year over year, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 71.4%. Licensing expenses increased by 39.6%, mainly attributable to our growing IP library and enriched offerings of IP products, as a percentage of revenue stabilizing at around 2% in both comparative periods. Logistics expenses increased by 31.3% year over year. General and administrative expenses were RMB242.1 million (US$33.4 million), increased by 26.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB225.6 million (US$31.1 million), increased by 22.3% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company's business. Other net income was RMB20.8 million (US$2.9 million), compared to RMB14.8 million in the same period of 2024. The year-over-year increase was mainly due to an increase in investment income in wealth management products, and a net foreign exchange gain compared with a net foreign exchange loss in the same period last year. Operating profit was RMB709.8 million (US$97.8 million), compared with RMB743.3 million in the same period last year. Net finance cost was RMB49.0 million (US$6.8 million), compared to net finance income of RMB25.0 million in the same period of 2024. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui Superstores Co., Ltd*, both of which have been excluded in non-IFRS financial measures(1), and (ii) increased interest expenses on lease liabilities corresponding to the Company's investment in directly operated stores. Other expenses was RMB91.1 million (US$12.6 million), including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(1). Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period of 2024. Excluding other expenses and interest expenses related to issuance of the Equity Linked Securities, and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*, profit for the period would have been RMB562.3 million (US$77.5 million). Adjusted net profit(1) was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year. Adjusted net margin(1) was 13.3%, compared to 16.6% in the same period of 2024. Adjusted EBITDA(1) increased 7.5% year over year to RMB1,037.3 million (US$142.9 million). Adjusted EBITDA margin(1) was 23.4%, compared to 25.9% in the same period of 2024. Basic and diluted earnings per ADS were both RMB1.36 (US$0.19), compared to RMB1.88 in the same period of 2024. Adjusted basic earnings per ADS(1) was RMB1.92 (US$0.26), compared to RMB1.96 in the same period of 2024. Adjusted diluted earnings per ADS(1) was RMB1.88 (US$0.26), compared to RMB1.96 in the same period of 2024. Cash position, which was the combined balance of the Company's cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,255.3 million (US$999.8 million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024. Notes: (1) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information. Conference Call The Company's management will hold an earnings conference call at 5:00 A.M. Eastern Time on Friday, May 23, 2025 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed by the following Zoom link or dialing the following numbers: Access 1 Join Zoom meeting.Zoom link: https://zoom.us/j/91867561429?pwd=O6gp0PI5MebbwUIlZ9K0Z1obVLjp0U.1Meeting Number: 918 6756 1429Meeting Passcode: 9896 Access 2 Listeners may access the call by dialing the following numbers with the same meeting number and passcode with access 1. United States: +1 689 278 1000 (or +1 719 359 4580) Hong Kong, China: +852 5803 3730 (or +852 5803 3731) United Kingdom: +44 203 481 5237 (or +44 131 460 1196) France: +33 1 7037 9729 (or +33 1 7037 2246) Singapore: +65 3158 7288 (or +65 3165 1065) Canada: +1 438 809 7799 (or +1 204 272 7920) Access 3 Listeners can also access the call through the Company's investor relations website at https://ir.miniso.com/.The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at https://ir.miniso.com/. About MINISO Group MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/. Exchange Rate The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025, which was RMB7.2567 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts. Non-IFRS Financial Measures In evaluating the business, MINISO considers and uses adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its operating performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted net profit as profit for the period excluding equity-settled share-based payment expenses, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs excluding interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd. and income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares. MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its operating results in the same manner as the management and board of directors. These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO's operations. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited. These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO's operating performance. Investors are encouraged to review MINISO's historical non-IFRS financial measures in light of the most directly comparable IFRS measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO's data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure. For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release. 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 words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO's strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO'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: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contacts: MINISO Group Holding LimitedEmail: ir@miniso.comPhone: +86 (20) 36228788 Ext.8039 MINISO GROUP HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in thousands) As at As at December 31, 2024 March 31, 2025 (Audited) (Unaudited) RMB'000 RMB'000 US$'000 ASSETS Non-current assets Property, plant and equipment 1,436,939 1,535,840 211,644 Right-of-use assets 4,172,083 4,319,605 595,257 Intangible assets 8,802 8,379 1,155 Goodwill 21,418 21,586 2,975 Deferred tax assets 181,948 202,417 27,894 Other investments 123,399 123,062 16,958 Trade and other receivables 341,288 288,455 39,750 Term deposits 140,183 105,592 14,551 Financial derivative assets — 810,192 111,647 Interests in equity-accounted investees 38,567 6,307,379 869,180 6,464,627 13,722,507 1,891,011 Current assets Other investments 100,000 150,946 20,801 Inventories 2,750,389 2,833,354 390,447 Trade and other receivables 2,207,013 2,375,133 327,302 Cash and cash equivalents 6,328,121 6,839,406 942,495 Restricted cash 1,026 1,959 270 Term deposits 268,952 262,962 36,237 11,655,501 12,463,760 1,717,552 Total assets 18,120,128 26,186,267 3,608,563 MINISO GROUP HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) (Expressed in thousands) As at As at December 31, 2024 March 31, 2025 (Audited) (Unaudited) RMB'000 RMB'000 US$'000 EQUITY Share capital 94 94 13 Additional paid-in capital 4,683,577 3,954,863 544,995 Other reserves 1,329,126 1,959,579 270,037 Retained earnings 4,302,177 4,718,519 650,229 Equity attributable to equity shareholders of the Company 10,314,974 10,633,055 1,465,274 Non-controlling interests 40,548 45,411 6,258 Total equity 10,355,522 10,678,466 1,471,532 LIABILITIES Non-current liabilities Contract liabilities 35,145 33,381 4,600 Loans and borrowings 4,310 5,776,316 795,998 Other payables 59,842 74,844 10,314 Lease liabilities 1,903,137 2,066,649 284,792 Financial derivative liabilities — 1,249,266 172,153 Deferred income 34,983 34,742 4,788 2,037,417 9,235,198 1,272,645 Current liabilities Contract liabilities 323,292 344,665 47,496 Loans and borrowings 566,955 649,401 89,490 Trade and other payables 3,943,988 3,632,572 500,580 Lease liabilities 635,357 722,607 99,578 Deferred income 5,376 3,708 511 Current taxation 252,221 191,508 26,391 Dividend payables - 728,142 100,340 5,727,189 6,272,603 864,386 Total liabilities 7,764,606 15,507,801 2,137,031 Total equity and liabilities 18,120,128 26,186,267 3,608,563 MINISO GROUP HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Expressed in thousands, except for per ordinary share and per ADS data) Three months ended March 31, 2024 2025 (Unaudited) (Unaudited) RMB'000 RMB'000 US$ '000 Revenue 3,723,531 4,427,044 610,063 Cost of sales (2,107,073) (2,469,007) (340,238) Gross profit 1,616,458 1,958,037 269,825 Other income 3,645 3,020 416 Selling and distribution expenses (696,027) (1,021,186) (140,723) General and administrative expenses (191,341) (242,144) (33,368) Other net income 14,829 20,835 2,871 Credit loss on trade and other receivables (667) (8,775) (1,209) Impairment loss on non-current assets (3,612) — — Operating profit 743,285 709,787 97,812 Finance income 40,890 36,915 5,087 Finance costs (15,909) (85,945) (11,844) Net finance income/(cost) 24,981 (49,030) (6,757) Share of profit of equity-accounted investees, net of tax 120 (2,005) (276) Other expenses — (91,071) (12,550) Profit before taxation 768,386 567,681 78,229 Income tax expense (182,432) (151,222) (20,839) Profit for the period 585,954 416,459 57,390 Attributable to: Equity shareholders of the Company 582,472 416,342 57,374 Non-controlling interests 3,482 117 16 Earnings per share for ordinary shares -Basic 0.47 0.34 0.05 -Diluted 0.47 0.34 0.05 Earnings per ADS (Each ADS represents 4 ordinary shares) -Basic 1.88 1.36 0.19 -Diluted 1.88 1.36 0.19 MINISO GROUP HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) (Expressed in thousands) Three months ended March 31, 2024 2025 (Unaudited) (Unaudited) RMB'000 RMB'000 US$ '000 Profit for the period 585,954 416,459 57,390 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of foreign operations 3,855 (1,291) (178) Other comprehensive income/(loss) for the period 3,855 (1,291) (178) Total comprehensive income for the period 589,809 415,168 57,212 Attributable to: Equity shareholders of the Company 586,166 416,306 57,369 Non-controlling interests 3,643 (1,138) (157) MINISO GROUP HOLDING LIMITED RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (Expressed in thousands, except for per share, per ADS data and percentages) Three months ended March 31, 2024 2025 (Unaudited) (Unaudited) RMB'000 RMB'000 US$'000 Reconciliation of profit for the period to adjusted net profit: Profit for the period 585,954 416,459 57,390 Add back: Equity-settled share-based payment expenses 30,937 24,930 3,435 Loss from fair value change of derivatives — 46,407 6,395 Issuance cost of derivatives — 44,664 6,155 Interest expenses related to equity linked securities andthe bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd. — 54,745 7,544 Adjusted net profit 616,891 587,205 80,919 Adjusted net margin 16.6 % 13.3 % 13.3 % Attributable to: Equity shareholders of the Company 613,409 586,999 80,891 Non-controlling interests 3,482 206 28 Adjusted net earnings per share(1) -Basic 0.49 0.48 0.07 -Diluted 0.49 0.47 0.06 Adjusted net earnings per ADS (Each ADS represents4 ordinary shares) -Basic 1.96 1.92 0.26 -Diluted 1.96 1.88 0.26 Reconciliation of adjusted net profit for the period to adjusted EBITDA: Adjusted net profit 616,891 587,205 80,919 Add back: Depreciation and amortization 150,102 267,672 36,886 Finance costs excluding interest expenses relatedto equity linked securities and the bank loans usedfor acquisition of the equity interest in Yonghui Superstores Co., Ltd. 15,909 31,200 4,300 Income tax expense 182,432 151,222 20,839 Adjusted EBITDA 965,334 1,037,299 142,944 Adjusted EBITDA margin 25.9 % 23.4 % 23.4 % Note: (1) Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO GROUP HOLDING LIMITED UNAUDITED ADDITIONAL INFORMATION (Expressed in thousands, except for percentages) Three months ended March 31, 2024 2025 YoY RMB'000 RMB'000 US$'000 Revenue MINISO Brand 3,506,657 4,085,778 563,035 16.5 % -Mainland China 2,284,791 2,493,775 343,651 9.1 % -Overseas 1,221,866 1,592,003 219,384 30.3 % TOP TOY Brand 213,820 339,850 46,833 58.9 % Others(1) 3,054 1,416 195 (53.6) % 3,723,531 4,427,044 610,063 18.9 % Note: (1) "Others" refers to revenue generated from other operating segments such as "WonderLife", which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as "others". As the MINISO brand increasingly penetrated into lower-tier cities in mainland China, "WonderLife" has become marginalized. MINISO GROUP HOLDING LIMITED UNAUDITED ADDITIONAL INFORMATION NUMBER OF MINISO STORES IN MAINLAND CHINA As of March 31, 2024 March 31, 2025 YoY By City Tiers First-tier cities 532 569 37 Second-tier cities 1,664 1,773 109 Third- or lower-tier cities 1,838 1,933 95 Total 4,034 4,275 241 MINISO GROUP HOLDING LIMITED UNAUDITED ADDITIONAL INFORMATION NUMBER OF MINISO STORES IN OVERSEAS MARKETS As of By Regions March 31, 2024 March 31,2025 YoY Asia excluding China 1,402 1,663 261 North America 191 375 184 Latin America 563 646 83 Europe 237 301 64 Others 203 228 25 Total 2,596 3,213 617 *For identification purpose only
AMSTERDAM, May 22, 2025 /PRNewswire/ -- Hassan Badrawi, CEO of OCI Global: "OCI entered 2025 with positive momentum, following a year marked by significant portfolio changes. In the first quarter, we delivered on key transaction milestones, including the resolution of the previously disclosed dispute with our Natgasoline joint venture partner Proman regarding the sale of OCI Methanol to Methanex, as well as substantial progress on the construction of the Beaumont New Ammonia plant, scheduled for completion later this year. Operationally, our European portfolio performed well during the period, despite planned shutdowns at certain assets. In line with our approach to disciplined capital returns, OCI distributed USD 1.0 billion to shareholders in May, bringing cumulative distributions to USD 6.4 billion over the past four years. OCI continues to prioritize shareholder value whilst preserving capital allocation flexibility and strategic optionality. Any future extraordinary cash distributions will be determined based on transaction progress, the ongoing strategic review, and Board approval. As part of our ongoing transformation, OCI also secured a binding support agreement with a large group of bondholders regarding the treatment of the 2033 bonds, pending completion of the Methanol sale. This will facilitate an orderly pay down of OCI's capital structure following the closing of the transaction. Looking ahead, our main priorities are to complete the construction and handover of Beaumont New Ammonia, and to close the Methanol transaction as planned in Q2 2025. With a simplified corporate structure, a stable balance sheet, and a competitive European nitrogen platform, OCI is well-placed to execute on its current objectives and to support value creation." Key Financial Highlights Continuing Operations Adjusted EBITDA for Q1 2025 continued to show a loss, but performance improved over the prior quarter as corporate cost reduction measures gained traction. The European Nitrogen segment's profitability was challenged during the quarter by higher gas prices year-on-year and a planned turnaround that negatively impacted EBITDA margin. Despite these headwinds, the segment continues to be profitable and is well-positioned to benefit from the anticipated decrease in European gas prices. OCI has accelerated its efforts to streamline the corporate cost structure, achieving meaningful progress in aligning the organization to its post-divestment footprint. The Company remains on track to beat its previously guided corporate cost target of USD 30 - 40 million on a run rate basis by the end of 2025. Within Discontinued Operations, OCI Methanol delivered a resilient financial performance in Q1 2025 notwithstanding a planned turnaround at the OCI Beaumont plant. Results were supported by elevated methanol prices and reduced natural gas hedge losses compared to the same period last year, as well as a record performance at Natgasoline, which successfully resumed operations at the end of last year. Net cash from Continuing Operations stood at USD 1,033 million as of 31 March 2025 compared to a net cash position of USD 1,371 million as of 31 December 2024. Key Strategic and Business Highlights The announced sale on 8 September 2024 of OCI's global methanol business ("OCI Methanol") to Methanex Corporation ("Methanex") has been approved by both companies' boards and is expected to close in Q2 2025, subject to regulatory approvals and customary conditions. On 14 May 2025, the European Commission (EC) announced it had approved the acquisition under the EU Merger Regulation, concluding that the transaction does not raise competition concerns. In March 2025, OCI secured a favorable and final resolution of the previously disclosed dispute with Proman regarding shareholder rights in its Natgasoline joint venture. Following a Delaware Court of Chancery ruling in OCI's favor and the subsequent withdrawal of Proman's appeal, OCI's 50% interest in Natgasoline remains part of the transaction perimeter. Construction of the Beaumont New Ammonia site is well advanced and nearing completion, with engineering and procurement mostly complete, and the team currently preparing for commissioning and startup later this year. The project remains on track in terms of total cash spend, which stood at USD 1,167 million as of 31 March 2025. OCI made a further extraordinary distribution of approximately USD 1 billion as a repayment of capital or at the election of the shareholder, from the profit reserve in May 2025, bringing total cumulative distributions to USD 6.4 billion over the last four years. In April 2025, OCI reached a Support Agreement with a bondholder group representing over 60% of its USD 600 million 6.700% Notes due 2033, relating to the treatment of the bonds following contemplated completion of the announced sale of OCI Methanol. Under the Support Agreement, OCI will launch a tender offer for the bonds within five business days of the successful closing of the transaction at 110.75% of par plus accrued and unpaid interest, with the bondholder group agreeing to support and tender into such offer. The group also agreed to support proposed amendments to the bonds, including a redemption right on or after closing at the same price and a waiver of any alleged defaults or events of default that may be outstanding under the documentation governing the bonds. With regards OCI's strategic review, the Company remains actively engaged in the evaluation of strategic alternatives for its continuing businesses. Any future decisions will be made in the best interests of all shareholders. Continuing and Discontinued Operational Highlights Continuing Operations, as presented in this trading update, reflect the performance of the European Nitrogen segment. Further to the announcement of the expected divestiture of OCI's equity holdings in OCI Methanol, this segment is classified as Discontinued Operations. European Nitrogen Own-produced sales were 484 thousand tonnes during the first quarter of 2025, materially unchanged year-on-year and 16% higher quarter-on-quarter. Despite a planned turnaround of the ammonia line as well as the UAN and CAN plants during the quarter, overall production levels were stable year-on-year, supported by the production of new products including AdBlue and CAN+S. Benchmark prices for nitrates were higher in Q1 2025 compared to Q1 2024 and showed a sequential improvement quarter-on-quarter. In February 2025, OCI Nitrogen, Dossche Mills and AGRAVIS announced major progress in their partnership to scale sustainable wheat production across Europe. Using low-carbon fertilizers and farmer incentives, the initiative enabled a tenfold increase in sustainable wheat harvested in 2024, delivering 14,000 tonnes - enough for twenty-five million lower-carbon loaves of bread. The partners aim to triple production in the coming years while maintaining quality and supporting farming practices. In March 2025, OCI Global partnered with RWZ to supply low-carbon fertilizers to RWZ and BASF's "KlimaPartner Landwirtschaft" carbon farming initiative. The collaboration, utilising OCI's low-carbon nitrogen solutions, supports climate-smart practices across 8,200 hectares of winter wheat and aims to cut CO₂-equivalent emissions per tonne of yield by 30%, helping future-proof arable farming with ecological and economic benefits. In April 2025, OCI, alongside Trammo, James Fisher Fendercare and other partners, successfully completed the Port of Rotterdam's first ammonia ship-to-ship bunkering pilot, transferring eight hundred cubic meters of liquid ammonia. The safe execution of this milestone highlights the strategic value of OCI's ammonia import terminal and distribution infrastructure in enabling the adoption of clean ammonia as a marine fuel and supporting the decarbonisation of global shipping. OCI Methanol Own-produced methanol sales from the methanol business were 233 thousand tonnes in the first quarter of 2025, 34% lower than Q1 2024 and 7% lower than Q4 2024. Volumes were impacted by a planned turnaround at OCI Beaumont, while Natgasoline ran at a 95% AUR in Q1 2025 following its successful restart at the end of 2024. Benchmark prices for methanol were materially improved in the quarter compared to the same period last year. Spot US Gulf Coast methanol prices averaged USD 370/t in Q1 2025, 17% higher than the USD 317/t averaged in Q1 2024. Product sales volumes ('000 metric tonnes) Benchmark Prices Notes This report contains unaudited first quarter highlights of OCI Global ('OCI,' 'the Group' or 'the Company'), a public limited liability company incorporated under Dutch law, with its head office located at Honthorststraat 19, 1071 DC Amsterdam, the Netherlands. OCI Global is registered in the Dutch commercial register under No. 56821166 dated 2 January 2013. The Group is primarily involved in the production of nitrogen-based fertilizers and industrial chemicals. Auditor The reported data in this report have not been audited by an external auditor. Market Abuse Regulation This press release contains inside information as meant in clause 7(1) of the Market Abuse Regulation. About OCI Global Learn more about OCI at www.oci-global.com. You can also follow OCI on LinkedIn. OCI stock symbols: OCI / OCI.NA / OCI.AS
Parcels Volume Increased 19.1% to 8.5 BillionAdjusted Net Income Grew 1.6% to RMB2.3 BillionAnnual Volume Guidance Reiterated to Grow 20%-24% SHANGHAI, May 21, 2025 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the first quarter ended March 31, 2025[1]. The Company grew parcel volume by 19.1% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income[2] increased 1.6% to reach RMB2.3 billion. Net cash generated from operating activities was RMB2.4 billion. F irst Quarter 2025 Financial Highlights Revenues were RMB10,891.5 million (US$1,500.9 million), an increase of 9.4% from RMB9,960.0 million in the same period of 2024. Gross profit was RMB2,689.2 million (US$370.6 million), a decrease of 10.4% from RMB3,002.1 million in the same period of 2024. Net income was RMB2,039.2 million (US$281.0 million), an increase of 40.9% from RMB1,447.7 million in the same period of 2024. Adjusted EBITDA[3] was RMB3,686.7 million (US$508.0 million), an increase of 0.7% from RMB3,660.4 million in the same period of 2024. Adjusted net income was RMB2,259.3 million (US$311.3 million), an increase of 1.6% from RMB2,224.0 million in the same period of 2024. Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB2.50 (US$0.34) and RMB2.44 (US$0.34), an increase of 41.2% and 39.4% from RMB1.77 and RMB1.75 in the same period of 2024, respectively. Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB2.77 (US$0.38) and RMB2.71 (US$0.37), an increase of 1.1% and 1.1% from RMB2.74 and RMB2.68 in the same period of 2024, respectively. Net cash provided by operating activities was RMB2,363.0 million (US$325.6 million), compared with RMB2,031.0 million in the same period of 2024. Operational Highlights for F irst Quarter 2025 Parcel volume was 8,539 million, an increase of 19.1% from 7,171 million in the same period of 2024. Number of pickup/delivery outlets was over 31,000 as of March 31, 2025. Number of direct network partners was approximately 6,000 as of March 31, 2025. Number of self-owned line-haul vehicles was over 10,000 as of March 31, 2025, out of which, over 9,400 were high capacity 15 to 17-meter-long models compared to over 9,100 as of March 31, 2024. Number of line-haul routes between sorting hubs was over 3,900 as of March 31, 2025. Number of sorting hubs was 95 as of March 31, 2025, among which 91 were operated by the Company and 4 by the Company's network partners. (1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com. (2) Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations. (3) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations. (4) One ADS represents one Class A ordinary share. (5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively. Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, "During the first quarter, ZTO maintained leading service quality and achieved 8.5 billion of parcel volume and 2.3 billion of adjusted net income. Retail volume increased by 46% year over year for the quarter as we penetrated deeper into reverse logistics, and we continued to work closely with various e-commerce platform and enterprise customers to develop differentiated products and services which include time-definite delivery and customized KA consumer services." Mr. Lai added, "We believe competition in China's express delivery industry has reached the "white-hot" stage, and it is further exacerbated by a greater portion of volume being either low value or loss-making for the logistic service providers. Our approach to network policies has been on maintaining consistency and cultivating long-term stability. At times of fierce competition, we are learning to better leverage our existing competitive advantage and at the same time, stay focused on initiatives that can bring about long-term prospects of profitable growth." Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "ZTO's core express ASP decreased by 11 cents largely driven by 16 cents in higher volume incentives and 6 cents lower weight average per parcel partially offset by 12 cents increase in KA unit price. Combined unit sorting and transportation costs decreased 9 cents thanks to cost productivity gain initiatives. SG&A as a percentage of revenue was 4.7%. Cash flow from operating activities was 2.4 billion, and capital spending was 2 billion." Ms. Yan added, "Volume, backed by high quality of services, remains our top priority. Healthier profitability by the ZTO brand and its network partners relative to our peers are built upon decades of interdependent and cooperative relationship founded on our "shared success" philosophy. Achieving a reasonable level of corporate earnings, and at the same time, laying the groundwork and support our franchise partners to maintain confidence in long-term prospects, to reengineer last mile delivery processes and hereby reduce costs, and to increase their couriers' share into retail profit, our concerted effort will forge new competitive advantage to expand ZTO's volume leadership." F irst Quarter 2025 Unaudited Financial Results Three Months Ended March 31, 2024 2025 RMB % RMB US$ % (in thousands, except percentages) Express delivery services 9,240,172 92.8 10,122,290 1,394,889 92.9 Freight forwarding services 202,747 2.0 179,219 24,697 1.7 Sale of accessories 485,062 4.9 560,297 77,211 5.1 Others 32,025 0.3 29,659 4,087 0.3 Total revenues 9,960,006 100.0 10,891,465 1,500,884 100.0 Total Revenues were RMB10,891.5 million (US$1,500.9 million), an increase of 9.4% from RMB9,960.0 million in the same period of 2024. Revenue from the core express delivery business increased by 9.8% compared to the same period of 2024, as a net result of a 19.1% growth in parcel volume and a 7.8% decrease in parcel unit price. KA revenue, generated by direct sales organizations, increased by 129.3% driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 11.6% compared to the same period of 2024 mainly due to declining cross-border e-commerce pricing. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills' printing, increased by 15.5%. Other revenues were derived mainly from financing services. Three Months Ended March 31, 2024 2025 % of % of RMB revenues RMB US$ revenues (in thousands, except percentages) Line-haul transportation cost 3,371,493 33.9 3,483,065 479,979 32.0 Sorting hub operating cost 2,168,201 21.8 2,314,595 318,960 21.3 Freight forwarding cost 188,382 1.9 172,792 23,811 1.6 Cost of accessories sold 133,047 1.3 133,259 18,364 1.2 Other costs 1,096,798 11.0 2,098,534 289,186 19.2 Total cost of revenues 6,957,921 69.9 8,202,245 1,130,300 75.3 Total cost of revenues was RMB8,202.2 million (US$1,130.3 million), an increase of 17.9% from RMB6,957.9 million in the same period last year. Line haul transportation cost was RMB3,483.1 million (US$480.0 million), an increase of 3.3% from RMB3,371.5 million in the same period last year. The unit transportation cost decreased 12.8% or 6 cents mainly attributable to better economies of scale, improved load rate and more effective route planning. Sorting hub operating cost was RMB2,314.6 million (US$319.0 million), an increase of 6.8% from RMB2,168.2 million in the same period of last year. The increase primarily consisted of (i) RMB109.9 million (US$15.2 million) increase in labor-associated costs partially offset by automation-driven efficiency and (ii) RMB69.2 million (US$9.5 million) increase in depreciation and amortization costs associated with equipment and facilities. Sorting hub operating cost per unit decreased 10.0% or 3 cents as automation and standardization in operating procedures plus effective performance evaluation continued to dig deep for productivity gain. As of March 31, 2025, there were 631 sets of automated sorting equipment in service, compared to 461 sets as of March 31, 2024. Cost of accessories sold was RMB133.3 million (US$18.4 million), increased by 0.2% compared with RMB133.0 million in the same period last year. Other costs of RMB2,098.5 million (US$289.2 million), increased 91.3% from RMB1,096.8 million in the same period last year, which included an increase of RMB957.4 million (US$131.9 million) for serving higher-valued enterprise customers. Gross Profit was RMB2,689.2 million (US$370.6 million), decreased by 10.4% from RMB3,002.1 million in the same period last year. Gross margin rate was 24.7% compared to 30.1% in the same period last year. Total Operating Expenses were RMB283.8 million (US$39.1 million), compared to RMB735.4 million in the same period last year. Selling, general and administrative expenses were RMB737.5 million (US$101.6 million), decreased by 17.7% from RMB896.6 million in the same period last year. The decrease consisted of a RMB109.1 million (US$15.0 million) decrease in compensation and benefit expenses. Excluding a RMB37.3 million one-time charge in the same period last year for loss on collection with a supplier, the decrease was 14.2% year over year. Other operating income, net was RMB453.7 million (US$62.5 million), compared to RMB161.3 million in the same period last year. Other operating income mainly consisted of (i) RMB407.6 million (US$56.2 million) of government subsidies and tax rebates, and (ii) RMB35.9 million (US$4.9 million) of rental and other income. Income from operations was RMB2,405.4 million (US$331.5 million), an increase of 6.1% from RMB2,266.7 million for the same period last year. The operating margin rate was 22.1% compared to 22.8% in the same period last year. Interest income was RMB198.4 million (US$27.3 million), compared with RMB245.0 million in the same period last year. Interest expenses was RMB68.9 million (US$9.5 million), compared with RMB83.9 million in the same period last year. Gain from fair value changes of financial instruments was RMB36.6 million (US$5.0 million), compared with a gain of RMB42.7 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices. Income tax expenses were RMB531.6 million (US$73.3 million) compared to RMB566.3 million in the same period last year. Taxable income for the same period last year reflected a RMB478.4 million non-tax-deductible impairment losses on investment in Cainiao Smart Logistics Network Limited upon a tender offer repurchase. Net income was RMB2,039.2 million (US$281.0 million), which increased by 40.9% from RMB1,447.7 million in the same period last year. Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.50 (US$0.34) and RMB2.44 (US$0.34), compared to basic and diluted earnings per ADS of RMB1.77 and RMB1.75 in the same period last year, respectively. Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.77 (US$0.38) and RMB2.71 (US$0.37), compared with RMB2.74 and RMB2.68 in the same period last year, respectively. Adjusted net income was RMB2,259.3 million (US$311.3 million), compared with RMB2,224.0 million during the same period last year. EBITDA [1] was RMB3,466.6 million (US$477.7 million), compared with RMB2,884.1 million in the same period last year. Adjusted EBITDA was RMB3,686.7 million (US$508.0 million), compared to RMB3,660.4 million in the same period last year. Net cash provided by operating activities was RMB2,363.0 million (US$325.6 million), compared with RMB2,031.0 million in the same period last year. (1) EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations. Recent Developments Change of Board Composition The Board of Directors of the Company (the "Board") has announced the following changes, effective April 25, 2025: Ms. Di Xu has been appointed as a director, and Mr. Xudong Chen has resigned from his position as a director. The Company confirms that Mr. Chen's resignation was not related to any disagreement with the Company. Company Share Repurchase Program The Board has approved its share repurchase program in November 2018 and made subsequent modifications, whereby the latest modification increased the aggregate value of shares that may be repurchased to US$2.0 billion and extended the effective period through June 30, 2025. As of March 31, 2025, the Company had purchased an aggregate of 50,899,498 ADSs for US$1,228.3 million on the open market, including repurchase commissions. The remaining funds available under the share repurchase program are US$771.7 million. On May 20, 2025, the Company announced to extend the current share repurchase program to June 30, 2026. The Company believes that the share repurchase program represents ZTO's confidence in the overall market opportunities as well as ZTO's solid operating fundamentals and financial strength for sustained profitable growth and value creation for its shareholders. Business Outlook Based on current market and operating conditions, the Company reiterates its 2025 parcel volume guidance of 40.8 billion to 42.2 billion, reflecting a 20% to 24% year over year growth. Such estimates represent management's current and preliminary view, which are subject to change. Exchange Rate This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.2567 to US$1.00, the noon buying rate on March 31, 2025 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems. Use of Non-GAAP Financial Measures The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating ZTO's operating results and for financial and operational decision-making purposes. Reconciliations of the Company's non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures. The Company believes that such Non-GAAP measures help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the related expenses and gains that the Company includes in income from operations and net income. The Company believes that EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by ZTO's management in its financial and operational decision-making. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share 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 ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure. Conference Call Information ZTO's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, May 20, 2025 (8:30 AM Beijing Time on May 21, 2025). Dial-in details for the earnings conference call are as follows: United States: 1-888-317-6003 Hong Kong: 800-963-976 Mainland China: 4001-206-115 Singapore: 800-120-5863 International: 1-412-317-6061 Passcode: 7604109 Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until May 27, 2025: United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 5288285 Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com. About ZTO Express (Cayman) Inc. ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) ("ZTO" or the "Company") is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China. ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain. For more information, please visit http://zto.investorroom.com. Safe Harbor Statement This announcement contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and other similar expressions. Among other things, the business outlook and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the HKEX, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about ZTO's beliefs, plans, 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: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company's results of operations and market share; any service disruption of the Company's sorting hubs or the outlets operated by its network partners or its technology system; ZTO's ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO's filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law. UNAUDITED CONSOLIDATED FINANCIAL DATA Summary of Unaudited Consolidated Comprehensive Income Data: Three Months Ended March 31, 2024 2025 RMB RMB US$ (in thousands, except for share and per share data) Revenues 9,960,006 10,891,465 1,500,884 Cost of revenues (6,957,921) (8,202,245) (1,130,300) Gross profit 3,002,085 2,689,220 370,584 Operating (expenses)/income: Selling, general and administrative (896,641) (737,511) (101,632) Other operating income, net 161,257 453,669 62,517 Total operating expenses (735,384) (283,842) (39,115) Income from operations 2,266,701 2,405,378 331,469 Other income/(expenses): Interest income 245,021 198,392 27,339 Interest expense (83,916) (68,876) (9,491) Gain from fair value changes of financial instruments 42,720 36,613 5,045 Gain on disposal of equity investees, subsidiaries and others 451 147 20 Impairment of investment in equity investees (478,364) - - Foreign currency exchange gain/(loss)before tax 5,384 (4,044) (557) Income before income tax, and share of income in equity method investments 1,997,997 2,567,610 353,825 Income tax expense (566,305) (531,574) (73,253) Share of income in equity method investments 16,055 3,145 433 Net income 1,447,747 2,039,181 281,005 Net income attributable to non-controlling interests (21,701) (45,934) (6,330) Net income attributable to ZTO Express (Cayman) Inc. 1,426,046 1,993,247 274,675 Net income attributable to ordinary shareholders 1,426,046 1,993,247 274,675 Net earnings per share attributed to ordinary shareholders Basic 1.77 2.50 0.34 Diluted 1.75 2.44 0.34 Weighted average shares used in calculating net earnings per ordinary share/ADS Basic 804,935,791 798,486,427 798,486,427 Diluted 836,144,858 832,052,527 832,052,527 Net income 1,447,747 2,039,181 281,005 Other comprehensive income/(expenses), net of tax of nil: Foreign currency translation adjustment (82,330) 8,701 1,199 Comprehensive income 1,365,417 2,047,882 282,204 Comprehensive income attributable to non-controlling interests (21,701) (45,934) (6,330) Comprehensive income attributable to ZTO Express (Cayman) Inc. 1,343,716 2,001,948 275,874 Unaudited Consolidated Balance Sheets Data: As of December 31, March 31, 2024 2025 RMB RMB US$ (in thousands, except for share data) ASSETS Current assets Cash and cash equivalents 13,465,442 12,417,946 1,711,239 Restricted cash 37,517 29,263 4,033 Accounts receivable, net 1,503,706 1,011,360 139,369 Financing receivables 1,178,617 1,001,378 137,994 Short-term investment 8,848,447 10,604,175 1,461,294 Inventories 38,569 35,521 4,895 Advances to suppliers 783,599 857,199 118,125 Prepayments and other current assets 4,329,664 4,533,838 624,780 Amounts due from related parties 168,160 80,108 11,039 Total current assets 30,353,721 30,570,788 4,212,768 Investments in equity investees 1,871,337 1,870,351 257,741 Property and equipment, net 33,915,366 34,527,479 4,758,014 Land use rights, net 6,170,233 6,299,962 868,158 Intangible assets, net 17,043 15,493 2,135 Operating lease right-of-use assets 566,316 552,064 76,076 Goodwill 4,241,541 4,241,541 584,500 Deferred tax assets 984,567 1,102,658 151,950 Long-term investment 12,017,755 11,538,510 1,590,049 Long-term financing receivables 861,453 949,391 130,830 Other non-current assets 919,331 938,888 129,382 Amounts due from related parties-non current 421,667 542,387 74,742 TOTAL ASSETS 92,340,330 93,149,512 12,836,345 LIABILITIES AND EQUITY Current liabilities Short-term bank borrowing 9,513,958 9,288,291 1,279,961 Accounts payable 2,463,395 2,541,205 350,187 Advances from customers 1,565,147 1,542,284 212,532 Income tax payable 488,889 479,582 66,088 Amounts due to related parties 202,766 137,613 18,964 Operating lease liabilities 183,373 176,356 24,303 Dividends payable 14,134 2,049,875 282,480 Convertible senior notes 7,270,081 7,238,497 997,492 Other current liabilities 6,571,492 5,602,727 772,073 Total current liabilities 28,273,235 29,056,430 4,004,080 Long-term bank borrowing - 17,000 2,343 Non-current operating lease liabilities 377,717 363,217 50,053 Deferred tax liabilities 1,014,545 847,067 116,729 TOTAL LIABILITIES 29,665,497 30,283,714 4,173,205 Shareholders' equity Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized; 810,339,182 shares issued and 798,622,719 shares outstanding as of December 31, 2024; 804,468,490 shares issued and 799,752,637 shares outstanding as of March 31, 2025) 523 519 72 Additional paid-in capital 24,389,905 24,355,076 3,356,219 Treasury shares, at cost (1,131,895) (271,027) (37,349) Retained earnings 39,098,553 38,415,878 5,293,850 Accumulated other comprehensive loss (294,694) (285,993) (39,410) ZTO Express (Cayman) Inc. shareholders' equity 62,062,392 62,214,453 8,573,382 Noncontrolling interests 612,441 651,345 89,758 Total Equity 62,674,833 62,865,798 8,663,140 TOTAL LIABILITIES AND EQUITY 92,340,330 93,149,512 12,836,345 Summary of Unaudited Consolidated Cash Flow Data: Three Months Ended March 31, 2024 2025 RMB RMB US$ (in thousands) Net cash provided by operating activities 2,031,020 2,362,976 325,627 Net cash used in investing activities (2,378,652) (3,158,465) (435,248) Net cash provided by / (used in) financing activities 130,130 (261,091) (35,979) Effect of exchange rate changes on cash, cash equivalents and restricted cash 38,603 (12,560) (1,730) Net decrease in cash, cash equivalents and restricted cash (178,899) (1,069,140) (147,330) Cash, cash equivalents and restricted cash at beginning of period 13,051,310 13,530,947 1,864,614 Cash, cash equivalents and restricted cash at end of period 12,872,411 12,461,807 1,717,284 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: As of December 3 1 , March 3 1 , 2024 2025 RMB RMB US$ (in thousands) Cash and cash equivalents 13,465,442 12,417,946 1,711,239 Restricted cash, current 37,517 29,263 4,033 Restricted cash, non-current 27,988 14,598 2,012 Total cash, cash equivalents and restricted cash 13,530,947 12,461,807 1,717,284 Reconciliations of GAAP and Non-GAAP Results Three Months Ended March 31, 2024 2025 RMB RMB US$ (in thousands, except for share and per share data ) Net income 1,447,747 2,039,181 281,005 Add: Share-based compensation expense [1] 298,387 220,269 30,354 Impairment of investment in equity investees [1] 478,364 - - Gain on disposal of equity investees, subsidiaries and others, net of income taxes (451) (121) (17) Adjusted net income 2,224,047 2,259,329 311,342 Net income 1,447,747 2,039,181 281,005 Add: Depreciation 752,119 789,108 108,742 Amortization 33,980 37,819 5,212 Interest expenses 83,916 68,876 9,491 Income tax expenses 566,305 531,574 73,253 EBITDA 2,884,067 3,466,558 477,703 Add: Share-based compensation expense 298,387 220,269 30,354 Impairment of investment in equity investees 478,364 - - Gain on disposal of equity investees, subsidiaries and others, before income taxes (451) (147) (20) Adjusted EBITDA 3,660,367 3,686,680 508,037 (1) Net of income taxes of nil Reconciliations of GAAP and Non-GAAP Results Three Months Ended March 31, 2024 2025 RMB RMB US$ (in thousands, except for share and per share data) Net income attributable to ordinary shareholders 1,426,046 1,993,247 274,675 Add: Share-based compensation expense [1] 298,387 220,269 30,354 Impairment of investment in equity investees [1] 478,364 - - Gain on disposal of equity investees, subsidiaries and others, net of income taxes (451) (121) (17) Adjusted Net income attributable to ordinary shareholders 2,202,346 2,213,395 305,012 Weighted average shares used in calculating net earnings per ordinary share/ADS Basic 804,935,791 798,486,427 798,486,427 Diluted 836,144,858 832,052,527 832,052,527 Net earnings per share/ADS attributable to ordinary shareholders Basic 1.77 2.50 0.34 Diluted 1.75 2.44 0.34 Adjusted net earnings per share/ADS attributable to ordinary shareholders Basic 2.74 2.77 0.38 Diluted 2.68 2.71 0.37 (1) Net of income taxes of nil For investor and media inquiries, please contact: ZTO Express (Cayman) Inc.Investor RelationsE-mail: ir@zto.comPhone: +86 21 5980 4508
-First quarter Transaction Volume reached RMB52.1 billion, up 7.9% year-over-year- -First quarter International Transaction Volume reached RMB3.0 billion, up 36.4% year-over-year- -First quarter Revenue reached RMB3,481.0 million, up 10.0% year-over-year- -First quarter International Revenues reached RMB710.5 million, up 19.5% year-over-year and representing 20.4% of total net revenues- SHANGHAI, May 21, 2025 /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") (NYSE: FINV), a leading fintech platform in China, Indonesia and the Philippines, today announced its unaudited financial results for the first quarter ended March 31, 2025. For the Three Months Ended/As of YoY Change March 31, 2024 March 31, 2025 Total Transaction Volume (RMB in billions)[1] 48.3 52.1 7.9 % Transaction Volume (China's Mainland)[2] 46.1 49.1 6.5 % Transaction Volume (International)[3] 2.2 3.0 36.4 % Total Outstanding Loan Balance (RMB in billions) 65.3 74.1 13.5 % Outstanding Loan Balance (China's Mainland)[4] 64.0 72.2 12.8 % Outstanding Loan Balance (International)[5] 1.3 1.9 46.2 % First Quarter 2025 China Market Operational Highlights Cumulative registered users[6] reached 177.2 million as of March 31, 2025, an increase of 11.7% compared with March 31, 2024. Cumulative borrowers[7] reached 27.3 million as of March 31, 2025, an increase of 7.1% compared with March 31, 2024. Number of unique borrowers[8] for the first quarter of 2025 was 2.2 million, an increase of 22.2% compared with the same period of 2024. Transaction volume[2] reached RMB49.1 billion for the first quarter of 2025, an increase of 6.5% compared with the same period of 2024. Transaction volume facilitated for repeat individual borrowers[9] for the first quarter of 2025 was RMB42.6 billion, an increase of 8.4% compared with the same period of 2024. Outstanding loan balance[4] reached RMB72.2 billion as of March 31, 2025, an increase of 12.8% compared with March 31, 2024. Average loan size[10] was RMB10,494 for the first quarter of 2025, compared with RMB10,121 for the same period of 2024. Average loan tenure[11] was 8.2 months for the first quarter of 2025, which remained unchanged compared with the same period of 2024. 90 day+ delinquency ratio[12] was 2.04% as of March 31, 2025. First Quarter 2025 International Market Operational Highlights Cumulative registered users[13] reached 38.9 million as of March 31, 2025, an increase of 45.1% compared with March 31, 2024. Cumulative borrowers[14] for the international market reached 7.6 million as of March 31, 2025, an increase of 49.0% compared with March 31, 2024. Number of unique borrowers[15] for the first quarter of 2025 was 1.7 million, an increase of 106.1% compared with the same period of 2024. Number of new borrowers[16] for the first quarter of 2025 was 0.7 million, an increase of 89.3% compared with the same period of 2024. Transaction volume[3] reached RMB3.0 billion for the first quarter of 2025, an increase of 36.4% compared with the same period of 2024. Outstanding loan balance[5] reached RMB1.9 billion as of March 31, 2025, an increase of 46.2% compared with March 31, 2024. International business revenue was RMB710.5 million (US$97.9 million) for the first quarter of 2025, an increase of 19.5% compared with the same period of 2024, representing 20.4% of total revenue for the first quarter of 2025. First Quarter 2025 Financial Highlights Net revenue was RMB3,481.0 million (US$479.7 million) for the first quarter of 2025, compared with RMB3,165.1 million for the same period of 2024. Net profit was RMB737.6 million (US$101.7 million) for the first quarter of 2025, compared with RMB532.0 million for the same period of 2024. Non-GAAP adjusted operating income[17], which excludes share-based compensation expenses before tax, was RMB917.9 million (US$126.5 million) for the first quarter of 2025, compared with RMB658.7 million for the same period of 2024. Diluted net profit per American depositary share ("ADS") was RMB2.84 (US$0.39) and diluted net profit per share was RMB0.57 (US$0.08) for the first quarter of 2025, compared with RMB1.97 and RMB0.39 for the same period of 2024, respectively. Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41) and non-GAAP diluted net profit per share was RMB0.59 (US$0.08) for the first quarter of 2025, compared with RMB2.08 and RMB0.42 for the same period of 2024, respectively. Each ADS of the Company represents five Class A ordinary shares of the Company. [1] Represents the total transaction volume facilitated in China's Mainland and the international markets on the Company's platforms during the period presented. [2] Represents our transaction volume facilitated in China's Mainland during the period presented. During the first quarter, RMB18.4 billion was facilitated under the capital-light model, for which the Company does not bear principal risk. [3] Represents our transaction volume facilitated in markets outside China's Mainland during the period presented. [4] Outstanding loan balance (China's Mainland) as of any date refers to the balance of outstanding loans in China's Mainland market excluding loans delinquent for more than 180 days from such date. As of March 31, 2025, RMB31.9 billion was facilitated under the capital-light model, for which the Company does not bear principal risk. [5] Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date. [6] On a cumulative basis, the total number of users in China's Mainland market registered on the Company's platform as of March 31, 2025. [7] On a cumulative basis, the total number of borrowers in China's Mainland market registered on the Company's platform as of March 31, 2025. [8] Represents the total number of borrowers in China's Mainland who successfully borrowed on the Company's platform during the period presented. [9] Represents the transaction volume facilitated for repeat borrowers in China's Mainland who successfully completed a transaction on the Company's platform during the period presented. [10] Represents the average loan size on the Company's platform in China's Mainland during the period presented. [11] Represents the average loan tenor on the Company's platform in China's Mainland during the period presented. [12] "90 day+ delinquency ratio" refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company's platform as of a specific date. Loans that originated outside China's Mainland are not included in the calculation. [13] On a cumulative basis, the total number of users registered on the Company's platforms outside China's Mainland market, as of March 31, 2025. [14] On a cumulative basis, the total number of borrowers on the Company's platforms outside China's Mainland market, as of March 31, 2025. [15] Represents the total number of borrowers outside China's Mainland who successfully borrowed on the Company platforms during the period presented. [16] Represents the total number of new borrowers outside China's Mainland whose transactions were facilitated on the Company's platforms during the period presented. [17] Please refer to "UNAUDITED Reconciliation of GAAP and Non-GAAP Results" for reconciliation between GAAP and Non-GAAP adjusted operating income. [18] Change in Presentation of Consolidated Statements of Cash Flows: During the fourth quarter of 2024, the Company elected to change its presentation of the cash flows associated with funds held for customers and funds paid on behalf of customers within its Consolidated Statements of Cash Flows. The balances for the first quarter of 2024 have been adjusted to conform to the current period presentation. Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, "We delivered strong first quarter results in 2025 despite seasonal softness. Total transaction volume reached RMB52.1 billion and outstanding loan balance rose to RMB74.1 billion, representing year-over-year increases of 7.9% and 13.5%, respectively. This performance demonstrates the continued strong execution of our Local Excellence, Global Outlook strategy. "As of the end of the first quarter of 2025, we had cumulatively served 35.0 million borrowers across China, Indonesia and the Philippines, while adding 1.2 million new borrowers within the quarter—our third straight quarter surpassing the one million mark. Looking ahead, we are confident that our diversified and resilient business is well-positioned to navigate ongoing global macro uncertainties. While maintaining a prudent approach, we remain optimistic about achieving growth across our footprint markets," concluded Mr. Li. Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, "Our strong first quarter performance was reflected across our key financial metrics. Net revenue reached RMB3,481.0 million, marking a healthy 10.0% increase compared to the same period last year, while net profit grew 38.7% year-over-year to RMB737.6 million. Our international business maintained its growth momentum, with its revenues increasing 19.5% year-over-year to RMB710.5 million. This revenue stream represented 20.4% of total net revenue, up from 18.8% in the same period last year, demonstrating increasing contribution from our global operations. "In addition, our total liquidity position, consisting of cash and cash equivalents and short-term investments, remained strong at RMB8.5 billion, underscoring a robust balance sheet that supports our ongoing operations and our efforts to consistently enhance shareholder returns," concluded Mr. Xu. First Quarter 2025 Financial Results Net revenue for the first quarter of 2025 was RMB3,481.0 million (US$479.7 million), compared with RMB3,165.1 million for the same period of 2024. This increase was primarily due to the increase in loan facilitation service fees and other revenue. Loan facilitation service fees were RMB1,477.8 million (US$203.6 million) for the first quarter of 2025, compared with RMB985.9 million for the same period of 2024. The increase was primarily due to the increase in the transaction volume and average rate of transaction service fees. Post-facilitation service fees were RMB380.6 million (US$52.5 million) for the first quarter of 2025, compared with RMB465.2 million for the same period of 2024. This decrease was primarily due to the rolling impact of deferred transaction fees. Guarantee income was RMB1,099.5 million (US$151.5 million) for the first quarter of 2025, compared with RMB1,346.1 million for the same period of 2024. This decrease was primarily due to the decrease in risk-bearing loans in the China market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. Net interest income was RMB241.6 million (US$33.3 million) for the first quarter of 2025, compared with RMB231.3 million for the same period of 2024. This increase was primarily due to the increase in the average outstanding loan balances of on-balance sheet loans in the China market. Other revenue was RMB281.5 million (US$38.8 million) for the first quarter of 2025, compared with RMB136.5 million for the same period of 2024. This increase was primarily due to the increase in the contributions from other revenue streams including referral fees. Origination, servicing expenses and other costs of revenue were RMB620.5 million (US$85.5 million) for the first quarter of 2025, compared with RMB539.6 million for the same period of 2024. This increase was primarily due to the increase in facilitation costs and loan collection expenses as a result of higher outstanding loan balances. Sales and marketing expenses were RMB529.7 million (US$73.0 million) for the first quarter of 2025, compared with RMB449.2 million for the same period of 2024, as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets. Research and development expenses were RMB126.0 million (US$17.4 million) for the first quarter of 2025, compared with RMB120.5 million for the same period of 2024. This increase was primarily due to the increased investment in technology development. General and administrative expenses were RMB106.9 million (US$14.7 million) for the first quarter of 2025, compared with RMB82.3 million for the same period of 2024. This increase was primarily due to the increased benefits we provided to our employees. Provision for accounts receivable and contract assets was RMB117.7 million (US$16.2 million) for the first quarter of 2025, compared with RMB65.7 million for the same period of 2024. The increase was primarily due to higher transaction volume of off-balance sheet loans in the international markets. Provision for loans receivable was RMB85.4 million (US$11.8 million) for the first quarter of 2025, compared with RMB81.3 million for the same period of 2024. This increase was primarily due to the increase in the loan volume and the outstanding loan balances of on-balance sheet loans in the China market. Credit losses for quality assurance commitment were RMB1,011.6 million (US$139.4 million) for the first quarter of 2025, compared with RMB1,198.1 million for the same period of 2024. The decrease was primarily due to the decrease in risk-bearing loans in the China market, partially offset by the increase in risk-bearing loans in the international markets. Operating profit was RMB883.2 million (US$121.7 million) for the first quarter of 2025, compared with RMB628.4 million for the same period of 2024. Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB917.9 million (US$126.5 million) for the first quarter of 2025, compared with RMB658.7 million for the same period of 2024. Other income was RMB8.4 million (US$1.2 million) for the first quarter of 2025, compared with RMB31.0 million for the same period of 2024. The decrease was mainly due to reduced income from investments. Income tax expense was RMB153.9 million (US$21.2 million) for the first quarter of 2025, compared with RMB127.5 million for the same period of 2024. This increase was mainly due to the increase in pre-tax profit and partially offset by the decrease in effective tax rate. Net profit was RMB737.6 million (US$101.7 million) for the first quarter of 2025, compared with RMB532.0 million for the same period of 2024. Net profit attributable to ordinary shareholders of the Company was RMB746.4 million (US$102.9 million) for the first quarter of 2025, compared with RMB527.7 million for the same period of 2024. Diluted net profit per ADS was RMB2.84 (US$0.39) and diluted net profit per share was RMB0.57 (US$0.08) for the first quarter of 2025, compared with RMB1.97 and RMB0.39 for the same period of 2024, respectively. Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41) and non-GAAP diluted net profit per share was RMB0.59 (US$0.08) for the first quarter of 2025, compared with RMB2.08 and RMB0.42 for the same period of 2024, respectively. Each ADS represents five Class A ordinary shares of the Company. As of March 31, 2025, the Company had cash and cash equivalents of RMB5,406.5 million (US$745.0 million) and short-term investments, mainly in wealth management products and term deposits, of RMB3,055.7 million (US$421.1 million). The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company's platform in China's Mainland as of March 31, 2025. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart. Click here to view the chart. Business Outlook Strong execution of our Local Excellence, Global Outlook Strategy drove continued growth in the first quarter of 2025 despite domestic macro headwinds and seasonal softness. We remain confident in capitalizing on China's recovery while maintaining growth momentum in our international expansion. The Company reiterates its full-year 2025 total revenue guidance to be in the range of approximately RMB14.4 billion to RMB15.0 billion, representing year-over-year growth of approximately 10.0% to 15.0%. The above forecast is based on the current market conditions and reflects the Company's current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers' and institutional partners' demands, all of which are subject to change. Conference Call The Company's management will host an earnings conference call at 8:30 PM U.S. Eastern Time on May 20, 2025 (8:30 AM Beijing/Hong Kong Time on May 21, 2025). Dial-in details for the earnings conference call are as follows: United States (toll free): +1-888-346-8982 Canada (toll free): +1-855-669-9657 International: +1-412-902-4272 Hong Kong, China (toll free): 800-905-945 Hong Kong, China: +852-3018-4992 Mainland, China: 400-120-1203 Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for "FinVolution Group". Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com. A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until May 27, 2025, by dialing the following telephone numbers: United States (toll free): +1-877-344-7529 Canada (toll free): +1-855-669-9658 International: +1-412-317-0088 Replay Access Code: 2098969 About FinVolution Group FinVolution Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of March 31, 2025, the Company had 216.2 million cumulative registered users across China, Indonesia and the Philippines. For more information, please visit https://ir.finvgroup.com Use of Non-GAAP Financial Measures We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure. For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the rate in effect as of March 31, 2025 as certified for customs purposes by the Federal Reserve Bank of New York. Safe Harbor Statement This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. For investor and media inquiries, please contact: In China:FinVolution GroupHead of Capital MarketsYam ChengTel: +86 (21) 8030-3200 Ext. 8601E-mail: ir@xinye.com Piacente Financial CommunicationsJenny CaiTel: +86 (10) 6508-0677E-mail: finv@tpg-ir.com In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: finv@tpg-ir.com FinVolution Group UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share data, or otherwise noted) As of December 31, As of March 31, 2024 2025 RMB RMB USD Assets Cash and cash equivalents 4,672,772 5,406,481 745,033 Restricted cash 2,074,300 2,018,526 278,160 Short-term investments 2,832,382 3,055,696 421,086 Investments 1,173,003 1,141,890 157,357 Quality assurance receivable, net of credit loss allowance for quality assurance receivable of RMB426,949 and RMB432,418 as of December 31, 2024 and March 31, 2025, respectively 1,639,591 1,537,306 211,846 Intangible assets 137,298 147,898 20,381 Property, equipment and software, net 623,792 616,120 84,904 Loans receivable, net of credit loss allowance for loans receivable of RMB226,467 and RMB263,237 as of December 31, 2024 and March 31, 2025, respectively 4,157,621 3,760,389 518,195 Accounts receivable and contract assets, net of credit loss allowance for accounts receivable and contract assets of RMB290,267 and RMB307,974 as of December 31, 2024 and March 31, 2025, respectively 2,405,880 2,641,636 364,027 Deferred tax assets 2,513,865 2,795,057 385,169 Right of use assets 36,826 37,668 5,191 Prepaid expenses and other assets 1,289,380 1,221,091 168,271 Goodwill 50,411 50,411 6,947 Total assets 23,607,121 24,430,169 3,366,567 Liabilities and Shareholders' Equity Deferred guarantee income 1,515,950 1,381,146 190,327 Liability from quality assurance commitment 2,964,116 2,995,732 412,823 Payroll and welfare payable 290,389 190,907 26,308 Taxes payable 705,928 947,691 130,595 Short-term borrowings 5,594 26,968 3,716 Funds payable to investors of consolidated trusts 796,122 571,678 78,779 Contract liability 10,185 3,582 494 Deferred tax liabilities 491,213 552,681 76,161 Accrued expenses and other liabilities 1,245,184 1,421,397 195,874 Leasing liabilities 28,765 32,070 4,419 Dividends payable - 510,201 70,308 Total liabilities 8,053,446 8,634,053 1,189,804 Commitments and contingencies FinVolution Group Shareholders' equity Ordinary shares 103 103 14 Additional paid-in capital 5,815,437 5,854,162 806,725 Treasury stock (1,765,542) (1,772,993) (244,325) Statutory reserves 852,723 852,723 117,508 Accumulated other comprehensive income 92,626 76,353 10,522 Retained Earnings 10,208,717 10,444,922 1,439,349 Total FinVolution Group shareholders' equity 15,204,064 15,455,270 2,129,793 Non-controlling interest 349,611 340,846 46,970 Total shareholders' equity 15,553,675 15,796,116 2,176,763 Total liabilities and shareholders' equity 23,607,121 24,430,169 3,366,567 FinVolution Group UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (All amounts in thousands, except share data, or otherwise noted) For the Three Months Ended March 31, 2024 2025 RMB RMB USD Operating revenue: Loan facilitation service fees 985,940 1,477,798 203,646 Post-facilitation service fees 465,192 380,614 52,450 Guarantee income 1,346,115 1,099,514 151,517 Net interest income 231,307 241,614 33,295 Other Revenue 136,527 281,501 38,792 Net revenue 3,165,081 3,481,041 479,700 Operating expenses: Origination, servicing expenses and other cost of revenue (539,555) (620,465) (85,502) Sales and marketing expenses (449,209) (529,703) (72,995) Research and development expenses (120,495) (126,041) (17,369) General and administrative expenses (82,327) (106,894) (14,730) Provision for accounts receivable and contract assets (65,662) (117,718) (16,222) Provision for loans receivable (81,285) (85,414) (11,770) Credit losses for quality assurance commitment (1,198,099) (1,011,615) (139,404) Total operating expenses (2,536,632) (2,597,850) (357,992) Operating profit 628,449 883,191 121,708 Other income, net 31,004 8,381 1,155 Profit before income tax expense 659,453 891,572 122,863 Income tax expenses (127,477) (153,931) (21,212) Net profit 531,976 737,641 101,651 Less: Net profit/(loss) attributable to non-controlling interest shareholders 4,275 (8,765) (1,208) Net profit attributable to FinVolution Group 527,701 746,406 102,859 Foreign currency translation adjustment, net of nil tax 11,132 (16,273) (2,242) Total comprehensive income attributable to FinVolution Group 538,833 730,133 100,617 Weighted average number of ordinary shares used in computing net income per share Basic 1,311,510,218 1,265,759,932 1,265,759,932 Diluted 1,341,193,159 1,315,948,116 1,315,948,116 Net profit per share attributable to FinVolution Group's ordinary shareholders Basic 0.40 0.59 0.08 Diluted 0.39 0.57 0.08 Net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equal five ordinary shares) Basic 2.01 2.95 0.41 Diluted 1.97 2.84 0.39 FinVolution Group UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS[18] (All amounts in thousands, except share data, or otherwise noted) Three Months Ended March 31, 2024 2025 RMB RMB USD Net cash provided by/(used in) operating activities 213,310 522,335 71,982 Net cash provided by/(used in) investing activities 925,695 365,196 50,326 Net cash provided by/(used in) financing activities (310,143) (198,331) (27,332) Effect of exchange rate changes on cash and cash equivalents (8,204) (11,265) (1,554) Net increase/(decrease) in cash, cash equivalent and restricted cash 820,658 677,935 93,422 Cash, cash equivalent and restricted cash at beginning of period 6,769,390 6,747,072 929,771 Cash, cash equivalent and restricted cash at end of period 7,590,048 7,425,007 1,023,193 FinVolution Group UNAUDITED Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands, except share data, or otherwise noted) For the Three Months Ended March 31, 2024 2025 RMB RMB USD Net Revenues 3,165,081 3,481,041 479,700 Less: total operating expenses (2,536,632) (2,597,850) (357,992) Operating Income 628,449 883,191 121,708 Add: share-based compensation expenses 30,289 34,679 4,779 Non-GAAP adjusted operating income 658,738 917,870 126,487 Operating Margin 19.9 % 25.4 % 25.4 % Non-GAAP operating margin 20.8 % 26.4 % 26.4 % Non-GAAP adjusted operating income 658,738 917,870 126,487 Add: other income, net 31,004 8,381 1,155 Less: income tax expenses (127,477) (153,931) (21,212) Non-GAAP net profit 562,265 772,320 106,430 Less: Net profit/(loss) attributable to non-controlling interest shareholders 4,275 (8,765) (1,208) Non-GAAP net profit attributable to FinVolution Group 557,990 781,085 107,638 Weighted average number of ordinary shares used in computing net income per share Basic 1,311,510,218 1,265,759,932 1,265,759,932 Diluted 1,341,193,159 1,315,948,116 1,315,948,116 Non-GAAP net profit per share attributable to FinVolution Group's ordinary shareholders Basic 0.43 0.62 0.09 Diluted 0.42 0.59 0.08 Non-GAAP net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equal five ordinary shares) Basic 2.13 3.09 0.43 Diluted 2.08 2.97 0.41
SANTA CLARA, Calif., May 21, 2025 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights Total revenue was US$74.7 million, up approximately 21.1% year-over-year (1Q2024: US$61.7 million). IoT platform-as-a-service ("PaaS") revenue was US$53.7 million, up approximately 17.9% year-over-year (1Q2024: US$45.6 million). Software-as-a-service ("SaaS") and others revenue was US$10.0 million, up approximately 15.5% year-over-year (1Q2024: US$8.6 million). Smart solution revenue was US$11.0 million, up approximately 47.1% year-over-year (1Q2024: US$7.5 million). Overall gross margin was 48.5%, up 0.7 percentage point year-over-year (1Q2024: 47.8%). Gross margin of IoT PaaS increased to 48.4%, up 2.0 percentage points year-over-year (1Q2024: 46.4%). Operating margin was negative 1.9%, improved by 24.6 percentage points year-over-year (1Q2024: negative 26.5%). Non-GAAP operating margin was 9.1%, improved by 10.0 percentage points year-over-year (1Q2024: negative 0.9%). Net margin was 14.8%, improved by 20.5 percentage points year-over-year (1Q2024: negative 5.7%). Non-GAAP net margin was 25.8%, improved by 5.9 percentage points year- over-year (1Q2024: 19.9%). Net profits were US$11.0 million (1Q2024: negative US$3.5 million). Non-GAAP net profits were US$19.3 million, up approximately 57.2% year-over-year (1Q2024: US$12.3 million). Net cash generated from operating activities was US$9.4 million (1Q2024: US$14.5 million). Total cash and cash equivalents, time deposits and treasury securities recorded as short- term and long-term investments were US$1,023.7 million as of March 31, 2025, compared to US$1,016.7 million as of December 31, 2024. For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures." First Quarter 2025 Operating Highlights IoT PaaS customers1 for the first quarter of 2025 were approximately 2,000 (1Q2024: approximately 2,000). Total customers for the first quarter of 2025 were approximately 2,800 (1Q2024: 3,000). The Company's key-account strategy has enabled it to focus on serving strategic customers. Premium IoT PaaS customers2 for the trailing 12 months ended March 31, 2025 were 287 (1Q2024: 269). In the first quarter of 2025, the Company's premium IoT PaaS customers contributed approximately 88.7% of its IoT PaaS revenue (1Q2024: approximately 85.1%). Dollar-based net expansion rate ("DBNER")3 of IoT PaaS for the trailing 12 months ended December 31, 2025 was 118% (1Q2024: 116%). Registered IoT device and software developers were over 1,417,000 as of March 31, 2025, up 7.7% from approximately 1,316,000 developers as of December 31, 2024. The Company defines an IoT PaaS customer for a given period as a customer who has directly placed orders for IoT PaaS with the Company during that period. The Company defines a premium IoT PaaS customer as a customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period. The Company calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period (i.e., those have placed at least one order for IoT PaaS during that period), and then calculating the quotient from dividing the IoT PaaS revenue generated from such customers in the current trailing 12-month period by the IoT PaaS revenue generated from the same group of customers in the prior 12-month period. The Company's DBNER may change from period to period, due to a combination of various factors, including changes in the customers' purchase cycles and amounts and the Company's customer mix, among other things. DBNER indicates the Company's ability to expand customer use of the Tuya platform over time and generate revenue growth from existing customers. Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, "In the first quarter, typically a seasonally soft period, we delivered steady growth in GAAP net profit, driven by sustained revenue growth and healthy operating leverage under Tuya's differentiated business model. Amid ongoing macroeconomic uncertainties and rapid AI evolution, we remain focused on building differentiated AIoT capabilities and empowering global developers. Tuya's platform model continues to facilitate deeper integration of AI and smart devices, accelerating the intelligent transformation of the industry." Mr. Yi (Alex) Yang, Director and Chief Financial Officer of Tuya, added, "We delivered solid financial results in the first quarter of 2025, with revenue increasing 21.1% year-over-year to US$74.7 million and gross margin remaining stable at 48.5%. Continued cost discipline and an optimized expense structure supported steady improvement in GAAP net profit, which reached US$11.0 million, nearly double the full-year total for 2024, with a GAAP net margin reached record high of 14.8%. We also generated positive operating cash flow for the eighth consecutive quarter and ended the period with a healthy net cash position. These results provide both a solid execution base and financial flexibility to support sustained investment in AI innovation and Smart Solution expansion, and to deliver long-term shareholder value across macro volatility." First Quarter 2025 Unaudited Financial Results REVENUE Total revenue in the first quarter of 2025 increased by 21.1% to US$74.7 million from US$61.7 million in the same period of 2024, mainly due to the increase in IoT PaaS revenue and smart solution revenue. IoT PaaS revenue in the first quarter of 2025 increased by 17.9% to US$53.7 million from US$45.6 million in the same period of 2024, primarily due to increasing demand compared with the same period of 2024 and the Company's strategic focus on customer needs and product enhancements. As a result, the Company's DBNER of IoT PaaS for the trailing 12 months ended March 31, 2025 increased to 118% from 116% for the trailing 12 months ended March 31, 2024. SaaS and others revenue in the first quarter of 2025 increased by 15.5% to US$10.0 million from US$8.6 million in the same period of 2024, primarily due to an increase in revenue from cloud software products. During the quarter, the Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers. Smart solution revenue in the first quarter of 2025 increased by 47.1% to US$11.0 million from US$7.5 million in the same period of 2024, primarily due to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT. COST OF REVENUE Cost of revenue in the first quarter of 2025 increased by 19.5% to US$38.4 million from US$32.2 million in the same period of 2024, generally in line with the increase in the Company's total revenue. GROSS PROFIT AND GROSS MARGIN Total gross profit in the first quarter of 2025 increased by 22.9% to US$36.3 million from US$29.5 million in the same period of 2024. The gross margin in the first quarter of 2025 was 48.5%, compared to 47.8% in the same period of 2024, reaching a record high since the establishment of the Company. IoT PaaS gross margin in the first quarter of 2025 was 48.4%, compared to 46.4% in the same period of 2024. SaaS and others gross margin in the first quarter of 2025 was 74.4%, compared to 72.3% in the same period of 2024. Smart solution gross margin in the first quarter of 2025 was 25.7%, remained relatively steady sequentially, and compared to 28.3% in the same period of 2024. Gross margin of each revenue stream increased or fluctuated primarily due to changes in products and solutions mix. As a developer platform with rich ecosystem of smart devices and applications, the Company is committed to focusing on software products with compelling value propositions while maintaining cost efficiency. OPERATING EXPENSES Operating expenses decreased by 17.8% to US$37.7 million in the first quarter of 2025 from US$45.9 million in the same period of 2024. Non-GAAP operating expenses decreased by 2.0% to US$29.4 million in the first quarter of 2025 from US$30.0 million in the same period of 2024. For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures." Research and development expenses in the first quarter of 2025 were US$22.8 million, down 2.8% from US$23.5 million in the same period of 2024, primarily because of (i) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized and (ii) partially offset by an increase in cloud services costs. Non-GAAP adjusted research and development expenses in the first quarter of 2025 were US$20.8 million, compared to US$20.0 million in the same period of 2024. Sales and marketing expenses in the first quarter of 2025 were US$8.3 million, down 7.1% from US$9.0 million in the same period of 2024, primarily because of (i) the decrease in employee-related costs, (ii) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized, and (iii) partially offset by increased spending in marketing events compared to the same period of 2024. Non-GAAP adjusted sales and marketing expenses in the first quarter of 2025 were US$7.6 million, compared to US$7.6 million in the same period of 2024. General and administrative expenses in the first quarter of 2025 were US$8.9 million, down 42.3% from US$15.5 million in the same period of 2024, primarily because of (i) the lower share-based compensation expenses as equity incentive awards granted at higher valuations in previous years have been gradually amortized and (ii) operational optimization. Non- GAAP adjusted general and administrative expenses in the first quarter of 2025 were US$3.4 million, compared to US$4.6 million in the same period of 2024. Other operating income, net in the first quarter of 2025 was US$2.4 million, primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises. LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN Loss from operations in the first quarter of 2025 narrowed by 91.1% to US$1.5 million from US$16.4 million in the same period of 2024. The Company had a non-GAAP profit from operations of US$6.8 million in the first quarter of 2025, compared to a non-GAAP loss from operations of US$0.6 million in the same period of 2024, consistently achieving operating profitability on a non-GAAP basis. Operating margin in the first quarter of 2025 was negative 1.9%, improved by 24.6 percentage points from negative 26.5% in the same period of 2024. Non-GAAP operating margin in the first quarter of 2025 was 9.1%, improved by 10.0 percentage points from negative 0.9% in the same period of 2024. NET LOSS/PROFIT AND NET MARGIN The Company had a net profit of US$11.0 million in the first quarter of 2025, compared to a net loss of US$3.5 million in the same period of 2024. The difference between loss from operations and net profit in the first quarter of 2025 was primarily because of a US$12.4 million interest income achieved mainly due to well implemented treasury strategies on the Company's cash, time deposits and treasury securities recorded as short-term and long-term investments. The Company had a non-GAAP net profit of US$19.3 million in the first quarter of 2025, up 57.2% compared to US$12.3 million in the same period of 2024, demonstrating the Company's ability to sustain strong profitability on a non-GAAP basis. Net margin in the first quarter of 2025 was 14.8%, improving by 20.5 percentage points from negative 5.7% in the same period of 2024. Non-GAAP net margin in the first quarter of 2025 was 25.8%, improving by 5.9 percentage points from 19.9% in the same period of 2024. BASIC AND DILUTED NET LOSS/PROFIT PER ADS Basic and diluted net profit per ADS was US$0.02 in the first quarter of 2025, compared to basic and diluted net loss of US$0.01 in the same period of 2024. Each ADS represents one Class A ordinary share. Non-GAAP basic and diluted net profit per ADS was US$0.03 in the first quarter of 2025, compared to non-GAAP basic and diluted net profit of US$0.02 in the same period of 2024. CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTS Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long-term investments were US$1,023.7 million as of March 31, 2025, compared to US$1,016.7 million as of December 31, 2024, which the Company believes is sufficient to meet its current liquidity and working capital needs. NET CASH GENERATED FROM OPERATING ACTIVITIES Net cash generated from operating activities in the first quarter of 2025 was US$9.4 million, compared to US$14.5 million in the same period of 2024. The net cash generated from operating activities for the first quarter of 2025 mainly due to working capital changes in the ordinary course of business. For further information on non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures." Business Outlook From the initial enthusiasm at the beginning of the year about the accelerated evolution of AI technologies, to the shift in sentiment and industry slowdown caused by global trade fluctuations under geopolitical policy influences in early April, the macro environment has undergone frequent and dramatic changes. These shifts have posed significant challenges to the cycles of the smart consumer electronics sector and its upstream and downstream supply chains. Although the external environment has shown some recent signs of improvement, uncertainties remain. We will continue to monitor developments in the entire business environment. Nonetheless, we remain positive on the long-term value that intelligent technologies can bring to all stakeholders. Therefore, with the effective implementation of the Company's customer and product strategies, along with the utilization and innovation of emerging technologies like AI, the Company is confident in its long-term business prospects. In response to this evolving market environment, the Company will remain committed to continuously iterating and improving its products and services and further enhancing software and hardware capabilities, particularly by leveraging the AI capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying revenue streams, and further optimizing operating efficiency. At the same time, the Company understands that future trajectories may encounter challenges, including shifting consumer spending patterns, regional economic disparities, inventory management, foreign exchange rate and interest rates volatility, the imposition of new tariffs, or adjustments in existing tariffs or trade barriers, and broader geopolitical uncertainties. Conference Call Information The Company's management will hold a conference call at 08:30 P.M. U.S. Eastern Time on Tuesday, May 20, 2025 (08:30 A.M. Beijing Time on Wednesday, May 21, 2025) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions to join the conference call. Online registration:https://register-conf.media-server.com/register/BIe169304a39d646bcb658aa96f86ff680 Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.tuya.com, and a replay of the webcast will be available following the session. About Tuya Inc. Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AIoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a-Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its AIoT developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP financial measures, such as non-GAAP operating expenses, non-GAAP (loss)/profit from operations (including non-GAAP operating margin), non-GAAP net profit (including non-GAAP net margin), and non-GAAP basic and diluted net profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses and credit-related impairment of long-term investments from the respective GAAP financial measures. The Company presents the non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company also believes that the use of the non-GAAP financial measures facilitates investors' assessment of its operating performance. Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using the aforementioned non-GAAP financial measures is that they do not reflect all items of expenses that affect the Company's operations. Share-based compensation expenses and credit-related impairment of long-term investments have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP measures. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP measures to the most directly comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Tuya's non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this press release. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Investor Relations Contact Tuya Inc.Investor Relations Email: ir@tuya.com The Blueshirt Group Gary Dvorchak, CFAPhone: +1 (323) 240-5796Email: gary@blueshirtgroup.co HL StrategyHaiyan LI-LABBEEmail: hl@hl-strategy.com TUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND MARCH 31, 2025(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted) As of December 31,2024 As of March 31,2025 ASSETS Current assets: Cash and cash equivalents 653,334 763,788 Restricted cash 50 165 Short-term investments 194,536 89,985 Accounts receivable, net 7,592 9,591 Notes receivable, net 7,485 9,766 Inventories, net 23,840 21,583 Prepayments and other current assets, net 16,179 18,738 Total current assets 903,016 913,616 Non-current assets: Property, equipment and software, net 6,619 8,557 Land use rights, net 8,825 8,793 Operating lease right-of-use assets, net 4,550 5,248 Long-term investments 180,092 181,875 Other non-current assets, net 678 314 Total non-current assets 200,764 204,787 Total assets 1,103,780 1,118,403 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 19,051 19,457 Advances from customers 31,346 27,145 Deferred revenue, current 7,525 7,797 Accruals and other current liabilities 32,257 67,806 Incomes tax payables 360 483 Lease liabilities, current 3,798 3,403 Total current liabilities 94,337 126,091 Non-current liabilities: Lease liabilities, non-current 851 1,835 Deferred revenue, non-current 377 460 Other non-current liabilities 767 – Total non-current liabilities 1,995 2,295 Total liabilities 96,332 128,386 TUYA INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) AS OF DECEMBER 31, 2024 AND MARCH 31, 2025(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted) As of December 31, 2024 As of March 31, 2025 Shareholders' equity: Ordinary shares – – Class A ordinary shares 25 27 Class B ordinary shares 4 4 Treasury stock (15,726) (1,050) Additional paid-in capital 1,612,712 1,569,409 Accumulated other comprehensive loss (19,716) (19,539) Accumulated deficit (569,851) (558,834) Total shareholders' equity 1,007,448 990,017 Total liabilities and shareholders' equity 1,103,780 1,118,403 TUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted) For the Three Months Ended March 31, 2024 March 31, 2025 Revenue 61,662 74,687 Cost of revenue (32,177) (38,436) Gross profit 29,485 36,251 Operating expenses: Research and development expenses (23,474) (22,810) Sales and marketing expenses (8,983) (8,347) General and administrative expenses (15,474) (8,929) Other operating incomes, net 2,079 2,383 Total operating expenses (45,852) (37,703) Loss from operations (16,367) (1,452) Other income Other non-operating income, net 778 767 Financial income, net 12,807 12,395 Foreign exchange (loss)/gain, net (105) 44 (Loss)/profit before income tax expense (2,887) 11,754 Income tax expense (656) (737) Net (loss)/profit (3,543) 11,017 Net (loss)/profit attributable to Tuya Inc. (3,543) 11,017 Net (loss)/profit attribute to ordinary shareholders (3,543) 11,017 Net (loss)/profit (3,543) 11,017 Other comprehensive (loss)/income Transfer out of fair value changes of long-term investments (65) – Foreign currency translation (428) 177 Total comprehensive (loss)/income attributable to Tuya Inc. (4036) 11,194 TUYA INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE (LOSS)/INCOME (CONTINUED)(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted) For the Three Months Ended March 31, 2024 March 31, 2025 Net (loss)/profit attributable to Tuya Inc. (3,543) 11,017 Net (loss)/profit attributable to ordinary shareholders (3,543) 11,017 Weighted average number of ordinary shares used in computing net (loss)/profit per share, basic and diluted – Basic 559,133,184 606,308,258 – Diluted 559,133,184 608,490,640 Net (loss)/profit per share attributable to ordinary shareholders, basic and diluted – Basic (0.01) 0.02 – Diluted (0.01) 0.02 Share-based compensation expenses were included in: Research and development expenses 3,506 2,016 Sales and marketing expenses 1,385 738 General and administrative expenses 10,923 5,521 TUYA INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted) For the Three Months Ended March 31, 2024 March 31, 2025 Net cash generated from operating activities 14,490 9,352 Net cash generated from investing activities 16,195 101,183 Net cash generated from financing activities 254 2 Effect of exchange rate changes on cash and cash equivalents, restricted cash (126) 32 Net increase in cash and cash equivalents, restricted cash 30,813 110,569 Cash and cash equivalents, restricted cash at the beginning of period 498,688 653,384 Cash and cash equivalents, restricted cash at the end of period 529,501 763,953 TUYA INC.UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES(All amounts in US$ thousands ("US$"),except for share and per share data, unless otherwise noted) For the Three Months Ended March 31, 2024 March 31, 2025 Reconciliation of operating expenses to non-GAAP operating expenses Research and development expenses (23,474) (22,810) Add: Share-based compensation expenses 3,506 2,016 Adjusted Research and development expenses (19,968) (20,794) Sales and marketing expenses (8,983) (8,347) Add: Share-based compensation expenses 1,385 738 Adjusted Sales and marketing expenses (7,598) (7,609) General and administrative expenses (15,474) (8,929) Add: Share-based compensation expenses 10,923 5,521 Adjusted General and administrative expenses (4,551) (3,408) Reconciliation of loss from operations to non-GAAP (loss)/profit from operations Loss from operations (16,367) (1,452) Operating margin (26.5) % (1.9) % Add: Share-based compensation expenses 15,814 8,275 Non-GAAP (loss)/profit from operations (553) 6,823 Non-GAAP Operating margin (0.9) % 9.1 % For the Three Months Ended March 31, 2024 March 31, 2025 Reconciliation of net (loss)/profit to non-GAAP net profit Net (loss)/profit (3,543) 11,017 Net margin (5.7) % 14.8 % Add: Share-based compensation expenses 15,814 8,275 Non-GAAP Net profit 12,271 19,292 Non-GAAP Net margin 19.9 % 25.8 % Weighted average number of ordinary shares used in computing non-GAAP net profit per share – Basic 559,133,184 606,308,258 – Diluted 591,737,410 608,490,640 Non-GAAP net profit per share attributable to ordinary shareholders – Basic 0.02 0.03 – Diluted 0.02 0.03
SINGAPORE and SHANGHAI, China, May 20, 2025 /PRNewswire/ -- H World Group Limited (NASDAQ: HTHT) (HK: 01179), one of the world's leading hospitality groups, began 2025 with continued momentum in growth, asset-light transformation and brand loyalty, according to its first-quarter results released today. Orange Hotel Shanghai Tianlin Road A Scalable Model for Mass-Market HospitalityH World Group achieved 538 net hotel openings in the first quarter ended March 31, taking the total number of hotels in operation to 11,685. The number of rooms worldwide totaled 1,142,158, a 20% increase over last year. The company now covers 1,394 cities across China, with plans to reach 2,000 cities in the future – from major hubs to the most remote and underserved regions.As of March 31, H World had a total of 2,888 hotels in its pipeline. Advancing the Asset-Light TransformationH World continued to advance its asset-light strategy in this quarter, with revenue from manachised and franchised hotels rising 21% year-over-year to RMB 2.5 billion (US$344 million). The company's distinct manachise model — combining the scalability of franchising with the operational control of management — remains a key enabler of efficient, brand-consistent growth. Loyalty Growth & Direct Booking StrengthAs of the end of Q1, H Rewards membership reached 277 million, making it one of the largest loyalty platforms in the global hospitality industry. Direct booking from members accounted for over 65% of total reservations – a 5.4 percentage point increase year-on-year, reflecting growing digital engagement, improved margins, and greater customer lifetime value. Ongoing Experience UpgradeH World continued to advance its product upgrade initiatives to enhance consumer experience across core brands including Hanting, JI, and Orange. As of Q1: 40% of Hanting Hotels had reached version 3.5 or above 78% of Ji Hotels had reached Ji 4.0+ 70% of Orange Hotels met the Orange 2.0 standard The first quarter also marked rapid growth in the upper-midscale segment, which includes brands such as Intercity Hotel, Crystal Orange Hotel, MAXX by Steigenberger, and CitiGo Hotel, with a 36% year-on-year increase in operating hotels and a 22% expansion of the development pipeline. Looking Ahead"We are confident we will achieve our full-year network expansion target of approximately 2,300 gross hotel openings," said H World CEO Jin Hui. "To achieve sustainable long-term growth, we will continue advancing our asset-light strategy, focusing on high-quality network expansion, enhancing brand positioning and 'service excellence', and strengthening sales capabilities centred around our H Rewards membership program." For the full release please visit: https://ir.hworld.com/news-releases/news-release-details/h-world-group-limited-reports-first-quarter-2025-unaudited 1. The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.2567 on March 31, 2025, as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm. About H World Group Limited Originated in China, H World Group Limited (NASDAQ:HTHT; HK:01179) is a key player in the global hotel industry. H World's brands include HanTing Hotel, JI Hotel, Crystal Orange Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels and Steigenberger Icons. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region. For more information, please visit H World's website: https://ir.hworld.com H World undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. For m edia i nquiry, please contact: Lihuan Wang media@hworld.comZheming Xing zheming@taskforce-china.cnZhibin Lang zhibin.lang@taskforce-china.cn
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