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The bank's seamless upgrade, completed in just 10 months, sets a new benchmark for core banking transformations in Hong Kong HONG KONG, Feb. 21, 2025 /PRNewswire/ -- As digital transformation accelerates worldwide, banks must build core systems that are scalable, agile, and resilient. In October 2024, with the support of Tencent Cloud and leveraging WeBank's independently developed digital banking technology, Fusion Bank completed its migration to a new core banking system in just 10 months—setting a new industry benchmark for core banking upgrades in Hong Kong. Jun Cao, General Manager of Tencent Cloud Commercial Banking Solutions; Ming Zhou, Vice General Manager of WeBank Digital Finance Development Department; Billy Chiu, Alternate Chief Executive and Chief Technology Officer of Fusion Bank; Liming Hu, Vice President of Tencent Cloud and Double Tang, Senior Director of Cloud Infrastructure & Application Management of Fusion Bank (From left to right) As a licensed digital bank in Hong Kong, Fusion Bank officially commenced operations in December 2020 and has experienced rapid business growth. As demand for its services increased, the bank needed to enhance service quality and operational efficiency, leading Fusion Bank to initiate its next-generation core banking system migration project in December 2023. Migrating a bank's core system is a highly complex and risk-intensive endeavor. Fusion Bank needed to seamlessly integrate and transform over 150 subsystems across five key banking areas—retail deposits, retail loans, corporate deposits, corporate loans, and foreign exchange services—while ensuring compliance with regulatory and market standards, and minimal user disruption. To support the migration, Tencent Cloud built a robust cloud computing environment for Fusion Bank, powered by solutions such as Tencent Cloud Database (TDSQL) and Tencent Cloud TCE. TDSQL, fully compatible with MySQL, enabled effortless integration with Fusion Bank's business systems, while its powerful batch migration capabilities facilitated smooth data transfers, minimizing user impact and maintaining business continuity. Tencent Cloud TCE played a critical role in addressing challenges related to platform deployment, management, and compatibility. Through containerized deployment, it significantly improved resource utilization efficiency, reducing costs by 40% and shortening recovery time objectives (RTO) to within 30 minutes. It also supports various non-x86 architecture CPUs, meeting Fusion Bank's diverse hardware needs. To enhance operations and maintenance (O&M) efficiency, Tencent Cloud implemented a Configuration Management Database (CMDB), significantly improving system maintainability and simplifying O&M processes. This enabled Fusion Bank's IT O&M team to focus on business innovation and development rather than system management. The close collaboration between Fusion Bank and Tencent Cloud allowed the migration to be completed in just 10 months. The system switchover took only 15 hours, and within a six-hour data migration window, systems and data from multiple vendors were seamlessly transferred to the new core system. Billy Chiu, Alternate Chief Executive and Chief Technology Officer of Fusion Bank, said, "We are delighted to have successfully completed Fusion Bank's core banking system migration project in collaboration with Tencent Cloud. By 2027, we anticipate a 53% reduction in non-labor IT costs compared to 2024, with these costs gradually decreasing from 60% to 39% of our total expenses. Beyond cost efficiency, the new core system enhances our agility, allowing us to swiftly respond to market shifts by introducing innovative financial products and providing our customers with superior financial experiences in a timely manner." Liming Hu, Vice President of Tencent Cloud, said, "We are very pleased to assist Fusion Bank in launching its new core banking system. The success of this migration underscores the strength of Tencent Cloud's proprietary solutions, including TCE and TDSQL, in driving digital transformation in the financial sector. We look forward to empowering more financial institutions in upgrading their core banking systems, accelerating fintech innovation in Hong Kong and beyond." With over 10,000 financial clients worldwide—300 of which are overseas financial clients spanning 20 countries and regions, including Asia, the Middle East, Europe, and the Americas—Tencent Cloud continues to provide industry-leading digital banking solutions. Its global cloud infrastructure, comprehensive enterprise software, and standardized hardware architecture enable financial institutions worldwide to optimize costs and enhance operational efficiency. About Tencent Cloud: Tencent Cloud, one of the world's leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.
ATLANTA, Feb. 21, 2025 /PRNewswire/ -- Liquid Web, a leader in dedicated servers, WordPress, VPS, GPU, and cloud hosting solutions, has launched four new bare metal server locations in San Jose, California; Ashburn, Virginia; Sydney, Australia; and London, England. This global expansion delivers lower latency, improved network performance, and faster speeds in these high-demand regions. Explore bare metal hosting: LiquidWeb.com As businesses scale, high-speed, ultra-reliable hosting is critical for seamless digital experiences. The new server locations extend Liquid Web's reach beyond its existing data centers in Lansing, Michigan; Phoenix, Arizona; and Amsterdam, Netherlands, bringing secure, high-performance hosting closer to their users. Key Benefits Faster website and application speeds with reduced network latency. Enhanced reliability for mission-critical workloads. Seamless connectivity to key global markets. Expanded geographic reach for growing businesses. Improved failover and business continuity for uninterrupted operations. Disaster recovery readiness for secure, resilient operations. "Speed, reliability, and scalability are at the core of what we do. Expanding our data center presence ensures we continue delivering on that promise," says Ryan MacDonald, CTO at Liquid Web. "With these new locations, businesses gain higher performance, lower latency, and greater global reach — setting the stage for even more innovation ahead." This expansion strengthens Liquid Web's position as a trusted hosting provider, offering dedicated servers with enterprise-grade reliability at competitive pricing, backed by expert support. Customers in these regions can benefit from: High-performance servers for demanding applications. Faster connections across key global regions. Maximum power with no platform overhead. Liquid Web remains committed to enhancing its hosting portfolio and expanding services to meet the needs of a rapidly growing global customer base. For more details about Liquid Web's bare metal server offerings, visit LiquidWeb.com. About Liquid WebPart of CloudOne Digital, Liquid Web delivers top-tier infrastructure and cloud solutions to help businesses thrive. With 25+ years of expertise, it powers mission-critical sites, stores, and applications for SMBs, developers, designers, and agencies. They are known for their reliability, expert support, and commitment to excellence. The company's team provides 24/7/365 service, and is recognized as INC. Magazine's Fastest-Growing Companies. For media inquiries, please contact:Media Contact Name: Amanda ValleTitle: Global DirectorEmail: media@liquidweb.com
HYDERABAD, India, Feb. 21, 2025 /PRNewswire/ -- Astreya, a global leader in IT managed services and digital transformation, proudly celebrates the one-year anniversary of its Hyderabad facility. Over the past year, this strategic hub has driven breakthroughs in cloud computing, automation, and enterprise IT solutions, strengthening Astreya's commitment to innovation, operational excellence, and talent development. A Year of Unparalleled Growth In just 12 months, the Hyderabad office has established itself as a center of excellence, delivering next-generation IT solutions while fostering a world-class work environment. Key achievements include: Cutting-Edge Innovation Hub – Certified as an Offshore Development Center (ODC), the Hyderabad facility meets global standards for security, scalability, and seamless IT operations. Advanced Security & Employee Well-Being – A 24/7 security infrastructure, ergonomic workspaces, and employee-first facilities ensure a dynamic, secure, and high-performance workplace. Global Partnerships & Industry Leadership – Strengthened collaborations with technology giants, positioning Astreya at the forefront of AI-driven IT services. Empowering Top Talent – Career growth initiatives, leadership training, and a workplace culture rooted in innovation, inclusivity, and continuous learning. Expanding Opportunities for All – Accessibility upgrades, flexible policies, and engagement programs that support a collaborative, forward-thinking work environment. A Vision for the Future As Astreya continues to expand its global reach and technological footprint, the Hyderabad facility remains a cornerstone of its growth strategy. Romil Bahl, CEO of Astreya, reflected on this milestone: "Our Hyderabad team has been nothing short of extraordinary. The passion, innovation, and technical expertise here continue to fuel our global success. This facility is an engine for digital transformation, automation, and enterprise IT excellence. As we move forward, we are doubling down on our commitment to talent, technology, and the future of IT services." Celebrating One Year of Impact To commemorate this achievement, Astreya hosted a two-day anniversary event on February 17-18, 2025, featuring: Leadership Town Hall – Executives shared insights on Astreya's growth trajectory and future innovation plans. Employee Recognition & Team-Building – Honoring top performers through awards, interactive workshops, and networking sessions. Cross-Team Collaborations – Strengthening synergy across global teams, accelerating AI and cloud-driven IT advancements. About Astreya Astreya is a global IT managed service provider, delivering technology solutions that help businesses scale, drive innovation, and streamline operations. Founded in 2001 and headquartered in San Jose, California, operating in over 35 countries, supporting some of the world's most recognized companies. Astreya provides solutions across public, private, and hybrid clouds, data centers, and the modern workplace while leveraging AI automation across it all. Our mission is to empower organizations to adapt and thrive in an ever-evolving digital landscape by transforming the way they leverage technology to support their customers, empower their employees, and grow their business. Learn more at www.astreya.com and follow us on LinkedIn.
SHENZHEN, China, Feb. 20, 2025 /PRNewswire/ -- MicroCloud Hologram Inc. (NASDAQ: HOLO), ("HOLO" or the "Company"), a technology service provider, they focuses on the in-depth exploration of the connection between local quantum coherence (LQC) and quantum phase transition (QPT), providing new perspectives and theoretical foundations for understanding the characteristics and transition mechanisms of quantum systems. The study of quantum phase transitions is of crucial importance for revealing the mysteries of quantum many-body systems, as well as for developing novel quantum materials and quantum devices. However, accurately detecting and understanding the process of quantum phase transitions has remained one of the key challenges in this field. HOLO introduces the important concept of local quantum coherence (LQC), based on Wigner-Yanase skew information, to study quantum phase transitions. Wigner-Yanase skew information is a significant quantity in quantum information theory, capable of characterizing the non-classical properties of quantum states. Local quantum coherence focuses on the quantum coherence properties in local regions of a quantum system. This coherence is one of the key distinguishing features between quantum and classical systems, reflecting the superposition property of quantum states and the degree of entanglement between quantum bits. In their research, HOLO applies LQC to several typical quantum models, including the one-dimensional Hubbard model with three-spin interactions, the XY spin chain model, and the Su-Schrieffer-Heeger model. The one-dimensional Hubbard model is an important model for describing the motion and interaction of electrons in a lattice and is widely used in condensed matter physics to study the properties of strongly correlated electron systems. The XY spin chain model mainly investigates the interactions between spins and the resulting quantum state properties. The Su-Schrieffer-Heeger model is commonly used to describe the electronic structure and superconducting phenomena in organic polymers. Through in-depth studies of these models, HOLO discovered that LQC and its derivatives can successfully be used to detect different types of quantum phase transitions in spin and fermion systems. In these models, quantum phase transitions lead to significant changes in the system's quantum states, and LQC is able to sensitively capture these changes. For example, in the one-dimensional Hubbard model, when the system undergoes a quantum phase transition from a metallic phase to an insulating phase, the value of LQC shows a clear discontinuity, which corresponds to the critical point of the quantum phase transition, providing a clear signal for determining the occurrence of the quantum phase transition. In the XY spin chain model, LQC can accurately reflect the changes in the correlation between spins during the quantum phase transition process, helping to deepen the understanding of the microscopic mechanisms behind quantum phase transitions. Additionally, HOLO also investigated the role of LQC in detecting quantum phase transitions at finite temperatures. In real quantum systems, temperature often cannot be ignored, and finite temperatures can affect quantum states, potentially causing some quantum properties to vanish. In such cases, traditional tools used for detecting quantum phase transitions, such as entanglement, may lose their effectiveness. However, HOLO's research shows that LQC, as a manifestation of quantum discord (QD), can still effectively detect quantum phase transitions at finite temperatures. Quantum discord is a broader measure of quantum correlations, which not only includes entanglement as a strong form of quantum correlation but also encompasses non-entangled yet quantum-correlated states. As a specific manifestation of quantum discord, LQC can capture subtle changes in quantum correlations within a system at finite temperatures, providing a new approach for detecting quantum phase transitions. HOLO further demonstrated that, compared to quantum dots, LQC can exhibit different behaviors in various forms. Quantum dots are zero-dimensional quantum systems with unique quantum properties, commonly used in fields like quantum information processing and quantum computing. The behavior of LQC in quantum dot systems differs from that in other quantum systems, as it is influenced by factors such as the size, shape, and surrounding environment of the quantum dot. Through comparative studies, HOLO discovered that LQC displays a rich variety of characteristics in different quantum systems, providing important clues for further understanding the nature of quantum systems and for the development of novel quantum technologies. HOLO's research on the connection between LQC and QPT offers new theoretical tools and research methods for the study of quantum phase transitions. This achievement not only helps deepen our understanding of the fundamental properties of quantum many-body systems but also provides potential application directions for the design of future quantum materials and the development of quantum devices. About MicroCloud Hologram Inc. MicroCloud is committed to providing leading holographic technology services to its customers worldwide. MicroCloud's holographic technology services include high-precision holographic light detection and ranging ("LiDAR") solutions, based on holographic technology, exclusive holographic LiDAR point cloud algorithms architecture design, breakthrough technical holographic imaging solutions, holographic LiDAR sensor chip design and holographic vehicle intelligent vision technology to service customers that provide reliable holographic advanced driver assistance systems ("ADAS"). MicroCloud also provides holographic digital twin technology services for customers and has built a proprietary holographic digital twin technology resource library. MicroCloud's holographic digital twin technology resource library captures shapes and objects in 3D holographic form by utilizing a combination of MicroCloud's holographic digital twin software, digital content, spatial data-driven data science, holographic digital cloud algorithm, and holographic 3D capture technology. For more information, please visit http://ir.mcholo.com/ Safe Harbor Statement This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic; financial condition and results of operations; the expected growth of the holographic industry and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission ("SEC"), including the Company's most recently filed Annual Report on Form 10-K and current report on Form 6-K and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
HANGZHOU, China, Feb. 20, 2025 /PRNewswire/ -- Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), an intelligent learning company with industry-leading technology in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. Fourth Quarter 2024 Financial Highlights Total net revenues were RMB1.3 billion (US$183.6 million), representing a 9.5% decrease from the same period in 2023.- Net revenues from learning services were RMB617.7 million (US$84.6 million), representing a 21.2% decrease from the same period in 2023.- Net revenues from smart devices were RMB240.4 million (US$32.9 million), representing an 8.1% increase from the same period in 2023.- Net revenues from online marketing services were RMB481.7 million (US$66.0 million), representing a modest increase from the same period in 2023. Gross margin was 47.8%, compared with 49.9% for the same period in 2023. Income from operations was RMB84.2 million (US$11.5 million), representing a 10.3% increase from the same period in 2023. Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders was RMB0.71 (US$0.10) and RMB0.70 (US$0.10), respectively, compared with RMB0.47 for the same period of 2023. Fiscal Year 2024 Financial Highlights Total net revenues were RMB5.6 billion (US$770.7 million), representing a 4.4% increase from 2023.- Net revenues from learning services were RMB2.7 billion (US$376.4 million), representing a 12.7% decrease from 2023.- Net revenues from smart devices were RMB903.7 million (US$123.8 million), remaining stable compared to 2023.- Net revenues from online marketing services were RMB2.0 billion (US$270.6 million), representing a 48.3% increase from 2023. Gross margin was 48.9%, compared with 51.4% for 2023. Income from operations was RMB148.8 million (US$20.4 million), compared with loss from operations of RMB466.3 million for 2023. Basic and diluted net income per ADS attributable to ordinary shareholders was RMB0.70 (US$0.10), compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RMB4.53 for 2023. "We achieved a significant milestone of first-ever full-year profitability in 2024. In terms of products and services, our AI-based and differentiated services enhanced customer loyalty, with retention rate surpassing 70% in the fourth quarter for Youdao Lingshi. In addition, we strengthened collaboration with NetEase in online marketing services, facilitating the long-term development of this segment. AI-driven subscription services continued to upgrade, leading to elevated customer satisfaction and over 130% year-over-year increase in total sales," said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao. "Looking ahead, we are launching our 'AI Native' strategy-integrating AI more comprehensively across our business lines, for example, automating our advertising platforms and introducing AI-driven tutoring for our course customers. We are excited by the rapid maturing of reasoning models and eager to deliver these innovative projects to our customers," Dr. Zhou concluded. Fourth Quarter 2024 Financial Results Net Revenues Net revenues for the fourth quarter of 2024 were RMB1.3 billion (US$183.6 million), representing a 9.5% decrease from RMB1.5 billion for the same period of 2023. Net revenues from learning services were RMB617.7 million (US$84.6 million) for the fourth quarter of 2024, representing a 21.2% decrease from RMB784.0 million for the same period of 2023. The year-over-year decrease was due to our continued strategic focus on a more selective customer acquisition approach, prioritizing higher ROI (return on investment) engagements. We believe despite the short-term revenue decline, this strategy has enhanced the overall resilience and operational efficiency of our business. Net revenues from smart devices were RMB240.4 million (US$32.9 million) for the fourth quarter of 2024, representing an 8.1% increase from RMB222.4 million for the same period of 2023, primarily driven by the continued increase in sales of Youdao Dictionary Pen in 2024. Net revenues from online marketing services were RMB481.7 million (US$66.0 million) for the fourth quarter of 2024, representing a modest increase from RMB474.1 million for the same period of 2023. Gross Profit and Gross Margin Gross profit for the fourth quarter of 2024 was RMB640.8 million (US$87.8 million), representing a 13.3% decrease from RMB738.8 million for the same period of 2023. Gross margin was 47.8% for the fourth quarter of 2024, compared with 49.9% for the same period of 2023. Gross margin for learning services was 60.0% for the fourth quarter of 2024, compared with 63.6% for the same period of 2023. The decrease was mainly due to the decline in economies of scale as a result of the decreased revenues from learning services. Gross margin for smart devices increased to 43.9% for the fourth quarter of 2024 from 38.3% for the same period of 2023. The improvement was mainly attributable to the higher gross margin arising from the newly launched Youdao Dictionary Pen in 2024. Gross margin for online marketing services was 34.2% for the fourth quarter of 2024, compared with 32.7% for the same period of 2023. The increase was mainly attributable to improved gross margin profile of performance-based advertisements through third parties' internet properties compared with the same period of last year. Operating Expenses Total operating expenses for the fourth quarter of 2024 were RMB556.6 million (US$76.3 million), compared with RMB662.5 million for the same period of last year. Sales and marketing expenses for the fourth quarter of 2024 were RMB381.8 million (US$52.3 million), representing a decrease of 13.5% from RMB441.4 million for the same period of 2023. This decrease was attributable to the reduced marketing expenditures, as well as declined outsourcing labor service fees and payroll related expenses in learning services. Research and development expenses for the fourth quarter of 2024 were RMB120.7 million (US$16.5 million), representing a decrease of 28.2% from RMB168.1 million for the same period of 2023. The decrease was primarily due to the decreased headcount for research and development employees, leading to payroll savings in the fourth quarter of 2024. General and administrative expenses for the fourth quarter of 2024 were RMB54.1 million (US$7.4 million), largely flat compared with RMB53.0 million for the same period of 2023. Income from Operations As a result of the foregoing, income from operations for the fourth quarter of 2024 was RMB84.2 million (US$11.5 million), representing a 10.3% increase from RMB76.3 million for the same period in 2023. The margin of income from operations was 6.3%, compared with 5.2% for the same period of last year. Net Income Attributable to Youdao's Ordinary Shareholders Net income attributable to Youdao's ordinary shareholders for the fourth quarter of 2024 was RMB83.0 million (US$11.4 million), representing a 47.0% increase from RMB56.5 million for the same period of last year. Non-GAAP net income attributable to Youdao's ordinary shareholders for the fourth quarter of 2024 was RMB91.8 million (US$12.6 million), representing a 32.5% increase from RMB69.3 million for the same period of last year. Basic and diluted net income per ADS attributable to ordinary shareholders for the fourth quarter of 2024 was RMB0.71 (US$0.10) and RMB0.70 (US$0.10), respectively, compared with RMB0.47 for the same period of 2023. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders was RMB0.78 (US$0.11) and RMB0.77 (US$0.11), respectively, compared with RMB0.58 for the same period of 2023. Other Information As of December 31, 2024, Youdao's cash, cash equivalents, current and non-current restricted cash, time deposits and short-term investments totaled RMB662.6 million (US$90.8 million), compared with RMB527.1 million as of December 31, 2023. For the fourth quarter of 2024, net cash provided by operating activities was RMB158.2 million (US$21.7 million). Youdao's ability to continue as a going concern is dependent on management's ability to implement an effective business plan amid a changing regulatory environment, generate operating cash flows, and secure external financing for future development. To support Youdao's future business, NetEase Group has agreed to provide financial support for ongoing operations in the next thirty-six months starting from May 2024. As of December 31, 2024, Youdao has received various forms of financial support from the NetEase Group, including, among others, RMB878.0 million in short-term loan, and US$126.1 million in long-term loans maturing on March 31, 2027 drawn from the US$300.0 million revolving loan facility. As of December 31, 2024, the Company's contract liabilities, which mainly consisted of deferred revenues generated from Youdao's learning services, were RMB961.0 million (US$131.7 million), compared with RMB1.1 billion as of December 31, 2023. Fiscal Year 2024 Financial Results Net Revenues Net revenues for 2024 were RMB5.6 billion (US$770.7 million), representing a 4.4% increase from RMB5.4 billion for 2023. Net revenues from learning services were RMB2.7 billion (US$376.4 million) for 2024, representing a 12.7% decrease from RMB3.1 billion for 2023. The decrease reflects our commitment to a more selective customer acquisition approach, prioritizing higher ROI engagements. This strategy has contributed to the overall resilience and efficiency of our business. Net revenues from smart devices were RMB903.7 million (US$123.8 million) for 2024, remaining stable compared to 2023. Net revenues from online marketing services were RMB2.0 billion (US$270.6 million) for 2024, representing a 48.3% increase from RMB1.3 billion for 2023. The increase was mainly attributable to the increased demand for performance-based advertisements through third parties' internet properties, which was driven by our continued investments in cutting-edge AI technology. Gross Profit and Gross Margin Gross profit for 2024 was RMB2.7 billion (US$376.5 million), remaining stable compared to 2023. Gross margin for 2024 was 48.9%, compared with 51.4% for 2023. Gross margin for learning services was 61.4% for 2024, compared with 63.2% for 2023. The decrease was mainly due to the decline in economies of scale as a result of the decreased revenues from learning services. Gross margin for smart devices was 38.7% for 2024, remaining stable compared to 2023. Gross margin for online marketing services increased to 36.0 % for 2024 from 31.7% for 2023. The increase was mainly attributable to improved gross margin profile of performance-based advertisements through third parties' internet properties compared with last year. Operating Expenses Total operating expenses for 2024 were RMB2.6 billion (US$356.2 million), representing a decrease of 19.6%, compared with RMB3.2 billion for 2023. Sales and marketing expenses for 2024 were RMB1.9 billion (US$256.5 million), representing a decrease of 17.5%, compared with RMB2.3 billion for 2023. This decrease was primarily attributable to the reduced marketing expenditures, as well as declined outsourcing labor service fees and payroll related expenses in learning services. Research and development expenses for 2024 were RMB540.0 million (US$74.0 million), representing a decrease of 27.4%, compared with RMB743.4 million for 2023. The decrease was primarily due to the decreased headcount for research and development employees, leading to payroll savings in 2024. General and administrative expenses for 2024 were RMB187.1 million (US$25.6 million), representing a decrease of 15.7%, compared with RMB222.0 million for 2023. The decrease was primarily due to the decreased headcount for general and administrative employees, leading to payroll savings in 2024. Income/(Loss) from Operations Income from operations for 2024 was RMB148.8 million (US$20.4 million), compared with loss from operations of RMB466.3 million for 2023. The margin of income from operations was 2.6%, compared with margin of loss from operations of 8.7% for 2023. Net Income/(Loss) Attributable to Youdao's Ordinary Shareholders Net income attributable to Youdao's ordinary shareholders for 2024 was RMB82.2 million (US$11.3 million), compared with net loss attributable to Youdao's ordinary shareholders of RMB549.9 million for 2023. Non-GAAP net income attributable to Youdao's ordinary shareholders for 2024 was RMB104.8 million (US$14.4 million), compared with non-GAAP net loss attributable to Youdao's ordinary shareholders of RMB475.4 million for 2023. Basic and diluted net income per ADS attributable to ordinary shareholders for 2024 was RMB0.70 (US$0.10), compared with basic and diluted net loss per ADS attributable to ordinary shareholders of RMB4.53 for 2023. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders was RMB0.89 (US$0.12), compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of RMB3.92 for 2023. Operating Cash Flow For 2024, net cash used in operating activities was RMB67.9 million (US$9.3 million), compared with RMB438.1 million for 2023. Share Repurchase Program On November 17, 2022, the Company announced that its board of directors had authorized the Company to adopt a share repurchase program in accordance with applicable laws and regulations for up to US$20.0 million of its Class A ordinary shares (including in the form of ADSs) during a period of up to 36 months. This amount was subsequently increased to US$40.0 million in August 2023. As of December 31, 2024, the Company had repurchased a total of approximately 7.5 million ADSs for a total consideration of approximately US$33.8 million in the open market under the share repurchase program. Conference Call Youdao's management team will host a teleconference call with simultaneous webcast at 5:00 a.m. Eastern Time on Thursday, February 20, 2025 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, February 20, 2025). Youdao's management will be on the call to discuss the financial results and answer questions. Dial-in details for the earnings conference call are as follows: United States (toll free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (toll free): 400-120-1203 Hong Kong (toll free): 800-905-945 Hong Kong: +852-3018-4992 Conference ID: 6589745 A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.youdao.com. A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until February 27, 2025: United States: +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 6589745 About Youdao, Inc. Youdao, Inc. (NYSE: DAO) is an intelligent learning company with industry-leading technology in China dedicated to developing and using technologies to provide learning content, applications and solutions to users of all ages. Building on the popularity of its online knowledge tools such as Youdao Dictionary and Youdao Translation, Youdao now offers smart devices, STEAM courses, adult and vocational courses, and education digitalization solutions. In addition, Youdao has developed a variety of interactive learning apps. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China. For more information, please visit: http://ir.youdao.com. Non-GAAP Measures Youdao considers and uses non-GAAP financial measures, such as non-GAAP net income/(loss) attributable to the Company's ordinary shareholders and non-GAAP basic and diluted net income/(loss) per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. 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 accounting principles generally accepted in the United States of America ("U.S. GAAP"). Youdao defines non-GAAP net income/(loss) attributable to the Company's ordinary shareholders as net income/(loss) attributable to the Company's ordinary shareholders excluding share-based compensation expenses and impairment of long-term investments. Non-GAAP net income/(loss) attributable to the Company's ordinary shareholders enables Youdao's management to assess its operating results without considering the impact of these items, which are non-cash charges in nature. Youdao believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. 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, which possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial measures Youdao uses may differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability may be limited. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this release. The accompanying table has more details on the reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial measures. Youdao encourages you to review its financial information in its entirety and not rely on a single financial measure. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. 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 statement. 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. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. The announced results of the fourth quarter and full year of 2024 are preliminary and subject to adjustments. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: In China:Jeffrey WangYoudao, Inc.Tel: +86-10-8255-8163 ext. 89980E-mail: IR@rd.netease.com Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677E-mail: youdao@thepiacentegroup.com In the United States:Piacente Financial Communications Brandi PiacenteTel: +1-212-481-2050E-mail: youdao@thepiacentegroup.com YOUDAO, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (RMB and USD in thousands) As of December 31, As of December 31, As of December 31, 2023 2024 2024 RMB RMB USD (1) Assets Current assets: Cash and cash equivalents 454,536 592,721 81,202 Time deposits 277 - - Restricted cash 395 3,567 489 Short-term investments 71,848 63,064 8,640 Accounts receivable, net 354,006 418,644 57,354 Inventories 217,067 174,741 23,939 Amounts due from NetEase Group 26,117 79,700 10,919 Prepayment and other current assets 175,705 154,331 21,143 Total current assets 1,299,951 1,486,768 203,686 Non-current assets: Property, equipment and software, net 70,906 46,725 6,401 Operating lease right-of-use assets, net 89,022 68,494 9,384 Long-term investments 51,396 72,380 9,916 Goodwill 109,944 109,944 15,062 Other assets, net 44,976 30,084 4,122 Total non-current assets 366,244 327,627 44,885 Total assets 1,666,195 1,814,395 248,571 Liabilities, Mezzanine Equity and Shareholders' Deficit Current liabilities: Accounts payables 159,005 145,148 19,885 Payroll payable 282,679 264,520 36,239 Amounts due to NetEase Group 82,430 21,997 3,014 Contract liabilities 1,052,622 961,024 131,660 Taxes payable 52,781 37,603 5,152 Accrued liabilities and other payables 591,770 638,660 87,495 Short-term loans from NetEase Group 878,000 878,000 120,286 Total current liabilities 3,099,287 2,946,952 403,731 Non-current liabilities: Long-term lease liabilities 49,337 25,566 3,503 Long-term loans from NetEase Group 630,360 913,000 125,080 Other non-current liabilities 16,314 18,189 2,492 Total non-current liabilities 696,011 956,755 131,075 Total liabilities 3,795,298 3,903,707 534,806 Mezzanine equity 37,961 - - Shareholders' deficit: Youdao's shareholders' deficit (2,186,736) (2,139,958) (293,173) Noncontrolling interests 19,672 50,646 6,938 Total shareholders' deficit (2,167,064) (2,089,312) (286,235) Total liabilities, mezzanine equity and shareholders' deficit 1,666,195 1,814,395 248,571 Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.2993 on the last trading day of December (December 31, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. YOUDAO, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (RMB and USD in thousands, except share and per ADS data) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, 2023 2024 2024 2024 2023 2024 RMB RMB RMB USD (1) RMB RMB Net revenues: Learning services 784,012 767,859 617,673 84,621 3,148,114 2,747,290 Smart devices 222,407 315,305 240,444 32,941 909,192 903,669 Online marketing services 474,102 489,377 481,681 65,990 1,331,902 1,974,960 Total net revenues 1,480,521 1,572,541 1,339,798 183,552 5,389,208 5,625,919 Cost of revenues (2) (741,720) (783,085) (699,045) (95,769) (2,621,746) (2,877,428) Gross profit 738,801 789,456 640,753 87,783 2,767,462 2,748,491 Operating expenses: Sales and marketing expenses (2) (441,399) (519,620) (381,815) (52,308) (2,268,428) (1,872,586) Research and development expenses (2) (168,130) (119,594) (120,694) (16,535) (743,364) (539,998) General and administrative expenses (2) (52,989) (42,968) (54,068) (7,408) (221,996) (187,086) Total operating expenses (662,518) (682,182) (556,577) (76,251) (3,233,788) (2,599,670) Income/(Loss) from operations 76,283 107,274 84,176 11,532 (466,326) 148,821 Interest income 1,733 1,057 970 133 8,348 3,919 Interest expense (18,869) (15,112) (16,828) (2,305) (69,472) (73,090) Others, net (2,589) (1,992) 1,594 218 (11,578) 1,585 Income/(Loss) before tax 56,558 91,227 69,912 9,578 (539,028) 81,235 Income tax (expenses)/benefits (441) (2,370) 2,386 327 (11,089) (6,009) Net income/(loss) 56,117 88,857 72,298 9,905 (550,117) 75,226 Net loss/(income) attributable to noncontrolling interests 365 (2,604) 10,705 1,466 182 6,987 Net income/(loss) attributable to ordinary shareholders of the Company 56,482 86,253 83,003 11,371 (549,935) 82,213 Basic net income/(loss) per ADS 0.47 0.74 0.71 0.10 (4.53) 0.70 Diluted net income/(loss) per ADS 0.47 0.74 0.70 0.10 (4.53) 0.70 Shares used in computing basic net income/(loss) per ADS 119,764,891 116,965,181 117,259,091 117,259,091 121,381,857 117,426,938 Shares used in computing diluted net income/(loss) per ADS 120,426,624 117,343,848 118,705,233 118,705,233 121,381,857 118,173,469 Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.2993 on the last trading day of December (December 31, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. Note 2: Share-based compensation in each category: Cost of revenues (2,975) (171) 1,025 140 1,645 2,359 Sales and marketing expenses 865 (1,359) 1,069 146 6,071 1,183 Research and development expenses (312) 1,868 2,402 329 8,020 8,712 General and administrative expenses 5,224 2,072 4,285 588 15,061 10,342 YOUDAO, INC. UNAUDITED ADDITIONAL INFORMATION (RMB and USD in thousands) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, 2023 2024 2024 2024 2023 2024 RMB RMB RMB USD RMB RMB Net revenues Learning services 784,012 767,859 617,673 84,621 3,148,114 2,747,290 Smart devices 222,407 315,305 240,444 32,941 909,192 903,669 Online marketing services 474,102 489,377 481,681 65,990 1,331,902 1,974,960 Total net revenues 1,480,521 1,572,541 1,339,798 183,552 5,389,208 5,625,919 Cost of revenues Learning services 285,383 290,877 247,059 33,847 1,159,357 1,060,177 Smart devices 137,150 180,390 134,896 18,481 552,810 553,620 Online marketing services 319,187 311,818 317,090 43,441 909,579 1,263,631 Total cost of revenues 741,720 783,085 699,045 95,769 2,621,746 2,877,428 Gross margin Learning services 63.6 % 62.1 % 60.0 % 60.0 % 63.2 % 61.4 % Smart devices 38.3 % 42.8 % 43.9 % 43.9 % 39.2 % 38.7 % Online marketing services 32.7 % 36.3 % 34.2 % 34.2 % 31.7 % 36.0 % Total gross margin 49.9 % 50.2 % 47.8 % 47.8 % 51.4 % 48.9 % YOUDAO, INC. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (RMB and USD in thousands, except share and per ADS data) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, 2023 2024 2024 2024 2023 2024 RMB RMB RMB USD RMB RMB Net income/(loss) attributable to ordinary shareholders of the Company 56,482 86,253 83,003 11,371 (549,935) 82,213 Add: share-based compensation 2,802 2,410 8,781 1,203 30,797 22,596 impairment of long-term investments 10,000 - - - 43,740 - Non-GAAP net income/(loss) attributable to ordinary shareholders of the Company 69,284 88,663 91,784 12,574 (475,398) 104,809 Non-GAAP basic net income/(loss) per ADS 0.58 0.76 0.78 0.11 (3.92) 0.89 Non-GAAP diluted net income/(loss) per ADS 0.58 0.76 0.77 0.11 (3.92) 0.89 Non-GAAP shares used in computing basic net income/(loss) per ADS 119,764,891 116,965,181 117,259,091 117,259,091 121,381,857 117,426,938 Non-GAAP shares used in computing diluted net income/(loss) per ADS 120,426,624 117,343,848 118,705,233 118,705,233 121,381,857 118,173,469
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