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GDIN CEO Jongkap Kim: "By matching technology needs with local markets, we create long-lasting joint ventures with multiple exit opportunities." SEOUL, South Korea, Dec. 24, 2024 /PRNewswire/ -- Global Digital Innovation Network (GDIN), led by CEO Jongkap Kim, proudly announced the major achievements of its 2024 Joint Venture Program. This program, which supports the establishment of joint ventures between South Korean companies and international partners, is designed to lower market entry barriers and create sustainable growth opportunities through local collaborations. 9 companies successfully established 10 joint ventures. Since the launch of the program in 2021, GDIN has supported the establishment of 44 joint ventures across various regions. This year alone, 10 joint ventures were successfully launched in 8 countries including the United States, Canada, Japan, India, Singapore, Vietnam, UAE, and Uganda. The Joint Venture Program was created to address a common challenge faced by early-stage tech companies: while they may have products and services that meet market demand, they often lack the resources and workforce to enter international markets. Through this program, GDIN helps companies increase their chances of success by facilitating strategic market entry via local partnerships. In addition to the 44 joint ventures established so far, 47 partnership agreements are in the pipeline for future joint ventures. The program's success is largely attributed to GDIN's extensive global network of partners, which includes government organizations, multinational corporations, and international agencies such as the World Bank, Central American Bank for Economic Integration (CABEI), Inter-American Development Bank (IDB), Investment Turkey etc. GDIN has organized multiple technology matching and investor relations events to introduce Korean companies and their innovative technologies to potential international partners. At the year-end performance report event, held on December 19, GDIN recognized companies that successfully established joint ventures. Changsoft I&I, a digital construction management system company, was highlighted for its success in establishing joint ventures in Japan and Vietnam. CFO Jongeun Park of Changsoft I&I shared, "We were facing stagnating revenue growth, and expanding into new markets was critical. With GDIN's support, we were able to establish joint ventures in Japan and Vietnam, allowing us to tailor our products to local market needs." Other companies that successfully established joint ventures in 2024 include Medicos Biotech, Bloomsbury Lab, Arbaim, Eucast, Pixelro, Hansol root one, Eco-Peace, and IESG. GDIN CEO Jongkap Kim commented, "Unlike simple joint investments or distribution networks, these technology-driven joint ventures are based on market demand, ensuring their long-term sustainability. If these joint ventures achieve success in the local markets and even go public, they could offer multiple exit opportunities, creating a strong growth model for all involved." About GDIN Global Digital Innovation Network (formerly known as Born2Global Centre), registered under the Ministry of Science & ICT, is an independent foundation that promotes and fosters collaboration between next-level innovative companies from South Korea and the world. Since 2013, we have established over 160 international partnerships, supported over 3,000 tech companies, conducted over 20,000 consulting services, and helped companies raise $3.6 billion USD in investments.
Committed to advancing green energy solutions Capitalizing on growing opportunities in the hydrogen technology sector HONG KONG, March 21, 2025 /PRNewswire/ -- China International Development Corporation Limited ("CIDC" or the "Company", together with its subsidiaries, the "Group"; Stock Code: 0264) is pleased to announce the successful establishment of its joint venture company, Flex Fuel Eco Company Limited ("JV Company"), formed in collaboration with Flex Fuel Hydrogen Development Group Limited ("Strategic Partner"), has been officially incorporated. Through a strategic reorganization, the JV Company now serves as the holding entity for FlexFuel Hydrogen Development (Shenzhen) Company Limited ("FFHD"), which has entered into a landmark Strategic Collaboration Agreement with MCC Tiangong Group Corporation Limited ("MCC Tiangong"). The JV Company has rapidly scaled operations, importing and installing *over 60 hydrogen decarbonizing and cleaning stations* across more than 20 strategic locations in the PRC. This strategic initiative underscores the Group's commitment to advancing green energy solutions and capitalizing on growing opportunities in the hydrogen technology sector. MCC Tiangong, a leading construction enterprise jointly owned by China Minmetals Corporation ("CMC") and Metallurgical Corporation of China Limited ("MCC"), is affiliated with CMC—a state-owned enterprise directly under the Chinese Central Government. This partnership leverages MCC Tiangong's extensive industry network and CIDC's innovative hydrogen technologies. Hydrogen Cleaning Systems: Technology and Market Penetration Under the Strategic Collaboration Agreement, FFHD will deploy its proprietary hydrogen injection cleaning systems (branded as Flex Fuel) for engines across automobiles, vessels, aircraft, and heavy machinery. To date, FFHD has secured multiple service agreements with major PRC conglomerates, including Jilin Dacheng Fangxin Automobile Service Co., Ltd., operator of the renowned "Dacheng Truck Repair" network—one of China's largest automotive repair and maintenance chains. Operational Expansion and Revenue Outlook Since its inception, the JV Company has rapidly scaled operations, importing and installing *over 60 hydrogen decarbonizing and cleaning stations* across more than 20 strategic locations in the PRC, including Beijing, Wuhan, Xinjiang, the Northwest region, Guangdong province, and Macau. Service agreements are typically structured for an initial term of two years, extendable upon mutual agreement. The Group has already commenced revenue generation from these initiatives, with expectations for a sustained and growing income stream. Future Prospects and Shareholder Value CIDC commented: "Our collaboration with MCC Tiangong marks a transformative step in positioning CIDC at the forefront of hydrogen innovation. By integrating FFHD's cutting-edge technology with MCC Tiangong's unparalleled market reach, we are poised to capture significant opportunities in China's green energy transition. The Board remains dedicated to exploring new ventures that enhance long-term shareholder value." About Flex Fuel Hydrogen Development (Shenzhen) Co., Ltd Flex Fuel Hydrogen Development (Shenzhen) Co., Ltd. is an Asia-Pacific subsidiary of French Flex Fuel Hydrogen Development Co., Ltd. (Base in France founded in 2008, one of the French technology 120 index companies). It has the exclusive sales and production authorisation in the Asia-Pacific region. The engine hydrogen maintenance equipment has been officially certified by the French Railways Agency, the Oceanic Agency, the Ministry of Environmental Protection and other official safety certifications. At present, the group is engaged in hydrogen research and development and production equipment, providing a full range of energy solutions, applying its equipment and the hydrogen produced according to customer needs, so as to reduce costs, meet the world trend, apply renewable energy, directly reduce emissions and save energy, and meet the requirements of commercial ESG.
BPDCN is an aggressive hematologic malignancy with a historically poor prognosis VisualDx is a clinical decision support system used by more than 2,300 hospitals, clinics, and medical schools around the world VisualDx's system seeks to enhance identification of people who may have BPDCN, leveraging actual images of BPDCN skin lesions and artificial intelligence/machine learning (AI/ML) technologies incorporated into the VisualDx platform FLORENCE, Italy and NEW YORK, March 20, 2025 /PRNewswire/ -- The Menarini Group ("Menarini"), a leading international pharmaceutical and diagnostics company, and Stemline Therapeutics, Inc. ("Stemline"), a wholly-owned subsidiary of the Menarini Group focused on bringing transformational oncology treatments to cancer patients, today announced that they are collaborating with VisualDx to enhance identification of people who may have BPDCN. This is an example of innovative companies working together to bring artificial intelligence/machine learning (AI/ML) tools to help identify BPDCN as a possible early differential diagnosis. The project includes leveraging actual images of BPDCN skin lesions and AI/ML technologies incorporated into the VisualDx platform. The AI model is now live within VisualDx. VisualDx is a physician-led company committed to improving medical decision-making, medical education and research. The VisualDx tool is a clinical decision support system used by more than 2,300 hospitals, clinics, and medical schools around the world. The software includes a comprehensive database of clinical images, submitted through partnerships with learning institutions and others, and vetted by clinicians, to assist healthcare professionals to identify skin concerns across all skin types. Through the AI image search, clinicians can better understand different skin conditions with the goal of supporting patients to get more accurate diagnoses throughout their care journeys. BPDCN is an aggressive orphan hematologic malignancy with a historically poor prognosis (approximately 8.7 to 14 months post diagnosis[1]) that typically presents skin lesions and can also involve the bone marrow, blood, central nervous system, lymph nodes and viscera. Dermatologists may be the first to recognize the signs of BPDCN and biopsy suspicious lesions. Pathologists can then test for BPDCN by testing for certain biomarkers which are highly expressed on BPDCN cells. Tagraxofusp-erzs is the only approved treatment for patients with BPDCN, and the first and only approved CD123-targeted therapy, in the United States, Europe and other global regions. "BPDCN is a rare and clinically aggressive hematologic malignancy, often presenting with cutaneous lesions. Due to its aggressive nature and the immature cell involvement, the prognosis can be poor if not treated promptly," said Marina Konopleva, MD, Phd, Professor, Molecular Pharmacology, Director, Leukemia Program and Co-Director, Blood Cancer Institute, at Montefiore Einstein. "Early diagnosis plays a critical role in improving patient outcomes, and emerging AI/ML technologies may offer valuable support in the differential diagnosis and early identification of BPDCN." "BPDCN often first presents as a skin lesion and usually has a poor prognosis. There is a dire need for early diagnosis so that patients may access appropriate treatment options," said Elcin Barker Ergun, CEO of the Menarini Group. "We are delighted to collaborate with VisualDx to provide healthcare teams with a tool using the latest artificial intelligence/machine learning (AI/ML) technology to help interpret challenging skin lesions." VisualDx does not store any images uploaded by clinicians taking a picture of their patients' skin exams. This helps maintain the patient's privacy. About BPDCNBPDCN, formerly blastic NK-cell lymphoma, is an aggressive, orphan hematologic malignancy, often with cutaneous manifestations, with historically poor outcomes. BPDCN typically presents skin lesions and may also involve bone marrow, blood, central nervous system, lymph nodes and viscera. The BPDCN cell of origin is the plasmacytoid dendritic cell (pDC) precursor. The diagnosis of BPDCN is based on the immunophenotypic diagnostic triad of CD123, CD4, and CD56, as well as other markers. The World Health Organization (WHO) termed this disease "BPDCN" in 2008; previous names included blastic NK cell lymphoma and CD4+/CD56+ hematodermic neoplasm. About ELZONRIS® (Tagraxofusp-erzs)U.S. Indication: ELZONRIS is a prescription medicine used to treat blastic plasmacytoid dendritic cell neoplasm (BPDCN) in adults and pediatric patients 2 years and older. Full prescribing information for the U.S. can be found at www.elzonris.com IMPORTANT SAFETY INFORMATION, ELZONRIS®Boxed WARNING: CAPILLARY LEAK SYNDROME Capillary Leak Syndrome (CLS) which may be life-threatening or fatal, can occur in patients receiving ELZONRIS. Monitor for signs and symptoms of CLS and take actions as recommended. Warnings and Precautions Capillary Leak SyndromeCapillary leak syndrome (CLS), including life-threatening and fatal cases, has been reported among patients treated with ELZONRIS. In patients receiving ELZONRIS in clinical trials, the overall incidence of CLS was 53% (65/122), including Grade 1 or 2 in 43% (52/122) of patients, Grade 3 in 7% (8/122) of patients, Grade 4 in 1% (1/122) of patients, and four fatalities (3%). The median time to onset was 4 days (range - 1 to 46 days), and all but 5 patients experienced an event in Cycle 1. Before initiating therapy with ELZONRIS, ensure that the patient has adequate cardiac function and serum albumin is greater than or equal to 3.2 g/dL. During treatment with ELZONRIS, monitor serum albumin levels prior to the initiation of each dose of ELZONRIS and as indicated clinically thereafter, and assess patients for other signs or symptoms of CLS, including weight gain, new onset or worsening edema, including pulmonary edema, hypotension or hemodynamic instability. Hypersensitivity ReactionsELZONRIS can cause severe hypersensitivity reactions. In patients receiving ELZONRIS in clinical trials, hypersensitivity reactions were reported in 43% (53/122) of patients treated with ELZONRIS and were Grade ≥ 3 in 7% (9/122). Manifestations of hypersensitivity reported in ≥ 5% of patients include rash, pruritus, and stomatitis. Monitor patients for hypersensitivity reactions during treatment with ELZONRIS. Interrupt ELZONRIS infusion and provide supportive care as needed if a hypersensitivity reaction should occur. HepatotoxicityTreatment with ELZONRIS was associated with elevations in liver enzymes. In patients receiving ELZONRIS in clinical trials, elevations in ALT occurred in 79% (96/122) and elevations in AST occurred in 76% (93/122). Grade 3 ALT elevations were reported in 26% (32/122) of patients. Grade 3 AST elevations were reported in 30% (36/122) and Grade 4 AST elevations were reported in 3% (4/122) of patients. Elevated liver enzymes occurred in the majority of patients in Cycle 1 and were reversible following dose interruption. Monitor alanine aminotransferase (ALT) and aspartate aminotransferase (AST) prior to each infusion with ELZONRIS. Withhold ELZONRIS temporarily if the transaminases rise to greater than 5 times the upper limit of normal and resume treatment upon normalization or when resolved. Adverse ReactionsMost common adverse reactions (incidence ≥ 30%) are capillary leak syndrome, nausea, fatigue, pyrexia, peripheral edema, and weight increase. Most common laboratory abnormalities (incidence ≥ 50%) are decreases in albumin, platelets, hemoglobin, calcium, and sodium, and increases in glucose, ALT and AST. Please see full Prescribing Information, including Boxed WARNING.To report SUSPECTED ADVERSE REACTIONS, contact Stemline Therapeutics, Inc. at 1-877-332-7961 or contact the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. About The Menarini GroupThe Menarini Group is a leading international pharmaceutical and diagnostics company, with a turnover of over $4.7 billion and over 17,000 employees. Menarini is focused on therapeutic areas with high unmet needs with products for cardiology, oncology, pneumology, gastroenterology, infectious diseases, diabetology, inflammation, and analgesia. With 18 production sites and 9 Research and Development centers, Menarini's products are available in 140 countries worldwide. For further information, please visit menarini.com. About Stemline Therapeutics Inc.Stemline Therapeutics, Inc. ("Stemline"), a wholly-owned subsidiary of the Menarini Group, is a commercial-stage biopharmaceutical company focused on bringing transformational oncology treatments to patients. Stemline commercializes elacestrant, an oral endocrine therapy indicated for the treatment of postmenopausal women or adult men with estrogen receptor (ER)-positive, human epidermal growth factor receptor 2 (HER2)-negative, ESR1-mutated advanced or metastatic breast cancer with disease progression following at least one line of endocrine therapy, in the U.S., Europe, and other global regions. Stemline also commercializes tagraxofusp-erzs, a novel targeted therapy directed to CD123, for patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN), an aggressive hematologic cancer, in the United States, Europe, and other global regions. In addition, Stemline commercializes selinexor, an XPO1 inhibitor for multiple myeloma, in Europe. The company is also conducting multiple label-expansion studies with elacestrant and tagraxofusp in breast and hematologic cancer indications, respectively, and has an extensive clinical pipeline of additional drug candidates in various stages of development for a host of solid and hematologic cancers. About VisualDxVisualDx is a company dedicated to improving medical decisions through augmented thinking and timely visualization. It is committed to reducing disparities in medicine and believes technology can bridge gaps in knowledge to bring about more equitable care. VisualDx has become the standard professional resource at more than 2,300 hospitals, clinics and medical schools worldwide by combining problem oriented clinical search with the world's best curated medical image library, plus medical knowledge from experts and sophisticated machine learning algorithms to help with differential diagnosis, variation, treatment, and patient communication. Learn more at www.visualdx.com [1] Pagano L, et al Haematological. 2013;98 (2): 239-246 and Pemmaraju N Curr Hematol Malig Rep. 2017; 12(6): 510-512
Agreement Expands RCS Coverage Across the U.S., Enabling Businesses to Launch RCS for Business to Verizon Subscribers ATLANTA and STOCKHOLM, March 20, 2025 /PRNewswire/ -- Sinch (Sinch AB (publ) (XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, is highlighting its expanded partnership with Verizon, one of the largest mobile network operators in the US, to provide and enable RCS for Business Messaging (RBM) to Verizon subscribers. Announced alongside Sinch's presence this week at Enterprise Connect in Orlando, Florida, this expansion reinforces Sinch's strong partnership with Verizon. By broadening their partnership, Sinch and Verizon are empowering businesses across the U.S. to seamlessly deliver RCS messages to their customers, driving wider adoption and innovation in business messaging. Leveraging their combined expertise and resources, the two companies are accelerating the expansion of RCS coverage, bringing secure, feature-rich, and verified business-to-consumer messaging to Verizon subscribers - enhancing customer engagement, trust and overall communication experiences. RCS for Business offers branded messages, rich and interactive features, and advanced analytics such as read receipts. Businesses can build trust with their customers thanks to messages coming from a verified sender agent over a secure channel. "Partnering with MNOs like Verizon underscores our commitment to providing expanded reach for RCS with innovative communications solutions that enhance customer satisfaction and loyalty," said Lodema Steinbach, VP of Product and Carrier Relations, North America at Sinch. "With over 15 years of building the best super network and strong partnerships with Google and mobile operators globally, Sinch continues to pave the way for advanced communication solutions that meet the evolving needs of modern businesses and enables a better experience for end users." Sinch's Customer Communications Cloud enables businesses to harness the full potential of RCS through its comprehensive APIs, intuitive campaign builder, conversational AI tools, and integrations with platforms. Among the companies leveraging Sinch's RCS capabilities are EasyPark, Nespresso, leading delivery companies, and some of the world's largest banks. The company remains committed to expanding RCS for Business services and communications globally, ensuring businesses can leverage the latest messaging technologies to engage customers effectively. Sinch is hyper focused on leading and remaining on the bleeding edge of the next generation of digital customer communications. CONTACT: For more information please contact: Janet Lennon, Director of Global PR & Communicationsjanet.lennon@sinch.com |1.206.914.6175 This information was brought to you by Cision http://news.cision.com
HONG KONG, March 18, 2025 /PRNewswire/ -- China Literature Limited ("China Literature" or "the Company", stock code: 0772), a leading online literature and intellectual property ("IP") incubation platform in China, today announced the audited consolidated results for the year ended December 31, 2024. Results Highlights (1) Total revenues increased by 15.8% year-over-year to RMB8,121.1 million (USD1,129.7 million).- Revenues from online business increased by 2.1% year-over-year to RMB4,030.6 million (USD560.7 million), mainly due to consistent improvement made to core product operations and production of high-quality content.- Revenues from intellectual property operations and others increased by 33.5% year-over-year to RMB4,090.5 million (USD569.0 million), mainly due to solid growth across our IP operations businesses. On a non-IFRS (2) basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:- Operating profit was RMB985.4 million (USD137.1 million), compared with RMB1,049.8 million in 2023.- Profit attributable to equity holders of the Company was RMB1,141.7 million (USD158.8 million), compared with RMB1,130.4 million in 2023.- Basic earnings per share was RMB1.13. Diluted earnings per share was RMB1.12. On an IFRS basis:- Operating loss was RMB336.1 million (USD46.8 million), mainly due to an impairment loss of goodwill attributable to New Classics Media ("NCM"). Operating profit was RMB709.3 million in 2023.- Loss attributable to equity holders of the Company was RMB209.2 million (USD29.1 million), compared with RMB804.9 million profit attributable to equity holders of the Company in 2023.- Basic loss per share was RMB0.21. Diluted loss per share was RMB0.21. (1) Figures stated in USD are based on USD1 to RMB7.1884. (2) Non-IFRS adjustments exclude share-based compensation, M&A related impact such as impairment provisions, net losses from investee companies and amortization of intangible assets, as well as related income tax effects. (3) Certain figures included in this press release have been subject to rounding adjustments. Accordingly, figures shown as totals may not be an arithmetic aggregation of the figures shown in the breakdown items. Mr. Hou Xiaonan, Chief Executive Officer of China Literature, commented, "Guided by our core strategy of 'focusing on quality content and creating long-lasting IPs,' we successfully released a series of blockbuster titles in 2024 including the film 'YOLO (热辣滚烫)', drama series such as 'The Legend of Shen Li (与凤行)', 'Joy of Life 2 (庆余年2)', 'The Tale of Rose (玫瑰的故事)' and 'Guardians of the Dafeng (大奉打更人)', as well as the updated animation series 'Battle Through the Heavens (斗破苍穹)', further reinforcing our leading position in the industry. To capitalize on the widespread influence of our popular content, we accelerated IP commercialization which drove the rapid growth of our merchandising business in 2024 with annual GMV surpassing RMB500 million. At the same time, we continue to explore the application of cutting-edge technologies to empower our content business. In February 2025, our 'Writer Assistant (作家助手)' creation tool became the first in the industry to integrate the DeepSeek-R1 model, providing writers with even more intelligent assistance. Going forward, we will continue to execute our high-quality content strategy to create IP with enduring vitality while leveraging the latest cutting-edge technologies to further enhance its value." Financial Review (3) Revenues increased by 15.8% year-over-year to RMB8,121.1 million (USD1,129.7 million). Revenues from online business increased by 2.1% year-over-year to RMB4,030.6 million (USD560.7 million). A further breakdown of this category is as follows: i) Online business revenues from our self-owned platform products increased by 3.4% year-over-year to RMB3,531.0 million (USD491.2 million), mainly due to consistent improvement made to core product operations and production of high-quality content; ii) Online business revenues from our channels on Tencent products decreased by 28.2% year-over-year to RMB245.3 million (USD34.1 million), mainly due to a decrease in advertising revenues associated with the refinement of our content distribution practices and prioritization of distribution through core pay-to-read products; and iii) Online business revenues from third-party platforms increased by 32.0% year-over-year to RMB254.2 million (USD35.4 million), primarily due to expanded collaboration with third-party distribution partners. Revenues from IP operations and others increased by 33.5% year-over-year to RMB4,090.5 million (USD569.0 million). i) Revenues from IP operations increased by 34.2% year-over-year to RMB3,991.2 million (USD555.2 million). The increase was driven by solid growth across our IP operations businesses primarily from the release of more blockbuster drama series, films, and animated series, along with the expanded licensing of our IP for adaptation to business partners. Additionally, new initiatives such as short dramas and IP merchandise products grew significantly during the period; and ii) Revenues from the "others" category, mainly generated by sales of physical books, increased by 10.5% year-over-year to RMB99.3 million (USD13.8 million). Cost of revenues increased by 15.4% year-over-year to RMB4,199.1 million (USD584.2 million), in line with the increase in revenues, mainly due to higher production costs associated with an increase in the number of films and blockbuster drama series released during the year. Gross profit increased by 16.3% year-over-year to RMB3,921.9 million (USD545.6 million). Gross margin was 48.3%, compared with 48.1% in 2023. Interest income increased by 7.2% year-over-year to RMB178.3 million (USD24.8 million), reflecting greater interest income from bank deposits. Net other losses were RMB973.9 million (USD135.5 million) in 2024, compared with net other gains of RMB11.5 million in 2023. The year-over-year difference was mainly due to an impairment loss of goodwill of RMB1,104.6 million (USD153.7 million) attributable to New Classics Media. Selling and marketing expenses increased by 31.5% year-over-year to RMB2,261.0 million (USD314.5 million), as a result of an increase in promotional and advertising expenses associated with films and drama series released in 2024. As a percentage of revenues, our selling and marketing expenses increased to 27.8% in 2024 from 24.5% in 2023. General and administrative expenses decreased by 1.5% year-over-year to RMB1,143.5 million (USD159.1 million). As a percentage of revenues, general and administrative expenses decreased to 14.1% in 2024 compared with 16.6% in 2023. Net provision for impairment losses on financial assets was RMB58.0 million (USD8.1 million) in 2024, primarily reflecting the provision for doubtful receivables associated with IP operation businesses. Operating loss was RMB336.1 million (USD46.8 million) in 2024, compared with RMB709.3 million operating profit in 2023. On a non-IFRS basis, operating profit was RMB985.4 million (USD137.1 million), compared with RMB1,049.8 million in 2023. Income tax expense was RMB110.7 million (USD15.4 million), compared with RMB97.9 million for 2023, primarily due to an increase in taxable income. Loss attributable to equity holders of the Company was RMB209.2 million (USD29.1 million) in 2024, compared with RMB804.9 million profit attributable to equity holders of the Company in 2023. On a non-IFRS basis, profit attributable to equity holders of the Company was RMB1,141.7 million (USD158.8 million), compared with RMB1,130.4 million in 2023. Key Operating Information Average MAUs on our self-owned platform products and self-operated channels were 166.6 million in 2024, a decrease of 19.0% year-over-year from 205.6 million in 2023. A further breakdown of MAUs is as follows: i) MAUs on our self-owned platform products remained largely stable on a year-over-year basis at 103.8 million, compared with 104.8 million in 2023; and ii) MAUs on our self-operated channels on Tencent products decreased by 37.7% year-over-year from 100.8 million to 62.8 million, primarily due to continuous optimization of operational efficiency, which involved distributing more content through core pay-to-read products, resulting in a decrease of MAUs on free-to-read channels. Average MPUs on our self-owned platform products and self-operated channels increased by 4.6% year-over-year from 8.7 million to 9.1 million in 2024, mainly due to growth in membership users following the launch of additional membership content in 2024. Monthly ARPU for our pay-to-read business was RMB32.0, decreasing by 1.5% year-over-year from RMB32.5 in 2023, due to a mix effect from lower ARPU contributions by newly acquired membership users. Other Key Information - EBITDA was RMB729.3 million (USD101.5 million), compared with RMB829.5 million in 2023. Adjusted EBITDA was RMB923.1 million (USD128.4 million), compared with RMB1,017.9 million in 2023. - As of December 31, 2024, the Company's net cash position was RMB9,935.7 million (USD1,382.2 million). - Free cash flow* was RMB2,333.2 million (USD324.6 million), compared to RMB872.8 million in 2023. - New Classics Media, on a standalone basis, recorded RMB1,638.9 million (USD228.0 million) in revenues and RMB340.7 million (USD47.4 million) in profit attributable to equity holders of the company in 2024. * Free cash flow: operating cash flow deducts payments for lease liabilities and payments for capital expenditures. Business Review and Outlook IP Creation We continued to strengthen the content ecosystem of our online reading business. In 2024, our reading platform added approximately 330,000 writers and 650,000 literary works, collectively contributing over 42 billion Chinese characters. High-quality works increased significantly, with the number of newly signed literary works with over 50,000 average subscribers per chapter up 50% year-over-year. Additionally, the number of new writers with annual income exceeding RMB500,000 grew over 70% year-over-year. Our community has become more robust, with the number of users casting over 1,000 monthly tickets in 2024 increasing more than 60% year-over-year. As a result of these initiatives, our MPUs grew 4.6% year-over-year to 9.1 million in 2024. IP Visualization We made significant progress in IP visualization, releasing a series of top-tier content in the field of film, drama series, animation and comics. According to the Creative Industries Technology Research Institute of Renmin University of China, China Literature had 3 out of the top 5 most valuable cultural IPs in 2024. Based on Enlightent data, among the top 30 most popular drama series in 2024, 16 were adapted from China Literature's IPs. Additionally, according to Guduo data, 14 of the top 20 most popular domestic animation works in 2024 were adapted from China Literature's IPs. In the live action TV and film segment, we launched several phenomenal blockbuster hits throughout the year. We have one box office champion film "YOLO (热辣滚烫)", which grossed RMB3.5 billion in box office revenue, and four drama series including "The Legend of Shen Li (与凤行)", "Joy of Life 2 (庆余年2)", "The Tale of Rose (玫瑰的故事)" and "Guardians of the Dafeng (大奉打更人)", dominating the online viewership rankings of domestic drama series. These achievements demonstrate our consistent ability to create and replicate blockbuster IPs, reflecting our strong capabilities in content creation and IP development. In the animation segment, we released new series including "World's Best Martial Artist (全球高武)" and "The Richest Man in Game (亏成首富从游戏开始)", as well as sequels to "Battle Through the Heavens (斗破苍穹)", "Start a Mountain (开局一座山)" and "The Fox Spirit Matchmaker (狐妖小红娘)", which topped popularity rankings on video streaming platforms during their release windows. Among them, the annual series "Battle Through the Heavens (斗破苍穹)" topped Tencent Video's annual best-selling list and won the title of "2024 Tencent Video VIP Member's Favourite Animation". In the comics segment, we completed the acquisition of Tencent Animation and Comics in 2024. Domestic comic IPs such as "The Outcast (一人之下)" and "The Fox Spirit Matchmaker (狐妖小红娘)" further enriched our leading IP offerings and continued to perform strongly. On the Tencent Animation and Comics platform, "The Outcast (一人之下)" ranked first in terms of revenue among domestic comics, while "The Fox Spirit Matchmaker (狐妖小红娘)" also ranked first in terms of annual revenue growth. The synergies being created between China Literature and Tencent Animation and Comics continue to deepen. This deep integration of our respective strengths in content, production capacity, and IP industry value chain will further unlock the potential and enhance the value of our top-tier IPs. In the short drama segment, we launched over 100 titles in 2024. Leveraging our content creator resources, we collaborated with outstanding writers and screenwriters to produce a number of high-quality short dramas, with the most popular title generating close to RMB40 million in gross revenue. In addition, one of our new releases at the beginning of 2025 has already achieved over RMB50 million in gross revenue within 7 days, underscoring the trend towards higher quality for short dramas. As the short drama market is growing rapidly, we will continue to capitalize on our high-quality production capacity and capabilities to seize the enormous opportunities the market presents. IP Commercialization and Monetization Leveraging the strong influence and user traffic generated by our high-quality content, as well as our improved innovative capabilities and deep market insights, we made significant progress in our IP merchandise business. In 2024, the total GMV for IP merchandise surpassed RMB500 million, of which the collectible cards accounted for over RMB200 million. The main IPs including "The King's Avatar (全职高手)", "Joy of Life (庆余年)", "Lord of the Mysteries (诡秘之主)", "The Outcast (一人之下)", and "The Fox Spirit Matchmaker (狐妖小红娘)" have all set new historical revenue records, showing widespread market influence. In addition, we have collaborated with over 150 authorized partners to develop merchandise products covering multiple verticals such as toys, 3C digital, and food and beverages etc. To expand our distribution channels, we set up over 10 self-operated livestream channels, as well as official online stores on Taobao and Tmall. We also opened 8 offline stores, covering leading ACG (Anime, Comics, and Games) shopping districts in key cities such as Beijing, Shanghai, and Hangzhou. In addition, through the distribution model, we have covered over 6,000 offline and over 3,000 online sales outlets, forming a comprehensive omni-channel sales network and laying a solid foundation for future business growth. The global IP merchandise market is enormous at over USD300 billion. While we are just beginning to commercialize our IP, we are confident that this will offer us significant growth prospects both online and offline. Our advantage lies in our ability to leverage IP to deliver emotions and unique experiences through our products, and to reshape the cultural consumption preferences of younger generations. Exploration in New Technologies We are aware of the enormous opportunities that AI brings to the content industry, and are actively embracing this transformation. We have taken a leading position in the development of the IP industry value chain, and are leveraging AI to enhance this competitive advantage across various business scenarios. As previously mentioned, our "Writer Assistant (作家助手)" creation tool integrates the DeepSeek-R1 model, allowing writers across the industry to experiment with it to develop best practices. Since its integration, daily active users of "Writer Assistant (作家助手)" have increased by over 30%, with the weekly usage rate of AI functions exceeding 50% and the average number of writers using the "Intelligent Q&A" function per day increasing tenfold. This will help online literary creation enter a more efficient and intelligent era. AI is also accelerating the globalization of our IP. In 2024, our overseas online reading platform, WebNovel, added more than 3,200 AI-translated works, accounting for 47% of all Chinese-translated works and about 40% of the top 100 best-selling lists. AI has enabled WebNovel to cover a wider range of languages, including Spanish, Portuguese, German, French, Indonesian, Japanese and many others. In 2024, revenue from non-English works translated by AI increased by more than 350%. As of December 31, 2024, WebNovel offered overseas users with approximately 6,800 Chinese-translated works and approximately 700,000 locally created original works. In addition, we are integrating AI into various formats such as audiobooks, radio dramas, animation, and videos to further accelerate the development of our IP. We are also applying AI to improve content recommendation and user interaction to enhance the user experience. Outlook We believe that the synergy of "IP+AI" will drive the content industry forward, creating a new ecosystem that stretches from content creation to user consumption. AI empowers IP, while IP provides scenarios for AI. The deep integration of the two will facilitate the transition towards multi-dimensional innovation and globalization, from which we are uniquely positioned to benefit. Looking ahead, we will embrace the latest technologies, continue the incubation of popular IPs, and build a leading IP industry value chain to engrain ourselves in the memories of the next generation. About China Literature Limited China Literature is dedicated to building a deep and immersive intellectual property ("IP") universe for the Mandarin-speaking world. It incubates original IPs from its online literature platform, which are subsequently adapted to a range of digital entertainment mediums, including comics, animation, film, TV series, web series and games. The virtual world created by these digital offerings becomes an inseparable part of a user's daily life. China Literature creates and promotes IPs mainly through Qidian Reading and QQ Reading, its leading online literature platforms, as well as New Classics Media, a renowned film and TV drama series production house in China. China Literature collaborates with Tencent, its shareholder and strategic partner, as well as other third-party partners to distribute and develop IP content and to enhance the value of its IP. Many of the Company's online literature works have been successfully adapted into animation, TV series, web series, films and games, including Joy of Life, Candle in the Tomb, Soul Land, The King's Avatar and My Heroic Husband. China Literature's rich and extensive content library as well as its unparalleled capability and resources to adapt IP into various entertainment formats is a significant competitive advantage that lies at the core of its business model. For more information, please visit http://ir.yuewen.com/. Non-IFRS Financial Measures To supplement the consolidated financial statements of the Company prepared in accordance with IFRS, certain non-IFRS financial measures, namely non-IFRS operating profit, non-IFRS operating margin, non-IFRS profit for the year, non-IFRS net margin, non-IFRS profit attributable to equity holders of the Company, non-IFRS basic EPS and non-IFRS diluted EPS as additional financial measures, have been presented in this press release for the convenience of readers. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of the Company's financial performance prepared in accordance with IFRS. These unaudited non-IFRS measures may be defined differently from similar terms used by other companies. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Company's material associates based on available published financials of the relevant material associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises. Our management believes that the presentation of these non-IFRS financial measures, when shown in conjunction with the corresponding IFRS measures, provides useful information to investors and management regarding the financial and business trends relating to the Company's financial condition and results of operations. Our management also believes that the non-IFRS financial measures are useful in evaluating the Company's operating performances. From time to time, there may be other items that the Company may include or exclude in reviewing its financial results. Forward-Looking Statements This press release contains forward-looking statements relating to the industry and business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website. CHINA LITERATURE CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS)/INCOME Year ended December 31, 2024 2023 (RMB in million, unless specified) Revenues Online business(1) 4,030.6 3,948.1 Intellectual property operations and others(2) 4,090.5 3,063.6 8,121.1 7,011.8 Cost of revenues (4,199.1) (3,640.3) Gross profit 3,921.9 3,371.5 Gross margin 48.3 % 48.1 % Interest income 178.3 166.3 Other (losses)/gains, net (973.9) 11.5 Selling and marketing expenses (2,261.0) (1,719.5) General and administrative expenses (1,143.5) (1,161.0) Net (provision for)/reversal of impairment losses on financial assets (58.0) 40.6 Operating (loss)/profit (336.1) 709.3 Operating margin (4.1 %) 10.1 % Finance costs, net (1.8) (12.9) Share of net profit of associates and joint ventures 239.0 205.0 (Loss)/profit before income tax (98.9) 901.4 Income tax expense (110.7) (97.9) (Loss)/profit for the year (209.6) 803.5 Net margin (2.6 %) 11.5 % (Loss)/profit attributable to: Equity holders of the Company (209.2) 804.9 Non-controlling interests (0.4) (1.3) (209.6) 803.5 (Loss)/earnings per share (in RMB per share) - Basic (loss)/earnings per share (0.21) 0.80 - Diluted (loss)/earnings per share (0.21) 0.79 Notes: (1) Revenues from online business primarily reflect revenues from online paid reading, online advertising and distribution of third-party online games on our platform. (2) Revenues from intellectual property operations and others primarily reflect revenues from production and distribution of TV, web and animated series, films, licensing of copyrights, operation of self-operated online games, distribution of short dramas, sales of IP merchandise products and sales of physical books. CHINA LITERATURE CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS)/INCOME Year ended December 31, 2024 2023 (RMB in million) (Loss)/profit for the year (209.6) 803.5 Other comprehensive income, net of tax: Item that may be subsequently reclassified to profit or loss Share of other comprehensive loss of associates and joint ventures (0.4) (0.6) Currency translation differences (18.9) (21.7) Item that may not be reclassified to profit or loss Net income/(loss) from change in fair value of financial asset at fair value through other comprehensive income 2.0 (4.3) Currency translation differences 79.4 66.4 62.1 39.8 Total comprehensive (loss)/income for the year (147.5) 843.3 Total comprehensive (loss)/income attributable to: Equity holders of the Company (147.1) 844.6 Non-controlling interests (0.4) (1.3) (147.5) 843.3 CHINA LITERATURE SEGMENT INFORMATION Year ended December 31, 2024 2023 (RMB in million, except percentages) Revenues Online business 4,030.6 3,948.1 Intellectual property operations and others 4,090.5 3,063.6 Total revenues 8,121.1 7,011.8 Cost of revenues Online business (1,975.0) (1,983.5) Intellectual property operations and others (2,224.1) (1,656.8) Total cost of revenues (4,199.1) (3,640.3) Gross profit Online business 2,055.6 1,964.6 Intellectual property operations and others 1,866.4 1,406.9 Total gross profit 3,921.9 3,371.5 Gross margin Online business 51.0 % 49.8 % Intellectual property operations and others 45.6 % 45.9 % Total gross margin 48.3 % 48.1 % CHINA LITERATURE CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of December 31, 2024 December 31, 2023 (RMB in million) ASSETS Non-current assets Property, plant and equipment 97.8 128.3 Right-of-use assets 149.8 207.7 Intangible assets 6,158.8 7,330.1 Investments in associates and joint ventures 928.2 924.7 Financial assets at fair value through profit or loss 1,039.6 856.0 Financial asset at fair value through other comprehensive income 6.3 4.1 Deferred income tax assets 497.2 394.1 Prepayments, deposits and other assets 298.2 291.6 Term deposits 2,308.0 1,829.0 11,484.0 11,965.7 Current assets Inventories 693.0 743.7 Television series and film rights 529.8 995.1 Financial assets at fair value through profit or loss 3,252.9 2,442.7 Trade and notes receivables 1,703.4 1,988.2 Prepayments, deposits and other assets 907.4 1,212.6 Restricted bank deposits 4.5 - Term deposits 1,106.2 1,038.7 Cash and cash equivalents 3,264.2 2,801.8 11,461.4 11,222.8 Total assets 22,945.4 23,188.5 EQUITY Capital and reserves attributable to the equity holders of the Company Share capital 0.6 0.7 Shares held for RSU scheme (14.6) (16.6) Share premium 16,117.9 16,312.6 Other reserves 1,975.8 2,173.3 Retained earnings 294.7 555.0 18,374.4 19,024.9 Non-controlling interests 1.7 (0.5) Total equity 18,376.2 19,024.4 As of December 31, 2024 December 31, 2023 (RMB in million) LIABILITIES Non-current liabilities Lease liabilities 85.0 153.2 Long-term payables 10.8 1.2 Deferred income tax liabilities 129.4 134.5 Deferred revenue 21.9 24.2 Financial liabilities at fair value through profit or loss - 247.8 247.2 560.9 Current liabilities Borrowings - 10.0 Lease liabilities 81.2 74.9 Trade payables 1,044.6 1,119.7 Other payables and accruals 1,662.0 997.7 Deferred revenue 1,148.9 879.3 Current income tax liabilities 217.7 266.4 Financial liabilities at fair value through profit or loss 167.6 255.1 4,322.0 3,603.1 Total liabilities 4,569.3 4,164.0 Total equity and liabilities 22,945.4 23,188.5 CHINA LITERATURE RECONCILIATION OF OPERATING (LOSS)/PROFIT TO EBITDA AND ADJUSTED EBITDA Year ended December 31, 2024 2023 (RMB in million) Reconciliation of operating (loss)/profit to EBITDA and adjusted EBITDA: Operating (loss)/profit (336.1) 709.3 Adjustments: Interest income (178.3) (166.3) Other losses/(gains), net 973.9 (11.5) Depreciation of property, plant and equipment 40.3 33.4 Depreciation of right-of-use assets 72.0 82.0 Amortization of intangible assets 157.5 182.7 EBITDA 729.3 829.5 Adjustments: Share-based compensation 126.4 131.5 Expenditures related to acquisition 67.5 56.9 Adjusted EBITDA 923.1 1,017.9 CHINA LITERATURE RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS Year ended December 31, 2024 Adjustments As reported Share-based compensation Net losses from investments and acquisitions(1) Amortization of intangible assets(2) Tax effect Non-IFRS (RMB in million, unless specified) Operating (loss)/profit (336.1) 126.4 1,174.8 20.3 - 985.4 (Loss)/profit for the year (209.6) 126.4 1,174.8 20.3 29.4 1,141.3 (Loss)/profit attributable to equity holders of the Company (209.2) 126.4 1,174.8 20.3 29.4 1,141.7 (Loss)/earnings per share (RMB per share) - basic (0.21) 1.13 - diluted (0.21) 1.12 Operating margin (4.1 %) 12.1 % Net margin (2.6 %) 14.1 % Year ended December 31, 2023 Adjustments As reported Share-based compensation Net losses from investments and acquisitions(1) Amortization of intangible assets(2) Tax effect Non-IFRS (RMB in million, unless specified) Operating profit 709.3 131.5 188.9 20.2 - 1,049.8 Profit for the year 803.5 131.5 182.2 20.2 (8.3) 1,129.0 Profit attributable to equity holders of the Company 804.9 131.5 182.2 20.2 (8.3) 1,130.4 Earnings per share (RMB per share) - basic 0.80 1.12 - diluted 0.79 1.11 Operating margin 10.1 % 15.0 % Net margin 11.5 % 16.1 % Notes: (1) Mainly includes goodwill impairment, impairment provisions and the fair value changes arising from our investee companies, the fair value changes of consideration liabilities related to the acquisition of NCM, and the compensation costs for certain employees and former owners related to acquisitions. (2) Represents amortization of intangible assets and TV series and film rights resulting from acquisitions.
Fourth-Quarter Revenue Reached RMB11,539 Million, Up 6.9% Year-over-Year 2024 Revenue Reached RMB39,241 Million, Up 5.2% Year-over-Year (Excluding COVID-19 Commercial Project of 2023) Full-Year Net Profit Attributable to the Owners of the Company Reached RMB9,450 Million[1], Diluted Earnings per Share (EPS) of RMB3.26[2] Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company Reached RMB10,583 Million, as 2024 Adjusted Non-IFRS Net Profit Margin Reached Record High of 27.0%; Adjusted Non-IFRS Diluted EPS of RMB3.65 in 2024 Free Cash Flow Achieved Record High of RMB7.98 Billion SHANGHAI, March 17, 2025 /PRNewswire/ -- WuXi AppTec (stock code: 603259.SH / 2359.HK), a global company that provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical and life sciences industry, today announced financial results for the year ending December 31, 2024 ("Reporting Period"): Revenue reached RMB39,241 million, up 5.2% year-over-year after excluding COVID-19 commercial project in 2023. Adjusted non-IFRS gross profit reached RMB16,326 million. Adjusted non-IFRS gross profit margin was 41.6%. The Company continued to improve operating efficiency, and 2024 adjusted non-IFRS net profit margin reached a record high of 27.0%. Net profit attributable to the owners of the Company was RMB9,450 million; diluted EPS was RMB3.26. Adjusted non-IFRS net profit attributable to the owners of the Company was RMB10,583 million; adjusted diluted non-IFRS EPS was RMB3.65. Driven jointly by continued business growth, efficient operations, and constant improvement of financial management capabilities, free cash flow reached a record high of RMB7.98 billion in 2024. Demand from customers across regions continued to grow. There were ~6,000 active customers at the end of 2024. This included ~5,500 active customers for Continuing Operations, and ~1,000 new customers added in 2024 for Continuing Operations. By the end of 2024, backlog for Continuing Operations reached RMB49.31 billion, growing 47.0% year-over-year. In 2024, revenue from the top 20 global pharmaceutical companies reached RMB16.64 billion, growing 24.1% year-over-year excluding COVID-19 commercial project. The sustained and steady business growth is attributed to our unique fully integrated Contract Research, Development and Manufacturing Organization (CRDMO) platform. WuXi Chemistry's small molecule D&M pipeline has maintained growth, with a total of 1,187 new molecules added in 2024. As of December 31, 2024, our small molecule D&M pipeline reached 3,377 molecules, with an increase of 25 projects in the commercial and phase III stages during 2024. In 2024, our Taixing API manufacturing site commenced operations, and capacity at both Changzhou and Taixing sites steadily increased over the course of the year. Total reactor volume of small molecule APIs is expected to reach over 4,000kL by end of 2025. The total reactor volume of Solid Phase Peptide Synthesizer reached 41,000L as of the end of 2024, and is expected to further increase to over 100,000L by the end of 2025. The Company has been accelerating global capacity expansion. We continued to invest in Couvet, Switzerland site, doubling oral dose manufacturing capacity over the course of 2024. We continued to build the Middletown, Delaware site in the US, which is expected to commence operations by the end of 2026. In May 2024, we broke ground to build the R&D and manufacturing site in Singapore, with its Phase I portion expected to commence operations in 2027. As an enabler of innovation and a trusted partner and contributor to the global pharmaceutical and life sciences industry, the Company actively advanced sustainability and has been consistently recognized by global rating agencies. For four consecutive years, the Company maintained an "AA" rating from MSCI and was named to the S&P Global DJSI Member. In 2024, the Company was improved to EcoVadis "Gold" Rating and CDP Water Security "A" Rating, and joined the United Nations Global Compact (UNGC). Our outstanding performance has also been widely acknowledged by major global rating agencies, including Sustainalytics and FTSE Russell. The Company remains steadfast in our unwavering commitment to guarding customers' IP and adhering to the highest standards for quality and compliance. In 2024, the Company has received a total of 802 quality audits and inspections conducted by global customers, regulatory authorities and independent third parties, and achieved 100% pass rate with no critical findings. Global customers also conducted 58 information security audits, with no critical findings. In addition, 24 of our main operating sites are ISO/IEC 27001 certified, including all main operating sites in China. To ensure that clients and patients with a pressing need for the WuXi ATU cell therapy services can continue to receive time-critical and life-saving treatments without interruption, while valued scientists, technicians and other staff of the WuXi ATU US and UK business can continue to work towards achieving the mission that "every drug can be made and every disease can be treated", the Company signed an agreement to sell the US and UK based operations of WuXi ATU at the end of 2024. In addition, to sharpen our focus on the unique CRDMO to better serve global new drug R&D customers and enhance business synergies across research, development and manufacturing services to better meet the evolving needs of our customers globally, the Company signed an agreement to sell the US medical device testing operations at the end of 2024. As of now, both transactions have been completed. The aforementioned operations, classified as Discontinued Operations in the Company's 2024 Annual Report, collectively contributed revenue of RMB1.32 billion in 2024. [1] Net profit attributable to the owners of the Company is prepared according to Accounting Standard for Business Enterprises of PRC. Due to the different accounting treatment of long-term equity investments under IFRS, net profit attributable to the owners of the Company under IFRS is RMB9,353 million. [2] In 2023 and 2024, WuXi AppTec had a fully-diluted weighted average share count of 2,949,887,619 and 2,893,886,763 ordinary shares, respectively. 2025 Outlook The Company expects Continuing Operations revenue to resume double-digit growth of 10-15% YoY in 2025, targeting to deliver a total revenue of RMB41.5-43.0 billion. The Company will continue to focus on the core CRDMO business, and to improve operating efficiency amid ongoing new capacity release. Adjusted non-IFRS Net Profit Margin expects to further improve in 2025. With the acceleration of global D&M capacity expansion, capex expects to reach RMB7.0-8.0 billion in 2025. Together with business growth and efficiency improvement, free cash flow expects to reach RMB4.0-5.0 billion. While continuously building capacity and capabilities, we remain committed to rewarding shareholders by maintaining an annual cash dividend payout ratio of 30% of net profit attributable to the owners of the Company (~RMB2.8 billion). In appreciation of shareholders' support for our strategic adjustments in challenging times, we propose an additional one-time special cash dividend of RMB1.0 billion and an increased interim dividend in 2025. In addition, the Company plans to repurchase RMB1.0 billion A-share when appropriate. Meanwhile, the Company will continue to invest in talent retention for long-term shared growth. The Company plans to launch the 2025 H-share Incentive Trust Plan, which will grant HKD1.5 billion H-shares upon achieving RMB42.0 billion revenue in 2025, and an additional HKD1.0 billion H-shares upon reaching RMB43.0 billion and above in revenue. H-shares under this plan will be purchased through open market at prevailing market prices (no dilution to existing shareholders). Management Comment Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "The Company remains steadfast in 'doing the right thing and doing it right'. In 2024, we achieved 5.2% year-over-year revenue growth (excluding COVID-19 commercial project of 2023), with all revenue, profit and free cash flow meeting the targets set in our annual guidance. Meanwhile, the backlog for Continuing Operations reached a record high of RMB49.3 billion, representing a 47.0% year-over-year growth." "The Company continues to focus on our unique CRDMO business model, delivering efficient and exceptional services to our global customers and benefiting patients worldwide. Our CRDMO business model enables the Company to generate distinct industry insights and respond promptly to new molecule demands from customers, ensuring the Company's long-term business growth and sustainable returns to shareholders. Entering 2025, the Company will resume its growth trajectory, with Continuing Operations revenue expected to achieve a year-over-year double-digit growth of 10-15%, and the adjusted non-IFRS net profit margin expected to further improve." "Thanks to the enduring trust and support from our global customers, the Company will continue to enhance our capabilities, capacity and operating efficiency, while retaining and attracting top talent to support our customers' growing efforts to bring groundbreaking therapies to patients. Together, we can realize our vision that 'every drug can be made and every disease can be treated'." Business Performance by Segments WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; 2024 Revenue Up 11.2% YoY Excluding COVID-19 Commercial Project of 2023, with TIDES Revenue Up 70.1% YoY WuXi Chemistry Q4 revenue was up 13.0% year-over-year to RMB8.96 billion; 2024 revenue reached RMB29.05 billion, up 11.2% year-over-year excluding COVID-19 commercial project. With continued optimization of production process and constant improvement in efficiency, 2024 adjusted non-IFRS gross profit margin steadily improved 1.2pts year-over-year to 46.4%. Small molecule drug discovery services ("R") continues to generate downstream opportunities. In 2024, we successfully synthesized and delivered more than 460,000 new compounds to customers, which resulted in 10% year-over-year growth. Through our "follow-the-customer" and "follow-the-molecule" strategies, we established trusted partnerships with our customers globally, supporting the sustainable growth of our CRDMO business. In 2024, 366 molecules were converted from R to D. Small molecule development and manufacturing (D&M) services remains strong.i. 2024 revenue of small molecule D&M services reached RMB17.87 billion, up 6.4% year-over-year excluding COVID-19 commercial project.ii. The small molecule CDMO pipeline continued to expand. In 2024, 1,187 new molecules were added to the small molecule D&M pipeline. As of December 31, 2024, our small molecule D&M pipeline reached 3,377 molecules, including 72 commercial projects, 80 in phase III, 360 in phase II and 2,865 in phase I and pre-clinical stages, with an increase of 25 projects in the commercial and phase III stages during 2024.iii. In 2024, Taixing API site commenced operations, and capacity at both Changzhou and Taixing sites steadily increased over the course of the year. The total reactor volume of small molecule APIs is expected to reach over 4,000kL by end of 2025.iv. We continued to invest in our Switzerland (Couvet) site, doubling oral dose capacity over the course of 2024. Meanwhile, we continued to build our U.S. (Middletown) site, which is expected to commence operations by the end of 2026. In May 2024, we announced the groundbreaking of Singapore R&D and manufacturing site; Phase I expects to commence operations in 2027. TIDES business (oligo and peptides) sustains rapid growth.i. 2024 TIDES revenue grew 70.1% year-over-year to RMB5.80 billion. By end of 2024, TIDES backlog was up 103.9% year-over-year.ii. TIDES D&M customers grew 15% year-over-year, while the number of TIDES molecules grew 22% year-over-year.iii. At the end of 2024, total reactor volume of solid phase peptide synthesizers reached 41,000L, and is expected to further increase to over 100,000L by the end of 2025. WuXi Testing[3]: Drug Safety Evaluation Service & Site Management Organization (SMO) Maintain Leading Positions Revenue of WuXi Testing reached RMB5.67 billion. Adjusted non-IFRS gross profit margin was 33.3%. 2024 revenue of lab testing services reached RMB3.86 billion, down 8.0% year-over-year due to market impact as pricing gradually reflected in revenue along with backlog conversion. Of which, drug safety evaluation services revenue was down 13.0% year-over-year, while maintaining an industry-leading position in the Asia-Pacific region. In 2024, the Qidong and Chengdu facilities received the National Medical Products Administration (NMPA) and Organization for Economic Co-operation and Development (OECD) GLP qualifications. The Suzhou facility was reviewed for the first time by the Japan Pharmaceuticals and Medical Devices Agency (PMDA) for on-site audit and successfully passed. New modality business continued to develop, while new vaccine capabilities continued to improve, and market share of nucleic acids, conjugates, and mRNA further expanded. The Company is committed to actively enabling customers global licensing. WuXi AppTec has supported approximately 40% of China biotech companies that have made out-licensing deals over the past three years. 2024 revenue of clinical CRO & SMO grew 2.8% year-over-year to RMB1.81 billion. Of which, SMO revenue grew 15.4% year-over-year, maintaining the industry leading position in China. In 2024, Clinical CRO enabled our customers to obtain 29 IND approvals and submit for 1 NDA filing. The SMO business continued steady growth, and supported 73 new drug approvals for customers in 2024. SMO supported 255 new drug approvals in total over the past decade, maintaining significant advantages in multiple areas (endocrinology, dermatology, lung cancer, cardiovascular disease, ophthalmology, rheumatology, central nervous system, medical aesthetics and rare tumors, etc.). [3] As disclosed in 2024 Annual Report, WuXi Testing here includes only the core business of Continuing Operations (similar to 2023 baseline). WuXi Biology: Early Screening & In Vivo Pharmacology-Related Business Drives Growth; WuXi Biology Platform Continues to Generate Downstream Opportunities With platform resources further integrated, WuXi Biology achieved steady quarter-over-quarter growth in 2024. Q4 revenue was up 9.3% quarter-over-quarter and up 9.2% year-over-year. Full-year revenue reached RMB2.54 billion, relatively flat year-over-year. Adjusted non-IFRS gross profit margin was 38.8%. The Company fully leveraged the advantage of one-stop service platform with in vitro & in vivo synergies, 2024 revenue of the non-oncology business grew 29.9% year-over-year, led by growth in metabolic and neurological areas. The Company continued to build a comprehensive and integrated screening platform, with related revenue gaining 18.7% year-over-year. The Company continued to build capabilities related to new modalities, which contributed more than 28% of WuXi Biology's total revenue in 2024. The number of customers and projects served by the nucleic acid platform continued to increase. Cumulatively, the Company has provided services to more than 290 customers, and successfully delivered more than 1,400 projects since 2021. WuXi Biology continued to generate downstream opportunities and contributed over 20% of the Company's new customers. This release provides a summary of the results and does not intend to provide a complete statement relating to the Company, its securities, or any relevant matters herein that a recipient may need in order to evaluate the Company. For additional information, please refer to the WuXi AppTec 2024 Annual Results Presentation and 2024 Annual Report disclosed on the Company's official website, as well as the Company's disclosure documents and information on the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited website. Investors are advised to exercise caution and be aware of the investment risks in trading Company shares. Net Profit Attributable to the Owners of the Company is prepared under Accounting Standard for Business Enterprises of PRC ("People's Republic of China Financial Reporting Standards"), in currency of RMB. Besides, all other financial information disclosed in this press release is prepared based on International Financial Reporting Standards (IFRS), in currency of RMB. The 2024 Annual Report of the Company has been audited. 2024 Results by Segments Unit: RMB million Segment Revenue Change Adjusted non-IFRS Gross Profit Change Adjusted non-IFRS Gross Profit Margin WuXi Chemistry 29,052.41 (0.4) % 13,466.65 2.3 % 46.4 % WuXi Testing 5,670.74 (4.8) % 1,888.95 (19.1) % 33.3 % WuXi Biology 2,543.93 (0.3) % 987.23 (8.8) % 38.8 % Others(Note 1) 650.71 (34.7) % 210.16 3.2 % 32.3 % Discontinued Operations (Note 2) 1,323.65 (20.4) % (226.68) (253.3) % (17.1) % Total 39,241.43 (2.7) % 16,326.31 (3.6) % 41.6 % Note 1: Others comprise the non-core business of the company, as well as income from administrative services, sales of raw materials and sales of scrap materials. Note 2: By the end of 2024, the Company has signed an agreement to sell the US and UK based operations of WuXi ATU and the US medical device testing operations. According to IFRS, the aforementioned businesses are classified as discontinued operations. The Company completed the sales of the US and UK based operations of WuXi ATU and the US medical device testing operations as at the date of the report. Note 3: Any sum of the data above that is inconsistent with the total is due to rounding. Consolidated Statement of Profit or Loss[4] – Prepared under IFRS RMB Million Year Ended December 31, 2024 Year Ended December 31, 2023 Revenue 39,241.4 40,340.8 Cost of sales (23,225.3) (23,968.3) Gross profit 16,016.1 16,372.5 Other income 1,146.1 962.5 Other gains and losses 804.4 1,350.3 Impairment losses under expected credit losses ("ECL") model, net of reversal (334.3) (240.9) Impairment losses of non-financial assets (115.6) (67.4) Impairment losses of goodwill (110.4) (49.6) Impairment losses of assets classified as held for sale (948.4) - Selling and marketing expenses (745.4) (701.0) Administrative expenses (3,009.5) (2,994.9) R&D expenses (1,238.5) (1,440.6) Operating Profit 11,464.5 13,190.7 Share of results of associates 252.1 (35.1) Share of results of joint ventures (7.1) (32.5) Finance costs (268.6) (193.6) Profit before tax 11,441.0 12,929.6 Income tax expense (1,972.1) (2,131.7) Profit for the year 9,469.0 10,797.9 Profit for the year attributable to: Owners of the Company 9,352.6 10,690.2 Non-controlling interests 116.3 107.7 9,469.0 10,797.9 Consolidated Statement of Profit or Loss (continued) – Prepared under IFRS Year Ended December 31, 2024 Year Ended December 31, 2023 Weighted average number of ordinary shares for calculating EPS (express in shares) – Basic 2,885,200,544 2,934,188,474 – Diluted 2,893,886,763 2,949,887,619 Earnings per share (expressed in RMB per Share) – Basic 3.24 3.64 – Diluted 3.22 3.61 [4] If the sum of the data below is inconsistent with the total, it is caused by rounding Consolidated Statement of Financial Position[5] – Prepared under IFRS RMB Million December 31, December 31, 2024 2023 Non-current Assets Property, plant and equipment 25,267.8 25,844.4 Right-of-use assets 1,874.8 2,348.3 Goodwill 972.4 1,820.9 Other intangible assets 601.0 906.7 Interests in associates 2,322.2 2,180.4 Interests in joint ventures 3.4 35.2 Deferred tax assets 473.1 366.7 Financial assets at fair value through profit or loss ("FVTPL") 8,943.4 8,626.0 Other non-current assets 114.7 105.8 Biological assets 1,063.0 1,012.5 Total Non-current Assets 41,635.7 43,246.9 Current Assets Inventories 3,532.1 2,886.1 Contract costs 912.2 695.6 Biological assets 955.5 1,154.6 Amounts due from related parties 89.3 86.7 Trade and other receivables 9,643.7 9,372.7 Contract assets 988.8 1,234.4 Income tax recoverable 87.2 17.5 Financial assets at FVTPL 1,234.0 11.0 Derivative financial instruments - 414.0 Other current assets 734.1 785.8 Pledged bank deposits 22.1 1.6 Term deposits with initial term of over three months 4,865.6 3,761.4 Bank balances and cash 13,434.3 10,001.0 36,498.8 30,422.5 Assets classified as held for sale 2,191.3 - Total Current Assets 38,690.2 30,422.5 Total Assets 80,325.8 73,669.3 Consolidated Statement of Financial Position (continued) [6]– Prepared under IFRS RMB Million December 31, December 31, 2024 2023 Current Liabilities Trade and other payables 7,025.5 7,333.5 Amounts due to related parties 15.3 11.5 Derivative financial instruments 202.0 501.9 Contract liabilities 2,251.0 1,955.4 Bank borrowings 1,278.6 3,721.6 Lease liabilities 224.2 240.5 Income tax payables 870.8 991.9 Convertible bonds 3,493.1 - 15,360.6 14,756.3 Liabilities associated with assets classified as held for sale 865.5 - Total Current Liabilities 16,226.1 14,756.3 Non-current Liabilities Bank borrowings 2,959.5 687.0 Deferred tax liabilities 522.4 530.1 Deferred income 985.6 1,079.9 Lease liabilities 546.6 1,098.6 Total Non-current Liabilities 5,014.1 3,395.6 Total Liabilities 21,240.2 18,151.9 Net Assets 59,085.6 55,517.4 Capital and Reserves Share capital 2,888.0 2,968.8 Reserves 55,744.7 52,153.6 Equity attributable to owners of the Company 58,632.7 55,122.5 Non-controlling interests 452.9 395.0 Total Equity 59,085.6 55,517.4 [5] If the sum of the data below is inconsistent with the total, it is caused by rounding [6] If the sum of the data below is inconsistent with the total, it is caused by rounding Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company[7] RMB Million Year Ended December 31, Year Ended December 31, 2024 2023 Net profit attributable to the owners of the Company under PRC 9,450.3 9,606.7 GAAP difference[8] (97.7) 1,083.4 Net profit attributable to the owners of the Company under IFRS 9,352.6 10,690.2 Add: Share-based compensation expenses 307.0 622.0 Issuance expenses of convertible bonds 7.8 0.3 Fair value gain from derivative component of convertible bonds - (40.2) Foreign exchange related losses 29.6 294.4 Amortization of acquired intangible assets from merge and acquisition 53.5 57.9 Losses from impairment and disposal of non-financial assets 134.1 129.1 Losses from divestiture and restructuring initiatives 1,165.0 - Talent incentive and retention expenses funded by cash donation from shareholders 151.3 151.5 Non-IFRS net profit attributable to the owners of the Company 11,200.9 11,905.2 Add: Realized and unrealized gains from venture capital investments (625.5) (1,083.0) Realized and unrealized share of losses from joint ventures 7.1 32.5 Adjusted non-IFRS net profit attributable to the owners of the Company 10,582.5 10,854.6 [7] If the sum of the data below is inconsistent with the total, it is caused by rounding [8] Due to the different accounting treatment of long-term equity investments under IFRS, it occurs GAAP difference of RMB(97.7) million. About WuXi AppTec As a global company with operations across Asia, Europe, and North America, WuXi AppTec provides a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and life sciences industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, WuXi AppTec's integrated, end-to-end services include chemistry drug CRDMO (Contract Research, Development and Manufacturing Organization), biology discovery, preclinical testing and clinical research services, helping customers improve the productivity of advancing healthcare products through cost-effective and efficient solutions. WuXi AppTec received an AA ESG rating from MSCI for the fourth consecutive year in 2024 and its open-access platform is enabling around 6,000 customers from over 30 countries to improve the health of those in need – and to realize the vision that "every drug can be made and every disease can be treated." Please visit: http://www.wuxiapptec.com Forward-Looking Statements This press release may contain certain statements that are or may be forward looking, which can be recognized by the use of words such as "expects", "plans", "will", "estimates", "projects", "intends", or words of similar meaning. Such forward-looking statements are not historical facts, but instead are predictions about future events based on our beliefs, development strategy, business plan as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings or production capacity, our ability to reach the scale of our production capacity expansion plans, our ability to protect our clients' intellectual property, competition, unforeseeable change of international policy, the impact of emergencies and other force majeure. Our forward-looking statements do not constitute any profit forecast by our management nor a undertaking by WuXi AppTec Co., Ltd. ("WuXi AppTec" or the "Company") to our investors. ACCORDINGLY, YOU ARE STRONGLY CAUTIONED THAT RELIANCE ON ANY FORWARD-LOOKING STATEMENTS INVOLVES KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and we do not undertake any obligation to update any forward-looking statement or information in this press release to reflect future events or circumstances, except as required under applicable law. Continuing Operations and Discontinued Operations The Company has signed share purchase agreement to sell the US and UK based operations of WuXi ATU and the US medical device testing operations by the end of 2024. In accordance with the International Financial Reporting Standards ("IFRS"), the aforementioned operations shall be classified as discontinued operations ("Discontinued Operations"). The remaining operations of the Company will continue to be reported as continuing operations ("Continuing Operations"). Use of Non-IFRS and Adjusted Non-IFRS Financial Measures We provide non-IFRS gross profit and non-IFRS net profit attributable to the owners of the Company, which exclude share-based compensation expenses, issuance expenses of convertible bonds, fair value gain or loss from derivative component of convertible bonds, foreign exchange-related gains or losses and amortization of acquired intangible assets from merger and acquisition, non-financial assets impairment, losses from divestiture and restructuring initiatives, etc. We also provide adjusted non-IFRS net profit attributable to the owners of the Company and earnings per share, which further exclude realized and unrealized gains or losses from our venture capital investments and joint ventures. Neither of the above is required by, or presented in accordance with IFRS. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing our core business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and non-operating items that we do not consider indicative of the performance of our core business. Such non-IFRS financial measures, the management of the Company believes, is widely accepted and adopted in the industry the Company is operating in. However, the presentation of these adjusted 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. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
A12 藝術空間
Joint ventures
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