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HANGZHOU, China, Feb. 23, 2023 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), one of China's leading internet and online game services providers, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Net revenues were RMB25.4 billion (US$3.7 billion), an increase of 4.0% compared with the fourth quarter of 2021. - Games and related value-added services net revenues were RMB19.1 billion (US$2.8 billion), an increase of 1.6% compared with the fourth quarter of 2021. - Youdao net revenues were RMB1.5 billion (US$210.8 million), an increase of 9.0% compared with the fourth quarter of 2021. - Cloud Music net revenues were RMB2.4 billion (US$344.5 million), an increase of 25.8% compared with the fourth quarter of 2021. - Innovative businesses and others net revenues were RMB2.4 billion (US$353.5 million), an increase of 3.4% compared with the fourth quarter of 2021. Gross profit was RMB13.2 billion (US$1.9 billion), an increase of 2.5% compared with the fourth quarter of 2021. Total operating expenses were RMB8.8 billion (US$1.3 billion), an increase of 6.0% compared with the fourth quarter of 2021. Net income attributable to the Company's shareholders was RMB4.0 billion (US$573.1 million). Non-GAAP net income from continuing operations attributable to the Company's shareholders was RMB4.8 billion (US$697.6 million).[1] Basic net income per share was US$0.18 (US$0.88 per ADS). Non-GAAP basic net income from continuing operations per share was US$0.22 (US$1.08 per ADS).[1] [1] As used in this announcement, non-GAAP net income from continuing operations attributable to the Company's shareholders and non-GAAP basic and diluted net income from continuing operations per share and per ADS are defined to exclude share-based compensation expenses. See "Unaudited Reconciliation of GAAP and Non-GAAP Results" at the end of this announcement. Fourth Quarter 2022 and Early 2023 Operational Highlights Extended the popularity of leading franchise titles including both the Fantasy Westward Journey and Westward Journey Online series, as well as other hit titles such as Sky, Invincible and the mobile version of New Ghost. Drove strong revenue and user growth of Eggy Party, a casual party mobile game initially launched in the Chinese mainland, accumulating the highest daily active users of any game in the history of NetEase Games. Advanced the development of multiple games in the pipeline including Westward Journey Returns, Justice mobile game, Badlanders, Racing Master and Naraka: Bladepoint mobile game, as well as Harry Potter: Magic Awakened for the international markets. Continued to grow Cloud Music's net revenues and improved margins. Broadened its music scope by signing multiple licensing agreements with major labels such as B'in Music and Pony Canyon, renewing its cooperation with Avex, and achieved impressive digital album sales by renowned artists such as Chenyu Hua and (G)I-DLE. Achieved first-ever quarterly income from operations for Youdao, supported by healthy sales expansion of new products and services along with an optimized cost structure, despite a challenging macro environment. "We experienced solid growth in 2022. Primarily as a result of the ongoing popularity of our leading games and the expansion of our range of products and services, we ended the year with total net revenues reaching RMB25.4 billion in the fourth quarter," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "Focusing on our flagship titles and new games alike, in 2022 we brought more players into the fold with our diverse and growing game content. For example, Eggy Party represents a significant breakthrough for us in the casual game arena. The new addition further enlarges and diversifies our user base, augmenting our robust portfolio of games. We are very excited to introduce more new games to broader demographics, which we believe will pave the way for our solid future growth." "Our other business lines, including Youdao and Cloud Music, are also on track. Leveraging our rich internal development capabilities, we will continue to elevate the value we bring to both customers and investors in 2023 by introducing even more creative, premium content to our growing global community," Mr. Ding concluded. Fourth Quarter 2022 Financial Results Net Revenues Net revenues for the fourth quarter of 2022 were RMB25,354.1 million (US$3,676.0 million), compared with RMB24,426.8 million and RMB24,373.6 million for the preceding quarter and the fourth quarter of 2021, respectively. Net revenues from games and related value-added services, which include both the operation of online games as well as other related or ancillary services to the games, were RMB19,085.7 million (US$2,767.2 million) for the fourth quarter of 2022, compared with RMB18,699.1 million and RMB18,792.0 million for the preceding quarter and the fourth quarter of 2021, respectively. Net revenues from the operation of online games accounted for approximately 91.8% of the segment's total net revenues for the fourth quarter of 2022, compared with 92.9% and 92.6% for the preceding quarter and the fourth quarter of 2021, respectively. Net revenues from mobile games accounted for approximately 66.4% of net revenues from the operation of online games for the fourth quarter of 2022, compared with 68.6% and 68.3% for the preceding quarter and the fourth quarter of 2021, respectively. Net revenues from Youdao were RMB1,454.0 million (US$210.8 million) for the fourth quarter of 2022, compared with RMB1,402.4 million and RMB1,333.8 million for the preceding quarter and the fourth quarter of 2021, respectively. Net revenues from Cloud Music were RMB2,376.3 million (US$344.5 million) for the fourth quarter of 2022, compared with RMB2,357.2 million and RMB1,889.3 million for the preceding quarter and the fourth quarter of 2021, respectively. Net revenues from innovative businesses and others were RMB2,438.2 million (US$353.5 million) for the fourth quarter of 2022, compared with RMB1,968.0 million and RMB2,358.5 million for the preceding quarter and the fourth quarter of 2021, respectively. Gross Profit Gross profit for the fourth quarter of 2022 was RMB13,244.4 million (US$1,920.3 million), compared with RMB13,743.9 million and RMB12,917.8 million for the preceding quarter and the fourth quarter of 2021, respectively. The quarter-over-quarter and year-over-year decreases in games and related value-added services' gross profit were primarily due to the one-off recognition of royalty fees related to certain licensed games. The quarter-over-quarter and year-over-year increases in Youdao's gross profit were primarily attributable to increased revenue contribution from its smart devices and online marketing services. The quarter-over-quarter and year-over-year increases in Cloud Music's gross profit were primarily due to increased net revenues from its online music services and its social entertainment services, as well as continuously improved cost control measures. The quarter-over-quarter and year-over-year increases in innovative businesses and others' gross profit were primarily due to increased gross profit contribution from Yanxuan. Gross Profit Margin Gross profit margin for games and related value-added services for the fourth quarter of 2022 was 59.1%, compared with 65.0% and 60.9% for the preceding quarter and the fourth quarter of 2021, respectively. The quarter-over-quarter and year-over-year decreases were primarily attributable to the one-off recognition of royalty fees related to certain licensed games. Gross profit margin for Youdao for the fourth quarter of 2022 was 53.3%, compared with 54.2% and 50.7% for the preceding quarter and the fourth quarter of 2021, respectively. The slight quarter-over-quarter decrease was mainly due to higher revenue contribution from sales of smart devices, which carry a lower gross profit margin than learning services. The year-over-year increase was mainly due to improved gross margin from the sale of smart devices. Gross profit margin for Cloud Music was 17.8% for the fourth quarter of 2022, compared with 14.2% and 4.1% for the preceding quarter and the fourth quarter of 2021, respectively. The quarter-over-quarter and year-over-year improvements were mainly due to the factors enumerated above. Gross profit margin for innovative businesses and others for the fourth quarter of 2022 was 31.5%, compared with 25.5% and 30.5% for the preceding quarter and the fourth quarter of 2021, respectively. The quarter-over-quarter increase was mainly due to margin improvement from Yanxuan and advertising services. The slight year-over-year increase was mainly due to margin improvement from Yanxuan, which was partially offset by decreased margin from advertising services. Operating Expenses Total operating expenses for the fourth quarter of 2022 were RMB8,810.9 million (US$1,277.5 million), compared with RMB9,002.1 million and RMB8,309.6 million for the preceding quarter and the fourth quarter of 2021, respectively. The quarter-over-quarter decrease was mainly due to decreased marketing expenditures related to games and related value-added services and Youdao. The year-over-year increase was mainly due to higher staff-related costs and marketing expenditures. Other Income/ (Expenses) Other income/ (expenses) consisted of investment income/ (loss), interest income, exchange (losses)/ gains and others. The quarter-over-quarter and year-over-year decreases in other income were mainly due to lower investment income from equity investments and higher unrealized net exchange losses from the Company's U.S. dollar-denominated bank deposits and loans balances as the exchange rate of the U.S. dollar against the RMB fluctuated during the periods. Income Taxes The Company recorded a net income tax charge of RMB966.6 million (US$140.1 million) for the fourth quarter of 2022, compared with RMB1,586.7 million and RMB934.0 million for the preceding quarter and the fourth quarter of 2021, respectively. The effective tax rate for the fourth quarter of 2022 was 20.2%, compared with 19.3% and 14.2% for the preceding quarter and the fourth quarter of 2021, respectively. The effective tax rate represents certain estimates by the Company as to the tax obligations and benefits applicable to it in each quarter. Net Income and Non-GAAP Net Income Net income attributable to the Company's shareholders totaled RMB3,952.7 million (US$573.1 million) for the fourth quarter of 2022, compared with RMB6,699.4 million and RMB5,694.2 million for the preceding quarter and the fourth quarter of 2021, respectively. NetEase reported basic net income of US$0.18 per share (US$0.88 per ADS) for the fourth quarter of 2022, compared with US$0.30 per share (US$1.49 per ADS) and US$0.25 per share (US$1.26 per ADS) for the preceding quarter and the fourth quarter of 2021, respectively. Non-GAAP net income from continuing operations attributable to the Company's shareholders totaled RMB4,811.4 million (US$697.6 million) for the fourth quarter of 2022, compared with RMB7,469.6 million and RMB6,595.6 million for the preceding quarter and the fourth quarter of 2021, respectively. NetEase reported non-GAAP basic net income from continuing operations of US$0.22 per share (US$1.08 per ADS) for the fourth quarter of 2022, compared with US$0.33 per share (US$1.66 per ADS) and US$0.29 per share (US$1.46 per ADS) for the preceding quarter and the fourth quarter of 2021, respectively. Fiscal Year 2022 Financial Results Net Revenues Net revenues for fiscal year 2022 were RMB96,495.8 million (US$13,990.6 million), compared with RMB87,606.0 million for fiscal year 2021. Net revenues from games and related value-added services were RMB74,566.5 million (US$10,811.1 million) for fiscal year 2022, compared with RMB67,819.3 million for fiscal year 2021. Net revenues from the operation of online games accounted for approximately 92.5% of the segment's total net revenues for fiscal year 2022, compared with 92.6% for fiscal year 2021. Net revenues from mobile games accounted for approximately 67.0% of net revenues from the operation of online games for fiscal year 2022, compared with 70.4% for fiscal year 2021. The lower percentage contribution from mobile games was mainly due to a higher proportion of net revenues generated by PC games such as Fantasy Westward Journey Online and Naraka: Bladepoint, although the total amount of net revenues from mobile games also increased in 2022 compared to the prior year. Net revenues from Youdao were RMB5,013.2 million (US$726.8 million) for fiscal year 2022, compared with RMB5,354.4 million for fiscal year 2021. Net revenues from Cloud Music were RMB8,992.2 million (US$1,303.7 million) for fiscal year 2022, compared with RMB6,997.6 million for fiscal year 2021. Net revenues from innovative businesses and others were RMB7,923.9 million (US$1,148.9 million) for fiscal year 2022, compared with RMB7,434.8 million for fiscal year 2021. Gross Profit Gross profit for fiscal year 2022 was RMB52,766.1 million (US$7,650.4 million), compared with RMB46,970.8 million for fiscal year 2021. The year-over-year increase in games and related value-added services gross profit was primarily due to increased net revenues from the operation of online games, including PC games such as Fantasy Westward Journey Online and Naraka: Bladepoint and mobile games such as certain newly launched games and existing hit titles like Infinite Lagrange. The year-over-year decrease in Youdao gross profit was mainly due to the conclusion of its after-school tutoring services for academic subjects under China's compulsory education system, which was partially offset by increased revenue contribution from its new services and products. The year-over-year increase in Cloud Music gross profit was primarily attributable to increased net revenues, mainly from its social entertainment services, as well as improved cost control. The slight year-over-year decrease in innovative businesses and others gross profit was primarily due to decreased gross profit from the Company's advertising business, which was partially offset by increased gross profits from Yanxuan. Operating Expenses Total operating expenses for fiscal year 2022 were RMB33,137.5 million (US$4,804.5 million), compared with RMB30,553.7 million for fiscal year 2021. The year-over-year increase was primarily due to higher staff-related costs and marketing expenditures mainly for games and related value-added services, as well as Cloud Music and Yanxuan. Other Income/ (Expenses) The slight year-over-year decrease was mainly due to higher investment loss arising from fair value changes of equity investments with readily determinable fair value, which was partially offset by higher unrealized net exchange gains, interest income and others. Income Taxes The Company recorded a net income tax charge of RMB5,031.8 million (US$729.5 million) for fiscal year 2022, compared with RMB4,128.3 million for fiscal year 2021. The effective tax rate was 20.7% for fiscal year 2022, compared with 19.6% for fiscal year 2021. Net Income and Non-GAAP Net Income Net income attributable to the Company's shareholders for fiscal year 2022 totaled RMB20,337.6 million (US$2,948.7 million), compared with RMB16,856.8 million for fiscal year 2021. Net income attributable to the Company's shareholders for fiscal year 2022 included net income from discontinued operations of RMB624.9 million (US$90.6 million), which was related to the prior disposal of the Kaola business. NetEase reported basic net income of US$0.90 per share (US$4.52 per ADS) for fiscal year 2022, compared with US$0.74 per share (US$3.67 per ADS) for fiscal year 2021. Non-GAAP net income from continuing operations attributable to the Company's shareholders for fiscal year 2022 totaled RMB22,808.4 million (US$3,306.9 million), compared with RMB19,761.9 million for fiscal year 2021. NetEase reported non-GAAP basic net income from continuing operations of US$1.01 per share (US$5.07 per ADS) for fiscal year 2022, compared with US$0.86 per share (US$4.31 per ADS) for fiscal year 2021. Quarterly Dividend The board of directors has approved a dividend of US$0.0540 per share (US$0.2700 per ADS) for the fourth quarter of 2022 to holders of ordinary shares and holders of ADSs as of the close of business on March 9, 2023, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on March 9, 2023 (Beijing/ Hong Kong Time). The payment date is expected to be March 21, 2023 for holders of ordinary shares, and on, or around, March 24, 2023 for holders of ADSs. NetEase paid a dividend of US$0.0870 per share (US$0.4350 per ADS) for the third quarter of 2022 in December 2022. Under the Company's current dividend policy, the determination to make dividend distributions and the amount of such distribution in any particular quarter will be made at the discretion of its board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors. Other Information As of December 31, 2022, the Company's total cash and cash equivalents, current and non-current time deposits and restricted cash, as well as short-term investments balance, minus short-term and long-term loans, totaled RMB95.6 billion (US$13.9 billion), compared with RMB85.6 billion as of December 31, 2021. Cash flow generated from operating activities was RMB27.7 billion (US$4.0 billion) for fiscal year 2022, compared with RMB24.9 billion for fiscal year 2021. Share Repurchase/ Purchase Program On February 25, 2021, the Company announced that its board of directors had approved a share repurchase program of up to US$2.0 billion of the Company's outstanding ADSs and ordinary shares in open market transactions for a period not to exceed 24 months beginning on March 2, 2021. This amount was subsequently increased to US$3.0 billion. This share repurchase program was completed on January 9, 2023 with the Company having purchased an aggregate of approximately 33.6 million ADSs for nearly US$3.0 billion. On November 17, 2022, the Company announced that its board of directors had approved a new share repurchase program of up to US$5.0 billion of the Company's ADSs and ordinary shares in open market transactions. This new share repurchase program commenced on January 10, 2023 following the completion of the prior program and will be in effect for a period not to exceed 36 months from such date. On August 31, 2021, the Company announced that its board of directors had approved a share purchase program of up to US$50.0 million of Youdao's outstanding ADSs for a period not to exceed 36 months beginning on September 2, 2021. Under the terms of this program, NetEase may purchase Youdao's ADSs in open-market transactions on the New York Stock Exchange. As of December 31, 2022, approximately 2.7 million ADSs had been purchased under this program for a total cost of US$22.0 million. The extent to which NetEase repurchases its ADSs and its ordinary shares or purchases Youdao's ADSs will depend upon a variety of factors, including market conditions. These programs may be suspended or discontinued at any time. ** The United States dollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. The percentages stated are calculated based on RMB. Conference Call NetEase's management team will host a teleconference call with simultaneous webcast at 7:00 a.m. New York Time on Thursday, February 23, 2023 (Beijing/ Hong Kong Time: 8:00 p.m., Thursday, February 23, 2023). NetEase's management will be on the call to discuss the quarterly results and answer questions. Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10028543, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10028543. The replay will be available through March 2, 2023. This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/. About NetEase, Inc. As a leading internet technology company based in China, NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase") provides premium online services centered around content creation. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of China's most popular and longest running mobile and PC games. Powered by industry-leading in-house R&D capabilities in China and globally, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world. Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), China's leading technology-focused intelligent learning company, and Cloud Music (HKEX: 9899), China's leading online music content community, as well as Yanxuan, NetEase's private label consumer lifestyle brand. NetEase's market-leading ESG initiatives are among the most recognized in the global media and entertainment industry, earning it inclusion in 2022 Dow Jones Sustainability World Index, 2022 Dow Jones Sustainability Emerging Markets Index, and 2023 Bloomberg Gender-Equality Index, as well as receiving an "A" rating from MSCI. For more information, please visit: http://ir.netease.com/. Forward Looking Statements This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. In addition, statements that are not historical facts, including statements about NetEase's strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; the risk that COVID-19 or other health risks in China or globally could adversely affect the Company's operations or financial results; risks associated with NetEase's business and operating strategies and its ability to implement such strategies; NetEase's ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in government regulation that could adversely affect the industry and geographical markets in which NetEase operates, including, among others, initiatives to enhance supervision of companies listed on an overseas stock exchange and tighten scrutiny over data privacy and data security; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; competition in NetEase's existing and potential markets; and the risk that fluctuations in the value of the Renminbi with respect to other currencies could adversely affect NetEase's business and financial results. Further information regarding these and other risks is included in NetEase's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under the applicable law. Non-GAAP Financial Measures NetEase considers and uses non-GAAP financial measures, such as non-GAAP net income from continuing operations attributable to the Company's shareholders and non-GAAP basic and diluted net income from continuing operations per ADS and per share, 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"). NetEase defines non-GAAP net income from continuing operations attributable to the Company's shareholders as net income from continuing operations attributable to the Company's shareholders excluding share-based compensation expenses. Non-GAAP net income from continuing operations attributable to the Company's shareholders enables NetEase's management to assess its operating results without considering the impact of share-based compensation expenses. NetEase 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. NetEase also believes that the use of this non-GAAP financial measure facilitates investors' assessment of its operating performance. Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income from continuing operations attributable to the Company's shareholders is that it does not reflect all items of expense/ income that affect our operations. Share-based compensation expenses have been and may continue to be incurred in NetEase's business and are not reflected in the presentation of non-GAAP net income from continuing operations attributable to the Company's shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. NetEase compensates for these limitations by reconciling non-GAAP net income from continuing operations attributable to the Company's shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. See "Unaudited Reconciliation of GAAP and Non-GAAP Results" at the end of this announcement. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure. Contact for Media and Investors:Margaret Shi Email: ir@service.netease.comTel: (+86) 571-8985-3378Twitter: https://twitter.com/NetEase_Global NETEASE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, December 31, December 31, 2021 2022 2022 RMB RMB USD (Note 1) Assets Current assets: Cash and cash equivalents 14,498,157 24,889,000 3,608,566 Time deposits 70,754,846 84,947,679 12,316,256 Restricted cash 2,876,628 2,699,055 391,326 Accounts receivable, net 5,507,988 5,002,872 725,348 Inventories, net 964,733 993,636 144,064 Prepayments and other current assets, net 6,235,857 5,448,284 789,927 Short-term investments 12,281,548 7,622,673 1,105,184 Assets held for sale 497 - - Total current assets 113,120,254 131,603,199 19,080,671 Non-current assets: Property, equipment and software, net 5,433,858 6,342,330 919,551 Land use rights, net 4,108,090 4,121,767 597,600 Deferred tax assets 1,297,954 1,480,789 214,694 Time deposits 5,823,840 2,973,840 431,166 Restricted cash 1,330 270 39 Other long-term assets, net 23,857,510 26,238,790 3,804,268 Assets held for sale 1,088 - - Total non-current assets 40,523,670 41,157,786 5,967,318 Total assets 153,643,924 172,760,985 25,047,989 Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity Current liabilities: Accounts payable 985,059 1,507,141 218,515 Salary and welfare payables 4,133,254 4,732,941 686,212 Taxes payable 4,537,050 2,813,096 407,861 Short-term loans 19,352,313 23,875,704 3,461,652 Contract liabilities 12,132,743 12,518,890 1,815,068 Accrued liabilities and other payables 9,360,907 11,381,075 1,650,101 Total current liabilities 50,501,326 56,828,847 8,239,409 Non-current liabilities: Deferred tax liabilities 1,345,874 2,126,120 308,258 Long-term loans 1,275,140 3,654,964 529,920 Other long-term liabilities 1,097,708 1,277,574 185,231 Total non-current liabilities 3,718,722 7,058,658 1,023,409 Total liabilities 54,220,048 63,887,505 9,262,818 Redeemable noncontrolling interests 145,238 136,440 19,782 NetEase, Inc.'s shareholders' equity 95,328,080 104,731,317 15,184,614 Noncontrolling interests 3,950,558 4,005,723 580,775 Total shareholders' equity 99,278,638 108,737,040 15,765,389 Total liabilities, redeemable noncontrolling interests and shareholders' equity 153,643,924 172,760,985 25,047,989 The accompanying notes are an integral part of this announcement. NETEASE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data or per ADS data) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2021 2022 2022 2022 2021 2022 2022 RMB RMB RMB USD (Note 1) RMB RMB USD (Note 1) Net revenues 24,373,565 24,426,760 25,354,129 3,676,003 87,606,026 96,495,809 13,990,577 Cost of revenues (11,455,785) (10,682,868) (12,109,765) (1,755,751) (40,635,225) (43,729,683) (6,340,208) Gross profit 12,917,780 13,743,892 13,244,364 1,920,252 46,970,801 52,766,126 7,650,369 Operating expenses: Selling and marketing expenses (3,300,032) (3,768,618) (3,417,909) (495,550) (12,214,191) (13,402,721) (1,943,212) General and administrative expenses (1,161,876) (1,264,342) (1,302,932) (188,907) (4,263,549) (4,695,798) (680,827) Research and development expenses (3,847,704) (3,969,156) (4,090,076) (593,005) (14,075,991) (15,039,014) (2,180,452) Total operating expenses (8,309,612) (9,002,116) (8,810,917) (1,277,462) (30,553,731) (33,137,533) (4,804,491) Operating profit 4,608,168 4,741,776 4,433,447 642,790 16,417,070 19,628,593 2,845,878 Other income/ (expenses): Investment income/ (loss), net 1,627,642 1,347,269 (37,102) (5,379) 2,947,721 53,976 7,826 Interest income, net 395,029 556,148 629,290 91,238 1,519,714 2,149,673 311,673 Exchange (losses)/ gains, net (331,390) 1,398,045 (594,241) (86,157) (490,481) 1,571,207 227,804 Other, net 297,244 164,435 344,875 50,002 710,435 846,815 122,777 Income before tax 6,596,693 8,207,673 4,776,269 692,494 21,104,459 24,250,264 3,515,958 Income tax (933,985) (1,586,673) (966,574) (140,140) (4,128,269) (5,031,838) (729,548) Net income from continuing operations 5,662,708 6,621,000 3,809,695 552,354 16,976,190 19,218,426 2,786,410 Net income from discontinued operations - - - - - 624,864 90,597 Net income 5,662,708 6,621,000 3,809,695 552,354 16,976,190 19,843,290 2,877,007 Accretion of redeemable noncontrolling interests (99,914) (781) (710) (103) (536,981) (2,978) (432) Net loss attributable to noncontrolling interests 131,360 79,145 143,752 20,842 417,633 497,288 72,100 Net income attributable to the Company's shareholders 5,694,154 6,699,364 3,952,737 573,093 16,856,842 20,337,600 2,948,675 Including: -Net income from continuing operations attributable to the Company's shareholders 5,694,154 6,699,364 3,952,737 573,093 16,856,842 19,712,736 2,858,078 -Net income from discontinued operations attributable to the Company's shareholders - - - - - 624,864 90,597 Basic net income per share * 1.74 2.05 1.22 0.18 5.07 6.23 0.90 -Continuing operations 1.74 2.05 1.22 0.18 5.07 6.04 0.87 -Discontinued operations - - - - - 0.19 0.03 Basic net income per ADS * 8.68 10.27 6.10 0.88 25.34 31.16 4.52 -Continuing operations 8.68 10.27 6.10 0.88 25.34 30.20 4.38 -Discontinued operations - - - - - 0.96 0.14 Diluted net income per share * 1.71 2.03 1.21 0.18 5.01 6.17 0.89 -Continuing operations 1.71 2.03 1.21 0.18 5.01 5.98 0.86 -Discontinued operations - - - - - 0.19 0.03 Diluted net income per ADS * 8.57 10.17 6.05 0.88 25.03 30.85 4.47 -Continuing operations 8.57 10.17 6.05 0.88 25.03 29.90 4.33 -Discontinued operations - - - - - 0.95 0.14 Weighted average number of ordinary shares used in calculating net income per share * Basic 3,281,172 3,262,989 3,239,282 3,239,282 3,325,864 3,263,455 3,263,455 Diluted 3,323,004 3,293,766 3,269,082 3,269,082 3,367,478 3,296,014 3,296,014 * Each ADS represents five ordinary shares. The accompanying notes are an integral part of this announcement. NETEASE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2021 2022 2022 2022 2021 2022 2022 RMB RMB RMB USD (Note 1) RMB RMB USD (Note 1) Cash flows from operating activities: Net income 5,662,708 6,621,000 3,809,695 552,354 16,976,190 19,843,290 2,877,007 Net income from discontinued operations - - - - - (624,864) (90,597) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 836,042 713,852 769,141 111,515 3,275,727 2,858,209 414,401 Fair value changes of equity security investments (984,901) 680,019 148,156 21,481 (471,880) 3,104,336 450,086 Impairment losses of investments and other long-term assets 69,572 6,763 45,401 6,583 100,424 300,249 43,532 Fair value changes of short-term investments (166,513) (119,620) (23,364) (3,388) (639,757) (342,642) (49,678) Share-based compensation cost 1,002,899 786,999 876,560 127,089 3,041,492 3,174,160 460,211 Allowance for expected credit losses 12,932 44,126 6,615 959 265,930 61,393 8,901 Losses on disposal of property, equipment and software 48,779 528 1,166 169 54,052 3,620 525 Unrealized exchange losses/ (gains) 347,235 (1,401,893) 589,665 85,493 488,604 (1,604,260) (232,596) Gains on disposal of long-term investments, business and subsidiaries (13,091) (1,724,433) (62,922) (9,123) (186,920) (1,791,355) (259,722) Deferred income taxes (431,015) (234,336) 578,317 83,848 407,948 489,670 70,995 Share of results on equity method investees and revaluation results from previously held equity interest (448,053) (159,128) (54,746) (7,937) (1,573,068) (1,259,941) (182,674) Changes in operating assets and liabilities: Accounts receivable (97,064) 35,786 224,197 32,506 (1,186,586) 554,340 80,372 Inventories 73,588 (88,300) (60,695) (8,800) (343,587) (27,613) (4,004) Prepayments and other assets 870,684 368,673 1,095,882 158,888 640,349 731,100 106,000 Accounts payable (89,207) (84,434) 576,021 83,515 (155,262) 447,666 64,905 Salary and welfare payables 1,521,743 (567,676) 1,965,624 284,989 505,334 424,513 61,549 Taxes payable 528,725 475,245 (928,071) (134,558) 255,060 (917,614) (133,042) Contract liabilities (1,162,982) 1,580,450 (1,396,523) (202,477) 1,351,261 385,396 55,877 Accrued liabilities and other payables 786,517 552,688 849,094 123,106 2,121,416 1,899,580 275,413 Net cash provided by operating activities 8,368,598 7,486,309 9,009,213 1,306,212 24,926,727 27,709,233 4,017,461 Cash flows from investing activities: Purchase of property, equipment and software (442,524) (557,028) (348,821) (50,574) (1,601,830) (2,100,264) (304,510) Proceeds from sale of property, equipment and software 56,517 3,307 2,257 327 71,524 41,467 6,012 Purchase of intangible assets, content and licensed copyrights (297,142) (152,276) (161,987) (23,486) (1,508,179) (543,220) (78,759) Net change in short-term investments with terms of three months or less (1,474,371) 156,475 (931,790) (135,097) 3,694,890 776,357 112,561 Purchase of short-term investments with terms over three months (4,300,000) - (4,700,000) (681,436) (15,285,000) (5,950,000) (862,669) Proceeds from maturities of short-term investments with terms over three months 3,313,543 1,195,475 6,966,682 1,010,074 13,235,845 10,175,160 1,475,260 Investment in long-term investments and acquisition of subsidiaries (2,020,029) (844,513) (1,694,928) (245,741) (6,541,567) (5,129,680) (743,734) Proceeds from disposal of long-term investments, businesses and subsidiaries 616,542 2,277,625 92,795 13,454 1,115,457 2,411,070 349,572 Placement/ rollover of matured time deposits (26,628,133) (18,830,844) (22,975,014) (3,331,064) (81,298,080) (98,973,884) (14,349,864) Proceeds from maturities of time deposits 15,707,821 17,770,581 27,676,529 4,012,719 81,307,297 92,247,046 13,374,564 Change in other long-term assets (99,692) (31,782) (61,552) (8,924) (268,651) (323,779) (46,944) Net cash (used in)/ provided by investing activities (15,567,468) 987,020 3,864,171 560,252 (7,078,294) (7,369,727) (1,068,511) The accompanying notes are an integral part of this announcement. NETEASE, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (in thousands) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2021 2022 2022 2022 2021 2022 2022 RMB RMB RMB USD (Note 1) RMB RMB USD (Note 1) Cash flows from financing activities: Net changes from loans with terms of three months or less 425,020 (3,645,232) (3,753,493) (544,205) (442,207) (1,274,043) (184,719) Proceed of loans with terms over three months 2,277,171 70,691 2,765,086 400,900 4,447,586 6,392,695 926,854 Payment of loans with terms over three months (1,311,823) (50,208) (191,158) (27,715) (2,297,135) (273,639) (39,674) Amounts paid for NetEase's issuance of shares in Hong Kong - - - - (13,800) - - Net Amounts received/ (paid) related to capital contribution from or repurchase of noncontrolling interests and redeemable noncontrolling interests shareholders 1,320,122 14,305 23,616 3,424 2,870,147 (30,921) (4,483) Cash paid for repurchase of NetEase's ADSs/ purchase of subsidiaries' ADSs and shares (2,112,256) (1,956,829) (3,007,765) (436,085) (12,910,533) (8,328,124) (1,207,464) Dividends paid to noncontrolling interest shareholders (731,250) - - - (731,250) - - Dividends paid to NetEase's shareholders (940,540) (1,617,574) (2,018,984) (292,725) (3,508,377) (6,723,667) (974,840) Net cash used in by financing activities (1,073,556) (7,184,847) (6,182,698) (896,406) (12,585,569) (10,237,699) (1,484,326) Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies (80,670) 3,470 53,237 7,719 (55,354) 110,403 16,007 Net increase in cash, cash equivalents and restricted cash (8,353,096) 1,291,952 6,743,923 977,777 5,207,510 10,212,210 1,480,631 Cash, cash equivalents and restricted cash, at the beginning of the period 25,729,211 19,552,450 20,844,402 3,022,154 12,168,605 17,376,115 2,519,300 Cash, cash equivalents and restricted cash, at end of the period 17,376,115 20,844,402 27,588,325 3,999,931 17,376,115 27,588,325 3,999,931 Supplemental disclosures of cash flow information: Cash paid for income tax, net 858,304 1,550,748 971,217 140,813 3,547,299 5,092,391 738,327 Cash paid for interest expense 42,879 193,329 264,232 38,310 187,628 588,381 85,307 The accompanying notes are an integral part of this announcement. NETEASE, INC. UNAUDITED SEGMENT INFORMATION (in thousands, except percentages) Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2021 2022 2022 2022 2021 2022 2022 RMB RMB RMB USD (Note 1) RMB RMB USD (Note 1) Net revenues: Games and related value-added services 18,791,991 18,699,106 19,085,708 2,767,168 67,819,288 74,566,471 10,811,122 Youdao 1,333,791 1,402,434 1,453,982 210,808 5,354,357 5,013,182 726,843 Cloud Music 1,889,265 2,357,248 2,376,257 344,525 6,997,622 8,992,221 1,303,749 Innovative businesses and others 2,358,518 1,967,972 2,438,182 353,502 7,434,759 7,923,935 1,148,863 Total net revenues 24,373,565 24,426,760 25,354,129 3,676,003 87,606,026 96,495,809 13,990,577 Cost of revenues: Games and related value-added services (7,347,120) (6,551,193) (7,805,578) (1,131,702) (26,007,412) (27,784,419) (4,028,362) Youdao (657,329) (642,254) (679,295) (98,489) (2,448,146) (2,430,738) (352,424) Cloud Music (1,812,036) (2,023,600) (1,953,900) (283,289) (6,854,948) (7,699,103) (1,116,265) Innovative businesses and others (1,639,300) (1,465,821) (1,670,992) (242,271) (5,324,719) (5,815,423) (843,157) Total cost of revenues (11,455,785) (10,682,868) (12,109,765) (1,755,751) (40,635,225) (43,729,683) (6,340,208) Gross profit: Games and related value-added services 11,444,871 12,147,913 11,280,130 1,635,466 41,811,876 46,782,052 6,782,760 Youdao 676,462 760,180 774,687 112,319 2,906,211 2,582,444 374,419 Cloud Music 77,229 333,648 422,357 61,236 142,674 1,293,118 187,484 Innovative businesses and others 719,218 502,151 767,190 111,231 2,110,040 2,108,512 305,706 Total gross profit 12,917,780 13,743,892 13,244,364 1,920,252 46,970,801 52,766,126 7,650,369 Gross profit margin: Games and related value-added services 60.9 % 65.0 % 59.1 % 59.1 % 61.7 % 62.7 % 62.7 % Youdao 50.7 % 54.2 % 53.3 % 53.3 % 54.3 % 51.5 % 51.5 % Cloud Music 4.1 % 14.2 % 17.8 % 17.8 % 2.0 % 14.4 % 14.4 % Innovative businesses and others 30.5 % 25.5 % 31.5 % 31.5 % 28.4 % 26.6 % 26.6 % The accompanying notes are an integral part of this announcement. NETEASE, INC. NOTES TO UNAUDITED FINANCIAL INFORMATION Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00 = RMB6.8972 on the last trading day of December 2022 (December 30, 2022) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 30, 2022, or at any other certain date. Note 2: Share-based compensation cost reported in the Company's unaudited condensed consolidated statements of comprehensive income is set out as follows in RMB and USD (in thousands): Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2021 2022 2022 2022 2021 2022 2022 RMB RMB RMB USD (Note 1) RMB RMB USD (Note 1) Share-based compensation cost included in: Cost of revenues 267,424 190,645 195,793 28,387 833,389 758,413 109,960 Operating expenses Selling and marketing expenses 38,657 24,980 33,001 4,785 118,611 120,171 17,423 General and administrative expenses 358,595 288,598 349,444 50,664 1,105,547 1,214,995 176,158 Research and development expenses 338,223 282,776 298,322 43,253 983,945 1,080,581 156,670 The accompanying notes are an integral part of this announcement. Note 3: The financial information prepared and presented in this announcement might be different from those published and to be published by NetEase's listed subsidiaries to meet the disclosure requirements under U.S. GAAP or different accounting standards requirement. Note 4: The unaudited reconciliation on GAAP and non-GAAP results is set out as follows in RMB and USD (in thousands, except per share data or per ADS data): Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, December 31, December 31, 2021 2022 2022 2022 2021 2022 2022 RMB RMB RMB USD (Note 1) RMB RMB USD (Note 1) Net income from continuing operations attributable to the Company's shareholders 5,694,154 6,699,364 3,952,737 573,093 16,856,842 19,712,736 2,858,078 Add: Share-based compensation 901,421 770,255 858,637 124,491 2,905,065 3,095,693 448,833 Non-GAAP net income from continuing operations attributable to the Company's shareholders 6,595,575 7,469,619 4,811,374 697,584 19,761,907 22,808,429 3,306,911 Non-GAAP basic net income from continuing operations per share * 2.01 2.29 1.49 0.22 5.94 6.99 1.01 Non-GAAP basic net income from continuing operations per ADS * 10.05 11.45 7.43 1.08 29.71 34.95 5.07 Non-GAAP diluted net income from continuing operations per share * 1.98 2.27 1.47 0.21 5.87 6.92 1.00 Non-GAAP diluted net income from continuing operations per ADS * 9.92 11.34 7.36 1.07 29.34 34.60 5.02 * Each ADS represents five ordinary shares. The accompanying notes are an integral part of this announcement.
GREATER CHINA HIGHLIGHTS (Note: Percentage and other changes refer to full-year 2021 unless otherwise noted) Record-breaking start to 2023 with IMAX Chinese New Year box office of RMB231 million, up 54% year-over-year, led by 'The Wandering Earth 2' – now the highest-grossing local language film of all time in IMAX. IMAX China captured over US$52 million of box office in 'Avatar: The Way of Water' and 22% indexing – a record for a first-run Hollywood release in China. Year-to-date, IMAX delivered over US$86 million box office in mainland China, more than 50% of full year 2022 box office, with a market share of 4.4%, up from 2.2% during the same period of 2022. 2022 adjusted net profit of US$12.4 million despite the significant impact of Covid shutdowns and limited content supply. Approval of a final dividend of approximately US$5.1 million (US$0.015 per share) on an earnings payout ratio of 50%, consistent with prior year. SHANGHAI, Feb. 23, 2023 /PRNewswire/ -- IMAX China Holding, Inc. ("IMAX China" or the "Company", HKSE: 1970) today reported full-year 2022 Greater China revenue of US$73.3 million, reported and adjusted net profit of US$10.8 million and US$12.4 million respectively. For adjustments to profit (loss) for the period and a full detail of financial results, please refer to the full-year results announcement posted with the Hong Kong Stock Exchange or on the Investor Relations section of the IMAX China web site (http://www.imax.cn/investor). "We are pleased to see such a rapid turnaround as China reclaims the throne as the world's top theatrical market. Within two months of reopening, IMAX China has delivered two of its top three releases of all time with Avatar: The Way of Water and The Wandering Earth 2 and record-breaking Chinese New Year box office, offering further proof of strong pent-up demand for The IMAX Experience®," said Richard L. Gelfond, Chairman of IMAX China. "We look ahead at 2023 confident of reaccelerated growth as we capitalize on revitalized Hollywood content flow and an increasingly IMAX-friendly local film slate." "I'm very excited to join IMAX China as we start an important year of recovery. Looking back on the last three years, it cannot be clearer that the pandemic has accelerated blockbusterization in both content consumption and creation which will continue to play in favor of IMAX China as the leading premium entertainment technology company. Our meaningful improvement in market share, expanding Filmed-for-IMAX content portfolio and growing adoption of IMAX with Laser has strengthened our positioning for long-term growth," said Daniel Manwaring, CEO of IMAX China. "I look forward to leading the Company to not only solidify its position as China's leading entertainment technology brand, but also taking it to new heights as we pursue new growth opportunities to further unlock the monetization value of our unique assets." IMAX China Dividend IMAX China today announced that its Board of Directors approved the payment of a final cash dividend of US$0.015 per share, or approximately US$5.1 million in total, based on the total number of shares in issue as of December 31, 2022. Business Development On July 25, 2022, IMAX China and IMAX Corporation entered into an Enhanced Business Required IMAX China Contribution Agreement pursuant to which IMAX China acquires and has the exclusive right to develop the IMAX Enhanced Business in Greater China. Network Update The Company delivered further network expansion with a total of 794 systems in the IMAX® theater network in Greater China as of December 31, 2022, of which 401 operate under full revenue sharing arrangements, 112 under hybrid revenue sharing arrangements and 281 operate under sales arrangements. The Company installed 28 new, upgraded and relocated theater systems during full-year 2022, down from 57 installations in 2021. The Company signed agreements for 20 theater systems for the full-year 2022, bringing total backlog to 204 systems as of December 31, 2022. Greater China Key Metrics Twelve months ended Dec 31, 2022 2021 Greater China Signings Sales 2 9 Revenue Share 9 9 IMAX with Laser Upgrade 3 2 Sales renewals 6 5 Total 20 25 Greater China Theater Installations Sales 6 20 Revenue Share 13 24 IMAX with Laser Upgrade Relocations 4 5 5 8 Total 28 57 Greater China Network Commercial Multiplex 778 768 Institutional 16 15 Total 794 783 Greater China Backlog 204 215 IMAX Greater China Box Office US$163 million US$240 million Film Count Mainland China 25 34 HK/ Taiwan Only 20 16 Total 45 50 Conference Call The Company will host a conference call today at 8:00 AM Hong Kong Time to discuss its full-year 2022 financial results. To access the call via telephone, there is a new process: interested parties please pre-register here: https://register.vevent.com/register/BI7789e59f833342ee93408657686c8763 and you will be provided with a dial-in number and unique pin. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. A replay of the call will be available via webcast at investors.imax.com. About IMAX China IMAX China is a subsidiary of IMAX Corporation, and was incorporated as a limited liability company under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. Shares of IMAX China trade on the Hong Kong Stock Exchange under the stock code "1970." About IMAX Corporation IMAX Corporation, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theaters to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe. IMAX Corporation is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of Dec 31, 2022, there were 1,716 IMAX Theater Systems (1,633 commercial multiplexes, 12 commercial destinations, 71 institutional) operating in 87 countries and territories. On October 8, 2015, shares of IMAX China, a subsidiary of IMAX Corporation, began trading on the Hong Kong Stock Exchange under the stock code "1970". IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, Filmed For IMAX™, IMAX LIVE™, IMAX Enhanced™, IMAX nXos®, SSIMWAVE® and Films to the Fullest®, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You may also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax), YouTube (www.youtube.com/imaxmovies) and LinkedIn (www.linkedin.com/imax). This press release contains forward looking statements that are based on IMAX Corporation and IMAX China management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include, but are not limited to, references to future capital expenditures (including the amount and nature thereof), business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, plans and references to the future success of IMAX Corporation, IMAX China or any other consolidated subsidiaries of IMAX Corporation (each, a "Group Member", and collectively, "IMAX Group") and expectations regarding the future operating, financial or technological results of any Group Member. These forward-looking statements are based on certain assumptions and analyses made by the IMAX Group in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of any Group Member is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to IMAX Group's growth and operations in China; the performance of IMAX DMR films; the signing of theater system agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which any Group Member operates; competitive actions by other companies; the failure to respond to change and advancements in digital technology; one Group Member's largest customer accounting for a significant portion of its revenue and backlog; risks related to new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by a Group Member; risks related to cyber-security; risks related to any Group Member's inability to protect its intellectual property; general economic, market or business conditions; the failure to convert theater system backlog into revenue; changes in laws or regulations; the failure to fully realize the projected cost savings and benefits from any Group Member's restructuring initiative; and other factors, many of which are beyond the control of any Group Member. These factors, other risks and uncertainties and financial details are discussed in IMAX Corporation's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
SHANGHAI, Feb. 22, 2023 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced that it plans to release its unaudited financial results for the fourth quarter and full year of 2022 before the U.S. market opens on Monday, March 13, 2023. The Company's management will hold an earnings conference call at 08:00 A.M. Eastern Time on Monday, March 13, 2023 (08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Access Code: 4149222 The replay will be accessible through March 20, 2023 by dialing the following numbers: International: 1-412-317-0088 United States Toll Free: 1-877-344-7529 Replay Access Code: 7428608 A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.atrenew.com. About ATRenew Inc. Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact In China:ATRenew Inc.Investor RelationsEmail: ir@atrenew.com In the United States:ICR LLC.Email: atrenew@icrinc.com Tel: +1-212-537-0461
SANTA CLARA, Calif., Feb. 17, 2023 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading IoT cloud development platform, today announced that it will report its fourth quarter and full year 2022 unaudited financial results after the market closes on Wednesday, March 1, 2023. Tuya's management will hold a conference call at 07:00 P.M. Eastern Time on Wednesday, March 1, 2023 (08:00 A.M. Beijing Time on Thursday, March 2, 2023) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive details for this conference including an access code, a PIN number (personal access code), the dial-in number, and an e-mail with detailed instructions to join the conference call. Online registration: https://www.netroadshow.com/events/login?show=aaaf2866&confId=47330 The replay will be accessible through March 8, 2023 by dialing the following numbers: International: +44-204-525-0658 United States: +1-929-458-6194 Access Code: 819491 A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.tuya.com/. About Tuya Inc. Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading IoT cloud development platform with a mission to build an IoT developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built IoT cloud development platform that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers. Through its IoT cloud development platform, Tuya has enabled developers to activate a vibrant IoT ecosystem of brands, OEMs, partners and end users to engage and communicate through a broad range of smart devices. Investor Relations Contact Tuya Inc.Investor RelationsE-mail: ir@tuya.com The Blueshirt GroupGary Dvorchak, CFAPhone: +1 (323) 240-5796Email: gary@blueshirtgroup.com
GUANGZHOU, China, Feb. 15, 2023 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO and HKEx: 9896, "MINISO Group" or the "Company"), a global value retailer offering a variety of design-led lifestyle products, today announced that it plans to release its December quarter 2022 financial results before the U.S. market opens on Tuesday, February 28, 2023. The Company's management will hold an earnings conference call at 4:00 A.M. Eastern Time on Tuesday, February 28, 2023 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. The conference call can be accessed by the following zoom link or dialing the following numbers: Access 1 Join Zoom meeting. Zoom link: https://dooyle.zoom.us/j/85321657710?pwd=b2tEUjVwZkl0TGt1RE94RHJOd2ZYdz09Meeting Number: 853 2165 7710Meeting Passcode: 9896 Access 2 Listeners may access the call by dialing the following numbers by using the same meeting number and passcode with access 1. United States Toll Free: +1 213 338 8477 (or +1 646 518 9805) Mainland China Toll Free: 400 182 3168 (or 400 616 8835) Hong Kong, China (Charge Fees): +852 5803 3730 (or +852 5803 3731) United Kingdom (Charge Fees): +44 203 481 5237 (or +44 131 460 1196) France (Charge Fees): +33 1 7037 9729 (or+33 1 7037 2246) Singapore (Charge Fees): +65 3158 7288 (or +65 3165 1065) Canada (Charge Fees): +1 438 809 7799 (or +1 204 272 7920) Access 3 Listeners can also access the meeting through the Company's investor relations website at http://ir.miniso.com/. The replay will be available approximately two hours after the conclusion of the live event at the Company's investor relations website at http://ir.miniso.com/. About MINISO Group Holding Limited MINISO Group is a global value retailer offering a variety of design-led lifestyle products. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit http://ir.miniso.com/. Investor Relations Contact Raine HuMINISO Group Holding LimitedEmail: ir@miniso.comPhone: +86 (20) 36228788 Ext.8039
BEIJING, Feb. 14, 2023 /PRNewswire/ -- Gaotu Techedu Inc. ("Gaotu" or the "Company") (NYSE: GOTU), a technology-driven education company and online large-class tutoring service provider in China, today announced that it will report its financial results for the fourth quarter and fiscal year 2022 ended December 31, 2022, before U.S. markets open on Tuesday, February 28, 2023. Gaotu's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, February 28, 2023 (9:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: International: +1-412-317-6061 United States: +1-888-317-6003 Hong Kong: 800-963-976 Mainland China: 400-120-6115 Passcode: 6298152 A telephone replay will be available two hours after the conclusion of the conference call through March 7, 2023. The dial-in details are as follows: International: +1-412-317-0088 United States: +1-877-344-7529 Passcode: 1763328 Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home. About Gaotu Techedu Inc. Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational contents & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company's business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency. For further information, please contact: Gaotu Techedu Inc.Investor RelationsE-mail: ir@gaotu.cn Christensen In ChinaMs. Vivian WangPhone: +852 2232 3978E-mail: gotu@christensencomms.com In the USMs. Linda BergkampPhone: +1-480-614-3004E-mail: lbergkamp@christensenir.com
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