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Establishing Global Partnerships: CODIT Expands U.S. Presence with 1 Billion+ Policy Data Records SEOUL, South Korea, March 27, 2025 /PRNewswire/ -- A news report from Hankyung.com: CODIT, a cutting-edge regulation tech company, is opening access to South Korea's legislative data for U.S. think tanks, academic institutions, and research organizations interested in strategic collaboration. This partnership will be supported by CODIT's research arm, the Global Evidence-Based Policy Institute, which regularly provides regulatory analysis and insight, publishes policy reports, and hosts seminars with Korean legislative and government experts. CODIT's platform currently provides a wide range of legislative and policy data, including: Bills, laws, and meeting minutes from all sessions of The National Assembly of Korea (2012 and onwards) Legislator profiles, including political affiliations and committee memberships Its database has been actively utilized in academic research and policy studies. The Seoul National University's Institute of International Studies and the Korea Legislation Research Institute have previously leveraged CODIT's database for comparative governance and legislative analysis. In particular, The Seoul National University's Institute of International Studies has used CODIT's data for case studies on policy trends and other academic research projects. These collaborations highlight CODIT's policy expertise. CODIT's Global Evidence-Based Policy Institute has also leveraged its database to publish issue papers that offer critical insights for businesses and institutions engaged in government relations (GR), compliance, and public relations (PR). These publications cover key regulatory areas, including healthcare and pharmaceuticals (including medical devices), AI and digital regulation, environmental, social, and governance (ESG) policies, health, safety, and environment (HSE) regulations, and online platform regulations. Recent publications include: [Issue Paper Vol.7] 2025 Political Outlook and Corporate Response Strategies(Link) [Issue Paper Vol.6] ESG Disclosure in Korea – Trends and Implications(Link) These reports provide essential guidance for industry leaders and research institutions navigating South Korea's legal and regulatory environment. "Providing access to high-quality legislative data fosters collaboration and supports informed decision-making," said Jieun Chung, CEO of CODIT. "With our unique AI-driven technology, we are excited to offer a data partnership to research institutions in the United States, enabling them to conduct more comprehensive policy analysis of South Korea." Separately, CODIT is at the forefront of AI-driven legal and regulatory analysis and has secured a U.S. Patent (No. 12,229,809 B2) for its NLP-based search and logic-driven analytics technology. This innovation enhances compliance strategies and risk management for highly regulated industries, including finance, media, big tech, and healthcare. With its growing presence in the U.S. market, CODIT is rapidly expanding partnerships with research institutions to strengthen cross-border legislative intelligence.
European Patent Office received nearly 200 000 patent applications last year, with 10.1% coming from China China ranks 4th globally in European patent applications Huawei is No.2 among top applicant companies China recorded a 0.5% YoY increase in applications Strongest growth globally came from electrical machinery, apparatus, energy inventions Surge in AI and battery technology patent filings MUNICH and BEIJING, March 27, 2025 /PRNewswire/ -- Chinese companies and researchers filed 20 081 patent applications last year at the European Patent Office (EPO), a new record. China ranks 4th worldwide accounting for 10.1% of total applications at the EPO. This demonstrates the strong presence of Chinese companies in the European technology market. Overall, a total of 199 264 patent applications were filed at the EPO last year from around the world. This high level of patenting activity is comparable to the previous year (2023: 199 452), following three years of significant growth. "Despite political and economic uncertainties, companies and inventors from around the world filed a high number of patents last year, underlining their technological prowess and their continued investment in R&D," said EPO President António Campinos. "The EPO's patent data is a clear roadmap for industry, policy, and investment priorities – tracking global innovation trends and offering insights into European patent application activity across industries and regions." China's innovation momentum remains strong In 2024, China ranked fourth worldwide, after the United States (47,787 applications), Germany (25,033 applications), and Japan (21,062 applications), but ahead of Republic of Korea in fifth place (13,107 applications). Notably, patent applications from China have grown consistently over the past decade: While growth slowed in 2024 (+0.5% compared to 2023), applications from China have more than doubled since 2018; and more than quadrupled since 2014. China's European patent highlights: Huawei tops Chinese applicant list The leading Chinese company was Huawei, which was ranked second at the EPO behind Samsung in 2024, followed by LG, Qualcomm and RTX. The top 10 includes four companies from Europe, two from R. Korea, two from the US, and one from each of China and Japan. In addition to Huawei (4,322 applications), five other Chinese companies ranked in the top 50 applicants at the EPO, showcasing China's robust innovation capabilities and active participation in European patent applications. The rankings include CATL at number 14, with 1,163 European patent applications, ZTE at 16, with 999 applications, Xiaomi at number 20, with 763 applications, Vivo Mobile at 28, with 622 applications and finally Tencent at number 49, with 446 European patent applications. (See graph "Top applicants at the EPO from P.R. China") Computer tech tops EPO patent rankings Computer technology, which includes areas of AI such as machine learning and pattern recognition, was the leading global field at the EPO for the first time, with 16,815 patent applications in 2024. Electrical machinery, apparatus, energy posted the strongest growth last year (+8.9% on 2023), driven by advances in clean energy technologies, particularly battery innovation (+24.0%). Meanwhile, digital communication, which encompasses inventions related to mobile networks, saw a 6.3% decrease. Surge in patents from China in battery technologies For China, the three leading technical fields for European patent filings in 2024 were digital communication, electrical machinery, apparatus, and computer technology — mirroring global trends. The strongest growth from Chinese companies was in electrical machinery, apparatus, energy, which increased by +32.2% in 2024 compared to 2023. This was thanks to a surge from China in patent applications for battery-related technologies (+79%), with four Chinese companies now among the top 15 applicants in battery technologies (up from two in 2023): CATL, Eve Energy, BYD and Zhuhai CosMX Battery. Chinese firms are also becoming active in patenting in a range of other areas, including biotechnology (+15.1%), and organic fine chemistry (+16.1%). Unitary Patent gains in popularity among Chinese patent proprietors The Unitary Patent system, launched in 2023, continues to gain momentum, offering innovators from around the world simpler and more accessible patent protection across 18 EU Member States with a single request to the EPO. Unitary protection was requested for 25.6% of all European patents granted by the EPO in 2024 totalling over 28,000 requests. Patentees from EPO member states had the highest uptake rate, with 36.5% of their European patents transformed into Unitary Patents, followed by those from Republic of Korea (18.9%),China (17.9%, up from 10.9%), the US (16.0%), and Japan (7.9%). Further information View the Patent Index 2024 in full Explore and customise statistics in our Statistics & Trends Centre Access Unitary Patent statistics via our dedicated dashboard Download datasets (MS Excel) in the Download data section of our statistics page Check patent trends on the go with the EPO Data Hub mobile app Read studies on innovation trends at the Observatory on Patents and Technology EPO's support for SMEs, universities, non-profit organisations and other smaller applicants Follow us on social media: X | Facebook | LinkedIn | Instagram | YouTube Official hashtag: #EPOPatentIndex About the EPO With 6 300 staff members, the European Patent Office (EPO) is one of the largest public service institutions in Europe. Headquartered in Munich with offices in Berlin, Brussels, The Hague and Vienna, the EPO was founded with the aim of strengthening co-operation on patents in Europe. Through the EPO's centralised patent granting procedure, inventors are able to obtain high-quality patent protection in up to 45 countries, covering a market of some 700 million people. The EPO is also the world's leading authority in patent information and patent searching.
Achieving a turnaround from loss to profit year-on-year, and committing to high-quality business development with focus on AI + SaaS Net profit attributable to the owners of the Company reached RMB6.9 million, achieving a turnaround from loss to profit year-on-year (all figures in RMB unless stated otherwise) Gross profit increased by 2.5% year-on-year to $209.8 million, and gross margin grew by 2.2 percentage points year-on-year Due to the implementation of various cost-reduction strategies and improvements in operational efficiency, the company's operating expense ratio achieved 17.9%, down by 3.6 percentage points compared to the same period last year The total number of clients reached 3,056, including 2,282 SaaS clients with steady growth of 7.6% compared to the same period last year Completed the full integration with DeepSeek large model, and actively explored the use of AI agents for business scenarios in the vertical domains of mass consumption Overseas business expansion momentum remained strong, covering multiple countries in Asia, Europe, South America and etc GUANGZHOU, China, March 26, 2025 /PRNewswire/ -- Xuan Wu Cloud Technology Holdings Limited ("Xuan Wu Cloud" or the "Company", together with its subsidiaries, the "Group"; stock code: 2392.HK), a leading local intelligent CRM services provider in China, announced its annual results for the year ended 31 December 2024 on March 26th. During the reporting period, the Company further improved the overall profitability, through measures such as focusing on high gross-profit businesses, upgrading business brand, expanding new customer segments, and optimising product system, and etc. During the reporting period, the net profit attributable to the owners of the Company reached RMB6.9million, achieving a turnaround from loss to profit year-on-year. Achieving a year-on-year turnaround and the proportion of SaaS business exceeded 60% for the first time According to the announcement, the company recorded revenue of RMB1,151.3 million in 2024, while the SaaS segment with higher gross profit margins achieved revenue of RMB731.9 million, a year-on-year increase of 23.8%, and its revenue proportion was further increased to 63.6%. In terms of clients, the total number of Company's clients exceeded 3,000, reaching 3,056 during the reporting period, while the number of clients in the SaaS segment achieved 2,282, representing a year-on-year growth of 7.6%. Meanwhile, the Average Revenue Per User (ARPU) contributed by core customers amounted to RMB3.0 million, and that of the SaaS segment reached RMB2.6 million, representing a year-on-year growth of 7.5%, which further validated the Company's strategic direction of focusing on AI+SaaS. While continuing to improve its profitability, the Company also deepened its personnel and organizational structure, and reorganized the Group's brand and business product structure, with an aim to further unleash organizational vitality. In particular, for Sales Cloud, the Company's second growth curve, upgraded the original brand from "Xuanxun" to "Xuantong" to make it an independent brand. At the same time, the Company continued to update and optimize personnel organization structure and talent cultivation, especially at the level of management and business development, and progressively improved the operational control capacity of marketing management personnel through a variety of measures. Based on the above initiatives, the Company's operating expense ratio dropped to 17.9% in 2024, a decrease of 3.6 percentage points compared to the same period of the previous year. Furthermore, the company also realized a year-on-year turnaround in the reporting period, with net profit attributable to owners of the Company amounting to RMB6.9 million. The continuous improvement of products and technologies is also an important guarantee for the company to achieve the above achievements in 2024. By the end of the reporting period, the Company has obtained a total of 399 authorized patents and computer software copyrights, with 67 new ones added during the reporting period. On the product side, the Company has also released new products and solutions such as SKU Super Model, Smart Xiao Xuan, International SMS, and etc. This achieved the intelligent closed-loop management of multiple business scenarios in the industries of mass consumption and finance, thus resolving clients' further requirements and business pain points. In addition, the Company has also made significant progress in overseas business and ecological construction. In terms of overseas business, the company has further expanded it business to a number of countries in Asia, Europe, South America and other regions, at the same time, reached resource cooperation with more overseas mainstream telecom operators, which further satisfied the demand of clients for business globalization. In terms of ecological pipeline, the company has reached a HarmonyOS cooperation with Huawei, and its multiple products have undergone native HarmonyOS application development. This move will also provide clients with more diversified choices. At the same time, the Company has also launched the entire line of Smart Sales 100 products, ICC, and AI standard products on the Huawei Cloud Store, thereby further increasing product sales channels and market exposure. Creating an intelligent product system with strategic focus on AI+SaaS In 2024, AI applications, represented by large models and generative AI, exhibited a flourishing trend, and AI+ applications began to take root and grow in the"soil" of digitalisation across various industries. As a leading domestic intelligent CRM vendor that has achieved full-stack self-research in AI technology, the Company has always regarded AI as an important strategic development direction and is committed to empowering enterprise clients with digitalisation through AI+SaaS products, helping them achieve high-quality digital transformation and upgrading. In the Marketing Cloud, the Integrated Communication Center ("ICC"), as a flagship product of the Marketing Cloud, on the basis of comprehensive compatibility with domestic localisation, developed a version tailored for the HarmonyOS operating system, satisfying clients' diverse terminal adaptation needs. In terms of product functionality, ICC introduced new features such as the multi-legal entity mode/international SMS/contract signing copies to enrich product modules and cater to emerging customer demands. During the Reporting Period, ICC secured new partnerships with several leading banks in the East China, West China, and Northwest China regions, and made breakthroughs in government data bureaus and the securities industry, achieving cooperation with clients across multiple regions. In addition, another product within the Marketing Cloud segment, the DMP Intelligent Marketing Cloud Platform, also forged partnerships with multiple governmental entities and e-commerce firms. Consequently, the Marketing Cloud segment generated revenue of RMB 611.8 million during the Reporting Period, representing a year-on-year increase of 23.4%. The Sales Cloud represents our business segment focused on the second growth trajectory, initially establishing a solution model encompassing "consultation-driven services + standard products + advanced aPaaS platform". For consulting services based on the foundation of the industry research institute, the Company established a consulting division. This division is capable of providing clients with products such as advanced business blueprints, marketing transformation consulting, IT planning, and strategic consulting. On the product side, "Smart Sales 100", which focuses on FMCG field, and "Smart U-Customer", which focuses on the durable consumer goods field, both under the Sales Cloud, adopt a three-pronged product strategy of "scenario + data + algorithm"to create a closed-loop business model tailored for intelligent scenarios. The company has launched numerous standard products or application plugins, including the SKU Super Model and Intelligent Xiaoxuan, thereby adding an intelligent "engine" to the FMCG industry's full-chain business processes, enhancing efficiency, reducing costs, and facilitating precise operations. Furthermore, during the Reporting Period, the company comprehensively launched an advanced aPaaS platform. This platform offers a low-code/no-code development environment for enterprises, enabling seamless collaboration between business and technical teams, swift response to market changes, and independent customisation and optimisation of business processes. This truly achieves the goal of "what you think, what you get"in digital and intelligent innovation. The Company has added eight new standard AI products to existing AI offerings, enabling rapid adaptation to a wider range of customer business scenarios. In the exploration of data elements, the company's data-related products have been successfully launched on the Guangzhou Data Exchange. This has also helped the Company to expand sales channels for data products. In terms of AI technology, the company's industry-specific large models in the consumer sector have amassed a feature library exceeding 10 million, enabling an average daily photo processing capacity of over 8 million. The SKU recognition rate has surpassed 95.0%, positioning the company at the forefront of domestic industry databases and accuracy levels. Furthermore, the Company has deployed AIoT intelligent fridge in the consumer goods terminal business scenario. In 2024, the market expansion of AIoT intelligent fridge proceeded smoothly, and the company signed contracts with several leading FMCG clients such as Jinmailang Foods Co., Ltd. Meanwhile, the newly released horizontal-type intelligent fridge has been implemented for commercial use with our clients, thereby achieving new coverage of frozen beverage and frozen food clients. Based on the aforementioned business progress, during the Reporting Period, Sales Cloud achieved revenue of RMB80.1 million, representing a year-on-year increase of 14.9%. Additionally, annual recurring revenue (ARR) increased by 10.7% year-on-year, accounting for 51.7% of the total revenue of Sales Cloud. The company's Service Cloud has consistently strived to forge differentiated advantages within the industry. For instance, the Service Cloud has developed distinctive features such as intelligent case initiation, voice text messaging, and industry reports in the financial post-loan management industry, thereby enhancing clients' willingness to pay. Simultaneously, contact center's aid seats have also witnessed a sustained growth. By the end of the Reporting Period, the growth rate had reached 19.2%. Consequently, the Service Cloud achieved a revenue of RMB40.0 million during the Reporting Period, representing a year-on-year increase of 55.8%. AI as the core driving force to achieve high-quality development of overall operation Looking ahead to 2025, Mr. Chen Yong Hui, Chairman of the Board of the Company, stated in the report, "we will focus on the goals of"product standardisation, refined management, and business globalization"in 2025, thus seizing market opportunities and achieving high-quality development". In terms of products, the company aims to integrate AI capabilities with multi-business line products in 2025, based on the clients' actual business scenarios, with the goal of creating blockbuster products in the AI field. Simultaneously, the company will actively follow the development trend of AI, leveraging accumulated industry Know-How and R&D layout in the AI field to explore exclusive AI Agents for different business scenarios in vertical domains such as mass consumption and finance. In Sales Cloud business segment, the company will implement a product strategy that integrates"scenario, data, and algorithm"into a trinity. At the product architecture level, targeting mass consumption brand manufacturers, a differentiated product system consisting of "niche products"and"comprehensive integration"is constructed，in order to meet diverse product requirements of customers and enhance product market competitiveness. In the Marketing Cloud segment, in 2025, while continuously enhancing product standardization, the company will prioritize the integration of 5G messaging-related functions and the fusion of AI with products as key areas for innovation. In the management of the company's operations, the company will continue to innovate organizational structure, and will undertake a more systematic and professional restructuring in four key areas: sales management, customer service, customer re-marketing, and delivery management. This will enable the company to achieve significant enhancements in the intensification and effectiveness of overall corporate resources. Concurrently, in order to better stimulate and enhance organisational efficiency, the company focuses on implementing independent accounting across all organisations, strengthening cash flow management, and improving the efficiency of payment collection. Meanwhile, the Company formulated a plan centered around measures to enhance customer satisfaction, optimise product market strategies, and strengthen the management control capabilities of cadre team. These measures were intended to continuously enhance the Company's profitability and create an incentive system centered around profit, thereby facilitating the high-quality development of the Company's business. In terms of ecological construction and overseas business, the company will also focus on advantageous standard products, prioritising promotion through ecological channels, refining efficient cooperation models, and gradually replicating relevant successful experiences in cooperation with cloud vendors such as Tencent, Baidu, ByteDance, and Alibaba, with the aim of expanding the company products into more diversified market channels. At the same time, the company will focus on enhancing the application value of data elements, and plan to establish cooperation with more regional data exchanges, there by further enhancing the application capabilities of data products such as DI smart store expansion and DMP precision marketing. In terms of overseas business, the company plans to expedite overseas market expansion in terms of coverage areas, products, and talent, with the aim of establishing strategic partnerships with more overseas telecommunications operators. Simultaneously, the company also intend to achieve localised operations for overseas business by 2025, thereby enhancing operational efficiency in advantageous regions and expanding business scale. Mr. Chen Yong Hui comments,"From generative AI to large models, and now developed to AI Agents, a new wave of technological revolution represented by AI is gradually gaining momentum. Under this trend, in 2025, the company will focus on the present, relying on its own accumulation of AI technology and practical experience in digital intelligence in mass consumption, financial and other industries, and striving to create exclusive AI Agent for different business scenarios, so as to reconstruct the intelligent management mode of business processes for clients and consolidate the company's leading position in the field of AI + SaaS. Meanwhile, the company will also continue to follow a prudent expense control system, focusing on return on investment and human efficiency improvement. The above initiatives will further empower the company to improve its profitability, as well as enhance high-quality and sustainable development." Financial Results Year ended 31 December 2024 RMB'000 2023 RMB'000 Change % Revenue 1,151,277 1,281,276 (10.1) Gross profit 209,777 204,649 2.5 Operating gains/(losses) 2,872 (68,901) 104.2 Loss before tax (920) (71,709) 98.7 Earnings/(losses)attributable to owners of the Company 6,914 (72,364) 109.6 Earnings/(losses)per share (expressed in RMB per share) 0.012 (0.129) 109.3 Year ended 31 December 2024 RMB'000 2023 RMB'000 Change % Revenue（By Service Segment） CRM PaaS 419,410 690,291 (39.2) CRM SaaS 731,867 590,985 23.8 Total Group 1,151,277 1,281,276 (10.1) About Xuan Wu Cloud: Xuan Wu Cloud Technology Holdings Limited, the largest local intelligent CRM service provider in China(stock code 2392.HK), which was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 8 July, 2022. The company's domestic operating entity is Xuan Wu Technology, which has established a marketing service system covering 34 provinces and cities across China. Xuan Wu Cloud has aPaaS, cPaaS, AI, and DI platform as technical base, with Marketing Cloud, Sales Cloud, Service Cloud as core SaaS product applications, aiming to provide clients with multi-touch, all-channel, entire business cycle management of intelligent CRM products and services.
15 Million USD Expected from China Mobile Collaboration Under 5G New Call Initiative SHANGHAI, March 26, 2025 /PRNewswire/ -- Jinxin Technology Holding Company (Nasdaq: NAMI), a leading provider of AI-driven digital content and interactive communication technologies, today announced its financial guidance for the fiscal year 2025, projecting total revenue of 70 Million USD, fueled by strong growth across its AI-powered product portfolio and strategic partnerships. A key driver of this performance is the Company's deepening collaboration with China Mobile. Through their joint 5G New Call initiative, Jinxin Technology expects to generate over 100 million RMB in revenue and serve more than 5 million paying users in 2025. This partnership continues to scale rapidly across China, transforming traditional voice and video calling through the integration of AI-powered digital humans and big data-enhanced interactive services. "Our 2025 financial targets reflect strong momentum across multiple business lines, including digital education, interactive entertainment, and next-generation communication technologies," said Jin Xu, CEO of Jinxin Technology. "While our collaboration with China Mobile is a major catalyst, we are also scaling other high-growth segments that will contribute to our 70 Million USD revenue goal." In 2024, Jinxin Technology gained significant traction by launching its 5G digital human services across 20+ provinces, reaching over 1.3 million paying users and generating more than 3 million USD in revenue. Looking ahead to 2025, the Company plans to extend its presence nationwide and deepen AI integration across its platform and services. About Jinxin Technology Holding Company Headquartered in Shanghai, China, Jinxin Technology Holding Company is an innovative provider of digital-content products and services in China. Leveraging a powerful digital content generation engine powered by advanced AI, AR, VR, and digital human technologies, the Company is committed to offering high-quality digital content services through both its own platform and the content distribution channels of its strong partners. Currently, the Company primarily targets K-9 students in China, specializing in providing digital and integrated educational content. Jinxin Technology plans to expand its service offerings to deliver premium and engaging digital content to a broader age range. The Company collaborates with leading textbook publishers in China, providing digital versions of mainstream textbooks used in primary and middle schools. Its AI-generated content technology enables the development of interactive, intelligent, and entertaining learning experiences. Jinxin Technology distributes its digital content primarily through: - Namibox, its flagship learning app - Telecom and broadcast operators - Third-party devices embedded with Jinxin's content For more information, please visit the Company's website at https://ir.namibox.com. Safe Harbor Statements This press release contains statements that constitute "forward-looking" statements under the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including but not limited to statements about the Company's beliefs, plans, and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "target," "aim," "future," "intend," "plan," "believe," "estimate," "likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (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. 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. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For Investor and Media Inquiries, Please Contact:Jinxin Technology Holding CompanyInvestor Relations Department Email: ir@namibox.com
FREMONT, Calif., March 26, 2025 /PRNewswire/ -- Exclusive Networks North America, a global leader in cybersecurity, today announced that it has been named an Engage Preferred Services Partner (EPSP) within Fortinet's Engage Partner Program. This designation demonstrates Exclusive Networks' ability to expertly deploy, operate, and maintain end-to-end security solutions, helping organizations achieve digital acceleration. "The EPSP status is more than just a certification; it is a validation of our expertise and our ability to help partners and customers secure their digital environments effectively," said David Yang, Sr. Director, Support & Services, Exclusive Networks. "By leveraging our in-depth Fortinet knowledge, we can enhance cybersecurity strategies, drive customer confidence, and accelerate business growth." Jason Beal, President, Exclusive Networks, Americas, highlighted the significance of the EPSP partnership, "By partnering with Exclusive Networks, our resellers and their end-customers gain access to specialized services and expertise. We are committed to creating a more secure digital future for our North America channel community. Our EPSP designation reinforces our dedication to providing exceptional cybersecurity solutions and support." "The Engage Preferred Services Partner (EPSP) program enables Exclusive Networks to provide exceptional security services. This designation emphasizes the importance of specialized training and direct support necessary for our partner community to succeed in a rapidly evolving threat landscape and deliver exceptional customer outcomes," said Ken McCray, Vice President of US Channel Sales. As an Engage Preferred Services Partner, Exclusive Networks receives access to specialized training and direct assistance from Fortinet experts to build new skills in providing advanced security support or services for their customers, including those with rapidly evolving and expanding hybrid network infrastructures. Exclusive Networks can also collaborate directly with Fortinet Professional Support experts on implementations to leverage Fortinet best practices, resulting in increased expertise and visibility while developing a more robust services portfolio. A Program Focused on Enabling Opportunities for Partners Fortinet is committed to helping partners meet new and evolving customer challenges created by work-from-anywhere models, hybrid IT environments, and the evolving threat landscape through Fortinet's Engage Partner Program and enablement tools for partners. The program is focused on enabling growth opportunities that are unique with Fortinet's expansive portfolio built around the Fortinet Security Fabric, designed to secure customers' entire infrastructure from the data center to the cloud. In addition, Fortinet is committed to helping partners grow productive, predictable, and rewarding relationships to differentiate from competitors. The Fortinet Engage Partner Program helps partners acquire the industry knowledge they need to increase business opportunities, deliver digital acceleration for customers with customizable programs, and accelerate partner growth. About Exclusive Networks Exclusive Networks (EXN) is a global cybersecurity specialist that provides partners and end-customers with a wide range of services and product portfolios via proven routes to market. With offices in over 45 countries and the ability to serve customers in over 170 countries, we combine a local perspective with the scale and delivery of a single global organization. Our best-in-class vendor portfolio is carefully curated with all leading industry players. Our services range from managed security to specialist technical accreditation and training and capitalize on rapidly evolving technologies and changing business models. For more information visit: https://www.exclusive-networks.com/usa/.
BEIJING, March 26, 2025 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a China-based IT company, today announced its unaudited consolidated financial results for the quarter and fiscal year ended December 31, 2024. Management Commentary Mr. Sheng Fu, Cheetah Mobile's Chairman and Chief Executive Officer, remarked, "In Q4, our total revenue accelerated robustly, demonstrating our commitment to high-quality growth and ongoing business turnaround. With the momentum of LLMs, we entered 2025 with tremendous opportunities, including the upcoming launch of AgentOS, our next-generation voice interaction system for service robots, which further strengthens our leadership in voice-enabled robotics. By focusing on scalable robotics solutions and leveraging our strong product technology, we are well-positioned to become a top 3 service robot provider globally within three years. Meanwhile, our legacy Internet business continues to drive strong revenue growth and margin expansion on a year-over-year basis, providing a solid foundation for our AI and robotics investments." Mr. Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "In Q4, our revenue once again accelerated year-over-year, and we reduced our non-GAAP operating losses quarter-over-quarter. Furthermore, Q4 was the first quarter in which we reduced our non-GAAP operating losses on a year-over-year basis since 4Q 2022. These improvements reflect our continued business progress since Q1 2024. Additionally, we delivered strong cash flow this quarter. Looking ahead, we remain focused on driving revenue growth while working towards breakeven and profitability. At the same time, we will continue to manage our net cash position with discipline." Fourth Quarter 2024 Financial Highlight Total revenues grew by 41.7% year-over-year and 23.4% quarter-over-quarter, accelerating to RMB237.1 million (US$32.5 million) in the fourth quarter of 2024. Gross profit increased by 74.4% year-over-year and 32.5% quarter-over-quarter, to RMB172.8 million (US$23.7 million) in the fourth quarter of 2024. Non-GAAP gross profit rose by 73.8% year-over-year and 32.1% quarter-over-quarter to RMB172.3 million (US$23.6 million). Operating loss in the fourth quarter of 2024 was RMB207.1 million (US$28.4 million), compared to RMB60.9 million in the same period of last year and RMB72.0 million in the previous quarter. Non-GAAP operating loss in the fourth quarter of 2024 improved to RMB42.5 million (US$5.8 million) from RMB49.1 million in the same period of last year and RMB60.5 million in the previous quarter. Net loss attributable to Cheetah Mobile Shareholders was RMB366.8 million (US$50.2 million), compared to RMB301.2 million in the same period of last year. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB202.1 million (US$27.7 million), compared to RMB289.4 million in the same period of last year. Cash flow generated by operating activities was RMB283.0 million (US$38.8 million) in the fourth quarter of 2024. As of December 31, 2024, the Company had cash and cash equivalents of RMB1,833.0 million (US$251.1 million), ensuring strong liquidity. As of December 31, 2024, the Company had long-term investments of RMB817.3 million (US$112.0 million). Fiscal Year 2024 Financial Highlight Total revenues grew by 20.5% year-over-year to RMB806.9 million (US$110.5 million) in 2024. Gross profit rose by 24.6% year-over-year to RMB545.2 million (US$74.7 million). Non-GAAP gross profit rose by 24.5% year-over-year to RMB545.3 million (US$74.7 million). Operating loss was RMB437.3 million (US$59.9 million) in 2024, compared to RMB209.8 million in 2023. Non-GAAP operating loss was RMB231.8 million (US$31.8 million) in 2024, compared to RMB171.9 million in 2023. Net loss attributable to Cheetah Mobile shareholders was RMB617.6 million (US$84.6 million), compared to RMB602.9 million in 2023. Non-GAAP net loss attributable to Cheetah Mobile shareholders improved to RMB412.1 million (US$56.5 million) in 2024 from RMB564.9 million in 2023. Conference Call Information The Company will hold a conference call on March 26, 2025, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers: Main Line:International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: 4001-206115Hong Kong Toll Free: 800-963976Conference ID: 5690589 English Translation:International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: 4001-206115Hong Kong Toll Free: 800-963976Conference ID: 0936457 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com. Exchange Rate This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP"). About Cheetah Mobile Inc. Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014. Safe Harbor Statement This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. Use of Non-GAAP Financial Measures This release contains non-GAAP financial measures, including but not limited to: Non-GAAP cost of revenues excludes share-based compensation expenses; Non-GAAP gross profit excludes share-based compensation expenses; Non-GAAP gross margin excludes share-based compensation expenses; Total non-GAAP operating expenses exclude share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions; Non-GAAP research and development expenses exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions; Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions; Non-GAAP general and administrative expenses exclude share-based compensation expenses; Non-GAAP operating profit/loss excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions; Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions; Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions; and Non-GAAP adjusted EBITDA represents net loss attributable to Cheetah Mobile shareholders excluding share-based compensation, interest income, depreciation and amortization, impairment of goodwill, net income attributable to noncontrolling interests, other income/expenses, net and income tax expenses/benefits. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results". Investor Relations Contact Helen Jing ZhuCheetah Mobile Inc.Tel: +86 10 6292 7779Email: ir@cmcm.com CHEETAH MOBILE INC. Condensed Consolidated Balance Sheets (Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$")) As of December 31, 2023 December 31, 2024 RMB RMB USD ASSETS Current assets: Cash and cash equivalents 2,020,191 1,833,031 251,124 Short-term investments 1,023 335 46 Accounts receivable, net 401,064 473,619 64,886 Prepayments and other current assets, net 973,127 1,365,761 187,108 Due from related parties, net 71,505 106,934 14,650 Total current assets 3,466,910 3,779,680 517,814 Non-current assets: Property and equipment, net 53,884 51,564 7,064 Operating lease right-of-use assets 30,451 26,323 3,606 Intangible assets, net 218,559 190,665 26,121 Goodwill 576,989 424,099 58,101 Long-term investments 937,460 817,330 111,974 Deferred tax assets 188,503 128,581 17,616 Other non-current assets 160,428 86,059 11,790 Total non-current assets 2,166,274 1,724,621 236,272 Total assets 5,633,184 5,504,301 754,086 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY Current liabilities: Bank loans 5,000 - - Accounts payable 170,185 219,566 30,080 Accrued expenses and other current liabilities 2,437,210 2,756,805 377,681 Due to related parties 84,147 69,606 9,536 Income tax payable 31,603 35,804 4,905 Total current liabilities 2,728,145 3,081,781 422,202 Non-current liabilities: Deferred tax liabilities 54,540 43,046 5,897 Other non-current liabilities 189,943 172,348 23,612 Total non-current liabilities 244,483 215,394 29,509 Total liabilities 2,972,628 3,297,175 451,711 Mezzanine equity: Redeemable noncontrolling interests 105,978 189,725 25,992 Shareholders' equity: Ordinary shares 244 248 34 Additional paid-in capital 2,711,875 2,722,504 372,982 Accumulated deficit (613,102) (1,232,575) (168,862) Accumulated other comprehensive income 356,854 410,421 56,227 Total Cheetah Mobile Inc. shareholders' equity 2,455,871 1,900,598 260,381 Noncontrolling interests 98,707 116,803 16,002 Total shareholders' equity 2,554,578 2,017,401 276,383 Total liabilities, mezzanine equity and shareholders' equity 5,633,184 5,504,301 754,086 CHEETAH MOBILE INC. Condensed Consolidated Statements of Comprehensive Loss (Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for number of shares and per share(or ADS) data) For The Three Months Ended For The Year Ended December 31, 2023 December 31, 2024 December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB USD RMB RMB USD Revenues 167,314 237,089 32,481 669,503 806,877 110,541 Internet business 107,711 160,152 21,941 450,134 517,188 70,854 AI and others 59,603 76,937 10,540 219,369 289,689 39,687 Cost of revenues (a) (68,243) (64,317) (8,811) (231,940) (261,682) (35,850) Gross profit 99,071 172,772 23,670 437,563 545,195 74,691 Operating income and expenses: Research and development (a) (39,584) (65,506) (8,974) (178,207) (243,391) (33,344) Selling and marketing (a) (56,746) (104,851) (14,365) (242,511) (342,421) (46,911) General and administrative (a) (63,502) (56,281) (7,710) (229,549) (244,385) (33,481) Impairment of goodwill - (152,890) (20,946) - (152,890) (20,946) Other operating (expense)/ income, net (186) (377) (52) 2,867 637 87 Total operating income and expenses (160,018) (379,905) (52,047) (647,400) (982,450) (134,595) Operating loss (60,947) (207,133) (28,377) (209,837) (437,255) (59,904) Other income/(expenses): Interest income, net 15,828 9,862 1,351 60,978 44,422 6,086 Foreign exchange gains/ (losses) 17,408 (32,236) (4,416) (11,421) (21,726) (2,976) Other expense, net (321,244) (82,300) (11,275) (477,370) (139,769) (19,148) Loss before taxes (348,955) (311,807) (42,717) (637,650) (554,328) (75,942) Income tax benefits/ (expenses) 47,760 (51,064) (6,996) 43,781 (47,258) (6,474) Net loss (301,195) (362,871) (49,713) (593,869) (601,586) (82,416) Less: net income attributable to noncontrolling interests 18 3,913 536 9,029 15,971 2,188 Net loss attributable to Cheetah Mobile shareholders (301,213) (366,784) (50,249) (602,898) (617,557) (84,604) Net loss per share Basic (0.2046) (0.2438) (0.0334) (0.4095) (0.4161) (0.0570) Diluted (0.2047) (0.2439) (0.0334) (0.4100) (0.4162) (0.0570) Net loss per ADS Basic (10.2312) (12.1907) (1.6700) (20.4740) (20.8042) (2.8500) Diluted (10.2358) (12.1947) (1.6700) (20.4977) (20.8097) (2.8500) Weighted average number of shares outstanding Basic 1,493,550,095 1,512,707,145 1,512,707,145 1,472,615,281 1,503,054,847 1,503,054,847 Diluted 1,493,550,095 1,512,707,145 1,512,707,145 1,472,615,281 1,503,054,847 1,503,054,847 Weighted average number of ADSs outstanding Basic 29,871,002 30,254,143 30,254,143 29,452,306 30,061,097 30,061,097 Diluted 29,871,002 30,254,143 30,254,143 29,452,306 30,061,097 30,061,097 Other comprehensive (loss)/income, net of tax of nil Foreign currency translation adjustments (29,112) 51,667 7,078 45,769 49,045 6,719 Unrealized gains/(loss) on available-for-sale securities, net - 7,277 997 (43,494) 2,642 362 Other comprehensive (loss)/ income (29,112) 58,944 8,075 2,275 51,687 7,081 Total comprehensive loss (330,307) (303,927) (41,638) (591,594) (549,899) (75,335) Less: Total comprehensive income attributable to noncontrolling interests 686 2,199 301 8,398 14,089 1,930 Total comprehensive loss attributable to Cheetah Mobile shareholders (330,993) (306,126) (41,939) (599,992) (563,988) (77,265) For The Three Months Ended For The Year Ended December 31, 2023 December 31, 2024 December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2024 (a) Share-based compensation expenses RMB RMB USD RMB RMB USD Cost of revenues 71 (460) (63) 370 81 11 Research and development (426) 1,280 175 580 1,924 264 Selling and marketing 72 (495) (68) 509 (662) (91) General and administrative 7,714 4,819 660 32,095 24,758 3,392 Total 7,431 5,144 704 33,554 26,101 3,576 CHEETAH MOBILE INC. Reconciliation of GAAP and Non-GAAP Results (Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for per share data) For The Three Months Ended December 31, 2024 For The Year Ended December 31, 2024 GAAP Share-based Amortization of Impairment Non-GAAP GAAP Share-based Amortization of Impairment Non-GAAP Result Compensation intangible assets* of goodwill Result Result Compensation intangible assets* of goodwill Result RMB RMB RMB RMB RMB USD RMB RMB RMB RMB RMB USD Revenues 237,089 - - - 237,089 32,481 806,877 - - - 806,877 110,541 Cost of revenues (64,317) (460) - - (64,777) (8,874) (261,682) 81 - - (261,601) (35,839) Gross profit 172,772 (460) - - 172,312 23,607 545,195 81 - - 545,276 74,702 Research and development (65,506) 1,280 6,156 - (58,070) (7,956) (243,391) 1,924 24,624 - (216,843) (29,708) Selling and marketing (104,851) (495) 469 - (104,877) (14,369) (342,421) (662) 1,876 - (341,207) (46,746) General and administrative (56,281) 4,819 - - (51,462) (7,050) (244,385) 24,758 - - (219,627) (30,089) Impairment of goodwill (152,890) - - 152,890 - - (152,890) - - 152,890 - - Other operating (loss) income, net (377) - - - (377) (52) 637 - - - 637 87 Total operating income and expenses (379,905) 5,604 6,625 152,890 (214,786) (29,427) (982,450) 26,020 26,500 152,890 (777,040) (106,456) Operating loss (207,133) 5,144 6,625 152,890 (42,474) (5,820) (437,255) 26,101 26,500 152,890 (231,764) (31,754) Net loss attributable to Cheetah Mobile shareholders (366,784) 5,144 6,625 152,890 (202,125) (27,692) (617,557) 26,101 26,500 152,890 (412,066) (56,454) Diluted losses per ordinary share (RMB) (0.2439) 0.0034 0.0044 0.1011 (0.1350) (0.4162) 0.0174 0.0176 0.1017 (0.2795) Diluted losses per ADS (RMB) (12.1947) 0.1700 0.2200 5.0547 (6.7500) (20.8097) 0.8700 0.8800 5.0847 (13.9750) Diluted losses per ADS (USD) (1.6700) 0.0233 0.0301 0.6919 (0.9247) (2.8500) 0.1192 0.1206 0.6956 (1.9146) * This represents amortization of intangible assets resulting from business acquisitions. For The Three Months Ended December 31, 2023 For The Year Ended December 31, 2023 GAAP Share-based Amortization of Non-GAAP GAAP Share-based Amortization of Non-GAAP Result Compensation intangible assets* Result Result Compensation intangible assets* Result RMB RMB RMB RMB RMB RMB RMB RMB Revenues 167,314 - - 167,314 669,503 - - 669,503 Cost of revenues (68,243) 71 - (68,172) (231,940) 370 - (231,570) Gross profit 99,071 71 - 99,142 437,563 370 - 437,933 Research and development (39,584) (426) 4,104 (35,906) (178,207) 580 4,104 (173,523) Selling and marketing (56,746) 72 313 (56,361) (242,511) 509 313 (241,689) General and administrative (63,502) 7,714 - (55,788) (229,549) 32,095 - (197,454) Other operating (loss) income, net (186) - - (186) 2,867 - - 2,867 Total operating income and expenses (160,018) 7,360 4,417 (148,241) (647,400) 33,184 4,417 (609,799) Operating loss (60,947) 7,431 4,417 (49,099) (209,837) 33,554 4,417 (171,866) Net loss attributable to Cheetah Mobile shareholders (301,213) 7,431 4,417 (289,365) (602,898) 33,554 4,417 (564,927) Diluted losses per ordinary share (RMB) (0.2047) 0.0050 0.0029 (0.1968) (0.4100) 0.0228 0.0030 (0.3842) Diluted losses per ADS (RMB) (10.2358) 0.2500 0.1458 (9.8400) (20.4977) 1.1393 0.1499 (19.2085) CHEETAH MOBILE INC. Information about Segment (Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for percentage) For The Three Months Ended December 31, 2024 For The Year Ended December 31, 2024 Internet Business AI and others Unallocated* Consolidated Internet Business AI and others Unallocated* Consolidated RMB RMB RMB RMB USD RMB RMB RMB RMB USD Revenue 160,152 76,937 - 237,089 32,481 517,188 289,689 - 806,877 110,541 Operating profit/(loss) 26,207 (228,196) (5,144) (207,133) (28,377) 62,833 (473,987) (26,101) (437,255) (59,904) Operating margin 16.4 % (296.6) % - (87.4) % (87.4) % 12.1 % (163.6) % - (54.2) % (54.2) % For The Three Months Ended December 31, 2023 For The Year Ended December 31, 2023 Internet Business AI and others Unallocated* Consolidated Internet Business AI and others Unallocated* Consolidated RMB RMB RMB RMB RMB RMB RMB RMB Revenue 107,711 59,603 - 167,314 450,134 219,369 - 669,503 Operating profit/(loss) 9,488 (63,004) (7,431) (60,947) 26,259 (202,542) (33,554) (209,837) Operating margin 8.8 % (105.7) % - (36.4) % 5.8 % (92.3) % - (31.3) % *Unallocated expenses refer to SBC expenses that are not allocated to individual segments. CHEETAH MOBILE INC. Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP) (Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$")) For The Three Months Ended For The Year Ended December 31, 2023 December 31, 2024 December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB USD RMB RMB USD Net loss attributable to Cheetah Mobile shareholders (301,213) (366,784) (50,249) (602,898) (617,557) (84,604) Add: Income tax (benefits)/expenses (47,760) 51,064 6,996 (43,781) 47,258 6,474 Interest income, net (15,828) (9,862) (1,351) (60,978) (44,422) (6,086) Depreciation and other amortization 11,275 14,619 2,003 35,262 51,453 7,049 Net income attributable to noncontrolling interests 18 3,913 536 9,029 15,971 2,188 Other expense 303,836 114,536 15,691 488,791 161,495 22,124 Share-based compensation 7,431 5,144 704 33,554 26,101 3,576 Impairment of goodwill - 152,890 20,946 - 152,890 20,946 Adjusted EBITDA (42,241) (34,480) (4,724) (141,021) (206,811) (28,333)
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