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BEIJING, Nov. 29, 2024 /PRNewswire/ -- This is a report from China.org.cn:  A young American named Jason visited the smart vehicle section of the second China International Supply Chain Expo, held in Beijing from Nov. 26 to 30, and tried to find out the secret behind Chinese automakers' success. The expo showcases not only automakers, but also the entire supply chain, from parts suppliers to final producers. BYD, one of the EV giants in China, has now surpassed Tesla in quarterly sales. Volkswagen, once the largest automaker for the Chinese market, is now working with Chinese EV manufacturer XPENG to stay competitive in the market. So when did Chinese cars get so good? A young American named Jason visited the smart vehicle section of the second China International Supply Chain Expo, held in Beijing from Nov. 26 to 30, and tried to find out the secret behind Chinese automakers' success. The expo showcases not only automakers, but also the entire supply chain, from parts suppliers to final producers. One of the star products on display at the Expo was the XPENG P7+, a new electric sedan launched just three weeks ago. Remarkably, the P7+ sold over 30,000 units in less than two hours after its launch. According to an XPENG representative at the Expo, the P7+ is a spacious, full-size vehicle measuring over 5 meters in length. Both the front and rear seats are equipped with ventilation, heating and massage functions. The car also features a 50W wireless fast car charger with two ports for convenient phone charging. The P7+ is equipped with XPENG's advanced camera-based autopilot system, which enables autonomous driving in Chinese cities — drivers can simply enter a destination and the car will navigate itself. This model also supports multiple modes of self-parking. But the exhibition told Jason that despite the driving assistant, he should always be alert while driving. The American visitor also discovered that despite these advanced features, the P7+ is competitively priced, starting at ¥186,800 with a driving range of 615 kilometers on a single charge. The P7+ is integrated with BOSCH's next-generation integrated braking system and occupant safety system, which will also be on display at the show. According to Bosch, the P7+'s occupant safety system combines brake booster and ESP® into one unit, which not only provides powerful performance, but also achieves efficient energy recovery, which means better range and reduced CO2 emissions. Baosteel showcased a body-in-white using advanced X-GPa steel for strength, safety and lightweight design, which is also used in the XPENG P7+. Rio Tinto supplies the iron ore for the high quality steel. The global mining company's booth shows different types of ore and how they are mined. The staff told Jason that the company is happy to supply to the EV industry. According to the XPENG representative, the P7+ benefits from China's efficient design and R&D processes, which focus on cost optimization through innovation. Competitive pricing is also made possible by strong partnerships with domestic and international suppliers who provide the materials and components that make these high-tech features possible. Tag along with Jason at CISCE (Season 2): The secret behind Chinese automakers' successhttp://www.china.org.cn/business/2024-11/29/content_117576633.htm
SINGAPORE, Nov. 29, 2024 /PRNewswire/ -- HR Asia, the leading publication in the human resources industry, announces the winners of its prestigious HR Asia Best Companies to Work for in Asia 2024. This year, a total of 40 outstanding companies from Singapore and India have been recognized for their exemplary HR practices, showcasing their commitment to fostering a vibrant and diverse workplace environment. Congratulations to the winners of the 2024 Singapore HR Asia Best Companies to Work for in Asia Under the theme of "The Definitive Z Choice", the winners reflect the challenges and opportunities presented by the influx of Gen-Z or Zoomer, creating a multi-generational workforce. These companies have not only demonstrated exceptional prowess in hiring and retaining young talent, but also in creating a workplace culture that values diversity, collaboration, and continuous innovation setting a benchmark for others in the industry. The surge in nominations underscores the growing prominence of workplace excellence in the region with 202 companies competing for recognition, showcasing a keen desire to stand out as leaders in employee satisfaction, welfare, and development. 25,880 survey participants shared their invaluable insights and experiences, providing a comprehensive overview of the workplace landscape in Singapore and India. Their contributions not only reflect a deep-rooted commitment to enhancing workplace environments but also highlight the significance of employee voice in shaping organisational culture and practices. "With an ever-growing number of Zoomers entering the workforce, there comes a number of challenges for human resources," said William Ng, group publisher of HR Asia. "The life experiences and expectations of the younger generation are entirely different from the previous generations, potentially creating discord in the workplace. It is good to see that a larger number of organisations in Singapore are actively mitigating potential issues and recording higher employee satisfaction by championing inclusivity along with actively listening to their needs." 2024 sees a new category HR Asia Sustainable Workplace Awards being introduced to reflect the organisation's unwavering commitment to environmental responsibility and sustainable business practices. The HR Asia Diversity, Equity, and Inclusion Awards seek to recognise organisations that have made significant strides towards creating diverse and inclusive workplaces. In turn, The HR Asia Most Caring Company Awards recognise organisations that have demonstrated exceptional care for their employees, particularly during difficult times. The HR Asia Best Companies to Work for in Asia 2024 - Singapore and India award winners have shown an unwavering dedication to employee satisfaction, welfare, and development. These organisations have set the standard for others to follow by fostering a positive work environment that promotes growth and excellence. The highlight of this year's event was the recognition of the Platinum winner, who have achieved an exemplary feat by maintaining their status as consecutive winners for an impressive 10 years. Cycle & Carriage Singapore embodies a steadfast commitment to nurturing an exceptional workplace culture. The awards ceremony also celebrated the achievements of the 4 Gold winners, each of whom has received the awards for five consecutive years or more. The distinguished Gold winners for HR Asia Best Companies to Work for in Asia 2024 - Singapore are Borouge Pte Ltd, City Developments Limited, Forvis Mazars Llp, and NTUC First Campus Limited. HR Asia proudly announces the launch of the HR Asia Happiest Workplace Certification, a new recognition that distinguishes companies across Asia for their success in fostering positive, supportive, and rewarding work environments. This certification recognises organisations that put employee well-being first and cultivate cultures of joy, engagement, and productivity. The certifications are determined using HR Asia's proprietary TEAM survey technology, which gathers actual employee feedback. The award covers fifteen markets across the region including mainland China, Cambodia, Hong Kong SAR, Indonesia, India, Japan, Korea, Macau, Malaysia, Philippines, Singapore, Taiwan region, Thailand, United Arab Emirates, and Vietnam, making this the largest recognition program and survey in the region for employee engagement. For more information about the HR Asia Best Companies to Work for in Asia 2024 and a complete list of winners, please visit https://hr.asia/awards/ LIST OF WINNERS OF HR ASIA BEST COMPANIES TO WORK FOR IN ASIA 2024 IN ALPHABETICAL ORDER: SINGAPORE Aetos Holdings APL Logistics Ltd ASM Baxter Healthcare Asia Pte Ltd Borouge Pte Ltd Cathay United Bank Check Point Software Technologies City Developments Limited Coach Singapore Pte Ltd Crystal International Group Limited Cycle & Carriage Singapore Dayforce Singapore Pte Ltd Dian Xiao Er Group Pte. Ltd. FedEx Singapore Forvis Mazars LLP Global Eduhub Pte Ltd Hexagon Asset Lifecycle Intelligence Hong Ye Group Pte Ltd A Subsidiary Of YY Group Holding Limited IDS Medical Systems (Singapore) Pte Ltd JustCo Lotusia Group Manulife Singapore Marsh Singapore MCC Singapore MindChamps NTUC First Campus Limited NTUC LearningHub Pte Ltd Resorts World At Sentosa Pte Ltd Sandoz Singapore SBS Transit Ltd SW Singapore UOB Watson-Marlow Fluid Technology Solutions YHS (Singapore) Pte Ltd Yinson Group, Singapore INDIA GAP INC. APL LOGISTICS (INDIA) PVT. LTD. TITAN COMPANY LIMITED ŠKODA AUTO VOLKSWAGEN INDIA PVT LTD VESTIAN GLOBAL WORKPLACE SERVICES PVT. LTD. WINNERS OF HR ASIA DIVERSITY, EQUITY & INCLUSION AWARDS 2024 APL Logistics (India) Pvt. Ltd. ASM Cathay United Bank Coach Singapore Pte Ltd Gap Inc Global Eduhub Pte Ltd Hexagon Asset Lifecycle Intelligence Manulife Singapore NTUC LearningHub Pte Ltd SBS Transit Ltd WINNERS OF HR ASIA SUSTAINABLE WORKPLACE AWARDS 2024 APL Logistics (India) Pvt. Ltd. Borouge Pte Ltd Cathay United Bank Dayforce Singapore Pte Ltd FedEx Singapore Hexagon Asset Lifecycle Intelligence NTUC LearningHub Pte Ltd SBS Transit Ltd Watson-Marlow Fluid Technology Solutions WINNERS OF HR ASIA MOST CARING COMPANY AWARDS 2024 Borouge Pte Ltd Cathay United Bank Dian Xiao Er Group Pte. Ltd. Global Eduhub Pte Ltd Manulife Singapore NTUC First Campus Limited SBS Transit Ltd UOB Yinson Group, Singapore HR ASIA HAPPIEST WORKPLACE CERTIFICATION 2024 Cycle & Carriage Singapore Resorts World at Sentosa Pte Ltd APL Logistics Ltd About BUSINESS MEDIA INTERNATIONALBusiness Media International is a subsidiary of Audience Analytics Limited (1AZ.SG), a regional leader in promoting growth for companies in Asia through data-driven brands and initiatives. We own renowned media brands such as SME Magazine, HR Asia, Capital Asia, Energy Asia, Logistics Asia, TruthTV, and CXP Asia as well as business impact assessment brands such as SME100, HR Asia Best Companies to Work for in Asia, Golden Bull Awards and CXP Asia Best Customer Experience Awards. We organise various exhibitions and have the proprietary software-as-a-service — Total Engagement Assessment Model – in our portfolio. Adrian ChengMarketing ManagerBusiness Media InternationalMobile No.: 012-2692701Email: adrian@businessmedia.asia
SINGAPORE, Nov. 26, 2024 /PRNewswire/ -- OceanBase has been named as a Challenger by Forrester in its report "The Forrester Wave: Translytical Data Platform, Q4 2024", published in November 2024. According to the report, translytical data platforms are next-generation data solutions built on a single database engine to seamlessly support transactional, operational, and analytical workloads without compromising data integrity, performance, or real-time analytics. They also offer support for distributed data architectures, multimodel capabilities, generative AI (genAI)/ML, vector search, cloud integration, and advanced workload management. The adoption of translytical data platforms is rapidly increasing to meet new and emerging business demands, including real-time insights, scalable microservices, genAI, and high-volume transaction processing. "OceanBase excels in distributed data processing. The platform supports cloud-native capabilities, horizontal and vertical scalability, distributed architecture, SQL compatibility, and strong data consistency," stated Forrester analysts in the report. "OceanBase is a good choice for organizations that want a basic, cost-effective translytical data platform with SQL compatibility, particularly for those migrating from legacy databases." "OceanBase is honored to be named as a Challenger in the latest Forrester Wave report for its translytical database capabilities. This reflects our strength in seamlessly handling both transactional and real-time analytical workloads through a single database and dataset," said Charlie Yang, the Chief Technology Officer of OceanBase. "OceanBase remains committed to supporting customers across various industries to streamline their technology stack and deliver exceptional price-for-performance across all job types." In this report, Forrester evaluated translytical data platforms providers based on 26 criteria grouped in three categories: current offering, strategy, and market presence. The report is an assessment of the top vendors in the market and serves as a valuable resource for data and technology professionals seeking to identify the right one for their needs. OceanBase offers scalable distributed database for data-intensive transactional and real-time operational analytics workloads, with ultra-fast performance and high compatibility across major global cloud infrastructures, including Amazon Web Services, Google Cloud, Alibaba Cloud and Tencent Cloud. Operating across more than 30 regions in Asia, Europe, and America, OceanBase has already served over 2,000 customers, such as SAIC Volkswagen, VIVO, Pop Mart, Haidilao, Kwai, Trip.com, GCash, DANA, and PalmPay. About OceanBase OceanBase is a distributed database launched in 2010. OceanBase's strengths over alternative solutions include strong data consistency, high availability, high performance, cost effectiveness, elastic scalability, and high compatibility with mainstream relational databases. It enables transactions and analytical queries with just one set of data engines, empowering real-time business intelligence. To learn more, please visit: https://www.oceanbase.com/
HONG KONG, Nov. 20, 2024 /PRNewswire/ -- Kuaishou Technology ("Kuaishou" or the "Company"; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced its unaudited consolidated results for the three months and nine months ended September 30, 2024. Third Quarter 2024 Key Highlights Average DAUs on Kuaishou APP were 407.5 million, representing an increase of 5.4% from 386.6 million for the same period of 2023. Average MAUs on Kuaishou APP were 714.1 million, representing an increase of 4.3% from 684.7 million for the same period of 2023. Total e-commerce GMV(1) was RMB334.2 billion, representing an increase of 15.1% from RMB290.2 billion for the same period of 2023. Total revenue increased by 11.4% to RMB31.1 billion from RMB27.9 billion for the same period of 2023. Online marketing services and live streaming contributed 56.6% and 30.0%, respectively, to the total revenue. The other 13.4% came from other services. Gross profit increased by 17.0% to RMB16.9 billion from RMB14.5 billion for the same period of 2023. Gross profit margin in the third quarter of 2024 was 54.3%, improving from 51.7% for the same period of 2023. Profit for the period was RMB3.3 billion, compared to RMB2.2 billion for the same period of 2023. Adjusted net profit(2) increased to RMB3.9 billion from RMB3.2 billion for the same period of 2023. Operating profit from the domestic segment(3) increased to RMB3.5 billion from RMB3.2 billion for the same period of 2023. Operating loss from the overseas segment(3) decreased to RMB153 million by 75.9% year-over-year. Mr. Cheng Yixiao, Co-founder, Chairman, and Chief Executive Officer of Kuaishou, said, "In the third quarter of 2024, our commitment to developing breakthrough technology that creates more value for our users propelled our user base to record-breaking heights. The Kuaishou App achieved average DAUs of 407.5 million and MAUs of 714.1 million. Our globally leading large video generation model, Kling AI, is setting new industry standards, redefining how content is created, personalized and experienced. Increased engagement across our ecosystem has fueled steady commercial growth, with total revenue rising 11.4% year-over-year in the third quarter to RMB31.1 billion. Notably, revenue from our core businesses, including online marketing services and e-commerce, grew nearly 20.0% year-over-year. Our adjusted net profit rose 24.4% year-over-year to RMB3.9 billion, showing our ability to increase profitability. Looking ahead, our AI strategy aims to strengthen our current business lines and lay the foundation for sustainable growth across our dynamic user, content and commercial ecosystems." Third Quarter 2024 Financial Review Revenue from our online marketing services increased by 20.0% to RMB17.6 billion for the third quarter of 2024, from RMB14.7 billion for the same period of 2023, primarily attributable to the increased consumption from marketing clients driven by continuous optimization of smart placement capabilities and algorithms. Revenue from our live streaming business decreased by 3.9% to RMB9.3 billion for the third quarter of 2024 from RMB9.7 billion for the same period of 2023, as a result of our continuous efforts in building a healthy and sustainable live streaming ecosystem. Revenue from our other services increased by 17.5% to RMB4.2 billion for the third quarter of 2024, from RMB3.5 billion for the same period of 2023, primarily due to the growth of our e-commerce business, represented by the growth in our e-commerce GMV. The growth in e-commerce GMV was driven by increases in the number of e-commerce monthly active paying users and monthly active merchants as a result of our continuous refined omni-domain operations. Other Key Financial Information for the Third Quarter of 2024 Operating profit was RMB3.1 billion, increasing from RMB2.2 billion for the same period of 2023. Adjusted EBITDA(4) was RMB5.6 billion, increasing from RMB5.0 billion for the same period of 2023. Total available funds(5) reached RMB86.7 billion as of September 30, 2024. Notes: (1) Placed on or directed to our partners through our platform.(2) We define "adjusted net profit" as profit for the period adjusted by share-based compensation expenses and net fair value changes on investments.(3) Unallocated items, which consist of share-based compensation expenses, other income, and other gains, net, are not included.(4) We define "adjusted EBITDA" as adjusted net profit for the period adjusted by income tax (benefits)/expenses, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance income, net.(5) Total available funds which we considered in cash management included but not limited to cash and cash equivalents, time deposits, financial assets and restricted cash. Financial assets mainly included wealth management products and others. Business Review We grew our user base and increased our revenues and profits in the third quarter of 2024 despite a challenging macro environment. We achieved a new milestone of over 400 million quarterly average DAUs and recorded strong financial performance, driven by our unwavering dedication to our technology-driven, user-centric business philosophy. Our total revenue grew by 11.4% year-over-year to RMB31.1 billion, and revenue from our core commercial business, including online marketing services and other services, primarily e-commerce, increased by nearly 20.0% year-over-year in the third quarter of 2024. Our adjusted net profit rose by 24.4% year-over-year to RMB3.9 billion, evidencing our sustained profitability improvements. We continued to advance the integration and application of large models for content creation, understanding and recommendation, empowering our content and commercial ecosystem. In the third quarter of 2024, average daily spending with AIGC marketing materials from marketing clients surpassed RMB20 million. In September 2024, we unveiled the latest version of our video generation model, Kling AI (可靈AI) 1.5, which sets new industry benchmarks for video quality with higher-quality resolution of 1080p, dynamic performance, semantic responsiveness and feature enhancements such as motion brush. User and content ecosystem In the third quarter of 2024, the average DAUs and MAUs on the Kuaishou App reached 408 million and 714 million, respectively, representing year-over-year increases of 5.4% and 4.3%, respectively, which further solidified our leading position as the third largest app in China in terms of quarterly average DAU. The average daily time spent per DAU on the Kuaishou App was 132.2 minutes. Total user time spent on the Kuaishou App increased by 7.3% year-over-year, with average daily live streaming and short video views reaching nearly 110 billion. In line with our strategy to promote high-quality user growth, we enhanced our capabilities in leveraging marketing channels for user acquisition and optimized product features, while integrating user acquisition initiatives with commercial scenarios such as e-commerce. These efforts enabled us to expand our user base and enabled more users to access our products more frequently. We also progressed our user retention initiatives by enriching the interactive community experience. For example, to drive user engagement and increase user stickiness, we refined private messaging features across various scenarios, introduced more innovative features and enhanced the comment ranking system. In terms of algorithm, we developed new approaches to improve user retention by modeling users' diverse interests, user-to-user follow relationships and drivers for opening the Kuaishou App. In terms of content operations, we have established a unique, multi-faceted ecosystem by developing specialized content verticals aligned with users' interests, supporting standout creators whose content represents Kuaishou's distinctive brand, and expanding our brand visibility and user reach with high-profile events. In the sports vertical, as a rights-holding broadcaster of the Olympic Games Paris 2024, we delivered a comprehensive content matrix that included panoramic on-demand event coverage, exclusive self-developed IP content, interactive features, and diverse user-generated content, creating an all-encompassing Olympic experience for users. During the Olympic Games Paris 2024, Olympic-related content on the Kuaishou App generated 310.6 billion impressions, with 640 million users watching the Olympic Games on our platform and generating 15.9 billion interactions. With respect to our search business, in the third quarter of 2024, we optimized the search results page to improve user experience, significantly increasing our search user penetration. In the third quarter of 2024, average MAUs for Kuaishou searches exceeded 500 million, and average daily searches increased by over 20.0% year-over-year to over 700 million with daily searches peaking at over 800 million. Moreover, user searches accelerated the growth of our revenue-generating businesses related to searches by enabling us to gain deeper insights into users' needs. Online marketing services In the third quarter of 2024, revenue from online marketing services grew by 20.0% year-over-year, reaching RMB17.6 billion, demonstrating the sustainable growth of our online marketing services business. By continuously improving our data infrastructure, smart placement products and algorithms, we achieved a higher placement ROI for our marketing clients, leading to increased bids. Additionally, our large AI models' semantic understanding of marketing content and merchandise characteristics enables us to match users and merchandise more accurately for our merchants, boosting marketing conversion efficiency. In the third quarter of 2024, revenue growth of our online marketing services was primarily driven by external marketing clients. Marketing spending in media information, e-commerce platforms and local services grew faster year-over-year. In the media information vertical, marketing spending from commercialized short plays grew significantly. We increased user payment conversion rate through high-quality content offerings and the implementation of smart dynamic subsidy strategies, improved placement outcomes for our marketing clients. In the third quarter of 2024, we accelerated the implementation of the In-Apps Ads (IAA, 應用內廣告) short play model, expanding our user base for free short plays. These efforts contributed to a more than three-fold year-over-year increase in short-play marketing spending during the same period. We also introduced differentiated Universal Auto X (UAX, 全自動投放解決方案) placement solutions for various industries and scenarios, enhancing the stability of clients' marketing placements and driving increased budget allocation. As a result, total marketing spending through UAX accounted for approximately 50.0% of overall marketing spending by external marketing clients in the third quarter of 2024. Revenue growth of our closed-loop marketing services remained robust in the third quarter of 2024. The number of monthly active merchants using marketing placements increased by over 50.0% year over year. We provided simplified, automated marketing placement services for small and medium-sized merchants, enabling them to increase their GMV through marketing placements and significantly improving the retention rate of these merchants. We focused on policy support, product iterations, and algorithm optimizations to improve the operating efficiency of converting short video traffic to live streaming, which increased marketing spending in this scenario by nearly 20.0% year-over-year in the third quarter of 2024. Smart marketing placement is now a critical element of merchants' sustainable operations on the Kuaishou App. In the third quarter of 2024, our omni-platform marketing solution and smart hosting products accounted for approximately 50.0% of total closed-loop marketing spending on the Kuaishou App. In terms of brand marketing services, we provide clients with integrated solutions that drive both brand awareness and sales conversion through marketing science, KOL recommendations, and customized strategies to attract marketing clients. In the third quarter of 2024, we also capitalized on the Olympic Games Paris 2024 by partnering with over 150 brands, including Yili, China Mobile and FAW-Volkswagen, to support these clients' rapid growth on Kuaishou with innovative marketing solutions empowered by our "sports+" strategy and content ecosystem. E-commerce Our e-commerce business in the third quarter of 2024 demonstrated its differentiation and resilience despite the third quarter being a traditionally slow season for e-commerce and ongoing challenges in consumer demand. We maintained strong market presence due to our solid foundation in content-based e-commerce and our strategy to provide "exceptional content, superior product." By strategically refocusing on live streaming e-commerce, further unlocking the potential of short video e-commerce, and steadily expanding our pan shelf-based e-commerce, we are maximizing synergies across multiple e-commerce scenarios. These efforts to boost e-commerce supply, enrich our e-commerce ecosystem and increase user spending drove a 15.1% year-over-year increase in e-commerce GMV to RMB334.2 billion in the third quarter of 2024. On the supply side, the number of average monthly active merchants increased by over 40.0% year-over-year in the third quarter of 2024. Small and medium-sized merchants' performance on our platform exceeded expectations thanks to our strategic new merchant programs, including the Golden Bounty Initiative (斗金計劃), Set Sail Initiative (啟航計劃) and Uplift Initiative (扶搖計劃). These programs help early-stage merchants increase traffic and reduce uncertainties. In the third quarter of 2024, the number of new merchants joining Kuaishou increased by over 30.0% year-over-year. Meanwhile, for existing small and medium-sized merchants, we offered refined methodologies for content-based e-commerce to support various merchants' operating capabilities on Kuaishou, facilitating their long-term business growth. Our merchants' healthy growth enriched our platform's merchandise ecosystem by expanding the number of merchandise categories by over 20.0% year-over-year in the third quarter of 2024 and providing users with a wider selection of high-quality products. To enhance our content-based e-commerce, we customized operations for KOLs in different tiers. For top-tier KOLs, we introduced marketing features and tools, such as Exclusive Mega Group Buy (購物團) and Mega Crowd Deals (萬人團), to incentivize them to live stream and enhance the value of their content. To support small and medium-sized KOLs, we launched our Rising Star Initiative (新星計劃) in August 2024, which provides cash incentives and traffic support while collaborating with regional service providers for local operations. In the third quarter of 2024, these initiatives helped small and medium-sized KOLs achieve strong growth, increasing their average daily GMV by over 40.0% quarter-over-quarter and average daily number of merchandise sold by over 25.0% quarter-over-quarter. We also launched our Blockbusters Initiative (爆品計劃), offering subsidies for selected merchandise to provide users with more affordable, high-quality products. As a result of these efforts, our GMV achieved by KOLs increased by over 24.0% year-over-year during the 818 Shopping Festival. Short video e-commerce also maintained rapid growth, with its GMV increasing by over 40.0% year-over-year in the third quarter of 2024, driven by blockbuster products and live-streaming highlights. Through strategy optimization such as integrating e-commerce contents with marketing materials, and joint modeling of short video traffic and simple live streaming rooms, we achieved a nearly 40% quarter-over-quarter growth in GMV driven by short videos directing traffic to live streaming rooms in the third quarter of 2024. While stabilizing and growing our content-based e-commerce, our pan shelf-based e-commerce has become an increasingly effective complement. In the third quarter of 2024, pan shelf-based e-commerce GMV accounted for 27.0% of our total e-commerce GMV, and its growth continued to outperform our overall GMV growth, driven by both strong supply and demand. Average daily active merchants and average daily active paying users in our shopping mall grew by nearly 70.0% and over 60.0% year-over-year, respectively, in the third quarter of 2024. The continued enrichment of our e-commerce supply and ecosystem and increased synergies across e-commerce scenarios further stimulated user demand. In the third quarter of 2024, the number of e-commerce monthly active paying users grew by 12.2% year-over-year to 133 million, continuing the growth trend established in the second quarter which was the peak season. Our diverse marketing strategies, which include targeted approaches for new, growing and mature users, also supported this growth. Tools such as coupons for live streaming rooms and order incentives have been instrumental in expanding our user base and improving conversion rate and transaction efficiency. Going forward, we remain committed to our user-centric approach. By leveraging integrated live streaming and short video content, along with our pan shelf-based e-commerce strategy, we will continue to empower merchants and KOLs to grow holistically and provide a better shopping experience for our users. Live streaming In the third quarter of 2024, revenue from our live-streaming business was RMB9.3 billion, with the year-over-year decline continuing to narrow sequentially. As an instrumental component of our content ecosystem and ongoing driver of user engagement, we remain focused on fostering a healthy, sustainable live-streaming ecosystem. On the supply side, multi-host live streaming and other emerging product categories continued to grow. Increasing professionalism and institutionalization of streamers and our partner talent agencies' enhanced operational capabilities supported this growth, contributing to more refined and effective content delivery. By the end of the third quarter of 2024, the number of our partner talent agencies increased by more than 40.0%, and the number of talent agency-managed streamers increased by over 60.0%, both on a year-over-year basis. We continued to expand the variety of high-quality content on our platform, with rich entertainment and local cultural content as foundational pillars. We focused on different niche areas and launched multiple content IPs featuring talented streamers, such as the Grand Stage (直播大舞台) and the New Episodes of National Arts (國藝有新番) live-streaming programs. By integrating content IPs with local culture and tourism, we successfully promoted the development of local cultural and tourism industries. To further enhance our gaming live-streaming ecosystem, we implemented a comprehensive content marketing strategy that included incubation of new games, game distribution through live streaming, and cultivation of top-tier influencers, among other initiatives. We also developed gaming content with distinct Kuaishou characteristics. In the third quarter of 2024, the number of active gaming live-streaming creators exceeded 30 million, strengthening the appeal of our diverse top-notch content to live-streaming users. Our "live streaming+" services continued to empower traditional industries. For example, we continued to advance our services related to recruitment and real estate, leading to ongoing rapid growth in the number of customers served and transaction scale. In the third quarter of 2024, the average daily number of resume submissions on Kwai Hire (快聘) nearly doubled, and matching rate grew by over 20.0%, both on a year-over-year basis. For Ideal Housing (理想家), daily lead generation surged by over four-fold compared with the same period last year. Overseas We progressed our overseas business in Brazil, where Kwai is building strong local brands by deepening local content operations. In the third quarter of 2024, we maintained high-quality, robust user growth, achieving breakthroughs in innovative user acquisition channels and improving user retention. DAUs in Brazil grew by 9.7% year-over-year in the third quarter of 2024. As for content operations, we promoted greater visibility for premium content through algorithm optimizations across multiple verticals such as entertainment, news, everyday life, sports and others. Leveraging Kwai's strong user base and growing brand influence, we further optimized the monetization mechanism for creators and refined products flow to enhance their earning potential and motivation. Meanwhile, the efficiency of content subsidy programs improved steadily, supporting creators' sustainable operations. User activity grew consistently, with the average daily time spent per DAU in Brazil rising by 4.2% year-over-year in the third quarter of 2024. In terms of monetization, we continued to enhance marketing clients' experience with improved traffic mechanisms and efficiency while ensuring a healthy ecosystem. We also embedded new traffic scenarios to increase marketing revenue, resulting in a year-over-year increase in online marketing revenue that doubled in the third quarter of 2024, and our total overseas revenues reached RMB1.3 billion, growing by 104.1% year-over-year. Along with this rapid revenue growth, we maintained highly efficient operations under an ROI-driven approach. This led to the operating loss from our overseas business decreasing by 75.9% year-over-year to RMB153 million in the third quarter of 2024. In addition, after more than a year of exploring e-commerce business models in Brazil, we made initial progress with our e-commerce business in terms of products, content, services and transaction efficiency, providing overseas users with more functions and services. These initial strides lay a solid foundation for our future growth overseas. About Kuaishou Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou's platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more. Forward-Looking Statements Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. For investor and media inquiries, please contact Kuaishou Technology Investor RelationsEmail: ir@kuaishou.com CONDENSED CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 RMB'Million RMB'Million RMB'Million RMB'Million RMB'Million Revenues 31,131 30,975 27,948 91,514 80,909 Cost of revenues (14,217) (13,840) (13,495) (41,345) (40,810) Gross profit 16,914 17,135 14,453 50,169 40,099 Selling and marketing expenses (10,364) (10,040) (8,939) (29,788) (26,298) Administrative expenses (796) (792) (898) (2,050) (2,762) Research and development expenses (3,100) (2,805) (2,967) (8,748) (9,042) Other income 194 34 434 346 599 Other gains, net 271 374 128 1,090 213 Operating profit 3,119 3,906 2,211 11,019 2,809 Finance income, net 37 66 135 217 404 Share of losses of investments accounted for using the equity method (6) (19) (26) (28) (58) Profit before income tax 3,150 3,953 2,320 11,208 3,155 Income tax benefits/(expenses) 120 27 (138) 162 (368) Profit for the period 3,270 3,980 2,182 11,370 2,787 Attributable to: — Equity holders of the Company 3,268 3,979 2,181 11,366 2,788 — Non-controlling interests 2 1 1 4 (1) 3,270 3,980 2,182 11,370 2,787 CONDENSED CONSOLIDATED BALANCE SHEET Unaudited Audited As of September 30, 2024 As of December 31, 2023 RMB'Million RMB'Million ASSETS Non-current assets Property and equipment 13,366 12,356 Right-of-use assets 9,759 10,399 Intangible assets 1,064 1,073 Investments accounted for using the equity method 163 214 Financial assets at fair value through profit or loss 20,711 5,245 Other financial assets at amortized cost 74 283 Deferred tax assets 6,264 6,108 Long-term time deposits 18,332 9,765 Other non-current assets 732 492 70,465 45,935 Current assets Trade receivables 6,215 6,457 Prepayments, other receivables and other current assets 4,599 4,919 Financial assets at fair value through profit or loss 26,846 25,128 Other financial assets at amortized cost 518 950 Short-term time deposits 10,903 9,874 Restricted cash 83 128 Cash and cash equivalents 12,466 12,905 61,630 60,361 Total assets 132,095 106,296 CONDENSED CONSOLIDATED BALANCE SHEET Unaudited Audited As of September 30, 2024 As of December 31, 2023 RMB'Million RMB'Million EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital - - Share premium 269,745 273,459 Treasury shares - (88) Other reserves 34,718 33,183 Accumulated losses (246,125) (257,491) 58,338 49,063 Non-controlling interests 15 11 Total equity 58,353 49,074 LIABILITIES Non-current liabilities Borrowings 9,000 - Lease liabilities 7,592 8,405 Deferred tax liabilities 15 18 Other non-current liabilities 19 21 16,626 8,444 Current liabilities Accounts payables 26,084 23,601 Other payables and accruals 22,089 16,592 Advances from customers 4,648 4,036 Income tax liabilities 399 1,222 Lease liabilities 3,896 3,327 57,116 48,778 Total liabilities 73,742 57,222 Total equity and liabilities 132,095 106,296 Financial Information by Segment Unaudited Three Months Ended September 30, 2024 June 30, 2024 September 30, 2023 Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million RMB'Million Revenues 29,800 1,331 - 31,131 29,896 1,079 - 30,975 27,296 652 - 27,948 Operating profit/(loss) 3,505 (153) (233) 3,119 4,498 (277) (315) 3,906 3,155 (635) (309) 2,211 Unaudited Nine Months Ended September 30, 2024 September 30, 2023 Domestic Overseas Unallocated items Total Domestic Overseas Unallocated items Total RMB'Million RMB'Million Revenues 88,113 3,401 - 91,514 79,472 1,437 - 80,909 Operating profit/(loss) 11,994 (698) (277) 11,019 7,152 (2,238) (2,105) 2,809 Reconciliation of Non-IFRS Accounting Standards Measures to the Nearest IFRS Accounting Standards Measures Unaudited Unaudited Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2024 2024 2023 2024 2023 RMB'Million RMB'Million RMB'Million RMB'Million RMB'Million Profit for the period 3,270 3,980 2,182 11,370 2,787 Adjusted for: Share-based compensation expenses 698 723 871 1,713 2,917 Net fair value changes on investments(1) (20) (24) 120 (68) 205 Adjusted net profit 3,948 4,679 3,173 13,015 5,909 Adjusted net profit 3,948 4,679 3,173 13,015 5,909 Adjusted for: Income tax (benefits)/expenses (120) (27) 138 (162) 368 Depreciation of property and equipment 997 997 1,029 2,971 2,971 Depreciation of right-of-use assets 765 735 737 2,216 2,333 Amortization of intangible assets 25 26 38 78 115 Finance income, net (37) (66) (135) (217) (404) Adjusted EBITDA 5,578 6,344 4,980 17,901 11,292 Note: (1) Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair value through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on deemed disposals of investments and impairment provision for investments, which is unrelated to our core business and operating performance and subject to market fluctuations, and exclusion of which provides investors with more relevant and useful information to evaluate our performance.
Report: "Ten Years of Innovation Come Together in Its Comprehensive Omni Platform…" NEW YORK, Nov. 14, 2024 /PRNewswire/ -- Omnicom Media Group (OMG), the media services division of Omnicom (NYSE: OMC), has been named a "Leader" among global media management services providers in a new analysis from leading research and advisory firm Forrester. Published today, The Forrester Wave™: Media Management Services, Q4 2024 evaluated twelve significant global media management service providers against 22 criteria specific to current offering and strategy. Designed to help CMO professionals select the right provider for their needs, the report assesses the media groups under three designations: Leaders, Strong Performers, and Contenders. With the highest possible scores (5) across eight criteria Omnicom Media Group was one of only three of the 12 providers evaluated to receive designation as a "Leader". Under the current offering category, OMG received 5/5 scores in criteria including Martech and Adtech Implementation, Media Responsibility, Principal- Based Buying, Content Production and Broadcast Buying. Additionally, OMG received the highest possible scores in three out of five of the criteria within the strategy category, including Innovation, Partner Ecosystem and Pricing Flexibility and Transparency. According to the evaluation,"Reference customers note the agency's transparent business practices, trustworthy relationships, and strength of Omni technology for media and business intelligence."1 (Omni is the open operating system that supports all Omnicom agencies.) Strategy and Capabilities Powered by Omni The Forrester report states that "OMG shines in its ability to carry audience intelligence through media planning, buying, and activation – and into scaled, near-real-time creative campaigns,"2 and also notes that "OMG and Omnicom Group's 10 years of innovation come together in its comprehensive Omni platform, which contains media planning tools, an AI-powered assistant, first- and third-party data, and end-to-end marketing orchestration capabilities, including a creative sandbox."3 OMG also credits Omni for enabling the group to leverage the full range of Omnicom's commerce capabilities described in The Forrester Wave™:Commerce Services, Q2 2024 that "help clients build a total commerce experience..."4 In that report, OMG's parent company – which acquired digital commerce powerhouse Flywheel at the beginning of the year - received the highest possible scores in the commerce strategy, vision, innovation, retail media, platforms, data/analytics/AI, online retail and marketplaces, in-store services and partner ecosystem criteria - capabilities that OMG activates through its Agency as a Platform model that enables OMG agencies to draw talent, tools and technology from across the entirety of the OMG and Omnicom networks. Technology, Transparency and Trust "Marketers have many reference points - such as new business rankings, creative awards and effectiveness ratings - that offer a benchmark for which media groups are leading the industry, but the Forrester Wave stands alone in providing depth of insight into why a group is a leader," said OMG CEO Floran Adamski. "And we believe this latest report suggests Omni is a big part of the "why" behind OMG's success. It is the engine for our Agency as a Platform approach that enables OMG agencies to purposefully build flexible ecosystems of talent, capabilities, and technology drawn from across the group and all of Omnicom - connecting media, content, and commerce to drive transformative growth for our clients. Omni makes OMG - currently the #1 media group for total new business YTD, with the two top scoring media agencies at Cannes, and the highest scoring media group on the Effie Index – a "Leader". Summing up what he sees as the report's key message for marketers, Adamski said, "Our clients say it best - OMG delivers the technology they demand, the transparency they deserve and the trust they need from their media investment partner. Meeting those mandates – every day - is the core mission of our 26,000 people working around the globe to drive business growth for OMG clients." Receiving Forrester's designation as a "Leader" is the latest in a streak of good news for Omnicom Media Group, which in September was awarded the lion's share of one of the most hotly contested reviews of the year when Amazon named OMG its media agency of record for the Americas - a mega-win that followed the group's retaining the global media assignment for Volkswagen Group and HP, expanding its remit from Gap Inc. and being named media AOR for Priceline, HanesBrands Inc. and the David Yurman Company among others. Concurrent with growing its client roster, OMG has also continued to expand its partner ecosystem, announcing first-to-market partnerships with Google, TikTok, Amazon and Meta designed to bridge the gap between creators and commerce, driving better ROI across influencer channels.; and collaborations with Amazon, The Trade Desk, TikTok and Instacart designed to directly connect upper funnel media investments to sales. As of this writing and based on the most recent numbers reported in the COMvergence dashboards that provide a moment-in-time snapshot of the new business landscape, OMG's YTD total new business record (wins-losses, including retentions) stands at $6.7 billion – approximately $2.6 billion more than its closest competitor. About Omnicom Media GroupOmnicom Media Group (OMG), the media services division of Omnicom (NYSE: OMC), delivers transformational experiences for consumers, clients, and talent. Powered by the Omni marketing orchestration system, OMG connects best -in-class capabilities that enable our full-service media agencies OMD, PHD and Hearts & Science to deliver more relevant and actionable consumer experiences; more productive and proactive client experiences; and more collaborative and rewarding talent experiences for the more than 26,000 people serving the world's leading brands in OMG agencies around the globe. 1 The Forrester Wave: ™: Media Management Services, Q4 2024, page TBD2 The Forrester Wave: ™: Media Management Services, Q4 2024, page TBD3 The Forrester Wave™: Media Management Services, Q4 2024, page TBD4 The Forrester Wave™: Commerce Services, Q2 2024, page 8
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