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BEIJING, March 28, 2025 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) ("Baidu" or the "Company"), a leading AI company with a strong internet foundation, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on March 28, 2025 (the "Form 20-F"). The Form 20-F can be accessed on the Company's investor relations website at http://ir.baidu.com. The Company will provide a hard copy of the Form 20-F containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to IR Department, Baidu, Inc., Baidu Campus, No. 10, Shangdi 10th Street, Haidian District, Beijing 100085, People's Republic of China. The Company also published an annual report for the year ended December 31, 2024 (the "Hong Kong Annual Report") today pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEx"). The Hong Kong Annual Report contains substantially the same information as set forth in the Form 20-F and can be accessed on the Company's investor relations website at http://ir.baidu.com as well as the HKEx's website at http://www.hkexnews.hk. About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with a strong internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
GOTHENBURG, Sweden, March 27, 2025 /PRNewswire/ -- Minesto, leading developer of ocean energy is selected by renowned bearing manufacturer SKF to be part of a large-scale international marketing brand campaign. The campaign "The Faroe Islands Space Program - a space program that never leaves earth" highlights Minesto's innovative and lightweight yet powerful tidal energy kites; and the opportunity to harness 'moon energy', making the most of the Earth's resources in a sustainable approach. The global brand campaign by SKF showcases Minesto's unique competitive technology, ready for commercial roll-out. The unique tidal energy technology has the potential to unlock a new global renewable resource presently untapped by mankind. Minesto brought SKF on board to design the bearing and sealing systems for the rudders and elevators of the Minesto Dragon kites. SKF now selects Minesto for a global brand collaboration, a marketing campaign including films, social media, editorial content and a press event, is being rolled out across the globe, starting from today. "It is of significant value for Minesto to get global exposure for our technology and the value of the untapped ocean resource that constitutes our market. The timing is near perfect given our ambition to secure commercial partnerships in the Faroe Islands and beyond. The creative 'space angle' combined with our fascinating Dragons where SKF is a strategic technology contributor will most certainly boost awareness and brand recognition for both companies beyond anything historically achieved," says Martin Edlund, CEO of Minesto. "Collaboration across industries is essential for progress. Together with Minesto, we are demonstrating how technology and innovation can drive the transition to renewable energy," comments Annika Ölme, CTO & SVP, Technology Development, SKF. "From a brand perspective, we are honoured to be selected for this global campaign by renowned friction-fighting innovator SKF. The campaign collaboration between Minesto and SKF creates an intriguing composition. Moreover, we share the same commitment to sustainability and innovation," says Cecilia Sernhage, Chief Communications Officer at Minesto. Introduction to the campaign "The Faroe Islands Space Program - a space program that never leaves earth": Increased demand for energy has led to a new space race where major nations are said to compete to control the Moon's resources. But in fact, we already have endless moon energy on Earth. Tidal energy, driven by the Moon's gravitational pull on our oceans, offers a renewable and predictable power source. Industry leader SKF and ocean energy developer Minesto, together with the Faroese energy company Sev, are launching the Faroe Island Space Program to harness this untapped potential and highlight the urgency of utilizing Earth's existing resources in a smart and sustainable way. Link to Minesto web site:Minesto | Renewable energy. From the ocean. Link to SKF official Newsroom:Newsroom | SKF Link to SKF campaign web site:A Fighting Friction Initiative | SKF PresskontaktCecilia Sernhage, Chief Communications Officer+46 735 23 71 58press@minesto.com This information was brought to you by Cision http://news.cision.com. https://news.cision.com/minesto-ab/r/minesto-s-unique-ocean-energy-technology-at-the-centre-of-global-branding-campaign-together-with-skf,c4125321
NANJING, China, March 14, 2025 /PRNewswire/ -- Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. Highlights for the Fiscal Year 2024 Revenues from package tours in 2024 increased by 22.2% year-over-year to RMB407.5 million (US$55.8 million[1]). Gross profit in 2024 increased by 21.9% year-over-year to RMB358.0 million (US$ 49.1million). Income from operations was RMB63.3 million (US$8.7 million) in 2024, compared to a loss from operations of RMB101.9 million in 2023. Non-GAAP[2] income from operations was RMB66.9 million (US$9.2 million) in 2024, compared to a Non-GAAP income from operations of RMB50.0 million in 2023. Net income was RMB83.7 million (US$11.5 million) in 2024, compared to a net loss of RMB101.1 million in 2023. Non-GAAP net income was RMB87.3 million (US$12.0 million) in 2024, compared to a Non-GAAP net income of RMB50.8 million in 2023. "2024 was a year of significant achievements for Tuniu." said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "On the product side, we strengthened our supply chain and introduced more new products and product lines. In terms of sales, we embraced new media channels and adopted an open approach, collaborating with both online and offline partners to explore new scenarios and opportunities. On the financial side, we achieved our first full-year GAAP profit since our listing on Nasdaq, while non-GAAP net income reached a record high. In 2025, we will continue to focus on innovation and high-quality development." Fourth Quarter 2024 Results Net revenues were RMB102.7 million (US$14.1 million) in the fourth quarter of 2024, representing a year-over-year increase of 2.8% from the corresponding period in 2023. Revenues from packaged tours were RMB75.4 million (US$10.3 million) in the fourth quarter of 2024, representing a year-over-year increase of 2.8% from the corresponding period in 2023. The increase was primarily due to the growth of organized tours. Other revenues were RMB27.3 million (US$3.7 million) in the fourth quarter of 2024, representing a year-over-year increase of 2.7% from the corresponding period in 2023. The increase was primarily due to the increase in the fees for advertising services provided to tourism boards and bureaus. Cost of revenues was RMB32.9 million (US$4.5 million) in the fourth quarter of 2024, representing a year-over-year increase of 30.1% from the corresponding period in 2023. As a percentage of net revenues, cost of revenues was 32.1% in the fourth quarter of 2024, compared to 25.3% in the corresponding period in 2023. Gross profit was RMB69.8 million (US$9.6 million) in the fourth quarter of 2024, representing a year-over-year decrease of 6.5% from the corresponding period in 2023. Operating expenses were RMB82.5 million (US$11.3 million) in the fourth quarter of 2024, representing a year-over-year decrease of 58.3 % from the corresponding period in 2023. The decrease was primarily due to the impairment of goodwill of RMB114.7 million recorded in the corresponding period in 2023. Research and product development expenses were RMB13.3 million (US$1.8 million) in the fourth quarter of 2024, representing a year-over-year increase of 27.8%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 13.0% in the fourth quarter of 2024, increasing from 10.4% as a percentage of net revenues in the corresponding period in 2023. Sales and marketing expenses were RMB42.7 million (US$5.8 million) in the fourth quarter of 2024, representing a year-over-year increase of 28.5%. The increase was primarily due to the increase in sales and marketing personnel related expenses and promotion expenses. Sales and marketing expenses as a percentage of net revenues were 41.6% in the fourth quarter of 2024, increasing from 33.2% as a percentage of net revenues in the corresponding period in 2023. General and administrative expenses were RMB26.8 million (US$3.7 million) in the fourth quarter of 2024, representing a year-over-year decrease of 36.2%. The decrease was primarily due to the decrease in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenues were 26.1% in the fourth quarter of 2024, decreasing from 42.1% as a percentage of net revenues in the corresponding period in 2023. Loss from operations was RMB12.7 million (US$1.7 million) in the fourth quarter of 2024, compared to a loss from operations of RMB123.4 million in the fourth quarter of 2023. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB5.1 million (US$0.7 million) in the fourth quarter of 2024. Net loss was RMB25.1 million (US$3.4 million) in the fourth quarter of 2024, compared to a net loss of RMB132.9 million in the fourth quarter of 2023. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB7.2 million (US$1.0 million) in the fourth quarter of 2024. Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB24.2 million (US$3.3 million) in the fourth quarter of 2024, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB132.3 million in the fourth quarter of 2023. Non-GAAP net loss attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB6.4 million (US$0.9 million) in the fourth quarter of 2024. As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term time deposits of RMB1.3 billion (US$173.6 million). Fiscal Year 2024 Results Net revenues were RMB513.6 million (US$70.4 million) in 2024, representing a year-over-year increase of 16.4% from 2023. Revenues from packaged tours were RMB407.5 million (US$55.8 million) in 2024, representing a year-over-year increase of 22.2% from 2023. The increase was primarily due to the growth of organized tours. Other revenues were RMB106.2 million (US$14.5 million) in 2024, representing a year-over-year decrease of 1.6% from 2023. The decrease was primarily due to the decrease in revenues generated from financial services. Cost of revenues was RMB155.6 million (US$21.3 million) in 2024, representing a year-over-year increase of 5.4% from 2023. As a percentage of net revenues, cost of revenues was 30.3% in 2024 compared to 33.4% in 2023. Gross profit was RMB358.0 million (US$49.1million) in 2024, representing a year-over-year increase of 21.9% from 2023. Operating expenses were RMB294.8 million (US$40.4 million) in 2024, representing a year-over-year decrease of 25.5% from 2023. The decrease was primarily due to the impairment of goodwill of RMB114.7 million recorded in 2023. Research and product development expenses were RMB52.7 million (US$7.2 million) in 2024, representing a year-over-year decrease of 7.5%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.3% in 2024, decreasing from 12.9% as a percentage of net revenues in 2023. Sales and marketing expenses were RMB180.3 million (US$24.7 million) in 2024, representing a year-over-year increase of 53.2%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 35.1% in 2024, increasing from 26.7% as a percentage of net revenues in 2023. General and administrative expenses were RMB87.7 million (US$12.0 million) in 2024, representing a year-over-year decrease of 22.6%. The decrease was primarily due to the decrease in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenues were 17.1% in 2024, decreasing from 25.7% as a percentage of net revenues in 2023. Income from operations was RMB63.3 million (US$8.7 million) in 2024, compared to a loss from operations of RMB101.9 million in 2023. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net, was RMB66.9 million (US$9.2 million) in 2024. Net income was RMB83.7 million (US$11.5 million) in 2024, compared to a net loss of RMB101.1 million in 2023. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net, was RMB87.3 million (US$12.0 million) in 2024. Net income attributable to ordinary shareholders of Tuniu Corporation was RMB77.2 million (US$10.6 million) in 2024, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB99.3 million in 2023. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net, was RMB80.8 million (US$11.1 million) in 2024. Business Outlook For the first quarter of 2025, Tuniu expects to generate RMB116.6 million to RMB122.0 million of net revenues, which represents an 8% to 13% increase year-over-year compared with net revenues in the corresponding period in 2024. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Share Repurchase Update In March 2024, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares ("ADS") representing ordinary shares. As of February 28, 2025 the Company had repurchased an aggregate of approximately 7.9 million ADSs for approximately US$7.3 million from the open market under the share repurchase program. Declaration of Cash Dividend The Company's Board of Directors has approved and declared a cash dividend of US$0.012 per ordinary share, or US$0.036 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on March 27, 2025, U.S. Eastern Time, payable in U.S. dollars. The total amount of cash to be distributed for the cash dividend is expected to be approximately US$4.2 million. The payment date is expected to be on or around April 17, 2025 for holders of ordinary shares and on or around April 24, 2025 for holders of ADSs. Dividend to be paid to the Company's ADS holders through the depositary bank will be subject to the terms of the deposit agreement. Conference Call Information Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 14, 2025, (8:00 pm, Beijing/Hong Kong Time, on March 14, 2025) to discuss the fourth quarter and fiscal year 2024 financial results. To participate in the conference call, please dial the following numbers: United States 1-888-346-8982 Hong Kong 852-301-84992 Mainland China 4001-201203 International 1-412-902-4272 Conference ID: Tuniu 4Q 2024 Earnings Conference Call A telephone replay will be available one hour after the end of the conference call through March 21, 2025. The dial-in details are as follows: United States 1-877-344-7529 International 1-412-317-0088 Replay Access Code: 2263052 Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com. About Tuniu Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com. Safe Harbor Statement This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; Tuniu's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu's structure, business and industry; the impact of health epidemics on Tuniu's business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law. About Non-GAAP Financial Measures To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to income from operations, net income, net income attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries, impairment of goodwill and impairment of property and equipment, net. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release. [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.2993 on December 31, 2024 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm. [2] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP. Tuniu Corporation Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except per share information) December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 378,989 465,004 63,705 Restricted cash 65,902 26,061 3,570 Short-term investments 777,890 432,823 59,297 Accounts receivable, net 41,633 43,313 5,934 Amounts due from related parties 9,515 752 103 Prepayments and other current assets 234,189 235,443 32,256 Total current assets 1,508,118 1,203,396 164,865 Non-current assets Long-term investments 209,819 534,041 73,163 Property and equipment, net 57,479 32,849 4,500 Intangible assets, net 26,091 22,210 3,043 Land use right, net 90,529 88,467 12,120 Operating lease right-of-use assets, net 12,484 9,266 1,269 Other non-current assets 55,960 19,208 2,631 Total non-current assets 452,362 706,041 96,726 Total assets 1,960,480 1,909,437 261,591 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities Short-term borrowings 7,277 36 5 Accounts and notes payable 317,104 290,112 39,745 Amounts due to related parties 6,405 3,121 428 Salary and welfare payable 21,401 23,148 3,171 Taxes payable 4,305 5,060 693 Advances from customers 270,197 247,151 33,860 Operating lease liabilities, current 2,709 2,994 410 Accrued expenses and other current liabilities 329,481 322,034 44,117 Total current liabilities 958,879 893,656 122,429 Non-current liabilities Operating lease liabilities, non-current 5,348 1,680 230 Deferred tax liabilities 6,027 5,151 706 Long-term borrowings 10,395 - - Total non-current liabilities 21,770 6,831 936 Total liabilities 980,649 900,487 123,365 Redeemable noncontrolling interests 27,200 - - Equity Ordinary shares 249 249 34 Less: Treasury stock (285,983) (329,668) (45,164) Additional paid-in capital 9,138,720 9,146,928 1,253,124 Accumulated other comprehensive income 305,416 313,460 42,944 Accumulated deficit (8,127,552) (8,050,378) (1,102,897) Total Tuniu Corporation shareholders' equity 1,030,850 1,080,591 148,041 Noncontrolling interests (78,219) (71,641) (9,815) Total equity 952,631 1,008,950 138,226 Total liabilities, redeemable noncontrolling interests and equity 1,960,480 1,909,437 261,591 Tuniu Corporation Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income (All amounts in thousands, except per share information) Quarter Ended Quarter Ended Quarter Ended Quarter Ended December 31, 2023 September 30, 2024 December 31, 2024 December 31, 2024 RMB RMB RMB US$ Revenues Packaged tours 73,382 159,289 75,440 10,335 Others 26,564 26,706 27,292 3,739 Net revenues 99,946 185,995 102,732 14,074 Cost of revenues (25,309) (64,212) (32,935) (4,512) Gross profit 74,637 121,783 69,797 9,562 Operating expenses Research and product development (10,426) (13,640) (13,325) (1,826) Sales and marketing (33,230) (60,578) (42,697) (5,849) General and administrative (42,072) (18,600) (26,841) (3,677) Impairment of goodwill (114,661) - - - Other operating income 2,401 202 369 51 Total operating expenses (197,988) (92,616) (82,494) (11,301) (Loss)/income from operations (123,351) 29,167 (12,697) (1,739) Other (expenses)/income Interest and investment (loss)/income, net (15,151) 7,213 (5,609) (768) Interest expense (1,056) (865) (612) (84) Foreign exchange gains/(losses), net 3,172 1,115 (6,102) (836) Other income, net 2,499 6,931 49 7 (Loss)/income before income tax expense (133,887) 43,561 (24,971) (3,420) Income tax benefit/(expense) 103 (159) (283) (39) Equity in income of affiliates 866 464 188 26 Net (loss)/income (132,918) 43,866 (25,066) (3,433) Net loss attributable to noncontrolling interests (583) (582) (859) (118) Net (loss)/income attributable to ordinary shareholders of TuniuCorporation (132,335) 44,448 (24,207) (3,315) Net (loss)/income (132,918) 43,866 (25,066) (3,433) Other comprehensive (loss)/income: Foreign currency translation adjustment, net of nil tax (5,848) (6,859) 8,568 1,174 Comprehensive (loss)/income (138,766) 37,007 (16,498) (2,259) Net (loss)/income per ordinary share attributable to ordinaryshareholders - basic and diluted (0.36) 0.12 (0.07) (0.01) Net (loss)/income per ADS - basic and diluted* (1.08) 0.36 (0.21) (0.03) Weighted average number of ordinary shares used in computingbasic (loss)/income per share 371,526,300 357,427,106 354,106,851 354,106,851 Weighted average number of ordinary shares used in computingdiluted (loss)/income per share 371,526,300 359,607,726 354,106,851 354,106,851 Share-based compensation expenses included are as follows： Cost of revenues 66 65 66 9 Research and product development 66 65 66 9 Sales and marketing 32 32 32 4 General and administrative 4,912 1,246 1,253 172 Total 5,076 1,408 1,417 194 *Each ADS represents three of the Company's ordinary shares. Tuniu Corporation Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income (All amounts in thousands, except per share information) Year Ended Year Ended Year Ended December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB US$ Revenues Packaged tours 333,357 407,462 55,822 Others 107,913 106,160 14,544 Net revenues 441,270 513,622 70,366 Cost of revenues (147,581) (155,590) (21,316) Gross profit 293,689 358,032 49,050 Operating expenses Research and product development (56,974) (52,682) (7,217) Sales and marketing (117,706) (180,321) (24,704) General and administrative (113,221) (87,657) (12,009) Impairment of goodwill (114,661) - - Other operating income 7,009 25,888 3,547 Total operating expenses (395,553) (294,772) (40,383) (Loss)/income from operations (101,864) 63,260 8,667 Other income/(expenses) Interest and investment income 5,689 19,866 2,722 Interest expense (3,525) (3,320) (455) Foreign exchange losses, net (6,483) (6,837) (937) Other income, net 7,107 10,081 1,381 (Loss)/income before income tax expense (99,076) 83,050 11,378 Income tax expense (1,441) (837) (115) Equity in(loss) /income of affiliates (580) 1,486 204 Net (loss)/income (101,097) 83,699 11,467 Net (loss)/income attributable to noncontrolling interests (1,806) 6,525 894 Net (loss)/income attributable to ordinary shareholders of TuniuCorporation (99,291) 77,174 10,573 Net (loss)/income (101,097) 83,699 11,467 Other comprehensive income: Foreign currency translation adjustment, net of nil tax 6,435 8,044 1,102 Comprehensive (loss)/income (94,662) 91,743 12,569 Net (loss)/income per ordinary share attributable to ordinaryshareholders - basic and diluted (0.27) 0.21 0.03 Net (loss)/income per ADS - basic and diluted* (0.81) 0.63 0.09 Weighted average number of ordinary shares used in computingbasic (loss)/income per share 371,453,164 361,482,355 361,482,355 Weighted average number of ordinary shares used in computingdiluted (loss)/income per share 371,453,164 363,718,947 363,718,947 Share-based compensation expenses included are as follows： Cost of revenues 217 261 36 Research and product development 217 261 36 Sales and marketing 87 126 17 General and administrative 15,409 8,758 1,200 Total 15,930 9,406 1,289 *Each ADS represents three of the Company's ordinary shares. Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except per share information) Quarter Ended December 31, 2024 GAAP Result Share-based Amortization of acquired Impairment Impairment Non-GAAP Compensation intangible assets of goodwill of property and equipment, net Result (Loss)/income from operations (12,697) 1,417 764 - 15,641 5,125 - Net loss (25,066) 1,417 764 - 15,641 (7,244) - Net loss attributable to ordinary shareholders (24,207) 1,417 764 - 15,641 (6,385) Quarter Ended September 30, 2024 GAAP Result Share-based Amortization of acquired Impairment Impairment Non-GAAP Compensation intangible assets of goodwill of property and equipment, net Result Income from operations 29,167 1,408 764 - - 31,339 Net income 43,866 1,408 764 - - 46,038 Net income attributable to ordinary shareholders 44,448 1,408 764 - - 46,620 Quarter Ended December 31, 2023 GAAP Result Share-based Amortization of acquired Impairment Impairment Non-GAAP Compensation intangible assets of goodwill of property and equipment, net Result (Loss)/income from operations (123,351) 5,076 828 114,661 17,986 15,200 Net (loss)/income (132,918) 5,076 828 114,661 17,986 5,633 Net (loss)/income attributable to ordinary shareholders (132,335) 5,076 828 114,661 17,986 6,216 Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except per share information) Year Ended December 31, 2024 GAAP Result Share-based Amortization of acquired Net gain on Impairment Impairment Non-GAAP Compensation intangible assets disposals of subsidiaries of goodwill of property and equipment, net Result Income from operations 63,260 9,406 3,184 (24,618) - 15,641 66,873 Net income 83,699 9,406 3,184 (24,618) - 15,641 87,312 Net income attributable to ordinary shareholders 77,174 9,406 3,184 (24,618) - 15,641 80,787 Year Ended December 31, 2023 GAAP Result Share-based Amortization of acquired Net gain on Impairment Impairment Non-GAAP Compensation intangible assets disposals of subsidiaries of goodwill of property and equipment, net Result (Loss)/income from operations (101,864) 15,930 3,312 - 114,661 17,986 50,025 Net (loss)/income (101,097) 15,930 3,312 - 114,661 17,986 50,792 Net (loss)/income attributable to ordinary shareholders (99,291) 15,930 3,312 - 114,661 17,986 52,598
BEIJING, March 12, 2025 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced the completion of its offering of CNY10 billion aggregate principal amount of CNY-denominated senior unsecured notes (the "Notes"). The Notes were sold in offshore transactions outside the United States to certain non-U.S. persons (the "Notes Offering") in reliance on Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). The Notes Offering consists of CNY7.5 billion of 2.70% notes due 2030 and CNY2.5 billion of 3.00% notes due 2035. The Company intends to use the net proceeds from the Notes Offering for general corporate purposes, including repayment of certain existing indebtedness, payment of interest and general corporate purposes. The Notes have not been and will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to, or for the account or benefits of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The listing of and permission to deal in the Notes on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") is expected to become effective on March 13, 2025. This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the SEC, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement is as of the date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law.
BEIJING, March 7, 2025 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced the pricing of its US$2 billion in aggregate principal amount of exchangeable bonds due 2032 (the "Bonds"). The Bonds were offered in offshore transactions outside the United States to certain non-U.S. persons (the "Bonds Offering") in reliance on Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). The Company expects to close the Bonds Offering on or about March 12, 2025, subject to the satisfaction of customary closing conditions. The Bonds will reference ordinary shares of Trip.com Group Limited that are listed on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (HKEX: 9961) ("Trip.com Shares"). Holders of the Bonds may not exchange their Bonds prior to the first anniversary of the issue date of the Bonds. If an event of default has occurred and is continuing, holders of the Bonds may exchange the Bonds at any time. Between the first anniversary of the issue date and the date falling 6 months prior to the maturity date of the Bonds, holders of the Bonds may exchange the Bonds into cash only upon the satisfaction of certain contingencies. Thereafter and until the second scheduled trading day preceding the maturity date, holders may exchange the Bonds into cash at any time. Subject to certain conditions, the Company may elect to deliver Trip.com Shares held by the Company in lieu of cash or a combination of cash and Trip.com Shares. The Bonds are not exchangeable for American depositary shares of Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com ADSs"). The initial exchange ratio of the Bonds will be 1,107.0457 Trip.com Shares per US$100,000 principal amount of Bonds (which is equivalent to an initial exchange price of approximately HK$702.13 per Trip.com Share and represents an approximately 43% exchange premium over the per-share price in the delta placement described below, which was HK$491.00 per Trip.com Share). The initial exchange ratio represents the exchange property referenced by the Bonds as of the issue date, and such exchange property will be subject to adjustment on the terms set forth in the Bonds. The Bonds will not bear regular interest, and the principal amount of the Bonds will not accrete. The Bonds will mature on March 12, 2032, unless repurchased, redeemed, or exchanged in accordance with their terms prior to such date. Holders of the Bonds may require the Company to repurchase all or part of their Bonds for cash on March 12, 2029 at a repurchase price equal to 100% of the principal amount of the Bonds to be repurchased. In addition, the Company may redeem the Bonds subject to certain conditions. The Company intends to use the net proceeds from the Bonds Offering for repayment of certain existing indebtedness, payment of interest and general corporate purposes. The Bonds have not been and will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Trip.com Shares currently held by the Company are "restricted securities" (within the meaning of Rule 144 under the Securities Act). Any Trip.com Shares that the Company may elect to deliver upon exchange of the Bonds shall be freely transferable for the purposes of the Securities Act. The Bonds are expected to be listed on the Open Market segment of the Frankfurt Stock Exchange. Investor Hedging Transactions The Company expects that certain investors in the Bonds who employ a convertible arbitrage strategy may establish a short position to hedge their exposure to the Bonds by short selling Trip.com Shares and/or Trip.com ADSs or by entering into short derivative positions with respect to such securities. Any such activity could take place shortly after the Bonds Offering and could decrease (or reduce the size of any increase in) the market price of Trip.com Shares, Trip.com ADSs or any securities referencing such securities. Further, such investors may dynamically modify their hedges from time to time while the Bonds are outstanding, by selling or purchasing Trip.com Shares and/or Trip.com ADSs in secondary market transactions or entering into equivalent derivative positions, which could affect the market price of Trip.com Shares, Trip.com ADSs or any securities referencing such securities at the time. Concurrently with the pricing of the Bonds, certain bookrunner of the Bonds Offering (and/or their respective affiliates) facilitated a sale of Trip.com Shares (for the avoidance of doubt, not Trip.com ADSs), representing the expected initial delta of such hedging investors' short position, in off-market privately negotiated transactions (such sale, a "delta placement"). Other Matters This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This announcement contains information about the pending Bonds Offering, and there can be no assurance that the Bonds Offering will be completed. About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement and in the attachments is as of the date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law.
BEIJING, March 7, 2025 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced that it proposes to offer up to US$2 billion in aggregate principal amount of exchangeable bonds due 2032 (the "Bonds") in offshore transactions outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), subject to market conditions and other factors (the "Bonds Offering"). The Bonds will reference ordinary shares of Trip.com Group Limited that are listed on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (HKEX: 9961) ("Trip.com Shares"). Holders of the Bonds may not exchange their Bonds prior to the first anniversary of the issue date of the Bonds, except upon an event of default. Between the first anniversary of the issue date and the date falling 6 months prior to the maturity date of the Bonds, holders of the Bonds may exchange the Bonds into cash only upon the satisfaction of certain contingencies. Thereafter and until the second scheduled trading day preceding the maturity date, holders may exchange the Bonds into cash at any time. Subject to certain conditions, the Company may elect to deliver Trip.com Shares held by the Company in lieu of cash or a combination of cash and Trip.com Shares. The Bonds are not exchangeable for American depositary shares of Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com ADSs"). The exchange ratio and other terms of the Bonds have not been finalized and will be determined at the time of pricing of the Bonds Offering. The Company intends to use the net proceeds from the Bonds Offering for repayment of certain existing indebtedness, payment of interest and general corporate purposes. The Bonds have not been and will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Trip.com Shares currently held by the Company are "restricted securities" (within the meaning of Rule 144 under the Securities Act). Any Trip.com Shares that the Company may elect to deliver upon exchange of the Bonds shall be freely transferable for the purposes of the Securities Act. Investor Hedging Transactions The Company expects that certain purchasers of the Bonds will employ a convertible arbitrage strategy through a short position in respect of Trip.com Shares and/or Trip.com ADSs to hedge their exposure to the Bonds, Trip.com Shares and/or Trip.com ADSs. Concurrently with the pricing of the Bonds, the bookrunners of the Bonds Offering expect to facilitate a sale of Trip.com Shares (for the avoidance of doubt, not Trip.com ADSs), representing the initial delta of such hedging investors, in off-market privately negotiated transactions (such sale, a "delta placement"). Other Matters This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This announcement contains information about the pending Bonds Offering, and there can be no assurance that the Bonds Offering will be completed. About Baidu Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement is as of the date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law.
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