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To march into the renewable energy sector, and create new curve for business performance SHENZHEN, China, Aug. 24, 2023 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China today announced that the Company's wholly-owned subsidiary Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. ("Baiyu"), an integrated service provider specializing in commodity supply chain, has entered into a procurement agency agreement (the "Agreement") with Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. ("Jintongyuan") for the strategic framework of procuring cobalt materials, the battery energy storage raw materials. The total procurement value is set at RMB1.2 billion (approximately US$165 million). This strategic move is expected to diversify the Company's service portfolio by expanding the range of raw material categories and increase the Company's presence in the renewable energy sector. Pursuant to the Agreement, during the 12-month period, Jintongyuan will commission Baiyu to purchase cobalt materials with a monthly procurement quantity of RMB100 million (approximately US$14 million). Jintongyuan will pay Baiyu a 20% deposit within a day of Baiyu's acceptance of the commission. Baiyu will also receive agency service fee and fee for fund occupation from Jintongyuan. Cobalt, a vital component of battery energy storage, plays an indispensable role in various application domains with its distinct characteristics and advantages. The future development of battery energy storage is intricately linked with the research and advancement of cobalt and its associated application technologies. Battery energy storage, renowned for its high energy density, extended lifespan, rapid charge and discharge capabilities, and environmental friendliness, has found wide-ranging applications in energy storage and utilization. Cobalt, in turn, emerges as a pivotal raw material within these batteries, holding a significant position in the cathode materials of lithium-ion batteries and cobalt oxide batteries. Cobalt's exceptional electrochemical and physical properties contribute to efficient charge storage and prolonged usage. Cobalt has the advantage of enhancing battery capacity, efficiency, performance, stability, cycle life, and charging speed. Ms. Renmei Ouyang, the CEO of the Company, stated, "We are excited to formalize the Agreement with Jintongyuan, which underscores our reputation as a trusted supply chain service provider. We see this partnership not only as a result of our efforts to bolster revenue, but also as a significant milestone in our expansion into the renewable energy sector. Moving forward, we will continue to seek more partnership opportunities in the renewable energy industry to solidify our role in this burgeoning market and pave the way for long-term business growth. " About TD Holdings, Inc. TD Holdings, Inc. is a service provider currently engaging in the commodities trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal products from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information, please visit http://ir.tdglg.com. Safe Harbor Statement This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations; the demand for the Company's products and services, global supply chains and economic activity in general; the occurrence of any event, change or other circumstances; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by TD Holdings, Inc. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. For more information, please contact: Ascent Investor Relations LLCMs. Tina XiaoEmail: tina.xiao@ascent-ir.comTel: +1 917 609 0333
SHANGHAI, Aug. 24, 2023 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services for patients with cancer and other major diseases, today announced it has achieved a milestone of serving over 10,000 breast cancer patients in China with comprehensive disease management services since 2021. By offering disease management services, Zhongchao aims to ensure effective medical treatments while reducing financial hardships and enhance the overall quality of life for these patients. Recently published statistics indicated a great need for disease management for breast cancer patients in China. The 2022 China Breast Cancer Follow-up and Health Management Guidelines highlighted the number of approximately 420,000 new breast cancer diagnoses in China in 2022, which ranked first and represented almost 20% of all malignant tumors diagnosed in women in China. As cure rates of breast cancer increased and the average survival time for is prolonged, there is an evident rising demand for life-long comprehensive disease management. Additionally, financial challenges arising from breast cancer treatment further called for such disease management. The 2022 China Breast Cancer Patient Quality of Life White Paper sheds light on the economic strains: breast cancer patients are burdened with an average treatment expense of RMB206,000, with out-of-pocket costs reaching up to RBM111,000 based on the questionnaires completed by breast cancer patients. Particularly, over 64% of these patients had households income of less than RBM100,000. Zhongchao initiated its disease management services back in 2021 to alleviate financial burdens and facilitate treatment process for eligible breast cancer patients. In collaboration with multiple hospitals, pharmacies, pharmaceutical enterprises, non-profit organizations and insurance companies, Zhongchao provides various management services, including but not limited to, drug aids, disease follow-up visits, medication management, and cancer education. The Company's dedicated service team, accessible via a dedicated hotline, offers patient inquiries, medication assistance, medication usage and experience tracking, and sustained follow-up visits and management. From 2021 to 2023, Zhongchao's concerted efforts have aided over 10,000 breast cancer patients. Zhongchao believes its comprehensive disease management services for breast cancer patients alleviates financial burdens, promotes patient education and engagement, and contributes to optimal treatment results and life quality. Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, "In our position as a digital platform in healthcare and patient services, we have consistently prioritized holistic patient support, from financial assistance to intensive disease management. From 2021, we have consistently expanded our services to serve more types of cancer treatment, promoting treatment process, and improving patient quality of life. Our unwavering dedication to assisting and supporting breast cancer patients and other major diseases patients in China remains at the forefront of our mission." About Zhongchao Inc. Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It consolidates the financial results of a variable interest entity, Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the "PRC operating entities") through a series of contractual arrangements. Zhongchao Inc. is a platform-based internet technology company offering services to patients with oncology and other major diseases. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management services in the professional field of tumor and rare diseases through Zhongxin, offer internet healthcare services through Zhixun Internet Hospital, and pharmaceutical services through Xinjiang Medical and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com. Safe Harbor Statement This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof. For more information, please contact: At the Company: Pei Xu, CFOEmail: xupei@mdmooc.orgPhone: +86 13901629242 Investor Relations: Sherry Zheng Weitian Group LLCEmail: shunyu.zheng@weitian-ir.com Phone: +1 718-213-7386
HONG KONG, Aug. 24, 2023 /PRNewswire/ -- ICZOOM Group Inc. (Nasdaq: IZM) (the "Company" or "ICZOOM"), a B2B electronic component products e-commerce platform, announced today that the Company's CEO, Mr. Lei Xia, will present at H.C. Wainwright's 25th Annual Global Investment Conference at the Lotte New York Palace Hotel in New York City. A webcast and replay of the group presentation will be available beginning at 7:00 a.m. Eastern Time on Monday, September 11, 2023 on ICZOOM's Investor Relations website (http://ir.iczoomex.com/index.html) or directly by clicking here. ICZOOM will also be available for one-on-one and small group meetings with investors at the conference and virtually from September 11 to 15, 2023. About ICZOOM Group Inc. ICZOOM Group Inc. is primarily engaged in sales of electronic component products to customers in Hong Kong and mainland China through its B2B e-commerce platform. These products are primarily used by China-based small and medium-sized enterprises ("SMEs") in the consumer electronic industry, Internet of Things ("IoT"), automotive electronics and industry control segments. By utilizing the latest technologies, the Company's platform collects, optimizes and presents product offering information from suppliers of all sizes, all transparent and available to its SME customers to compare and select. In addition to the sales of electronic component products, the Company also provides services to customers such as temporary warehousing, logistics and shipping, and customs clearance. For more information, please visit the Company's website: http://ir.iczoomex.com/index.html. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
DUBAI, United Arab Emirates - Media OutReach - 24 August 2023 - The world's third most visited cryptocurrency exchange, Bybit, is proud to announce the highly-anticipated NFT release by Rik Oostenbroek for the Velocity Series, a Web3 collaboration between Bybit, Oracle Red Bull Racing, and top digital artists. On Aug. 24, Dutch artist Rik Oostenbroek will release two NFT collections for the Velocity Series, including an exclusive NFT collection only available for purchase by Velocity Pass NFT holders, and a limited edition exclusively gifted to Velocity Pass holders. "Momentum" will be available for sale to Velocity Pass holders via a Dutch auction. Marking Rik's debut in the realm of 3D-generated artistry, this collection ventures into uncharted territory, allowing data and machines to dictate the final outcome. The second collection: "Flow State," is a limited edition of 1000 NFTs — all of which will be gifted to the 1000 Velocity Pass NFT holders via an airdrop. To enhance its exclusivity, this collection will not have a public sale beyond the airdrop. The Velocity Pass is a premium NFT that grants art enthusiasts access to four Bybit-powered NFT releases from the Velocity Series, coinciding with the Dutch, Japanese, United States, and Abu Dhabi Grand Prix. The pass also provides holders chances to win rare prizes from Oracle Red Bull Racing and Bybit. The first collaborating artist from the Velocity Series, Rik Oostenbroek's signature lies in his dynamic shapes, abstract forms, and meticulously chosen color palettes. Having crafted visual wonders for brands such as Nike, Apple, and Paramount Pictures, Rik now steps into the NFT realm, garnering widespread acclaim from collectors and fellow artists alike for his mesmerizing creations. "This collaboration is all about combining technological advancement and artistic imagination, opening a space for connoisseurs of art, collectors, and motorsport aficionados to converge," said Anndy Lian, Head of Partnerships at Bybit. "The Velocity Series intertwines the realms of high-octane racing and NFT creation, delivering an experience that captures the essence of both worlds." "We are so pleased to see this first and very exciting NFT collaboration drop as part of the Velocity Series," said Caroline Buckland, Head of Fan Engagement at Oracle Red Bull Racing. "It celebrates the combination of art, innovation, the thrill of racing, and Rik's mesmerizing creativity." For more information and updates about the Velocity Series, please visit Bybit's official website or follow Bybit and Oracle Red Bull Racing on social media platforms. Hashtag: #Bybit #VelocitySeries #RedbullRacing #BlockchainArtThe issuer is solely responsible for the content of this announcement.About BybitBybit is a top-five cryptocurrency exchange established in 2018 that offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team. For media inquiries, please contact: press@bybit.com For more information please visit: https://www.bybit.com For updates, please follow: Bybit's Communities and Social Media
- The moomoo brand earns increasing global acclaim in Q2 PALO ALTO, Calif., Aug. 24, 2023 /PRNewswire/ -- Moomoo's parent company Futu Holdings Ltd. ("Futu"), a leading tech-driven online brokerage and wealth management platform, released its unaudited Q2 2023 earnings result, posting US$317.1 million total revenues and US$152.3 million non-GAAP net income. Its global users reached new milestones, with registered users and paying clients hitting 20.53 million and 1.59 million, respectively. As of quarter end, the client retention rate remained at 98%, the total client assets hit US$59.5 billion, and the total trading volume was US$122.5 billion. Established in California's Silicon Valley in 2018, moomoo strives to be the leading worldwide financial service platform under Futu Holdings. Our mission is to equip investors across the globe with professional-grade yet user-friendly tools, data, and insights. In the second quarter, moomoo continued its growth journey by venturing into Malaysia, marking our presence in a fifth market. This expansion follows our success in the United States, Singapore, Australia, and beyond. Moomoo Becomes A Strategic Partner of NYSE During the second quarter, moomoo garnered recognition from an increasing number of global users and partners. The period also marked a significant milestone as moomoo solidified its collaboration, becoming a Strategic Partner of the New York Stock Exchange (NYSE). The partnership aims to help educate investors on financial products, trading and other industry insights, with content from the NYSE. Moomoo remained steadfast in transforming user experience with technical innovation. In May, moomoo's Research & Development affiliate secured a patent granted by the US Patent and Trademark Office for a new method enabling investors to create and tailor charts via mobile devices. In the second quarter, the moomoo app achieved a pioneering feat by introducing round-the-clock US stock trading in Singapore and Australia, granting investors the ability to trade selected US stocks and ETFs 24/5. Dedicated to empowering investors of all kinds, moomoo provides complimentary online courses and educational resources aimed at enhancing users' financial acumen and investment expertise. In the second quarter, the click-through rates for Moo Learn's front-page content surged by 21%, while course completion rates witnessed a remarkable 44% increase compared to the previous quarter. Within Moo Community, the dynamic online platform that brings together kindred global investors, conversations revolving around complex products, like options, saw a remarkable surge of 100%, comparing to the previous quarter. Technological Edge Gains Recognition Across the Spectrum in Singapore In Singapore, moomoo achieved a significant milestone with its user base surpassing 800,000, representing nearly 30% of the local adult population. Its client assets surged by 12.5% in just one quarter. Moomoo SG was recognized for its technological prowess, gaining two prestigious awards in the second quarter, including Fintech - Investment & Wealth Management at the Technology Excellence Awards held by Singapore Business Review and Best Payments and Collections Solutions at the Asset Triple A Treasurise Awards 2023. Collaborating closely with the Singapore Exchange, Moomoo SG introduced a new Singapore Depository Receipt under the Thailand-Singapore DR Linkage and became its largest trading platform. Meanwhile, moomoo built a thriving community to foster financial literacy and promote the adoption of technology in the investment landscape. Collaborating with top universities, Moomoo SG actively supports academic research exploring the impact of financial technology on investment practices. During the quarter, Moomoo SG secured a notable role as a sub-placement agent for the IPO of Pasture Holdings Ltd., attracting approximately four times the subscribers as compared to other placement agents. The company was also designated by CSOP Investments III VCC as a participating dealer for the IOP of CSOP iEdge Southeast Asia + TECH Index ETF, registering a subscription amount higher than any other participating dealer. Amidst these achievements, Moomoo SG's wealth management services in Singapore exhibited robust growth momentum in the second quarter, with AUM going up 41.3% and fund investors climbing 30.1% quarter over quarter. Moomoo Advances Financial Education Initiatives in Australia and the United States In the US, moomoo deepened its engagement with investors in financial literacy education. In April, moomoo successfully hosted a paper trading competition with 2,500 participants. Meanwhile, moomoo unveiled a report from its inaugural personal finance survey among its users in the US, raising their awareness of personal financial understanding. Moomoo also participated in the TradersEXPO in Las Vegas, a prominent trade show for active traders, demonstrating how it empowers investors through its technic innovations. Moreover, moomoo's first investing-themed, in-person event - "Trading with Moomoo," drew enthusiastic participation from the US investors who attended. The event featured valuable insights shared by four prominent financial influencers. In Australia, moomoo hosted a national paper trading competition as part of its joint ESG research project with Macquarie University Business School. Moomoo further demonstrated its commitment to corporate social responsibility by delivering lectures at Macquarie University to enhance student financial literacy levels. Over the quarter, moomoo Australia's CEO and strategists featured as regular guest speakers on Ausbiz's TV program and SBS's radio show. Looking ahead, moomoo remains dedicated to furnishing users with the essential information required for making well-informed investment choices. About moomoo Moomoo is an investment and trading platform that empowers global investors with pro-grade, easy-to-use tools, data, and insights. It provides users with the necessary information, advanced charting tools, technical analytics, and Level 2 Data. Moomoo grows with its users, cultivating a community where investors share, learn, and grow together in one place. Moomoo provides free access to investment courses, educational materials, and interactive events that any investor, at any level, can gain from. Users can join forum discussions, trending topics, and seminars to help their investment knowledge and insights. Moomoo is not just your investment platform. It is your investment journey.
HANGZHOU, China, Aug. 24, 2023 /PRNewswire/ -- Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the second quarter ended June 30, 2023[1]. Second Quarter 2023 Highlights Total revenues in the second quarter of 2023 were RMB167.1 million (US$23.0 million), compared with RMB284.0 million in the same period of 2022. The change was primarily due to the Company's continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales. Furthermore, consumer spending habits continue to evolve, with a focus on value-for-money consumption scenarios. Repeat purchase rate[2] in the twelve months ended June 30, 2023 was 80.0%. Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, "During the post-pandemic era, we have observed the development of a number of novel consumption opportunities. We are particularly excited about the synergistic interactions between the online and brick-and-mortar economies. Recognizing this emerging trend's potential, we are poised to seize the moment to further power the growth of our innovative private label products." "Utilizing our cash reserves, we are strategically optimizing asset allocation, prudently investing in new opportunities, and collaborating closely with our operational departments to capitalize on newly emerging trends," said Mr. Peng Zhang, Yunji's Vice President of Finance. Second Quarter 2023 Unaudited Financial Results Total revenues were RMB167.1 million (US$23.0 million), compared with RMB284.0 million in the same period of 2022. This change was primarily due to the Company's continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales. Revenues from sales of merchandise were RMB131.2 million (US$18.1 million), compared with RMB237.1 million in the same period of 2022. Revenues from the marketplace business were RMB34.3 million (US$4.7 million), compared with RMB42.1 million in the same period of 2022. Other revenues were RMB1.6 million (US$0.2 million), compared with RMB4.7 million in the same period of 2022. Total cost of revenues decreased by 52.1% to RMB80.8 million (US$11.1 million), or 48.4% of total revenues, from RMB168.8 million, or 59.4% of total revenues, in the same period of 2022. The decrease was mainly attributable to the change in merchandise sales, for which revenues and cost of revenues are recognized on a gross basis. Total cost of revenues, which mainly comprises of the costs related to the sales of merchandise, decreased accordingly in the second quarter of 2023. Total operating expenses decreased by 29.3% to RMB110.8 million (US$15.3 million) from RMB156.6 million in the same period of 2022. Fulfillment expenses decreased by 30.6% to RMB29.9 million (US$4.1 million), or 17.9% of total revenues, from RMB43.1 million, or 15.2% of total revenues, in the same period of 2022. The decrease was primarily due to (i) reduced warehousing and logistics expenses due to lower merchandise sales, and (ii) reduced personnel costs as a result of staffing structure refinements. Sales and marketing expenses decreased by 42.7% to RMB33.4 million (US$4.6 million), or 20.0% of total revenues, from RMB58.2 million, or 20.5% of total revenues, in the same period of 2022. The decrease was mainly due to (i) the reduction in personnel costs as a result of staffing structure refinements, (ii) a decrease in member management fees, and (iii) reduced business promotion expenses. Technology and content expenses decreased by 39.6% to RMB14.3 million (US$2.0 million), or 8.5% of total revenues, from RMB23.6 million, or 8.3% of total revenues, in the same period of 2022. The decrease was mainly due to the reduction in personnel costs as a result of staffing structure refinements. General and administrative expenses increased by 4.8% to RMB33.2 million (US$4.6 million), or 19.9% of total revenues, from RMB31.7 million, or 11.2% of total revenues, in the same period of 2022. The increase was mainly due to increased allowance for credit losses, partially offset by the reduction in personnel costs and share-based compensation as a result of staffing structure refinements. Loss from operations was RMB11.8 million (US$1.6 million), compared with RMB30.0 million in the same period of 2022. Financial loss, net was RMB12.7 million (US$1.8 million), compared with financial income, net of RMB12.3 million in the same period of 2022, primarily due to a decrease in the fair value changes of equity securities investments. Net loss was RMB41.5 million (US$5.7 million), compared with RMB25.0 million in the same period of 2022. Adjusted net loss (non-GAAP)[3] was RMB39.8 million (US$5.5 million), compared with RMB17.1 million in the same period of 2022. Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.02, compared with RMB0.01 in the same period of 2022. Changes in Management Mr. Peng Zhang, has resigned as Vice President of Finance of the Company for personal reasons, effective August 25, 2023. Mr. Yeqing Cui, the Financial Director of the Company, has been promoted as the Senior Financial Director of the Company, effective the same date as Mr. Zhang's resignation. Mr. Zhang will continue to serve as an advisor of the Company, helping to ensure Mr. Cui's smooth transition into his new role. Mr. Cui has extensive finance experience and has held various roles in the Company since joining Yunji in May 2018, including Audit Manager, Senior Finance Manager, Financial Director and Senior Finance Director. Prior to joining the Company, he worked at Deloitte Touche Tohmatsu Certified Public Accountants LLP for five years from October 2013 to January 2018. Mr. Cui received his bachelor's degree in economics from Shanghai University of International Business and Economics in 2013. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses adjusted net income/(loss) as a supplemental measure to review and assess operating performance. 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. The Company defines adjusted net income/(loss) as net income/(loss) excluding share-based compensation. The Company presents adjusted net income/(loss) because it is used by management to evaluate operating performance and formulate business plans. Adjusted net income/(loss) enables management to assess operating performance without considering the impact of share-based compensation recorded under ASC 718, "Compensation-Stock Compensation." The Company also believes that the use of this non-GAAP measure facilitates investors' assessment of operating performance. 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. One of the key limitations of using adjusted net income/(loss) is that it does not reflect all items of income and expense that affect the Company's operations. Share-based compensation has been and may continue to be incurred in Yunji's business and is not reflected in the presentation of adjusted net income/(loss). 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. Yunji encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures" set forth at the end of this press release. Conference Call The Company will host a conference call on Thursday, August 24, 2023, at 7:30 A.M. Eastern Time or 7:30 P.M. Beijing/Hong Kong Time to discuss its earnings. Listeners may access the call by dialing the following numbers: International: 1-412-902-4272 United States Toll Free: 1-888-346-8982 Mainland China Toll Free: 4001-201203 Hong Kong Toll Free: 800-905945 Conference ID: Yunji Inc. A telephone replay of the call will be available after the conclusion of the conference call for one week. Dial-in numbers for the replay are as follows: United States Toll Free 1-877-344-7529 International 1-412-317-0088 Replay Access Code 5884992 Safe Harbor Statements 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," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as Yunji's strategic and operational plans, contain forward-looking statements. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Yunji'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: Yunji's growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China's e-commerce market; PRC governmental policies and regulations relating to Yunji's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law. About Yunji Inc. Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company's e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices. For more information, please visit https://investor.yunjiglobal.com/ Investor Relations Contact Yunji Inc.Investor RelationsEmail: Yunji.IR@icrinc.comPhone: +1 (646) 224-6957 ICR, LLCRobin YangEmail: Yunji.IR@icrinc.comPhone: +1 (646) 224-6957 YUNJI INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except for share and per share data, unless otherwise noted) As of December 31, 2022 June 30, 2023 RMB RMB US$ ASSETS Current Assets Cash and cash equivalents 414,634 430,706 59,397 Restricted cash 42,109 38,996 5,378 Short-term investments 212,003 116,031 16,001 Accounts receivable, net (Allowance for credit losses of RMB16,762 and RMB29,704, respectively) 94,111 74,098 10,219 Advance to suppliers 32,738 15,582 2,149 Inventories, net 54,651 44,532 6,141 Amounts due from related parties 202 1,651 228 Prepaid expenses and other current assets[4] (Allowance for credit losses of RMB14,510 and RMB9,852, respectively) 362,065 307,429 42,395 Total current assets 1,212,513 1,029,025 141,908 Non-current assets Property and equipment, net 168,928 174,346 24,043 Long-term investments 414,325 394,519 54,407 Operating lease right-of-use assets, net 231 115 16 Other non-current assets (Allowance for credit losses of RMB2,091 and RMB1,811, respectively) 96,414 94,275 13,001 Total non-current assets 679,898 663,255 91,467 Total assets 1,892,411 1,692,280 233,375 YUNJI INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for share and per share data, unless otherwise noted) As of December 31, 2022 June 30, 2023 RMB RMB US$ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable 138,903 94,658 13,054 Deferred revenue 21,748 11,296 1,558 Incentive payables to members[5] 207,331 161,817 22,315 Member management fees payable 11,087 8,041 1,109 Other payable and accrued liabilities 145,527 113,057 15,590 Amounts due to related parties 10,608 6,277 866 Operating lease liabilities - current 1,162 238 33 Total current liabilities 536,366 395,384 54,525 Non-current liabilities Operating lease liabilities 145 - - Total non-current liabilities 145 - - Total Liabilities 536,511 395,384 54,525 YUNJI INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for share and per share data, unless otherwise noted) As of December 31, 2022 June 30, 2023 RMB RMB US$ Shareholders' equity Ordinary shares 70 70 10 Less: Treasury stock (98,709) (116,258) (16,033) Additional paid-in capital 7,333,144 7,327,104 1,010,454 Statutory reserve 16,078 16,078 2,217 Accumulated other comprehensive income 63,113 92,169 12,711 Accumulated deficit (5,958,666) (6,023,137) (830,629) Total Yunji Inc. shareholders' equity 1,355,030 1,296,026 178,730 Non-controlling interests 870 870 120 Total shareholders' equity 1,355,900 1,296,896 178,850 Total liabilities and shareholders' equity 1,892,411 1,692,280 233,375 YUNJI INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2023 June 30, 2022 June 30, 2023 RMB RMB US$ RMB RMB US$ Revenues: Sales of merchandise, net 237,135 131,231 18,098 527,590 274,189 37,812 Marketplace revenue 42,140 34,269 4,726 89,566 67,226 9,271 Other revenues 4,676 1,629 225 9,374 4,458 614 Total revenues 283,951 167,129 23,049 626,530 345,873 47,697 Operating cost and expenses: Cost of revenues (168,758) (80,831) (11,147) (360,075) (174,293) (24,036) Fulfilment (43,067) (29,888) (4,122) (91,981) (57,006) (7,862) Sales and marketing (58,193) (33,368) (4,602) (108,843) (62,953) (8,682) Technology and content (23,612) (14,253) (1,966) (47,752) (27,605) (3,807) General and administrative (31,714) (33,244) (4,585) (62,937) (48,416) (6,677) Total operating cost and expenses (325,344) (191,584) (26,422) (671,588) (370,273) (51,064) Other operating income 11,417 12,668 1,747 17,526 13,577 1,872 Loss from operations (29,976) (11,787) (1,626) (27,532) (10,823) (1,495) Financial income/(loss) net 12,259 (12,723) (1,755) (23,011) (34,915) (4,815) Foreign exchange loss, net (7,400) (9,741) (1,343) (7,713) (7,378) (1,017) Other non-operating income/(loss), net 40 (3,550) (489) 2,063 (3,064) (422) Loss before income tax expense, and equity in loss of affiliates, net of tax (25,077) (37,801) (5,213) (56,193) (56,180) (7,749) Income tax benefit/(expense) 919 (2,328) (321) (4,405) (5,407) (746) Equity in loss of affiliates, net of tax (874) (1,411) (195) (1,329) (2,886) (398) Net loss (25,032) (41,540) (5,729) (61,927) (64,473) (8,893) Less: net income /(loss) attributable to non-controlling interests shareholders 183 (1) - (216) (1) - Net loss attributable to YUNJI INC. (25,215) (41,539) (5,729) (61,711) (64,472) (8,893) YUNJI INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2023 June 30, 2022 June 30, 2023 RMB RMB US$ RMB RMB US$ Net loss attributable to ordinary shareholders (25,215) (41,539) (5,729) (61,711) (64,472) (8,893) Net loss (25,032) (41,540) (5,729) (61,927) (64,473) (8,893) Other comprehensive income Foreign currency translation adjustment 53,036 40,983 5,652 48,064 29,056 4,007 Total comprehensive income/(loss) 28,004 (557) (77) (13,863) (35,417) (4,886) Less: total comprehensive income/(loss) attributable to non-controlling interests shareholders 183 (1) - (216) (1) - Total comprehensive income/(loss) attributable to YUNJI INC. 27,821 (556) (77) (13,647) (35,416) (4,886) Net loss attributable to ordinary shareholders (25,215) (41,539) (5,729) (61,711) (64,472) (8,893) Weighted average number of ordinary shares used in computing net loss per share, basic and diluted 2,109,469,102 1,966,698,843 1,966,698,843 2,128,400,114 1,975,321,887 1,975,321,887 Net loss per share attributable to ordinary shareholders Basic (0.01) (0.02) - (0.03) (0.03) - Diluted (0.01) (0.02) - (0.03) (0.03) - YUNJI INC. NOTES TO UNAUDITED FINANCIAL INFORMATION (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2023 June 30, 2022 June 30, 2023 RMB RMB US$ RMB RMB US$ Share-based compensation expenses included in: Technology and content 968 682 94 2,164 543 75 General and administrative 6,621 778 107 11,399 63 9 Fulfillment 212 173 24 830 (2,647) (365) Sales and marketing 133 62 9 (192) (569) (79) Total 7,934 1,695 234 14,201 (2,610) (360) YUNJI INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE FINANCIAL MEASURES (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2023 June 30, 2022 June 30, 2023 RMB RMB US$ RMB RMB US$ Reconciliation of Net Loss to Adjusted Net Loss: Net loss (25,032) (41,540) (5,729) (61,927) (64,473) (8,893) Add: Share-based compensation 7,934 1,695 234 14,201 (2,610) (360) Adjusted net loss (17,098) (39,845) (5,495) (47,726) (67,083) (9,253) [1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience ofthe reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2513 to US$1.00, the exchange rate in effect as of June 30, 2023 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. [2] "Repeat purchase rate" in a given period is calculated as the number of transacting members who purchased not less than twice divided by the totalnumber of transacting members during such period. "Transacting member" in a given period refers to a member who successfully promotes Yunji's products to generate at least one order or places at least one order on Yunji's platform, regardless of whether any product in such order is ultimately sold or delivered or whether any product in such order is returned. [3] Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expense. See "Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures" set forth at the end of this press release. [4] As of June 30, 2023, Short-term loan receivables of amount RMB235,824 were included in the prepaid expenses and other current assets balance,which represent the principal and interest to be collected on loans provided by the Group to third-party companies. [5] As of June 30, 2023, the decrease in incentive payables was mainly due to derecognition of long-aged payables to inactive members.
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