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BEIJING, June 2, 2023 /PRNewswire/ -- Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced its unaudited financial results for the first quarter ended March 31, 2023. Financial and Operational Highlights for the First Quarter of 2023 Resilient Business Performance: For the first quarter of 2023, the first-year premiums ("FYP") generated through our Waterdrop Insurance Marketplace amounted to RMB1,692.0 million (US$246.4 million), representing an increase of 6.3% quarter over quarter. Our net operating revenue was RMB606.2 million (US$88.3 million), representing a decrease of 10.8% quarter over quarter. Effective cost control and sustained profitability: For the first quarter of 2023, our operating costs decreased by 11.0%, and total operating costs and expenses decreased by 1.8% quarter over quarter. Our net profit reached RMB49.7 million (US$7.2 million), continuing the trend in profitability since the beginning of 2022. Our solid financial performance highlights our achievements in cost control and profit enhancement. Positive operating cash flow: As of March 31, 2023, our cash and cash equivalents and short-term investments balance amounted to RMB3,597.3 million (US$523.8 million). We continued to generate positive operating cash flow, and have cash outflow of investing and financing activities. Further expanded product offerings: As of March 31, 2023, we offered 876 insurance products on our platform, as compared with 775 as of December 31, 2022. In the first quarter of 2023, the FYP generated from critical illness insurance products accounted for 26.9% of overall FYP generated through our Waterdrop Insurance Marketplace. As of March 31, 2023, around 432 million people cumulatively had donated an aggregate of approximately RMB58.4 billion to over 2.86 million patients through Waterdrop Medical Crowdfunding. Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "In the first quarter, we continued to demonstrate resilient and high-quality development, with net operating revenue reaching RMB606.2 million. Moreover, we are proud to have achieved another quarter of profitability. Our net profit reached RMB49.7 million, which again showcased our consistent efforts towards building a pattern of sustainable and high-quality business growth. For our insurance business, we further optimized our user acquisition strategies during the first quarter and saw a quarterly increase in the number of new users. Meanwhile, we continually streamlined channel operations and improved our service quality. As a result, our renewal rate sustained at a high level. We also continued to enrich our product offerings, including tailored products for specific user groups, specially the underaged and the elderly. On the technology side, we further upgraded our AI-empowered dialogue robot,.which can now conduct a ten-minute call independently and is expected to help accelerate business development to a greater extent. As for the medical crowdfunding business, we have focused on optimizing and improving our operational capabilities. By adjusting risk control strategies, we have basically eliminated cases with unreasonable fundraising targets. Our Operational Transparency Committee has also established a mechanism to examine service processes and improve the practice of consultants. Meanwhile, we continued to actively collaborate with multiple parties to crack down on dishonest fundraising practices. This year, we were honored as the "Consumer New Force" Integrity Commitment Enterprise at the Integrity Beijing 3.15 Gala. In terms of clinical trial solution business, as the impact of the pandemic and holidays gradually subsided, E-find Patient Platform showed continued growth. In the first quarter, we successfully enrolled over 700 patients and launched more than 70 clinical trial programs, boosting the progress of drug development for over 120 pharmaceutical companies and CROs. E-find Patient Platform maintained competitive in the field of oncology while consciously exploring other diseases, including but not limited to psoriasis, atopic dermatitis, and asthma. Moving forward, we will continue to play an active role in promoting the multi-level diversification of medical payment system in China and empowering Chinese insurance and healthcare industry participants. " Financial Results for the First Quarter of 2023 Operating revenue, net Net operating revenue for the first quarter of 2023 decreased by 6.6% year over year to RMB606.2 million (US$88.3 million) from RMB648.7 million for the same period of 2022. Insurance-related income includes insurance brokerage income and technical service income. Insurance brokerage income represents brokerage commissions earned from insurance companies. Technical service income is derived from providing technical services including customer relationship maintenance, customer complaint management, claim review, and user referral services, among other things, to insurance companies, insurance brokers, and agency companies. Our insurance-related income amounted to RMB536.3 million (US$78.1 million) in the first quarter of 2023, representing a decrease of 14.6% year over year from RMB628.2 million for the first quarter of 2022, which was mainly due to the decrease in insurance brokerage income. Crowdfunding service fees represent the service income earned when patients successfully withdraw the proceeds from their crowdfunding campaigns. Our role is to operate the Waterdrop Medical Crowdfunding platform to provide crowdfunding related services through the internet, enabling patients with significant medical bills to seek help from caring hearts through technology (the "medical crowdfunding services"). Our medical crowdfunding services generally consist of providing technical and internet support, managing, reviewing and supervising the crowdfunding campaigns, providing comprehensive risk management and anti-fraud measures, and facilitating the collection and transfer of the funds. Since April 7, 2022, our crowdfunding platform has ceased to fully subsidize the related cost and started to charge a service fee of 3% of the funds raised, up to a maximum amount of RMB5,000 for a single campaign. Considering the specific situation of each case, we may selectively subsidize the service fee for certain extremely needy patients. For the first quarter of 2023, we generated RMB42.0 million (US$6.1 million) in service fees, as compared to nil in the same period of 2022. Digital clinical trial solution income represents the service income earned from our customers mainly including biopharmaceutical companies and leading biotechnology companies. We match qualified and suitable patients for enrollment in clinical trials for our customers and generate digital clinical trial solution revenue for successful matches and we typically charge our customers a fixed unit price per successful match. For the first quarter of 2023, our clinical trial solution income amounted to RMB22.8 million (US$3.3 million), as compared to RMB8.6 million in the same period of 2022. Operating costs and expenses Operating costs and expenses increased by 12.0% year over year to RMB595.8 million (US$86.8 million) for the first quarter of 2023. On a quarter-over-quarter basis, operating costs and expenses decreased by 1.8%. Operating costs increased by 60.1% year over year to RMB248.0 million (US$36.1 million) for the first quarter of 2023, as compared with RMB154.9 million for the first quarter of 2022, which was primarily driven by (i) a RMB29.1 million increase in professional and outsourced customer service fees, (ii) an increase of RMB61.5 million mainly due to recording the crowdfunding consultants team costs as operating costs rather than as sales and marketing expense, as we started to generate crowdfunding service fees since April 2022, and (iii) a RMB8.9 million increase in the costs for patient recruitment consultants team. On a quarter-over-quarter basis, operating costs decreased by 11.0% in the first quarter of 2023, primarily due to the RMB25.9 million decrease in professional and outsourced customer service fees. Sales and marketing expenses decreased by 15.1% year over year to RMB173.4 million (US$25.2 million) for the first quarter of 2023, as compared with RMB204.3 million for the same quarter of 2022. The decrease was primarily due to (i) a decrease of RMB61.5 million in crowdfunding related direct costs recorded from under sales and marketing expenses to under operating costs as above mentioned, partially offset by (i) a RMB19.8 million increase in marketing expenses to third-party traffic channels, and (ii) a RMB24.9 million increase in personnel cost. On a quarter-over-quarter basis, sales and marketing expenses increased by 25.8% in the first quarter of 2023, primarily due to the RMB29.4 million increase in marketing expenses to third-party traffic channels. General and administrative expenses decreased by 6.1% year over year to RMB95.8 million (US$13.9 million) for the first quarter of 2023, compared with RMB102.0 million for the same quarter of 2022. The year-over-year variance was due to a decrease of RMB16.3 million allowance for doubtful accounts, partially offset by a RMB9.3 million increase in personnel cost. On a quarter-over-quarter basis, general and administrative expenses decreased by 19.2% in the first quarter of 2023, primarily due to (i) RMB19.7 million decrease in allowance for doubtful accounts, and (ii) RMB8.2 million decrease in professional service fees. Research and development expenses increased by 11.2% year over year to RMB78.7 million (US$11.5 million) for the first quarter of 2023, compared with RMB70.8 million for the same period of 2022. The increase was primarily due to RMB10.1 million increases in research and development personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, research and development expenses increased by 9.8% from RMB71.7 million, which was mainly due to RMB7.0 million increases in research and development personnel costs and share-based compensation expenses. Operating profit for the first quarter of 2023 was RMB10.3 million (US$1.5 million), as compared with an operating profit of RMB116.6 million for the first quarter of 2022 and a profit of RMB72.9 million for the fourth quarter of 2022. Interest income for the first quarter of 2023 was RMB30.9 million (US$4.5 million), as compared with RMB14.5 million for the same period of 2022. The increase was primarily due to the increase in our short-term investments. Income tax benefit for the first quarter of 2023 was RMB2.6 million (US$0.4 million), as compared with an income tax expense of RMB51.3 million for the same period of 2022. Net profit attributable to Waterdrop for the first quarter of 2023 was RMB49.7 million (US$7.2 million), as compared with a net profit of RMB105.0 million for the same period of 2022, and a net profit of RMB126.2 million for the fourth quarter of 2022. Adjusted net profit attributable to Waterdrop for the first quarter of 2023 was RMB96.4 million (US$14.0 million), as compared with an adjusted net profit of RMB127.3 million for the same period of 2022, and an adjusted net profit of RMB159.7 million for the fourth quarter of 2022. Cash and cash equivalents and short-term investments As of March 31, 2023, the Company had combined cash and cash equivalents and short-term investments of RMB3,597.3 million (US$523.8 million), as compared with RMB3,704.5 million as of December 31, 2022. Share Repurchase Plan Pursuant to the share repurchase program launched in September 2021 and amended in September 2022, as of May 31, 2023, we cumulatively repurchased approximately 24.9 million ADSs from the open market with cash for a total consideration of approximately US$61.2 million. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8676 to US$1.00, the noon buying rate in effect on March 31, 2023 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. Non-GAAP Financial Measures The Company uses non-GAAP financial measure, adjusted net profit, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net profit represents net profit excluding share-based compensation expense and foreign currency exchange gain or losses. Such adjustments have no impact on income tax. The non-GAAP financial measure is not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measure has limitations as analytical tools and when assessing the Company's operating performance, investors should not consider it in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Investors are encouraged to review the Company's historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted net profit presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measure differently, limiting its usefulness as a comparative measure to our data. The Company mitigates these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Waterdrop may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Waterdrop's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Waterdrop's mission, goals and strategies; Waterdrop's future business development, financial condition and results of operations; the expected growth of the insurance, medical crowdfunding and healthcare industry in China; Waterdrop's expectations regarding demand for and market acceptance of our products and services; Waterdrop's expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the industry and relevant government policies and regulations relating to insurance, medical crowdfunding and healthcare industry. Further information regarding these and other risks is included in Waterdrop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Conference Call Information Waterdrop's management team will hold a conference call on June 2, 2023 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the financial results. Dial-in details for the earnings conference call are as follows: International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Hong Kong Toll Free: 800-963976 Hong Kong: 852-58081995 Mainland China: 4001-206115 Chinese Line (Mandarin) Entry Number: 6683992 English Interpretation Line (Listen-only Mode) Entry Number: 8700524 Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call. Telephone replays will be accessible two hours after the conclusion of the conference call through June 9, 2023 by dialing the following numbers: United States Toll Free: 1-877-344-7529 International: 1-412-317-0088 Chinese Line Access Code: 1702325 English Interpretation Line Access Code: 8201572 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.waterdrop-inc.com/. About Waterdrop Inc. Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com. For investor inquiries, please contactWaterdrop Inc.IR@shuidi-inc.com WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, unless otherwise noted) As of December 31, 2022 March 31, 2023 RMB RMB USD Assets Current assets Cash and cash equivalents 1,574,171 722,800 105,248 Restricted cash 517,364 523,644 76,248 Short-term investments 2,130,377 2,874,526 418,563 Accounts receivable, net 675,796 692,826 100,883 Current contract assets 450,085 456,233 66,433 Amount due from related parties 358 107 16 Prepaid expense and other assets 342,468 257,578 37,507 Total current assets 5,690,619 5,527,714 804,898 Non-current assets Non-current contract assets 103,591 104,591 15,230 Property, equipment and software, net 31,397 31,465 4,582 Intangible assets, net 56,614 56,580 8,239 Long-term investments 11,969 9,900 1,442 Right of use assets, net 18,447 70,162 10,216 Deferred tax assets 6,166 7,016 1,022 Goodwill 3,420 3,420 498 Total non-current assets 231,604 283,134 41,229 Total assets 5,922,223 5,810,848 846,127 Liabilities and Shareholders' Equity Current liabilities Amount due to related parties 11,553 11,009 1,603 Insurance premium payables 516,661 523,151 76,177 Accrued expenses and other current liabilities 584,123 535,351 77,953 Current lease liabilities 9,354 29,583 4,308 Total current liabilities 1,121,691 1,099,094 160,041 Non-current liabilities Non-current lease liabilities 4,701 40,586 5,910 Deferred tax liabilities 29,703 25,252 3,677 Total non-current liabilities 34,404 65,838 9,587 Total liabilities 1,156,095 1,164,932 169,628 Shareholders' equity Class A ordinary shares 108 109 16 Class B ordinary shares 27 27 4 Treasury stock (3) (7) (1) Additional paid-in capital 7,384,670 7,211,658 1,050,099 Accumulated other comprehensive income 108,245 113,588 16,540 Accumulated deficit (2,726,919) (2,679,459) (390,159) Total shareholders' equity 4,766,128 4,645,916 676,499 Total liabilities and shareholders' equity 5,922,223 5,810,848 846,127 WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (All amounts in thousands, except for share and per share data, or otherwise noted) For the Three Months Ended March 31, 2022 December 31, 2022 March 31, 2023 RMB RMB RMB USD Operating revenue, net 648,688 679,470 606,165 88,264 Operating costs and expenses(i) Operating costs (154,880) (278,573) (247,983) (36,109) Sales and marketing expenses (204,343) (137,793) (173,401) (25,249) General and administrative expenses (101,995) (118,563) (95,798) (13,949) Research and development expenses (70,825) (71,685) (78,655) (11,453) Total operating costs and expenses (532,043) (606,614) (595,837) (86,760) Operating profit 116,645 72,856 10,328 1,504 Other income Interest income 14,492 27,677 30,876 4,496 Foreign currency exchange gain 653 4,260 282 41 Others, net 24,489 21,954 5,613 817 Profit before income tax 156,279 126,747 47,099 6,858 Income tax (expense)/benefit (51,321) (545) 2,626 382 Net profit attributable to Waterdrop Inc. 104,958 126,202 49,725 7,240 Net profit attributable to ordinary shareholders 104,958 126,202 49,725 7,240 Net profit 104,958 126,202 49,725 7,240 Other comprehensive income: Foreign currency translation adjustment, net of tax (7,783) (40,297) 3,386 493 Unrealized (loss)/gains on available for sale investments, net of tax 1,072 (4,339) 1,957 285 Comprehensive income 98,247 81,566 55,068 8,018 Weighted average number of ordinary shares used in computing net profit per share Basic 3,938,758,720 3,903,634,639 3,866,785,745 3,866,785,745 Diluted 4,017,949,706 4,067,145,456 4,027,428,601 4,027,428,601 Net profit per share attributable to ordinary shareholders Basic 0.03 0.03 0.01 0.00 Diluted 0.03 0.03 0.01 0.00 (i) Share-based compensation expenses are included in the operating costs and expenses as follows. For the Three Months Ended March 31, 2022 December 31, 2022 March 31, 2023 RMB RMB RMB USD Sales and marketing expenses (2,802) (9,635) (16,529) (2,407) General and administrative expenses (16,921) (23,886) (26,460) (3,853) Research and development expenses (3,284) (4,201) (3,937) (573) Total (23,007) (37,722) (46,926) (6,833) WATERDROP INC. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, unless otherwise noted) For the Three Months Ended March 31, 2022 December 31, 2022 March 31, 2023 RMB RMB RMB USD Net profit 104,958 126,202 49,725 7,240 Add: Share-based compensation expense 23,007 37,722 46,926 6,833 Foreign currency exchange gain (653) (4,260) (282) (41) Adjusted net profit 127,312 159,664 96,369 14,032
HANGZHOU, China, June 2, 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 first quarter ended March 31, 2023[1]. First Quarter 2023 Highlights Total revenues in the first quarter of 2023 were RMB178.7 million (US$26.0 million), compared with RMB342.6 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. Also, consumer confidence and spending power require further momentum before witnessing a full recovery. Repeat purchase rate[2] in the twelve months ended March 31, 2023 was 80.2%. Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, "The first quarter marked a transitional phase as China reopened, following a challenging year in which we faced numerous obstacles. We took proactive measures to address these challenges through a series of strategic upgrades and realignments. Notably, we recorded a repeat repurchase rate of 80% during the quarter, which demonstrated the loyalty of our users and the strength and popularity of our wide range of featured products. Looking ahead, we will continue to operate flexibly while nimbly adapting and responding to emerging trends as the consumer market recovers. At the same time, we remain committed to developing innovative private label products to reward our devoted users who have accompanied us on this journey." "Our continued efforts to optimize cost structures and enhance efficiency have delivered significant results. We have successfully generated RMB1.0 million (US$0.1million) operating income and narrowed our net losses by 37.8% in the first quarter of 2023. Moving forward, we will continue to operate prudently and efficiently, laying a solid foundation for our future development," said Mr. Peng Zhang, Yunji's Vice President of Finance. First Quarter 2023 Unaudited Financial Results Total revenues were RMB178.7 million (US$26.0 million), compared with RMB342.6 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 RMB143.0 million (US$20.8 million), compared with RMB290.5 million in the same period of 2022. Revenues from the marketplace business were RMB32.9 million (US$4.8 million), compared with RMB47.4 million in the same period of 2022. Other revenues were RMB2.8 million (US$0.4 million), compared with RMB4.7 million in the same period of 2022. Total cost of revenues decreased by 51.1% to RMB93.5 million (US$13.6 million), or 52.3% of total revenues, from RMB191.3 million, or 55.8% of total revenues, in the same period of 2022. The decrease was mainly attributable to the change in merchandise sales, for which revenues are recognized on a gross basis. Total cost of revenues was mainly comprised of the costs related to the sales of merchandise in the first quarter of 2023. Total operating expenses decreased by 45.0% to RMB85.3 million (US$12.4 million) from RMB154.9 million in the same period of 2022. Fulfillment expenses decreased by 44.6% to RMB27.1 million (US$3.9 million), or 15.2% of total revenues, from RMB48.9 million, or 14.3% 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, (ii) reduced personnel costs as a result of staffing structure refinements, and (iii) a decrease in share-based compensation expenses. Sales and marketing expenses decreased by 41.6% to RMB29.6 million (US$4.3 million), or 16.6% of total revenues, from RMB50.7 million, or 14.8% 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 44.7% to RMB13.4 million (US$1.9 million), or 7.5% of total revenues, from RMB24.1 million, or 7.0% 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, and (ii) reduced cloud server costs. General and administrative expenses decreased by 51.4% to RMB15.2 million (US$2.2 million), or 8.5% of total revenues, from RMB31.2 million, or 9.1% of total revenues, in the same period of 2022, primarily due to (i) reduced personnel costs as a result of staffing structure refinements, (ii) lower professional service fees, and (iii) a decrease in share-based compensation expenses. Income from operations was RMB1.0 million (US$0.1 million), compared with RMB2.4 million in the same period of 2022. Financial loss, net was RMB22.2 million (US$3.2 million), compared with RMB35.3 million in the same period of 2022, primarily due to a continuous decline in the fair value changes of equity securities investments. Net loss was RMB22.9 million (US$3.3 million), compared with RMB36.9 million in the same period of 2022. Adjusted net loss (non-GAAP)[3] was RMB27.2 million (US$4.0 million), compared with RMB30.6 million in the same period of 2022. Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.01, compared with RMB0.02 in the same period of 2022. 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 Friday, June 2, 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 3419777 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.com Phone: +1 (646) 224-6957 ICR, LLCRobin YangEmail: Yunji.IR@icrinc.com Phone: +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 March 31, 2023 RMB RMB US$ ASSETS Current Assets Cash and cash equivalents 414,634 321,101 46,756 Restricted cash 42,109 34,940 5,088 Short-term investments 212,003 211,695 30,825 Accounts receivable, net (Allowance for credit losses of RMB16,762 and RMB17,106, respectively) 94,111 93,379 13,597 Advance to suppliers 32,738 26,594 3,871 Inventories, net 54,651 41,425 6,032 Amounts due from related parties 202 1,907 278 Prepaid expenses and other current assets[4] (Allowance for credit losses of RMB14,510 and RMB9,427, respectively) 362,065 326,768 47,581 Total current assets 1,212,513 1,057,809 154,028 Non-current assets Property and equipment, net 168,928 169,878 24,736 Long-term investments 414,325 411,663 59,943 Deferred tax assets - - - Operating lease right-of-use assets, net 231 221 32 Other non-current assets (Allowance for credit losses of RMB2,091 and RMB1,945, respectively) 96,414 97,545 14,204 Total non-current assets 679,898 679,307 98,915 Total assets 1,892,411 1,737,116 252,943 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 March 31, 2023 RMB RMB US$ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable 138,903 94,794 13,803 Deferred revenue 21,748 15,800 2,301 Incentive payables to members[5] 207,331 188,917 27,508 Member management fees payable 11,087 12,448 1,813 Other payable and accrued liabilities 145,527 118,211 17,213 Amounts due to related parties 10,608 10,461 1,523 Operating lease liabilities - current 1,162 669 97 Total current liabilities 536,366 441,300 64,258 Non-current liabilities Operating lease liabilities 145 58 8 Total non-current liabilities 145 58 8 Total Liabilities 536,511 441,358 64,266 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 March 31, 2023 RMB RMB US$ Shareholders' equity Ordinary shares 70 70 10 Less: Treasury stock (98,709) (116,309) (16,936) Additional paid-in capital 7,333,144 7,325,460 1,066,670 Statutory reserve 16,078 16,078 2,341 Accumulated other comprehensive income 63,113 51,186 7,453 Accumulated deficit (5,958,666) (5,981,598) (870,988) Total Yunji Inc. shareholders' equity 1,355,030 1,294,887 188,550 Non-controlling interests 870 871 127 Total shareholders' equity 1,355,900 1,295,758 188,677 Total liabilities and shareholders' equity 1,892,411 1,737,116 252,943 YUNJI INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months Ended March 31, 2022 March 31, 2023 RMB RMB US$ Revenues: Sales of merchandise, net 290,455 142,958 20,816 Marketplace revenue 47,426 32,957 4,799 Other revenues 4,698 2,829 412 Total revenues 342,579 178,744 26,027 Operating cost and expenses: Cost of revenues (191,317) (93,462) (13,609) Fulfilment (48,914) (27,118) (3,949) Sales and marketing (50,650) (29,585) (4,308) Technology and content (24,140) (13,352) (1,944) General and administrative (31,223) (15,172) (2,209) Total operating cost and expenses (346,244) (178,689) (26,019) Other operating income 6,109 909 132 Income from operations 2,444 964 140 Financial loss, net (35,270) (22,192) (3,231) Foreign exchange (loss)/income, net (313) 2,363 344 Other non-operating income, net 2,023 486 71 Loss before income tax expense, and equity in loss of affiliates, net of tax (31,116) (18,379) (2,676) Income tax expense (5,324) (3,079) (448) Equity in loss of affiliates, net of tax (455) (1,475) (215) Net loss (36,895) (22,933) (3,339) Less: net loss attributable to non- controlling interests shareholders (399) - - Net loss attributable to YUNJI INC. (36,496) (22,933) (3,339) YUNJI INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for share and per share data, unless otherwise noted) For the Three Months Ended March 31, 2022 March 31, 2023 RMB RMB US$ Net loss attributable to ordinary shareholders (36,496) (22,933) (3,339) Net loss (36,895) (22,933) (3,339) Other comprehensive loss Foreign currency translation adjustment (4,972) (11,927) (1,737) Total comprehensive loss (41,867) (34,860) (5,076) Less: total comprehensive loss attributable to non-controlling interests shareholders (399) - - Total comprehensive loss attributable to YUNJI INC. (41,468) (34,860) (5,076) Net loss attributable to ordinary shareholders (36,496) (22,933) (3,339) Weighted average number of ordinary shares used in computing net loss per share, basic and diluted 2,147,541,470 1,983,680,743 1,983,680,743 Net loss per share attributable to ordinary shareholders Basic (0.02) (0.01) - Diluted (0.02) (0.01) - 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 March 31, 2022 March 31, 2023 RMB RMB US$ Share-based compensation expenses included in: Technology and content 1,196 (139) (20) General and administrative 4,778 (715) (104) Fulfillment 618 (2,820) (411) Sales and marketing (325) (631) (92) Total 6,267 (4,305) (627) 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 March 31, 2022 March 31, 2023 RMB RMB US$ Reconciliation of Net Loss to Adjusted Net Loss: Net loss (36,895) (22,933) (3,339) Add: Share-based compensation 6,267 (4,305) (627) Adjusted net loss (30,628) (27,238) (3,966) [1]. This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.8676 to US$1.00, the exchange rate in effect as of March 31, 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 total number 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 March 31, 2023, Short-term loan receivables of amount RMB228,596 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 March 31, 2023, the decrease in incentive payables was mainly due to derecognition of long-aged payables to inactive members.
PALO ALTO, Calif., June 2, 2023 /PRNewswire/ -- moomoo, the one-stop digitalized financial services platform, is excited to announce the introduction of 24-hour US trading in Singapore and Australia, enabling investors to trade over 100 selected US stocks and Exchange Traded Funds (ETFs) 24 hours a day, five days a week. This move, a first in both Singapore market and Australia market, marks a significant extension of the global technology platform's capabilities and opens up new opportunities for investors who want to trade outside of regular US trading hours, which inconveniently coincide with late nights for APAC investors. Moomoo is committed to becoming an influential global financial services platform, now provides digitalized investment services in the US, Singapore, and Australia. In the US, moomoo offers investors a 16-hour trading window. And this February, the sister brand of moomoo, became the first and only platform to offer 24/5 US trading in Hong Kong market. Since its launch in 2018, moomoo has been supporting 16-hour US trading on every trading day, including 6.5 hours of regular trading hours and 9.5 hours of pre-market and post-market trading (pre-market: 4:00 AM-9:30 AM EST; post-market: 4:00 PM-8:00 PM EST). The newly offered round-the-clock US trading, also known as 24/5 US trading, will enable keen investors to trade selected US stocks and ETFs at a time that is convenient for them, during the overnight trading session, in addition to the regular, pre-market, and after-market trading sessions. With the introduction of this new feature, moomoo users now have access to trading hours that cover the entire day, from 10 AM Monday to 10 AM Saturday (AEST) and from 8 AM Monday to 8 AM Saturday (SGT). This means that investors in both Singapore and Australia will be able to trade a list of more than 100 US stocks and ETFs, both day and night. This groundbreaking initiative by moomoo will offer investors greater flexibility to trade based on market-moving events that happen outside of regular trading hours. "As a leading tech-driven investment platform committed to delivering holistic investment solutions to make investing easier and not alone, we will continue tailoring our products and services to suit the market's evolving needs. Offering keen investors to trade on US market round-the-clock is definitely a game-changing breakthrough to capture investment opportunities on any occasion," says Gavin Chia, Managing Director of moomoo Singapore. "Moomoo has access to market makers that provide live prices 24 hours a day, five days a week. So, you can take advantage of market moves during Australian hours and while the US is asleep. You get instant trade confirmation, without the need to wait 24 hours to see whether you have dealt or not," explains moomoo Australia Chief Market Strategist Matt Wilson. "Investors love stocks they are familiar with and that's why it's important to have access to some of the world's most well-known brands like Apple, Google, Meta (Facebook), Amazon, Tesla, Disney, Microsoft and Nvidia, as an example. These stocks are powerhouses driving the global economy, so why not invest in them?" Wilson says. As at the end of Q1 2023, moomoo and its sister brand provide digitalized investment services for over 20 million investors worldwide. The extended trading hours allow moomoo users greater access to the US market, which is critical for those looking to diversify their portfolios and capture potential opportunities for growth, without having to incur stock switching fees. 24/5 trading for selected US stocks and ETFs is now available on Moomoo Singapore and Moomoo Australia now. For more information on moomoo's 24/5 US trading, visit the website at www.moomoo.com/sg and www.moomoo.com/au *Please note, currently 24/5 trading of US stocks is only available on the moomoo platform in Singapore and Australia. It is not available on the platform within the United States. About moomoo Moomoo is a next-generation one-stop digitalized financial services platform powered by Moomoo Technologies Inc., a fintech company based in Palo Alto, California. Moomoo integrates trading, market data, and social networking with advanced features, such as AI-powered analytics and anomaly detection functions. It supports free online account-opening and provides access to trade stocks and ETFs in multiple global markets such as the United States, Hong Kong SAR, Singapore, and Australia. Moomoo and its brand affiliates also offer rich investor education content and an interactive online community with over 20 million users in more than 200 countries and regions globally. For more information, please visit moomoo's official website at www.moomoo.com or contact moomoo public relation team via pr@moomoo.com.
STOCKHOLM, June 2, 2023 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV) (SSE: ALIVsdb), is pioneering improved safety for 200 million road users through its holistic approach to motorcycle and scooter safety. The first new motorcycle safety product to reach the market will be the bag-on-bike airbag, with production beginning in Q1 2025. The bag-on-bike airbag can significantly reduce the risk of serious injury for powered two-wheeler riders in frontal crashes. The number of powered two-wheelers continues to rise, due to widespread urbanization and the practicality of powered two-wheelers. Today, many scooters and motorcycles are equipped with advanced safety systems, such as ABS (Antilock Braking System) and ASR (Anti-Slip Regulation), and the addition of airbags will be a further step in this direction. Powered two-wheeler riders have not benefited to the same extent as car occupants from the many developments in vehicle safety. "Autoliv is committed to our vision of Saving More Lives and to providing world class life-saving solutions for mobility and society. Therefore, we are developing products that specifically protect vulnerable road users, such as riders of powered two-wheelers. The development of these products is an integral part of our sustainability agenda," said Mikael Bratt, CEO and President, Autoliv. The bag-on-bike airbag - a complete airbag system Autoliv's extensive research into powered two-wheeler riding behavior and crashes has resulted in two sets of solutions - on-vehicle safety solutions and on-rider safety solutions. The first product to reach the market will be the bag-on-bike airbag, which is planned to go into production with the first customer in 2025. "Our goal is to offer a complete and cost-efficient bag-on-bike system to facilitate the introduction of this technology for a wide variety of motorcycles. The Autoliv bag-on-bike airbag system will include an airbag and an optional in-house-developed electronic crash sensor to complete the system," said Jordi Lombarte, Chief Technical Officer, Autoliv. Evolving safety regulations for powered two-wheelers "To reach the global target of halving road traffic fatalities we need to increase the safety for powered two-wheeler riders. Through working with real life data, we understand the most frequent crashes and injury types and how to assess them in a laboratory environment. Through virtual and physical testing, we have demonstrated the benefit of the airbag in frontal crashes, and we acknowledge that there is a need for additional solutions to cover more crash situations and rider behaviors," said Cecilia Sunnevång, Vice President Research, Autoliv. The safety of motorcycle riders is the focus of many regulators and consumer crash test organizations. Euro NCAP is targeting enhanced motorcycle rider safety by expanding vehicle crash avoidance testing to include powered two-wheeler crash scenarios. In Asia, the Malaysian Institute of Road Safety Research (MIROS) indicates that the rating of on-vehicle safety solutions will be adopted in 2024 in their Malaysian Motorcycle Assessment Program (MyMAP). Inquiries: Media: Annika Sellberg, Tel +46 (0)8 587 206 08Investors & Analysts: Anders Trapp, Tel +46 (0)8 587 206 71Investors & Analysts: Henrik Kaar, Tel +46 (0)8 587 206 14 The following files are available for download: https://mb.cision.com/Main/751/3778953/2101039.pdf Press release as PDF https://news.cision.com/autoliv/i/bag-on-bike,c3185069 Bag on bike
To cooperate in developing mortgage loan businesses including overseas marketHONG KONG SAR - Media OutReach - 2 June 2023 - The board of directors of Oi Wah Pawnshop Credit Holdings Limited (HKEx stock code: 1319.HK, the "Group" or "Oi Wah") and PACM Group (Holdings) Limited ("PACM Group") jointly announced that the two companies have entered into a memorandum of understanding (the "MOU") yesterday, in relation to the formation of a strategic partnership to carry out long-term cooperation, which the parties intend to cooperate in the real estate private credit institutional investment management business with investment strategies including asset-backed direct lending, non-performing debt acquisition, acquisition financing, stretch senior financing, project financing, bridge financing and other debt related strategies within Hong Kong and overseas. According to the MOU, one of the potential cooperation models between both parties is to jointly establish a limited partnership fund with Oi Wah acting as the cornerstone investor by providing initial capital for the fund; and a company to be jointly established by both parties to act as the general partner of the fund, the specific content of the cooperation model will be set out in a formal agreement to be entered into between both parties. Mr. Edward Chan, Chairman and CEO of Oi Wah, said, "The Group is optimistic about the long term prospects of the mortgage business industry. We believe that the MOU provides a good opportunity for both parties to benefit from better allocation of resources, while helping the Group to develop its business in overseas markets, broaden its income sources and customer base. In addition, the long-term cooperative relationship between the parties will help the Group consolidate our position in the industry." Mr. Francis Ng, Managing Director and Chief Investment Officer of PACM Group, said, "We are privileged to be able to work with such an experienced subject matter expert spanning over 48 years of the lending sector in Hong Kong. Oi Wah has been a trusted partner of PACM Group since our establishment in 2018, and is only natural for the two companies to further the relationship with the development of a jointly established fund. This long-term strategic partnership with the lending specialist, Oi Wah, is an opportunity to lay a solid foundation for future growth through shared confidence and resources in the developed regional private credit business market. Oi Wah will be an anchor investor for our upcoming Limited Partnership Fund, which will be the second fund launched by PACM Group. I believe the synergy between PACM Group and Oi Wah will successfully capture the window of rebounding market activities and respond quickly to the increasing demand for direct lending both at home and abroad, thus seizing the opportunity to expand our business and market share. PACM Group has always placed risk management for its investments as top priority in the first place. We are confident that, with our successful investment track record, we will continue to deliver strong returns to our investors on a risk-adjusted basis." Hashtag: #OiWahThe issuer is solely responsible for the content of this announcement.Oi Wah Pawnshop Credit Holdings LimitedOi Wah is a financing service provider in Hong Kong, mainly providing short-term secured financing, including pawn loans and mortgage loans. The Group established its first pawnshop in 1975 and currently owns 10 pawnshops in various locations in Hong Kong. Oi Wah diversified into mortgage loan business in 2009. The Group is the first local pawn shop which successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 12 March 2013. PACM Group (Holdings) LimitedPACM Group (Holdings) Limited ("PACM Group") is a real estate private credit investment management firm based in Hong Kong specializing in distressed investments / special situations in developed markets with projects in Hong Kong, Australia, the UK, and Canada. Pacific Aegis Capital Management (IM) Limited is a HKSFC regulated entity with a Type 9 Asset Management license.
Sunway Medical Centre Velocity in Kuala Lumpur delivers a wide range of medical specialties supported by highly trained professionals and advanced technologies. SAN ANTONIO, June 2, 2023 /PRNewswire/ -- Frost & Sullivan recently researched the Malaysian hospital industry and, based on its findings, recognizes Sunway Medical Centre Velocity (SMCV) with the 2023 Emerging Hospital Company of the Year Award. Since its establishment in 2019, SMCV has been a leading hospital in Kuala Lumpur that serves patients in need of various specialized services, including obstetrics & gynecology, pediatrics, neonatology, fertility, orthopedics, neurosurgery, internal medicine, cardiology, oncology, urology, dermatology, and psychiatry. 2023 Malaysian Emerging Hospital Company of the Year Award The hospital's advanced healthcare facilities and outstanding services help retain its patient base and lead the highly competitive Malaysian hospital industry. SMCV adheres to healthcare best practices to drive and sustain growth. This philosophy has enabled the hospital to rapidly grow and establish a robust brand presence in the Malaysian healthcare community. Furthermore, SMCV actively invests in staff training to sustain its exceptional patient care, and its management team is working to turn the hospital into a comprehensive health facility for all medical needs in the next few years. "In addition, SMCV is the first hospital in Malaysia to commit to Race to Zero, a global campaign led by the United Nations to achieve net-zero greenhouse gas emissions by 2050. The hospital supports sustainability goals in energy, waste, transportation, food, and water through various campaigns and initiatives," said Bhaskar Vittal, industry principal at Frost & Sullivan. SMCV is committed to adopting digital technologies as a pillar of its future growth. Consequently, the hospital has undertaken multiple digitalization initiatives, such as express registration, electronic medical records (EMRs), vital sign machine integration into EMRs, the SunMed Go platform, and its own eCommerce platform. These initiatives resulted in improved patient monitoring and reduced waiting time, which have substantially improved SMCV's overall patient experience. For instance, the SunMed Go mobile app enables patients to book appointments with their preferred doctors, check live queues, view medical records, and access the latest wellness packages from their mobile phones. "Patient care is our utmost priority at SMCV, and we strongly believe in leveraging on advanced technologies to elevate the quality and efficiency of our everyday workflow. With this in mind, the team at SMCV is constantly incorporating more initiatives to further enhance the holistic patient experience at our hospital." emphasizes Dr Khoo Chow Huat, Managing Director of Hospital & Healthcare Operations of Sunway Healthcare Group. SMCV also invested in a robotic exoskeleton machine designed to aid the rehabilitation of patients with mobility impairments, which makes the hospital one of the few facilities in Malaysia with such sophisticated technologies. Additionally, the hospital's medical equipment is connected to digital solutions, meaning that patient data is easily captured and thoroughly analyzed. "SMCV strongly believes that digital technology adoption will be key to its future growth, especially for workflow efficiencies," noted Vittal. Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration. Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & Sullivan For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact: Tarini SinghP: +91- 9953764546E: Tarini.Singh@frost.com About Sunway Medical Centre Velocity Sunway Medical Centre Velocity is situated in the township of Sunway Velocity, Cheras, Kuala Lumpur. The hospital offers comprehensive tertiary healthcare services with a capacity of 237 beds, 62 consultant suites and 6 operating theatres. Its range of medical services include facilities and advanced medical technologies for outpatient and inpatient specialty care, health and wellness programs and 24-hour emergency services. Sunway Medical Centre Velocity has Centres of Excellence with specialized medical services to its patients. Each centre is supported by experienced medical professionals and equipped with digitally advanced technologies to provide patients with the best possible care. Among the Centres of Excellence in SMCV are Women and Children Centre, Neuro Centre, Heart and Lung Centre, and Orthopaedic Centre. Sunway Medical Centre Velocity is an Award-Winning Hospital, recently recognized by Frost & Sullivan Best Practices Awards as the 2023 Emerging Company of the Year for its extensive facilities, outstanding services and digitalization approach in delivering the best patient care, aside for its commitment in being the first hospital in Malaysia to commit to Race to Zero, a global campaign led by the United Nations to achieve net-zero greenhouse gas emissions by 2050. This hospital was also awarded by Globalhealth Asia Pacific Awards 2022 with three awards acknowledging the quality of its healthcare services. Aside from being named Best New Hospital in Asia Pacific, Sunway Medical Centre Velocity was also named Obstetrics and Gynaecology Service Provider of the Year and Wellness Service Provider of the Year. Sunway Medical Centre Velocity is part of Sunway Healthcare Group which comprises of Sunway Medical Centre, Sunway Medical Centre Velocity, Sunway Specialist Centre Damansara, Sunway Medical Centre Penang and Sunway Medical Centre Singapore. Sunway Healthcare Group is affiliated with the Jeffrey Cheah School of Medicine & Health Sciences, University of Cambridge, Royal Papworth Hospital and Harvard Medical School to further meet the demands of clinical care, education, and research. For more information on Sunway Medical Centre Velocity, please visit: www.sunmedvelocity.com.my Contact: Nurul Ayu NadiaP: +603 9772 9287E: nayunh@sunway.com.my
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