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SINGZYME WINS 2025 AMGEN X NSG GOLDEN TICKET FOR BREAKTHROUGH BIOCONJUGATION PLATFORM

Now in its fourth year, the programme continues to empower biotech startups through ecosystem support and collaboration to advance science that serves patients.

SINGAPORE, Aug. 21, 2025 /PRNewswire/ — Singzyme, a Singapore-based biotech startup pioneering next-generation bioconjugation solutions, has been named the winner of the 2025 Golden Ticket Programme in Singapore. The award is part of a joint programme by Amgen, a U.S.-based leader in biologic medicines and NSG BioLabs, Singapore’s leading provider of biotechnology co-working laboratories and offices.

Singzyme wins 2025 Amgen x NSG BioLabs Golden Ticket
Singzyme wins 2025 Amgen x NSG BioLabs Golden Ticket

Now in its fourth year, the Golden Ticket Programme supports promising biotech startups by providing infrastructure, mentorship, and resources to advance scientific progress and talent development in accelerating the development of new therapies. As this year’s awardee, Singzyme will receive a one-year residency at NSG BioLabs, along with access to certified BSL-2 lab facilities and networking opportunities through Amgen’s community of scientific and business leaders.

Singzyme was selected from a competitive pool of six finalists following an interactive pitch session reviewed by Amgen’s internal scientific committee. The startup stood out for its proprietary Peptide Asparaginyl Ligase (PAL) platform, a novel site-specific conjugation technology that addresses key challenges in the manufacturing of antibody-drug conjugates (ADCs) and other complex biologics. The platform holds strong potential for enabling safer, more precise, and efficient production of next-generation targeted therapies.

“Singzyme’s novel platform reflects the strong scientific thinking and innovation emerging from Singapore’s biotech sector,” said Dr Alan Russell, Vice President for Research Biologics at Amgen. “It’s encouraging to see creative approaches to longstanding challenges in bioconjugation, and we’re pleased to be part of an initiative that helps spotlight and connect promising science with broader networks in the industry that aligns with Amgen’s mission to deliver impactful therapies to serve patients.” 

Ms Daphne Teo, CEO and Founder of NSG BioLabs, added, “The Golden Ticket Programme provides a valuable stepping stone for biotech startups at critical stages of their journey. As Singapore’s life sciences community continues to expand, it’s exciting to support companies like Singzyme as they bring their ideas to life and move closer to the clinic in Singapore’s growing vibrant biotech industry.”

Mr Abbas Sahili, Chief Technology Officer, inventor and founding team member of Singzyme, said, “This award validates the transformative potential of Singzyme’s peptide ligation technology to enable the next generation of precision medicines. The Golden Ticket is a significant recognition of our PAL platform’s ability to address critical unmet needs in biologics development – not only in oncology, but across diverse modalities and disease areas.”

Mr Wee Kiat Tan, CEO of Singzyme, said, “With this support, we are committed to advancing our platform toward clinical applications in oncology and beyond. Through this collaboration, we will continue to strengthen our capabilities and accelerate the delivery of impactful therapies to patients worldwide.”

Singzyme joins a growing list of previous Golden Ticket recipients in Singapore, including Albatroz Therapeutics, VerImmune, and PairX Bio. These companies have leveraged the programme’s access and visibility to further their research, raise funding, and expand partnerships. Albatroz secured US$3 million in seed funding to advance its drug development programmes, while VerImmune’s recent closure of the first half of its Pre-Series A round reflects strong confidence in its platform and trajectory.

Unlocking Biotech Growth Through Cross-Sector Collaboration

Accelerating biotech startups takes more than breakthrough science, it requires the right mix of mentorship, infrastructure, and collaboration. This was the key message shared at a panel discussion held at the award ceremony, titled “Powering Biotech Breakthroughs: Scaling Science Through Cross-Sector Collaboration.” Speakers from Amgen, ClavystBio, and the Singapore Economic Development Board (EDB) discussed how cross-sector collaboration is helping startups progress from scientific concepts to real-world applications. The discussion emphasized the importance of a dynamic ecosystem – one that offers shared infrastructure, strong talent pipelines, and access to mentorship – to support biotech ventures and enable researchers and entrepreneurs to grow and scale globally.

“We are growing Singapore’s biotech leadership via three key drivers – access to capital, a strong talent pool, and strategic partnerships,” said Mr Chen Pengfei, Vice President for Healthcare of EDB. “Beyond a strong scientific community, a vibrant entrepreneurship ecosystem is critical to bringing innovations to market. We hope to forge more collaborations with key stakeholders including academic and biotech companies, to unlock greater growth opportunities from Singapore.”

For more information on Golden Ticket Programme, visit https://nsgbio.com/nsg-bio-tomorrow/

About Amgen 

Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world’s toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what’s known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.

In 2024, Amgen was named one of the “World’s Most Innovative Companies” by Fast Company and one of “America’s Best Large Employers” by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, TikTok, YouTube and Threads

About NSG BioLabs

Founded with a focus on supporting biotech innovation, NSG BioLabs offers state-of-the-art equipment, efficient operations, capital efficiency, the expertise of world-class teams and global networks to assist life sciences companies. The conducive R&D environment contains fully-equipped, certified BSL-2 laboratory and office infrastructure across 70,000 sq ft within Singapore’s biomedical science clusters, Biopolis and Singapore Science Park.

By providing access to high-quality infrastructure, its extensive partner network, community, and value-add benefits, NSG BioLabs ensures that companies, ranging from emerging biotech startups to multinational companies, can rapidly and efficiently execute on their cutting-edge research and development ecosystem in Singapore, leading to the innovation of revolutionary technologies and products that translate into breakthrough biotech ventures and impact for patients. For more information, visit www.nsgbio.com

About Singzyme

Singzyme is a Singapore-based biotechnology company pioneering next-generation bioconjugation solutions for the manufacturing of antibody-drug conjugates (ADCs) and other complex biologics. Its proprietary Peptide Asparaginyl Ligase (PAL) based conjugation platform enables highly precise, efficient, and scalable site-specific conjugation of payloads to antibodies and other proteins. By combining breakthrough enzymatic technology with deep expertise in protein engineering, Singzyme empowers partners to accelerate the development of safer, more effective targeted therapies. For more information visit www.singzyme.com

Dingdong (Cayman) Limited Announces Second Quarter 2025 Financial Results

SHANGHAI, Aug. 21, 2025 /PRNewswire/ — Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Highlights: 

  • GMV for the second quarter of 2025 increased by 4.5% year over year to RMB6,499.4 million (US$907.3 million) from RMB6,218.7 million in the same quarter of 2024, positive year-on-year growth for six straight quarters.
  • Total number of orders increased by 5.5% year over year in the second quarter of 2025.
  • Net income for the second quarter of 2025 increased by 59.7% year over year to RMB107.2 million (US$15.0 million) from RMB67.1 million in the same quarter of 2024, the sixth consecutive quarter of profitability.
  • Non-GAAP net income for the second quarter of 2025 increased by 23.9% year over year to RMB127.8 million (US$17.8 million) from RMB103.1 million in the same quarter of 2024, the eleventh consecutive quarter of non-GAAP profitability.

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, “As of the second quarter of 2025, Dingdong has achieved eleven straight quarters of non-GAAP profitability and six straight quarters of GAAP profitability, along with six consecutive quarters of positive year-over-year revenue growth. This consistent growth in scale and profitability not only shows that we have overcome the challenge of survival but also proves the resilience and execution capabilities of the Dingdong team, laying a strong foundation for the next phase of higher-quality growth. By the end of the second quarter, Dingdong’s 4G strategy—centered on “good users, good products, good service, and good mindshare”—had been in place for six months. While the Company is still transforming, it has achieved steady year-over-year growth. Additionally, through adjustments in production relations and productivity improvements, the 4G strategy has already begun to show results. The Company remains focused on developing high-quality products, aiming to create more offerings that are well-received, commercially successful, and distinctive. Our principle is “Where others fall short, we deliver. Where others deliver, we excel. Where others excel, we redefine.” Operational metrics aligned with the 4G strategy continue to improve steadily.”

Mr. Song Wang, Chief Financial Officer of Dingdong, stated, “In the second quarter of 2025, Dingdong generated revenue of RMB5.98 billion, a 6.7% year-on-year increase, marking six consecutive quarters of positive growth. Non-GAAP net profit reached RMB127.8 million, with a net margin of 2.1%, up 0.3 percentage points year-on-year. GAAP net profit was RMB107.2 million, with a net margin of 1.8%, an increase of 0.6 percentage points. In terms of funds, the second quarter recorded a net cash inflow of RMB101.4 million from operating activities, the eighth straight quarter of positive cash flow. By the end of the second quarter, after deducting short-term borrowings, our actual cash owned increased to RMB2.95 billion. Dingdong has been focused on the instant retail and fresh grocery e-commerce sectors for over eight years. Our ongoing profitability and rising cash flow reinforce our commitment to the value proposition “narrow and deep.” Despite external changes, we will remain fully dedicated to the fresh grocery vertical, investing continuously in high-quality products and supply chains, following our unique path.”

Second Quarter 2025 Financial Results

Total revenues were RMB5,975.9 million (US$834.2 million) compared with total revenues of RMB5,599.0 million in the same quarter of 2024, increased by 6.7% year over year, primarily due to the rise of number of orders resulting from rise in the average monthly number of transacting users and higher monthly order frequency, and new opened frontline fulfillment stations with density and market penetration improved in East China. The increase was offset by suspension of operations for a number of stations in the last three quarters of 2024, and the impact of the decline in CPI prices of certain categories in the second quarter of 2025.

  • Product Revenues were RMB5,893.7 million (US$822.7 million) compared with product revenues of RMB5,517.9 million in the same quarter of 2024, increased by 6.8% year over year.
  • Service Revenues were RMB82.1 million (US$11.5 million) compared with service revenues of RMB81.1 million in the same quarter of 2024, increased by 1.3% year over year.

Total operating costs and expenses were RMB5,980.1 million (US$834.8 million) compared with RMB5,612.8 million in the same quarter of 2024, with a detailed breakdown as below:

  • Cost of goods sold was RMB4,255.2 million (US$594.0 million), an increase of 8.6% from RMB3,919.4 million in the same quarter of 2024. Cost of goods sold as a percentage of revenues increased to 71.2% from 70.0% in the same quarter of 2024. Gross margin decreased to 28.8% from 30.0% in the same quarter of 2024. The cost implications arising from product listing and delisting due to the implementation of 4G strategy of “good users, good products, good services, and good mindshare”.
  • Fulfillment expenses were RMB1,297.3 million (US$181.1 million), an increase of 3.5% from RMB1,252.9 million in the same quarter of 2024. Fulfillment expenses as a percentage of total revenues decreased to 21.7% from 22.4% in the same quarter of 2024.
  • Sales and marketing expenses were RMB102.9 million (US$14.4 million), a decrease of 20.6% from RMB129.7 million in the same quarter of 2024. Sales and marketing expenses as a percentage of total revenues decreased to 1.7% from 2.3% in the same quarter of 2024. The traffic and promotional effects generated by the Good Products Strategy have replaced some of the original marketing campaigns, thereby saving corresponding expenses.
  • General and administrative expenses were RMB122.9 million (US$17.2 million), an increase of 13.6% from RMB108.2 million in the same quarter of 2024, mainly due to the increase of staff cost.
  • Product development expenses were RMB201.8 million (US$28.2 million), a slightly decrease of 0.4% from RMB202.7 million in the same quarter of 2024. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure such as the AI technical capability, to further enhance our competitiveness.

Net income from operations was RMB81.6 million (US$11.4 million), compared with net income from operations of RMB53.6 million in the same quarter of 2024.

Non-GAAP income from operations, which is a non-GAAP measure for loss from operations that excludes share-based compensation expenses, was RMB102.2 million (US$14.3 million), increased by 14.1% year over year, compared with Non-GAAP income from operations of RMB89.6 million in the same quarter of 2024.

Net income was RMB107.2 million (US$15.0 million), compared with net income of RMB67.1 million in the same quarter of 2024.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB127.8 million (US$17.8 million), increased by 23.9% year over year, compared with non-GAAP net income of RMB103.1 million in the same quarter of 2024. In addition, non-GAAP net income margin, which is the Company’s non-GAAP net income as a percentage of total revenues, was 2.1% compared with 1.8% in the same quarter of 2024.

Basic and diluted net income per share were RMB0.32 and RMB0.31 (US$0.04), compared with net income per share of RMB0.20 in the same quarter of 2024. Non-GAAP net income per share, basic and diluted, were RMB0.39 and RMB0.37 (US$0.05), compared with RMB0.31 in the same quarter of 2024.

Cash and cash equivalents, restricted cash and short-term investments were RMB3,974.2 million (US$554.8 million) as of June 30, 2025, compared with RMB4,294.5 million as of March 31, 2025. We have been working diligently to optimize our capital usage and financing structure. The cash and cash equivalents, restricted cash, short-term investments and long-term deposits as included in the other non-current assets deducting the balance of short-term borrowings, is RMB2.95 billion, a net increase for the eighth consecutive quarter, compared with RMB2.89 billion as of March 31, 2025.

Guidance

The Company is looking to maintain scale year-over-year and achieve non-GAAP profits in the third quarter of 2025.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Thursday, August 21, 2025 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

86-4001-206115

Hong Kong Toll Free:

800-963976

Conference ID:

0358096

The replay will be accessible through August 28, 2025 by dialing the following numbers:

International:

1-412-317-0088

United States:

1-877-344-7529

Access Code:

5040747

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.100.me.

About Dingdong (Cayman) Limited 

We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers’ evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping.

For more information, please visit: https://ir.100.me.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, non-GAAP net income attributable to ordinary shareholders and non-GAAP net income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures 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 “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong’s strategic and operational plans, contain forward-looking statements. Dingdong 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 interim and annual reports 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 Dingdong’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: Dingdong’s goals and strategies; Dingdong’s future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong’s expectations regarding demand for and market acceptance of its products and services; Dingdong’s expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong’s industry; and relevant government policies and regulations relating to Dingdong’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 the Company’s filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

 

 

DINGDONG (CAYMAN) LIMITED 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of RMB and US$)

As of

December 31,
2024

June 30,

2025

June 30,

2025

RMB

RMB

US$

 (Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

887,427

926,209

129,294

Restricted cash

2,788

1,630

228

Short-term investments

3,561,977

3,046,326

425,251

Accounts receivable, net

125,896

136,912

19,112

Inventories, net

553,601

504,934

70,486

Advance to suppliers

62,730

96,275

13,439

Prepayments and other current assets

170,753

193,875

27,064

Total current assets

5,365,172

4,906,161

684,874

Non-current assets:

Property and equipment, net

176,290

196,384

27,414

Operating lease right-of-use assets

1,464,791

1,509,628

210,736

Other non-current assets

111,395

145,938

20,372

Total non-current assets

1,752,476

1,851,950

258,522

TOTAL ASSETS

7,117,648

6,758,111

943,396

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

1,660,472

1,782,194

248,784

Customer advances and deferred revenue

279,276

249,154

34,781

Accrued expenses and other current
    liabilities

 

767,082

755,559

105,472

Salary and welfare payable

317,152

218,035

30,437

Operating lease liabilities, current

640,245

667,992

93,248

Short-term borrowings

1,606,253

1,061,954

148,243

Total current liabilities

5,270,480

4,734,888

660,965

Non-current liabilities:

Operating lease liabilities, non-current

780,036

805,058

112,382

Other non-current liabilities

143,118

145,122

20,258

Total non-current liabilities

923,154

950,180

132,640

TOTAL LIABILITIES

6,193,634

5,685,068

793,605

 

 

DINGDONG (CAYMAN) LIMITED 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands of RMB and US$)

As of

December 31,

2024

June 30,

2025

June 30,

2025

RMB

RMB

US$

(Unaudited)

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY (CONTINUED)

Mezzanine Equity:

Redeemable noncontrolling interests

125,403

130,282

18,187

TOTAL MEZZANINE EQUITY

125,403

130,282

18,187

Shareholders’ equity:

Ordinary shares

4

4

1

Additional paid-in capital

14,181,030

14,224,126

1,985,610

Treasury stock

(51,176)

(51,176)

(7,144)

Accumulated deficit

(13,384,881)

(13,274,555)

(1,853,056)

Accumulated other comprehensive income

53,634

44,362

6,193

TOTAL SHAREHOLDERS’ EQUITY

798,611

942,761

131,604

TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

 

7,117,648

6,758,111

943,396

 

 

DINGDONG (CAYMAN) LIMITED 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

June 30,

2024

2025

2025

 RMB 

RMB

US$

(Unaudited)

Revenues:

Product revenues

5,517,850

5,893,728

822,733

Service revenues

81,103

82,141

11,466

Total revenues

5,598,953

5,975,869

834,199

Operating costs and expenses:

Cost of goods sold

(3,919,445)

(4,255,182)

(594,001)

Fulfillment expenses

(1,252,859)

(1,297,277)

(181,093)

Sales and marketing expenses

(129,659)

(102,917)

(14,367)

Product development expenses

(202,663)

(201,822)

(28,173)

General and administrative expenses

(108,165)

(122,906)

(17,157)

Total operating costs and expenses

(5,612,791)

(5,980,104)

(834,791)

Other operating income, net

67,438

85,870

11,987

Income from operations

53,600

81,635

11,395

Interest income

37,807

33,393

4,663

Interest expenses

(14,023)

(4,820)

(673)

Other (loss)/income, net

(2,844)

783

109

Income before income tax

74,540

110,991

15,494

Income tax expenses

(7,414)

(3,804)

(531)

Net income

67,126

107,187

14,963

Accretion of redeemable noncontrolling interests

(2,292)

(2,476)

(346)

Net income attributable to ordinary shareholders

64,834

104,711

14,617

 

 

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED)

(Amounts in thousands of RMB and US$, except for number of shares and per share data) 

For the three months ended

June 30,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Net income per Class A and Class B ordinary share:

Basic

0.20

0.32

0.04

Diluted

0.20

0.31

0.04

Shares used in net income per Class A and Class B
    ordinary share computation:

Basic

325,430,984

324,632,496

324,632,496

Diluted

329,814,651

335,355,966

335,355,966

Other comprehensive income/(loss), net of tax of nil:

Foreign currency translation adjustments

9,441

(6,141)

(857)

Comprehensive income

76,567

101,046

14,106

Accretion of redeemable noncontrolling interests

(2,292)

(2,476)

(346)

Comprehensive income attributable to ordinary
   shareholders

74,275

98,570

13,760

 

 

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of RMB and US$)

For the three months ended

June 30,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Net cash generated from operating activities

245,738

101,401

14,155

Net cash generated from/ (used in) investing activities

278,839

(46,026)

(6,425)

Net cash used in financing activities

(592,905)

(344,390)

(48,075)

Effect of exchange rate changes on cash and cash equivalents and
   restricted cash

(1,479)

(140)

(19)

Net decrease in cash and cash equivalents and restricted cash

 

(69,807)

(289,155)

(40,364)

Cash and cash equivalents and restricted cash at the beginning of the period

1,131,474

1,216,994

169,886

Cash and cash equivalents and restricted cash at the
   end of the period

1,061,667

927,839

129,522

 

 

DINGDONG (CAYMAN) LIMITED 

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended
June 30,

2024

2025

2025

RMB  

RMB  

US$  

(Unaudited)

Income from operations

53,600

81,635

11,395

Add: share-based compensation expenses (1)

36,001

20,583

2,873

Non-GAAP income from operations

89,601

102,218

14,268

Operating margin

1.0 %

1.4 %

1.4 %

Add: share-based compensation expenses

0.6 %

0.3 %

0.3 %

Non-GAAP operating margin

1.6 %

1.7 %

1.7 %

Net income

67,126

107,187

14,963

Add: share-based compensation expenses (1)

36,001

20,583

2,873

Non-GAAP net income

103,127

127,770

17,836

Net income margin

1.2 %

1.8 %

1.8 %

Add: share-based compensation expenses

0.6 %

0.3 %

0.3 %

Non-GAAP net income margin

1.8 %

2.1 %

2.1 %

Net income attributable to ordinary shareholders

64,834

104,711

14,617

Add: share-based compensation expenses (1)

36,001

20,583

2,873

Non-GAAP net income attributable to ordinary
  shareholders

100,835

125,294

17,490

Net income per Class A and Class B ordinary share:

Basic

0.20

0.32

0.04

Diluted

0.20

0.31

0.04

Add: share-based compensation expenses

Basic

0.11

0.07

0.01

Diluted

0.11

0.06

0.01

Non-GAAP net income per Class A and Class B ordinary share:

Basic

0.31

0.39

0.05

Diluted

0.31

0.37

0.05

 

 

(1) Share-based compensation expenses are recognized as follows:

For the three months ended

June 30,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Fulfillment expenses

7,825

3,926

548

Sales and marketing expenses

1,844

1,387

194

Product development expenses

15,595

8,590

1,199

General and administrative expenses

10,737

6,680

932

Total

36,001

20,583

2,873

 

 

 

Bank of Thailand Sets THB 50,000 Daily Transfer Limit to Fight Online Fraud

The Bank of Thailand (Photo: www.bot.or.th)

Thailand bank is set to apply a measure of limiting money transfer to THB 50,000 (USD USD 1,400) per day by 2025, to prevent online scamming rate.

Phuket Rises as the Ultimate Residential Destination for Russian Buyers, Driven by Laguna Phuket and Banyan Group Residences

Over half of Laguna Phuket’s sales of new condos in the past few years have been to Russian buyers lured by Phuket’s affordability, stability, great weather and relaxed but fun lifestyle


PHUKET, THAILAND – Media OutReach Newswire – 21 August 2025 Phuket, Thailand’s largest island, has become a top choice for Russian buyers seeking a safe, peaceful, and affordable lifestyle. With its warm, sunny climate year-round, pristine beaches, and family-friendly environment, Phuket offers an unparalleled blend of tropical charm and modern convenience – as well as international schools and top quality healthcare.

Phuket Rises as the Ultimate Residential Destination for Russian Buyers, Driven by Laguna Phuket and Banyan Group Residences

For Russian buyers looking to improve their quality of life, Phuket provides exceptional value. The cost of living is significantly lower than in major cities like Moscow or St. Petersburg, allowing residents to enjoy a luxurious lifestyle at a fraction of the cost.

Phuket serves as a safe haven, far from conflict zones, offering political stability and a welcoming atmosphere. It’s ranked 4th in the world for branded residences, behind only Dubai, New York and Miami. The island is already now home to a vibrant Russian-speaking community, with Russian-language signage in shops and restaurants and services designed to make daily life easy for Russian residents.

Direct daily flights connect Phuket to major Russian cities like Moscow, Vladivostok, and Irkutsk, ensuring easy access. Phuket International Airport also has connections to over 80 cities worldwide, making the island an ideal base to travel in and out of.

Laguna Phuket: A World-Class Residential Community

Laguna Phuket, located on Bang Tao Beach, Phuket’s most exclusive and sought-after area, is one of Asia’s most prestigious integrated resort and residential communities. Spanning over 1,000 acres, it features seven luxury hotels, an award-winning golf course, and 3,000 branded residences.

Laguna Phuket has evolved into a vibrant international residential community, welcoming residents from over 50 countries. Its outstanding amenities include wellness centres, fine dining, a primary school, and outdoor activities, all set within a safe and luxurious environment.

Banyan Group, the developer behind Laguna Phuket, is globally recognized for its expertise in luxury hospitality through its Banyan Tree Hotels & Resorts brand. This strong hospitality background offers property buyers unmatched advantages, including professional property management, access to premium facilities, and the opportunity to place properties in rental programs managed by a globally respected 5-star brand. Over 50% of Banyan Group Residences’ sales in Phuket over the past few years have been to Russians, reflecting their strong preference for this tropical haven. To make the buying process seamless, Banyan Group also has Russian-speaking teams to assist buyers and ensure smooth communication.

Phuket’s affordability, safety, and vibrant Russian-speaking community make it a top choice for Russian buyers.

Hashtag: #BanyanGroup

The issuer is solely responsible for the content of this announcement.

Yeahka Announces 2025 Interim Results

Strong profit growth post strategic upgrades
Expanded global footprint with differentiated propositions 
Deepened AI services driven by verticals insights

HONG KONG, Aug. 21, 2025 /PRNewswire/ — Yeahka Limited (“Yeahka” or “we” or the “Company,” Stock Code: 9923.HK), a leading payment and digital commerce technology platform in Asia, is pleased to announce its interim results for the six months ended June 30, 2025 ( “1H25”).

Business and Financial Summary

  • Following the successful acquisition of our U.S. MSB (Money Services Business) federal payment license, we have also secured the Arizona MTL (Money Transmitter License) state-level payment license, and continue to expand our footprint across major global economies;
  • We have also obtained formal approval from Japan’s Ministry of Economy, Trade and Industry to conduct online and offline QR code payment acceptance services in Japan, further consolidating our local team and existing business foundations to enhance our commercialization strengths, so as to provide Japanese merchants with one-stop digital commerce enablement solutions;
  • We supported our strategic partner The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) to upgrade its payment acceptance management solutions, adding payment methods such as Alipay, Alipay HK, and WeChat Pay, demonstrating the penetration of our international products;
  • Our AI-driven precision marketing subsidiary Beijing Chuangxinzhong Technology (“Chuangxinzhong”) achieved approximately 40% month-on-month growth in AI-generated realistic digital human video transaction volume, while reducing content production costs by as much as 80%. As of June 30, 2025, AI-generated content accounted for 20% of total video production. Chuangxinzhong has also become ByteDance Ltd.’s first partner capable of converting content into public digital humans, co-developing an intelligent commerce enablement ecosystem;
  • Our one-stop payment services continued to lead the industry, with daily transaction counts peaking at nearly 60 million;
  • Our gross payment volume (GPV) for 1H25 was RMB1.1444 trillion, representing a decrease of 1.9% compared to the same period last year. The transaction volume of our overseas businesses exceeded RMB1.5 billion in 1H25, surpassing the transaction volume of approximately RMB1.1 billion for the full year of 2024;
  • Our payment fee rate in 1H25 was 12.5 basis points (bps), marking a 1.0 bps increase year-on-year, underscoring a stronger commercialization and business expansion capability than industry peers, out of which, our payment fee rate overseas reached 67.0 bps;
  • Revenue for 1H25 was RMB1,641.5 million, representing a year-on-year increase of 4.0%;
  • Gross profit for 1H25 was RMB383.0 million, representing a year-on-year increase of 27.6%. Gross profit margin for the same period rose from 19.0% to 23.3%;
  • Gross profit margin of one-stop payment services increased from 6.9% in 1H24 to 13.7% in 1H25, among which gross profit margin of overseas business exceeded 50%. Gross profit margin of value-added services with higher gross profit margins (including merchant solutions and in-store e-commerce services) continued to maintain a high level of 88.5%;
  • Leveraging the broader application of artificial intelligence across all business lines of the Group, selling, administrative, and research and development expenses for 1H25 decreased by 19.3% compared to the same period last year, reflecting cost reduction across the board;
  • As a result of actively upgrading our equity structure and optimizing finance costs, the finance costs for 1H25 decreased by 52.7% compared to the same period last year; and
  • Profit for the period amounted to RMB41.4 million for 1H25, representing an increase of 27.0% from the same period last year.

Mr. Luke Liu, Chairman of the Board and Chief Executive Officer, said, “Our results in the first half of 2025 clearly demonstrate our technological advancement & product capabilities, successful transformation of our business model, and scalability of our global businesses. Our international operations continued to deliver stellar growth and served more global branded clients with diversified payment & value-added services. Our AI efforts drove further measurable results in client production adoption & innovation. Our in-store e-commerce business achieved profitability and is well-positioned to deliver more returns to our group. Compared to the first half last year, we delivered stronger top line, higher efficiencies, lower operating costs and much higher bottom line growth rate for our shareholders. This solidifies our market leading position to leverage our core product expertise, global footprints and borderless applications for merchants & consumers, and better capture opportunities under the rapid digital currency evolution around the world.”

Mr. Vincent Chan, Head of Corporate Development & Capital Markets, added, “Our core overseas advantage lies in our capabilities to serve not only Chinese or cross-border clients, but also domestic merchants & consumers based on local preferences. With expansion into other global major economies like the US and Japan, deepened support to other global financial payment players such as HSBC and selective application of our decade-long industry best practices to each overseas market, all these factors will triangulate and continue translating into more global clients. This form a virtuous cycle for us to further product innovation including AI-related services and replicate such value-add in the rest of the world.”

Outlook

Mr. Luke Liu concluded, “We will persist in our long-term strategy, with international expansion and product innovation as our dual engines. Amid technological trends including artificial intelligence, blockchain and digital currencies, we will proactively adapt to these developments and advances and continue to deepen the innovative application of such technologies in our business operations. Through continuously improving our operational efficiency, product competitiveness and intelligent services, we will further advance our payment-based one-stop digital solutions for merchants that are highly efficient and innovative.”

About YEAHKA LIMITED (Stock Code: 9923.HK)

Yeahka is a leading commerce enablement technology platform dedicated to creating value for merchants and consumers. We strive to expand an independent commercial digitalized ecosystem to (i) provide seamless, convenient and reliable payment services to both merchants and consumers through our one-stop payment services; (ii) enable merchants to better manage and drive business growth through our merchant solutions; and (iii) provide consumers with local lifestyle services of great value through our in-store e-commerce services.

For more information, please visit https://www.yeahka.com/ 

Investor and media inquiries, please contact:
Yeahka Limited
Capital Markets Team
E-mail: capitalmarkets@yeahka.com
Media Inquiries: pr@yeahka.com

TangibleFuture’s AI Desktop Robot LOOI to Launch New “Starlight White” on Aug. 21

SHERIDAN, Wyo., Aug. 21, 2025 /PRNewswire/ — LOOI, the AI desktop robot developed by TangibleFuture, today announced its highly anticipated new color variant: “Starlight White”. Building on the global success of the black edition of LOOI, this new “Starlight White” version introduces a bold, avant-garde design that seamlessly integrates technology, companionship, and personal expression to deliver an entirely new user experience. This is not merely a color update, but a profound exploration of the product’s design philosophy.

LOOI Starlight White is now available.
LOOI Starlight White is now available.

LOOI has achieved a breakthrough in desktop-level scene perception through its “Perception-Decision-Action” biomimetic behavior system based on multi-modal perception. It can precisely recognize facial expressions, gestures, and object layouts, while initiating proactive environmental interactions. In May 2024, Musk’s comment on LOOI “Pass the butter” demonstration on X sparked over 120 million shares across related discussions and content, rapidly propelling LOOI into global visibility. The product has since been widely recognized by the industry as the landmark that ushered in the inaugural year of “scene perception” for desktop robotics—a milestone signaling the evolution of robots from mere “tools” to collaborative “partners.”

LOOI can interact and communicate with people naturally.
LOOI can interact and communicate with people naturally.

Gray Zhang, CEO of TangibleFuture, stated:

In an era where AI serves as universal infrastructure, LOOI empowers ordinary users to engage with frontier technology through intuitive, human-centric interactions. As an experiment dedicated to the future, it pioneers exploration of whether carbon-based and silicon-based beings can co-create civilization’s next chapter.

About TangibleFuture

TangibleFuture believe that sci-fi should not be confined to the virtual world. We aim to create real-life experiences that meet the imagination of every Inventor, Explorer, and Inner child.

Since the launch of the LOOI product in 2024, it has received engagement from Elon Musk and has been widely covered by leading Chinese media outlets such as CYZone, 36Kr, Jiemian News, GeekPark, and FounderPark. In early 2025, LOOI attracted significant attention at CES 2025 and was named one of the seven coolest products of the year.

For more information, please visit the official website at https://looirobot.com/.

CONTACT: Arya Chen, aryachen46@gmail.com

Yatsen Announces Second Quarter 2025 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 21, 2025

GUANGZHOU, China, Aug. 21, 2025 /PRNewswire/ — Yatsen Holding Limited (“Yatsen” or the “Company”) (NYSE: YSG), a leading China-based beauty group, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Total net revenues for the second quarter of 2025 increased by 36.8% to RMB1.09 billion (US$151.7 million) from RMB794.5 million for the prior year period.
  • Total net revenues from Skincare Brands[1] for the second quarter of 2025 increased by 78.7% to RMB581.3 million (US$81.1 million) from RMB325.2 million for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the second quarter of 2025 were 53.5%, as compared with 40.9% for the prior year period.
  • Gross margin for the second quarter of 2025 increased to 78.3% from 76.7% for the prior year period.
  • Net loss for the second quarter of 2025 narrowed by 77.2% to RMB19.5 million (US$2.7 million) from RMB85.5 million for the prior year period. Non-GAAP net income[2] for the second quarter of 2025 was RMB11.5 million (US1.6 million), as compared with non-GAAP net loss of RMB74.9 million for the prior year period.

Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, “With the vision of becoming a world-class pioneer in beauty innovation, we remained focused in the second quarter of 2025 on executing our strategy to deliver high-quality products and build strong brand equity, fueled by our enhanced R&D capabilities. Key products including Galénic’s Brightening Micro Mask, DR.WU’s Purifying Renewal Essence Toner, and Perfect Diary’s Translucent Blurring Setting Powder contributed to our continued growth momentum. Looking ahead, we are committed to the disciplined execution of our R&D-driven strategy, which we believe will further strengthen our position in the beauty industry.”

Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, “We delivered solid year-over-year growth in the second quarter, leveraging the tailwind of the June 18 shopping festival. Specifically, our color cosmetics brands have returned to a growth trajectory, while our skincare brands maintained strong performance. As operating leverage began to take effect, coupled with our efforts to improve efficiency in our operations and marketing spend, we remain on track to achieve profitable growth.”

Second Quarter 2025 Financial Results

Net Revenues

Total net revenues for the second quarter of 2025 increased by 36.8% to RMB1.09 billion (US$151.7 million) from RMB794.5 million for the prior year period. The increase was primarily due to a 78.7% year-over-year increase in net revenues from Skincare Brands, combined with an 8.8% year-over-year increase in net revenues from Color Cosmetics Brands.[3]

Gross Profit and Gross Margin

Gross profit for the second quarter of 2025 increased by 39.5% to RMB850.4 million (US$118.7 million) from RMB609.4 million for the prior year period. Gross margin for the second quarter of 2025 increased to 78.3% from 76.7% for the prior year period. The increase was primarily driven by an increase in sales of higher-gross-margin products.

Operating Expenses

Total operating expenses for the second quarter of 2025 increased by 21.7% to RMB905.9 million (US$126.5 million) from RMB744.6 million for the prior year period. As a percentage of total net revenues, total operating expenses for the second quarter of 2025 were 83.4%, as compared with 93.7% for the prior year period.

  • Fulfillment Expenses. Fulfillment expenses for the second quarter of 2025 were RMB63.3 million (US$8.8 million), as compared with RMB51.2 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the second quarter of 2025 decreased to 5.8% from 6.4% for the prior year period. The decrease was primarily due to further improvements in logistics efficiency.
  • Selling and Marketing Expenses. Selling and marketing expenses for the second quarter of 2025 were RMB722.4 million (US$100.8 million), as compared with RMB544.7 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the second quarter of 2025 decreased to 66.5% from 68.6% for the prior year period. The decrease was primarily driven by the leveraging effect of higher total net revenues in the second quarter of 2025.
  • General and Administrative Expenses. General and administrative expenses for the second quarter of 2025 were RMB84.1 million (US$11.7 million), as compared with RMB119.1 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the second quarter of 2025 decreased to 7.7% from 15.0% for the prior year period. The decrease was primarily driven by lower payroll expenses resulting from a reduction in general and administrative headcount, coupled with the leveraging effect of higher total net revenues in the second quarter of 2025.
  • Research and Development Expenses. Research and development expenses for the second quarter of 2025 were RMB36.1 million (US$5.0 million), as compared with RMB29.7 million for the prior year period. As a percentage of total net revenues, research and development expenses for the second quarter of 2025 decreased to 3.3% from 3.7% for the prior year period. The decrease was primarily driven by the leveraging effect of higher total net revenues in the second quarter of 2025.

Loss from Operations

Loss from operations for the second quarter of 2025 was RMB55.5 million (US$7.7 million), as compared with RMB135.2 million for the prior year period. Operating loss margin was 5.1%, as compared with 17.0% for the prior year period.

Non-GAAP loss from operations[4] for the second quarter of 2025 was RMB20.4 million (US$2.8 million), as compared with RMB111.9 million for the prior year period. Non-GAAP operating loss margin[5] was 1.9%, as compared with 14.1% for the prior year period.

Net Loss / Income

Net loss for the second quarter of 2025 was RMB19.5 million (US$2.7 million), as compared with RMB85.5 million for the prior year period. Net loss margin was 1.8%, as compared with 10.8% for the prior year period. Net loss attributable to Yatsen’s ordinary shareholders per diluted ADS[6] for the second quarter of 2025 was RMB0.19 (US$0.03), as compared with RMB0.77 for the prior year period.

Non-GAAP net income for the second quarter of 2025 was RMB11.5 million (US$1.6 million), as compared with non-GAAP net loss of RMB74.9 million for the prior year period. Non-GAAP net income margin was 1.1%, as compared with non-GAAP net loss margin of 9.4% for the prior year period. Non-GAAP net income attributable to Yatsen’s ordinary shareholders per diluted ADS[7] for the second quarter of 2025 was RMB0.13 (US$0.02), as compared with non-GAAP net loss attributable to Yatsen’s ordinary shareholders per diluted ADS of RMB0.67 for the prior year period.

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had cash, restricted cash and short-term investments of RMB1.35 billion (US$188.6 million), as compared with RMB1.36 billion as of December 31, 2024.

Net cash generated from operating activities for the second quarter of 2025 was RMB77.7 million (US$10.8 million), as compared with net cash used in operating activities of RMB148.2 million for the prior year period.

Business Outlook

For the third quarter of 2025, the Company expects its total net revenues to be between RMB778.6 million and RMB880.1 million, representing a year-over-year increase of approximately 15% to 30%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.1636 to US$1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

[1] Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company.

[2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments.

[3] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company.

[4] Non-GAAP loss from operations is a non-GAAP financial measure. Non-GAAP loss from operations is defined as loss from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill.

[5] Non-GAAP operating loss margin is a non-GAAP financial measure, which is defined as non-GAAP net loss from operations as a percentage of total net revenues.

[6] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares.

[7] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests.

Conference Call Information

The Company’s management will hold a conference call on Thursday, August 21, 2025, at 7:30 A.M. U.S. Eastern Time or 7:30 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2025.

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong, SAR (toll free):

800-905-945

Hong Kong, SAR:

+852-3018-4992

The replay will be accessible through Thursday, August 28, by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

6410660

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.yatsenglobal.com.

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), Eve Lom and EANTiM. The Company’s flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China.

For more information, please visit http://ir.yatsenglobal.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures 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 presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen’s non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements which are made 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. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs, plans, outlook 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: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China’s beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com

 

 

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, per share data or otherwise noted)

December 31,

June 30,

June 30,

2024

2025

2025

RMB’000

RMB’000

USD’000

Assets

Current assets

Cash and cash equivalents

817,395

953,535

133,108

Restricted cash

47,048

6,568

Short-term investments

539,130

350,771

48,966

Accounts receivable, net

214,558

224,902

31,395

Inventories, net

386,054

392,323

54,766

Prepayments and other current assets

381,404

403,308

56,300

Amounts due from related parties

9,113

2,553

356

Total current assets

2,347,654

2,374,440

331,459

Non-current assets

Investments

664,579

662,961

92,546

Property and equipment, net

74,373

67,181

9,378

Goodwill, net

155,029

155,029

21,641

Intangible assets, net

559,708

579,729

80,927

Deferred tax assets

1,381

1,495

209

Right-of-use assets, net

147,501

177,681

24,803

Other non-current assets

20,642

24,744

3,454

Total non-current assets

1,623,213

1,668,820

232,958

Total assets

3,970,867

4,043,260

564,417

Liabilities, redeemable non-controlling interests and shareholders’ equity

Current liabilities

Accounts and notes payable

72,090

148,184

20,686

Advances from customers

19,574

18,987

2,650

Accrued expenses and other liabilities

460,143

384,315

53,648

Amounts due to related parties

28,884

41,171

5,747

Income tax payables

20,088

17,103

2,387

Lease liabilities due within one year

39,409

48,694

6,797

Total current liabilities

640,188

658,454

91,915

Non-current liabilities

Deferred tax liabilities

103,306

108,661

15,168

Deferred income-non current

14,832

6,714

937

Lease liabilities

109,526

130,517

18,219

Total non-current liabilities

227,664

245,892

34,324

Total liabilities

867,852

904,346

126,239

Redeemable non-controlling interests

50,984

47,787

6,671

Shareholders’ equity

Ordinary Shares (US$0.00001 par value; 10,000,000,000 ordinary shares authorized,
comprising of 6,000,000,000 Class A ordinary shares, 960,852,606 Class B ordinary shares
and 3,039,147,394 shares each of such classes to be designated as of December 31, 2024
and June 30, 2025; 2,096,600,883 Class A shares and 600,572,880 Class B ordinary shares
issued as of December 31, 2024 and June 30, 2025; 1,234,627,468 Class A ordinary shares
and 600,572,880 Class B ordinary shares outstanding as of December 31, 2024,
1,276,392,603 Class A ordinary shares and 600,572,880 Class B ordinary shares
outstanding as of June 30, 2025)

173

173

24

Treasury shares

(1,276,330)

(1,246,804)

(174,047)

Additional paid-in capital

12,273,767

12,279,628

1,714,170

Statutory reserve

28,147

28,147

3,929

Accumulated deficit

(8,057,297)

(8,080,268)

(1,127,962)

Accumulated other comprehensive income

86,866

112,454

15,701

Total Yatsen Holding Limited shareholders’ equity

3,055,326

3,093,330

431,815

Non-controlling interests

(3,295)

(2,203)

(308)

Total shareholders’ equity

3,052,031

3,091,127

431,507

Total liabilities, redeemable non-controlling interests and shareholders’ equity

3,970,867

4,043,260

564,417

 

 

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share, per share data or otherwise noted)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2024

2025

2025

2024

2025

2025

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Total net revenues

794,521

1,086,732

151,702

1,567,876

1,920,265

268,059

Total cost of revenues

(185,102)

(236,335)

(32,991)

(357,509)

(410,741)

(57,337)

Gross profit

609,419

850,397

118,711

1,210,367

1,509,524

210,722

Operating expenses:

Fulfilment expenses

(51,163)

(63,288)

(8,835)

(102,611)

(115,131)

(16,072)

Selling and marketing expenses

(544,659)

(722,405)

(100,844)

(1,083,852)

(1,276,220)

(178,153)

General and administrative expenses

(119,106)

(84,072)

(11,736)

(259,205)

(148,955)

(20,793)

Research and development expenses

(29,678)

(36,116)

(5,042)

(57,604)

(58,753)

(8,202)

Total operating expenses

(744,606)

(905,881)

(126,457)

(1,503,272)

(1,599,059)

(223,220)

Loss from operations

(135,187)

(55,484)

(7,746)

(292,905)

(89,535)

(12,498)

Financial income

28,829

11,467

1,601

57,441

22,073

3,081

Foreign currency exchange (loss) gain

(3,462)

5,507

769

(11,095)

16,171

2,257

Income from equity method investments, net

12,724

877

122

16,000

3,382

472

Other income, net

13,191

17,395

2,428

19,496

21,637

3,020

Loss before income tax expenses

(83,905)

(20,238)

(2,826)

(211,063)

(26,272)

(3,668)

Income tax (expenses) benefits

(1,589)

763

107

702

1,196

167

Net loss

(85,494)

(19,475)

(2,719)

(210,361)

(25,076)

(3,501)

Net loss attributable to non-controlling interests and redeemable non-controlling interests

7,220

1,807

252

7,488

2,105

294

Net loss attributable to Yatsen’s shareholders

(78,274)

(17,668)

(2,467)

(202,873)

(22,971)

(3,207)

Shares used in calculating loss per share (1):

Weighted average number of Class A and Class B ordinary shares:

   Basic

2,043,644,209

1,854,988,850

1,854,988,850

2,092,400,120

1,846,275,864

1,861,746,795

    Diluted

2,043,644,209

1,854,988,850

1,854,988,850

2,092,400,120

1,846,275,864

1,861,746,795

Net loss per Class A and Class B ordinary share

   Basic

(0.04)

(0.01)

(0.00)

(0.10)

(0.01)

(0.00)

    Diluted

(0.04)

(0.01)

(0.00)

(0.10)

(0.01)

(0.00)

Net loss per ADS (20 ordinary shares equal to 1 ADS)

   Basic

(0.77)

(0.19)

(0.03)

(1.94)

(0.25)

(0.03)

    Diluted

(0.77)

(0.19)

(0.03)

(1.94)

(0.25)

(0.03)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2024

2025

2025

2024

2025

2025

Share-based compensation expenses are
included in the operating expenses as
follows:

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Fulfilment (income) expenses

(178)

93

13

(102)

191

27

Selling and marketing (income) expenses

(7,246)

1,795

251

(4,590)

2,552

356

General and administrative expenses

17,128

20,638

2,881

48,755

28,369

3,960

Research and development (income) expenses

(1,549)

1,429

199

(231)

1,469

205

Total

8,155

23,955

3,344

43,832

32,581

4,548

(1)   Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to twenty votes on all matters that are subject to shareholder vote.

 

 

YATSEN HOLDING LIMITED

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share, per share data or otherwise noted)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2024

2025

2025

2024

2025

2025

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Loss from operations

(135,187)

(55,484)

(7,746)

(292,905)

(89,535)

(12,498)

Share-based compensation expenses

8,155

23,955

3,344

43,832

32,581

4,548

Amortization of intangible assets
resulting from assets and business
acquisitions

15,103

11,147

1,556

30,159

21,708

3,030

Non-GAAP loss from operations

(111,929)

(20,382)

(2,846)

(218,914)

(35,246)

(4,920)

Net loss

(85,494)

(19,475)

(2,719)

(210,361)

(25,076)

(3,501)

Share-based compensation expenses

8,155

23,955

3,344

43,832

32,581

4,548

Amortization of intangible assets
resulting from assets and business
acquisitions

15,103

11,147

1,556

30,159

21,708

3,030

Revaluation of investments on the
share of equity method investments

(13,632)

(3,141)

(438)

(20,671)

(9,151)

(1,277)

Tax effects on non-GAAP
adjustments

983

(991)

(138)

(1,637)

(1,424)

(199)

Non-GAAP net (loss) income

(74,885)

11,495

1,605

(158,678)

18,638

2,601

Net loss attributable to Yatsen’s
shareholders

(78,274)

(17,668)

(2,467)

(202,873)

(22,971)

(3,207)

Share-based compensation expenses

8,155

23,955

3,344

43,832

32,581

4,548

Amortization of intangible assets
resulting from assets and business
acquisitions

14,607

10,743

1,500

29,389

20,922

2,921

Revaluation of investments on the
share of equity method investments

(13,632)

(3,141)

(438)

(20,671)

(9,151)

(1,277)

Tax effects on non-GAAP
adjustments

1,039

(963)

(134)

(1,581)

(1,368)

(191)

Non-GAAP net (loss) income
attributable to Yatsen’s
shareholders

(68,105)

12,926

1,805

(151,904)

20,013

2,794

Shares used in calculating loss per
share:

Weighted average number of Class A
and Class B ordinary shares:

    Basic

2,043,644,209

1,854,988,850

1,854,988,850

2,092,400,120

1,846,275,864

1,861,746,795

    Diluted

2,043,644,209

1,998,882,473

1,998,882,473

2,092,400,120

1,980,640,851

1,995,977,934

Non-GAAP net (loss) income
attributable to ordinary
shareholders per Class A and
Class B ordinary share

    Basic

(0.03)

0.01

0.00

(0.07)

0.01

0.00

    Diluted

(0.03)

0.01

0.00

(0.07)

0.01

0.00

Non-GAAP net (loss) income
attributable to ordinary
shareholders per ADS (20
ordinary shares equal to 1 ADS)

    Basic

(0.67)

0.14

0.02

(1.45)

0.22

0.03

    Diluted

(0.67)

0.13

0.02

(1.45)

0.20

0.03

 

 

 

TÜV Rheinland Hong Kong Showcases Battery Expertise at The Battery Show Asia 2025

HONG KONG, Aug. 21, 2025 /PRNewswire/ — TÜV Rheinland Hong Kong, a leading testing, inspection, and certification organization, marked its inaugural participation in The Battery Show Asia 2025, held from July 15 to 17 at AsiaWorld-Expo. As Asia’s premier event for advanced battery technologies, the exhibition attracted more than 350 international exhibitors and over 15,000 professionals from across the energy storage, mobility, and electronics sectors.

TÜV Rheinland Hong Kong Showcases Battery Expertise at The Battery Show Asia 2025
TÜV Rheinland Hong Kong Showcases Battery Expertise at The Battery Show Asia 2025

At the event, TÜV Rheinland presented its comprehensive battery service portfolio, designed to support the entire battery value chain—from raw materials to end-use applications. Visitors explored TÜV Rheinland’s capabilities in facilitating compliance with the EU Battery Regulation (2023/1542), conducting greenhouse gas (GHG) emissions assessments, life cycle assessments (LCA), and environmental product declarations (EPD). The company also highlighted its services in responsible sourcing, recycled material verification, and sustainability certifications such as the Alliance for Water Stewardship (AWS) and Aluminium Stewardship Initiative (ASI).

TÜV Rheinland at The Battery Show Asia reflects our commitment to helping the battery industry navigate increasingly complex regulatory landscapes while promoting sustainable innovation. We support battery manufacturers, OEMs, and energy solution providers with globally recognized testing, and certification services. As the global push toward clean energy accelerates, TÜV Rheinland remains a trusted technical partner in advancing safety, sustainability, and regulatory compliance across the battery industry.