Home Blog Page 1689

HKUST Receives Government’s Approval to Establish a New Medical School

By
Advertorial Desk
-

Dedicated to Nurturing a New Generation of Doctors
Supporting Hong Kong Become a Hub for Medical Innovation

HONG KONG, Nov. 18, 2025 /PRNewswire/ — The establishment of Hong Kong’s third medical school at The Hong Kong University of Science and Technology (HKUST) was approved today by the Hong Kong SAR Government (the Government). This landmark decision underscores the visionary leadership of the Government in fortifying Hong Kong’s medical system.

The University expresses its deepest gratitude to the Hong Kong SAR Government for its trust and to the dedicated Task Group on New Medical School for its thorough and rigorous assessment throughout the selection process. This approval represents a significant advance in addressing Hong Kong’s future healthcare needs through an innovative, interdisciplinary approach to medical education.

A Strategic Government Initiative for a Healthier Future
The careful selection and approval process, guided by the experts of the Task Group, ensures this new school will be a powerful complement to the existing medical ecosystem, directly addressing long-term societal needs.

HKUST Council Chairman Prof. Harry SHUM welcomed the Government’s decision, stating, “We are profoundly honored to be recognized as a partner in the forward-looking strategy of the Hong Kong SAR Government to foster healthcare innovation and develop a robust pipeline of medical talent. HKUST is fully committed to fulfilling this vision by cultivating a new generation of medical pioneers who will lead with clinical excellence and technological mastery, bringing lasting benefits to Hong Kong and beyond.”

Realizing a Shared Vision for Next-Generation Medicine
HKUST President Prof. Nancy IP extended the University’s sincere thanks for the Government’s decision and the Task Group’s support of its proposal. She said, “The establishment of the medical school is a powerful validation of the Government’s strategic vision. We are grateful for the opportunity to prepare a new generation of clinicians through integrating rigorous clinical training with technological proficiency, empowering our graduates to excel as future practitioners and leaders in the evolving healthcare landscape. We look forward to the continued support from the Government and the Task Group experts during the implementation phase. HKUST pledges its complete commitment to bring this shared vision to life.”

Chairman Shum and President IP further stated: “We would like to express our heartfelt gratitude to all members of the HKUST community—including the Council Advisory Group, the Planning Committee, faculty, and staff. Everyone has worked in unison with collective determination, dedicating their utmost efforts to the development of the medical school. This achievement reflects the dedication and valuable expertise of all involved. Such an outcome was indeed hard-earned, and we solemnly recognize the weight of our responsibilities moving forward. Now, as we embark on this critical mission of establishing the medical school, we are committed to working closely with the Government, the Hong Kong Medical Council, the Hospital Authority, the two local medical schools, the medical sector, and community partners to jointly cultivate outstanding medical professionals and drive innovation in global medical technology and clinical practice.”

Building on a Foundation of Innovation, Guided by Public Service
The new medical school will be built upon a solid foundation of HKUST’s distinctive advantages. It will draw upon the University’s deeply international character and global networks to attract diverse talent and foster a world-class learning environment. The school will cultivate a new breed of medical professionals: ethically grounded, clinically outstanding, and technologically adept. The school will leverage HKUST’s strengths in data science, artificial intelligence, and robotics, embedding these technologies directly into clinical training. This interdisciplinary model, which merges science, engineering, and business, will equip graduates to solve complex health challenges and drive translational research from the lab to the bedside, leading to breakthroughs in diagnostics, therapeutics, and patient care.

Download photos here: https://hkust.edu.hk/news/hkust-receives-governments-approval-establishing-new-medical-school 

Medtronic reports strong second quarter fiscal 2026 financial results, enterprise growth drivers accelerate momentum

By
Advertorial Desk
-

Cardiac Ablation Solutions growth of 71% on strength of pulsed field ablation (PFA) portfolio; Raising FY26 revenue and EPS guidance

GALWAY, Ireland, Nov. 18, 2025 /PRNewswire/ — Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its second quarter (Q2) of fiscal year 2026 (FY26), which ended October 24, 2025.

Q2 Key Highlights

  • Revenue of $9.0 billion, increased 6.6% as reported and 5.5% organic, 75 basis points above guidance midpoint
  • GAAP diluted EPS of $1.07 increased 8%; non-GAAP diluted EPS of $1.36 increased 8%, above guidance
  • Raising FY26 guidance: 5.5% organic revenue growth, $5.62–$5.66 adjusted EPS
  • Strongest Cardiovascular revenue growth in over a decade, excluding pandemic
  • Cardiac Ablation Solutions revenue increased 71%, including 128% in the U.S., on strength of pulsed field ablation (PFA) portfolio
  • Received broad, favorable National Coverage Determination (NCD) from U.S. Centers for Medicare & Medicaid Services (CMS) and several favorable commercial payer coverage policies for the Symplicity™ procedure for the treatment of uncontrolled hypertension, or high blood pressure, with U.S. addressable market of 18 million people
  • Secured U.S. FDA approval for the Altaviva™ device, a simple option for treating urge urinary incontinence, which affects over 16 million people in the U.S.
  • Hugo™ robotic-assisted surgery system Enable Hernia Repair study met safety and effectiveness endpoints; initiated Embrace Gynecology US pivotal study
  • U.S. FDA cleared the MiniMed™ 780G system to enable integration with the Instinct sensor and approved use of the MiniMed™ 780G system in Type 2 diabetes

“We delivered a strong second quarter, with both revenue and EPS beating expectations. Overall, procedure volumes and our end markets are robust, and we’re executing well across the business,” said Geoff Martha, Medtronic chairman and chief executive officer. “Looking ahead, we are positioned for even greater acceleration of revenue growth in the back half of the year and beyond, driven by several enterprise growth drivers, including our PFA franchise for Afib, Symplicity™ procedure for hypertension, Hugo™ robotic-assisted surgery system, and Altaviva™ therapy for urge urinary incontinence.”

Financial Results
Medtronic reported Q2 worldwide revenue of $8.961 billion, an increase of 6.6% as reported and 5.5% on an organic basis. The organic revenue growth comparison excludes:

  • Other revenue of $35 million in the current year and $37 million in the prior year;
  • Revenue from the Dutch Obesity Clinic (NOK) divestiture of $5 million in the current year and $16 million in the prior year; and
  • Foreign exchange benefit of $111 million on the remaining segments.

Q2 revenue by segment included:

  • Cardiovascular Portfolio revenue of $3.436 billion, an increase of 10.8% as reported and 9.3% organic, with a mid-teens increase in Cardiac Rhythm & Heart Failure, high-single digit increase in Structural Heart & Aortic, and low-single digit increase in Coronary & Peripheral Vascular, all on an organic basis;
  • Neuroscience Portfolio revenue of $2.562 billion, an increase of 4.5% reported and 3.9% organic, with a high-single digit increase in Neuromodulation, a mid-single digit increase in Cranial & Spinal Technologies, and flat result in Specialty Therapies, all on an organic basis;
  • Medical Surgical Portfolio revenue of $2.171 billion, an increase of 2.1% as reported and 1.3% organic, with low-single digit organic increases in both Surgical & Endoscopy and Acute Care & Monitoring; and
  • Diabetes business revenue of $757 million, an increase of 10.3% as reported and 7.1% organic.

Q2 GAAP operating profit and operating margin were $1.686 billion and 18.8%, respectively, an increase of 6% and a decrease of 20 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q2 non-GAAP operating profit and operating margin were $2.162 billion and 24.1%, respectively, an increase of 6% and a decrease of 20 basis points, respectively.

Q2 GAAP net income and diluted earnings per share (EPS) were $1.374 billion and $1.07, respectively, both increases of 8%. As detailed in the financial schedules included at the end of this release, Q2 non-GAAP net income and non-GAAP diluted EPS were $1.746 billion and $1.36, respectively, both increases of 8%.

Guidance
The company today raised its FY26 revenue growth and EPS guidance.

The company raised its FY26 organic revenue growth guidance to approximately 5.5%, an increase from the prior guidance of approximately 5.0%.

The company raised its FY26 diluted non-GAAP EPS guidance to the new range of $5.62 to $5.66 versus the prior $5.60 to $5.66. This includes a potential impact from tariffs of approximately $185 million, unchanged from the prior guidance. Excluding the potential impact from tariffs, this guidance represents FY26 diluted non-GAAP EPS growth of approximately 4.5%.

“In the second quarter, we drove underlying efficiency gains in our gross margin, significantly increased R&D to fuel our future growth, as well as strategically increased investment in sales and marketing for our growth programs in light of the outsized demand and building momentum for key programs,” said Thierry Piéton, Medtronic chief financial officer. “Given our outperformance in the first half of the year and confidence we have in our revenue growth acceleration, we are raising today our full year revenue and EPS guidance.”

Video Webcast Information
Medtronic will host a video webcast today, November 18, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company’s prepared remarks will be available by clicking on the Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com.

Financial Schedules and Earnings Presentation
The second quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com. To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. To view the second quarter earnings presentation, click here.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, material acquisition and divestiture transactions, general economic conditions, and other risks and uncertainties described in the company’s periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “going to,” “will,” and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.

NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2025, and references to sequential changes are in comparison to the prior fiscal quarter. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis.

Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.

Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions, divestitures, or other significant discrete items. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

Contacts:
Erika Winkels
Public Relations
+1-763-526-8478

Ryan Weispfenning
Investor Relations
+1-763-505-4626

 

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)

SECOND QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY26

FY25

Growth

Currency
Impact(4)

FY26(5)

FY25(5)

Growth

FY26

FY25

Growth

Currency
Impact(4)

FY26(6)

FY25(6)

Growth

Cardiovascular

$     3,436

$  3,102

10.8 %

$         46

$     3,390

$     3,102

9.3 %

$     6,721

$     6,108

10.0 %

$        114

$     6,607

$     6,108

8.2 %

Cardiac Rhythm & Heart Failure

1,825

1,578

15.7

22

1,804

1,578

14.3

3,538

3,114

13.6

58

3,479

3,114

11.7

Structural Heart & Aortic

956

881

8.5

17

939

881

6.6

1,885

1,736

8.6

39

1,847

1,736

6.4

Coronary & Peripheral Vascular

655

643

1.9

7

648

643

0.8

1,298

1,259

3.1

17

1,281

1,259

1.8

Neuroscience

2,562

2,451

4.5

15

2,546

2,451

3.9

4,978

4,768

4.4

43

4,935

4,768

3.5

Cranial & Spinal Technologies

1,299

1,234

5.2

6

1,293

1,234

4.7

2,509

2,382

5.4

18

2,492

2,382

4.6

Specialty Therapies

744

737

0.9

5

739

737

0.3

1,446

1,450

(0.3)

13

1,432

1,450

(1.2)

Neuromodulation

520

480

8.3

5

515

480

7.3

1,023

937

9.2

12

1,011

937

7.9

Medical Surgical

2,171

2,128

2.1

27

2,139

2,111

1.3

4,255

4,123

3.2

67

4,183

4,107

1.8

Surgical & Endoscopy

1,679

1,649

1.8

23

1,651

1,633

1.1

3,291

3,193

3.0

55

3,231

3,177

1.7

Acute Care & Monitoring

493

478

3.0

4

488

478

2.0

964

930

3.6

12

952

930

2.3

Diabetes

757

686

10.3

22

735

686

7.1

1,478

1,333

10.9

45

1,433

1,333

7.5

Total Reportable Segments

8,926

8,366

6.7

111

8,811

8,350

5.5

17,432

16,333

6.7

270

17,158

16,317

5.2

Other(2)

35

37

(5.8)

—

—

—

—

107

(15)

NM(3)

3

—

—

—

TOTAL

$     8,961

$  8,403

6.6 %

$        111

$     8,811

$     8,350

5.5 %

$   17,539

$   16,318

7.5 %

$        273

$   17,158

$   16,317

5.2 %

(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested, and for the year-to-date figures, adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(3)

Not meaningful (NM).

(4)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(5)

The three months ended October 24, 2025 excludes $151 million of revenue adjustments, including $35 million of inorganic revenue for the transition activity noted in (2), $5 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division, and $111 million of favorable currency impact on the remaining segments. The three months ended October 25, 2024 excludes $53 million of revenue adjustments, including $37 million of inorganic revenue related to the transition activity noted in (2) and $16 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.

(6)

The six months ended October 24, 2025 excludes $382 million of revenue adjustments, including $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (2), $68 million of inorganic revenue for the transition activity noted in (2), $5 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division, and $270 million of favorable currency impact on the remaining segments. The six months ended October 25, 2024 excludes $1 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $75 million of inorganic revenue related to the transition activity noted in (2), and $16 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.

 

MEDTRONIC PLC

U.S. REVENUE(1)(2)

(Unaudited)

SECOND QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY26

FY25

Growth

FY26

FY25

Growth

FY26

FY25

Growth

FY26

FY25

Growth

Cardiovascular

$     1,592

$     1,434

11.0 %

$     1,592

$     1,434

11.0 %

$     3,071

$     2,836

8.3 %

$     3,071

$     2,836

8.3 %

Cardiac Rhythm & Heart Failure

920

768

19.9

920

768

19.9

1,754

1,534

14.4

1,754

1,534

14.4

Structural Heart & Aortic

390

388

0.4

390

388

0.4

761

757

0.6

761

757

0.6

Coronary & Peripheral Vascular

282

278

1.4

282

278

1.4

556

546

1.7

556

546

1.7

Neuroscience

1,730

1,677

3.1

1,730

1,677

3.1

3,354

3,242

3.4

3,354

3,242

3.4

Cranial & Spinal Technologies

966

926

4.4

966

926

4.4

1,857

1,781

4.2

1,857

1,781

4.2

Specialty Therapies

409

418

(2.2)

409

418

(2.2)

801

816

(1.8)

801

816

(1.8)

Neuromodulation

355

333

6.4

355

333

6.4

695

645

7.9

695

645

7.9

Medical Surgical

943

944

(0.1)

943

944

(0.1)

1,827

1,825

0.1

1,827

1,825

0.1

Surgical & Endoscopy

665

675

(1.5)

665

675

(1.5)

1,286

1,304

(1.4)

1,286

1,304

(1.4)

Acute Care & Monitoring

278

269

3.4

278

269

3.4

541

521

3.9

541

521

3.9

Diabetes

230

232

(0.8)

230

232

(0.8)

447

447

—

447

447

—

Total Reportable Segments

4,494

4,286

4.8

4,494

4,286

4.8

8,699

8,350

4.2

8,699

8,350

4.2

Other(3)

22

18

21.9

—

—

—

42

37

14.1

—

—

—

TOTAL

$     4,516

$     4,304

4.9 %

$     4,494

$     4,286

4.8 %

$     8,741

$     8,387

4.2 %

$     8,699

$     8,350

4.2 %

(1)

U.S. includes the United States and U.S. territories.

(2)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(3)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.

 

MEDTRONIC PLC

INTERNATIONAL REVENUE(1)

(Unaudited)

SECOND QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY26

FY25

Growth

Currency
Impact(4)

FY26(5)

FY25(5)

Growth

FY26

FY25

Growth

Currency
Impact(4)

FY26(6)

FY25(6)

Growth

Cardiovascular

$     1,844

$     1,668

10.6 %

$         46

$     1,799

$     1,668

7.8 %

$     3,650

$     3,272

11.6 %

$        114

$     3,536

$     3,272

8.1 %

Cardiac Rhythm & Heart Failure

905

811

11.7

22

883

811

9.0

1,784

1,580

12.9

58

1,725

1,580

9.2

Structural Heart & Aortic

566

492

14.9

17

549

492

11.5

1,124

980

14.8

39

1,085

980

10.8

Coronary & Peripheral Vascular

373

365

2.3

7

366

365

0.3

743

713

4.2

17

726

713

1.8

Neuroscience

832

774

7.5

15

817

774

5.5

1,624

1,526

6.4

43

1,582

1,526

3.6

Cranial & Spinal Technologies

332

308

7.8

6

326

308

5.9

652

600

8.7

18

635

600

5.8

Specialty Therapies

335

319

4.9

5

330

319

3.5

644

634

1.6

13

631

634

(0.4)

Neuromodulation

165

146

12.7

5

160

146

9.2

328

292

12.3

12

316

292

8.1

Medical Surgical

1,228

1,183

3.8

27

1,196

1,167

2.5

2,427

2,298

5.6

67

2,356

2,282

3.2

Surgical & Endoscopy

1,014

974

4.1

23

987

958

3.0

2,004

1,889

6.1

55

1,945

1,873

3.9

Acute Care & Monitoring

214

209

2.5

4

210

209

0.3

423

409

3.3

12

411

409

0.3

Diabetes

527

455

16.0

22

505

455

11.1

1,031

886

16.4

45

986

886

11.2

Total Reportable Segments

4,432

4,080

8.6

111

4,317

4,064

6.2

8,733

7,983

9.4

270

8,459

7,966

6.2

Other(2)

13

19

(32.4)

—

—

—

—

65

(51)

NM(3)  

3

—

—

—

TOTAL

$     4,445

$     4,099

8.4 %

$        111

$     4,317

$     4,064

6.2 %

$     8,799

$     7,931

10.9 %

$        273

$     8,459

$     7,966

6.2 %

(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested, and for the year-to-date figures, adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(3)

Not meaningful (NM).

(4)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(5)

The three months ended October 24, 2025 excludes $128 million of revenue adjustments, including $13 million of inorganic revenue for the transition activity noted in (2), $5 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division, and $111 million of favorable currency impact on the remaining segments. The three months ended October 25, 2024 excludes $35 million of revenue adjustments, including $19 million of inorganic revenue related to the transition activity noted in (2) and $16 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.

(6)

The six months ended October 24, 2025 excludes $340 million of revenue adjustments, including $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (2), $27 million of inorganic revenue for the transition activity noted in (2), $5 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division, and $270 million of favorable currency impact on the remaining segments. The six months ended October 25, 2024 excludes $35 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $38 million of inorganic revenue related to the transition activity noted in (2), and $16 million of inorganic revenue related to a sale of business in the Surgical and Endoscopy division.

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) 

Three months ended

Six months ended

(in millions, except per share data)

October 24, 2025

October 25, 2024

October 24, 2025

October 25, 2024

Net sales

$              8,961

$              8,403

$           17,539

$           16,318

Costs and expenses:

Cost of products sold, excluding amortization of intangible assets

3,061

2,946

6,062

5,707

Research and development expense

754

697

1,480

1,373

Selling, general, and administrative expense

2,965

2,757

5,772

5,412

Amortization of intangible assets

463

413

922

827

Restructuring charges, net

10

30

55

77

Certain litigation charges, net

—

—

27

81

Other operating expense (income), net

22

(34)

92

(33)

Operating profit

1,686

1,595

3,130

2,873

Other non-operating income, net

(92)

(173)

(125)

(330)

Interest expense, net

181

209

357

376

Income before income taxes

1,597

1,559

2,898

2,827

Income tax provision

215

281

470

500

Net income

1,381

1,278

2,428

2,327

Net income attributable to noncontrolling interests

(7)

(9)

(14)

(15)

Net income attributable to Medtronic

$              1,374

$              1,270

$             2,414

$             2,312

Basic earnings per share

$                1.07

$                0.99

$               1.88

$               1.79

Diluted earnings per share

$                1.07

$                0.99

$               1.87

$               1.79

Basic weighted average shares outstanding

1,282.0

1,282.4

1,281.8

1,288.6

Diluted weighted average shares outstanding

1,288.0

1,286.9

1,287.5

1,292.5

The data in the schedule above has been intentionally rounded to the nearest million.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited) 

Three months ended October 24, 2025

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to
Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$  8,961

$   3,061

65.8 %

$     1,686

18.8 %

$    1,597

$       1,374

$     1.07

13.5 %

Non-GAAP Adjustments:

Amortization of intangible assets(2)

—

—

—

463

5.2

463

376

0.29

18.8

Restructuring and associated costs(3)

—

—

—

13

0.1

13

9

0.01

23.1

Acquisition and divestiture-related items(4)

—

(9)

0.1

—

—

—

(8)

(0.01)

—

(Gain)/loss on minority investments(5)

—

—

—

—

—

24

24

0.02

—

Certain tax adjustments, net(6)

—

—

—

—

—

—

(29)

(0.02)

—

Non-GAAP

$  8,961

$   3,052

65.9 %

$     2,162

24.1 %

$    2,097

$       1,746

$     1.36

16.4 %

Currency impact

(111)

50

(1.0)

(93)

(0.7)

(0.06)

Currency Adjusted

$  8,850

$   3,102

64.9 %

$     2,070

23.4 %

$     1.30

Three months ended October 25, 2024

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to
Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$  8,403

$   2,946

64.9 %

$     1,595

19.0 %

$    1,559

$       1,270

$     0.99

18.0 %

Non-GAAP Adjustments:

Amortization of intangible assets

—

—

—

413

4.9

413

338

0.26

18.2

Restructuring and associated costs(3)

—

(11)

0.1

46

0.5

46

37

0.03

19.6

Acquisition and divestiture-related items(4)

—

(5)

0.1

(25)

(0.3)

(25)

(30)

(0.02)

(20.0)

(Gain)/loss on minority investments(5)

—

—

—

—

—

(10)

(21)

(0.02)

(100.0)

Medical device regulations(7)

—

(9)

0.1

12

0.1

12

10

0.01

16.7

Certain tax adjustments, net

—

—

—

—

—

—

16

0.01

—

Non-GAAP

$  8,403

$   2,921

65.2 %

$     2,041

24.3 %

$    1,995

$       1,620

$     1.26

18.3 %

See description of non-GAAP financial measures contained in the press release dated November 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

The Company recognized $46 million of accelerated amortization on certain intangible assets within the Cardiovascular Portfolio.

(3)

The charges primarily relate to employee termination benefits and facility related and contract termination costs.

(4)

The charges primarily include business combination costs, changes in fair value of contingent consideration, exit of business-related charges, and gains related to certain business or asset sales. Exit of business-related charges primarily relate to the impending separation of the Diabetes business and costs associated with the Company’s June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.

(5)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(6)

Primarily includes a tax benefit recognized due to a change in interest accrued on uncertain tax positions, partially offset by amortization of previously established deferred tax assets arising from intercompany intellectual property transactions.

(7)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited) 

Six months ended October 24, 2025

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$ 17,539

$   6,062

65.4 %

$     3,130

17.8 %

$    2,898

$         2,414

$     1.87

16.2 %

Non-GAAP Adjustments:

Amortization of intangible assets(2)

—

—

—

922

5.4

922

750

0.58

18.7

Restructuring and associated costs(3)

—

(16)

0.1

79

0.5

79

61

0.05

24.1

Acquisition and divestiture-related items(4)

—

(16)

0.1

58

0.3

58

40

0.03

31.0

Certain litigation charges, net

—

—

—

27

0.2

27

21

0.02

22.2

(Gain)/loss on minority investments(5)

—

—

—

—

—

137

130

0.10

5.1

Other(6)

(39)

—

(0.2)

(39)

(0.2)

(39)

(30)

(0.02)

20.5

Certain tax adjustments, net(7)

—

—

—

—

—

—

(13)

(0.01)

—

Non-GAAP

$ 17,501

$   6,031

65.5 %

$     4,179

23.9 %

$    4,084

$         3,372

$     2.62

17.1 %

Currency impact

(270)

4

(0.5)

(103)

(0.2)

(0.06)

Currency Adjusted

$ 17,230

$   6,035

65.0 %

$     4,076

23.7 %

$     2.56

Six months ended October 25, 2024

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$ 16,318

$   5,707

65.0 %

$     2,873

17.6 %

$    2,827

$         2,312

$     1.79

17.7 %

Non-GAAP Adjustments:

Amortization of intangible assets

—

—

—

827

4.9

827

678

0.52

18.0

Restructuring and associated costs(3)

—

(20)

0.1

108

0.6

108

87

0.07

19.4

Acquisition and divestiture-related items(4)

—

(16)

0.1

(13)

(0.1)

(13)

(19)

(0.01)

(46.2)

Certain litigation charges, net

—

—

—

81

0.5

81

68

0.05

16.0

(Gain)/loss on minority investments(5)

—

—

—

—

—

(27)

(38)

(0.03)

(37.0)

Medical device regulations(8)

—

(20)

0.1

27

0.2

27

22

0.02

18.5

Other(6)

90

—

0.4

90

0.5

90

70

0.05

22.2

Certain tax adjustments, net(7)

—

—

—

—

—

—

33

0.03

—

Non-GAAP

$ 16,408

$   5,651

65.6 %

$     3,993

24.3 %

$    3,921

$         3,213

$     2.49

17.7 %

See description of non-GAAP financial measures contained in the press release dated November 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

The Company recognized $91 million of accelerated amortization on certain intangible assets within the Cardiovascular Portfolio.

(3)

The charges primarily relate to employee termination benefits and facility related and contract termination costs.

(4)

The charges primarily include business combination costs, changes in fair value of contingent consideration, exit of business-related charges, and gains related to certain business or asset sales. Exit of business-related charges primarily relate to the impending separation of the Diabetes business and costs associated with the Company’s June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.

(5)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(6)

Reflects adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(7)

The net benefit for the six months ended October 24, 2025 primarily includes a tax benefit recognized due to a change in interest accrued on uncertain tax positions, partially offset by amortization of previously established deferred tax assets arising from intercompany intellectual property transactions. The charges for the six months ended October 25, 2024 primarily includes amortization of previously established deferred tax assets arising from intercompany intellectual property transactions.

(8)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited) 

Three months ended October 24, 2025

(in millions)

Net Sales

SG&A
Expense

SG&A
Expense as
a % of Net
Sales

R&D
Expense

R&D
Expense
as a % of
Net Sales

Other
Operating
(Income)
Expense,
net

Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales

Other Non-
Operating
Income, net

GAAP

$      8,961

$     2,965

33.1 %

$       754

8.4 %

$           22

0.2 %

$           (92)

Non-GAAP Adjustments:

Restructuring and associated costs(2)

—

(3)

—

—

—

—

—

—

Acquisition and divestiture-related items(3)

—

(35)

(0.4)

—

—

43

0.5

—

(Gain)/loss on minority investments(4)

—

—

—

—

—

—

—

(24)

Non-GAAP

$      8,961

$     2,927

32.7 %

$       755

8.4 %

$           64

0.7 %

$          (116)

Six months ended October 24, 2025

(in millions)

Net Sales

SG&A
Expense

SG&A
Expense as
a % of Net
Sales

R&D
Expense

R&D
Expense
as a % of
Net Sales

Other
Operating
(Income)
Expense,
net

Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales

Other Non-
Operating
Income, net

GAAP

$    17,539

$     5,772

32.9 %

$    1,480

8.4 %

$           92

0.5 %

$          (125)

Non-GAAP Adjustments:

Restructuring and associated costs(2)

—

(8)

—

—

—

—

—

—

Acquisition and divestiture-related items(3)

—

(61)

(0.3)

—

—

18

0.1

—

Other(5)

(39)

—

—

—

—

—

—

—

(Gain)/loss on minority investments(4)

—

—

—

—

—

—

—

(137)

Non-GAAP

$    17,501

$     5,702

32.6 %

$    1,480

8.5 %

$         108

0.6 %

$          (262)

See description of non-GAAP financial measures contained in the press release dated November 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

The charges primarily relate to employee termination benefits and facility related and contract termination costs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, exit of business-related charges, and a gain related to a certain business sale. Exit of business-related charges primarily relate to the impending separation of the Diabetes business and costs associated with the Company’s June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

Reflects adjustments to the Company’s Italian payback accruals resulting from the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Six months ended

(in millions)

October 24, 2025

October 25, 2024

Net cash provided by operating activities

$                      2,013

$                      1,944

Additions to property, plant, and equipment

(972)

(924)

Free Cash Flow(2)

$                      1,041

$                      1,020

See description of non-GAAP financial measures contained in the press release dated November 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Free cash flow represents operating cash flows less property, plant, and equipment additions.

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six months ended

(in millions)

October 24, 2025

October 25, 2024

Operating Activities:

Net income

$                2,428

$                2,327

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,493

1,337

Provision for credit losses

66

45

Deferred income taxes

160

57

Stock-based compensation

268

242

Other, net

167

(98)

Change in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable, net

74

(181)

Inventories

(672)

(278)

Accounts payable and accrued liabilities

(780)

(707)

Other operating assets and liabilities

(1,191)

(800)

Net cash provided by operating activities

2,013

1,944

Investing Activities:

Additions to property, plant, and equipment

(972)

(924)

Purchases of investments

(4,201)

(4,019)

Sales and maturities of investments

3,958

4,338

Other investing activities, net

14

1

Net cash used in investing activities

(1,201)

(604)

Financing Activities:

Change in current debt obligations, net

1,402

(67)

Issuance of long-term debt

1,747

3,209

Payments on long-term debt

(2,930)

—

Dividends to shareholders

(1,820)

(1,795)

Issuance of ordinary shares

255

232

Repurchase of ordinary shares

(495)

(2,780)

Other financing activities, net

65

(64)

Net cash used in financing activities

(1,776)

(1,265)

Effect of exchange rate changes on cash and cash equivalents

28

35

Net change in cash and cash equivalents

(936)

110

Cash and cash equivalents at beginning of period

2,218

1,284

Cash and cash equivalents at end of period

$                1,282

$                1,394

Supplemental Cash Flow Information

Cash paid for:

   Income taxes

$                1,394

$                1,335

   Interest

542

513

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

 

Medtronic reports strong second quarter fiscal 2026 financial results
Medtronic reports strong second quarter fiscal 2026 financial results

 

PDF – https://mma.prnewswire.com/media/2825727/Earnings_Presentation_FY26Q2.pdf

PDF – https://mma.prnewswire.com/media/2825728/Exhibit_99_1___FY26_Q2_Earnings_Release_11_17.pdf

The Medical Stories in the War: the Spirit of Internationalism with Boundless Love

By
Advertorial Desk
-

GUIYANG, China, Nov. 18, 2025 /PRNewswire/ — Tuyunguan Pass in Guizhou province, one of the capital city Guiyang’s important pass – “nine gates, four pavilions, and fourteen passes” – was stationed by thousands of Chinese and international medical workers of the Chinese Red Cross Medical Relief Corps during the World Anti-Fascist War. Regardless of the danger to their lives, the medical workers bravely went to battle zones to save lives, and some of them were killed in battle, making remarkable contributions to the victory of the World Anti-Fascist War.


The Medical Stories in the War: the Spirit of Internationalism with Boundless Love

This year marks the 80th anniversary of the victory of the World Anti-Fascist War. Younas Muhammad, a Pakistani student at Guizhou Medical University, is about to graduate. Before receiving his degree, at the invitation of the International Communication Center of Guizhou Radio and Television Station, he embarks on a journey to explore Guizhou’s medical history under the guidance of Yang Hongmei, a descendant of a doctor who once served in the Chinese Red Cross Medical Relief Corps and Younas’s colleague in the future.

Their first stop is Tuyunguan in Guiyang, where they learn how doctors from around the world, with their medical knowledge , joined the Chinese Red Cross in the fight against fascism. The two then visit the archives of Guizhou Medical University, uncovering wartime medical stories and the deep, enduring ties between Guizhou and Peking Union Medical College Hospital.

In Guizhou, there is a place called the “Peace Village” that healed not only bodies but also hearts of the wounded. Guided by their humanitarian spirit, the Chinese people reached out to enemy captives, helping them realize the nature of their aggression and persuading many to join the antiwar cause. So, the two head to Zhenyuan, nestled among green hills, to learn how the wartime Peace Village moved and transformed captured aggressors into pacifists. They come to see that healing the heart can matter more than treating a wound, to grasp the importance and necessity of international humanitarianism, and to feel anew how precious peace truly is.

Through this journey, Younas and Yang Hongmei pay tribute to those who once risked everything to save lives. They come to understand how the spirit of medical compassion transcends generations. As Younas says:

“Today, when our medical kits carry more weight than ammunition crates, that is the moment humanity and all of us have truly prevailed over violence.”

YouTube Link: https://www.youtube.com/watch?v=jSM5UZcnNZ4

 

Leipzig Bach Archive Presents Newly Discovered Organ Works By Johann Sebastian Bach

By
Advertorial Desk
-

Leipzig-based Bach researcher Peter Wollny identifies two organ compositions as the work of the 18-year-old Johann Sebastian Bach · First performance in 320 years to be livestreamed from St Thomas’ Church, Leipzig

LEIPZIG, GERMANY – Newsaktuell – 18 November 2025 – As of 17 November, the index of Bach’s works (BWV) is richer by two numbers: Leipzig Bach Archive director Peter Wollny has succeeded in identifying two previously anonymous organ works as composed by Johann Sebastian Bach. In a livestreamed official ceremony in the presence of the Minister of State for Culture, Wolfram Weimer, and the Mayor of Leipzig, Burkhard Jung, the city of Leipzig together with the worldwide Bach community celebrates the first performance of these works in 320 years in St Thomas’ Church in Leipzig.

Leipzig-based Bach researcher and Bach Archive director Peter Wollny has been familiar with the two works that have just been identified as Bach’s, the Ciacona in D minor, BWV 1178, and the Ciacona in G minor, BWV 1179, for more than 30 years. He found them in the Royal Library of Belgium. During the course of his research career, the musicologist collected numerous clues which now, with the final piece of the puzzle – the naming of the scribe – form a complete picture. This identification took place in the context of work on the BACH Research Portal, a research project by the Saxon Academy of Sciences and Humanities in Leipzig, in which for the first time all the available archive resources about the entire Bach family of musicians are being opened up and made publicly available in digital form.

Prof. Dr. Dr. h. c. Peter Wollny: »I spent a long time searching for the missing piece of the puzzle in the attribution of the works – now the whole picture is revealed. We can state for once and for all that the copies were made around 1705 by Bach pupil Salomon Günther John. Moreover, stylistically the works contain features that one finds in Bach’s works from of this period, but in those of no other composer. I want to thank my colleagues at the Royal Library of Belgium and the Leipzig Bach Archive for their decades of support for my research. And special thanks go to our Foundation’s sponsors: the Federal Government Commissioner for Culture and the Media, the Free State of Saxony and the City of Leipzig, for their unfailing trust and financial support for our work.

The Leipzig Bach Archive is the musical centre of excellence on Johann Sebastian Bach located in the composer’s principal place of work. The BACH Research Portal is a project of the Saxon Academy of Sciences and Humanities in Leipzig, which is headquartered at the Leipzig Bach Archive.

www.bacharchivleipzig.de | www.saw-leipzig.de

Hashtag: #LeipzigBachArchive

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

CCTV+: Stage Play Searching for Doolittle Premiered in Quzhou

By
Advertorial Desk
-

BEIJING, Nov. 18, 2025 /PRNewswire/ — From November 15 to 16, the large-scale original stage play Searching for Doolittle, jointly produced by the Publicity Department of the CPC Quzhou Municipal Committee and the China Coal Mine Art Troupe, made its debut in Quzhou. The play is adapted from the historical event of the Doolittle Raid and the rescue of its airmen in 1942.


In April 1942, Lieutenant Colonel James H. Doolittle led a successful air strike on Tokyo. Originally, they planned to return to Quzhou Airfield. Running low on fuel, the pilots were forced to parachute over regions including Hangzhou, Ningbo, and Quzhou in Zhejiang Province, as well as parts of Jiangxi Province. Seventy-five American airmen were rescued by Chinese soldiers and civilians in a courageous effort, hailed as one of the most miraculous rescues of World War II.

Set against the backdrop of this courageous rescue, the play recounts the heroic epic of the people of Quzhou saving the American airmen through the perspectives of kind-hearted local farmers, patriotic students from the National Southwestern Associated University, and civilian laborers who helped to build the airfield.


This year marks the 80th anniversary of the victory of the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War. The premiere of Searching for Doolittle at this significant moment serves not only as an artistic tribute but also as a vibrant effort to tell China’s stories well and promote exchanges and mutual learning between civilizations.

Following its premiere in Quzhou, the play will be further refined and staged in Beijing, Hangzhou, and other cities, bringing this historic chapter to a wider audience, and ensuring that the legacy of China-U.S. people-to-people friendship is passed on to future generations.

Daqo New Energy Corp. to Hold Annual General Meeting on December 12, 2025

By
Advertorial Desk
-

SHANGHAI, Nov. 18, 2025 /PRNewswire/ — Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that it will hold its annual general meeting (the “AGM”) at Daqo New Energy Corp. Shanghai Office, 29th Floor, Huadu Building, No. 838, Zhangyang Road, Pudong District, Shanghai 200122, People’s Republic of China on December 12, 2025 at 10:00 AM (Beijing time).

Holders of record of the Company’s ordinary shares at the close of business in the Cayman Islands on November 28, 2025 will be entitled to attend the AGM and any adjournment or postponement thereof in person. Holders of the Company’s ordinary shares or ADSs may obtain a hard copy of the Company’s annual report on Form 20-F, free of charge, from its website at http://www.dqsolar.com, by emailing the Company’s Investor Relations Department at ir@daqo.com, or by writing to:

Daqo New Energy Corp. Shanghai Office
29th Floor, Huadu Building
No. 838, Zhangyang Road
Pudong District, Shanghai 200122
People’s Republic of China
Attention: Investor Relations

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 305,000 metric tons and is one of the world’s lowest cost producers of high-purity polysilicon.

For more information, please visit www.dqsolar.com

 

X Financial to Hold Annual General Meeting on December 18, 2025

By
Advertorial Desk
-

SHENZHEN, China, Nov. 18, 2025 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading online personal finance company in China, today announced it will hold its 2025 annual general meeting of shareholders at 7/F – 8/F, Block A, Aerospace Science and Technology Plaza, No. 168 Haide Third Avenue, Nanshan District, Shenzhen 518067, China on December 18, 2025, at 10:00 a.m. local time.

No proposal will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders of record and beneficial owners of the Company’s Class A ordinary shares and Class B ordinary shares to discuss Company affairs with management.

The Board has fixed the close of business on December 4, 2025 as the record date (the “Record Date”) for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof.

Holders of record of the Company’s Class A ordinary shares and Class B ordinary shares at the close of business on the Record Date are entitled to attend the annual general meeting and any adjournment or postponement thereof in person. Beneficial owners of the Company’s ADSs are welcome to attend the annual general meeting in person.

The Company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (the “SEC”) on April 25, 2025. The annual report can be accessed on the Company’s investor relations website at https://ir.xiaoyinggroup.com as well as the SEC’s website at https://www.sec.gov. The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company by emailing X Financial Investor Relations at ir@xiaoying.com.

About X Financial

X Financial (NYSE: XYF) (the “Company”) is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate and provide loans to prime borrowers under a risk assessment and control system.

For more information, please visit: https://ir.xiaoyinggroup.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company 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. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the Company’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the credit industry, and marketplace lending in particular, in China; the demand for and market acceptance of its marketplace’s products and services; its ability to attract and retain borrowers and investors on its marketplace; its relationships with its strategic cooperation partners; competition in its industry; and relevant government policies and regulations relating to the corporate structure, business and industry. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

X Financial
Mr. Frank Fuya Zheng
Mr. Noah Kauffman
E-mail: ir@xiaoying.com

Global Telecom Operators Explore Chinese Esports: Dual Advances in Technology and Cultural Engagement

By
Advertorial Desk
-

BEIJING, Nov. 18, 2025 /PRNewswire/ — On Oct. 17, The Esports Innovation and Communication Seminar, held under the guidance of the China Media Group (CMG) National Institute for Esports Development and hosted by CCTV Animation Group Co., Ltd., concluded in Mudanjiang, Heilongjiang Province. The event brought together leaders from the global esports sector, highlighting China’s growing influence in competitive gaming infrastructure and broader ecosystem growth while offering actionable insights for international operators.

Arthur Lang, CEO of International Business at Singtel, said, “Chinese esports firms are integrating 5G, edge computing, and artificial intelligence to deliver immersive audience experiences unlike any before.” Singtel has partnered with multiple operators across Southeast Asia, adapting Chinese esports deployment models to support cross-border tournaments for titles such as Valorant with under 40 milliseconds of latency.

A representative from Middle Eastern telecom operator Airtel noted that Chinese innovations in 8K UHD live production and AI-driven real-time data analysis are reshaping production standards for esports events. “We have implemented these technical approaches in the Middle Eastern market, raising the performance standard of local tournament broadcasts.”

Beyond technology, the cultural dimension of Chinese esports also drew recognition. According to Singtel’s research in the Asia-Pacific region, esports content featuring traditional Chinese cultural elements has resonated strongly with younger audiences in Southeast Asia. Characters inspired by Wuxia (martial arts heroes) aesthetics and stage designs drawn from Dunhuang murals have become effective touchpoints for cross-cultural dialogue.

Chinese esports also shows distinctive strength in engaging younger demographics. North American operator T-Mobile has adopted strategies from Chinese platforms—such as building esports communities and launching co-branded activities—to strengthen youth participation and belonging. The Head of T-Mobile’s Esports Program commented that Chinese platforms are successfully turning passive viewers into active participants, a model worth examining.

Singtel has outlined plans to expand cooperation with Chinese esports companies to jointly develop new models such as “Esports + Cultural Tourism” and “Esports + Music,” with the goal of delivering more diverse digital entertainment experiences to users worldwide.

Chinese esports, powered by both technological innovation and cultural resonance, is establishing a new benchmark for the global industry. With active involvement from international operators, esports is becoming a key convergence point linking technology with culture, and tradition with modernity, opening a new phase of global collaboration in the digital age. 

1...1,6881,6891,690...6,378Page 1,689 of 6,378