Home Blog Page 2674

KuCoin Futures Global Tour Kicks Off in Brazil, Bringing Trust and Innovation to the World

By
Advertorial Desk
-

RIO DE JANEIRO, Aug. 13, 2025 /PRNewswire/ — KuCoin, a leading global cryptocurrency trading platform, is proud to announce that KuCoin Futures has launched its Global Tour, kicking off with a prominent participation in Brazil’s flagship blockchain event, Blockchain.RIO, held from August 6 to 7, 2025. The event brought KuCoin Futures’ brand strength, trust values, and global community presence to the heart of Rio, drawing hundreds of Web3 industry leaders, well-known influencers, and local users to discuss market trends, technological advancements, and future opportunities.


Matt Refael, Lead of KuCoin Futures’ Brazil operations, stated at the event:

“The crypto world doesn’t only exist on screens or exchanges — it must also be experienced and trusted in the real world. Face-to-face interaction with our users is at the core of how we build trust and a sense of community.”

This appearance was more than just a regional engagement — it marked the official launch of the KuCoin Futures Global Tour. As one of the world’s leading cryptocurrency futures trading platforms, KuCoin Futures remains committed to the mission “To make crypto  accessible to everyone”, dedicated to innovation, security, and trust to users worldwide. Through offline events, KuCoin Futures breaks the barrier between online and offline, fostering transparent communication with users by sharing product capabilities and services up close, exchanging insights, and aligning subsequent actions with shared understanding.

Trust has always been a core value of KuCoin Futures. From security compliance to liquidity depth and user experience, the platform consistently leads the industry. Covering areas from security compliance to liquidity depth and user experience, the platform was ranked 4th globally in CoinGlass’s latest derivatives exchange list. Direct, in-person engagements allow the platform to share operational insights with users and foster deeper mutual understanding.

This Global Tour also forms a key part of KuCoin’s 8th anniversary celebration aligned with the mission to make crypto accessible to everyone and to build trust through deeper connections. Over the past eight years, KuCoin has driven innovation and lowered barriers, enabling more people to access the crypto world in a secure manner. Looking ahead, KuCoin Futures will carry this vision to more cities and communities — not just through digital connections, but through real-world engagement that brings warmth and value to its global user base.

Following Brazil, the KuCoin Futures Global Tour will continue on to Southeast Asia, Europe, and the Middle East, meeting users face-to-face and sharing the innovation, security, and trust of crypto industry at closer range, embracing together the opportunities of this new era.

About KuCoin Futures

Launched in 2019, KuCoin Futures is the derivatives arm of KuCoin, offering a wide range of perpetual and quarterly contracts across major cryptocurrencies. Built for both retail and institutional users, KuCoin Futures delivers a powerful, intuitive, and secure trading experience backed by robust liquidity and advanced risk management systems. The platform supports cross-margin and isolated-margin modes, customizable leverage, and a comprehensive API, making it one of the most user-friendly and scalable derivatives platforms in the industry.

To learn more, visit https://www.kucoin.com/futures

China Automotive Systems Reports Income From Operations Increased by 20.2% in the Second Quarter of 2025

By
Advertorial Desk
-

WUHAN, China, Aug. 13, 2025 /PRNewswire/ — China Automotive Systems, Inc. (NASDAQ: CAAS) (“CAAS” or the “Company”), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2025.

Second Quarter 2025 Highlights

  • Net sales rose 11.1% year-over-year to $176.2 million from $158.6 million in the second quarter of 2024.
  • Sales in Brazil grew 49.4% year-over-year, representing 10.1% of total net sales.
  • Gross profit increased by 4.2% year-over-year to $30.5 million from $29.3 million in the second quarter of 2024; gross profit margin was 17.3% in the second quarter of 2025.
  • Income from operations increased by 20.2% year-over-year to $13.0 million, from income from operations of $10.8 million in the second quarter of 2024.
  • Net income attributable to parent company’s common shareholders increased 6.8% to $7.6 million from $7.1 million, in the second quarter of 2024.
  • Diluted earnings per share attributable to parent company’s common shareholders was $0.25 compared with $0.24 in the second quarter of 2024.

First Six Months of 2025 Highlights

  • Net sales grew by 15.2% year-over-year to $343.3 million, compared to $298.0 million in the first six months of 2024.
  • Gross profit increased by 10.8% year-over-year to $59.1 million, compared to $53.4 million in the first six months of 2024; gross profit margin was 17.2% in the first six months of 2025.
  • Income from operations rose by 5.7% year-over-year to $21.6 million compared to income from operations of $20.5 million in the first six months of 2024.
  • Net income attributable to parent company’s common shareholders decreased to $14.7 million from $15.4 million in the first six months of 2024.
  • Diluted earnings per share attributable to parent company’s common shareholders was $0.49 compared with $0.51 in the first six months of 2024.
  • Cash, cash equivalents and short-term investments were $135.3 million, or approximately $4.48 per share, as of June 30, 2025.

Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, “We continued to grow our sales, gross profit, net profit and cashflow in the second quarter of 2025.  Sales of our traditional steering products remained steady while sales of our Electric Power Steering (“EPS”) products grew by 31.1% year over year in the second quarter of 2025. EPS sales have continuously increased and now represent 41.4% percent of our product sales in the second quarter of 2025.”

“We continue to transition to more technology-focused advanced steering products.  In the second quarter of 2025, based on our iRCB’s (intelligent electro-hydraulic circulating ball power steering) performance and cost-efficiency, new orders in July were at a record setting pace in the power steering industry for the ramp up to mass production. Our second-generation iRCB is compatible with L2+assisted driving.  By optimizing energy consumption, iRCB products are projected to reduce vehicle operational costs creating substantial economic value.”

“The high quality and high performance of our steering products have allowed us to become the tier-1 supplier to large global OEM customers in North America, Europe, Asia and South America. International sales have become our growth engine as we continue to expand our customer base and enhance our sales and profits. In the second quarter of 2025, we won our first R-EPS product order from a large, well-known European automaker. This order, with annual sales expected to exceed US$100 million, will start mass production by 2027 and power multiple new models. Our North and South American sales also grew in the second quarter of 2025, and we expect to enhance our organizational structure to capture more future international market opportunities.”

Mr. Jie Li, Chief Financial Officer of CAAS, commented, “Maintaining a strong balance sheet and financial resources are among our highest priorities. Cash, cash equivalents and short-term investments were $135.3 million, working capital was $170.9 million, with net cash provided by operating activities of $49.1 million in the first six months of 2025.  Our capital expenditures were $18.5 million in the first half of 2025 as we continue to invest in our future.”

Second Quarter of 2025

Net sales increased by 11.1% year-over-year to $176.2 million, compared to $158.6 million in the second quarter of 2024.  Net sales of traditional steering products and parts increased slightly year-over-year to $103.3 million in the second quarter of 2025.  Net sales of EPS products rose 31.1% year-over-year to $72.9 million from $55.6 million for the same period in 2024.  EPS product sales grew to 41.4% of the total net sales for the second quarter of 2025, compared to 35.1% for the same period in 2024.  Our subsidiary, Jiulong’s sales of commercial vehicle steering systems rose by 25.6% to $23.5 million, compared with $18.7 million for the second quarter of 2024. Sales to North American customers increased by 11.8% to $30.0 million, compared to $26.8 million in the second quarter of 2024.  North American sales increased primarily due to improved demand by one customer. Sales in Brazil were 49.4% higher in the second quarter of 2025 to $17.9 million from $12.0 million in the second quarter of 2024.

Gross profit grew by 4.2% year-over-year to $30.5 million from $29.3 million in the second quarter of 2024. Gross profit margin decreased to 17.3% in the second quarter of 2025 from 18.5% in the second quarter of 2024. The decrease in gross profit margin was mainly due to an increase in tariffs and the product mix change from increased sales portion of relatively lower-margin products.

Gain on other sales was $0.5 million in the second quarter of 2025, compared to $1.7 million in the second quarter of 2024.

Selling expenses at $4.5 million in the second quarter of 2025 were consistent with the second quarter of 2024.  Selling expenses represented 2.6% of net sales in the second quarter of 2025, compared to 2.9% in the second quarter of 2024.

General and administrative expenses (“G&A expenses”) decreased to $5.4 million, compared to $7.4 million in the second quarter of 2024, primarily due to decreased business taxes and surcharges. G&A expenses represented 3.1% of net sales in the second quarter of 2025, compared to 4.7% of net sales in the second quarter of 2024.  

Research and development expenses (“R&D expenses”) were stable at $8.1 million in the second quarter of each year.  R&D expenses represented 4.6% of net sales in the second quarter of 2025, compared to 5.2% in the second quarter of 2024.  Research and development programs include but are not limited to electric power and hydraulic steering systems, automotive intelligence and software technologies, automobile electronics, high polymer materials, and manufacturing technologies.

Other income was $1.1 million for the second quarter of 2025, compared to $1.7 million for the three months ended June 30, 2024. 

Income from operations rose 20.2% to $13.0 million in the second quarter of 2025, from $10.8 million in the second quarter of 2024. The increase was primarily due to higher sales.  

Interest expense was $0.3 million in the second quarter of 2025, compared to $0.2 million in the second quarter of 2024.

Net financial income was $1.3 million in the second quarter of 2025, compared to net financial expense of $0.7 million in the second quarter of 2024.  The increase in net financial income was primarily due to an increase in the foreign exchange gain due to the foreign exchange volatility. 

Income before income tax expenses and equity in earnings of affiliated companies was $15.1 million in the second quarter of 2025, compared to income before income tax expenses and equity in earnings of affiliated companies of $11.7 million in the second quarter of 2024. The change in income before income tax expenses and equity in earnings of affiliated companies was mainly due to higher income from operations in the second quarter of 2025 compared with income in last year’s same quarter.

Income tax expense was $4.0 million in the second quarter of 2025, compared to $2.1 million for the second quarter of 2024.  The increase in income tax expense was primarily due to a higher income before income tax expenses and a higher expected annual effective tax rate in 2025 based on the latest annual forecast as compared to 2024.

Net income attributable to parent company’s common shareholders was $7.6 million in the second quarter of 2025, compared to net income attributable to parent company’s common shareholders of $7.1 million in the second quarter of 2024.  Diluted earnings per share was $0.25 in the second quarter of 2025, compared to $0.24 per share in the second quarter of 2024.

The weighted average number of diluted common shares outstanding was 30,170,702 in the second quarter of 2025, compared to 30,185,702 in the second quarter of 2024.

First Six Months of 2025

Net sales increased by 15.2% year-over-year to $343.3 million in the first six months of 2025, compared to $298.0 million in the first six months of 2024 primarily due to increased sales of EPS systems. Six-month gross profit increased by 10.8% year-over-year to $59.1 million from $53.4 million in the corresponding period last year.  Six-month gross profit margin was 17.2% compared with 17.9% in the first six months of 2024.  Gain on other sales was $1.6 million in the first six months of 2025, compared to $2.2 million in the corresponding period last year.  Income from operations increased by 5.7% year-over-year to $21.6 million in the first six months of 2025 from $20.5 million in the first six months of 2024. 

Net income attributable to parent company’s common shareholders was $14.7 million in the first six months of 2025, compared to net income attributable to parent company’s common shareholders of $15.4 million in the corresponding period in 2024.  Diluted earnings per share in the first six months of 2025 were $0.49, compared to diluted earnings per share of $0.51 in the first six months of 2024.

Balance Sheet

Cash, cash equivalents and short-term investments were $135.3 million, or approximately $4.48 per share, as of June 30, 2025. Net working capital was $170.9 million. Total accounts receivable including notes receivable were $294.2 million, accounts payable including notes payable were $269.6 million and short-term loans were $71.9 million. Total parent company stockholders’ equity was $366.4 million as of June 30, 2025, compared to $349.6 million as of December 31, 2024.

Business Outlook

Management has raised revenue guidance for the full fiscal year 2025 to $720.0 million. This target is based on the Company’s current views on operating and market conditions, which are subject to change.

Conference Call

Management will conduct a conference call on August 13th, 2025 at 8:00 A.M. EDT/8:00 P.M. Beijing Time to discuss these results.  A question and answer session will follow management’s presentation.  To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the “China Automotive Systems” conference call with pin 489385:

Toll Free: 888-506-0062

International: 973-528-0011

China Toll Free: 86 400 120 3199

A replay of the call will be available on the Company’s website in the investor relations section.

About China Automotive Systems, Inc.

Based in Hubei Province, the People’s Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through its sixteen Sino-foreign joint ventures and wholly owned subsidiaries. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 8 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Stellantis N.V. and Ford Motor Company in North America. For more information, please visit: http://www.caasauto.com. 

Forward-Looking Statements

This press release contains statements that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company’s actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2025, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Any of these factors and other factors beyond our control, could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict, and materially and adversely impact our business, financial condition and results of operations. A prolonged disruption or any further unforeseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could result in delays in the shipment of products to our customers, increase costs and reduce revenue. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

For further information, please contact:

Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
jieli@chl.com.cn

Kevin Theiss
Awaken Advisors
+1-212-510-8922
Kevin@awakenlab.com 

 

-Tables Follow –

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income

(In thousands of USD, except share and per share amounts)

Three Months Ended June 30, 

2025

2024

Net product sales ($8,522 and $13,550 sold to related parties for the three months ended June
   30, 2025 and 2024)

$

176,245

$

158,608

Cost of products sold ($7,771 and $7,689 purchased from related parties for the three months
   ended June 30, 2025 and 2024)

145,698

129,306

Gross profit

30,547

29,302

Gain on other sales

455

1,720

Less: Operating expenses

Selling expenses

4,514

4,614

General and administrative expenses

5,412

7,418

Research and development expenses

8,092

8,184

Total operating expenses

18,018

20,216

Income from operations

12,984

10,806

Other income, net

1,060

1,735

Interest expense

(292)

(183)

Financial income/(expense), net

1,327

(690)

Income before income tax expenses and equity in earnings of affiliated companies

15,079

11,668

Less: Income taxes

4,049

2,108

Add: Equity in losses of affiliated companies

(658)

(805)

Net income

10,372

8,755

Less: Net income attributable to non-controlling interests

2,747

1,608

Accretion to redemption value of redeemable non-controlling interests

—

(7)

Net income attributable to parent company’s common shareholders

$

7,625

$

7,140

Comprehensive income:

Net income

$

10,372

$

8,755

Other comprehensive income:

Foreign currency translation gain/(loss), net of tax

1,342

(2,846)

Comprehensive income

11,714

5,909

Less: Comprehensive income attributable to non-controlling interests

2,887

1,431

Accretion to redemption value of redeemable non-controlling interests

—

(7)

Comprehensive income attributable to parent company

$

8,827

$

4,471

Net income attributable to parent company’s common shareholders per share –

Basic

$

0.25

$

0.24

Diluted

$

0.25

$

0.24

Weighted average number of common shares outstanding –

Basic

30,170,702

30,185,702

Diluted

30,170,702

30,185,702

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Income

(In thousands of USD, except share and per share amounts)

Six Months Ended June 30, 

2025

2024

Net product sales ($20,015 and $24,910 sold to related parties for the six months ended June 30,
   2025 and 2024)

$

343,339

$

298,002

Cost of products sold ($15,546 and $14,657 purchased from related parties for the six months
   ended June 30, 2025 and 2024)

284,207

244,631

Gross profit

59,132

53,371

Gain on other sales

1,606

2,234

Less: Operating expenses

Selling expenses

9,332

8,687

General and administrative expenses

12,977

12,965

Research and development expenses

16,805

13,496

Total operating expenses

39,114

35,148

Income from operations

21,624

20,457

Other income, net

3,001

4,138

Interest expense

(775)

(441)

Financial income/(expense), net

3,305

(702)

Income before income tax expenses and equity in earnings of affiliated companies

27,155

23,452

Less: Income taxes

6,986

3,851

Add: Equity in losses of affiliated companies

(1,342)

(1,582)

Net income

18,827

18,019

Less: Net income attributable to non-controlling interests

4,080

2,597

Accretion to redemption value of redeemable non-controlling interests

—

(15)

Net income attributable to parent company’s common shareholders

$

14,747

$

15,407

Comprehensive income:

Net income

$

18,827

$

18,019

Other comprehensive income:

Foreign currency translation gain/(loss), net of tax

2,262

(3,194)

Comprehensive income

21,089

14,825

Less: Comprehensive income attributable to non-controlling interests

4,283

2,372

Accretion to redemption value of redeemable non-controlling interests

—

(15)

Comprehensive income attributable to parent company

$

16,806

$

12,438

Net income attributable to parent company’s common shareholders per share –

Basic

$

0.49

$

0.51

Diluted

$

0.49

$

0.51

Weighted average number of common shares outstanding –

Basic

30,170,702

30,185,702

Diluted

30,170,702

30,185,702

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Condensed Unaudited Consolidated Balance Sheets
(In thousands of USD unless otherwise indicated)

June 30, 2025

December 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

$

102,194

$

56,961

Pledged cash

36,774

44,863

Accounts and notes receivable, net – unrelated parties

279,144

329,275

Accounts and notes receivable, net – related parties

15,064

14,224

Inventories

116,518

112,558

Other current assets

50,271

44,757

Total current assets

599,965

602,638

Non-current assets:

Property, plant and equipment, net

114,705

103,820

Land use rights, net

9,235

8,835

Long-term investments

61,876

64,332

Other non-current assets

57,935

70,954

Total assets

$

843,716

$

850,579

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term loans

$

71,946

$

72,566

Accounts and notes payable-unrelated parties

257,418

281,065

Accounts and notes payable-related parties

12,186

11,743

Accrued expenses and other payables

60,002

59,238

Other current liabilities

27,477

31,870

Total current liabilities

429,029

456,482

Long-term liabilities:

Other non-current liabilities

3,809

4,308

Total liabilities

$

432,838

$

460,790

Commitments and Contingencies

Stockholders’ equity:

Common stock, $0.0001 par value – Authorized – 80,000,000 shares; Issued – 32,338,302 and
   32,338,302 shares as of June 30, 2025 and December 31, 2024, respectively

$

3

$

3

Additional paid-in capital

69,656

69,656

Retained earnings-

Appropriated

13,668

12,180

Unappropriated

303,532

290,273

Accumulated other comprehensive income

(12,721)

(14,780)

Treasury stock –2,167,600 and 2,167,600 shares as of June 30, 2025 and December 31, 2024,
   respectively

(7,763)

(7,763)

Total parent company stockholders’ equity

366,375

349,569

Non-controlling interests

44,503

40,220

Total stockholders’ equity

410,878

389,789

Total liabilities and stockholders’ equity

$

843,716

$

850,579

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Condensed Unaudited Consolidated Statements of Cash Flows

(In thousands of USD unless otherwise indicated)

Six months Ended June 30, 

2025

2024

Cash flows from operating activities:

Net income

$

18,827

$

18,019

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

Depreciation and amortization

8,267

9,868

(Reversal)/addition of credit losses

(159)

9

Equity in losses of affiliated companies

1,342

1,582

Impairment loss on property, plant and equipment

657

—

Loss on disposal of property, plant and equipment

580

773

(Increase)/decrease in:

Accounts and notes receivable

50,982

(20,451)

Inventories

(3,491)

4,271

Other current assets

(1,077)

3,654

Increase/(decrease) in:

Accounts and notes payable

(24,349)

1,994

Accrued expenses and other payables

2,238

1,134

Long-term taxes payable

—

(7,025)

Other current liabilities

(4,735)

(4,697)

Net cash provided by operating activities

49,082

9,131

Cash flows from investing activities:

Cash received from disposal of property, plant and equipment sales

522

607

Payments to acquire property, plant and equipment (including $2,193 and $2,839 paid to related
   parties for the six months ended June 30, 2025 and 2024, respectively)

(18,484)

(10,016)

Payments to acquire intangible assets

(67)

(332)

Investment under the equity method

(1,112)

—

Purchase of short-term investments

(23,096)

(40,054)

Proceeds from maturities of short-term investments

29,570

20,626

Cash received from long-term investments

2,368

937

Net cash used in investing activities

(10,299)

(28,232)

Cash flows from financing activities:

Proceeds from bank loans

52,829

47,054

Repayments of bank loans

(53,890)

(48,384)

Dividends paid to the common shareholders

(1,773)

—

Cash received from capital contributions of a non-controlling interest

—

15,504

Net cash (used in)/provided by financing activities

(2,834)

14,174

Effects of exchange rate on cash, cash equivalents and pledged cash

1,195

(1,882)

Net increase/(decrease) in cash, cash equivalents and pledged cash

37,144

(6,809)

Cash, cash equivalents and pledged cash at beginning of the period

101,824

155,194

Cash, cash equivalents and pledged cash at end of the period

$

138,968

$

148,385

 

 

Yuchai Foundry Begins Shipment of Key Casting Products to Germany

By
Advertorial Desk
-

SINGAPORE, Aug. 13, 2025 /PRNewswire/ — China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”) one of the largest powertrain solution manufacturers through its main operating subsidiary in China, Guangxi Yuchai Machinery Company Limited (“Yuchai”), announced today that Yuchai’s subsidiary, Guangxi Yuchai Foundry Co., Ltd. (“Yuchai Foundry”), had in early August commenced the shipment of its first batch of a total order for 30,000 high-end cylinder head castings to a German customer. This shipment marks the international customer’s recognition of Yuchai Foundry’s product quality, as a rising supplier of high-end castings in the global supply chain.

To meet the stringent German technical standards, Yuchai Foundry innovatively utilized special alloys and vermicular iron thermal analysis technology. The production process was managed to ensure the castings’ precision, material quality, and performance.

Mr. Weng Ming Hoh, President of China Yuchai, commented, “Over the years, we have deepened our partnerships with leading industry players through technology innovations. Yuchai Foundry is making qualitative leaps through its independent capabilities to develop solutions.” 

About China Yuchai International

China Yuchai International Limited, through its subsidiary Guangxi Yuchai Machinery Company Limited (“Yuchai”), is one of the leading powertrain solution providers in China. Yuchai specializes in the design, manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, pickups, construction and agricultural equipment, and marine and power generation applications. Yuchai offers a comprehensive portfolio of powertrain solutions, including but not limited to diesel, natural gas, and new energy products such as pure electric, range extenders, and hybrid and fuel cell systems.  Through its extensive network of regional sales offices and authorized customer service centers, Yuchai distributes its engines directly to auto OEMs and distributors while providing after-sales services across China and globally.  Founded in 1951, Yuchai has established a reputable brand name, built a strong research and development team, and achieved a significant market share in China. Known for its high-quality products and reliable after-sales support, Yuchai has also expanded its footprint into overseas markets.  In 2024, Yuchai sold 356,586 engines, further solidifying its position as a leading manufacturer and distributor of engines in China.  For more information, please visit http://www.cyilimited.com.

Safe Harbor Statement:

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements, including, but not limited to, statements concerning China Yuchai’s and the joint venture’s operations, financial performance and condition, are based on current expectations, beliefs and assumptions which are subject to change at any time. China Yuchai cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China, including those discussed in China Yuchai’s Form 20-Fs under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date they are made and China Yuchai specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

For more information:

Investor Relations
Kevin Theiss
Tel: +1-212-510-8922
Email: cyd@bluefocus.com

 

Telitacicept Meets Primary Endpoint in Phase III Trial for Primary Sjögren’s Syndrome in China

By
Advertorial Desk
-

YANTAI, China, Aug. 13, 2025 /PRNewswire/ — On August 13th, Remegen (688331.SH/09995.HK) announced that its global first-in-class BLyS (BAFF)/APRIL dual-target fusion protein drug, Telitacicept, met the primary endpoint in its Phase III clinical trial for the treatment of primary Sjögren’s syndrome (pSS) in China, as per the pre-specified study protocol. The company will promptly submit a Biologics License Application (BLA) to the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) and plans to present the detailed data at major international academic conferences in due course. Telitacicept is the world’s first BLyS/APRIL dual-target fusion protein drug to complete a Phase III study in the Sjögren’s syndrome treatment field.

This multicenter, randomized, double-blind, placebo-controlled Phase III clinical study aimed to evaluate the efficacy and safety of Telitacicept in patients with primary Sjögren’s syndrome. The primary endpoint was the change from baseline in the ESSDAI score (the gold standard for measuring Sjögren’s syndrome disease activity) at Week 24. The clinical results demonstrated that Telitacicept sustainably and effectively improved the clinical symptoms of Sjögren’s syndrome patients, while showing favorable safety profile.

Sjögren’s syndrome is a chronic inflammatory autoimmune disease characterized primarily by lymphocyte infiltration and damage to exocrine glands. Beyond persistent dry mouth and dry eyes caused by salivary and lacrimal gland dysfunction, it can also affect multiple organ systems. The prevalence rate of Sjögren’s syndrome in China is 0.3% to 0.7%, or 4-10 million potential patient pool. The clinical manifestations of this disease are complex, and for a long time, there has been a lack of effective treatment methods rigorously validated by evidence-based medicine.

Research indicates that the overactivation of autoreactive B cells is a crucial pathological basis for Sjögren’s syndrome. Telitacicept, a novel dual-target fusion protein independently developed by Remegen, simultaneously inhibits the overexpression of B Lymphocyte Stimulator (BLyS) and A Proliferation-Inducing Ligand (APRIL). It effectively blocks the abnormal differentiation and maturation of B cells and has demonstrated favorable efficacy and safety in both clinical and real-world studies.

In China, Telitacicept has been recommended by multiple authoritative guidelines, including the Chinese Clinical Practice Guideline for Off-Label Use of Drugs in Sjögren’s Syndrome, the Chinese Expert Consensus on B-Cell Targeted Therapy for Rheumatic Immune Diseases, and the Multidisciplinary Expert Consensus on the Diagnosis and Treatment of Primary Sjögren’s Syndrome. Internationally, Telitacicept’s Sjögren’s syndrome indication has been granted Fast Track designation by the US FDA and the approval to initiate a global multicenter Phase III clinical trial.

 

DHL Express and Cathay Group sign new sustainable aviation fuel (SAF) deal to drive production and uptake in Asia

By
Advertorial Desk
-

  • DHL Express purchases 2,400 metric tons of SAF from Cathay Group to be used on flights operated by Air Hong Kong, an express all-cargo carrier and wholly owned subsidiary of Cathay.
  • The SAF will be used on Air Hong Kong flights departing from Seoul Incheon, Tokyo Narita and Singapore Changi airports.
  • The new agreement underscores both parties’ commitment to lower-carbon air logistics and driving the production and use of SAF for the air cargo sector.

HONG KONG SAR/SINGAPORE – Media OutReach Newswire – 13 August 2025 – DHL Express and the Cathay Group have entered into a new sustainable aviation fuel (SAF) partnership that reinforces their shared commitment to reducing greenhouse gas emissions in the air cargo industry. Under the agreement, Cathay will supply DHL Express with 2,400 metric tons of SAF for international flights departing from three airports in Asia namely Seoul Incheon International Airport, Tokyo Narita International Airport, and Singapore Changi Airport. These flights are operated by Air Hong Kong, a wholly owned subsidiary of the Cathay Group, which principally operates express cargo services for DHL Express.

Continuing through 2025, the partnership is expected to reduce lifecycle greenhouse gas emissions by approximately 7,190 metric tons —equivalent to the emissions of over 100 flights from Hong Kong to Singapore with an Airbus 330 freighter.

(L to R): Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group
(L to R): Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group

“Sustainable aviation fuel currently accounts for less than 1% of the total global jet fuel consumption, yet air transport is one of our biggest sources of greenhouse gas emissions. Our decision to expand our SAF usage in Asia with Cathay is another important step that we have taken to drive momentum in SAF production and demand,” said Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express. “DHL Express is at the forefront of SAF adoption, and we look forward to seeing more partners and customers join us on this journey to build a more robust SAF ecosystem in Asia. Our continued investment in this area aligns with DHL Group’s Strategy 2030, which recognizes ‘green logistics of choice’ as one of the four bottom lines.”

This SAF deal builds on the long-standing partnership between DHL Express and the Cathay Group, including through Air Hong Kong. For more than two decades, Air Hong Kong has played a vital role in DHL Express’s Asia Pacific network. This latest collaboration builds on that strong foundation and paves the way for deeper cooperation in advancing SAF.

(L to R): Samuel Lee, General Manager for Central Asia Hub, DHL Express; Wai Kheong Loh, Vice President of Commercial - Hong Kong & Macau, DHL Express; Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group; Clarence Tai, Chief Operating Officer, Air Hong Kong; Grace Cheung, General Manager, Sustainability, Cathay Group
(L to R): Samuel Lee, General Manager for Central Asia Hub, DHL Express; Wai Kheong Loh, Vice President of Commercial – Hong Kong & Macau, DHL Express; Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group; Clarence Tai, Chief Operating Officer, Air Hong Kong; Grace Cheung, General Manager, Sustainability, Cathay Group

“This partnership marks the first SAF uplift on Air Hong Kong flights, a key milestone for Cathay as we continue to expand the SAF usage across our global network. SAF remains a core pillar of our strategy to address our carbon emissions, and collaboration is essential to scaling its use. We are excited to be working with like-minded partners like DHL Express to make SAF more accessible and scalable, particularly in Asia,” said Tom Owen, Director Cargo, Cathay.

This collaboration makes DHL Express the latest strategic partner of Cathay’s Corporate SAF Program, an initiative launched in 2022 to support corporate partners in addressing greenhouse gas emissions from business travel and airfreight through the use of SAF. In 2024, the Corporate SAF Program enabled the use of over 6,000 metric tons of SAF, with a record 16 partners participating, including HSBC, AIA and Standard Chartered.

Cathay has been steadily expanding its SAF efforts across the region. Earlier in 2025, the Group entered into an agreement with Sinopec to uplift SAF produced in the Chinese Mainland at Hong Kong International Airport, marking the first such export by Sinopec to Hong Kong. Additionally, Cathay has partnered with SK Energy to secure SAF supply in South Korea from 2025 to 2027. Apart from working closely with suppliers, the Group also co-initiated the Hong Kong Sustainable Aviation Fuel Coalition (HKSAFC) to collectively drive policy development and adoption of SAF locally. These initiatives reflect Cathay’s mission to expand the use of SAF within its network and foster a regional SAF ecosystem.

Investments in SAF are therefore critical to ensuring its availability on a long-term and predictable basis. DHL Express has also been a frontrunner in scaling SAF uptake globally, securing long-term SAF agreements with multiple partners, including Neste, bp, and World Energy. Earlier this year, DHL Express also partnered with Cosmo Oil Marketing to use SAF produced in Japan for flights departing the country. Most recently, DHL Express completed an agreement with Neste that comprises 7,400 metric tons of SAF for international flights departing from Singapore Changi Airport, further demonstrating the company’s proactive approach to driving SAF demand and supply across the region.

These efforts will also enhance DHL’s understanding of how to transport these alternative fuels, as it is a segment under its Strategy 2030’s key growth sector, “New Energy.” DHL Group is developing end-to-end logistics solutions for eight segments: wind, solar, electric vehicle (EV) and batteries, battery and energy storage systems, EV charging, grid, alternative fuel and hydrogen.

Hashtag: #DHL

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

DHL – The logistics company for the world 

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 400,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of DHL Group. The Group generated revenues of more than 84.2 billion euros in 2024. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. DHL Group aims to achieve net-zero emissions logistics by 2050.

On the Internet:
Follow us at:

About the Cathay Group

Cathay is a leading premium travel lifestyle brand based in Hong Kong, offering products and services across four lines of business – Cathay Pacific, Cathay Cargo, HK Express and Lifestyle. Flights are provided by Cathay Pacific, the home airline of Hong Kong and a founding member of the oneworld global alliance. The Cathay Group also includes cargo division Cathay Cargo, low-cost carrier HK Express and various other subsidiaries. Cathay is a member of the Swire Group and is listed on the Hong Kong Stock Exchange (HKSE). For more information, please visit .

About Air Hong Kong

Air Hong Kong is an express all-cargo carrier, principally operating express cargo services for DHL Express. The airline offers scheduled and charter services to 17 destinations in Asia, the Middle East, Europe and Australia. Air Hong Kong was established in 1986 as Hong Kong’s first all-cargo airline. Today, the carrier operates an all-Airbus A330F freighter fleet comprising 4 A330-200F and 10 A330-300P2F aircraft. Air Hong Kong is a wholly owned subsidiary of Cathay Pacific Airways Limited.

TENCENT ANNOUNCES 2025 SECOND QUARTER RESULTS

By
Advertorial Desk
-

Revenue and Non-IFRS Operating Profit Increased Double Digit YoY 
Utilising AI in Games and Marketing Services

HONG KONG, Aug. 13, 2025 /PRNewswire/ — Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), “Tencent” or “the Company”), a world-leading Internet and technology company in China, today announced the unaudited consolidated results for the quarter ended 30 June 2025 (“2Q2025”).

Mr. Ma Huateng, Chairman and CEO of Tencent, said, “During the second quarter of 2025, we delivered double-digit revenue and non-IFRS operating profit growth on a year-on-year basis, as we invested in, and also benefitted from, utilising AI. Our games performed well in terms of users and revenue as evergreen games such as Honour of Kings and Peacekeeper Elite evolve into platforms while increasing their usage of AI, and as new games such as Delta Force broke out. Our marketing services revenue sustained rapid growth as we upgraded our advertising foundation model, leading to better performance of advertisements across our traffic platforms. We are striving to bring further benefits of AI to consumers and enterprises through powering more use cases within Weixin, driving usage of our AI native app Yuanbao, and upgrading the capabilities of our HunYuan foundation models.”

2Q2025 Financial Highlights

Revenues: +15% YoY, gross profit: +22% YoY, non-IFRS[1] operating profit: +18% YoY

  • Total revenues were RMB184.5 billion, up 15% over the second quarter of 2024.
  • Gross profit was RMB105.0 billion, up 22% YoY.
  • On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
    • Operating profit was RMB69.2 billion, up 18% YoY. Operating margin increased to 38% from 36% last year.
    • Net profit was RMB 64.8 billion, up 11% YoY.
    • Net profit attributable to equity holders of the Company for the period was RMB63.1 billion, up 10% YoY. Excluding non-IFRS share of profits of associates and joint ventures in both the current quarter and the same quarter last year, non-IFRS profit attributable to equity holders of the Company would have increased by 20% year-on-year to RMB56.8 billion.
    • Basic earnings per share were RMB6.931. Diluted earnings per share were RMB6.793.
  • On an IFRS basis:
    • Operating profit was RMB60.1 billion, up 18% YoY. Operating margin increased to 33% from 31% last year.
    • Net profit was RMB56.0 billion, up 16% YoY.
    • Net profit attributable to equity holders of the Company for the quarter was RMB55.6 billion, up 17% YoY.
    • Basic earnings per share were RMB6.115. Diluted earnings per share were RMB5.996.
  • Capital expenditure was RMB19.1 billion, up 119% YoY.
  • Total cash was RMB468.4 billion and free cash flow was RMB43.0 billion, up 7% YoY. Net cash position totalled RMB74.6 billion.
  • The fair value of our shareholdings[2] in listed investee companies (excluding subsidiaries) totalled RMB714.3 billion as at 30 June 2025, compared to RMB653.4 billion as at 31 March 2025. The carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB342.3 billion as at 30 Jun 2025, compared to RMB337.9 billion as at 31 March 2025.
  • During the second quarter of 2025, the Company repurchased approximately 38.9 million shares on the Hong Kong Stock Exchange for an aggregate consideration of approximately HKD19.4 billion.

[1] Non-IFRS adjustments excludes share-based compensation, M&A related impact such as net (gains)/losses from investee companies, amortisation of intangible assets, impairment provisions/(reversals), SSV & CPP, income tax effects and others

[2] Including those held via special purpose vehicles, on an attributable basis 

2Q2025 Business Review and Outlook

  • We enriched AI features in Weixin, providing AI-powered citations in content, intelligent responses to customer enquiries for Mini Shops merchants, and automated text summaries for Video Accounts video clips.
  • We deployed AI tools in games to accelerate content production, introduced AI-powered features enabling more realistic virtual teammates and non-player characters, used AI-powered marketing activities to increase user acquisition and engagement, contributing to the popularity and revenue growth of our Domestic and International Games.
  • We upgraded Mini Games‘ technology infrastructure with expanded game engine compatibility, enhanced graphics rendering, and reduced load time, which facilitated developers in porting complex app-based games to Mini Games. Total gross receipts of Mini Games increased 20% year-on-year in the second quarter of 2025.
  • Domestically, Delta Force, a first-person shooter that we released on mobile and PC in September 2024, exceeded 20 million monthly average DAU, ranking it among the top 5 games by DAU, and the top 3 games by gross receipts, industry-wide in July 2025[3].
  • Internationally, Supercell released more frequent content updates, optimised the reward system and hosted more community events for Clash Royale, boosting the game’s DAU, and lifting its monthly gross receipts to a seven-year high in June 2025.
  • We expanded AI capabilities in advertisement creation, placement, recommendation and performance analysis, enhancing advertising click-through rates and conversions, returns on investment for advertisers, and growing marketing services revenue on our platforms.
  • Tencent Video maintained its leading position in China’s long-form video market with 114 million[4] video subscribers. Tencent Music sustained its leading position in the music streaming market with 124 million[5] music subscribers.
  • Benefitting from improved consumption activity, commercial payment volume growth turned positive year-on-year in the second quarter of 2025, contributing to higher revenue growth for FinTech Services.
  • For HunYuan, we enhanced our data quality and diversity through data augmentation and synthesis, and implemented more effective pre-training and post-training scaling, bolstering the model’s foundational capabilities. Our HunYuan 3D model ranked first[6] on Hugging Face for its industry-leading geometric precision, texture fidelity and prompt-3D alignment capabilities. Game developers, 3D printing enterprises, and design professionals are increasingly adopting HunYuan 3D model to generate digital assets.

[3] Company data, QuestMobile, Sensor Tower

[4] The average daily number of paying users for the second quarter of 2025

[5] The average number of paying users as of the last day of each month during the second quarter of 2025

[6] Published on https://huggingface.co/spaces/3DTopia/3DGen-Leaderboard, August 2025

Operating Metrics 

As at

30 June

2025

As at

30 June

2024

Year-

on-year

change

As at

31 March

2025

Quarter-
on-quarter

change

(in millions, unless specified)

Combined MAU of Weixin               

  and WeChat

1,411

1,371

3 %

1,402

0.6 %

Mobile device MAU of QQ                                     

532

571

-7 %

534

-0.4 %

Fee-based VAS paying

  users

264

263

0.4 %

268

-1 %

2Q2025 Management Discussion and Analysis

Revenues from VAS increased by 16% year-on-year to RMB91.4 billion for the second quarter of 2025. Domestic Games revenues were RMB40.4 billion, up 17% year-on-year, driven by the contribution from recently released Delta Force and growth in revenues from evergreen games including Honour of Kings, VALORANT, and Peacekeeper Elite. International Games revenues were RMB18.8 billion, reflecting a 35% year-on-year increase, driven by growth in revenues from Supercell’s games and PUBG MOBILE, as well as the contribution from newly released Dune: Awakening. Social Networks revenues rose by 6% year-on-year to RMB32.2 billion, driven by growth in app-based game virtual item sales, Video Accounts live streaming revenue and music subscription revenue.

Revenues from Marketing Services[7] were RMB35.8 billion for the second quarter of 2025, up 20% year-on-year. This growth was primarily due to AI-driven improvements to our advertising platform and enhancements to the Weixin transaction ecosystem, which resulted in robust advertiser demand across Video Accounts, Mini Programs and Weixin Search. Marketing Services revenues increased across most major industry categories during the quarter.

Revenues from FinTech and Business Services rose by 10% year-on-year to RMB55.5 billion for the second quarter of 2025. FinTech Services revenue growth was driven by higher revenues from consumer loan services, commercial payment activities and wealth management services. Increased enterprise customer demand for AI-related services, including GPU rental and API token usage, along with increased eCommerce technology service fees, resulted in Business Services revenue growth accelerating versus prior quarters.

For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.htmlhttp://www.tencent.com/ir, or follow us via Weixin Official Account (Weixin ID: TencentGlobal).

[7] Starting third quarter of 2024, we have renamed this revenue segment from “Online Advertising” to “Marketing Services” to better represent the breadth of our marketing solutions and accompanying technology services across our online marketing properties

About Tencent

Tencent uses technology to enrich the lives of Internet users.

Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted marketing services helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners’ business growth and assist their digital upgrade.

Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004. 

Investor contact: IR@tencent.com
Media contact: GC@tencent.com 

Non-IFRS Financial Measures

To supplement the consolidated results of the Group (“the Company and its subsidiaries”) prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

The Company’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group’s major associates based on available published financials of the relevant major associates, or estimates made by the Company’s management based on available information, certain expectations, assumptions and premises.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.

 

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

RMB in millions, unless specified

Unaudited

Unaudited

2Q2025

 

2Q2024

 

2Q2025

 

1Q2025

 

Revenues

184,504

161,117

184,504

180,022

VAS

91,368

78,822

91,368

92,133

Marketing Services

35,762

29,871

35,762

31,853

FinTech and Business Services

55,536

50,440

55,536

54,907

Others

1,838

1,984

1,838

1,129

Cost of revenues

(79,491)

(75,222)

(79,491)

(79,529)

Gross profit

105,013

85,895

105,013

100,493

Gross margin

57 %

53 %

57 %

56 %

Selling and marketing expenses

(9,410)

(9,156)

(9,410)

(7,866)

General and administrative expenses

(31,921)

(27,491)

(31,921)

(33,664)

Other gains/(losses), net

(3,578)

1,484

(3,578)

(1,397)

Operating profit

60,104

50,732

60,104

57,566

  Operating margin

33 %

31 %

33 %

32 %

Net gains/(losses) from investments
   and others

2,638

(654)

2,638

1,407

Interest income

4,121

3,850

4,121

3,748

Finance costs

(3,941)

(3,112)

(3,941)

(3,860)

Share of profit/(loss) of associates and
   joint ventures, net

4,473

7,718

4,473

4,581

Profit before income tax

67,395

58,534

67,395

63,442

Income tax expense

(11,351)

(10,168)

(11,351)

(13,717)

Profit for the period

56,044

48,366

56,044

49,725

Attributable to:

    Equity holders of the Company

55,628

47,630

55,628

47,821

    Non-controlling interests

416

736

416

1,904

Non-IFRS operating profit

69,248

58,443

69,248

69,320

Non-IFRS profit attributable to equity
   holders of the Company

63,052

57,313

63,052

61,329

Earnings per share for profit   
   attributable to equity holders of
   the Company

(in RMB per share)

– basic

6.115

5.112

6.115

5.252

– diluted

5.996

4.994

5.996

5.129

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

RMB in millions, unless specified

Unaudited

2Q2025

2Q2024

Profit for the period

56,044

48,366

Other comprehensive income, net of tax:

Items that may be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

6

139

Transfer of share of other comprehensive income to profit or loss upon disposal
   and deemed disposal of associates and joint ventures

(3)

17

Transfer to profit or loss upon disposal of financial assets at fair value through
   other comprehensive income

–

–

Net (losses)/gains from changes in fair value of financial assets at fair value through
   other comprehensive income

(85)

12

Currency translation differences

3,323

(242)

Net movement in reserves for hedges

(163)

(921)

Items that will not be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

(31)

(379)

Net gains from changes in fair value of financial assets at fair value through
   other comprehensive income

67,681

25,905

Currency translation differences

232

151

Net movement in reserves for hedges

(60)

–

70,900

24,682

Total comprehensive income for the period

126,944

73,048

Attributable to:

    Equity holders of the Company

122,756

71,703

    Non-controlling interests

4,188

1,345

 

 

 

OTHER FINANCIAL INFORMATION

RMB in millions, unless specified

Unaudited

2Q2025

2Q2024

1Q2025

EBITDA (a)

79,467

62,902

73,817

Adjusted EBITDA (a)

85,122

68,518

81,559

Adjusted EBITDA margin (b)

46 %

43 %

45 %

Interest and related expenses

3,541

2,918

3,386

Net cash/(debt)(c)

74,592

71,757

90,229

Capital expenditures (d)

19,107

8,729

27,476

Note:

(a)    EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses

(b)    Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues

(c)    Net cash/(debt) represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, including highly liquid investment products held for treasury purposes, minus borrowings and notes payable

(d)   Capital expenditures primarily consist of investments in IT infrastructure (including computer equipment, components, and software), data centres, land use rights, office premises and intellectual properties (excluding media content)

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

RMB in millions, unless specified

Unaudited

Audited

As at

30 June, 2025

As at

31 December, 2024

ASSETS

Non-current assets

  Property, plant and equipment

118,565

80,185

  Land use rights

22,693

23,117

  Right-of-use assets

16,952

17,679

  Construction in progress

14,438

12,302

  Investment properties

895

801

  Intangible assets

215,832

196,127

  Investments in associates

307,573

290,343

  Investments in joint ventures

6,831

7,072

  Financial assets at fair value through profit or loss

207,263

204,999

  Financial assets at fair value through other

   comprehensive income

401,756

302,360

  Prepayments, deposits and other assets

31,174

42,828

  Other financial assets

1,413

1,076

  Deferred income tax assets

30,004

28,325

  Term deposits

92,424

77,601

1,467,813

1,284,815

Current assets

  Inventories

435

440

  Accounts receivable

51,315

48,203

  Prepayments, deposits and other assets

109,410

101,044

  Other financial assets

4,125

4,750

  Financial assets at fair value through profit or loss

18,235

9,568

  Financial assets at fair value through other

   comprehensive income

6,604

3,345

  Term deposits

169,423

192,977

  Restricted cash

3,893

3,334

  Cash and cash equivalents

182,057

132,519

545,497

496,180

Total assets

2,013,310

1,780,995

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

RMB in millions, unless specified

Unaudited

Audited

As at

30 June, 2025

As at

31 December, 2024

EQUITY

Equity attributable to equity holders of the Company

  Share capital

–

–

  Share premium

52,346

43,079

  Treasury shares

(2,288)

(3,597)

  Shares held for share award schemes

(4,491)

(5,093)

  Other reserves

148,880

47,129

  Retained earnings

920,192

892,030

1,114,639

973,548

Non-controlling interests

88,210

80,348

Total equity

1,202,849

1,053,896

LIABILITIES

Non-current liabilities

  Borrowings

202,966

146,521

  Notes payable

119,338

130,586

  Long-term payables

12,801

10,201

  Other financial liabilities

5,627

4,203

  Deferred income tax liabilities

16,888

18,546

  Lease liabilities

13,328

13,897

  Deferred revenue

4,402

6,236

375,350

330,190

Current liabilities

  Accounts payable

130,501

118,712

  Other payables and accruals

76,862

84,032

  Borrowings

58,631

52,885

  Notes payable

12,880

8,623

  Current income tax liabilities

19,561

16,586

  Other tax liabilities

4,127

4,038

  Other financial liabilities

6,298

6,336

  Lease liabilities

5,343

5,600

  Deferred revenue

120,908

100,097

435,111

396,909

Total liabilities

810,461

727,099

Total equity and liabilities

2,013,310

1,780,995

 

 

 

RECONCILIATIONS OF THE GROUP’S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS

As

reported

Adjustments

Non-IFRS

RMB in millions,

unless specified

Share-based

compensation
(a)

Net
(gains)/losses
from investee
companies (b)

Amortisation of

intangible assets
(c)

Impairment

provisions/
(reversals) (d)

SSV & CPP
(e)

 

Others

 (f)

Income

tax effects
(g)

Unaudited three months ended 30 June 2025

Operating profit

60,104

7,361

–

1,614

–

169

–

–

69,248

Share of profit/(loss) of associates
   and joint ventures, net

4,473

903

(798)

1,544

226

–

–

–

6,348

Profit for the period

56,044

8,264

(2,396)

3,158

(372)

751

–

(683)

64,766

Profit attributable to

 equity holders

55,628

8,071

(3,192)

2,848

(405)

751

–

(649)

63,052

Operating margin

33 %

38 %

Unaudited three months ended 30 June 2024

Operating profit

50,732

6,213

–

1,305

–

190

3

–

58,443

Share of profit/(loss) of associates
   and joint ventures, net

7,718

926

(91)

1,313

20

–

–

–

9,886

Profit for the period

48,366

7,139

(3,672)

2,618

3,526

1,025

3

(561)

58,444

Profit attributable to equity holders

47,630

6,981

(3,726)

2,418

3,492

1,025

3

(510)

57,313

Operating margin

31 %

36 %

Unaudited three months ended 31 March 2025

Operating profit

57,566

10,100

–

1,515

–

139

–

–

69,320

Share of profit/(loss) of associates
   and joint ventures, net

4,581

968

111

1,713

267

–

–

–

7,640

Profit for the period

49,725

11,068

(31)

3,228

(689)

160

–

(769)

62,692

Profit attributable to equity holders

47,821

10,833

1,081

2,854

(719)

160

–

(701)

61,329

Operating margin 

32 %

39 %

Note:

(a)  Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies’ share-based incentive plans which can be acquired by the Group, and other incentives

(b)  Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies

(c)  Amortisation of intangible assets resulting from acquisitions

(d)  Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions

(e)  Mainly including donations and expenses incurred for the Group’s Sustainable Social Value and Common Prosperity Programme (“SSV & CPP”) initiatives

(f)   Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies

(g)  Income tax effects of non-IFRS adjustments

EdgeProp’s Roundtable Round Two: From Listings to Legacy

By
Advertorial Desk
-

SINGAPORE – Media OutReach Newswire – 13 August 2025 – Top performers in the real estate industry from Singapore and Malaysia gathered once again for the annual Realtors Round Table on Aug 12 at Pan Pacific Singapore. This exclusive evening honoured individuals who demonstrated exemplary performance, unwavering consistency, and the embodiment of high ethical standards within the real estate profession. The evening was a night of celebration and commendation, from valuable networking opportunities to comedic entertainment.

Winners at the Realtors' Roundtable 2025
Winners at the Realtors’ Roundtable 2025

The introduction of the trophy this year was no mere formality. It symbolises the effort of each individual who worked tirelessly with dedication and drive to uphold their integrity in the real estate industry. It is a reminder of the role each realtor plays in shaping the community through their success.

While personal production was a key measurement of a realtor’s achievement in last year’s awards, overriding commission has been added as another indicator of success in this year’s Realtors’ Roundtable. Overriding commission quantifies the effort a realtor has put into building their team, an essential measure in maintaining the competency of the real estate industry in Singapore.

Eligibility for the club is determined based on the performance metrics calculated in the local currency of the individual’s primary market for 2024.

Method of production Member Rising Star Member Millionaire Member
Received commission* $200,000 – $499,999 $500,000 – $999,999 ≥ $1,000,000
*Based on production and overriding commissions between Jan 1, 2024, and Dec 31, 2024, expressed in local currency. Production is defined as commission income received. Production excludes basic income, team overriding commissions, and deductibles (agency cuts & taxes).

“Member numbers are up 34% compared to last year. That’s not just a bigger number; it’s a sign that more of you are participating, more of you are raising your game, and more of you see the importance of celebrating the hard work you put in.” Bernard Tong, CEO of EdgeProp Singapore, says.

During the application process, realtors submit their commission and overriding amount received for assessment, and the data is verified with either their respective registered agencies or their official income statements. The results go through a second verification round with our Official Knowledge Partner, KPMG Singapore.

“Being a realtor in Singapore is not easy, to be honest. Every weekend, you spend tons of money on flyers, stand under the hot sun to hand them out and then compete with thousands of other agents to fight to close deals at a showflat through a ballot system, essentially a lottery. And then, just when you think you’ve got a deal, cooling measures kick in, interest rates change, or the seller suddenly decides to ‘wait for a better offer’,” says Tong.

“Yet, here you are — still closing, still growing, still finding a way. That’s what makes this industry special. It’s full of people who don’t just wait for the perfect market; you create opportunities in whatever market you’re given, and this is particularly true for this group here today. And that’s something to be proud of,” Tong adds.

Of the 266 members who qualified this year, 51 repeated their achievement from last year. This is a testament to their sustained excellence and commitment to their craft. Achieving eligibility once is challenging; doing so for consecutive years is truly commendable. Members who qualify for three consecutive years earn Milestone status, while those who reach five consecutive years achieve the prestigious Landmark status.

Please refer to the complete list of 2025 members below:

MILLIONAIRE MEMBER
Singapore Malaysia
Business Name CEA licence no. Business Name licence no. Business Name licence no.
Daniel Chong R030342B Andy Teoh E (3) 2136 Karen Ng Soh Huei REN 14461
Eric Goh R024237G Angel Tan REN 02922 Mabel Mak PEA 0985
Jeremy Lim R017809A Angela Lee REN 04297 Norman REN 56573
Loyalle Chin R047968G Edward Yeoh REN 65415 Paul Lim REN 26419
Lynn Er R024060I Edwin Ong REN 07942 Phoebe Foo Jie Chyi REN 39209
Nizam Adli R009461J Eken Ng REN 09700 Rachel Loo PEA 2035
Rambo Kor R031725C Elainne Phang REN 09625 Rita Jiang REN 31575
Stella Thio R030286H Ernest Ong Swee Gim REN 40148 Sean Liew REN 30734
Vincent Lim R026632B Eugene Tan REN 10087 Sean Tiew REN 37388
George Ng REN 17400 Simon Lim REN 12367
Ivan Wong Khai Mun REN 09162 Victor Lim Wee Tat REN 09135
Jason Teo REN 25138 YC Wong REN 56571

ELITE MEMBER
Singapore Malaysia
Business Name CEA licence no. Business Name licence no.
Alex Goh R024505H Adzura Mohd Zamedin REN 04287
Alex Ng R009772E Albert Hoo REN 65544
Ann Lee R007611F Amin Mahat REN 70847
Anthony Chua R020000C Andy Lau Pik Kwong REN 32839
Ashlyn Peh R059953D Beelee Ku REN 48501
Catherine Lee R009414I Celestine Ting REN 42028
Chris Choo R016290Z Connie Soh Moi Chuan REN 60618
Clarence Foo R052281G Daniel Yong Hong Fatt REN 14043
Clarie Lim R059246G HuiHui Kok REN 60129
Donavan Tan R066799J Hycintha Sii Ping Sieng PEA 2252
Elaine Goh R042676A Jack Yap REN 20653
Faith Quek R005493G Jacq Sim REN 07430
Hakim Halim R063000H Jannah Ali REN 33302
Ivan Seah R045857D Jason Kok REN 39793
Jasmine Lau R013868E Jeffrey Kiong REN 27719
Jim Leong R056779I Jess Chong REN 48007
Joy Toh R045565F Johannes Loo REN 34083
Justin Kwek R041348A Johnathan Teo REN 39045
Lim Li Yuen R060059A Judy Tan REN 01785
Lincoln Choo K B R024093E Kevin Goh PEA 2729
Lynn Tiang R008601D Kevin Lim REN 43473
Maggie Yang R051087H Kho Chng Guan REN 08689
Martin Goh R001839F Liny Ong REN 59112
Mary Tan R007295A Lucas Liew REN 29489
Nick Tan R040814C Mason Sia REN 00792
Phoebe Ang R027574G Michael Lam REN 26181
Ray Teo R010198F Philip Chan REN 34066
Raycher Lim R044853F Robert Kong Chin Siong REN 45492
Raymond Ler R003417J Ryan Tan Chuan Wee REN 39046
Richard Jany R000383F Tan Kai Lun REN 21991
Ron Lim R018220Z TH Lee REN 05664
Ryan Lee K K R055105A Victor Lim Yu Chee REN 36613
Shawn Thayalan R014220H Vincent Chong Jin Yu REN 53247
Shen Jiaming R021292C Zoey Lee REN 56789
Val Lin R063241H
Vincent Tay R001840Z

MEMBER
Singapore Malaysia
Business Name CEA licence no. Business Name CEA licence no. Business Name licence no.
Adelyn Chan R002209A Jeremy Quah R063595F Aaron Lam REN 06036
Aileen Yeo R015747G Jimmy Lye R014198H Abby Chew E 3082
Aiman Roza R064095D Joe Ong R049112A Almes H’ng REN 46378
Albert Tan R045222C Jolyn Lim R062253F Anders Ong PEA 2708
Amy Lim R016002H Joshua Tan R067053H Andrew Kan REN 30355
Andrew Phee R024642I Julianto Cahyadi R060528C Annie Bong Jing Xian PEA 3793
Andrew Wong R063296E June Bala R014013B Annie Hee REN 46494
Andy Lim Junchen R050816D June Leng R012861B Bill Khong Weng Kai REN 19750
Annie Heng R043835B Kenneth Loh R051340J Bryant Liow REN 29368
Asyraff Khan R051755D Kenny Lee R048309I Camie Tang PEA 1794
Audrey Wong R028383I Kesang Yanki Labattu R047826E Connie Lee REN 24050
Augustine Wee R028262Z Lara Lam R065692Z Dexter Lim REN 64805
Ben Huang R051182C Laven Loo R060597F Dicson Loh Wen Jiun REN 27609
Brian Wong R064364D Lindy Lee R049099J Eila Muhamad REN 49490
Bruce Ang R019087C Liong Phang Fei R057131A Elvis Eng REN 78550
Carrie Zhang R044936B Lisa Seow R057486H Elyas Sulaiman PEA 1616
Caryn Wong R069458E Louis Tey R052354F Etto Chee REN 18144
Chew Hock Ngee R041715J Mandy Gracie Tan R006354E Farah Najwa (Kak Yong) REN 42349
Ching Chia R067066F Mark Tan R068292A Felix Cheng REN 25339
Chris Chua R030867Z Mervyn Ong R068299B Ferlim Lim REN 41426
Chua Rui Song Alvin R051901H Mohd Ameen R024674G Fiona Chin REN 00140
Clinton Yew R009287A Nancy Tan R041725H Ghaz Ibrahim REN 38372
Colin Choo R045976G Neo Chee Seng R010137D Henrick Tan REN 16279
David Hwang R010782H Ng Yun Jian (Javier) R000194B Hilal Alias PEA 1607
Don Kah R068060G Nick R.L R002622D Ho Maggie REN 23792
Don Lim R053988D Nigel Lee R063275B Hui Jun Hoe REN 63478
Doris Tan R010121H Perry Siow R006056B Jacelyn Ng REN 08753
Douglas Chew R045080H Peter Loh R028064C Jacky Liew PEA 2026
Dylan Poh R043788G Png Wei Guang Don R043330Z Jazz Lim Tong Huooi REN 43278
Eddy Ong R044677J Rachel Yeen R045908B Jeffrey Ng REN 19236
Edith Tay R002319E Raymond Tung R027394I Jovine Ng REN 19766
Edmund Goh R030777J Sean Yin R006541F Kenneth Kwok REN 00632
Edwin Kheng R005738C Sharolyn Chun R007773B Kent Fatt REN 15215
Eileen Leong R026443E Shirley Fong R064755G Koh Wee Min REN 46982
Fendy Lee R018080J Soh Shu Hui R066982D Lau Yong Sern REN 47890
Gary Koh R029187D Swan R066500G Loh Beng Piau REN 00751
Gavan Lee R055759I Sylvia Wandly R019365A Lucas Fong Er Hao REN 53849
Goh Pei Chang Ethan R064895H Tan Jia Da R064766J Max Ong REN 09693
Goh Zong Han R061881D Tan Xiuqing Natalie R018409A Michael Chng REN 51668
Imelda Quek R064322D Tasso Chan R028756G Michael Kong Kang Wei REN 41775
Irene Joan Sim R024277F Tay Chai Heng R062360E Mohammad Fareed REN 20636
Ivy Yeo R045707A Tracy Teo R023837Z Mohd Fitri MF REN 55084
Izaac Fong R064008I Veann Lee R050685D Mohd Hafidz Hanif REN 59077
James Sim R051809G Wanni Chan R048908I Mohd Haris REN 18502
Jamie Yoeng R006717F William Tan R061781H Muhammad Azizirrahim REN 35533
Janice Lee R064268H Yumei Ng R059711F Nas E 2615
Jasmine Tan R005745F Zola Tan R029291I Neou Wee Ping REN 35861
Jenna Tong R026756F Nor Syatilla REN 24819
Jeremiah Chua R046635F Nuzulhakimi Ayob REN 55942
Jeremy Pher R003742J Raymond Khoo REN 46969
Rinna Khoo PEA 2458
Rosmawati Mustapha REN 42406
Sam Cheng REN 34574
Sam Khoo REN 40540
Shamnee Cheng REN 40800
Simon Yang REN 22909
Sr Khairulnawawi E 3145
Sue Hartanah REN 49007
Thomas Wong E 2649
William Wong REN 15548
Wilson Lim Wei Sern REN 29646
Wilson Ng REN 33305
Wilson Ong REN 57695
Wong Kok Leong REN 57545
Yad Zahari REN 54620
YC Liow REN 24042

The Realtors’ Roundtable will also be held in Malaysia on September 19, 2025, at M Resort & Hotel Kuala Lumpur.

Hashtag: #RealtorsRoundTable #RRT #EdgeProp #property





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

EdgeProp

EdgeProp Singapore offers Singapore’s most comprehensive real estate news and analytics to homebuyers and investors, with thousands of listings to facilitate property decisions.

For enquiries, please contact us at awards@edgeprop.sg.

A Voyage Through Time: 1920’s French Linguist Returns to Hainan

By
Advertorial Desk
-

HAIKOU, China, Aug. 13, 2025 /PRNewswire/ — A report from Hainan International Media Center:

In 1925, French linguist François-Marie Savina embarked on an ethnographic journey through Hainan, documenting the island’s local Li culture in his seminal work Monographie de Hainan. A century later, AI revives his digital avatar for a cross-cultural dialogue with a modern Li Brocade designer, and an unprecedented cultural experiment is born. A Voyage Through Time debuts online Aug. 8, 2025.

The short film A Voyage Through Time: Savina’s Hainan Island Monograph redefines digital humanities by blending archival rigor with artistic narration. “The video stages a fictional encounter between Savina and contemporary Li Brocade designer who weaves Li brocade motifs into futuristic fashion,” said the film’s scriptwriter.

Detailed AI recreation and restoration of historic photos.
Detailed AI recreation and restoration of historic photos.

 


Explore this fictional encounter in the video

Using historic photographs of Hainan, the Chinese production team revive authentic 1920s Hainan landscapes. With a MoE (Mixture-of-Experts) model serving as a key technical and artistic solution, the film captures the physical appearance of an oil painting, while maintaining the accuracy and consistency of the historic scenes and human figures, including faces, facial expressions, hands, and clothes.

“As Hainan is bidding for the Hainan Tropical Rainforest and Traditional Settlements of the Li Ethnic Group to be included on UNESCO’s World Heritage List, we wanted to ‘paint’ every stroke to honor both Savina’s legacy and Li cultural creativity.” explains the film’s director.

In 2022, the Hainan Tropical Rainforest and Traditional Settlements of the Li Ethnic Group was placed on UNESCO’s tentative list for World Heritage sites—the first formal step toward nomination. A legal framework for protecting Li traditional settlements took effect in the following year, giving the centuries-old villages legal protection.

 

1...2,6732,6742,675...6,399Page 2,674 of 6,399