24 C
Vientiane
Wednesday, April 30, 2025
spot_img
Home Blog Page 338

ATRenew Inc. Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

SHANGHAI, March 11, 2025 /PRNewswire/ — ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. 

Fourth Quarter 2024 Highlights

  • Total net revenues grew by 25.2% to RMB4,849.3 million (US$664.4 million) from RMB3,873.6 million in the fourth quarter of 2023.
  • Income from operations was RMB53.1 million (US$7.3 million), compared to a loss from operations of RMB16.7 million in the fourth quarter of 2023. Adjusted income from operations (non-GAAP)[1] was RMB131.4 million (US$18.0 million), compared to RMB81.6 million in the fourth quarter of 2023.
  • Number of consumer products transacted[2] was 9.4 million compared to 8.5 million in the fourth quarter of 2023.

Full Year 2024 Highlights

  • Total net revenues grew by 25.9% to RMB16,328.4 million (US$2,237.0 million) from RMB12,965.8 million in the full year of 2023.
  • Income from operations was RMB29.0 million (US$4.0 million), compared to a loss from operations of RMB173.3 million in the full year of 2023. Adjusted income from operations (non-GAAP)[1] was RMB409.7 million (US$56.1 million) compared to RMB251.7 million in the full year of 2023.
  • Number of consumer products transacted[2] was 35.3 million, compared to 32.3 million in the full year of 2023.

[1]. See “Reconciliations of GAAP and Non-GAAP Results” for more information.

[2]. “Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “Our strong fourth-quarter performance, marked by a 25.2% year-over-year revenue increase to RMB4,849.3 million, exceeded the upper end of our guidance and capped a record year. By expanding our network to 1,861 AHS stores, we have enhanced our ability to meet the growing consumer demand for trade-in and recycling services. As trade-ins gain popularity, our expertise in capturing recycling scenarios and advanced supply chain capabilities enable us to efficiently source, refurbish, and distribute pre-owned mobile devices at scale. This enhances end-to-end value creation throughout the industry chain. As we look ahead to 2025, we are optimistic about the expanding trend of trade-ins for smartphones and other electronic devices. Building on this momentum, we will continue to enhance our service capabilities and advance hassle-free trade-in experience, positioning ourselves to deliver long-term value as consumer behaviors evolve.”

Mr. Rex Chen, Chief Financial Officer of ATRenew, added, “Our fourth-quarter results demonstrate sustained momentum in profitability, with adjusted income from operations increasing 61.0% year-over-year to RMB131.4 million. Our retail channels, including Paipai Selection, AHS Selection and new media platforms, rapidly grew with an expanded product offering. This contributed to the healthy development of our profitability. As we look ahead to 2025, we are committed to seizing emerging opportunities in the circular economy by enhancing our fulfillment capabilities and strengthening brand awareness. In addition, we remain dedicated to strategically executing our share repurchase program, with a steadfast commitment to creating long-term value for our users and shareholders.”

Fourth Quarter 2024 Financial Results

REVENUE

Total net revenues increased by 25.2% to RMB4,849.3 million (US$664.4 million) from RMB3,873.6 million in the same period of 2023.

  • Net product revenues increased by 26.6% to RMB4,460.6 million (US$611.1 million) from RMB3,522.5 million in the same period of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company’s online channels.
  • Net service revenues increased by 10.7% to RMB388.7 million (US$53.3 million), compared to RMB351.1 million in the same period of 2023. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business and PJT Marketplace.

OPERATING COSTS AND EXPENSES

Operating costs and expenses were RMB4,826.6 million (US$661.2 million), compared to RMB3,894.0 million in the same period of 2023, representing an increase of 23.9%.

  • Merchandise costs were RMB3,905.1 million (US$535.0 million), compared to RMB3,150.0 million in the same period of 2023, representing an increase of 24.0%. This was primarily due to the growth in product sales.
  • Fulfillment expenses were RMB396.9 million (US$54.4 million), compared to RMB301.1 million in the same period of 2023, representing an increase of 31.8%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with the same period of 2023, and (ii) an increase in operation related expenses as the Company expanded its store networks and operation center capacity in the fourth quarter of 2024.
  • Selling and marketing expenses were RMB376.4 million (US$51.6 million), compared to RMB317.0 million in the same period of 2023, representing an increase of 18.7%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, (ii) an increase in commission expenses in relation to channel service fees, and (iii) an increase in share-based compensation expenses. The increase was partially offset by a decrease in amortization of intangible assets resulting from assets and business acquisitions as well as the maturity of some intangible assets in the second quarter of 2024.
  • General and administrative expenses were RMB91.1 million (US$12.5 million), compared to RMB62.2 million in the same period of 2023, representing an increase of 46.5%, primarily due to (i) an increase in personnel cost, and (ii) an increase in expected credit loss.
  • Technology and content expenses were RMB57.0 million (US$7.8 million), compared to RMB63.8 million in the same period of 2023, representing a decrease of 10.7%. The decrease was primarily due to a decrease in personnel costs.

INCOME (LOSS) FROM OPERATIONS

Income from operations was RMB53.1 million (US$7.3 million), compared to a loss from operations of RMB16.7 million in the same period of 2023.

Adjusted income from operations (non-GAAP) was RMB131.4 million (US$18.0 million), representing an increase of 61.0% from RMB81.6 million in the same period of 2023.

NET INCOME

Net income was RMB77.4 million (US$10.6 million), representing an increase of 2,664.3% from RMB2.8 million in the same period of 2023.

Adjusted net income (non-GAAP) was RMB122.9 million (US$16.8 million), representing an increase of 35.1% from RMB91.0 million in the same period of 2023.

BASIC AND DILUTED NET INCOME PER ORDINARY SHARE

Basic and diluted net income per ordinary share were RMB0.48 (US$0.07), compared to RMB0.02 in the same period of 2023.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.77 (US$0.10) and RMB0.76 (US$0.10), compared to RMB0.57 and RMB0.57 in the same period of 2023.

Full Year 2024 Financial Results

REVENUE

Total net revenues increased by 25.9% to RMB16,328.4 million (US$2,237.0 million) from RMB12,965.8 million in the full year of 2023.

  • Net product revenues increased by 27.3% to RMB14,844.4 million (US$2,033.7 million) from RMB11,658.3 million in the full year of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company’s online channels.
  • Net service revenues increased by 13.5% to RMB1,484.0 million (US$203.3 million) from RMB1,307.5 million in the full year of 2023. The increase was primarily due to an increase in the service revenue generated from PJT Marketplace and multi-category recycling business.

OPERATING COSTS AND EXPENSES

Operating costs and expenses increased by 24.1% to RMB16,352.9 million (US$2,240.3 million) from RMB13,175.4 million in the full year of 2023.

  • Merchandise costs were RMB13,086.4 million (US$1,792.8 million), compared to RMB10,338.9 million in the full year of 2023, representing an increase of 26.6%. The increase was primarily due to the growth in product sales.
  • Fulfillment expenses were RMB1,382.3 million (US$189.4 million), compared to RMB1,124.0 million in the full year of 2023, representing an increase of 23.0%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with 2023, and (ii) an increase in operation center related expenses as the Company expanded its store networks and operation center capacity in 2024.
  • Selling and marketing expenses were RMB1,367.0 million (US$187.3 million), compared to RMB1,250.9 million in the full year of 2023, representing an increase of 9.3%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, (ii) an increase in share-based compensation expenses, and (iii) an increase in commission expenses in relation to channel service fees. The increase was partially offset by a decrease in amortization of intangible assets and deferred cost resulting from assets and business acquisitions as well as the maturity of some intangible assets and deferred cost since the second quarter of 2023.
  • General and administrative expenses were RMB306.8 million (US$42.0 million), compared to RMB266.0 million in the full year of 2023, representing an increase of 15.3%. The increase was primarily due to (i) an increase in personnel cost, and (ii) an increase in office related expenses. The increase was partially offset by a decrease in share-based compensation expense.
  • Technology and content expenses were RMB210.4 million (US$28.8 million), compared to RMB195.7 million in the full year of 2023, representing an increase of 7.5%. The increase was primarily due to an increase in personnel costs in connection with the ongoing upgrade of the Company’s operation centers and system.

INCOME (LOSS) FROM OPERATIONS

Income from operations was RMB29.0 million (US$4.0 million), compared to a loss from operations of RMB173.3 million in the full year of 2023.

Adjusted income from operations (non-GAAP) was RMB409.7 million (US$56.1 million), compared to RMB251.7 million in the full year of 2023, representing an increase of 62.8%.

NET LOSS

Net loss was RMB8.2 million (US$1.1 million), compared to RMB156.3 million in the full year of 2023.

Adjusted net income (non-GAAP) was RMB314.1 million (US$43.0 million), compared to RMB225.2 million in the full year of 2023, representing an increase of 39.5%.

BASIC AND DILUTED NET INCOME (LOSS) PER ORDINARY SHARE

Basic and diluted net loss per ordinary share were RMB0.05 (US$0.01), compared to RMB0.96 in the same period of 2023.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB1.94 (US$0.27) and RMB1.91 (US$0.26), compared to RMB1.39 and RMB1.39 in the same period of 2023.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS

Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,919.6 million (US$400.0 million) as of December 31, 2024, as compared to RMB2,854.4 million as of December 31, 2023.

Business Outlook

For the first quarter of 2025, the Company currently expects its total revenues to be between RMB4,550.0 million and RMB4,650.0 million, representing an increase of 24.6% to 27.4% year-over-year. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Recent Development

On December 3, 2024, ATRenew announced its recognition by the United Nations Global Compact’s “Forward Faster: 20 Examples of Private Sector’s Sustainable Development in China” campaign. This acknowledgment underscores ATRenew’s commitment to environmental, social, and governance practices, and reaffirms the Company’s role as a transformative force in the development of China’s circular economy.

During the fourth quarter of 2024, ATRenew repurchased a total of approximately 2.1 million ADSs for approximately US$5.8 million under its current share repurchase program which authorizes the Company to repurchase up to US$50 million worth of its shares (including ADSs) through June 27, 2025. As of December 31, 2024, the Company had repurchased a total of approximately 10.3 million ADSs for approximately US$25.9 million under this share repurchase program.

Conference Call Information

The Company’s management will hold a conference call on Tuesday, March 11, 2025 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Access Code:

9144093

The replay will be accessible through March 18, 2025 by dialing the following numbers:

International:

1-412-317-0088

United States Toll Free:

1-877-344-7529

Access Code:                    

8983077

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at ir.atrenew.com. 

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income is net loss excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share.

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com 

In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share and otherwise noted)

As of December 31,

As of December 31,

2023

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

1,978,696

1,970,183

269,914

Restricted cash

210,000

132,000

18,084

Short-term investments

410,547

583,764

79,975

Amount due from related parties, net

89,592

117,161

16,051

Inventories

1,017,155

535,070

73,304

Funds receivable from third party payment service providers

253,107

233,133

31,939

Prepayments and other receivables, net

567,622

598,045

81,932

Total current assets

4,526,719

4,169,356

571,199

Non-current assets:

Long-term investments

467,095

556,136

76,190

Property and equipment, net

148,223

156,532

21,445

Intangible assets, net

270,631

56,603

7,755

Other non-current assets

80,411

152,094

20,837

Total non-current assets

966,360

921,365

126,227

TOTAL ASSETS

5,493,079

5,090,721

697,426

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term borrowings

349,931

225,000

30,825

Accounts payable

532,293

171,356

23,476

Contract liabilities

119,715

98,834

13,540

Accrued expenses and other current liabilities

465,123

522,378

71,565

Accrued payroll and welfare

146,371

179,693

24,618

Amount due to related parties

78,032

109,730

15,033

Total current liabilities

1,691,465

1,306,991

179,057

Non-current liabilities:

Operating lease liabilities, non-current

22,495

79,934

10,951

Deferred tax liabilities

67,658

9,244

1,266

Total non-current liabilities

90,153

89,178

12,217

TOTAL LIABILITIES

1,781,618

1,396,169

191,274

TOTAL SHAREHOLDERS’ EQUITY

3,711,461

3,694,552

506,152

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

5,493,079

5,090,721

697,426

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended December 31,

Years ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Net product revenues

3,522,474

4,460,603

611,100

11,658,298

14,844,416

2,033,677

Net service revenues

351,098

388,720

53,254

1,307,484

1,483,984

203,305

Operating (expenses) income (1)(2)

Merchandise costs

(3,149,968)

(3,905,118)

(534,999)

(10,338,870)

(13,086,418)

(1,792,832)

Fulfillment expenses

(301,081)

(396,948)

(54,382)

(1,123,994)

(1,382,273)

(189,371)

Selling and marketing expenses

(317,025)

(376,421)

(51,569)

(1,250,860)

(1,367,028)

(187,282)

General and administrative expenses

(62,187)

(91,111)

(12,482)

(265,981)

(306,782)

(42,029)

Technology and content expenses

(63,774)

(56,973)

(7,805)

(195,679)

(210,364)

(28,820)

Other operating income, net

3,752

30,352

4,158

36,264

53,434

7,320

Income (loss) from operations

(16,711)

53,104

7,275

(173,338)

28,969

3,968

Interest expense

(1,558)

(2,684)

(368)

(7,056)

(15,016)

(2,057)

Interest income

13,217

6,250

856

37,875

26,861

3,680

Other income (loss), net

832

49

7

(5,887)

(41,256)

(5,652)

Income (loss) before income taxes and share
of loss in equity method investments

(4,220)

56,719

7,770

(148,406)

(442)

(61)

Income tax benefits

8,923

32,341

4,431

42,530

56,877

7,792

Share of loss in equity method investments

(1,925)

(11,636)

(1,594)

(50,374)

(64,664)

(8,859)

Net income (loss)

2,778

77,424

10,607

(156,250)

(8,229)

(1,128)

Net income (loss) per ordinary share:

Basic

0.02

0.48

0.07

(0.96)

(0.05)

(0.01)

Diluted

0.02

0.48

0.07

(0.96)

(0.05)

(0.01)

Weighted average number of shares used in
calculating net income (loss) per ordinary share

Basic

160,765,588

160,450,396

160,450,396

162,160,835

161,618,799

161,618,799

Diluted

160,765,588

162,384,444

162,384,444

162,160,835

161,618,799

161,618,799

Net income (loss)

2,778

77,424

10,607

(156,250)

(8,229)

(1,128)

Foreign currency translation adjustments

(7,014)

14,539

1,992

8,883

7,356

1,008

Total comprehensive (loss) income

(4,236)

91,963

12,599

(147,367)

(873)

(120)

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS) (CONTINUED)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended December 31,

Years ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

(1) Includes share-based compensation
expenses as follows:

Fulfillment expenses

(5,480)

(4,657)

(638)

(23,390)

(20,649)

(2,829)

Selling and marketing expenses

(3,974)

(12,066)

(1,653)

(17,240)

(68,858)

(9,434)

General and administrative expenses

(16,974)

(13,706)

(1,878)

(73,156)

(59,630)

(8,169)

Technology and content expenses

(4,967)

(3,993)

(547)

(20,616)

(17,604)

(2,412)

(2) Includes amortization of intangible assets
and deferred cost resulting from assets and
business acquisitions as follows:

Selling and marketing expenses

(66,412)

(43,850)

(6,007)

(288,749)

(213,004)

(29,181)

Technology and content expenses

(482)

(43)

(6)

(1,928)

(1,024)

(140)

 

Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended December 31,

Years ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

Income (loss) from operations

(16,711)

53,104

7,275

(173,338)

28,969

3,968

Add:

Share-based compensation expenses

31,395

34,422

4,716

134,402

166,741

22,844

Amortization of intangible assets
and deferred cost resulting from
assets and business acquisitions

66,894

43,893

6,013

290,677

214,028

29,321

Adjusted income from operations
(non-GAAP)

81,578

131,419

18,004

251,741

409,738

56,133

Net income (loss)

2,778

77,424

10,607

(156,250)

(8,229)

(1,128)

Add:

Share-based compensation expenses

31,395

34,422

4,716

134,402

166,741

22,844

Amortization of intangible assets
and deferred cost resulting from
assets and business acquisitions

66,894

43,893

6,013

290,677

214,028

29,321

Less:

Tax effects of amortization of
intangible assets and deferred cost
resulting from assets and business
acquisitions

(10,047)

(32,855)

(4,501)

(43,654)

(58,414)

(8,003)

Adjusted net income (non-
GAAP)

91,020

122,884

16,835

225,175

314,126

43,034

Adjusted net income per
ordinary share (non-GAAP):

Basic

0.57

0.77

0.10

1.39

1.94

0.27

Diluted

0.57

0.76

0.10

1.39

1.91

0.26

Weighted average number of
shares used in calculating net
income per ordinary share

Basic

160,765,588

160,450,396

160,450,396

162,160,835

161,618,799

161,618,799

Diluted

160,765,588

162,384,444

162,384,444

162,160,835

164,374,271

164,374,271

 

CLPe Wins Two Prestigious Titles in Gold Pilot Award 2024

HONG KONG, March 11, 2025 /PRNewswire/ — CLPe has won the Excellent Enterprise and the New Quality Productive Forces and  Innovation awards at the Gold Pilot Award 2024 organised by the Hong Kong Chamber of Commerce in Guangdong, recognising its success in supporting commercial and industrial enterprises to achieve high-quality development through its innovative business models of implementing energy infrastructure and energy management projects. The prestigious awards reflect CLPe‘s extensive experience and outstanding performance in implementing one-stop integrated energy-as-a-service projects in the Greater Bay Area (GBA).

CLPe has won the Excellent Enterprise, and the New Quality Productive Forces and Innovation awards. Secretary for Commerce and Economic Development Mr Algernon Yau (right) presents the Excellence Enterprise Award to CLPe Managing Director Mr Ringo Ng (left) at the Gold Pilot Award presentation ceremony.
CLPe has won the Excellent Enterprise, and the New Quality Productive Forces and Innovation awards. Secretary for Commerce and Economic Development Mr Algernon Yau (right) presents the Excellence Enterprise Award to CLPe Managing Director Mr Ringo Ng (left) at the Gold Pilot Award presentation ceremony.

With a focus on the GBA market, CLPe offers one-stop integrated smart energy management solutions to commercial and industrial enterprises in Hong Kong and Mainland, including energy services comprising solar energy, energy storage, electric vehicle (EV) charging, cooling, heating, compressed air, vacuum, mechanical and electrical engineering, as well as smart energy solutions and consulting services. It also provides whole life cycle asset management through the “Build, Own, Operate and Transfer” (BOOT) model, helping customers improve energy efficiency and achieve sustainable business development.

In recent years, CLPe has seen steady growth in the GBA with the launch of several projects. It is working with the Longhua District People’s Government of Shenzhen Municipality on digital energy development, providing cooling solutions for large industrial buildings in the district. It is also building a centralised cooling project for an industrial park owned by the TK Group in Shenzhen Guangming District to reduce carbon emissions by more than 100 tonnes a year, and has installed and operated a distributed solar PV system combined with an EV charging system with vehicle-to-grid (V2G) function at the MTR (Shenzhen) headquarters in Longhua District.

In Guangzhou, CLPe upgraded a central cooling system at Po Park Shopping Plaza by introducing an artificial intelligence management system to enhance energy efficiency, saving around 50% of electricity consumption. CLPe also renovated the cooling system at an industrial park operated by Pacific Textiles Holdings Limited in Nansha, Guangzhou, significantly reducing the carbon emissions by about 42,500 tonnes per year.

To promote green transportation in the GBA, CLPe has teamed up with TELD New Energy Company Limited (TELD) to provide EV charging services in Shenzhen, Dongguan, and Zhuhai. Currently, more than 7,000 EV chargers at 235 stations have been installed. It is also working with TELD to introduce its electric vehicle charging capabilities to Hong Kong with collaboration plans on V2G technology, virtual power plants, microgrids, and other emerging energy technologies.

CLPe Managing Director Mr Ringo Ng said the awards recognise the company’s efforts to expand one-stop and customer centric integrated energy solutions and green transportation across the GBA, supporting sustainable economic, environmental, and social development. “For over 40 years, CLPe has specialised in delivering reliable, efficient, and low-carbon energy infrastructure and energy management solutions to commercial and industrial customers in Hong Kong and Mainland, helping them to save energy, reduce emissions and achieve sustainable development,” he said. “Looking ahead, we will continue to draw on our international experience and apply innovative technology and thinking to contribute to the dual carbon goals of the nation.”

The Hong Kong Chamber of Commerce in Guangdong has launched the Gold Pilot Award since 2018 to assist companies from Guangdong, Hong Kong and Macau to expand their business in the GBA by strengthening industry ties and promoting cooperation among enterprises.

MY FAVOURITE INTERNATIONAL DESIGN AWARD 2025: Honouring Excellence in Interior Design

KUALA LUMPUR, Malaysia, March 11, 2025 /PRNewswire/ — The My Favourite International Design Award 2025 (MFID 2025) once again celebrated the most outstanding residential and commercial interior design projects from Malaysia and the Asia-Pacific region. Organised by iN Publishers, this prestigious award continues to recognize visionary projects that redefine industry standards through innovation, sustainability, and cultural integration.

MY FAVOURITE INTERNATIONAL DESIGN AWARD 2025: Honouring Excellence in Interior Design
MY FAVOURITE INTERNATIONAL DESIGN AWARD 2025: Honouring Excellence in Interior Design

A Global Platform for Design Excellence

MFID 2025 showcased exceptional projects from countries and regions including Singapore, Malaysia, Taiwan regionmainland China, Australia, Hong Kong SAR, Thailand, and Vietnam. Open to design firms, architects, and designers worldwide, the award serves as an influential platform that elevates talent, strengthens professional reputations, and fosters international opportunities.

A Rigorous Judging Process

Entries underwent a comprehensive evaluation by an esteemed panel of judges, comprising renowned architects, interior designers, and industry experts. The judging criteria included:

  • Design Concept & Innovation – Creativity, originality, and forward-thinking solutions.
  • Aesthetic Excellence – Visual impact, harmony, and overall design appeal.
  • Functionality & User Experience – How well the design enhances usability and comfort.
  • Sustainability & Environmental Impact – The incorporation of eco-friendly principles.
  • Cultural Integration – The way designs reflect and respect cultural influences.

A Dazzling Awards Night at MIFF 2025

The winners of MFID 2025 were honoured in a spectacular MFID 2025 Award Night, held in conjunction with the Malaysian International Furniture Fair (MIFF) on 3 March 2025 at World Trade Centre Kuala Lumpur. The prestigious event brought together industry leaders, top designers, and key stakeholders for an evening of recognition and celebration.

“We are thrilled to celebrate the achievements of this year’s winners, who have truly set new standards in design excellence,” said Iko In, Founder of iN Publishers. “Their projects showcase not only creativity and craftsmanship but also a commitment to innovation and sustainability. MFID has always been about pushing boundaries and inspiring future generations of designers. This year’s winners have done just that—redefining luxury, functionality, and the very essence of great design.”

Since its inception in 2013, MFID has stood as a beacon of creativity, craftsmanship, and innovation. As Malaysia’s first and only international design award, it continues to honour projects that seamlessly blend luxury, functionality, and artistic vision. Winning an MFID award is more than just a professional milestone, it is a distinguished mark of excellence and credibility on the global stage. The recognition serves as a testament to the winners’ dedication, expertise, and impact on the future of design.

MFID 2025 Winners List

The following are the distinguished winners of MFID 2025, recognised for their outstanding contributions to the world of design:

HONORARY AWARD
Steve Leung of Steve Leung Design Group Ltd. (SLD)

COMMERCIAL INTERIOR DESIGN WINNERS

  1. GI DESIGN SDN BHD – LIMITLESS FOR THE EXTRAVAGANT FUTURE
  2. INK DESIGN SPACE CO., LTD. (簡兆芝室內裝修設計股份有限公司) – UNFURLING ESSENCE (衍流萃息)
  3. INK DESIGN SPACE CO., LTD. (簡兆芝室內裝修設計股份有限公司) – DREAMS OF THE RED CHAMBER RESTAURANT (弈夢紅樓餐廳)
  4. SHIJUO DESIGN (十祚室內裝修設計有限公司) – A WINE FEAST AS DUSK FALLS (酌・暮光)
  5. CCPLUS DESIGN CO., LTD. (品昕空間計劃有限公司) – INSPIRATION GLAMOUR (韶華漫美)
  6. DAYTONA INTERIORS (帝特室內裝修有限公司) – DDC BAR (DDC酒吧)
  7. GINSPACE INTERIOR DESIGN (淨.空間 室內設計) – WELLVISION MICROSCOPE EDUCATIONAL CENTER (微視野顯微教育中心)
  8. XIAOBU INTERIOR DESIGN (小步空間設計有限公司) – THE ORIGIN ()
  9. WEI LUN INTERIOR DESIGN & RENOVATION CO., LTD (緯綸室內裝修設計有限公司) – ORIGINAL TEXTURE
  10. RELO ENTERPRISE CO., LTD. (雷洛有限公司) – STARRY FASCINATION (星綻)
  11. LIN XI INTERIOR DESIGN (林熙空間設計) – NIM
  12. ART BY THREE SDN BHD – TIM HORTONS
  13. LAB TWO DESIGN – SCHOOL LIBRARY
  14. LAB TWO DESIGN – HIDDEN BAR
  15. WLEA INTERIOR DESIGN – SHĀN
  16. MWDESIGN – ONE
  17. OFT INTERIORS – SERENE ASCENT
  18. MODULE K CO., LTD – SHRI
  19. A BLUE CUBE DESIGN PTE LTD – RISE TERRACE
  20. SPAZEHAUS SDN BHD – ACO OFFICE
  21. SPAZEHAUS SDN BHD – SPAZEHAUS OFFICE
  22. JENCHIEH HUNG + KULTHIDA SONGKITTIPAKDEE / HAS DESIGN AND RESEARCH – MUSEUM OF MODERN ALUMINUM THAILAND
  23. Q1 INTERIOR CONCEPT SDN BHD – SIP SOCIETY
  24. SODA – RHB SINGAPORE HEADQUARTERS
  25. YIMUN DESIGN & BUILD SDN BHD – UMI ROBATAYAKI
  26. STUARTS DESIGN ® – ECHO OF GLAMS
  27. NOMURA CO., LTD. – % Arabica Riyadh Roastery
  28. SHANSHE SPACE DESIGN – HUA TIAN HAPPY EVENT QUIET BAR
  29. SHANSHE SPACE DESIGN – APE WORLD COFFEE

COMMERCIAL INTERIOR DESIGN FINALISTS

  1. CCPLUS DESIGN CO., LTD. (品昕空間計劃有限公司) – TRUE. (初 空間)
  2. LAB TWO DESIGN – JIÙ GARDEN
  3. SPACIFIX CONCEPT DESIGN – OPTICAL RETAIL SHOP – URBAN SOLUTION VISIONCARE
  4. DEZENO SDN BHD – SACOOR PAVILION KL OFFICE

RESIDENTIAL INTERIOR DESIGN WINNERS

  1. E.WA INTERIOR DECORATION DESIGN PROJECT CO. LTD (藝瓦室內裝修設計工程有限公司) – LEAFY NEIGHBORING, NATURE GLEAM (比鄰.碧林)
  2. FUTURE LIFE INTERIOR DESIGN (富麗室內裝修設計有限公司) – THE ART OF PURITY (醇淨)
  3. J. IN. DESIGN LTD. (桔亦室內裝修有限公司) – RHYTHMS OF GRACE (流韶)
  4. GANDAN DESIGN (甘丹設計室內裝修有限公司) – AUTUMN SERENITY (星空秋境)
  5. YULIN INTERIOR DESIGN (余林室內裝修設計) – COMFORT IN PEACE (寂然庭)
  6. RUIGUAN INTERIOR DESIGN (叡觀國際空間規劃) – CHIC
  7. LAVENDER INTERIOR – TIMELESS COMFORT: A HOME REIMAGINED
  8. TONG YU INTERIOR RENOVATION CO., LTD. (仝育室內裝修設計股份有限公司) – UNRIVALED ART OF ONE (是獨一也無二)
  9. AEXB INTERIOR DESIGN (宸季空間規劃室內裝修有限公司) – LUCENT RETREAT IN THE BREEZE (森萃沁光)
  10. MULI DESIGN (木理空間美學設計) – THE ART OF EASTERN TRANQUILITY (水木清華)
  11. RUGUO INTERIOR DESIGN (如果設計室內裝修有限公司) – VAST LUSTER (光潤邃宇)
  12. HOLD DESIGN (執享設計室內裝修工程有限公司) – A BLEND OF REMEMBRANCE (逝憶叢生)
  13. JOY LAI DESIGN (實創室內裝修設計有限公司) – DOUCE MELODY (韻恬)
  14. DONG SEN INTERIOR DESIGN (冬森空間設計) – SENSIBILITIES OF BEIGE (光域)
  15. D’CONCEPTO DESIGN SDN BHD – TIMELESS OF CHARM
  16. SPACEONE ID CONSULTANCY – MODERN COLONIAL CHARM
  17. TINTERRA (長硯室內裝修有限公司) – CHEERS TO LIFE (傾觴)
  18. GD GROUP – D.H.I.A INTERNATIONAL DESIGN CO., LTD. (巨設計集團-DHIA) – BOUNDLESS NATURE (漫漫映山水)
  19. FOREASON INTERIOR DESIGN (擎森設計室內裝修有限公司) – TWILIGHT IN THE CLOUDS (雲暮)
  20. YUE CHEN INTERIOR DESIGN (郁澄室內裝修有限公司) – PURE AURA
  21. CHENG CHING INTERIOR DESIGN (澄境設計室內裝修有限公司) – LAYERS OF LIGHT
  22. S+A STUDIO – HANMO RESIDENCE (翰墨。舍)
  23. JENCHIEH HUNG + KULTHIDA SONGKITTIPAKDEE / HAS DESIGN AND RESEARCH – FOREST VILLA
  24. CASAINDAH DESIGN (M) SDN BHD – HANAMI SHOW UNIT
  25. JIANGSU SUZHOU DASHU YOUCHUANG DECORATION DESIGN ENGINEERING CO., LTD. (大墅优创) – MOMENT TIMES
  26. GUSTO DESIGN AND BUILD – MODERN LUXURY MULTI-GENERATIONAL RESIDENCE
  27. HOE & YIN DESIGN SDN BHD – CASA 66
  28. JIANGSU JIANSU DECORATION CO., LTD. (江苏见素装饰有限公司) – FOREST URBANIST (森林主义者)
  29. JIANGSU JIANSU INTERIOR DESIGN CO., LTD. (江苏见素室内设计有限公司) – MORNING LIGHT (光)

RESIDENTIAL INTERIOR DESIGN FINALISTS

  1. SENSELAND DESIGN STUDIO (森然國際設計有限公司) – ACROSS THE PROFOUND OF ENDLESS FLASH (越過漫長而短暫的深邃)
  2. INK DESIGN SPACE CO., LTD. (簡兆芝室內裝修設計股份有限公司) – PURE ESSENCE (璞玉天成)
  3. CHENGGUO INTERIOR DESIGN (洆果設計室內裝修有限公司) – SUBTLE INTERPLAY OF INK AND GLOW (潤墨輕光)
  4. MUZHU DESIGN INTERIOR RENOVATION CO., LTD (沐築設計室內裝修有限公司) – WHERE CLOUDS REPOSE, THE SEA REFLECTS (雲栖海映)
  5. YESTER STUDIO (卓日室內設計工作室) – CREPUSCULAR RAY (暮暉)
  6. CHIAUYI INTERIOR DECORATION DESIGN CO., LTD. (喬藝室內裝修設計有限公司) – SLEEK NOIR (墨寓雅築)
  7. NON-STOP DESIGN (無止空間制作) – BRIOSO
  8. A BLUE CUBE DESIGN PTE LTD – BESPOKE OPULENCE
  9. JUPO DESIGN (筑泊室內裝修設計有限公司) – GRAY MELODIES (灰韻遊光)
  10. AMY STUDIO (艾美幸福設計有限公司) – BREEZY EMBRACE (清煦)
  11. AMY STUDIO (艾美幸福設計有限公司) – A GLEAM IN SIMPLICITY (瀲光雅寂)
  12. HOME THINKER INTERIOR DESIGN (寓想家室內裝修設計有限公司) – DUODUO WARM HAVEN – A COZY DREAM HOME (朵朵和煦輕暖美夢宅)
  13. WLEA INTERIOR DESIGN – ONE IN MILLION
  14. CASAINDAH DESIGN (M) SDN BHD – V-RESIDENCE SHOW UNIT
  15. JIANGSU SUZHOU DASHU SHANGPIN DECORATION DESIGN ENGINEERING CO., LTD. (大墅尚品) – CLOUDSCAPE BY THE LAKE (湖畔阅云)

About iN Publishers
Founded by Iko iN, iN Publishers is a leading media and design platform dedicated to elevating the interior design industry. As the organiser of MFID, iN Publishers plays a pivotal role in connecting designers, architects, and brands across the Asia-Pacific region, fostering a culture of innovation and excellence in design.

Acknowledgement & Gratitude to Our Sponsors
MFID 2025 would not have been possible without the generous support of our sponsors. Their dedication to design excellence, innovation, and industry growth has been instrumental in elevating this prestigious awards program.

First and foremost, we extend our deepest gratitude to our Strategic Partner, Malaysian International Furniture Fair (MIFF), for providing an esteemed platform for MFID 2025 to shine alongside one of the region’s most influential furniture trade events.

A special appreciation goes to our Platinum Sponsor, ROBAM, for their unwavering support in championing design innovation and creativity.

We also recognize and thank our Gold SponsorsKumilink (presented by Axis Versatile Sdn. Bhd.), Malaysian Timber Council (MTC), NES Security Door, Skinrock, and Signature Malaysia—for their invaluable contributions to the industry.

Additionally, we acknowledge the support of our Silver Sponsor, CLV Glasstech, whose commitment to innovation continues to push industry standards forward.

A heartfelt thank you also goes to our Portrait Photo Collaborator, Aspial Production, for capturing the essence of this extraordinary celebration.

MFID 2025 stands as a testament to the power of collaboration and the shared vision of shaping the future of design.

To learn more about MFID and how to register, please visit our website.

https://creativehomex.com/mfid-2025-entry-form/

From Underground to Cloud: A Panoramic View of the Intelligent Applications Across Multiple Fields Enabled by Algorithmic Innovation

SHENZHEN, China, March 11, 2025 /PRNewswire/ — A news report from 6300: In the digital age, the exponential growth of data has intensified the demand for efficient computing across various fields. The CUDA-accelerated nine-component cross-correlation algorithm (hereinafter referred to as the “nine-component cross-correlation algorithm”) has emerged as a powerful solution, leveraging its exceptional parallel computing capabilities to drive transformations in multiple fields. This article aims to provide a concise overview of the algorithm’s applications and promote cross-disciplinary collaboration.

In January 2025, a research team from the University of Science and Technology of China (USTC) published a paper titled “CUDA Accelerated Nine-Component Cross-Correlation Algorithm for Seismic Ambient Noise Processing” in the journal Earthquake Research Advances. The core algorithm has been open-sourced on GitHub (link: GitHub – wangkingh/FastXC).


Seismology and Geophysics

The algorithm enhances seismic data processing by leveraging GPU parallel computing, significantly improving efficiency and aiding in earthquake early warning. It constructs a 3D holographic signal model, boosting imaging resolution and providing detailed underground structure insights. Applied in mining and fault zones, it monitors geological activities in real-time.

Oil and Gas Exploration

In oil and gas, the algorithm accelerates seismic data processing, reducing costs and speeding up exploration. It improves reservoir imaging accuracy, supports dynamic monitoring, and optimizes extraction strategies. By lowering computational resource consumption, it enhances corporate competitiveness and promotes sustainable industry development.

Infrastructure Monitoring

For infrastructure, the algorithm monitors road and bridge health in real-time by processing seismic noise data, identifying defects early. It supports intelligent maintenance systems, generating automated maintenance plans and reducing lifecycle costs.

Machine Learning and Big Data

The algorithm accelerates deep learning model training and inference, enhancing performance and accuracy. It also processes large-scale datasets efficiently, supporting data mining and analytics, and driving intelligent application development.

Other Applications

In meteorology and environmental science, it accelerates meteorological modeling and environmental data processing. In biomedical engineering, it speeds up biological data analysis, supporting genomics and drug development. In industrial processes, it optimizes production scheduling and quality control.

Cross-Disciplinary Collaboration

Open-sourced on GitHub, the program promotes collaboration across fields. It enables researchers to access advanced tools, fosters innovation, and drives technological advancements through shared experiences and improvements.

The nine-component cross-correlation algorithm holds strong potential across multiple fields, from seismology to industrial optimization. Its open-source nature encourages global collaboration, pushing the boundaries of technological innovation and addressing global challenges.

 

Xiong’an seen as a window to showcase nation’s prospects

Xiong’an: Area at forefront of reform and opening-up

BEIJING, March 11, 2025 /PRNewswire/ — A report from Chinadaily.com.cn:

Xiong'an seen as a window to showcase nation's prospects
Xiong’an seen as a window to showcase nation’s prospects

Xiong’an New Area in Hebei province is growing vigorously and changing with each passing day, showcasing the bright prospects of Chinese modernization and high-quality development, said a top official of the national-level economic zone.

“We will create a first-class business environment that is market-driven, law-based and internationally oriented, attracting both domestic and foreign investment for its development,” Zhang Guohua, a deputy to the National People’s Congress and secretary of the Working Committee of Xiong’an New Area of the Communist Party of China Hebei Provincial Committee, told China Daily.

The new area, established in 2017 and located about 100 kilometers southwest of downtown Beijing, was designed to relieve Beijing of functions not essential to its role as the Chinese capital.

The area aims to become a high-level socialist modern city, an important part of the world-class urban agglomeration in the BeijingTianjinHebei region, a new engine of the modern economic system and a national model for promoting high-quality development.

“From scratch, it has thrived, transforming from a plot of land into a blueprint, and now into a city,” Zhang said.

Currently, the total development area of Xiong’an spans 202 square km, with 50.3 million square meters of floor space. A total of 4,806 buildings have been constructed, and 804 km of new roads have been laid.

“Its urban infrastructure, public service and commercial service functions are steadily improving,” Zhang said, adding that the area has evolved into a thriving hub, with widespread enthusiasm and collaborative efforts driving its development.

In terms of the new area’s major role of receiving noncapital functions from Beijing, China Satellite Network Group was one of the first of the relocated enterprises and has fully moved to Xiong’an, while Sinochem Holdings and China Huaneng Group will relocate in the second half of this year. All three are central State-owned enterprises that are conglomerates in their respective fields.

In addition, since 2023, 104 secondary and tertiary subsidiaries of central enterprises have settled there, and central enterprises have established more than 300 various branches.

The locations of the second group of relocated projects have basically been determined, and the third group is being promoted in an orderly manner, Zhang said.

While attracting business giants from various fields, Xiong’an focuses on building a hub of innovation and a hotbed of entrepreneurship in the new era, with the strategy of innovation-driven development being fully implemented.

“By giving play to the leading role of the relocated central enterprises, the industrial chain of aerospace information and satellite internet has gradually taken shape,” Zhang said.

More than 10 innovation platforms, such as the Science and Technology Innovation Center and Zhongguancun Science Park have been established, forming an innovation system covering all links from original innovation to large-scale commercial application, he added.

Meanwhile, 17 top-level academician-led projects have successively settled in Xiong’an, and 37,900 talented personnel have chosen to stay to pursue their dreams.

There’s another reason that business giants and talent were attracted to the area — Xiong’an is at the cutting edge of China’s reform and opening-up.

According to Zhang, a total of 175 reform tasks in 12 aspects have been determined, forming a series of institutional mechanisms with Xiong’an characteristics, and systematically promoting the modernization of the governance system and capacity.

In addition, a total of 41 institutional innovation achievements have been made, and open platforms such as a high-tech zone, a free-trade zone, a comprehensive bonded zone and a cross-border e-commerce industrial park have been built.

“Our goal is to build an innovative, charming and future-oriented city that is magnificent and desirable,” Zhang said.

Jiangsu Changzhou: Accelerating the Development of Vehicle Network Infrastructure

CHANGZHOU,China, March 11, 2025 /PRNewswire/ — Recently, the Ministry of Industry and Information Technology, along with seven other departments, jointly announced the second batch of comprehensive electrification pilot zones for public domain vehicles. Changzhou City was successfully selected as one of these pilot zones.

As a leader in urban energy transformation, State Grid Changzhou Power Supply Company is leveraging innovative technologies to accelerate the development of a new power system that integrates “vehicle-charging station-network” collaboration. This initiative provides robust support for the innovative applications of vehicle-to-grid (V2G) interaction, photovoltaic storage and charging, and intelligent network connectivity in Changzhou.

In recent years, the visibility of new energy vehicles (NEVs) in Changzhou has significantly increased, leading to a growing demand for charging infrastructure. State Grid Changzhou Power Supply Company has focused on optimizing the layout of charging facilities, creating a “5-minute charging service circle” in central urban areas. To date, the company has operated 557 public charging stations and 2,893 charging piles. In response to residential needs, an innovative “unified construction and unified service” model for charging facilities in old residential areas has been launched, resulting in the establishment of 153 public charging stations across 102 residential areas. In 2024, there were 36,007 applications for residential charging piles, marking a 37.7% increase compared to the previous year, effectively addressing the issue of limited charging access.

Simultaneously, State Grid Changzhou Power Supply Company is actively exploring V2G technology, enabling electric vehicles (EVs) to serve as mobile energy storage units and transforming one-way charging into bidirectional energy exchange. The company has pioneered V2G demonstrations in the public transportation sector, organizing 390 NEVs and 9 charging stations to participate in grid valley filling auxiliary services, aggregating 15,000 kilowatts of adjustable load. Additionally, the application of V2G technology through 10 urban public power stations and 5 bus-dedicated power stations has facilitated market-oriented participation of EVs in grid peak regulation, positioning them as a new force in flexible grid management.

The smooth operation of the vehicle network depends on both versatile charging stations and a flexible power grid. Currently, the company has constructed over 30 integrated photovoltaic-storage-charging stations, such as the Anyang Li social parking lot, and has innovatively established standards for “photovoltaic-storage-charging integrated micro-grid systems.” Through collaborative operations involving photovoltaic power generation, energy storage peak adjustment, and orderly charging, the “green content” of NEV consumption has been significantly improved while reducing operational costs. Jiangsu Province has also built the first municipal virtual power plant monitoring and management platform, which aggregates micro-grid, charging pile, and 5G base station resources from 3,508 households, with a total capacity of 586,700 kilowatts. The platform’s maximum upward adjustment capacity is 161,200 kilowatts, and its maximum downward adjustment capacity is 131,600 kilowatts, significantly enhancing the level of renewable energy consumption and grid flexibility.

In 2025, Changzhou will accelerate research on core technologies such as grid-friendly charging and swapping stations, optimize the charging peak and valley electricity price mechanism, promote orderly charging in public areas and residential communities, and conduct V2G pilot demonstrations. These efforts aim to cultivate a new industrial ecosystem of vehicle and network integration and interaction, promoting the high-quality development of the NEV industry.

“We will seize this opportunity to make every electric vehicle a ‘mobile energy cube’ for the power grid, contributing to the construction of a large-scale, intelligent, and efficient vehicle network interaction system,” said Qian Yuxuan, Intelligent Electricity Specialist at State Grid Changzhou Power Supply Company Marketing Department. With the continuous improvement of the vehicle network interaction system, Changzhou is advancing towards the fast lane of NEV industry and grid collaborative development.                                      

Meliá Hotels International and Huawei Launch a Global Smart Hotel Showcase

BARCELONA, Spain, March 11, 2025 /PRNewswire/ — At MWC Barcelona, Huawei and Meliá Hotels International Launched the Global Smart Hotel Showcase at Torre Melina Gran Meliá hotel, a high-end luxury brand of Meliá. This showcase fosters innovations in smart hotel network connectivity and infrastructure, accelerating digital–intelligent transformation across the global hospitality industry.

As AI and IoT reshape the hospitality sector, hotels prioritize intelligent services, guest-centric experiences, sustainable operations, and efficient Operations and Maintenance (O&M). ICT infrastructure is transitioning from a supporting tool to the core driver of industry-wide innovation.

Huawei’s Smart Hotel Solution keeps up with this momentum through cutting-edge hotel network connectivity and infrastructure. The resulting benefits for hotels include comfortable personalized guest services, higher operational efficiency, and lower energy consumption.


David Shi, Vice President of Huawei’s ICT Marketing & Solution Sales Department, said ” Huawei and Torre Melina Gran Meliá Hotel, continuously collaborate together to further optimize operations and enhance the guest experience. They have leveraged Huawei’s Smart Hotel Solution with innovative IP+POL architecture to build all-scenario smart hotel systems over a high-speed, smart, and eco-friendly network for better guest experience and higher operational efficiency.”


Tomeu Fiol, Global Hotel Technology Director of Meliá Hotels International, said, ” Meliá Hotels International is dedicated to offering guests the ideal blend of modern design and exceptional comfort while redefining their experience through digital innovation. Huawei Smart Hotel Solution we are using at the Torre Melia Gran Meliá Hotel enhances our ability to deliver seamless, intelligent services with greater efficiency while ensuring high-speed, stable, and reliable network coverage throughout our properties.”

Huawei’s Smart Hotel Solution combines the advantages of IP and POL technologies, bringing three unique highlights:

  • Wireless access points with built-in smart antennas enable seamless Wi-Fi coverage in all indoor and outdoor hotel areas, ensuring always-smooth roaming and ultra-high-speed network experience.
  • Optical fibers replace traditional Ethernet cables, allowing each room to be connected with a single fiber and terminal. This energy-saving and future-proof practice facilitates sustainable development.
  • Huawei iMaster-NCE, powered by AI models, delivers automated root cause analysis, improves O&M efficiency.

From hotel solution design to system integration and delivery, every step requires collaboration with partners. Huawei’s Smart Hotel Solution is tailored to partners pursuing easy integration, deployment, and maintenance. Huawei is committed to building a strong ecosystem with global partners to drive business success for hotels and their clients.

Ningxia sharpens its edge in new energy

Ningxia: Integrated growth prioritized

YINCHUAN, China, March 11, 2025 /PRNewswire/ — A report from Chinadaily.com.cn

The Ningxia Hui autonomous region will speed up the establishment of a new-type energy system and a new electric power system
The Ningxia Hui autonomous region will speed up the establishment of a new-type energy system and a new electric power system

The Ningxia Hui autonomous region will speed up the establishment of a new-type energy system and a new electric power system, while bolstering the clustered development of industries with local characteristics and distinctive advantages, as part of its broader push to achieve high-quality growth, the region’s top official said.

Li Yifei, Party secretary of Ningxia and a deputy to the 14th National People’s Congress, China’s top legislature, said the region is ratcheting up resources to develop a modern coal chemical industry, new materials, clean energy, digital information, agriculture, culture and tourism.

It is also stepping up efforts to promote the exploitation and utilization of new energy, in order to drive industrial upgrading, cut carbon emissions and reduce pollution, he added.

As China’s first demonstration zone for new energy comprehensive construction, Ningxia is a major green power supplier with abundant green energy resources. It is taking tangible steps to advance the green and low-carbon transition of the traditional energy industry.

Li said the installed capacity of new energy in Ningxia reached 41.32 million kilowatts in 2024, accounting for more than 50 percent of the region’s total installed power capacity.

The region is at the forefront of the country’s transformation to clean and efficient utilization of coal resources, with its modern coal chemical industry making it to the list of national advanced manufacturing clusters.

Ningxia’s GDP grew 5.4 percent year-on-year in 2024, ranking sixth in the country and exceeding the national average for 10 consecutive quarters, according to the region’s bureau of statistics. The regional GDP reached 550.3 billion yuan ($76 billion) last year.

Last year, Ningxia ranked third in the country in terms of industrial output. The region’s industrial output increased 9.6 percent year-on-year, 3.8 percentage points higher than the average growth rate of the country’s overall industrial economy.

Li said Ningxia is pressing ahead with new urbanization and rural vitalization to promote the common prosperity of both urban and rural areas, adding that it has promoted new industrialization to drive the integrated development of primary, secondary and tertiary industries.

According to the official, the number of new types of agricultural business entities has reached 22,000 in the region, while the output of the agricultural product-processing sector surpassed 100 billion yuan last year.

Ningxia is also vigorously developing its rural tourism sector. The region’s rural areas received 13.56 million visits last year, with revenue reaching 1.25 billion yuan.

Li said the region will continue to expand opening-up, improve business environment, facilitate growth of the private sector, and actively participate in Belt and Road cooperation, which will inject fresh impetus and vitality into its high-quality development.

Ningxia is also striving to build data center clusters, network infrastructure and integrated computing power systems to boost the development of its digital economy, as well as promote the digital transformation of industries and the industrialization of digital technologies.

A group of tech companies from home and abroad have built data centers in Ningxia to offer cloud computing services, thanks to the region’s abundant energy resources and cooler climate.

Located in the Yellow River basin, Ningxia is surrounded by deserts on three sides and faces the daunting task of conserving and restoring ecosystems. Li said the region is pushing environmental protection and ecological restoration projects, including soil and water conservation and the control of desertification.