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Trinasolar develops world’s first 800W+ tandem module, ushering in a new era

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CHANGZHOU, China, March 28, 2025 /PRNewswire/ — Trinasolar, a global leader in smart PV and energy storage solutions, has announced that it has developed the world’s first industrial-standard solar PV module delivering over 800W of maximum power. The 3.1m2 module, produced with 210mmx105mm perovskite/silicon tandem solar cells, has achieved peak power output of 808W, certified by the global testing, inspection and certifying body TÜV SÜD.

“This is a monumental breakthrough for perovskite/silicon tandem solar modules and a key milestone in PV technology,” said Gao Jifan, Chairman and CEO of Trinasolar.

“The successful development of the world’s first 808W perovskite/silicon tandem solar module with a 210mm industrial-standard size is a significant step toward the industrialization of tandem modules. This achievement also reinforces Trinasolar’s leadership in PV innovation.”

As conventional silicon-based solar cell efficiency nears its theoretical limit, high-efficiency tandem cells have attracted increasing attention. Perovskite tandem technology has the potential to exceed these limitations, with theoretical efficiencies reaching up to 43%. As a transformative solution for next-generation solar energy, perovskite/silicon tandem technology is poised to become the new industry standard, signaling a historic shift from silicon-based solar cells to tandem solar cells and ushering in a new era of sustainable development.

Trinasolar invests substantially in research and development, and over 10 years has been a pioneer in perovskite tandem cell technology. In collaboration with universities including Nanjing University, Jiangsu province and the Chinese Academy of Sciences, the company has led numerous national research projects in this domain. The company has filed 331 patents related to tandem technology and has significantly improved conversion efficiency through advances in perovskite bulk doping, interface engineering and composite layer design. This work has laid the foundation for the industrialization of perovskite/silicon tandem modules.

Trinasolar, committed to its mission of “Solar Energy for All”, will continue to drive energy transition through technological innovation, contributing to a more sustainable and net-zero future.

 

Korea Zinc Announces AGM Results, with the Current Management Retaining Control of the Board with Overwhelming Shareholder Support

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SEOUL, South Korea, March 28, 2025 /PRNewswire/ — Korea Zinc (KRX:010130) announced on March 28 that it has successfully concluded its annual general meeting (AGM), with the current management retaining board control in contention against MBK and Young Poong.

Korea Zinc’s 51st AGM was held at Yongsan, Seoul. The participants in the meeting demonstrated strong support for the current management, underscoring the outstanding business performance and shareholder returns Korea Zinc has managed to continuously deliver upon.

Korea Zinc employees, key technical staff, labor unions, partner companies, and civil society groups in Ulsan have consistently voiced firm support for the current management. Public sentiment on assisting the current management had also grown rapidly, particularly due to the recent developments in Homeplus abruptly filing for corporate rehabilitation which drew close parallels to Korea Zinc’s situation.

On the day of the AGM, Korea Zinc labor union members traveled from Ulsan to Seoul to stand in solidarity with the current management of Korea Zinc. Of particular note, the labor union of Homeplus also staged a protest in front of the venue, issuing warnings on the potential dangers of private equity firms.

Inside the AGM venue, many shareholders called for measures to protect the company from potential destabilization from outside influence. These concerns were able to gain traction as Korea Zinc is a core national industry that plays a vital role in resource security and the global strategic mineral supply chain.

Board Size Capped at 19, Enhancing Efficiency and Stability
At the AGM, Korea Zinc approved its consolidated and separate financial statements for the 51st fiscal year (2024). Shareholders also approved a cash dividend of KRW 7,500 per common share and resolved to transfer KRW 1.6689 trillion from discretionary reserves to retained earnings.

Additionally, five amendments to the company’s articles of incorporation were addressed, including a cap on the number of board directors. Four key proposals were passed:

  • Capping the number of directors at 19
  • Appointing an outside director as board chair
  • Changing the dividend record date
  • Introducing quarterly dividends

The proposal to set a maximum of 19 board members was approved with over 70% support from voting shareholders. This move is expected to improve board stability and prevent inefficiencies in corporate decision-making. Leading global proxy advisory firms, including ISS, Glass Lewis, and Sustinvest, had previously unanimously recommended limiting board size to an appropriate level, aligning Korea Zinc’s governance with global standards.

The proposal to appoint an outside director as board chair also gained strong shareholder support. This shift is expected to enhance governance independence and strengthen oversight, as an external director free from controlling shareholder influence will now preside over the board.

The introduction of quarterly dividends and the adjustment of the dividend record date mark another significant change. These measures will enhance dividend predictability and lay the groundwork for increasing corporate value.

Directors Appointed via Cumulative Voting for the First Time, Strengthening Compliance with Audit Committee Appointments

A vote over the agenda of appointing directors was also conducted at the AGM. Following the approval of an amendment to the articles of association, which set a cap on the number of directors, the agenda to appoint 8 directors through a cumulative voting system was presented, based on the new limit of 19 total directors. The cumulative voting system, adopted at the extraordinary general shareholders’ meeting (EGM) in January, grants shareholders voting rights proportional to the number of directors being elected per share, focusing on enhancing the rights of minority shareholders and increasing the diversity of the board.

Consequently, 5 out of 8 director candidates recommended by Korea Zinc were appointed. The new board members include an internal director, CEO Park Ki-Deok, and external directors including Kwon Soon-beom (Managing Partner, Law Firm Sol), Kim Bo-young (Professor, Hanyang University Business School), James Andrew Murphy (Senior Advisor, Oliver Wyman), and Tammy Chung (Dean, Myongji University Business School).

The newly appointed members of the Audit Committee include Kwon Soon-beom (Managing Partner, Law Firm Sol), Lee Min-ho (Head of ESG Research Center, Yulchon Law Firm), and Seo Dae-won (Chairman, BnH Tax Corporation). It is expected that both Kwon and Lee will contribute to strengthening the board’s compliance management system based on their extensive experiences in the legal field. Additionally, Seo is expected to provide advice on corporate taxation and capital transactions, helping to enhance accounting transparency with his background in roles such as Planning and Coordination Director at the National Tax Service, Director of Corporate Taxation, and Deputy Director.

A representative from Korea Zinc stated, “Many shareholders and citizens have strongly agreed that we must protect Korea Zinc, a key national industry, from takeover threats,” and added, “We will continue to support South Korea’s resource security and play a central role in the global strategic minerals supply chain, while doing our best to meet the expectations of shareholders and citizens.”

 

Diabetes Association Unveils T-CaReMe Taipei Declaration at the Asia Diabetes International Conference

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In an effort to achieve a target of 80% of patients controlling the three highs and protecting kidney health within eight years, Taiwan leads the international trend of precise prevention with public-private collaboration in response to the new health goals of Healthy Taiwan.


TAIPEI, TAIWAN – Media OutReach Newswire – 28 March 2025 – As the global aging process accelerates, the prevention and care of chronic diseases have become a top priority for countries worldwide. The Taiwanese government has actively responded to international trends by promoting the “Healthy Taiwan” policy and launching the “Three Highs Prevention 888 Plan.” At the third “Healthy Taiwan Promotion Committee” meeting held last month, new goals were announced to reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030, aiming to strengthen chronic disease prevention and control measures through public-private collaboration. In alignment with the vision of “Healthy Taiwan” and the 888 Plan, and connecting with the international trend of “precision prevention” of chronic disease management, the Taiwan Diabetes Association formally presented the “T-CaReMe Precision Care Taipei Declaration” at the Asia Diabetes International Conference.

Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.
Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.

With a comprehensive national health insurance system in place, Taiwan ensures that every high-risk group can receive proactive prevention and personalized management early on, demonstrating international competitiveness in the accessibility and completeness of chronic disease care. To address the increasingly severe challenge of chronic diseases—particularly hypertension, hyperlipidemia, diabetes (the three highs), and chronic kidney disease—the Taiwan Diabetes Association unveiled the “T-CaReMe Precision Care Taipei Declaration” at the 17th Scientific Meeting of the Asian Association for the Study of Diabetes (AASD). This declaration was made in witness of various governmental agencies, academic institutions, and medical associations, including the Asian Association for the Study of Diabetes, the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, the National Health Research Institutes, the Taiwan Society of Nephrology, and the Taiwan Society of Cardiology. The declaration responds to the government’s vision of “Healthy Taiwan” and the goals of the 888 Plan, which focus on delaying disability and increasing life expectancy. It proposes a comprehensive health care model for chronic diseases centered around risk stratification, precision medicine, and digital management, further promoting the integration of holistic health care and medical services, while fostering interdisciplinary collaboration to drive a new paradigm of chronic disease prevention and treatment.

Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.
Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.

New Health Goals for Healthy Taiwan: Reduce Standardized Mortality Rate of Chronic Diseases Related to the Three Highs by One-Third

The Taiwan Diabetes Association Unveils T-CaReMe Declaration to Promote Precision Care Blueprint for Kidney Health in Relation to the Three Highs

With the trends of aging, prolonged illness, and the emergence of chronic diseases at younger ages, chronic disease prevention and management have become a global focus. Taiwan is following international trends by establishing the “Healthy Taiwan Promotion Committee,” which has set two major health goals for the next eight years: to increase the average life expectancy of the population from 79 to 82 years and to reduce the proportion of unhealthy life expectancy from 10% to 8%. To strengthen chronic disease management, the government recently announced a target at the Healthy Taiwan Promotion Committee meeting to “reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030,” along with comprehensive strategies promoting healthy lifestyles, obesity prevention, and holistic management of chronic diseases, through public-private collaboration to enhance health policies and reduce the risks of chronic diseases and disabilities.

The Taiwan Diabetes Association has released the “T-CaReMe Precision Care Taipei Declaration,” making “Kidney Protection in Relation to the Three Highs” a core focus. Through the T-CaReMe initiative, the vision of “risk stratification, precision medicine, digital management, and increased life expectancy” is implemented, along with five key action frameworks: promoting precise risk diagnostics, standardized clinical guidelines, personalized health management, data sharing, and interdisciplinary collaboration. The goal is to ensure that 80% of patients with the three highs and kidney disease achieve control of blood glucose, blood pressure, and blood lipids while ensuring that 80% of kidney disease patients receive care and medication guidance from care managers, thereby enhancing survival rates and improving health quality, creating a stronger defense for chronic disease care in the population.

Risk Stratification × Precision Medicine: T-CaReMe Initiative Launches a New Future for Chronic Disease Management

International Experts Gather to Establish Taiwan as a Demonstration Base for Chronic Disease Care

The T-CaReMe Taipei Declaration focuses on precise risk diagnostic classification and assessment, aiming to accurately identify high-risk populations and improve the effectiveness of chronic disease management. Through expert consensus and clinical risk stratification, as well as medical guidelines, the initiative integrates clinical data with international standards to ensure that patients receive personalized health management and appropriate treatment. Additionally, the declaration emphasizes collaboration across nations and disciplines, engaging in precision medicine and research achievements in the realm of chronic diseases in the Asia-Pacific region, influencing public health policies and improving chronic disease care outcomes, while developing a more precise and accessible holistic health care approach, solidifying Taiwan’s position as a regional demonstration base.

The meeting brought together experts and scholars from the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, and the National Health Research Institutes, along with representatives from the International Diabetes Federation (IDF-WPR) and the Asian Association for the Study of Diabetes (AASD), to witness the official launch of the “T-CaReMe Precision Care Taipei Declaration.” The Taiwan Diabetes Association stated that the declaration not only lays the groundwork for Taiwan’s development blueprint in precision chronic disease care and kidney health management related to the three highs but also aims to promote upgrades in chronic disease management models, enhance interdisciplinary collaboration, and build a more comprehensive health care system, driving improvements in global chronic disease care quality and prosperity starting from Taiwan.

Dr. Wu Mai-Su, President of the Taiwan Society of Nephrology, noted that although Taiwan has developed risk stratification and data-driven personalized treatment, standardized guidelines have yet to be incorporated, and clinical applications still have room for improvement, especially in the integrated management of kidney disease and diabetes. He expressed that through the T-CaReMe initiative, interdisciplinary collaboration can facilitate the integration of chronic kidney disease risk and comorbid management with diabetes and hypertension, contributing to higher patient survival rates and better kidney function maintenance. Dr. Li Yi-Heng, President of the Taiwan Society of Cardiology, emphasized that risk stratification and data-driven personalized management can effectively reduce the incidence of cardiovascular events, further strengthening the health defenses of the population. Dr. Hsu Hui-Heng, Deputy Director of the National Health Research Institutes, stated that the application of precision medicine will play a crucial role in future chronic disease management. The National Health Research Institutes is actively exploring several initiatives, such as using AI technology and big data to establish smart risk prediction systems, believing that under the visionary actions of the T-CaReMe initiative, there will be further optimization of precise predictions for cardiovascular, kidney, and metabolic disease risks, providing better scientific bases for the prevention of primary and secondary complications and organ damage associated with chronic diseases, thus realizing Taiwan’s health blueprint.

Aligning with International Standards! T-CaReMe Initiative Promotes a New Paradigm of Precision Chronic Disease Management

Taiwan will construct a comorbidity risk database within two years. The T-CaReMe initiative calls on all sectors to build a defense against chronic diseases.

In recent years, the Health Promotion Administration has actively promoted the “Scientific Disease Calculation Center” and risk prediction tools to enhance public health literacy and self-management awareness, delaying the onset of chronic diseases through proactive health education. Meanwhile, the National Health Insurance Administration has introduced AI risk stratification tools and a tiered care system, promoting the “Everyone’s Health Platform” and comprehensive, patient-centered care to improve care efficiency and resource utilization. Professor Chen Chih-Hong, Vice Convener of the Healthy Taiwan Promotion Committee, stated that the T-CaReMe initiative aligns closely with government policies integrating prevention and treatment, reflecting the core spirit advocated by the 888 Plan. In the future, it is hoped that all sectors will work together to deepen interdisciplinary collaboration and public-private integration, creating a sustainable and resilient model for chronic disease care.

The global healthcare community has identified precise risk assessment and personalized treatment as key trends in chronic disease management. The latest diabetes care guidelines particularly address the comorbidity risks associated with the three highs and kidney disease, suggesting earlier intervention in cardiovascular and kidney health management and enhancing data-driven diagnostic models. The importance of early screening and treatment is emphasized, and precise risk assessment and integration of patient data will be core development directions for future chronic disease management. These international trends indicate that global chronic disease management is moving towards precision medicine, digital monitoring, and interdisciplinary integration, which aligns closely with the goals of the T-CaReMe initiative.

The Taiwan Diabetes Association took action as early as 2023, collaborating with 12 medical institutions in Taiwan to join the iCaReMe global registry program. Through interdisciplinary integrated care, patient tracking, and the application of clinical data, it not only provides more precise risk assessments and patient profiles but also effectively monitors and optimizes treatment outcomes, which has been shown to improve patients’ health conditions. Chairman Huang Jian-Ning shared that the short-term goal of the T-CaReMe initiative is to construct a representative database within two years. By analyzing lifestyle factors, it aims to more accurately assess the comorbidity risks of different patients. Implementing a comprehensive model for precision chronic disease care requires not only efforts from the medical community but also active participation from government agencies, academic institutions, industry partners, and civic groups to jointly promote data integration and personalized health management, ensuring that risk stratification and standardized guidelines are continually refined, while enhancing chronic disease management effectiveness in Taiwan and the Asia-Pacific region.

Yutaka Seino, Chair of the Asian Association for the Study of Diabetes conference, stated that Taiwan has consistently been at the forefront of chronic disease prevention and treatment in Asia, and he hopes that through public-private collaboration and interdisciplinary cooperation, Taiwan can lead the global improvement of chronic disease care quality.
Hashtag: #DiabetesAssociation

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

Diabetes Association Unveils T-CaReMe Taipei Declaration at the Asia Diabetes International Conference

By
Advertorial Desk
-

In an effort to achieve a target of 80% of patients controlling the three highs and protecting kidney health within eight years, Taiwan leads the international trend of precise prevention with public-private collaboration in response to the new health goals of Healthy Taiwan.


TAIPEI, TAIWAN – Media OutReach Newswire – 28 March 2025 – As the global aging process accelerates, the prevention and care of chronic diseases have become a top priority for countries worldwide. The Taiwanese government has actively responded to international trends by promoting the “Healthy Taiwan” policy and launching the “Three Highs Prevention 888 Plan.” At the third “Healthy Taiwan Promotion Committee” meeting held last month, new goals were announced to reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030, aiming to strengthen chronic disease prevention and control measures through public-private collaboration. In alignment with the vision of “Healthy Taiwan” and the 888 Plan, and connecting with the international trend of “precision prevention” of chronic disease management, the Taiwan Diabetes Association formally presented the “T-CaReMe Precision Care Taipei Declaration” at the Asia Diabetes International Conference.

Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.
Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.

With a comprehensive national health insurance system in place, Taiwan ensures that every high-risk group can receive proactive prevention and personalized management early on, demonstrating international competitiveness in the accessibility and completeness of chronic disease care. To address the increasingly severe challenge of chronic diseases—particularly hypertension, hyperlipidemia, diabetes (the three highs), and chronic kidney disease—the Taiwan Diabetes Association unveiled the “T-CaReMe Precision Care Taipei Declaration” at the 17th Scientific Meeting of the Asian Association for the Study of Diabetes (AASD). This declaration was made in witness of various governmental agencies, academic institutions, and medical associations, including the Asian Association for the Study of Diabetes, the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, the National Health Research Institutes, the Taiwan Society of Nephrology, and the Taiwan Society of Cardiology. The declaration responds to the government’s vision of “Healthy Taiwan” and the goals of the 888 Plan, which focus on delaying disability and increasing life expectancy. It proposes a comprehensive health care model for chronic diseases centered around risk stratification, precision medicine, and digital management, further promoting the integration of holistic health care and medical services, while fostering interdisciplinary collaboration to drive a new paradigm of chronic disease prevention and treatment.

Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.
Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.

New Health Goals for Healthy Taiwan: Reduce Standardized Mortality Rate of Chronic Diseases Related to the Three Highs by One-Third

The Taiwan Diabetes Association Unveils T-CaReMe Declaration to Promote Precision Care Blueprint for Kidney Health in Relation to the Three Highs

With the trends of aging, prolonged illness, and the emergence of chronic diseases at younger ages, chronic disease prevention and management have become a global focus. Taiwan is following international trends by establishing the “Healthy Taiwan Promotion Committee,” which has set two major health goals for the next eight years: to increase the average life expectancy of the population from 79 to 82 years and to reduce the proportion of unhealthy life expectancy from 10% to 8%. To strengthen chronic disease management, the government recently announced a target at the Healthy Taiwan Promotion Committee meeting to “reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030,” along with comprehensive strategies promoting healthy lifestyles, obesity prevention, and holistic management of chronic diseases, through public-private collaboration to enhance health policies and reduce the risks of chronic diseases and disabilities.

The Taiwan Diabetes Association has released the “T-CaReMe Precision Care Taipei Declaration,” making “Kidney Protection in Relation to the Three Highs” a core focus. Through the T-CaReMe initiative, the vision of “risk stratification, precision medicine, digital management, and increased life expectancy” is implemented, along with five key action frameworks: promoting precise risk diagnostics, standardized clinical guidelines, personalized health management, data sharing, and interdisciplinary collaboration. The goal is to ensure that 80% of patients with the three highs and kidney disease achieve control of blood glucose, blood pressure, and blood lipids while ensuring that 80% of kidney disease patients receive care and medication guidance from care managers, thereby enhancing survival rates and improving health quality, creating a stronger defense for chronic disease care in the population.

Risk Stratification × Precision Medicine: T-CaReMe Initiative Launches a New Future for Chronic Disease Management

International Experts Gather to Establish Taiwan as a Demonstration Base for Chronic Disease Care

The T-CaReMe Taipei Declaration focuses on precise risk diagnostic classification and assessment, aiming to accurately identify high-risk populations and improve the effectiveness of chronic disease management. Through expert consensus and clinical risk stratification, as well as medical guidelines, the initiative integrates clinical data with international standards to ensure that patients receive personalized health management and appropriate treatment. Additionally, the declaration emphasizes collaboration across nations and disciplines, engaging in precision medicine and research achievements in the realm of chronic diseases in the Asia-Pacific region, influencing public health policies and improving chronic disease care outcomes, while developing a more precise and accessible holistic health care approach, solidifying Taiwan’s position as a regional demonstration base.

The meeting brought together experts and scholars from the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, and the National Health Research Institutes, along with representatives from the International Diabetes Federation (IDF-WPR) and the Asian Association for the Study of Diabetes (AASD), to witness the official launch of the “T-CaReMe Precision Care Taipei Declaration.” The Taiwan Diabetes Association stated that the declaration not only lays the groundwork for Taiwan’s development blueprint in precision chronic disease care and kidney health management related to the three highs but also aims to promote upgrades in chronic disease management models, enhance interdisciplinary collaboration, and build a more comprehensive health care system, driving improvements in global chronic disease care quality and prosperity starting from Taiwan.

Dr. Wu Mai-Su, President of the Taiwan Society of Nephrology, noted that although Taiwan has developed risk stratification and data-driven personalized treatment, standardized guidelines have yet to be incorporated, and clinical applications still have room for improvement, especially in the integrated management of kidney disease and diabetes. He expressed that through the T-CaReMe initiative, interdisciplinary collaboration can facilitate the integration of chronic kidney disease risk and comorbid management with diabetes and hypertension, contributing to higher patient survival rates and better kidney function maintenance. Dr. Li Yi-Heng, President of the Taiwan Society of Cardiology, emphasized that risk stratification and data-driven personalized management can effectively reduce the incidence of cardiovascular events, further strengthening the health defenses of the population. Dr. Hsu Hui-Heng, Deputy Director of the National Health Research Institutes, stated that the application of precision medicine will play a crucial role in future chronic disease management. The National Health Research Institutes is actively exploring several initiatives, such as using AI technology and big data to establish smart risk prediction systems, believing that under the visionary actions of the T-CaReMe initiative, there will be further optimization of precise predictions for cardiovascular, kidney, and metabolic disease risks, providing better scientific bases for the prevention of primary and secondary complications and organ damage associated with chronic diseases, thus realizing Taiwan’s health blueprint.

Aligning with International Standards! T-CaReMe Initiative Promotes a New Paradigm of Precision Chronic Disease Management

Taiwan will construct a comorbidity risk database within two years. The T-CaReMe initiative calls on all sectors to build a defense against chronic diseases.

In recent years, the Health Promotion Administration has actively promoted the “Scientific Disease Calculation Center” and risk prediction tools to enhance public health literacy and self-management awareness, delaying the onset of chronic diseases through proactive health education. Meanwhile, the National Health Insurance Administration has introduced AI risk stratification tools and a tiered care system, promoting the “Everyone’s Health Platform” and comprehensive, patient-centered care to improve care efficiency and resource utilization. Professor Chen Chih-Hong, Vice Convener of the Healthy Taiwan Promotion Committee, stated that the T-CaReMe initiative aligns closely with government policies integrating prevention and treatment, reflecting the core spirit advocated by the 888 Plan. In the future, it is hoped that all sectors will work together to deepen interdisciplinary collaboration and public-private integration, creating a sustainable and resilient model for chronic disease care.

The global healthcare community has identified precise risk assessment and personalized treatment as key trends in chronic disease management. The latest diabetes care guidelines particularly address the comorbidity risks associated with the three highs and kidney disease, suggesting earlier intervention in cardiovascular and kidney health management and enhancing data-driven diagnostic models. The importance of early screening and treatment is emphasized, and precise risk assessment and integration of patient data will be core development directions for future chronic disease management. These international trends indicate that global chronic disease management is moving towards precision medicine, digital monitoring, and interdisciplinary integration, which aligns closely with the goals of the T-CaReMe initiative.

The Taiwan Diabetes Association took action as early as 2023, collaborating with 12 medical institutions in Taiwan to join the iCaReMe global registry program. Through interdisciplinary integrated care, patient tracking, and the application of clinical data, it not only provides more precise risk assessments and patient profiles but also effectively monitors and optimizes treatment outcomes, which has been shown to improve patients’ health conditions. Chairman Huang Jian-Ning shared that the short-term goal of the T-CaReMe initiative is to construct a representative database within two years. By analyzing lifestyle factors, it aims to more accurately assess the comorbidity risks of different patients. Implementing a comprehensive model for precision chronic disease care requires not only efforts from the medical community but also active participation from government agencies, academic institutions, industry partners, and civic groups to jointly promote data integration and personalized health management, ensuring that risk stratification and standardized guidelines are continually refined, while enhancing chronic disease management effectiveness in Taiwan and the Asia-Pacific region.

Yutaka Seino, Chair of the Asian Association for the Study of Diabetes conference, stated that Taiwan has consistently been at the forefront of chronic disease prevention and treatment in Asia, and he hopes that through public-private collaboration and interdisciplinary cooperation, Taiwan can lead the global improvement of chronic disease care quality.
Hashtag: #DiabetesAssociation

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

ZGC Forum highlights cutting-edge technology

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BEIJING, March 28, 2025 /PRNewswire/ — A news report from China Daily: Advanced technology and top scientific achievements are in the spotlight at the 2025 Zhongguancun Forum Annual Conference, which opened on Thursday in Beijing, attracting over 1,000 guests from more than 100 countries and regions.

Humanoid robots attract the attention of a guest during the 2025 Zhongguancun Forum Annual Conference at the Zhongguancun International Innovation Center in Beijing on Thursday. The conference, with the theme "New Quality Productive Forces and Global Science and Technology Cooperation", opened on Thursday and will run through Monday. It has attracted more than 1,000 participants from over 100 countries and regions to discuss cutting-edge technologies. WANG JING/CHINA DAILY
Humanoid robots attract the attention of a guest during the 2025 Zhongguancun Forum Annual Conference at the Zhongguancun International Innovation Center in Beijing on Thursday. The conference, with the theme “New Quality Productive Forces and Global Science and Technology Cooperation”, opened on Thursday and will run through Monday. It has attracted more than 1,000 participants from over 100 countries and regions to discuss cutting-edge technologies. WANG JING/CHINA DAILY

The five-day event, also known as the ZGC Forum, features 128 activities in five major areas: forums, technology trade, achievements, innovation competitions and supporting events. This year’s theme is “New Quality Productive Forces and Global Science and Technology Cooperation”.

While addressing the forum’s opening ceremony, Vice-Premier Zhang Guoqing said that China is willing to work with other countries to explore new models of mutually beneficial and win-win sci-tech cooperation, in order to drive the development of new quality productive forces amid the deepening new round of sci-tech revolution and industrial transformation.

China has been deeply implementing an innovation-driven development strategy and achieving fruitful results in the integration of sci-tech and industrial innovation, while continuously strengthening the momentum of new industrialization and steadily developing new quality productive forces, Zhang noted.

Suliman Almazroua, CEO of Saudi Arabia’s National Industrial Development and Logistics Program, who attended the opening ceremony, said, “The forum is highly international, which is a great platform for global science and technology researchers to communicate their views and young technology company leaders to seek opportunities.”

“I would use ‘innovation through collaboration’ to summarize this forum,” he said. “There are people from various sectors, and we can find potential partners here.”

Almazroua, who is in Beijing for the first time, said he is eager to see more at the event.

This year’s conference places a strong emphasis on cutting-edge fields such as artificial intelligence, life sciences, green development and basic research.

Sixty parallel forums will be held, with 20 initiatives launched for the first time, including the Open Science International Forum and the Ocean Science and Development Forum. More than 30 international organizations and institutions are co-hosting 18 events, with numerous leaders participating in discussions.

Ma Juan, CEO of Steinbeis Sustainable Technology and Management Beijing Co, noted that this year’s forum focuses on cutting-edge technologies.

“In the past year, we selected 12 cutting-edge technologies among the 60 globally to cooperate deeply with local Beijing companies, which has promoted a local industrial upgrade,” Ma said.

AI and humanoid robots are major highlights at this year’s forum and have generated significant interest among the participants, who can encounter robots at the forum venue engaged in such activities as serving drinks, answering questions, delivering items and even writing calligraphy.

Nearly 100 robots from 15 companies are deployed at the site, according to the organizer.

“We aim to make the Zhongguancun Forum’s annual meeting a grand stage for the concentrated display of new technologies, products and scenarios,” said Jin Wei, vice-mayor of Beijing, at a news conference last week.

At Thursday’s opening ceremony, the National Natural Science Foundation of China released a list of the country’s top 10 scientific advances of 2024.

The advances were mainly achieved in the fields of mathematics, physics, astronomy, information science, chemistry, materials science, energy, Earth and environmental science, and life and medical science.

The ZGC Forum, founded in 2007, has evolved into a national-level open innovation platform as well as an international forum.

So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results

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BEIJING, March 28, 2025 /PRNewswire/ — So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. 

Fourth Quarter 2024 Financial Highlights

  • Total revenues were RMB369.2 million (US$50.6 million[1]), compared with RMB390.6 million in the corresponding period of 2023, in line with previous guidance.
  • Net loss attributable to So-Young International Inc. was RMB607.6 million (US$83.2 million), compared with net income attributable to So-Young International Inc. of RMB17.5 million in the same period of 2023, primarily driven by a one-time goodwill impairment charge of RMB540.0 million (US$74.0 million) for the Company’s subsidiary, Wuhan Miracle.
  • Non-GAAP net loss attributable to So-Young International Inc.[2] was RMB53.2 million (US$7.3 million), compared with non-GAAP net income attributable to So-Young International Inc. of RMB35.7 million in the same period of 2023.

Fourth Quarter 2024 Operational Highlights

  • The aggregate value of medical aesthetic treatment transactions facilitated by So-Young’s platform was RMB356.6 million, compared with RMB470.9 million in the same period of 2023.
  • Number of verified paid visits for the quarter reached over 39,500, compared with approximately 2,300 in the same period of 2023. The number of verified paid aesthetic treatments performed surpassed 81,500, compared with approximately 5,000 in the same period of 2023.
  • The number of active users, defined as those who visited the aesthetic centers at least once during the 12-month period ending on the last day of the respective quarter, exceeded 52,000, compared with approximately 2,900 users during the corresponding period in 2023.
  • As of December 31, 2024, So-Young had 19 aesthetic centers in nine major cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing and Changsha, all of which are fully operational. Among them, 11 centers have achieved positive monthly operating cash flow. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development:

Phase (The length of time

since establishment)

Number of
Centers

Revenue
(RMB)

Average Revenue per
Center (RMB)

Ramp-up (0-3 months)

4

2,875,000

719,000

Growth (4-12 months)

14

64,277,000

4,591,000

Maturity (over 12 months)

1

14,115,000

14,115,000
  • The number of institutions So-Young served with supply chain solutions for injectables grew to over 1,200 this quarter. Shipments of Elasty injectable products reached approximately 52,000 units, compared with 53,000 in the same period of 2023.

Fiscal Year 2024 Financial Highlights

  • Total revenues were RMB1,466.7 million (US$200.9 million) in the full year 2024, compared with RMB1,498.0 million in the prior year.
  • Net loss attributable to So-Young International Inc. was RMB589.5 million (US$80.8 million) in the full year 2024, primarily driven by a one-time goodwill impairment charge of RMB540.0 million (US$74.0 million) for the Company’s subsidiary, Wuhan Miracle. This compared with a net income attributable to So-Young International Inc. of RMB21.3 million in the prior year.
  • Non-GAAP net loss attributable to So-Young International Inc. was RMB4.7 million (US$0.6 million) in the full year 2024, compared with a non-GAAP net income attributable to So-Young International Inc. of RMB58.0 million in the prior year.

[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB7.2993 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on December 31, 2024.

[2] Non-GAAP net income/(loss) attributable to So-Young International Inc. is defined as net income/(loss) attributable to So-Young International Inc. excluding share-based compensation expenses, impairment of goodwill attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

Declaration of Special Dividend

The board of directors of the Company has declared a special cash dividend of US$0.03445 per ordinary share, or US$0.0265 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 8, 2025, U.S. Eastern Time, payable in U.S. dollars. The ex-dividend date will be April 8, 2025. The payment date is expected to be on or around April 25, 2025. Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The total amount of cash to be distributed for the dividend is expected to be approximately US$3 million, which will be funded by surplus cash on the Company’s balance sheet.

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, “Despite a challenging environment, we remain focused on executing our transformation strategy. Our investments in vertical integration and business diversification are beginning to take shape, reinforcing our competitive positioning in the evolving medical aesthetics landscape. The opportunity created by demand for standardized high-quality, cost-effective medical aesthetic products and services remains enormous, one that we are uniquely positioned to capitalize on. As of December 31, 2024, we expanded our network to 19 aesthetic centers across nine major cities, with 11 of them already generating positive operating cash flow. Customer retention rates continue to maintain at approximately 60%, reflecting our ability to maintain the highest levels of customer satisfaction as we scale this proven standardized model nationwide. Our aesthetic treatment services revenues reached RMB81.3 million, marking a 701.6% increase from the same period last year. This substantial growth underscores the traction of our branded aesthetic centers and the strategic rationale behind our transformation efforts. As our upfront investments start to yield returns we expect a more balanced growth trajectory in the coming quarters. We will continue to explore opportunities and deepen the integration across our businesses to enhance operational efficiencies and address industry challenges.”

Mr. Hui Zhao, Chief Financial Officer of So-Young, added, “Our fourth-quarter results demonstrate the resilience of our business and strategic agility to adapt to market changes. The expansion of our center network is noticeably improving the customer experience and laying the groundwork for long-term, sustainable growth. We continued to drive operational efficiency improvements, carefully control costs, and invest in scaling and strengthening the synergies between our businesses. While the near-term environment remains dynamic, we are confident that our strategic direction will create long-term value for both our customers and shareholders.”

Fourth Quarter 2024 Financial Results     

Revenues

Total revenues were RMB369.2 million (US$50.6 million), a decrease of 5.5% from RMB390.6 million in the same period of 2023. The decrease was primarily due to the decrease in revenues generated by So-Young Prime.

  • Information, reservation services and other revenues were RMB201.5 million (US$27.6 million), a decrease of 27.7% from RMB278.5 million in the same period of 2023. The decrease was primarily due to a decrease in revenues generated by So-Young Prime.
  • Aesthetic treatment services[3] revenues were RMB81.3 million (US$11.1 million), an increase of 701.6% from RMB10.1 million in the same period of 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Sales of medical products and maintenance services were RMB86.4 million (US$11.8 million), a decrease of 15.2% from RMB101.9 million in the same period of 2023, primarily due to a decrease in the order volume for medical equipment.

Cost of Revenues

Cost of revenues was RMB153.1 million (US$21.0 million), an increase of 11.2% from RMB137.6 million in the fourth quarter of 2023. The increase was primarily due to business extension of the branded aesthetic centers. Cost of revenues included share-based compensation expenses of RMB0.0 million (US$0.0 million), compared with RMB0.2 million in the corresponding period of 2023.

  • Cost of information, reservation services and others[4] were RMB44.5 million (US$6.1 million), a decrease of 48.2% from RMB86.0 million in the fourth quarter of 2023. The decrease was primarily due to a decrease in costs associated with So-Young Prime.
  • Cost of aesthetic treatment services were RMB65.2 million (US$8.9 million), an increase of 702.3% from RMB8.1 million in the fourth quarter of 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Cost of medical products sold and maintenance services were RMB43.3 million (US$5.9 million), a decrease of 0.5% from RMB43.6 million in the fourth quarter of 2023. The decrease was primarily due to a decrease in costs associated with the sales of cosmetic injectables.

[3] In the fourth quarter of 2024, in light of the better monitoring business development of branded aesthetic centers, the previous line item information services and others was separated into two line items, which are aesthetic treatment services and information services and others. And the Company grouped the revenue generated from information services and others and reservation services, which is renamed as information, reservation services and others.

The revenue generated from aesthetic treatment services was previously reported in line item of information services and others. The information, reservation services and others for prior periods and the year of 2023 have also been retrospectively updated. The amount reclassified from previous line item information services and others to aesthetic treatment services are RMB81.3 million for the fourth quarter of 2024, RMB10.1 million for the fourth quarter of 2023, RMB169.3 million for the year of 2024, and RMB13.0 million for the year of 2023.

[4] In the fourth quarter of 2024, the previous line item cost of services and others was separated into two line items, which are cost of aesthetic treatment services and cost of information, reservation services and others. Cost of aesthetic treatment services primarily consists of expenditures relating to aesthetic treatment services in branded aesthetic centers, and the remaining cost of services and others is reclassified into cost of information, reservation services and others. The cost of aesthetic treatment services and cost of information, reservation services and others for prior periods and the year of 2023 have also been retrospectively reclassified.

Operating Expenses

Total operating expenses were RMB815.2 million (US$111.7 million), an increase of 216.2% from RMB257.8 million in the fourth quarter of 2023.

  • Sales and marketing expenses were RMB134.0 million (US$18.4 million), an increase of 6.2% from RMB126.2 million in the fourth quarter of 2023. The increase was primarily due to an increase in payroll costs. Sales and marketing expenses included share-based compensation expenses of RMB0.2 million (US$0.0 million), compared with RMB2.8 million in the corresponding period of 2023.
  • General and administrative expenses were RMB98.4 million (US$13.5 million), an increase of 13.6% from RMB86.7 million in the fourth quarter of 2023. The increase was due to an increase in professional services fees and allowance for credit losses. General and administrative expenses included share-based compensation expenses of RMB1.7 million (US$0.2 million), compared with RMB13.2 million in the corresponding period of 2023.
  • Research and development expenses were RMB42.8 million (US$5.9 million), a decrease of 5.0% from RMB45.0 million in the fourth quarter of 2023. The decrease was primarily attributable to improvements in staff efficiency. Research and development expenses included share-based compensation expenses of RMB0.2 million (US$0.0 million), compared with RMB1.6 million in the corresponding period of 2023.
  • Impairment of goodwill was RMB540.0 million (US$74.0 million), representing the amount by which the carrying amount of certain asset exceeds their fair value in relation to the acquiring subsidiary, based on an annual goodwill impairment assessment.

Income Tax (Expenses)/Benefits

Income tax expenses were RMB2.1 million (US$0.3 million), compared with income tax benefits of RMB10.8 million in the same period of 2023.

Net (Loss)/Income Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB607.6 million (US$83.2 million), compared with a net income attributable to So-Young International Inc. of RMB17.5 million in the fourth quarter of 2023.

Non-GAAP Net (Loss)/Income Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, impairment of goodwill attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB53.2 million (US$7.3 million), compared with RMB35.7 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2023.

Basic and Diluted (Loss)/Earnings per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB5.92 (US$0.81) and RMB5.92 (US$0.81), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.18 and RMB0.18, respectively, in the same period of 2023.

Fiscal Year 2024 Financial Results

Revenues

Total revenues were RMB1,466.7 million (US$200.9 million), a decrease of 2.1% from RMB1,498.0 million in fiscal year 2023.

  • Information, reservation services and other revenues were RMB929.5 million (US$127.3 million), a decrease of 19.3% from RMB1,151.5 million in fiscal year 2023. The decrease was primarily due to a decrease in average revenue per paying medical service provider.
  • Aesthetic treatment services revenues were RMB169.3 million (US$23.2 million), an increase of 1206.1% from RMB13.0 million in fiscal year 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Sales of medical products and maintenance services were RMB368.0 million (US$50.4 million), an increase of 10.3% from RMB333.5 million in fiscal year 2023, primarily due to an increase in sales of cosmetic products.

Cost of Revenues

Cost of revenues were RMB567.6 million (US$77.8 million), an increase of 4.3% from RMB544.3 million in fiscal year 2023. The increase was primarily due to the business extension of the branded aesthetic centers. In addition, cost of revenues for fiscal year 2024 included share-based compensation expenses of RMB0.3 million (US$0.0 million), compared to RMB1.8 million in fiscal year 2023.

  • Cost of information, reservation services and others were RMB252.8 million (US$34.6 million), a decrease of 32.8% from RMB376.0 million in fiscal year 2023. The decrease was primarily due to a decrease in costs associated with So-Young Prime.
  • Cost of aesthetic treatment services were RMB131.6 million (US$18.0 million), an increase of 1271.2% from RMB9.6 million in fiscal year 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Cost of medical products sold and maintenance services were RMB183.2 million (US$25.1 million), an increase of 15.4% from RMB158.8 million in fiscal year 2023. The increase was primarily due to an increase in costs associated with the sales of cosmetic products.

Operating Expenses

Total operating expenses were RMB1,523.6 million (US$208.7 million), an increase of 50.1% from RMB1,014.7 million in fiscal year 2023.

  • Sales and marketing expenses were RMB494.5 million (US$67.7 million), a decrease of 5.0% from RMB520.5 million in fiscal year 2023. The decrease was primarily due to a decrease in expenses associated with branding and user acquisition activities. Sales and marketing expenses for fiscal year 2024 included share-based compensation expenses of RMB0.7 million (US$0.1 million), compared to RMB5.7 million in fiscal year 2023.
  • General and administrative expenses were RMB324.1 million (US$44.4 million), an increase of 11.5% from RMB290.8 million in fiscal year 2023. The increase was due to business extension of the branded aesthetic centers and the increase in allowance for credit losses. General and administrative expenses for 2024 included share-based compensation expenses of RMB29.5 million (US$4.0 million), compared to RMB23.6 million in fiscal year 2023.
  • Research and development expenses were RMB165.0 million (US$22.6 million), a decrease of 18.9% from RMB203.5 million in fiscal year 2023. The decrease was primarily attributable to improvements in staff efficiency. Research and development expenses for 2024 included share-based compensation expenses of RMB2.2 million (US$0.3 million), compared to RMB5.3 million in fiscal year 2023.
  • Impairment of goodwill was RMB540.0 million (US$74.0 million), representing the amount by which the carrying amount of certain asset exceeds their fair value in relation to the acquiring subsidiary, based on an annual goodwill impairment assessment.

Income Tax Benefits

Income tax benefits were RMB0.9 million (US$0.1 million), compared with an income tax benefits of RMB18.1 million in fiscal year 2023.

Net (Loss)/Income Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB589.5 million (US$80.8 million), compared with a net income attributable to So-Young International Inc. of RMB21.3 million in fiscal year 2023.

Non-GAAP Net (Loss)/Income Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, impairment of goodwill attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB4.7 million (US$0.6 million), compared with a non-GAAP net income attributable to So-Young International Inc. of RMB58.0 million in fiscal year 2023.

Basic and Diluted (Loss)/Earnings per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB5.72 (US$0.78) and RMB5.72 (US$0.78), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.21 and RMB0.21 in fiscal year 2023.

Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments

As of December 31, 2024, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,253.2 million (US$171.7 million), compared with RMB1,341.6 million as of December 31, 2023.

Business Outlook

For the first quarter of 2025, So-Young expects total revenues to be between RMB280.0 million (US$38.4 million) and RMB300.0 million (US$41.1 million), representing a 12.0% to 5.7% decrease from the same period in 2024. The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses and impairment of goodwill from income/(loss) from operations, and excluding share-based compensation expenses, impairment of goodwill, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments from net income/(loss) attributable to So-Young International Inc., respectively. Starting from the fourth quarter of 2024, the Company newly included impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments as additional adjustments in its non-GAAP financial measures, which may result in differences from previously disclosed non-GAAP figures.

The Company believes these non-GAAP financial measures are important to help investors understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s core operating results, as they exclude certain expenses (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses, the impairment of goodwill, impairment of long-term investment and allowance for credit loss from loans to investees are non-cash in nature. Gain/(loss) on disposal of long-term investment and fair value change of long-term investment are non-recurring in nature. And, in substance, both impairment of long-term investment and allowance for credit loss from loans to investees are impairment of investment. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses, impairment of goodwill, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company’s performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call Information

So-Young’s management will hold an earnings conference call on Friday, March 28, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International:      

+1-412-902-4272

Mainland China：

4001-201203

US:          

+1-888-346-8982

Hong Kong：       

+852-301-84992

Passcode:       

So-Young International Inc.

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 4, 2025. The dial-in details are:

International:           

+1-412-317-0088

US:              

+1-877-344-7529

Passcode:        

8460187

Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”) is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young’s strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young’s strategies; So-Young’s future business development, financial condition and results of operations; So-Young’s ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

So-Young

Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com 

Christensen

In China
Ms. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@christensencomms.com 

In US

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com 

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)

As of

December 31,

December 31,

December 31,

2023

2024

2024

RMB

RMB

US$

Assets

Current assets:

Cash and cash equivalents

426,119

587,749

80,521

Restricted cash and term deposits

14,695

66,367

9,092

Trade receivables

57,219

98,774

13,532

Inventories

118,924

151,754

20,790

Receivables from online payment platforms

23,158

24,255

3,323

Amounts due from related parties

9,212

1,218

167

Term deposits and short-term investments

900,823

599,041

82,068

Prepayment and other current assets

171,774

195,202

26,743

Total current assets

1,721,924

1,724,360

236,236

Non-current assets:

Long-term investments

261,016

280,281

38,398

Intangible assets

145,253

126,615

17,346

Goodwill

540,693

684

94

Property and equipment, net

116,782

155,352

21,283

Deferred tax assets

78,034

84,950

11,638

Operating lease right-of-use assets

118,408

162,764

22,299

Other non-current assets

232,455

200,152

27,421

Total non-current assets

1,492,641

1,010,798

138,479

Total assets

3,214,565

2,735,158

374,715

Liabilities

Current liabilities:

Short-term borrowings

29,825

69,771

9,559

Taxes payable

56,894

61,862

8,475

Contract liabilities

103,374

76,579

10,491

Salary and welfare payables

86,290

111,396

15,261

Amounts due to related parties

388

477

65

Accrued expenses and other current liabilities

233,913

265,216

36,334

Operating lease liabilities-current

29,739

44,905

6,152

Total current liabilities

540,423

630,206

86,337

Non-current liabilities:

Operating lease liabilities-non current

86,210

125,200

17,152

Deferred tax liabilities

25,082

19,758

2,707

Other non-current liabilities

1,536

1,264

173

Total non-current liabilities

112,828

146,222

20,032

Total liabilities

653,251

776,428

106,369

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Amounts in thousands, except for share and per share data)

Shareholders‘ equity:

Treasury stock

(358,453)

(376,690)

(51,606)

Class A ordinary shares (US$0.0005 par value; 750,000,000
   shares authorized as of December 31, 2023 and December
   31, 2024; 73,688,044 and 63,422,436 shares issued and
   outstanding as of December 31, 2023, 77,897,969 and
   65,659,510 shares issued and outstanding as of December
   31, 2024, respectively)

238

253

35

Class B ordinary shares (US$ 0.0005 par value; 20,000,000 
   shares authorized as of December 31, 2023 and December
   31, 2024; 12,000,000 shares issued and outstanding as of
   December 31, 2023 and December 31, 2024)

37

37

5

Additional paid-in capital

3,080,433

3,069,799

420,561

Statutory reserves

33,855

40,552

5,556

Accumulated deficit

(330,166)

(926,390)

(126,915)

Accumulated other comprehensive income

18,185

31,560

4,324

Total So-Young International Inc. shareholders‘ equity

2,444,129

1,839,121

251,960

Non-controlling interests

117,185

119,609

16,386

Total shareholders’ equity

2,561,314

1,958,730

268,346

Total liabilities and shareholders‘ equity

3,214,565

2,735,158

374,715

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 (Amounts in thousands, except for share and per share data)  

For the Three Months Ended

For the Fiscal Year Ended

December 31, 2023

December 31, 2024

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2024

RMB

RMB

US$

RMB

RMB

US$

Revenues:

Information, reservation services and others

278,529

201,512

27,607

1,151,532

929,455

127,335

Aesthetic treatment services

10,138

81,267

11,134

12,959

169,263

23,189

Sales of medical products and maintenance services

101,899

86,432

11,841

333,538

367,980

50,413

Total revenues

390,566

369,211

50,582

1,498,029

1,466,698

200,937

Cost of revenues:

Cost of information, reservation services and others

(85,951)

(44,518)

(6,099)

(375,986)

(252,841)

(34,639)

Cost of aesthetic treatment services

(8,128)

(65,208)

(8,933)

(9,596)

(131,580)

(18,026)

Cost of medical products sold and maintenance services

(43,555)

(43,325)

(5,936)

(158,754)

(183,164)

(25,093)

Total cost of revenues

(137,634)

(153,051)

(20,968)

(544,336)

(567,585)

(77,758)

Gross profit

252,932

216,160

29,614

953,693

899,113

123,179

Operating expenses:

Sales and marketing expenses

(126,175)

(134,045)

(18,364)

(520,451)

(494,493)

(67,745)

General and administrative expenses

(86,668)

(98,420)

(13,483)

(290,765)

(324,073)

(44,398)

Research and development expenses

(44,993)

(42,753)

(5,857)

(203,524)

(165,030)

(22,609)

Impairment of goodwill

—

(540,009)

(73,981)

—

(540,009)

(73,981)

Total operating expenses

(257,836)

(815,227)

(111,685)

(1,014,740)

(1,523,605)

(208,733)

Loss from operations

(4,904)

(599,067)

(82,071)

(61,047)

(624,492)

(85,554)

Other income/(expenses):

Investment income, net

1,135

7,623

1,044

12,004

11,020

1,510

Interest income, net

10,820

8,237

1,128

48,843

46,507

6,371

Exchange gains/(losses)

389

(763)

(105)

(662)

112

15

Impairment of long-term investment

(444)

(7,350)

(1,007)

(444)

(7,350)

(1,007)

Share of losses of equity method investee

(2,031)

(3,413)

(468)

(12,723)

(15,015)

(2,057)

Others, net

3,424

(11,103)

(1,521)

21,898

1,131

155

Income/(Loss) before tax

8,389

(605,836)

(83,000)

7,869

(588,087)

(80,567)

Income tax benefits/(expenses)

10,835

(2,126)

(291)

18,075

905

124

Net income/(loss)

19,224

(607,962)

(83,291)

25,944

(587,182)

(80,443)

Net (income)/loss attributable to noncontrolling interests

(1,723)

386

53

(4,664)

(2,345)

(321)

Net income/(loss) attributable to So-Young International Inc.

17,501

(607,576)

(83,238)

21,280

(589,527)

(80,764)

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

 (Amounts in thousands, except for share and per share data)

 

For the Three Months Ended

For the Fiscal Year Ended

December
31, 2023

December
31, 2024

December
31, 2024

December
31, 2023

December
31, 2024

December
31, 2024

RMB

RMB

US$

RMB

RMB

US$

Net earnings/(loss) per ordinary share

Net earnings/(loss) per ordinary share attributable to ordinary shareholder – basic

0.23

(7.70)

(1.05)

0.27

(7.43)

(1.02)

Net earnings/(loss) per ordinary share attributable to ordinary shareholder –
diluted

0.23

(7.70)

(1.05)

0.27

(7.43)

(1.02)

Net earnings/(loss) per ADS attributable to ordinary shareholders – basic (13
ADS represents 10 Class A ordinary shares)

0.18

(5.92)

(0.81)

0.21

(5.72)

(0.78)

Net earnings/(loss) per ADS attributable to ordinary shareholders – diluted (13
ADS represents 10 Class A ordinary shares)

0.18

(5.92)

(0.81)

0.21

(5.72)

(0.78)

Weighted average number of ordinary shares used in computing earnings/(loss)
per share, basic*

76,584,151

78,905,617

78,905,617

77,646,899

79,384,454

79,384,454

Weighted average number of ordinary shares used in computing earnings/(loss)
per share, diluted*

77,011,890

78,905,617

78,905,617

78,054,950

79,384,454

79,384,454

Share-based compensation expenses included in:

Cost of revenues

(165)

(34)

(5)

(1,800)

(289)

(40)

Sales and marketing expenses

(2,830)

(239)

(33)

(5,680)

(659)

(90)

General and administrative expenses

(13,190)

(1,731)

(237)

(23,590)

(29,527)

(4,045)

Research and development expenses

(1,615)

(211)

(29)

(5,251)

(2,180)

(299)

*   Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted.

 

 

 

SO-YOUNG INTERNATIONAL INC.

Reconciliation of GAAP and Non-GAAP Results

(Amounts in thousands, except for share and per share data)

For the Three Months Ended

For the Fiscal Year Ended

December
31, 2023

December
31, 2024

December
31, 2024

December
31, 2023

December
31, 2024

December
31, 2024

RMB

RMB

US$

RMB

RMB

US$

GAAP loss from operations

(4,904)

(599,067)

(82,071)

(61,047)

(624,492)

(85,554)

Add back: Share-based compensation expenses

17,800

2,215

304

36,321

32,655

4,474

Add back: Impairment of goodwill

—

540,009

73,981

—

540,009

73,981

Non-GAAP income/(loss) from operations

12,896

(56,843)

(7,786)

(24,726)

(51,828)

(7,099)

GAAP net income/(loss) attributable to So-Young International Inc.

17,501

(607,576)

(83,238)

21,280

(589,527)

(80,764)

Add back: Share-based compensation expenses

17,800

2,215

304

36,321

32,655

4,474

Add back: Impairment of goodwill attributable to So-Young International Inc.

—

540,009

73,981

—

540,009

73,981

Add back: Impairment of long-term investment attributable to So-Young
International Inc.

444

7,350

1,007

444

7,350

1,007

Add back: Allowance for credit loss from loans to investees attributable to So-
Young International Inc.

—

13,843

1,896

—

13,843

1,896

Reversal: Gain on disposal of long-term investment and fair value change of
long-term investment attributable to So-Young International Inc.

—

(7,791)

(1,067)

—

(7,791)

(1,067)

Reversal: Tax effects on non-GAAP adjustments (1)

—

(1,276)

(175)

—

(1,276)

(175)

Non-GAAP net income/(loss) attributable to So-Young International Inc.

35,745

(53,226)

(7,292)

58,045

(4,737)

(648)

(1) To adjust the income tax effects of non-GAAP adjustments, which is primarily related to allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment. Other non-GAAP adjustment items have no tax effect, because full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.

 

Cheche Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

By
Advertorial Desk
-

BEIJING, March 28, 2025 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, “the Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Financial and Operational Highlights

  • Net revenues for the quarter increased by 13.4% year-over-year to RMB983.6 million (US$134.8 million), while net revenues for the full year of 2024 increased by 5.2% over the prior year to RMB3.5 billion (US$475.8 million).
  • Operating loss for the quarter decreased by 93.7% year-over-year to RMB3.0 million (US$0.4 million), while operating loss for the full year of 2024 decreased by 60.3% over the prior year to RMB66.5 million (US$9.1 million).
  • Adjusted operating income(1) for the quarter was RMB1.3 million (US$0.2 million), compared to adjusted operating loss of RMB12.0 million in the prior-year quarter. Adjusted operating loss for the full year of 2024 decreased by 40.2% over the prior year to RMB28.2 million (US$3.9 million).
  • Net loss for the quarter decreased by 67.4% year-over-year to RMB10.4 million (US$1.4 million), while net loss for the full year of 2024 decreased by 61.6% over the prior year to RMB61.2 million (US$8.4 million).
  • Adjusted net loss(1) for the quarter decreased by 38.6% year-over-year to RMB3.0 million (US$0.4 million). Adjusted net loss for the full year of 2024 decreased by 25.3% from RMB33.2 million in the prior year to RMB24.8 million (US$3.4 million).
  • Total written premiums placed for the quarter increased by 15.6% year-over-year to RMB7.4 billion (US$1.0 billion), while total written premiums placed for the full year of 2024 increased by 7.5% over the prior year to RMB24.3 billion (US$3.3 billion).
  • Total number of policies issued for the quarter increased from 4.8 million for the prior-year quarter to 5.1 million, while the total number of policies issued over the full year of 2024 increased from 15.8 million of the prior year to 17.3 million.
  • Partnerships with New Energy Vehicle (NEV) companies(2) numbered 15 in the quarter and led to 441,000 embedded policies with corresponding written premium of RMB1.4 billion (US$189.8 million), representing an increase of 184.5% and 171.1% compared to the prior-year quarter, respectively. Embedded policies and corresponding written premium for the full year of 2024 reached 1.1 million and RMB3.3 billion (US$452.4 million), respectively, representing growth of 158.9 % for policies embedded and 127.8% for written premium compared to the prior year.

(1) Adjusted Operating Loss/Income and Adjusted Net Loss are non-GAAP financial measures. For further information on the non-GAAP financial measures presented above, see the “Non-GAAP Financial Measures” section below.

(2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufactures in 2022 and such collaborations yielded considerable results in 2023 and 2024. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution by its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche’s business.

Management Comments

“Our latest financial results validate the success of our strategic focus on the intelligent connected electric vehicle insurance sector. Revenues for the fourth quarter achieved robust growth of over 13%, and notably, our NEV-related business has experienced a remarkable 171% growth in written premiums over the same period. This strong growth momentum, coupled with our adjusted operating income for the quarter, demonstrates our ability to balance business expansion with operational efficiency. By leveraging technological innovation to enhance customer experiences and drive sustainable growth, we are well-positioned to maintain this upward trajectory,” said Lei Zhang, Founder, CEO, and Chairman of Cheche Group.

“As we reflect on 2024, we are thrilled by the remarkable growth in China’s NEV market, which saw sales surge to 12.9 million units, marking a 35.5% increase from the previous year. This trend underscores the immense market opportunity for our company to innovate and expand our auto Insurtech offerings, particularly in the intelligent connected NEV market where the integration of AI with intelligent connected NEVs is revolutionizing traditional insurance practices by not only delivering an innovative and seamless customer experience but also setting a new standard for AI applications across specialized sectors.

“We are now aligned with the majority of significant NEV manufacturers in China and our AI driven next generation of solutions will embed us deeper into the value chain and significantly improve the operational efficiency for insurers and cost savings for consumers in this dynamic market. We remain committed to leveraging our expertise in intelligent digital insurance platforms, technical capabilities and precise insights into market demand to capitalize on these trends and further establish ourselves as an Insurtech leader in the largest automotive market in the world.”

Unaudited Fourth Quarter 2024 Financial Results

Net Revenues were RMB983.6 million (US$134.8 million), representing a 13.4% year-over-year increase from the prior-year quarter. The growth was driven by an increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.

Cost of Revenues increased by 13.0% to RMB932.0 million (US$127.7 million) from RMB824.4 million for the prior-year quarter, which was consistent with the growth of business volume and net revenues.

Selling and Marketing Expenses decreased by 20.1% to RMB19.7 million (US$2.7 million) from RMB24.7 million in the prior-year quarter, mainly due to decreases in marketing expenses and staff costs. As a result, selling and marketing expenses as a percentage of net revenues decreased from 2.8% for the prior-year quarter to 2.0%. Excluding share-based compensation expenses, selling and marketing expenses as a percentage of net revenues decreased further to 1.9%, compared to 2.8% for the prior-year quarter.

General and Administrative Expenses decreased by 53.2% to RMB25.7 million (US$3.5 million) from RMB54.9 million for the prior-year quarter, which was mainly due to the decrease in share-based compensation expenses, partially offset by the increases in post-listing professional service fees and staff costs. Excluding the impact of share-based compensation expenses and listing-related professional service fees, general and administrative expenses increased by 20.1%, mainly due to the increases in post-listing professional service fees and staff costs.

Research and Development Expenses decreased by 25.3% to RMB9.3 million (US$1.3 million) from RMB12.4 million in the prior-year quarter. The change was mainly driven by decreases in technical service fees and staff costs. Excluding share-based compensation expenses, research and development expenses decreased by 26.5% from the prior-year quarter, while research and development expenses as a percentage of net revenues decreased from 1.4% to 0.9% for the same periods.

Total Cost and Operating Expenses increased by 7.7% to RMB986.7 million (US$135.2 million) from RMB916.4 million in the prior-year quarter, mainly due to the increase in cost of revenues and the decrease in share-based compensation expenses. Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition and listing-related professional service fees, total cost and operating expenses increased by 11.7% over the prior-year quarter.

Operating Loss decreased by 93.7% year-over-year to RMB3.0 million (US$0.4 million). Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition and, listing-related professional service fees, the Adjusted Operating Income was RMB1.3 million (US$0.2 million), compared to an adjusted operating loss of RMB12.0 million in the prior-year quarter, which resulted from the growth of our net revenues and the improvement of our operational efficiency.

Net Loss decreased by 67.4% to RMB10.4 million (US$1.4 million) over the prior-year quarter. Excluding share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party, change in fair value of warrants, listing related professional service fees, the Adjusted Net Loss for the quarter was RMB3.0 million (US$0.4 million), mainly due to foreign exchange losses of RMB5.3 million. Nonetheless, adjusted net loss decreased by 38.6% compared to the prior-year quarter.

Net Loss attributable to Cheche’s shareholders decreased by 67.4% to RMB10.4 million (US$1.4 million) over the prior-year quarter. Adjusted Net Loss attributable to Cheche’s shareholders decreased by 38.6% to RMB3.0 million (US$0.4 million) over the prior-year quarter.

Net Loss Per Share, basic and diluted, was RMB0.13 (US$0.02), compared to a loss of RMB0.42 for the prior-year quarter.

Adjusted Net Loss Per Share, basic and diluted, was RMB0.04 (US$0.01), compared to a loss of RMB0.06 for the prior-year quarter.

Unaudited Full Year 2024 Financial Results

Net Revenues were RMB3.5 billion (US$475.8 million), representing a 5.2% year-over-year increase from the prior year. The growth was driven by an increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.

Cost of Revenues increased by 4.8% to RMB3.3 billion (US$454.1 million) from the prior year, which was consistent with the growth of business volume and net revenues.

Selling and Marketing Expenses decreased by 28.7% to RMB79.5 million (US$10.9 million) from RMB111.5 million in the prior year. This was mainly due to decreases in share-based compensation expenses, marketing expenses and staff costs. As a result, selling and marketing expenses as a percentage of net revenues decreased from 3.4% in the prior year to 2.3% in 2024. Excluding share-based compensation expenses, the percentage for 2024 further decreased to 2.1%.

General and Administrative Expenses decreased by 22.6% to RMB107.9 million (US$14.8 million) from RMB139.4 million for the prior year, which was mainly driven by a decrease in share-based compensation expenses, partially offset by the increases in post-listing professional service fees and staff costs. Excluding share-based compensation expenses, listing-related professional service fees and dispute resolution expenses, general and administrative expenses increased by 25.0%, primarily due to the increase in post-listing professional service fees and staff costs.

Research and Development Expenses decreased by 33.6% to RMB38.0 million (US$5.2 million) from RMB57.2 million in the prior year. The change was mainly driven by the decreases in share-based compensation expenses, technical service fees and staff costs. Excluding share-based compensation expenses, research and development expenses decreased 20.9% from the prior year, and research and development expenses as a percentage of net revenues decreased from 1.4% to 1.0% for the same periods.

Total Cost and Operating Expenses increased by 2.0% to RMB3,539.7 million (US$484.9 million) from RMB3,469.2 million in the prior year, mainly due to the increase in cost of revenues and the decrease in share-based compensation expenses and staff costs. Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition, listing-related professional service fees and dispute resolution expenses, total cost and operating expenses increased by 4.6% over the prior year.

Operating Loss decreased by 60.3% year-over-year to RMB66.5million (US$9.1 million). Excluding share-based compensation expenses, amortization of intangible assets related to the acquisition, listing-related professional service fees and dispute resolution expenses, the Adjusted Operating Loss was RMB28.2 million (US$3.9 million), which decreased by 40.2% from RMB47.2 million for the prior year, resulting from the growth of our net revenues and the improvement of our operational efficiency.

Net Loss decreased by 61.6% to RMB61.2 million (US$8.4 million) from RMB159.6 million over the prior year. Excluding share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party, change in fair value of warrants, listing related professional service fees and dispute resolution expenses, the Adjusted Net Loss was RMB24.8 million (US$3.4 million), which decreased by 25.3% from RMB33.2 million for the prior year.

Net Loss attributable to Cheche’s shareholders decreased by 93.4% to RMB61.2 million (US$8.4 million) from RMB921.8 million for the prior year. Adjusted Net Loss attributable to Cheche’s shareholders was RMB24.8 million (US$3.4 million), which decreased by 96.9% from RMB795.4 million for the prior year.

Net Loss Per Share, basic and diluted, was RMB0.78 (US$0.11), compared to a loss of RMB20.3 for the prior year.

Adjusted Net Loss Per Share, basic and diluted, was RMB0.32 (US$0.04), compared to a loss of RMB17.51 for the prior year.

2024 and Subsequent Business Highlights

  • On March 5, 2024, Cheche announced its expanded partnership with Sinopec, whose non-oil businesses cover a nationwide retail footprint of over 30,000 gas stations in China. Cheche currently provides embedded auto insurance services to the unified digital platform of a subsidiary of Sinopec and has deployed services in over 5,000 gas stations nationwide in China.
  • On March 28, 2024, Cheche announced its partnership with Beijing Houji Insurance Brokerage Co., Ltd. (“Beijing Houji”), an affiliate and the insurance brokerage firm of Xiaomi Corporation (“Xiaomi Group”). As an insurance service partner of Beijing Houji, Cheche offers a digital auto insurance transaction SaaS service platform with operational support. Cheche provides auto insurance service solutions to Xiaomi car owners in multiple cities nationwide, including, among others, Beijing, Shenzhen and Hangzhou.
  • On May 13, 2024, Cheche announced its partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui) Automotive Company Limited (“Volkswagen Anhui”). Cheche aims to support Volkswagen Anhui’s branded insurance needs and enhance the attractiveness of Volkswagen Anhui’s branded insurance products, boosting its penetration rate.
  • On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. (“NIO Insurance Broker”) to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO’s customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle.
  • On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. (“Beijing Anpeng”), a subsidiary of Beijing Automotive Group Co., Ltd. (“BAIC Group”). BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz and Beijing Off-road, among others. The partnership names Cheche as a core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity was off to a strong start by providing ARCFOX with a designed service system which was being launched through ARCFOX’s direct-sales channel. Cheche is also rolling out and expecting to cover 200 dealerships with the service system provided for Beijing Automotive by the end of the year, and to cover 100 dealerships with the service system provided for Beijing Hyundai by the end of the year.
  • On August 15, 2024, Cheche announced a strategic partnership with Wuhan Dongfeng Insurance Broker Co., Ltd. (“Dongfeng Insurance”), an insurance provider for Dongfeng Motor Group Company Limited (“Dongfeng Motor Group”). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group’s NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche’s digital insurance solutions platform. 
  • On August 19, 2024, Cheche Group announced its latest progress with BAIC Group’s NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX to provide its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, diversifying Cheche’s revenue mix and boosting the Company’s reputation among automotive enterprises.
  • On September 12, 2024, Cheche announced a partnership with Laoyou Insurance Brokerage Co., Ltd. (“Laoyou Insurance”), a wholly controlled subsidiary of Great Wall Motor Company Limited (“GWM”), a renowned Chinese auto manufacturer. Cheche’s insurance solutions and sophisticated transaction system have been gradually rolled out with GWM’s newly established direct-sales network in more than 20 cities nationwide. Cheche plans to develop a comprehensive insurance solution tailored for traditional automakers within one to two years.
  • On October 1, 2024, Cheche announced a strategic partnership with The Tokio Marine & Nichido Fire Insurance Company (China) Limited (“TMNCH”), as Cheche continues to broaden its collaborations with insurance companies in China. Leveraging each other’s strengths, the two companies are working to develop specialized insurance products, services, and sales strategies. This collaboration will not only enhance Cheche’s insurance service capabilities but also increase its business scale for serving traditional automotive companies, paving the way for future partnerships with Japanese automotive companies.
  • On January 13, 2025, Cheche announced that Cheche Technology Inc., the Company’s wholly owned subsidiary, as a pioneer of insurance technology in China, was recognized by KPMG China as one of China’s top 50 leading fintech companies. Cheche’s growth and success at the helm of digital insurance transformation is further underscored by this recognition.
  • On February 24, 2025, Cheche announced that its innovative Tianmu Insurance Anti-Fraud and Risk Control Model has been recognized in the prestigious Top 100 AI Products of 2024 list. The award-winning Tianmu Model integrates advanced technologies such as big data, artificial intelligence, and biometrics to construct an intelligent anti-fraud and risk control system. This accolade highlights Cheche’s commitment to leveraging cutting-edge technology in the insurance industry.

Balance Sheet

As of December 31, 2024, the Company had RMB152.9 million (US$21.0 million) in total cash and cash equivalents and short-term investments.

Business Outlook

For the full year of 2025, Cheche expects the following results:

  • Net revenues ranging from RMB3.6 billion to RMB3.8 billion, representing an increase of 3.7% to 9.4 %, compared to the full year of 2024.
  • Total Written Premiums Placed ranging from RMB25.5 billion to RMB27.0 billion, representing an increase of 4.9% to 11.1%, compared to the full year of 2024.
  • NEV Written Premiums Placed ranging from RMB7.0 billion to RMB8.0 billion, representing an increase of 112% to 142%, compared to the full year of 2024.
  • Adjusted Operating Results shifting from a loss to a profit.

Conference Call

Cheche will host a webcast and conference call to discuss its fourth quarter and full year 2024 results today at 8:00 a.m. EDT. A live webcast and a slide presentation will be available on Cheche’s investor relations website in the “Events” section of the Company’s investor relations website under the “News & Events” header at ir.chechegroup.com.

The dial-in numbers for the conference call are as follows:

  • Participant (toll-free): 1-888-346-8982
  • Participant (international): 1-412-902-4272
  • Hong Kong LT:  852-301-84992
  • Hong Kong Toll Free:  800-905945
  • Mainland China Toll-Free:  4001-201203

Please dial in 10 to 15 minutes before the scheduled start time.

A webcast replay of the call will be available at ir.chechegroup.com for one year following the call.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:

IR@chechegroup.com

Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185

Non-GAAP Financial Measures

Cheche has provided in this press release non-GAAP financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP).

Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted operating loss/income, adjusted net loss/income and adjusted net loss/income per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. 

Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses, representing expenses Cheche incurred in a dispute with a certain security holder. Cheche defines adjusted operating loss/income as operating loss/income adjusted for the impact of share-based compensation, amortization of intangible assets related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), listing-related professional service fees and dispute resolution expenses. Cheche defines adjusted net loss/income  as net loss/income adjusted for the impact of share-based compensation expenses, amortization of intangible assets and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss/income per share, basic and diluted, is calculated as adjusted net loss/income divided by weighted-average ordinary shares outstanding.

Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its 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. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance.

Safe Harbor Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

 

 

 

Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and
per share data)

December 31,

December 31,

December 31,

2023

2024

2024

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

243,392

117,472

16,094

Short-term investments

21,474

35,423

4,853

Accounts receivable, net

466,066

982,479

134,599

Prepayments and other current assets

49,321

45,436

6,225

Total current assets

780,253

1,180,810

161,771

Non-current assets:

Restricted Cash

5,000

5,000

685

Property, equipment and leasehold improvement, net

1,667

1,368

187

Intangible assets, net

8,050

5,950

815

Right-of-use assets

10,249

5,653

774

Goodwill

84,609

84,609

11,591

Other non-current assets

4,149

4,530

621

Total non-current assets

113,724

107,110

14,673

Total assets

893,977

1,287,920

176,444

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

316,868

725,815

99,436

Short-term borrowings

20,000

30,000

4,110

Contract liabilities

4,295

1,781

244

Salary and welfare benefits payable

73,609

80,377

11,012

Tax payable

950

12,011

1,646

Amounts due to related party

55,251

–

–

Accrued expenses and other current liabilities

25,759

25,248

3,458

Short-term lease liabilities

3,951

3,037

416

Warrant

850

–

–

Total current liabilities

501,533

878,269

120,322

Non-current liabilities:

Amounts due to related party

–

45,811

6,276

Deferred tax liabilities

2,013

1,488

204

Long-term lease liabilities

5,398

2,137

293

Deferred revenue

1,432

1,432

196

Warrant

5,419

3,032

415

Total non-current liabilities

14,262

53,900

7,384

Total liabilities

515,795

932,169

127,706

Ordinary shares

5

6

1

Treasury stock

(1,025)

(1,025)

(140)

Additional paid-in capital

2,491,873

2,525,741

346,025

Accumulated deficit

(2,113,821)

(2,175,057)

(297,982)

Accumulated other comprehensive income

1,150

6,086

834

Total Cheche’s shareholders’ equity

378,182

355,751

48,738

Total liabilities and shareholders’ equity

893,977

1,287,920

176,444

 

 

 

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts
in thousands, except for share and per share data)

For the Three Months Ended

For the Year Ended

December
31,

December
31,

December
31,

December
31,

December
31,

December
31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

867,778

983,636

134,758

3,301,418

3,473,139

475,818

Cost and Operating
    expenses:

Cost of revenues

(824,432)

(932,013)

(127,685)

(3,161,193)

(3,314,377)

(454,068)

Selling and marketing
    expenses

(24,707)

(19,730)

(2,703)

(111,454)

(79,501)

(10,892)

General and
    administrative
    expenses

(54,882)

(25,682)

(3,518)

(139,385)

(107,857)

(14,776)

Research and
    development
    expenses

(12,399)

(9,256)

(1,268)

(57,167)

(37,947)

(5,199)

Total cost and
    operating expenses

(916,420)

(986,681)

(135,174)

(3,469,199)

(3,539,682)

(484,935)

Operating loss

(48,642)

(3,045)

(416)

(167,781)

(66,543)

(9,117)

Other expenses:

Interest income

2,705

1,027

141

5,398

6,037

827

Interest expense

(575)

(222)

(30)

(1,446)

(838)

(115)

Foreign exchange
    gains/(losses)

2,719

(5,257)

(720)

(2,546)

(2,810)

(385)

Government grants

2,445

410

56

12,371

887

122

Changes in fair value of
    warrant

12,136

(1,734)

(238)

1,702

2,634

361

Changes in fair value of
    amounts due to
    related party

(2,602)

(1,372)

(188)

(7,524)

(757)

(104)

Others, net

(126)

(323)

(44)

(127)

(137)

(19)

Loss before income
    tax

(31,940)

(10,516)

(1,439)

(159,953)

(61,527)

(8,430)

Income tax credit

(23)

101

14

363

291

40

Net loss

(31,963)

(10,415)

(1,425)

(159,590)

(61,236)

(8,390)

Accretions to preferred
    shares redemption
    value

–

–

–

(762,169)

–

–

Net loss attributable to
    the Cheche’s
    ordinary
    shareholders

(31,963)

(10,415)

(1,425)

(921,759)

(61,236)

(8,390)

Net loss

(31,963)

(10,415)

(1,425)

(159,590)

(61,236)

(8,390)

Other comprehensive
    (loss)/income:

Foreign currency
    translation
    adjustments, net of nil
    tax

(4,429)

8,132

1,114

1,621

4,739

649

Fair value changes of
    amounts due to
    related party due to
    own credit risk

(1)

(19)

(3)

(405)

197

27

Total other
    comprehensive
    (loss)/income

(4,430)

8,113

1,111

1,216

4,936

676

Total comprehensive
    loss

(36,393)

(2,302)

(314)

(158,374)

(56,300)

(7,714)

Net loss per ordinary
    shares outstanding

Basic

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Diluted

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Weighted average
    number of ordinary
    shares outstanding

Basic

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

Diluted

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

 

 

 

Reconciliation of GAAP Cost and Operating Expenses and Operating Loss/Income to Non-GAAP
Cost and Operating Expenses and Operating Loss/Income (Unaudited) 

(All amounts in thousands) 

For the Three Months Ended

For the Year Ended

December
31,

December
31,

December
31,

December
31,

December
31,

December
31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Cost of revenues

(824,432)

(932,013)

(127,685)

(3,161,193)

(3,314,377)

(454,068)

Add: Share-based compensation
    expenses

3

3

–

191

12

2

Amortization of intangible assets
    related to acquisition

525

525

72

2,100

2,100

288

Adjusted Cost of revenues

(823,904)

(931,485)

(127,613)

(3,158,902)

(3,312,265)

(453,778)

Selling and marketing expenses

(24,707)

(19,730)

(2,703)

(111,454)

(79,501)

(10,892)

Add: Share-based compensation
    expenses

635

1,340

184

30,688

5,690

780

Adjusted Selling and marketing
    expenses

(24,072)

(18,390)

(2,519)

(80,766)

(73,811)

(10,112)

General and administrative expenses

(54,882)

(25,682)

(3,518)

(139,385)

(107,857)

(14,776)

Add: Share-based compensation
    expenses

41,830

2,228

305

67,519

26,272

3,599

Listing related professional expenses

(6,479)

–

–

8,493

–

–

Dispute resolution expenses

–

–

–

–

2,355

323

Adjusted General and administrative
    expenses

(19,531)

(23,454)

(3,213)

(63,373)

(79,230)

(10,854)

Research and development expenses

(12,399)

(9,256)

(1,268)

(57,167)

(37,947)

(5,199)

Add: Share-based compensation
    expenses

122

228

31

11,585

1,895

260

Adjusted Research and development
    expenses

(12,277)

(9,028)

(1,237)

(45,582)

(36,052)

(4,939)

Total cost and operating expenses

(916,420)

(986,681)

(135,174)

(3,469,199)

(3,539,682)

(484,935)

Adjusted total cost and operating
    expenses

(879,784)

(982,357)

(134,582)

(3,348,623)

(3,501,358)

(479,683)

Operating loss

(48,642)

(3,045)

(416)

(167,781)

(66,543)

(9,117)

Add: Share-based compensation
    expenses

42,590

3,799

520

109,983

33,869

4,641

Amortization of intangible assets
    related to acquisition

525

525

72

2,100

2,100

288

Listing related professional expenses

(6,479)

–

–

8,493

–

–

Dispute resolution expenses

–

–

–

–

2,355

323

Adjusted operating (loss)/income

(12,006)

1,279

176

(47,205)

(28,219)

(3,865)

 

 

 

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

(All amounts in thousands, except for share data and per share data) 

For the Three Months Ended

For the Year Ended

December
31,

December
31,

December
31,

December
31,

December
31,

December
31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net loss

(31,963)

(10,415)

(1,425)

(159,590)

(61,236)

(8,390)

Add: Share-based compensation
    expenses

42,590

3,799

520

109,983

33,869

4,641

Amortization of intangible assets related
    to acquisition

525

525

72

2,100

2,100

288

Listing related professional expenses

(6,479)

–

–

8,493

–

–

Change in fair value of warrant

(12,136)

1,734

238

(1,702)

(2,634)

(361)

Changes in fair value of amounts due to
    related party

2,602

1,372

188

7,524

757

104

Dispute resolution expenses

–

–

–

–

2,355

323

Adjusted net loss

(4,861)

(2,985)

(407)

(33,192)

(24,789)

(3,395)

Accretions to preferred shares
    redemption value

–

–

–

(762,169)

–

–

Adjusted net loss attributable to
    Cheche’s ordinary shareholders

(4,861)

(2,985)

(407)

(795,361)

(24,789)

(3,395)

Weighted average number of ordinary
    shares used in computing non-
    GAAP adjusted net loss per
    ordinary share

Basic

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

Diluted

75,439,487

80,184,139

80,184,139

45,415,205

78,043,661

78,043,661

Net loss per ordinary share

Basic                                                   

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Diluted

(0.42)

(0.13)

(0.02)

(20.30)

(0.78)

(0.11)

Non-GAAP adjustments to net loss per
    ordinary share

Basic

0.36

0.09

0.01

2.79

0.46

0.07

Diluted

0.36

0.09

0.01

2.79

0.46

0.07

Adjusted net loss per ordinary share

Basic

(0.06)

(0.04)

(0.01)

(17.51)

(0.32)

(0.04)

Diluted

(0.06)

(0.04)

(0.01)

(17.51)

(0.32)

(0.04)

 

 

LONGi and Raystech Presented at the 2025 Solar & Storage Live Exhibition

By
Advertorial Desk
-

BRISBANE, Australia, March 28, 2025 /PRNewswire/ — LONGi has partnered with Raystech to make a significant appearance at the Solar & Storage Live exhibition, held on March 26-27, 2025, following the announcement of Raystech as the exclusive distributor for LONGi’s distributed products in Australia.

LONGi and Raystech Presented at the 2025 Solar & Storage Live Exhibition
LONGi and Raystech Presented at the 2025 Solar & Storage Live Exhibition

LONGi Hi-MO X6 Max solar module stood out at the exhibition with its performance and aesthetic design. With HPBC and TaiRay Inside cell technology, this module enables more efficient power conversion, helping users to reduce the cost of electricity significantly. This not only meets the increasing power demands in the southeastern coastal regions of Australia but also provides a viable solution to the economic pressures brought on by rising electricity costs.

In addition to the Hi-MO X6 Max, a new and exciting product was showcased at the exhibition. With the promise of exceptional performance, reliability, customer benefit, and design, this new module is set to become a highlight in the Australian photovoltaic market, which is promised to arrive in Australia in mid-April, with much anticipation.

Looking forward, LONGi and Raystech are set to collaborate closely, bringing more efficient and valuable solar modules to the Australian solar market, thereby contributing significantly to the country’s green energy initiative.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

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