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Abbott receives regulatory approval for the first denosumab biosimilar in Thailand, expanding access to bone disease treatment

  • Abbott’s denosumab biosimilar is the first approved in Thailand, making advanced therapy for osteoporosis and cancer-related bone loss more affordable for millions of Thais
  • This approval builds on Abbott’s biosimilar portfolio in Asia Pacific, following recent launches in Malaysia and India

BANGKOK, Aug. 26, 2025 /PRNewswire/ — Abbott (NYSE: ABT), the global healthcare leader, has received regulatory approval for the first denosumab biosimilar in Thailand, expanding access to advanced therapies for osteoporosis and cancer-related bone loss. With the introduction of Abbott’s denosumab biosimilar in Thailand, this advanced biologic treatment will be more affordable and accessible for the estimated 3 million people suffering from osteoporosis and bone-disease related illness in the country.1,2,3 

“For people living with osteoporosis or cancer-related bone disease, access to a denosumab biologic can be truly life-changing,” said Karim Elmashad, divisional vice president of Abbott’s medicines business in Asia Pacific. “With this approval, people in Thailand affected by these conditions now have greater access to this transformative therapy.”

Addressing a growing health challenge
Osteoporosis, a chronic and age-related disease, is a serious public health concern.4,5 The condition has a significant and often debilitating impact, including fractures that lead to loss of independence and reduced quality of life.6 In Thailand, 1 in 5 women and 1 in 10 men have osteoporosis, with prevalence increasing significantly with age.7 As the country’s population ages — projected to reach 25% aged 60 or older within the next decade — the burden of osteoporosis-related fractures, disability, and healthcare costs is expected to rise sharply.7,8 

Fractures caused by osteoporosis can lead to loss of independence, and reduced quality of life. Yet fewer than 40% of hip fracture patients in Thailand begin anti-osteoporosis therapy, often due to barriers such as cost, awareness, and treatment availability.7,9,10

Abbott will provide denosumab as part of its broader strategy to expand access to high-quality medicines across key therapeutic areas including oncology, immunology and women’s health through strategic partnerships with biotechnology companies.

With a 135-year history of delivering life-changing healthcare solutions, Abbott remains committed to helping people live their best at every stage of their lives. Building on its well-established biosimilars portfolio in Latin America and India, and following a recent biosimilar launch in Malaysia, Abbott is accelerating its expansion in the Asia-Pacific region. The introduction of denosumab in Thailand marks a significant step in addressing the region’s growing burden of chronic diseases, while expanding access to a high-quality treatment at a more accessible price.

For more info on Abbott biosimilars, please visit www.medicines.abbott

About Abbott:
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritional and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.

Connect with us at Abbott and on LinkedInFacebookInstagramX and YouTube.

References

  1. Vázquez-Sánchez R, Navarro-Dávila M, Herráiz ER, et al. Biosimilars and access to biologic therapy in immune-mediated diseases. Expert Opin Biol Ther. 2024;24(7):647-653. doi:10.1080/14712598.2024.2350440
  2. Morin S, Segafredo G, Piccolis M, et al. Expanding access to biotherapeutics in low-income and middle-income countries through public health non-exclusive voluntary intellectual property licensing: considerations, requirements, and opportunities. Lancet Glob Health. 2023;11(1):e145-e154. doi:10.1016/S2214-109X(22)00460-0
  3. Chen HH, Yemeke T, Ozawa S. Reduction of biologic pricing following biosimilar introduction: Analysis across 57 countries and regions, 2012-19. PLoS One. 2024;19(6):e0304851. doi:10.1371/journal.pone.0304851
  4. Phanphaisarn A, Patumanond J, Settakorn J, Chaiyawat P, Klangjorhor J, Pruksakorn D. Prevalence and Survival Patterns of Patients with Bone Metastasis from Common Cancers in Thailand. Asian Pac J Cancer Prev. 2016;17(9):4335-4340.
  5. Asavamongkolkul A, Adulkasem N, Chotiyarnwong P, et al. Prevalence of osteoporosis, sarcopenia, and high falls risk in healthy community-dwelling Thai older adults: a nationwide cross-sectional study [published correction appears in JBMR Plus. 2024 Mar 22;8(4):ziae040. doi: 10.1093/jbmrpl/ziae040.]. JBMR Plus. 2024;8(2):ziad020. doi:10.1093/jbmrpl/ziad020
  6. LeBoff MS, Greenspan SL, Insogna KL, et al. The clinician’s guide to prevention and treatment of osteoporosis [published correction appears in Osteoporos Int. 2022 Oct;33(10):2243. doi: 10.1007/s00198-022-06479-8.]. Osteoporos Int. 2022;33(10):2049-2102. doi:10.1007/s00198-021-05900-y
  7. Charoenngam N, Pongchaiyakul C. Current issues in evaluation and management of osteoporosis in Thailand. Osteoporos Sarcopenia. 2023;9(2):53-59. doi:10.1016/j.afos.2023.05.002
  8. Statista. Share of total population older than 60 years old in Thailand between 2022 and 2023, with a forecast to 2040. https://www.statista.com/statistics/713667/thailand-forecast-aging-population/ Accessed July 3, 2025.
  9. Mahaisavariya C, Vanitcharoenkul E, Kitcharanant N, Chotiyarnwong P, Unnanuntana A. Exploring the osteoporosis treatment gap after fragility hip fracture at a Tertiary University Medical Center in Thailand. BMC Geriatr. 2023;23(1):70. doi:10.1186/s12877-023-03778-5
  10. Chanidkul P, Sribenjalak D, Charoenngam N, Pongchaiyakul C. The proportion of Thai postmenopausal women who would be eligible for anti-osteoporosis therapy. PLoS One. 2023;18(2):e0279829. doi:10.1371/journal.pone.0279829

 

Gaotu Techedu Announces Second Quarter 2025 Unaudited Financial Results

BEIJING, Aug. 26, 2025 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights[1]

  • Net revenues were RMB1,389.4 million, increased by 37.6% from RMB1,009.8 million in the same period of 2024.
  • Gross billings[2] were RMB2,252.4 million, increased by 36.2% from RMB1,653.7 million in the same period of 2024.
  • Loss from operations was RMB241.9 million, compared with loss from operations of RMB464.8 million in the same period of 2024.
  • Net loss was RMB216.0 million, compared with net loss of RMB429.6 million in the same period of 2024.
  • Non-GAAP net loss was RMB206.8 million, compared with non-GAAP net loss of RMB418.0 million in the same period of 2024.
  • Net operating cash inflow was RMB588.8 million, increased by 52.5% from RMB386.2 million in the same period of 2024.

Second Quarter 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)

For the three months ended June 30,

2024

2025

Pct. Change

Net revenues

1,009,797

1,389,388

37.6 %

Gross billings

1,653,692

2,252,387

36.2 %

Loss from operations

(464,750)

(241,865)

(48.0) %

Net loss

(429,550)

(215,994)

(49.7) %

Non-GAAP net loss

(418,040)

(206,849)

(50.5) %

Net operating cash inflow

386,184

588,797

52.5 %

 

[1] For a reconciliation of non-GAAP numbers, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See “About Non-GAAP Financial Measures” and “Reconciliations of non-GAAP measures to the most comparable GAAP measures” elsewhere in this press release.

Six Months Ended June 30, 2025 Highlights

  • Net revenues were RMB2,882.4 million, increased by 47.3% from RMB1,956.7 million in the same period of 2024.
  • Gross billings were RMB3,141.1 million, increased by 31.8% from RMB2,383.1 million in the same period of 2024.
  • Loss from operations was RMB207.1 million, compared with loss from operations of RMB542.5 million in the same period of 2024.
  • Net loss was RMB92.0 million, compared with net loss of RMB441.8 million in the same period of 2024.
  • Non-GAAP net loss was RMB69.5 million, compared with non-GAAP net loss of RMB415.0 million in the same period of 2024.
  • Net operating cash inflow was RMB111.6 million, decreased by 40.9% from RMB188.7 million in the same period of 2024.

First Six Months 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)

For the six months ended June 30,

2024

2025

Pct. Change

Net revenues

1,956,682

2,882,431

47.3 %

Gross billings

2,383,052

3,141,112

31.8 %

Loss from operations

(542,452)

(207,092)

(61.8) %

Net loss

(441,847)

(92,003)

(79.2) %

Non-GAAP net loss

(415,001)

(69,510)

(83.3) %

Net operating cash inflow

188,748

111,560

(40.9) %

Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, “We maintained solid growth momentum in our core business and harnessed the power of AI to enhance our service models, foster product innovation and strengthen our organizational capabilities. Our revenue increased by 37.6% year-over-year to nearly RMB1.4 billion, with gross billings up by 36.2% to approximately RMB2.3 billion. Thanks to our refined operational execution and improved organizational efficiency, we narrowed our non-GAAP net loss by 50.5% year-over-year. We also achieved a net operating cash inflow of RMB588.8 million this quarter, an increase of RMB202.6 million from the same period of last year. These results demonstrate our ability to sustain solid growth momentum while enhancing operational quality and sharpening our competitive edge.

Gaotu remains dedicated to advancing educational innovation, with the goal of delivering best-in-class learning experiences, creating long-term shareholder value, and advancing both our social impact and commercial success.”

Shannon Shen, CFO of the Company, added, “This quarter, we remained focused on advancing our ‘healthy growth’ strategy, with net revenues exceeding the upper end of our guidance by 5.4%, and the year-over-year growth rate of gross billings outpacing that of last quarter by 14.4 percentage points. Driven by continued gains in operational efficiency and outstanding resource allocation, both loss from operations and net loss narrowed significantly, while customer acquisition efficiency reached its best level in the past four years. G&A and R&D expenses decreased year-over-year for the second consecutive quarter as a percentage of net revenues, reflecting growing operating leverage. We maintained our ample cash position, with cash, cash equivalents, restricted cash and short-term and long-term investments totaling RMB3.8 billion as of June 30, 2025. Excluding the impact of share buybacks, our cash position increased by RMB135.6 million compared to one year ago. Supported by consistent investments in enhancing user experience, course and service quality, and organizational capabilities, our core established business continued to improve in profitability and operational quality.”

Financial Results for the Second Quarter of 2025

Net Revenues

Net revenues increased by 37.6% to RMB1,389.4 million from RMB1,009.8 million in the second quarter of 2024, which was mainly due to the continued year-over-year growth in gross billings as a result of our sufficient and effective response to strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

Cost of Revenues

Cost of revenues increased by 50.9% to RMB472.8 million from RMB313.4 million in the second quarter of 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, as well as increased depreciation and amortization cost.

Gross Profit and Gross Margin

Gross profit increased by 31.6% to RMB916.5 million from RMB696.4 million in the second quarter of 2024. Gross profit margin decreased to 66.0% from 69.0% in the same period of 2024.

Non-GAAP gross profit increased by 31.8% to RMB917.9 million from RMB696.3 million in the second quarter of 2024. Non-GAAP gross profit margin decreased to 66.1% from 69.0% in the same period of 2024.

Operating Expenses

Operating expenses decreased by 0.2% to RMB1,158.4 million from RMB1,161.1 million in the second quarter of 2024. The decline was primarily due to our precise efficiency management, which resulted in year-over-year decreases in expenditures for branding and marketing activities. On the other hand, the expansion of selling and general and administrative workforce partially offset the decline of marketing expenditures.

  • Selling expenses decreased to RMB820.9 million from RMB835.4 million in the second quarter of 2024.
  • Research and development expenses decreased to RMB148.2 million from RMB162.1 million in the second quarter of 2024.
  • General and administrative expenses increased to RMB189.3 million from RMB163.6 million in the second quarter of 2024.

Loss from Operations

Loss from operations was RMB241.9 million, compared with loss from operations of RMB464.8 million in the second quarter of 2024.

Non-GAAP loss from operations was RMB232.7 million, compared with non-GAAP loss from operations of RMB453.2 million in the second quarter of 2024.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB19.1 million, compared with a total of RMB29.0 million in the second quarter of 2024.

Other Income, net

Other income, net was RMB5.6 million, compared with other income, net of RMB4.6 million in the second quarter of 2024.

Net Loss

Net loss was RMB216.0 million, compared with net loss of RMB429.6 million in the second quarter of 2024.

Non-GAAP net loss was RMB206.8 million, compared with non-GAAP net loss of RMB418.0 million in the second quarter of 2024.

Cash Flow

Net operating cash inflow in the second quarter of 2025 was RMB588.8 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB0.88 in the second quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB0.84 in the second quarter of 2025.

Share Outstanding

As of June 30, 2025, the Company had 162,382,842 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,824.1 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.

Share Repurchase

In November 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company’s board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of August 25, 2025, the Company had cumulatively repurchased approximately 24.8 million ADSs for approximately US$76.9 million under the existing share repurchase program.

In May 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to an aggregate value of US$100 million of its shares during the three-year period beginning upon the completion of the Company’s existing share repurchase program.

Business Outlook

Based on the Company’s current estimates, total net revenues for the third quarter of 2025 are expected to be between RMB1,558 million and RMB1,578 million, representing an increase of 28.9% to 30.6% on a year-over-year basis. These estimates reflect the Company’s current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 26, 2025 (8:00 PM Beijing/Hong Kong Time on Tuesday, August 26, 2025). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 4836755

A telephone replay will be available two hours after the conclusion of the conference call through September 2, 2025. The dial-in details are:

International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 3429136

Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home.

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” and similar statements. Among other things, the business outlook, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’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: the Company’s ability to continue to attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions that cultivate interest and drive continuous growth. The Company provides AI-powered, product-led learning solutions for learners from pre-school to adulthood. By combining rare, high-caliber teaching resources with AI-enhanced tools and content, Gaotu creates engaging and effective learning experiences delivered through both online and offline channels. AI and data analytics permeate throughout the Company’s operations to adapt content and teaching methods to individual learner needs, enhance efficiency and drive sustained learning progress.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company’s management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company’s business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“USD”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.1636 to USD1.0000, the effective noon buying rate for June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on June 30, 2025, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn 

Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
E-mail: Gaotu@tpg-ir.com 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of June 30,

2024

2025

2025

RMB

RMB

USD

ASSETS

Current assets

    Cash and cash equivalents

1,321,118

814,356

113,680

    Restricted cash

5,222

27,074

3,779

    Short-term investments

1,845,242

2,595,146

362,268

    Inventory, net

36,401

53,266

7,436

    Prepaid expenses and other current assets, net

431,829

527,953

73,699

Total current assets

3,639,812

4,017,795

560,862

Non-current assets

    Operating lease right-of-use assets

503,601

518,677

72,405

    Property, equipment and software, net

670,237

831,889

116,127

    Land use rights, net

25,762

46,267

6,459

    Long-term investments

922,740

387,537

54,098

    Rental deposit

45,834

48,739

6,804

    Other non-current assets

20,091

17,595

2,456

TOTAL ASSETS

5,828,077

5,868,499

819,211

LIABILITIES

Current liabilities

    Accrued expenses and other current liabilities
      (including accrued expenses and other current
      liabilities of the consolidated VIE without
      recourse to the Group of RMB811,879
      and RMB1,030,478 as of December 31, 2024
      and June 30, 2025, respectively)

1,245,207

1,496,834

208,949

    Deferred revenue, current portion of the
      consolidated VIE without recourse to the Group

1,867,096

1,981,680

276,631

   Operating lease liabilities, current portion
      (including current portion of operating lease
      liabilities of the consolidated VIE without
      recourse to the Group of RMB114,471 and
      RMB122,148 as of December 31, 2024 and
      June 30, 2025, respectively)

147,635

137,426

19,184

  Income tax payable (including income tax
     payable of the consolidated VIE without
     recourse to the Group of RMB606 and
     nil as of December 31, 2024 and
     June 30, 2025, respectively)

665

49

7

Total current liabilities

3,260,603

3,615,989

504,771

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of June 30,

2024

2025

2025

RMB

RMB

USD

Non-current liabilities

    Deferred revenue, non-current portion of
      the consolidated VIE without recourse
      to the Group

218,797

215,313

30,057

    Operating lease liabilities, non-current
      portion (including non-current portion
      of operating lease liabilities of the
      consolidated VIE without recourse
      to the Group of RMB337,258 and
      RMB351,405 as of December 31, 2024
      and June 30, 2025, respectively)

344,609

363,007

50,674

   Deferred tax liabilities (including deferred
     tax liabilities of the consolidated VIE
     without recourse to the Group of
     RMB70,316 and RMB70,155 as of
     December 31, 2024 and June 30,
     2025, respectively)

70,604

70,429

9,832

TOTAL LIABILITIES

3,894,613

4,264,738

595,334

SHAREHOLDERS’ EQUITY

    Ordinary shares

116

116

16

    Treasury stock, at cost

(242,866)

(420,144)

(58,650)

    Additional paid-in capital

7,991,421

7,950,764

1,109,884

    Accumulated other comprehensive loss

(2,832)

(22,597)

(3,154)

    Statutory reserve

66,042

66,042

9,219

    Accumulated deficit

(5,878,417)

(5,970,420)

(833,438)

TOTAL SHAREHOLDERS’ EQUITY

1,933,464

1,603,761

223,877

TOTAL LIABILITIES AND TOTAL
  SHAREHOLDERS’ EQUITY

5,828,077

5,868,499

819,211

 

Gaotu Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended June 30,

For the six months ended June 30,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Net revenues

1,009,797

1,389,388

193,951

1,956,682

2,882,431

402,372

Cost of revenues

(313,433)

(472,840)

(66,006)

(584,847)

(925,301)

(129,167)

Gross profit

696,364

916,548

127,945

1,371,835

1,957,130

273,205

Operating expenses:

Selling expenses

(835,397)

(820,946)

(114,600)

(1,341,778)

(1,530,367)

(213,631)

Research and development expenses

(162,101)

(148,195)

(20,687)

(313,708)

(298,650)

(41,690)

General and administrative expenses

(163,616)

(189,272)

(26,421)

(258,801)

(335,205)

(46,793)

Total operating expenses

(1,161,114)

(1,158,413)

(161,708)

(1,914,287)

(2,164,222)

(302,114)

Loss from operations

(464,750)

(241,865)

(33,763)

(542,452)

(207,092)

(28,909)

Interest income

21,274

9,935

1,387

39,947

22,976

3,207

Realized gains from investments

7,732

9,182

1,282

14,284

13,220

1,845

Other income, net

4,559

5,621

785

48,256

77,201

10,777

Loss before provision for income

tax and share of results of equity 

investees

(431,185)

(217,127)

(30,309)

(439,965)

(93,695)

(13,080)

Income tax benefits/(expenses)

1,635

1,133

158

(1,882)

1,692

236

Net loss

(429,550)

(215,994)

(30,151)

(441,847)

(92,003)

(12,844)

Net loss attributable to Gaotu

Techedu Inc.’s ordinary

shareholders

(429,550)

(215,994)

(30,151)

(441,847)

(92,003)

(12,844)

Net loss per ordinary share

Basic

(2.48)

(1.32)

(0.18)

(2.56)

(0.56)

(0.08)

Diluted

(2.48)

(1.32)

(0.18)

(2.56)

(0.56)

(0.08)

Net loss per ADS

Basic

(1.65)

(0.88)

(0.12)

(1.71)

(0.37)

(0.05)

Diluted

(1.65)

(0.88)

(0.12)

(1.71)

(0.37)

(0.05)

Weighted average shares used in

net loss per share

Basic

173,044,221

163,339,258

163,339,258

172,686,709

165,033,053

165,033,053

Diluted

173,044,221

163,339,258

163,339,258

172,686,709

165,033,053

165,033,053

Note: Three ADSs represent two ordinary shares.

 

Gaotu Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended June 30,

For the six months ended June 30,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Net revenues

1,009,797

1,389,388

193,951

1,956,682

2,882,431

402,372

Less: other revenues(1)

29,233

22,092

3,084

56,500

36,916

5,153

Add: VAT and surcharges

62,586

85,782

11,975

119,993

179,158

25,009

Add: ending deferred revenue

1,582,135

2,196,993

306,688

1,582,135

2,196,993

306,688

Add: ending refund liability

85,520

133,308

18,609

85,520

133,308

18,609

Less: beginning deferred revenue

1,003,314

1,444,967

201,710

1,237,621

2,085,893

291,179

Less: beginning refund liability

53,799

86,025

12,009

67,157

127,969

17,864

Gross billings

1,653,692

2,252,387

314,420

2,383,052

3,141,112

438,482

Note (1): Include miscellaneous revenues generated from services other than courses.

For the three months ended June 30,

For the six months ended June 30,

2024

2025

2025

2024

2025

2025

RMB

RMB

USD

RMB

RMB

USD

Gross profit

696,364

916,548

127,945

1,371,835

1,957,130

273,205

Share-based compensation expenses(1) in

cost of revenues

(43)

1,353

189

2,278

3,463

483

Non-GAAP gross profit

696,321

917,901

128,134

1,374,113

1,960,593

273,688

Loss from operations

(464,750)

(241,865)

(33,763)

(542,452)

(207,092)

(28,909)

Share-based compensation expenses(1)

11,510

9,145

1,277

26,846

22,493

3,140

Non-GAAP loss from operations

(453,240)

(232,720)

(32,486)

(515,606)

(184,599)

(25,769)

Net loss

(429,550)

(215,994)

(30,151)

(441,847)

(92,003)

(12,844)

Share-based compensation expenses(1)

11,510

9,145

1,277

26,846

22,493

3,140

Non-GAAP net loss

(418,040)

(206,849)

(28,874)

(415,001)

(69,510)

(9,704)

Note (1): The tax effects of share-based compensation expenses adjustments were nil.

 

Citi Wealth Summer Interns Explore the GBA’s Thriving Fintech Development on a Field Trip to Shenzhen

Gaining Unparalleled Industry Insights to Shape the Future of Wealth Management


HONG KONG SAR – Media OutReach Newswire – 26 August 2025 – Citi Hong Kong recently partnered with the FinTech Association of Hong Kong (FTAHK) and Shenzhen FinTech Association (SZFTA) to organize a specialized field trip to Shenzhen for its talented Wealth Summer Interns, providing participants with exposure to the dynamic and rapidly evolving fintech landscape in the Greater Bay Area (GBA). This initiative specifically aims to equip the future changemakers in wealth with critical insights into technological advancements shaping the industry.

During the trip, the Wealth Summer Interns visited leading technology and professional services companies, including Tencent Cloud, Archforce Technology and Accenture Shenzhen Innovation Hub. These visits offered unparalleled cross-cultural exposure to industry leaders and fostered a broader understanding of emerging trends within the GBA. The Summer Interns gained firsthand insights into cutting-edge technologies and the companies’ business models and operations, deepening their understanding of Shenzhen’s fintech ecosystem. The trip also provided invaluable opportunities for networking through direct interaction with industry leaders, offering new perspectives and possibilities for future development.

Vicky Kong, Head of Wealth, Asia North and Australia, Citi, said, “At Citi Wealth, we believe that investing in talent and cultivating tomorrow’s leaders is paramount to our success and long-term vision. We are glad to partner with the FinTech Association of Hong Kong and Shenzhen FinTech Association to offer such a meaningful field trip to our Wealth Summer Interns. We are shaping the future of wealth management by identifying and nurturing changemakers who are uniquely prepared to drive innovation and deliver unparalleled value to our clients. This ensures that Citi remains at the forefront of wealth management across Asia and beyond.”

Lareina Wang, Chair, FinTech Association of Hong Kong, said, “FTAHK, as HK-GBA’s super-connector, is proud to link Citi to the region’s FinTech future via immersive experiences.”

This year, Citi Hong Kong welcomed 76 Summer Interns, drawing top talent from across the region, including Hong Kong, Mainland China, South Korea and Singapore. The 10-week program provides the Summer Interns with an in-depth understanding of Citi’s business operations and strategy, while also broadening their global perspectives.

The Summer Intern program is designed to cultivate future leaders in the banking industry through a holistic and engaging curriculum. Alongside their practical work in one of Citi’s key businesses or functions, the program offers our Wealth Summer Interns one-on-one mentorship and intensive training sessions, covering the latest wealth management trends, Citi’s comprehensive suite of services and solutions, as well as portfolio management knowledge and simulation. This immersive program ensures our interns are not just learning theory but actively engaging with the forces that will define the future of wealth management – from digital transformation to AI-driven insights.

Click HERE to download the photos

Photo 1 : Citi senior management and staff led a field trip to Shenzhen for Citi’s Wealth Summer Interns.

Photo 2 : Citi’s Head of Wealth, Asia North and Australia, Vicky Kong supported the Shenzhen field trip for Citi’s Wealth Summer Interns.

Photo 3 : Citi’s Wealth Summer Interns gained firsthand insights into the cutting-edge technologies and the region’s dynamic fintech ecosystem.
Hashtag: #Citibank

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

The 2025 Vancouver International Financial Summit (VIFS) and the 5th Fudan Forum Successfully Concluded

VANCOUVER, BC, Aug. 26, 2025 /PRNewswire/ — On Saturday, August 16, 2025, the 2025 Vancouver International Financial Summit (VIFS) and the 5th Fudan Forum were successfully held at the Westin Wall Centre. As a premier annual financial event, the summit was co-hosted by FX168 Finance Group, the Fudan University Alumni Association of Vancouver, the Vancouver Liaison Office of the School of Economics, Fudan University, the Canadian Community Service Association (CCSA), the Tongji University Alumni Association of Vancouver, and the Fudan Development Institute. The event brought together distinguished scholars, financial leaders, policymakers, and investors from both China and Canada, filling the venue to capacity.


A High-Level Gathering with a Global Vision

The conference focused on three central themes: global macroeconomic trends, stablecoins and emerging financial innovations, and new directions in global asset allocation. More than just a platform for sharing financial insights, the summit also underscored the deepening integration of Chinese and Canadian financial and cultural exchange.

The summit was co-hosted by Grace from FX168 Finance Group and Kitty from the Canadian Community Service Association, under the theme: “The Era of Financial Fission: Who Holds the Key to the Future?” Their guidance inspired thought-provoking dialogue, capital exchange, and forward-looking discussion.

In his welcome remarks, Mr. Tai Jiang, Chairman & CEO of FX168 Finance Group and CEO of EcoChain Financial Asset Management Group, emphasized that the true essence of finance lies in “connecting to the future.” He noted that this summit transcended East-West boundaries and would provide investors with both deep insights and practical strategies.

Delivering the opening remarks, Mr. Zhi Zeng, Acting Consul General of the Consulate-General of the People’s Republic of China in Vancouver, warmly congratulated the successful convening of the forum. He highlighted that this year marks both the 55th anniversary of diplomatic relations between China and Canada and the 20th anniversary of their strategic partnership. Despite the rise of unilateralism and protectionism, and a challenging global economic environment, bilateral trade remained resilient, reaching CAD 50.73 billion in the first half of 2025, with CAD 11.546 billion contributed by British Columbia, a 9.7% year-on-year increase. He underscored the irreversible long-term positive trajectory of China’s economy, pointing to the rise of new productive forces, AI, and high-tech industries as key drivers of global growth.

Additional congratulatory speeches were delivered by Ms. Shaojun Liang, President of the Tongji University Alumni Association of Vancouver, and Mr. Binqing Fu, CEO of PT. FUYU Aquatic International, a Platinum Sponsor of the summit. Ms. Liang also fondly recalled her student days with Professor Sun, bringing a warm and personal touch to the academic atmosphere.

In his opening acknowledgment speech, Mr. Yongping Yuan, President of the Fudan University Alumni Association of Vancouver, noted that the summit carried special significance, coinciding with the 120th anniversary of Fudan University and the 40th anniversary of the restoration of its School of Economics.

Academic Highlights: Launch of the Fudan-ZEW Economic Sentiment Index Overseas

A major highlight of the summit was the first-ever overseas release of the “Fudan-ZEW Economic Sentiment Index”, presented by Professor Lijian Sun, a renowned Chinese economist, Director of the Fudan Financial Research Center, Distinguished Professor at Fudan University, and PhD advisor, who led a team of experts from Shanghai.

In his keynote speech, China’s Economy in a Global Perspective and the Release of the 143rd Fudan-ZEW Index,” Professor Sun presented the core theme of “finding certainty amid uncertainty.” Drawing on economic data from China, the U.S., and Europe, he highlighted three key insights:

  • Value-Chain Finance to Stimulate Demand: advancing innovation through financial sub-sectors such as technology, green finance, pension finance, inclusive finance, and digital finance;
  • New Regional and Supply Chain Dynamics: Chinese enterprises’ international expansion forming a virtuous cycle of overseas production and domestic consumption;
  • A New Ecosystem of Openness and Governance: maintaining currency stability, risk prevention, and market vitality to foster global co-responsibility.

He stressed emphatically: “Risk, Risk, Risk—risk prevention is paramount.”

Stablecoins and Bitcoin: Redefining the Financial Landscape

In his subsequent keynote, Mr. Tai Jiang highlighted how the rise of stablecoins is reshaping the global financial order. He noted that the U.S. “GENIUS Act” has, for the first time, provided a legal definition of stablecoins, a move that could profoundly impact the U.S. financial system and pave the way for a blockchain-based global fast payment network, comparable to a “U.S. version of Alipay.” He predicted that stablecoin transactions could even surpass the combined volume of Visa and Mastercard.

He further underscored the evolving role of Bitcoin, which is transitioning from a risk asset to an investment asset, and now to a reserve asset. As “digital gold,” Bitcoin has been recognized in the U.S. as a strategic reserve asset. Major economies, including both China and the United States, have begun to acknowledge its significance and take steps to incorporate it into reserves. Mr. Tai concluded that both stablecoins and Bitcoin will emerge as the most strategically significant financial assets of the future.

Insights on National Development Dynamics

Dr. Qiuyi Yang, Assistant to the Director of Fudan Financial Research Center; Assistant Research Fellow at the Fudan Development Institute, presented a special report titled “Efficiency Analysis of State Development Drivers.” She argued that a nation’s competitiveness hinges on the balanced development of sustainability, dynamism, productivity, growth capacity, and innovation. She emphasized that China is transitioning from a “development-driven” stage toward an “innovation-driven” model, and that special attention must be given to risk-sharing mechanisms and balanced growth dynamics.

Roundtable Discussions: Strategies for an Uncertain Future

The roundtable session sparked dynamic debate among heavyweight guests:

  • Professor Lijian Sun analyzed the policy and capital flow implications for major economies;
  • Mr. Binqing Fu stressed that “stability is more important than cost”;
  • Ms. Christian Xu, Founder and President of Ready Capital Mortgage Investment Trust, explained how funds can maintain resilience amid macro volatility;
  • Dr. Qiuyi Yang reiterated the importance of sustainability as a key driver of future economic momentum;
  • Mr. Tai Jiang reminded investors to keep learning frontier knowledge and avoid being confined to singular theories or asset classes.

Mr. Zhi Wang, President of Nature’s Financial Group and MDRT Life Member, shared vivid case studies demonstrating how investors can achieve stable returns even in volatile interest rate environments.

Ms. Christian Xu further presented detailed data illustrating how alternative investments provide both resilience and long-term potential in uncertain times. She emphasized that real estate is not solely the game of large capital, but can also offer reliable income paths for individual investors.

Gratitude and Outlook

The summit extended special thanks to its Platinum Sponsors — PT. FUYU Aquatic International, Nature’s Financial Group, and Ready Capital Mortgage Investment Trust — for their long-standing contributions to the Canadian market and dedication to advancing ChinaCanada economic exchange and integration.

The organizers also expressed heartfelt appreciation to leaders from alumni associations of Peking University ‘s Guanghua School of Management, Renmin University of China, Shanghai Jiao Tong University, Beijing Normal University, Xidian University, Huazhong University of Science and Technology, Jinan University, Central South University, Zhejiang University, East China Normal University, Communication University of China, South China University of Technology, Henan Normal University, as well as Mr. Jianping Cao, President of the Canada Shanghai Business Association, for their support and participation.

With the summit drawing to a successful close, organizers look forward with anticipation to reconvening in 2026, continuing to foster dialogue, cooperation, and shared prosperity.

Xtend Unveils Marketplace-First Ecommerce Solution to Boost Brand Visibility and Conversions in Southeast Asia

New platform empowers brands to reach shoppers directly within Shopee, Lazada ecosystems

SINGAPORE, Aug. 26, 2025 /PRNewswire/ — Xtend, a leading commerce media platform bridging brand discovery and measurable performance across Southeast Asia’s top marketplaces, today announced the launch of its new marketplace-first ecommerce solution. Designed for ecommerce platforms such as Shopee and Lazada and TikTok Shop, the solution enables brands to increase in-platform visibility, connect with high-intent shoppers, and achieve trackable sales growth, addressing key challenges in the region’s ecommerce and performance marketing landscape.

Xtend at Shopee Super Summit 2025
Xtend at Shopee Super Summit 2025

In Southeast Asia, a significant share of online shopping takes place inside marketplace ecosystems rather than on direct-to-consumer websites. According to Statista, the Southeast Asia Ecommerce market is projected to grow at a compound annual growth rate of 8.79% between 2025 and 2029, reaching an estimated market volume of USD 187.16 billion by 2029. While Meta and Google dominate digital ad budgets, rising costs and audience saturation are limiting returns. Many brands also struggle to gain mid-funnel visibility and track return on ad spend within these platforms. Xtend’s marketplace-first approach is built natively for this environment, aligning with category behavior, product SKUs, and user intent patterns unique to each platform.

The new solution combines multiple capabilities to meet these challenges. SHOPit Brand Discovery offers curated product catalogues that drive qualified traffic to brand pages in various e-commerce platforms, bridging the gap between awareness and conversion. Commerce-backed inventory integrates in-app dynamic listings, native placements, and brand showcases with programmatic audience extension, achieving both intent and scale. Marketplace measurement provides end-to-end attribution from impression to ROAS without requiring additional pixels or SDKs, operating fully within Shopee’s native capabilities. Actionable commerce signals leverage first-party data to reveal category intent, repeat purchase behavior, app usage patterns, and marketplace conversion trends. A performance-based model aligns pricing with results, offering a low-risk option for major campaigns such as 9.9 and 11.11. The plug-and-play onboarding process allows brands already selling on Shopee to activate campaigns quickly without creating landing pages or uploading catalogs. The solution’s effectiveness has already been demonstrated through a recent campaign with Unilever in Indonesia, which concluded with a positive Return on Ad Spend (ROAS).

By integrating brand storytelling with measurable bottom-funnel performance, the solution helps brands stand out earlier in the shopping journey and track sales to completion. This approach enables more efficient targeting of shoppers in an active purchase mindset, improving both conversion rates and long-term brand equity.

The new solution was showcased at the Shopee Super Summit in Indonesia this month, where Xtend participated as an exhibitor and Shopee’s preferred partner. The event, the largest annual gathering of sellers, creators, and partners in the Shopee ecosystem, highlighted innovations that help brands grow within and beyond marketplace advertising, and Xtend presented its marketplace-first solution to industry attendees.

“In Southeast Asia’s marketplace-first ecommerce environment, brands need solutions that operate natively where purchase decisions are made,” said Muralidharan, Chief Commercial Officer at Xtend. “By leveraging real shopping behavior data, we designed this solution to help brands build stronger influence within the platform ecosystem and translate it into sustainable business growth.”

About Xtend
Xtend is a leading digital marketing technology agency. The company offers custom-built AI-powered algorithms to enhance creative effectiveness, precision targeting, and user engagement. Its solutions empower e-commerce, fintech, and travel brands to optimize conversions across dynamic markets. With a global reach spanning 127 countries and a network of over 50 influential partners, Xtend’s solutions drive approximately 10 million purchases monthly. Its versatile capabilities support diverse objectives, including new customer acquisition, re-engagement of dormant users, and targeted upselling strategies.

Coway Unveils Landmark 20th Sustainability Report for FY2024

SEOUL, South Korea, Aug. 26, 2025 /PRNewswire/ — Coway Co., Ltd., the “Best Life Solution Company,” has released its latest sustainability report for FY2024, the 20th to date. The report provides a comprehensive overview of the company’s progress toward its Environmental, Social and Governance (ESG) goals, providing an in-depth look at how it fulfills its social responsibilities while enhancing long-term value for stakeholders.

“Coway has been expanding its R&D investments in order to develop innovative products and secure new technologies, resulting in record-high sales and ongoing growth,” said Coway’s CEO, Jangwon Seo. “We will continue to systematically manage our strategic ESG tasks and strengthen their execution, to deliver genuine environmental and social value.”

First published in 2006, the 2024 iteration of the Sustainability Report highlights Coway’s latest key achievements as guided by its vision of becoming a “Company Caring for Better Earth.”

On the Environmental front, Coway has made headway through the implementation of a closed-loop resource circulation system by applying recycled materials – made from plastic waste collected from returned products – to its mass-produced products. The company is also working to continuously reduce environmental impact in product design and packaging by simplifying its packaging and using eco-friendly materials.

With regards to its Social undertakings, Coway has continued its biodiversity conservation activities in collaboration with local communities, organizing campaigns such as creating classroom forests and collective river and marine ‘plogging’ activities. Furthermore, since 2018, the company has been supporting environmentally vulnerable groups by providing air purifiers and subsequent maintenance services, in recognition of which, Coway received a commendation from South Korea’s Ministry of Environment in 2024.

Moreover, with regards to the Governance sector, Coway this year joined voluntary disclosures of corporate value enhancement plans to strengthen transparent communication, setting mid-to-long-term performance indicators and targets to increase shareholder value.

Established in 2021, Coway’s ESG Committee deliberates and makes decisions on key ESG matters based on the expertise and the independence of its Board of Directors. Coway also operates a working-level ESG Council to regularly share its ESG direction with employees and monitor the implementation of key tasks across business areas.

The full text of the Coway Sustainability Report 2024 is available here.

About Coway Co., Ltd.

Established in Korea in 1989, Coway, the “Best Life Solution Company,” is a leading environmental home appliances company making people’s lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. BEREX, the company’s sleep & wellness brand, aims to improve the quality of life through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, Vietnam, and Europe, based on the business success in Korea. In 2025, the company launched Coway Life Solution, a premium elder care platform offering personalized care solutions tailored to different life stages. For more information, please visit https://au.coway.com/ or http://newsroom.coway.com.

Ulanzi Unveils D200H Deck Dock: The Ultimate 7-in-1 Creator Hub and 14 LCD Keys with AI-Powered Workflow & Smart Lighting Control

HONG KONG, Aug. 26, 2025 /PRNewswire/ — Ulanzi, the world’s No.1 selling photography accessories brand, today announced the release of its latest innovation—the Ulanzi D200H Deck Dock. It’s a game-changing 7-in-1 docking station designed to streamline workflows for videographers & photographers, live streamers, and video editors. The D200H combines hardware versatility with AI-driven software automation, offering 50% more affordability than competing solutions, with 92% user satisfaction in beta testing.


Ulanzi D200H Deck Dock

https://www.youtube.com/watch?v=JLn1vzkfsCA 

Key Innovations:

1. 14 Customizable LCD Keys + 7-in-1 Docking Station
The D200H combines tactile control with unified connectivity:
– Assign macros to control OBS scene transitions, Premiere Pro timelines, or Zoom meetings with sub-millisecond response time.
– Eliminate cable clutter by integrating SD/TF card readers, USB 3.0 ports, and 100W PD charging into a single sleek hub

2. AI-Powered Workflow Automation
Single-Button AI Activation: Trigger ChatGPT for live chat moderation, generate meeting summaries, or batch-apply Lightroom presets without interrupting your workflow.

3. Game Streaming Dominance
For gaming streamers, every second counts:
– Low-Latency Scene Switching: Pre-programmed shortcuts minimize alt-tab delays, keeping audiences engaged.
– Chat Interaction Suite: Trigger commands like “!clip” or “!drop,” automate moderation, and display emotes—all without breaking gameplay focus.

4. Efficient Photoshop Workflow Solution
With 39 instant-access Photoshop shortcuts, the D200H lets creators trigger functions like Free Transform, Redo, or New File creation instantly—no more digging through menus.
Creators can manage layers, fine-tune colors, and edit rapidly, helping creatives capture inspiration without workflow interruptions.

5. Ulanzi Ecosystem Live Streaming Console and Lighting Maestro in One
– Seamless Live Streaming Control: Ulanzi D200H supports major platforms like OBS and YouTube, with one-touch streaming and instant switching between functions for easy broadcasting.
– Integrated Lighting Management: This deck dock fully connects with the Ulanzi lighting ecosystem and popular smart home systems (Mi Home, Haier, Midea) for centralized, one-stop lighting control.
– Smart, Customizable Lighting: It empowers users to sync and control Ulanzi flagship lights with a single tap, and provides intelligent lighting recommendations tailored to content type and shooting scenarios.

About Ulanzi:

Founded in 2015, Ulanzi is committed to streamlining content creation with user-focused, highly compatible photography gear. Ranked as the world’s top seller of photography accessories, Ulanzi is trusted by creators across the globe for its innovative designs, exceptional durability, and effortless usability.

Pricing & Availability
Regular Daily Price (All Channels Included):$89.99
Early bird price(available for 2 weeks on official website): $69.99
With code A085, there will be an extra discount based on the early bird price if buy from the official website.

Links for more details:
Official website: https://bit.ly/4oP4hpK
Amazon: https://amzn.to/47FqDDR

CONTACT Ulanzi:
marketing@ulanzi.com  

The 12th “Animation Support Program” Award-Winning Animations Featured on the Big Screen at MOViE MOViE anifest Animation Arts Festival 2025

HONG KONG, Aug. 26, 2025 /PRNewswire/ — Organized by the Hong Kong Digital Entertainment Association (HKDEA) and lead support by the Cultural and Creative Industries Development Agency (“CCIDA”), the Animation Support Program (ASP) has been funding and nurturing local start-ups, animators and small animation companies for over a decade to create original animations from Hong Kong each year. In its twelfth anniversary celebration, ASP will collaborate with MOViE MOViE’s “anifest Animation Arts Festival” to host the “The 12th ASP Winners Showcase Marathon”, where audiences can enjoy nine winning works from the 12th ASP.

“The 12th ASP Winners Showcase Marathon” will be held on August 22th at MOViE MOViE Cityplaza (Taikoo Shing), and on August 31 and September 7 at the PREMIERE ELEMENTS Cinema (Elements Mall).

The selected works feature diverse styles and rich content, including:

  • “The James Show”, a light-hearted and fantastical tribute to the late creative genius James Wong;
  • “Buzzing Bees”, inspired by the creator’s study experience in France, sharing the feelings and resonance of life abroad;
  • “Silent Tides”, a stop-motion animation delicately portraying inner anxiety;
  • My First Doll full of childhood innocence and adapted from the creator’s real childhood memories…

These works cover a wide range of themes and demonstrate refined skills, reflecting the creativity and artistic vision of Hong Kong’s new generation of animators—truly worth savoring and appreciating.

Details of The 12th ASP Winners Showcase Marathon

Date & Cinemas:
MOViE MOViE Cityplaza on August 22th, 2025,
PREMIERE ELEMENTS Cinema (Elements Mall) on August 31st and September 7th, 2025 

Ticket Price as follows:
Standard: HK$100
Discounted (MOViE MOViE (Now TV Channel 116) subscribers/ MOViE MOViE cinema members/ Broadway Cinematheque members): HK$80
Children/Students/Seniors: HK$75
Ticket Purchase: Tickets can be purchased at automated kiosks or online at https://www.cinema.com.hk/tc/movie/details/17409 

Disclaimer: The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organisers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Culture, Sports and Tourism Bureau, the Cultural and Creative Industries Development Agency, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.