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North London Collegiate School (Singapore) Student Achieves Academic Milestone with Peer-Reviewed Journal Publication

Saket Subramaniam of North London Collegiate School (Singapore) publishes peer-reviewed medical research on colorectal cancer liver metastasis in the American Journal of Student Research.

SINGAPORE, March 18, 2026 /PRNewswire/ — North London Collegiate School (Singapore) celebrates the remarkable academic achievement of Grade 11 student Saket Subramaniam, whose research has been published in the peer-reviewed American Journal of Student Research.

Saket Subramaniam, Grade 11 student and Academic Ambassador (2025–2026) at North London Collegiate School (Singapore), pictured in the Biology laboratory. His research on surgical margins in colorectal cancer liver metastasis has been published in the American Journal of Student Research.
Saket Subramaniam, Grade 11 student and Academic Ambassador (2025–2026) at North London Collegiate School (Singapore), pictured in the Biology laboratory. His research on surgical margins in colorectal cancer liver metastasis has been published in the American Journal of Student Research.

Currently serving as Academic Ambassador for the 2025–2026 academic year, Saket is deeply engaged in the intellectual life of the school. His paper, “The Correlation Between the Surgical Margin and Survival in Patients with Colorectal Cancer Liver Metastasis: A Systematic Review and Meta-Analysis,” was published in the American Journal of Student Research, an international academic journal that publishes student-led research across disciplines including medicine and the life sciences, on 9 February 2026, marking a significant milestone for a student researcher. The paper is available through the American Journal of Student Research website and via its DOI: 10.70251/HYJR2348.41601614.

From Curiosity to Independent Medical Research

His interest in the field began during Grade 10, when he explored an online course, “So You Want to Be a Surgeon?” offered by the University of Hong Kong. The programme introduced him to surgical subspecialties, and he became particularly fascinated by surgical oncology. While many researchers focus on organs such as the brain or heart, Saket chose to study the liver, drawn by its regenerative properties and by the complex challenges faced by patients with liver cancer, which has a five-year survival rate of approximately 20%.

Saket’s work explores a critical question in surgical oncology: how much healthy tissue should be removed around a tumour in liver cancer surgery to maximise patient survival while preserving the liver’s extraordinary ability to regenerate. The research investigates whether an “optimal” surgical margin exists, examining existing studies to better understand how surgical decisions can influence patient outcomes.

Methodology and Research Approach

The paper was developed as an independent research project under the guidance of Lumiere Education. Saket worked closely with his mentor, Huairen Zhang, a PhD researcher at the University of Cambridge, who supported him throughout the research process. Determined to challenge himself, Saket chose to conduct a meta-analysis, a statistically rigorous method rarely attempted by students in the programme, requiring him to independently learn advanced statistical methodologies.

Reflecting on the publication process, Saket noted that the experience of revising and refining his work in response to peer review was both demanding and rewarding. Receiving detailed feedback from the journal editors reinforced his confidence and strengthened his belief in the value of his research.

Academic Enrichment and Student Scholarship at NLCS (Singapore)

At North London Collegiate School (Singapore), Saket credits the school’s academic culture, and especially Ms Holden, the Assistant Principal (Academic), for fostering his intellectual curiosity. One particularly formative experience was delivering a seminar titled “Cancer – what is it and why is it so deadly?” as part of the school’s Seminar Programme. Preparing and presenting the session deepened his understanding of cellular biology while building his confidence in public speaking and teaching.

Inspired by the opportunities he had experienced at NLCS (Singapore), Saket has sought to expand academic engagement within the school community. In his role as Academic Ambassador, he launched the Bryant Lectures, a new student-led lecture series named after pioneering scientist and former NLCS (UK) headmistress Sophie Bryant. The initiative gives students the opportunity to deliver formal academic lectures, complementing the school’s established McCabe Lectures delivered by staff, parents and visiting academics. The inaugural Bryant Lecture will take place on 18 March.

Saket’s parents shared their pride in his achievement:

“We were absolutely thrilled to learn that his research has been published in the peer-reviewed American journal of Student Research. We have seen Saket grow in confidence, discipline and self-belief thanks to the dedicated efforts, guidance, and encouragement of his teachers at North London Collegiate School (Singapore) and his academic mentor. Their unwavering support has played a significant role in shaping the person he is becoming, and we are deeply grateful for their commitment.

Encouraging other students to pursue their interests, Saket emphasises the importance of embracing opportunity:

“Whether it is to publish your work or to pursue your passion, my single best piece of advice is to take the opportunities presented to you. Be a risk-taker; approach uncertainty with foresight, innovation, and resilience. Deliver your first seminar, create your own society, publish your own research, as you never know which small step might become the defining moment of your journey.”

Saket’s accomplishment reflects the spirit of intellectual ambition and academic curiosity that lies at the heart of North London Collegiate School (Singapore), an international school offering the IB curriculum, where students are encouraged to pursue academic enrichment, independent research, and scholarly inquiry beyond the classroom.

About North London Collegiate School (Singapore)

Founded in August 2020, North London Collegiate School (Singapore) is a British International School offering the academically ambitious NLCS curriculum, followed by the International Baccalaureate (IB) Middle Years Programme and culminating in the IB Diploma Programme.

Drawing on 175 years of educational heritage from its founding school in the UK, NLCS (Singapore) nurtures individuals to be intellectually curious, socially confident, and grounded in compassion through a rigorous academic framework, rich co-curricular opportunities, and exceptional pastoral care.

Situated on Depot Road, the School is part of a global family of schools committed to educational excellence and developing global citizens.

To learn more about NLCS (Singapore), please visit our website (https://nlcssingapore.sg/) and follow us on Instagram, Facebook, YouTube, and LinkedIn.

For media enquiries, please contact the NLCS (Singapore) Marketing Team
Email: marketing@nlcssingapore.sg 

SIM Global Education Showcases Why University Degrees Continue to Matter in a Skills-Driven Job Market


SINGAPORE – Media OutReach Newswire – 18 March 2026 – SIM Global Education (SIM GE) highlighted that while hiring practices are evolving, a university degree remains an important foundation for career success. In today’s job market, academic credentials continue to provide the knowledge base and credibility that employers expect, increasingly complemented by practical skills and industry experience.

Each year, many students in Singapore explore various higher education pathways after receiving their O‑Level, A‑Level, or Polytechnic results. These options include enrolling in Autonomous Universities, studying at overseas institutions, or pursuing undergraduate programmes offered locally through private education institutions in partnership with international universities. When weighing up these choices, the key consideration is not just the origin of the degree, but whether the programme provides strong academic foundations alongside meaningful opportunities to develop relevant, industry-ready skills.

A university degree continues to signal foundational knowledge and the ability to complete a rigorous course of study. In Singapore, graduate outcomes from Autonomous Universities are tracked through the Joint Autonomous Universities Graduate Employment Survey (GES). According to the 2025 GES, 83.4 percent of graduates secured employment within six months of completing their final examinations, demonstrating the continued relevance of university education in supporting employment outcomes.

Graduate outcomes across the broader higher education sector are also monitored through the Private Education Institution (PEI) Graduate Employment Survey, conducted by SkillsFuture Singapore. The survey reported that 74.8 percent of PEI graduates in the labour force secured employment within six months of graduation, highlighting the employment opportunities available through diverse education pathways.

At the same time, hiring practices are evolving across industries. Employers increasingly value graduates who can apply knowledge in practical contexts. Internships, industry exposure and project-based learning therefore play an important role in complementing academic credentials and strengthening graduate readiness.

Singapore’s higher education ecosystem provides multiple pathways for students to pursue globally recognised degrees. Private education institutions operate under the Private Education Act and are regulated by SkillsFuture Singapore, including quality assurance frameworks such as the EduTrust Certification Scheme, which helps ensure standards across the sector.

Within this ecosystem, SIM Global Education works with reputable university partners from Australia, Canada, Europe, United Kingdom, and the United States, enabling students to pursue internationally recognised degree programmes while studying in Singapore. These programmes combine academic learning with opportunities for industry exposure and career preparation.

As higher education pathways continue to diversify, learners will benefit from focusing on how effectively a programme enables them to build strong academic foundation, while gaining relevant skills and practical experience. In an evolving workforce, the combination of recognised university degree and applied learning remains a key factor in preparing graduates for long-term career success.

References:

  1. Fewer fresh S’pore uni graduates in 2025 found full-time work, but pay held steady: Survey – https://www.straitstimes.com/singapore/parenting-education/fewer-fresh-uni-graduates-in-2025-found-full-time-work-but-pay-held-steady-survey?
  2. Private Education Institution Graduate Employment Survey 2023/2024 – https://www.ssg.gov.sg/resources/pei/pei-ges/private-education-institution-graduate-employment-survey-2023-2024/
  3. https://www.ssg.gov.sg/edutrust.html
  4. SIM Global Education – https://www.sim.edu.sg
  5. Post Secondary – https://www.moe.gov.sg/post-secondary

Hashtag: #SIMGlobalEducation #SIMGE #GlobalEducation #InternationalDegree #CareerReady #FutureSkills

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

About SIM Global Education

SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.

SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.

For more information on SIM Global Education, visit

Beijing InfoComm China 2026 Conference Lineup Presents Future of AI in Tech Aligning with the Nation’s Next Strategic Five-Year Plan

BEIJING, March 18, 2026 /PRNewswire/ — With the recent ratification of China’s 15th Five-Year Plan (2026-2030), the nation is accelerating ‘New Quality Productive Forces’ to drive digital transformation across all industries. This strategic shift creates significant momentum for the professional audiovisual (Pro AV) sector, which stands as the backbone of smart infrastructure, AI-integrated systems, and the digital economy—from LED displays and control room visualization to collaboration platforms and immersive media.

As China moves toward its US $97.5 billion Pro AV market potential by 2028, these trends underscore the importance of Beijing InfoComm China as a key platform where global and Chinese technology leaders converge to showcase the latest Pro AV innovations. As organizations across China accelerate investments in digital infrastructure, smart learning environments, immersive entertainment, and hybrid collaboration, the event provides a timely opportunity for industry professionals, technology buyers, and system integrators to explore solutions that are shaping the next phase of China’s digital transformation. At Beijing InfoComm China, a series of forward-looking summit sessions will explore how artificial intelligence and emerging technologies are transforming the professional audiovisual industry and enterprise environments.

A keynote by Ken Yin, CEO of Shanghai Zhishi Management Consulting and Chief AI Lecturer at Zhongzhi Guopei, who will examine “The AI Agentic Enterprise: Architecture, Strategy and the Path to Autonomous Operations.” The session will explore how organizations can deploy enterprise AI agents, outlining the architectures, operational models, and strategic frameworks required to move toward intelligent, autonomous business operations. The presentation will highlight both the opportunities and challenges organizations face as AI becomes embedded into enterprise workflows and decision-making systems.

In the session “From Signals to Intelligence: The Next Evolution of Video Control Systems,” Nanji Zhai, Sales Director at Digibird Technology Co Ltd will explore the transformation of video control technologies. The presentation will trace the full signal chain—from capture and transmission to processing and visualization—and examine collaboration modules.

InfoComm China 2026 Summit Keynote Speakers
InfoComm China 2026 Summit Keynote Speakers

Global digital signage expert Florian Rotberg, Managing Director of invidis consulting, will present “The Pulse of Digital Signage – Global Trends, Managed Solutions & the Future of AI.” This keynote will provide an international perspective on how AI, data-driven content strategies, and managed service models are redefining digital signage networks worldwide and enabling organizations to create more dynamic, intelligent, and scalable communication platforms.

Audio innovation will take center stage in “The Art of Invisibility: How AI Reconstructs Enterprise Spatial Audio and Communication Experiences,” presented by Yanlong Wang, Deputy General Manager – AI Speech Co., Ltd. The session will showcase how AI-powered audio technologies—including intelligent microphone arrays, spatial audio processing, and adaptive noise control—are transforming enterprise communication environments, delivering more natural and immersive sound experiences in meeting spaces and collaborative environments.

Rounding out the program, Dafei Shi, VP – Beijing Pacific Budee Technology Development Co. Ltd. will present “AI-Powered Spatial Intelligence: Redefining the IoT Ecosystem for AV Collaboration.” The session will explore how AI-driven spatial intelligence and IoT sensing technologies are converging to create a new ‘human space device’ interactive ecosystem. his approach redefines the intelligent boundaries of AV collaboration, offering innovative solutions for future smart offices, remote education, and beyond.

China’s Pro AV sector is at a pivotal point of transformation, fueled by the convergence of AV, IT, and emerging technologies. This growth engine is underpinned by large-scale digital infrastructure investment, enterprise modernization, and strong demand across education, commercial, and public-sector verticals. Through Beijing InfoComm China published whitepaper, A World of Cutting-Edge Pro AV: China’s Pro AV Market Overview & Opportunities, global professionals gain a roadmap to collaborate with innovators driving these advancements.

InfoComm China 2026 - 100s of Export-Ready Companies
InfoComm China 2026 – 100s of Export-Ready Companies

For 20 years, Beijing InfoComm China has served as the most professional and influential platform for promoting and expanding China’s global Professional Audio-Visual (Pro AV) industry. Through decades of bringing together manufacturers, solution providers, IT system integrators, and end users of Pro AV, Beijing InfoComm China has become Asia’s premier Hub for Pro AV excellence. Taking place from 15-17 April 2026, at the China National Convention Center (CNCC), the show marks the beginning of a landmark era: the 20th year of the InfoComm China brand, followed by the 20th edition of the tradeshow in 2027. From an exhibition floor hosting over 400 companies, with over 80 companies ready to export,  and welcoming over 26,000 professional visitors, to a world-class conference lineup of Pro AV industry movers & shakers, InfoComm China is where China is shaping the digital-forward future.

View all Beijing InfoComm China 2026 Summit Sessions

Click to learn more about the China Pro AV Market, InfoComm China and our International Visitor programs

Download the complimentary report A World of Cutting-Edge Pro AV: China’s Pro AV Market Overview & Opportunities

About InfoCommAsia
InfoCommAsia Pte Ltd. extends its influence through three marquee shows: InfoComm Asia; InfoComm China, Beijing; and InfoComm India. Each show features an exhibition that showcases the world’s most cutting-edge and in-demand professional audiovisual and integrated experience technology solutions and a summit that presents learning opportunities. The shows bring together professional audiovisual industry players and top-level decision-makers from across different markets to tap into the vast potential presented by pro AV solutions.

For more information, visit:
infocomm-asia.com | infocomm-china.com | infocomm-india.com 

Global Media Enquiries:
Angie Eng
Director, Marketing, InfoCommAsia Pte Ltd
T: +65 8163 2109
E: media@infocommasia.comangieeng@infocommasia.com

GMI Cloud Unveils $12 Billion, 1GW Sovereign AI Infrastructure Initiative in Japan

GMI Cloud establishes new paradigm for regional AI sovereignty with Japan-Taiwan-US partnership

TOKYO, March 18, 2026 /PRNewswire/ — GMI Cloud, one of the fastest-growing GPU-as-a-Service neocloud providers, today announced its launch of an AI Factory for large-scale physical AI purposes in Kagoshima, Japan, with Wistron, representing one of the largest sovereign AI infrastructure commitments in Asia. This $12 billion project establishes GMI Cloud as the leading partner for nations seeking to build independent, sustainable AI Factories. The development in which GMI’s AI factory is intended to be located is initiated by Kai Shin Digital Infrastructure, a joint venture structured by CDIB Capital and Shinetsu Science Industry, in close collaboration with the Kagoshima Prefectural Government and Satsumasendai City. Reinforced by strong public-private partnership support, the development will start in late 2026 and can ramp up to 1 gigawatt of power capability.

Kagoshima
Kagoshima

The global shift towards sovereign AI is driven by a consensus that AI computing power is a fundamental pillar of national security and economic competitiveness in the foreseeable future. Governments are moving decisively to mitigate the strategic risks of depending on foreign-controlled platforms in addition to data jurisdiction conflicts and supply chain vulnerabilities. GMI Cloud’s expertise and proven experience in architecting, deploying, and scaling sovereign facilities positions the company as the partner of choice for countries seeking technological independence.

“Japan has built some of the world’s most sophisticated industrial and manufacturing systems,” said Alex Yeh, CEO of GMI Cloud. “The next frontier is ensuring those systems are powered by AI that Japan owns, controls, and can trust. That is exactly what we are here to build.”

The Kagoshima hub will be among the first AI Factories built with next-generation AI hardware and infrastructure, delivering unprecedented efficiency for both training and inference. As Japan’s first domestically built AI Factory designed to support Physical AI, systems that control robotics, autonomous vehicles, manufacturing, and industrial infrastructure, it establishes the sovereign computing foundation required for nations to maintain full control over the intelligent systems underpinning their manufacturing, logistics, and critical infrastructure.

GMI Cloud will be building this AI Factory to be green and sustainable as part of its commitment to addressing environmental concerns and purposes. The facility will serve as a global reference architecture for building environment-friendly sovereign AI infrastructure at scale.

“Building a sovereign Al Factory at this scale requires a partner with a strong track record. GMI Cloud’s demonstrated experience in deploying the most advanced hardware into production-grade Al infrastructure is exactly what this project demands. Wistron is designated to support that vision with the manufacturing excellence it requires,” said David Shen, CTO, Wistron Corporation.

“GMI Cloud is setting the standard for sovereign AI infrastructure through its Kagoshima AI Factory, designed to deliver national-scale performance and operational control. VAST’s AI Operating System provides the unified data foundation that enables the Factory’s persistent memory, governance, and data orchestration at scale, enabling sovereign Physical AI systems to operate with performance and trust engineered into the architecture,” said Jeff Denworth, Co-Founder at VAST Data.

About GMI Cloud

Silicon Valley-based GMI Cloud delivers full-stack inference-first AI infrastructure to build sovereign and commercial AI deployments. With proven experience deploying AI infrastructure across multiple continents and regulatory environments, GMI Cloud enables nations, enterprises, and research institutions to build AI capabilities without dependence on foreign platforms. For more information, visit: https://gmicloud.ai.

New Deloitte Paper: Physical AI set to transform industrial operations, powering the next wave of smart manufacturing

HONG KONG, March 18, 2026 /PRNewswire/ — Deloitte today released its new paper, “Physical AI: The moment of acceleration“, outlining how Physical AI (PAI), the merger of physical systems with AI, is shifting from experimentation to large-scale deployment across a wide range of business sectors and applications. The report underscores why industrial robotics has become PAI’s “proving ground”, and how early adopters in manufacturing, logistics and related sectors are already building the foundations needed to scale intelligent systems across the value chain.

Today, just 5 percent of firms say PAI is transforming their organisation, yet 41 percent expect it will within three years. The gap between current impact and future expectations and the fact that only 3 percent of firms have PAI extensively integrated into operations today, a figure forecast to reach 18 percent within two years[1], highlights the urgency for early movers to build the capabilities that will define their operational edge and organisational learning underpinning their competitive advantage over the next decade.

Business leaders around the world are now looking seriously at how to integrate PAI into their operations. Over 500,000 industrial robots were deployed in 2024, with annual installations forecast to reach 700,000 by 2028, and collaborative robots comprising a growing share at almost 65,000 installations in 2024.[2]  According to Citi GPS report[3], there are currently around 405 million robots of all kinds in production globally, a figure projected to reach 1.3 billion by 2035. Increasingly, the number of these robots will be augmented with some form of PAI.

Key findings

  • Only 5 percent of firms report PAI is transforming their industry today[4], compared with 45 percent for traditional AI and machine learning.
  • Adoption will be highest in consumer and life sciences and healthcare sectors (both 22 percent), technology, media and telecommunications (18 percent), and energy, resources and industrials (16 percent).
  • Industrial robotics remains PAI’s most mature testbed, providing critical lessons for broader adoption.
  • PAI is not simply a technology installation but a capability requiring disciplined operations and organisational learning. Leadership will depend on the ability to align operational maturity with technology readiness.
  • The main barriers to adoption include cost and resource requirements (41 percent), challenges identifying use cases (36 percent), talent and skills gaps (33 percent), and technology or data availability (31 percent)[5].

“Physical AI marks the moment when intelligence moves off the screen and into the real world, transforming factories into learning systems that sense, decide and improve continuously. Organisations that are acting now will shape the operating models, skills and standards that define industrial leadership for the next decade,” said Chris Lewin, Deloitte Asia Pacific AI Lead.

Three questions every operations leader should be asking now

PAI is no longer a question of “if” or “when” for business leaders, it is a question of readiness. With 41 percent of business leaders expecting transformational impact within three years and PAI integration set to grow six-fold in two years, the window to build the operational foundation is narrowing[6].

“There are internal readiness factors that determine how effectively businesses can deploy and scale any PAI solution, today or tomorrow and critically, they are in the organisation’s control. Successful PAI implementation is as much about adapting as it is adopting,” added Lewin.

As PAI becomes more widely adopted and its value more tangible, its application will expand rapidly across sectors and value chains. The paper provides a structured, practical framework for business leaders navigating PAI adoption – where to start, how to sequence investment, and what organisational foundations must be in place for technology to deliver its potential.

Technology application maturity determines what is possible. Operational maturity determines what is executable. The paper highlights even the most sophisticated PAI system will deliver little value if deployed into an organisation lacking the foundational discipline, flow, and human architecture to absorb it. The cost of moving too slowly is not just missed efficiency, but the loss of the organisational learning that comes from being an early mover.

For industrial and manufacturing leaders, three questions should drive the agenda:

  1. Where are you on the technology maturity ladder?
  2. How ready are your operational fundamentals for PAI?
  3. How are you shaping your human architecture for PAI?

Deloitte China’s Physical AI Center of Excellence

To help organisations accelerate the shift from pilots to scaled adoption, Deloitte China has established a Physical AI Center of Excellence (CoE) in Shanghai. The CoE brings together Deloitte’s expertise in advanced manufacturing, robotics, and AI to help clients design, simulate, and deploy Physical AI solutions in real-world environments[7]. By leveraging immersive digital simulation technologies and Deloitte’s deep industry experience, the Shanghai CoE enables organisations to accelerate time-to-value, reduce operational risk, and scale intelligent machines into production with confidence.

“Shanghai sits at the intersection of advanced manufacturing, industrial robotics, and global supply chains, making it an ideal hub for our new Deloitte Asia Pacific Physical AI Centre of Excellence through our strategic alliances. We are helping clients move beyond pilots and proofs of concept to scaled deployments, using simulation, governance, and workforce transformation to unlock the full potential of Physical AI safely, responsibly, and at speed. The pioneers of Physical AI on today’s factory floors are writing the competitive playbook for the next decade,” said Deloitte Asia Pacific CEO David Hill. 

To access the full report and learn more about the findings, please visit https://www.deloitte.com/ap/en/perspectives/physical-ai-acceleration.html

 

Contact: 
Kashish Sakhrani
Media Manager, Deloitte Asia Pacific
Tel: +852 2852 1600
Mob: 852 6689 0757
Email: ksakhrani@deloitte.com

About Deloitte  

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Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which is a separate and independent legal entity, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Bengaluru, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai, New Delhi, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo. 

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.  

No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication.   

©2026 Deloitte Asia Pacific Services Limited

Breakthrough at 2026 AACR! Senhwa Biosciences’ CX-5461 Enters the Field of Photodynamic Therapy, Opening a New Indication Strategy

TAIPEI and SAN DIEGO, March 18, 2026 /PRNewswire/ — Senhwa Biosciences, Inc. (TPEx: 6492), a clinical stage company focusing on development of first-in-class therapeutics for oncology, rare diseases, and infectious diseases, today announced that its first-in-class investigational drug Pidnarulex (CX-5461) has demonstrated a significant research breakthrough in the field of photodynamic therapy (PDT). The research findings have been selected for presentation at the 2026 Annual Meeting of the American Association for Cancer Research (AACR)—one of the world’s most influential conferences in oncology research—highlighting the innovation of the mechanism and its promising clinical development potential recognized by the international scientific community.

In recent years, photodynamic therapy (PDT) has increasingly emerged as a promising cancer treatment strategy attracting strong interest from the global pharmaceutical industry. Several major pharmaceutical companies—including Novartis, AstraZeneca, and Roche—have actively invested in related research, acquisitions, and collaborations, exploring the integration of next-generation photosensitizers with photo-immunotherapy approaches.

The pre-clinical study shows that CX-5461 possesses photosensitizing properties. When exposed to ultraviolet (UV) light, the compound generates reactive oxygen species (ROS), leading to oxidative DNA damage and enhanced cancer cell death through both direct cytotoxicity and immune-mediated mechanisms. Under the same drug concentration conditions, cytotoxicity against cancer cells increased by approximately ten-fold.

Further investigation revealed that CX-5461’s binding to G-quadruplex (G4) DNA structures works synergistically with light-induced ROS generation, significantly enhancing anti-tumor activity and prolonging survival. These findings suggest that, beyond its established anti-cancer mechanisms, CX-5461 also has the potential to be developed as a novel photosensitizer for photodynamic and novel photoimmuno-therapy.

This emerging therapeutic strategy could potentially be applied to superficial tumors, skin cancers, and other localized treatment settings, enabling a cross-indication cancer treatment approach and opening new clinical applications in oncology.

The AACR Annual Meeting serves as a premier global platform for validating groundbreaking science and presenting first-in-class mechanisms of action. Research presented at AACR frequently shapes future directions in biomedical innovation and often facilitates strategic collaborations, licensing agreements, and co-development opportunities with global pharmaceutical companies. Selection of this study for presentation further enhances the global visibility of CX-5461 in the field of innovative cancer therapeutics.

The research will be presented during the “Radiation and Photodynamic Therapy Response Modifiers” clinical research session at the AACR 2026 Annual Meeting. Jason Huang, M.D., Chief Medical Officer of Senhwa Biosciences, and Kai‑Wei Hsueh, Ph.D., Associate Director of Clinical Research, will attend the conference and present the findings.

Photodynamic therapy is a medical technology that combines a photosensitizing agent with specific wavelengths of light to activate the compound and generate singlet oxygen or free radicals, selectively destroying diseased cells or tissues. It is widely considered a minimally invasive treatment modality with relatively low systemic toxicity. PDT has already been applied in a range of diseases, including skin cancers, head and neck cancer, esophageal cancer, lung cancer, bladder cancer, and cervical cancer.

Market research also indicates continued growth in the global photodynamic therapy market. The oncology-focused PDT market was estimated at approximately USD 3.54 billion in 2024 and is projected to reach USD 5.89 billion by 2032, representing a compound annual growth rate (CAGR) of approximately 7–8%. With the increasing demand for precision oncology and minimally invasive therapies, photodynamic therapy is emerging as a key area of interest for global pharmaceutical development.

Senhwa Biosciences stated that the newly identified mechanism and application of CX-5461 in photodynamic therapy further demonstrate the compound’s potential as a multi-platform innovative anti-cancer therapeutic. The company will continue advancing related research and clinical development while actively exploring international partnerships and licensing opportunities to accelerate the global development of next-generation cancer treatments.

ZTO Reports Fourth Quarter 2025 and Full Year 2025 Unaudited Financial Results

Full Year Adjusted Net Income Reached RMB9.5 Billion
US$0.39 per Share Semi-Annual Dividend Announced
US$1.5 Billion New Share Repurchase Program Authorized

SHANGHAI, March 18, 2026 /PRNewswire/ — ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China (“ZTO” or the “Company”), today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025[1]. For full year 2025, the Company grew parcel volume by 4.5 billion, or 13.3% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income[2] reached RMB9.5 billion. Net cash generated from operating activities was RMB11,968.4 million.

Fourth Quarter 2025 Financial Highlights

  • Revenues were RMB14,510.7 million (US$2,075.0 million), an increase of 12.3% from RMB12,919.7 million in the same period of 2024.
  • Gross profit was RMB3,681.9 million (US$526.5 million), a decrease of 2.1% from RMB3,759.7 million in the same period of 2024.
  • Net income was RMB2,693.2 million (US$385.1 million), an increase of 10.1% from RMB2,446.8 million in the same period of 2024.
  • Adjusted EBITDA[3] was RMB4,241.5 million (US$606.5 million), a decrease of 8.1% from RMB4,615.3 million in the same period of 2024.
  • Adjusted net income[2] was RMB2,694.5 million (US$385.3 million), a decrease of 1.4% from RMB2,733.3 million in the same period of 2024.
  • Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), an increase of 11.4% and 14.5% from RMB2.97and RMB2.89 in the same period of 2024, respectively.
  • Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), a decrease of 0.3% and an increase of 2.2% from RMB3.32 and RMB3.24 in the same period of 2024, respectively.
  • Net cash provided by operating activities was RMB4,226.3 million (US$604.3 million), compared with RMB2,806.3 million in the same period of 2024.

Fiscal Year 2025 Financial Highlights

  • Revenues were RMB49,098.7 million (US$7,021.0 million), an increase of 10.9% from RMB44,280.7million in 2024.
  • Gross profit was RMB12,271.4 million (US$1,754.8 million), a decrease of 10.5% from RMB13,717.1million in 2024.
  • Net income was RMB9,235.7 million (US$1,320.7 million), an increase of 3.9% from RMB8,887.6million in 2024.
  • Adjusted EBITDA[3] was RMB15,045.6million (US$2,151.5 million), a decrease of 8.0% from RMB16,354.9 million in 2024.
  • Adjusted net income[2] was RMB9,512.7 million (US$1,360.3 million), a decrease of 6.3% from RMB10,150.4 million in 2024.
  • Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB11.38 (US$1.63) and RMB11.19 (US$1.60), an increase of 3.9% and 4.6% from RMB10.95 and RMB10.70 in 2024.
  • Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders[5] were RMB11.73 (US$1.68) and RMB11.52 (US$1.65), a decrease of 6.3% and 5.6% from RMB12.52 and RMB12.20 in 2024.
  • Net cash provided by operating activities was RMB11,968.4 million (US$1,711.5 million), compared with RMB11,429.4 million in 2024.

Operational Highlights for Fourth Quarter 2025

  • Parcel volume was 10,558 million, increased 9.2% from 9,665 million in the same period of 2024.
  • Number of pickup/delivery outlets was over 31,000 as of December 31, 2025.
  • Number of direct network partners was over 6,000 as of December 31, 2025.
  • Number of self-owned line-haul vehicles was over 10,000 as of December 31, 2025.
  • Out of the over 10,000 self-owned trucks, over 9,700 were high capacity 15 to 17-meter-long models as of December 31, 2025.
  • Number of line-haul routes between sorting hubs was approximately 3,800 as of December 31, 2025.
  • Number of sorting hubs was 93 as of December 31, 2025, among which 88 were operated by the Company and 5 by the Company’s network partners.

(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com

(2) Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations.

(3) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.

(4) One ADS represents one Class A ordinary share.

(5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively.

 Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, “During the fourth quarter, the anti-involution policy continued to take effect in eradicating extreme low pricing in the express delivery industry. ZTO prioritized quality of services and customer satisfaction, and our volume growth outpaced the industry average to reach 10.6 billion parcels. Adjusted net income was 2.7 billion which was in line with expectations. Further, the daily average non-retail volume continued to trend up throughout the year and reached 9.8 million which increased over 38% compare to 4Q last year. Behind revenue diversification, our product and services capability are expanding beyond traditional express delivery in quality and scale bringing in positive contribution to overall revenue and margin.”

 Mr. Lai added, “On one hand, we are encouraged by the industry’s overall shift towards quality in addition to quantity growth. Low price-driven volume gain is neither sustainable nor economically sensible. For a scale-based business model, this fundamental change will help accelerate the industry’s advancement from cut-throat price competition to winning customers with capabilities, hence enhance further consolidation. On another hand, we are in an era of change, and that the near-term macro environment and micro conditions may be extremely volatile. What is certain, however, is that our business and financial fundamentals are solid. With quality paving the way, we are committed to maintaining ZTO’s leadership in volume and profitability. In times of change, we will pay even closer attention to equitable sharing among all vested parties. It is the consistent practice of “shared-success” that will win us the marathon and deliver sustainable return to all our investors.”

 Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “For the fourth quarter, ZTO’s core express ASP increased 2.9% driven by key accounts’ unit price increase offsetting negative impact from volume incentive hike elsewhere in the core business. Combined unit sorting and transportation costs decreased 4 cents thanks to sustained productivity gain initiatives. SG&A excluding SBC as a percentage of revenue remained stable at approximately 4.4% compared to 5.0% last year. Cash flow from operating activities was 4.2 billion, and capital spending was 1.8 billion.”

 Ms. Yan added, “With the Board of Directors’ approval, the company has announced a shareholder return structure by combining cash dividend and stock buyback into one single plan to optimize the shareholder return. No less than 50% of the adjusted net income from prior fiscal year is earmarked for shareholder pay back. As part of the plan, the Board of Directors has approved a stock buyback program for the next 24 months with a total amount of $1.5 billion.”

Fourth Quarter 2025 Unaudited Financial Results

Three Months Ended December 31,

2024

2025

RMB

%

RMB

US$

%

(in thousands, except percentages)

Express delivery services

12,024,132

93.1

13,600,232

1,944,807

93.7

Freight forwarding services     

208,931

1.6

225,860

32,298

1.6

Sale of accessories

646,675

5.0

657,320

93,996

4.5

Others

39,964

0.3

27,289

3,902

0.2

Total revenues

12,919,702

100.0

14,510,701

2,075,003

100.0

Total Revenues were RMB14,510.7 million (US$2,075.0 million), increased 12.3% from RMB12,919.7 million in the same period of 2024. Revenue from the core express delivery business increased by 12.4% compared to the same period of 2024 as a net result of a 9.2% growth in parcel volume and a 2.9% increase in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 71.5% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services increased by 8.1% compared to the same period of 2024. Revenue from sales of accessories, largely consisted of sales of thermal paper for digital waybills, increased by 1.6%. Other revenues were derived mainly from financing services.

Three Months Ended December 31,

2024

2025

% of

% of

RMB

revenues

RMB

US$

revenues

(in thousands, except percentages)

Line-haul transportation cost     

3,913,823

30.3

3,894,486

556,904

26.8

Sorting hub operating cost

2,543,707

19.7

2,714,125

388,115

18.7

Freight forwarding cost

197,053

1.5

212,461

30,382

1.5

Cost of accessories sold

196,941

1.5

157,930

22,584

1.1

Other costs

2,308,459

17.9

3,849,844

550,519

26.5

Total cost of revenues

9,159,983

70.9

10,828,846

1,548,504

74.6

Total cost of revenues was RMB10,828.8 million (US$1,548.5 million), an increase of 18.2% from RMB9,160.0 million in the same period last year.

Line haul transportation cost was RMB3,894.5 million (US$556.9 million), decreased 0.5% from RMB3,913.8 million in the same period last year. The unit transportation cost decreased 7.5% or 3 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.

Sorting hub operating cost was RMB2,714.1 million (US$388.1 million), increased 6.7% from RMB2,543.7 million in the same period last year. The increase primarily consisted of (i) RMB111.4 million (US$15.9 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB57.8 million (US$8.3 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. As of December 31, 2025, there were 781 sets of automated sorting equipment in service, compared to 596 sets as of December 31, 2024.

Cost of accessories sold was RMB157.9 million (US$22.6 million), decreased by 19.8% compared with RMB196.9 million in the same period last year.

Other costs were RMB3,849.8 million (US$550.5 million), increased 66.8% from RMB2,308.5 million in the same period last year, which included an increase of RMB1,500.2 million (US$214.5 million) for serving key account customers.

Gross Profit was RMB3,681.9 million (US$526.5 million), decreased by 2.1% from RMB3,759.7 million in the same period last year. Gross margin rate was 25.4% compared to 29.1% in the same period last year.

Total Operating Expenses were RMB492.5 million (US$70.4 million), compared to RMB306.5 million in the same period last year.

Selling, general and administrative expenses were RMB643.9 million (US$92.1 million), decreased by 1.8% from RMB655.8 million in the same period last year, mainly due to (i) RMB57.6 million (US$8.2 million) decrease in compensation and benefit expenses, and (ii) RMB33.4 million (US$4.8 million) increase in depreciation and amortization costs associated with administrative facilities and equipment.

Other operating income, net was RMB151.4 million (US$21.6 million), compared to RMB349.3 million in the same period last year. Other operating income mainly consisted of (i) RMB67.9 million (US$9.7 million) of rental income, (ii) RMB46.5 million (US$6.7 million) of government subsidies and tax rebates, and (iii) RMB24.1 million (US$3.4 million) ADR fee rebate.

Income from operations was RMB3,189.4 million (US$456.1 million), decreased 7.6% from RMB3,453.2 million for the same period last year. The operating margin rate was 22.0% compared to 26.7% in the same period last year.

Interest income was RMB154.7 million (US$22.1 million), compared with RMB221.9 million in the same period last year.

Interest expenses were RMB27.2 million (US$3.9 million), compared with RMB71.8million in the same period last year.

Loss from fair value changes of financial instruments was RMB9.2 million (US$1.3 million), compared with a gain of RMB168.0 million in the same period last year. Such gain or loss from fair value changes of the financial instruments were quoted by commercial banks according to market-based estimation of future redemption prices.

Income tax expenses were RMB638.1 million (US$91.3 million) compared to RMB1,059.1 million in the same period last year. The effective income tax rate decreased by 10.9 percentage points year over year due to a lower accrual for withholding tax on dividends payable to ZTO Express (Hong Kong) Limited.

Net income was RMB2,693.2 million (US$385.1 million), representing a 10.1% increase from RMB2,446.8 million in the same period last year, which reflected a RMB258.6 million impairment loss from the investment in “Cainiao Yizhan”.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), compared to basic and diluted earnings per ADS of RMB2.97and RMB2.89 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), compared with RMB3.32 and RMB3.24 in the same period last year, respectively.

Adjusted net income was RMB2,694.5 million (US$385.3 million), compared with RMB2,733.3 million during the same period last year.

EBITDA[1] was RMB4,240.5 million (US$606.4 million), compared with RMB4,328.8 million in the same period last year.

Adjusted EBITDA was RMB4,241.5 million (US$606.5 million), compared to RMB4,615.3 million in the same period last year.

Net cash provided by operating activities was RMB4,226.3 million (US$604.3 million), compared with RMB2,806.3 million in the same period last year.

(1) EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations.

 

Fiscal Year 2025 Financial Results

Year Ended December 31,

2024

2025

RMB

%

RMB

US$

%

(in thousands, except percentages)

Express delivery services

40,953,034

92.5

45,726,365

6,538,783

93.1

Freight forwarding services     

885,410

2.0

808,000

115,542

1.7

Sale of accessories

2,300,392

5.2

2,444,323

349,534

5.0

Others

141,884

0.3

119,979

17,157

0.2

Total revenues

44,280,720

100.0

49,098,667

7,021,016

100.0

Total Revenues were RMB49,098.7 million (US$7,021.0 million), increased 10.9% from RMB44,280.7 million last year. Revenue from the core express delivery business increased by 11.3% compared to the same period of 2024 as a net result of a 13.3% growth in parcel volume and a 1.7% decrease in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 111.8% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 8.7% compared to the same period of 2024. Revenue from sales of accessories largely consisted of sales of thermal paper for digital waybills, increased by 6.3%. Other revenues were derived mainly from financing services.

Year Ended December 31,

2024

2025

% of

% of

RMB

revenues

RMB

US$

revenues

(in thousands, except percentages)

Line-haul transportation cost     

13,966,446

31.5

13,970,542

1,997,761

28.5

Sorting hub operating cost

9,163,784

20.7

9,837,678

1,406,769

20.0

Freight forwarding cost

828,270

1.9

760,308

108,723

1.5

Cost of accessories sold

651,729

1.5

577,950

82,646

1.2

Other costs

5,953,399

13.4

11,680,748

1,670,324

23.8

Total cost of revenues

30,563,628

69.0

36,827,226

5,266,223

75.0

Total cost of revenues was RMB 36,827.2 million (US$5,266.2 million), an increase of 20.5% from RMB30,563.6 million last year.

Line haul transportation cost was RMB 13,970.5 million (US$1,997.8 million) compared to RMB13,966.4 million last year. The unit transportation cost decreased by 12.2% or 5 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.

Sorting hub operating cost was RMB9,837.7 million (US$1,406.8 million), increased of 7.4% from RMB9,163.8 million last year. The increase primarily consisted of (i) RMB432.5 million (US$61.8 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvement, and (ii)RMB276.6 million (US$39.6 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. Sorting hub operating cost per unit decreased 3.7% or 1 cent as automation and standardization in operating procedures plus effective performance evaluation continued to dig deep for productivity gain.

Cost of accessories sold was RMB578.0 million (US$82.6 million), decreased by 11.3% compared with RMB651.7 million last year.

Other costs were RMB11,680.7 million (US$1,670.3 million), increased 96.2% from RMB5,953.4 million in 2024, which included an increase of RMB5,533.2 million (US$791.2 million) for serving key account customers.

Gross Profit was RMB12,271.4 million (US$1,754.8 million), decreased 10.5% from RMB13,717.1 million last year. Gross margin rate was 25.0% compared to 31.0% last year.

Total Operating Expenses were RMB1,796.6 million (US$256.9 million), compared to RMB1,940.2 million last year.

Selling, general and administrative expenses were RMB2,637.6 million (US$377.2 million), a decrease of 2.0% from RMB2,690.0 million last year. The decrease was primarily driven by RMB23.5 million (US$3.4 million) decline in compensation and benefit expenses. SG&A as a percentage of total revenues decreased to 5.4% from 6.1% in the prior year, reflecting a further optimized corporate structure.

Other operating income, net was RMB841.0 million (US$120.3 million), compared to RMB749.8 million last year. Other operating income mainly consisted of (i) RMB547.6 million (US$78.3 million) of government subsidies and tax rebates, (ii) RMB201.7 million (US$28.8 million) of rental income, and (iii) RMB24.1 million (US$3.4 million) ADR fee rebate.

Income from operations was RMB10,474.9 million (US$1,497.9 million), decreased 11.1% from RMB11,776.9 million last year. The operating margin rate was 21.3% compared to 26.6% last year.

Interest income was RMB747.1 million (US$106.8 million), compared with RMB993.5 million in the same period last year.

Interest expenses was RMB248.6 million (US$35.6 million), compared with RMB337.9 million in the same period last year.

Gain from fair value changes of financial instruments was RMB126.0 million (US$18.0 million), compared with a gain of RMB202.9 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.

Impairment of goodwill was RMB84.4 million (US$12.1 million), related to the October 2017 acquisition of China Oriental Express Co., Ltd.’s core freight forwarding business. This non-recurring charge was recognized because the fair value of the acquired operations fell below its carrying amount during the second quarter of 2025.

Foreign currency exchange gain before tax was RMB1.5 million (US$0.2 million), mainly due to the fluctuation of the foreign currency-denominated bank deposits against the Chinese Renminbi.  

Income tax expenses were RMB1,905.2 million (US$272.4 million) compared to RMB2,845.4 million last year. The overall income tax rate decreased by 7.1 percentage points year over year, mainly due to (i) an income tax refund of RMB375.8 million (US$52.8 million) received in the third quarter of 2025 by Shanghai Zhongtongji Network(上海中通吉網絡技術有限公司), a wholly owned subsidiary of the Company, upon its recognition as a “Key Software Enterprise” qualifying for a preferential tax rate of 10% for tax year 2024, (ii) a RMB 138.3 million (US$19.8 million) year-over-year decrease in withholding tax accruals on dividend payable to ZTO Express (Hong Kong) Limited, and (iii) in 2024, there was a RMB931.4 million (US$133.2 million) non-deductible impairment of investment in equity investees, which had significantly increased the effective tax rate in 2024.

Net income was RMB9,235.7 million (US$1,320.7 million), which increased by 3.9% from RMB8,887.6million last year. The increase was mainly driven by the provision for impairment charge last year, which included (i) RMB479.9 million related to the investment in Cainiao Smart Logistics Network Limited(菜鳥智慧物流網絡有限公司) upon a tender offer repurchase, and (ii) RMB451.5 million of the investment in Zhejiang Yizhan Network Technology Co., Ltd.(浙江驛棧網絡科技有限公司), as the fair value was below the carrying amount.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB11.38 (US$1.63) and RMB11.19 (US$1.60), compared to basic and diluted earnings per ADS of RMB10.95 and RMB10.70 last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB11.73 (US$1.68) and RMB11.52 (US$1.65), compared with RMB12.52 and RMB12.20 last year, respectively.

Adjusted net income was RMB9,512.7 million (US$1,360.3 million), compared with RMB10,150.4 million in the same period last year.

EBITDA[1] was RMB14,769.0 million (US$2,111.9 million), compared with RMB15,094.3 million in the same period last year.

Adjusted EBITDA was RMB15,045.6million (US$2,151.5 million), compared to RMB16,354.9 million in the same period last year.

Net cash provided by operating activities was RMB11,968.4 million (US$1,711.5 million), compared with RMB11,429.4 million last year.

Recent Developments

Convertible Senior Notes

In early February 2026, the Company completed the offering of US$1.5 billion in aggregate principal amount of convertible senior notes (the “Notes”), bearing interest at rate 0.925% per year, payable semiannually, and will mature on March 1, 2031. The initial conversion rate of the Notes is 32.3130 of the Company’s Class A ordinary shares per US$1,000 principal amount of Notes. 

In connection with the offering of the Notes, the Company has entered into capped call transactions with certain counterparties. The cap price of the capped call transactions is initially US$35.9906 and is subject to adjustment under the terms of the capped call transactions.

Concurrently with the pricing of the Notes, the Company repurchased 18,254,400 Class A ordinary shares from certain purchasers of the Notes in off-market privately negotiated transactions (the “Concurrent Share Repurchase”). The Concurrent Share Repurchase was expected to facilitate the initial hedging by purchasers of the Notes who desired to hedge their investments in the Notes. The Concurrent Share Repurchase was made pursuant to the Company’s existing share repurchase program that is effective through June 30, 2026. The purchase price in the Concurrent Share Repurchase was the closing price of the Company’s Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026, HK$179.10 per Class A ordinary share.

Declaration of Semi-Annual Dividend

The board of directors (the “Board”) has approved a cash dividend of US$0.39 per ADS and ordinary share for the six months ended December 31, 2025, to holders of its ordinary shares and ADSs as of the close of business on April 8, 2026. The dividend payment represents a 40% dividend payout ratio. For holders of Class A and Class B ordinary shares, in order to qualify for entitlement to the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 8, 2026 (Hong Kong Time). The payment date is expected to be April 22, 2026 for holders of Class A and Class B ordinary shares, and April 29, 2026 for holders of ADSs.

Share Repurchase Update and New Authorization

Completion of the Existing Share Repurchase Program
The Board initially approved its share repurchase program in November 2018. Following subsequent modifications, the program’s aggregate authorization was increased to US$2.0 billion with an effective period through June 30, 2026 (the “Existing Share Repurchase Program”). As of December 31, 2025, the Company had repurchased an aggregate of 59,839,819 ADSs for US$1,397.65 million on the open market, including commissions. By February 28, 2026, taking into account the Concurrent Share Repurchase, the Company’s total repurchases reached 85,467,295 Class A ordinary shares (including those in the form of ADSs). The US$2.0 billion Existing Share Repurchase Program is substantially completed.

Adoption of New Share Repurchase Program
On March 17, 2026, the Board approved a new share repurchase program (the “New Program”), authorizing the repurchase of up to US$1.5 billion of its shares over the next 24 months, effective from March 20, 2026, through March 20, 2028. The New Program is subject to the granting of a general unconditional mandate by shareholders at the Company’s forthcoming Annual General Meeting. Under the New Program, repurchases may be conducted from time to time through open market transactions or through other legally permissible means, depending on market conditions and in accordance with Rule 10b5-1 and/or Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended, as well as the Listing Rules of the Hong Kong Stock Exchange. The Company expects to fund these repurchases utilizing its existing cash balance.

Enhanced Shareholder Return Plan

Since March 2024, the Company has maintained a semi-annual dividend policy with a payout ratio of no less than 40% of its prior year adjusted net income, or as otherwise authorized by the Board. To optimize capital allocation and further align the interests of our shareholders, the Board has approved an enhanced return mechanism. Starting from 2026, the Company targets an aggregate annual shareholder return ratio of no less than 50% of its adjusted net income for the prior fiscal year, comprising both cash dividends and share repurchases. The specific mix, timing, and execution of such returns will be determined under Board’s direction and authorization, taking into account the Company’s share price, operating results, and cash reserves, among other factors, to ensure a balanced and sustainable return.

Board and Committee Changes

Mr. Frank Zhen Wei has tendered his resignation as an independent non-executive director of the Company, as well as the chairman and a member of the compensation committee and nominating and corporate governance committee of the Board, due to his plan to commit more time on other professional endeavors, effective on March 18, 2026. The Company extends its sincere gratitude to Mr. Wei’s service and wishes him the best in his future endeavors.

The Board has appointed (i) Mr. Herman Yu as a member of the nominating and corporate governance committee, (ii) Mr. Qin Charles Huang as the chairman of the nominating and corporate governance committee and (iii) Ms. Fang Xie as the chairman of the compensation committee. These changes will be effective on March 18, 2026.

Business Outlook

Based on current market and operating conditions, the Company expects its parcel volume for 2026 to increase by 10% to 13% year over year, representing a parcel volume range of 42.37 billion to 43.52 billion. Such estimates represent management’s current and preliminary view, which are subject to change.

Exchange Rate

This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.9931 to US$1.00, the noon buying rate on December 31, 2025 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.

Use of Non-GAAP Financial Measures

The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per ADS attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating the Company’s operating results and for financial and operational decision-making purposes.

Reconciliations of the Company’s non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

The Company believe that such non-GAAP measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the related expenses and gains that the Company includes in income from operations and net income, and 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 the Company’s management in its financial and operational decision-making.

EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders presented here 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 ZTO’s data. ZTO encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

Conference Call Information

ZTO’s management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, March 17, 2026 (8:30 AM Beijing Time on March 18, 2026).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-317-6003

Hong Kong:

800-963-976

Mainland China:

4001-206-115

Singapore:

800-120-5863

International:

1-412-317-6061

Passcode:

5925555

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until March 24, 2026:

United States:

1-855-669-9658

International:

1-412-317-0088

Passcode:

7894484

Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com

About ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) (“ZTO” or the “Company”) is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.

ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.

For more information, please visit http://zto.investorroom.com

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and other similar expressions. Among other things, the business outlook and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the HKEX, 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 ZTO’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company’s results of operations and market share; any service disruption of the Company’s sorting hubs or the outlets operated by its network partners or its technology system; ZTO’s ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO’s filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:

Three Months Ended December 31,

Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

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

Revenues

12,919,702

14,510,701

2,075,003

44,280,720

49,098,667

7,021,016

Cost of revenues

(9,159,983)

(10,828,846)

(1,548,504)

(30,563,628)

(36,827,226)

(5,266,223)

Gross profit

3,759,719

3,681,855

526,499

13,717,092

12,271,441

1,754,793

Operating (expenses)/income:

Selling, general and administrative

(655,825)

(643,879)

(92,073)

(2,690,017)

(2,637,560)

(377,166)

Other operating income, net

349,277

151,380

21,647

749,784

840,980

120,259

Total operating expenses

(306,548)

(492,499)

(70,426)

(1,940,233)

(1,796,580)

(256,907)

Income from operations

3,453,171

3,189,356

456,073

11,776,859

10,474,861

1,497,886

Other income/(expenses):

Interest income

221,927

154,717

22,124

993,535

747,072

106,830

Interest expense

(71,784)

(27,204)

(3,890)

(337,919)

(248,612)

(35,551)

Gain/(loss) from fair value changes of
financial instruments

168,003

(9,247)

(1,322)

202,886

126,038

18,023

(Loss)/gain on disposal of equity
   investees, subsidiary and others

(21,212)

2,038

291

(10,518)

37,034

5,296

Impairment of investment in equity

investees

(258,551)

(931,367)

Impairment of goodwill

(84,431)

(12,073)

Foreign currency exchange (loss)/gain

before tax

(318)

(20,121)

(2,877)

(17,930)

1,542

221

Income before income tax, and share of

loss in equity method investments

3,491,236

3,289,539

470,399

11,675,546

11,053,504

1,580,632

Income tax expense

(1,059,086)

(638,131)

(91,252)

(2,845,361)

(1,905,236)

(272,445)

Share of income in equity method
   investments

14,659

41,809

5,979

57,410

87,393

12,497

Net income

2,446,809

2,693,217

385,126

8,887,595

9,235,661

1,320,684

Net income attributable to

non-controlling interests

(64,119)

(67,865)

(9,705)

(70,760)

(155,010)

(22,166)

Net income attributable to ZTO Express

(Cayman) Inc.

2,382,690

2,625,352

375,421

8,816,835

9,080,651

1,298,518

Net income attributable to ordinary

shareholders

2,382,690

2,625,352

375,421

8,816,835

9,080,651

1,298,518

Net earnings per share attributed to

ordinary shareholders

Basic

2.97

3.31

0.47

10.95

11.38

1.63

Diluted

2.89

3.31

0.47

10.70

11.19

1.60

Weighted average shares used in

calculating net earnings per ordinary

share/ADS

Basic

803,354,580

792,680,220

792,680,220

804,875,816

797,634,860

797,634,860

Diluted

836,920,680

793,297,332

793,297,332

838,441,916

820,802,763

820,802,763

Net income

2,446,809

2,693,217

385,126

8,887,595

9,235,661

1,320,684

Other comprehensive income/

(expenses), net of tax of nil:

Foreign currency translation adjustment

(124,108)

(23,046)

(3,296)

(103,970)

13,428

1,920

Comprehensive income

2,322,701

2,670,171

381,830

8,783,625

9,249,089

1,322,604

Comprehensive income attributable to

non-controlling interests

(64,119)

(67,865)

(9,705)

(70,760)

(155,010)

(22,166)

Comprehensive income attributable to

ZTO Express (Cayman) Inc.

2,258,582

2,602,306

372,125

8,712,865

9,094,079

1,300,438

 

Unaudited Consolidated Balance Sheets Data:

As of

December 31,

December 31,

2024

2025

RMB

RMB

US$

(in thousands, except for share data)

ASSETS

Current assets

Cash and cash equivalents

13,465,442

10,011,533

1,431,630

Restricted cash

37,517

29,129

4,165

Accounts receivable, net

1,503,706

1,287,475

184,106

Financing receivables

1,178,617

674,880

96,507

Short-term investment

8,848,447

15,620,892

2,233,758

Inventories

38,569

40,648

5,813

Advances to suppliers

783,599

719,277

102,855

Prepayments and other current assets

4,329,664

5,102,997

729,719

Amounts due from related parties

168,160

477,865

68,334

Total current assets

30,353,721

33,964,696

4,856,887

Investments in equity investees

1,871,337

1,951,910

279,119

Property and equipment, net

33,915,366

35,433,509

5,066,924

Land use rights, net

6,170,233

6,762,240

966,987

Intangible assets, net

17,043

52,758

7,544

Operating lease right-of-use assets

566,316

398,082

56,925

Goodwill

4,241,541

4,157,111

594,459

Deferred tax assets

984,567

1,103,655

157,821

Long-term investment

12,017,755

5,221,110

746,609

Long-term financing receivables

861,453

1,039,946

148,710

Other non-current assets

919,331

938,980

134,272

Amounts due from related parties-non current

421,667

TOTAL ASSETS

92,340,330

91,023,997

13,016,257

LIABILITIES AND EQUITY

Current liabilities

Short-term bank borrowing

9,513,958

10,934,419

1,563,601

Accounts payable

2,463,395

2,577,229

368,539

Advances from customers

1,565,147

1,833,131

262,134

Income tax payable

488,889

279,541

39,974

Amounts due to related parties

202,766

796,660

113,921

Operating lease liabilities

183,373

139,787

19,989

Dividends payable

14,134

19,659

2,811

Convertible senior bond

7,270,081

Other current liabilities

6,571,492

6,288,714

899,273

Total current liabilities

28,273,235

22,869,140

3,270,242

Long-term bank borrowing

18,000

2,574

Non-current operating lease liabilities

377,717

261,257

37,359

Deferred tax liabilities

1,014,545

615,073

87,954

Convertible senior bond

124,114

17,748

TOTAL LIABILITIES

29,665,497

23,887,584

3,415,877

Shareholders’ equity

Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;

  810,339,182 shares issued and 798,622,719 shares outstanding as of December 31,
  2024; 795,528,169 shares issued and 790,812,316 shares outstanding as of December
  31, 2025)

523

513

73

Additional paid-in capital

24,389,905

24,000,698

3,432,054

Treasury shares, at cost

(1,131,895)

(254,480)

(36,390)

Retained earnings

39,098,553

42,918,864

6,137,316

Accumulated other comprehensive loss

(294,694)

(281,266)

(40,220)

ZTO Express (Cayman) Inc. shareholders’ equity

62,062,392

66,384,329

9,492,833

Noncontrolling interests

612,441

752,084

107,547

Total Equity

62,674,833

67,136,413

9,600,380

TOTAL LIABILITIES AND EQUITY

92,340,330

91,023,997

13,016,257

 

Summary of Unaudited Consolidated Cash Flow Data:

Three Months Ended December 31,

Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in thousands)

Net cash provided by operating activities

2,806,349

4,226,269

604,348

11,429,436

11,968,419

1,711,461

Net cash provided by/(used) in investing

   activities

2,974,348

(78,533)

(11,230)

(5,980,724)

(4,827,106)

(690,267)

Net cash used in financing

activities

(4,031,871)

(3,517,215)

(502,955)

(4,995,180)

(10,567,203)

(1,511,090)

Effect of exchange rate changes on cash,

cash equivalents and restricted cash

34,377

(6,184)

(884)

26,105

(58,340)

(8,343)

Net increase in cash, cash equivalents

and restricted cash

1,783,203

624,337

89,279

479,637

(3,484,230)

(498,239)

Cash, cash equivalents and restricted

cash at beginning of period

11,747,744

9,422,380

1,347,382

13,051,310

13,530,947

1,934,900

Cash, cash equivalents and restricted

cash at end of period

13,530,947

10,046,717

1,436,661

13,530,947

10,046,717

1,436,661

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:

As of

December 31,

December 31,

2024

2025

RMB

RMB

US$

(in thousands)

Cash and cash equivalents

13,465,442

10,011,533

1,431,630

Restricted cash, current

37,517

29,129

4,165

Restricted cash, non-current

27,988

6,055

866

Total cash, cash equivalents and restricted cash 

13,530,947

10,046,717

1,436,661

 

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended December 31,

Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

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

Net income

2,446,809

2,693,217

385,126

8,887,595

9,235,661

1,320,684

Add:

Share-based compensation expense [1]

6,768

2,993

428

318,692

229,250

32,782

Impairment of investment in equity
   investees [1]

258,551

931,367

Impairment of goodwill

84,431

12,073

Loss / (gain) on disposal of equity
   investees, subsidiary and others, net
   of income taxes

21,212

(1,683)

(241)

12,705

(36,654)

(5,241)

Adjusted net income

2,733,340

2,694,527

385,313

10,150,359

9,512,688

1,360,298

Net income

2,446,809

2,693,217

385,126

8,887,595

9,235,661

1,320,684

Add:

Depreciation

714,289

842,389

120,460

2,882,579

3,224,811

461,142

Amortization

36,793

39,593

5,662

140,827

154,667

22,117

Interest expenses

71,784

27,204

3,890

337,919

248,612

35,551

Income tax expenses

1,059,086

638,131

91,252

2,845,361

1,905,236

272,445

EBITDA

4,328,761

4,240,534

606,390

15,094,281

14,768,987

2,111,939

Add:

Share-based compensation expense

6,768

2,993

428

318,692

229,250

32,782

Impairment of investment in equity
   investees

258,551

931,367

Impairment of goodwill

84,431

12,073

Loss / (gain) on disposal of equity
   investees, subsidiary and others,
   before income taxes

21,212

(2,038)

(291)

10,518

(37,034)

(5,296)

Adjusted EBITDA

4,615,292

4,241,489

606,527

16,354,858

15,045,634

2,151,498

(1)  Net of income taxes of nil

 

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended December 31,

Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

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

Net income attributable to ordinary
   shareholders

2,382,690

2,625,352

375,421

8,816,835

9,080,651

1,298,518

Add:

Share-based compensation expense [1]

6,768

2,993

428

318,692

229,250

32,782

Impairment of investment in equity
   investees [1]

258,551

931,367

Impairment of goodwill

84,431

12,073

Loss / (gain) on disposal of equity
   investees, subsidiary and others, net
   of income taxes

21,212

(1,683)

(241)

12,705

(36,654)

(5,241)

Adjusted Net income attributable to
   ordinary shareholders

2,669,221

2,626,662

375,608

10,079,599

9,357,678

1,338,132

Weighted average shares used in
   share/ADS calculating net earnings
   per ordinary

Basic

803,354,580

792,680,220

792,680,220

804,875,816

797,634,860

797,634,860

Diluted

836,920,680

793,297,332

793,297,332

838,441,916

820,802,763

820,802,763

Net earnings per share/ADS
   attributable to ordinary shareholders

Basic

2.97

3.31

0.47

10.95

11.38

1.63

Diluted

2.89

3.31

0.47

10.70

11.19

1.60

Adjusted net earnings per share/ADS
   attributable to ordinary shareholders

Basic

3.32

3.31

0.47

12.52

11.73

1.68

Diluted

3.24

3.31

0.47

12.20

11.52

1.65

(1)  Net of income taxes of nil

For investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508

YY Group Announces Strategic Investment in Arros AI, an NVIDIA Inception Program Member

AI and Robotics Collaborations, Expanding Manpower Client Portfolio, and Growing IFM Pipeline Reinforce FY2026 Revenue Guidance of US$103 Million to US$110 Million

Strengthening Next-Generation Workforce Technology and AI Hiring Infrastructure

SINGAPORE, March 18, 2026 /PRNewswire/ —  YY Group Holding Limited (NASDAQ: YYGH) (“YY Group” or the “Company”), a global leader in on-demand workforce solutions and integrated facilities management (IFM), today announced a strategic technology partnership with Fuku Advanced AI Inc. (“Arros AI”), a member of the NVIDIA Inception program. This investment is designed to strengthen YY Group’s next-generation workforce technology and AI hiring infrastructure, further enhancing its flagship YY Circle platform. The partnership is part of a broader set of strategic and operational initiatives the Company is executing to support its FY2026 revenue guidance of US$103 million to US$110 million, as announced on March 12, 2026.

Technology and Innovation: Advancing the Platform

Under the partnership with Arros AI, YY Group will integrate AI-powered candidate discovery, screening, ranking and interviewing capabilities into the YY Circle platform to improve recruiting efficiency, reducing time-to-fill, and enhance platform scalability across key markets. The collaboration reflects YY Group’s broader strategy to strengthen its workforce technology stack and operational efficiency as it scales across hospitality and adjacent service sectors. The companies are also exploring a strategic investment and milestone-based incentive framework, subject to definitive agreements and applicable approvals, to align both parties around successful deployment and measurable commercial outcomes. Kevin Gao, Founder and CEO of Arros AI, said: “We are excited to support YY Group as it scales YY Circle across multiple markets. Our focus is to help workforce platforms make faster, more accurate hiring decisions through AI-powered screening, ranking, and interviewing infrastructure. We believe this partnership can become a strong example of how AI improves recruiter productivity and platform scalability in large-scale manpower operations.”

Separately, YY Group launched a robotics pilot program in Las Vegas, Nevada this month, to evaluate the deployment of hospitality and security robotics in one of the world’s largest hospitality markets. Marking the Company’s first foray into the U.S. market, this program builds on the Company’s formal partnership with KEENON Robotics, a global leader in commercial service robots, under which the two companies are developing integrated human-robot collaboration service models for the hospitality sector. Pilot deployments are already underway in Malaysia and Singapore. These solutions are designed to support and augment human staff across functions such as banquet event support, cleaning, and facility maintenance. The Company expects its robotics initiatives to improve operating margins within its IFM business by enhancing workforce productivity and service consistency, while also creating differentiated human-robot service packages that can be marketed to manpower segment clients as a premium offering.

YY Circle Hong Kong: Rapid Scale Following 2025 Acquisition

Since acquiring YY Circle Hong Kong in April 2025, the Company has secured 20 strategic hotel partnerships in the market, including 12 announced in January 2026 and eight additional multi-year service agreements signed in March 2026. As a result, YY Group now projects HKD 100 million in revenue in 2026 for its Hong Kong operations, representing more than 1,000% growth over the partial-year 2025 revenue base. Hong Kong’s trajectory provides a clear demonstration of the Company’s market entry playbook — acquire a local platform, land premium hospitality clients, build workforce density, and scale rapidly — a model the Company is quickly replicating across its other growth markets.

YY Circle Thailand: Deepening Presence in Luxury Hospitality

In March 2026, YY Circle Thailand secured a one-year manpower outsourcing contract with The Landmark Bangkok, one of Thailand’s most prominent five-star hotels. The Landmark joins a growing portfolio of internationally recognized hospitality clients in Thailand, including Shangri-La, Banyan Tree, Hyatt, Sheraton, and JW Marriott. Each new partnership strengthens the operational density and workforce utilization needed to build Thailand into a meaningful revenue-contributing market alongside the Company’s established subsidiaries in Singapore, Hong Kong, and Malaysia.

YY Circle Malaysia: Expanding Beyond Hospitality into Retail

YY Circle Malaysia announced plans to expand its retail promoter workforce from approximately 120 personnel to nearly 600 in 2026, which is expected to boost the subsidiary’s revenue contribution to approximately US$14 million for the full year. This expansion into the retail sector builds on the subsidiary’s earlier success in securing six major hospitality deals in 2025, demonstrating the portability of the Company’s workforce model into adjacent high-demand verticals.

Singapore: Deepening IFM Client Relationships and Service Capabilities

In December 2025, YY Group secured a three-year facility maintenance contract with a major international bank in Singapore, marking the Company’s entry into the banking and financial services sector. The multi-year agreement, under which YY Group provides cleaning operations, building maintenance support, and integrated service coordination across the bank’s portfolio of facilities, adds a high-quality recurring revenue stream and further diversifies the Company’s IFM client base beyond its established presence in hotels, shopping malls, hospitals, and commercial office buildings.

Underpinning this client win are several strategic IFM acquisitions completed during 2025, which significantly broadened the Company’s service capabilities in Singapore. Property Facility Services Pte. Ltd., a property management firm with 24 years of industry expertise, is projected to contribute US$28 million in revenue over three years. Uniforce Security Pte. Ltd. marked YY Group’s entry into Singapore’s security market and is projected to contribute US$35 million in revenue over three years. The Company also acquired Pesticide Pest Control Pte. Ltd., adding another essential service vertical. These acquisitions are connected through 24iFM, the Company’s unified digital IFM platform. Together, these moves position YY Group to offer bundled facility management solutions through a single integrated provider, supporting deeper client relationships and recurring revenue growth across Singapore’s commercial and institutional markets.

FY2026 Outlook

These developments contribute to a growing base of contracted revenue and pipeline visibility that supports the Company’s FY2026 revenue guidance of US$103 million to US$110 million. YY Group’s capital and resources remain focused on scaling its core manpower and IFM operations and investing in the people, technology, and operational infrastructure that drive revenue growth. The Company expects to report full results for fiscal year 2025 on or around April 30, 2026.

Mike Fu, CEO of YY Group, said, “Rapid operational progress across our key markets reinforces our confidence in the FY2026 targets we set earlier this month. YY Circle Hong Kong has moved from acquisition to 20 hotel partnerships and a projected HKD 100 million revenue run-rate in under two years — a powerful validation of the market entry playbook that we are now replicating in Thailand, Malaysia and other high-growth markets.”

“Each new client win and market expansion adds to our contracted revenue base and pipeline visibility, while our technology investments are designed to drive operating efficiency and support higher margins as we scale,” Mr. Fu continued. “Our capital and resources are deployed where they generate the highest returns: in our people, our platform, and our client relationships. We remain committed to converting this strong operational momentum into long-term value for our shareholders.”

About YY Group Holding Limited

YY Group Holding Limited (Nasdaq: YYGH) is a Singapore-headquartered, technology-enabled platform providing flexible, scalable workforce solutions and integrated facility management (IFM) services across Asia and beyond. The Group operates through two core verticals: on-demand staffing and IFM, delivering agile, reliable support to industries such as hospitality, logistics, retail, and healthcare.

Leveraging proprietary digital platforms and IoT-driven systems, YY Group enables clients to meet fluctuating labor demands and maintain high-performance environments. In addition to its core operations in Singapore and Malaysia, the Group maintains a growing presence in Asia, Europe, Africa, Oceania and the Middle East.

Listed on the Nasdaq Capital Market, YY Group is committed to service excellence, operational innovation, and long-term value creation for clients and shareholders.

For more information on the Company, please visit https://yygroupholding.com/.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the YY Group Holding Limited’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the hospitality market (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release, and YY Group Holding Limited undertakes no duty to update such information, except as required under applicable law.

Investor Contact
Jason Phua Zhi Yong, Chief Financial Officer
YY Group
enquiries@yygroupholding.com