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SMU establishes new scholarship with S$3 million gift from Mrs Margaret Chan-Lien

20 scholarships annually to enable financially challenged students to pursue transformative learning experiences through international student exchange programmes

SINGAPORE, Feb. 20, 2025 /PRNewswire/ — From August 2025, more financial support will be made available to Singapore Management University (SMU) undergraduates pursuing international student exchange programmes. The University today announced the establishment of the Margaret Chan-Lien International Exchange Scholarship programme, which will make available 20 new scholarships for students with financial challenges. The scholarship programme has been made possible by a generous S$3 million endowed gift from philanthropist Mrs Margaret Chan-Lien.

In celebration of SMU’s 25th anniversary, this landmark contribution reinforces the University’s commitment to enabling students with financial needs to broaden their worldview and deepen their global perspectives, and equipping them to thrive in an interconnected world. The opportunity will also expand their network and may open doors to new possibilities that will uplift their aspirations, future careers and families.

Commencing in Academic Year (AY) 2025/2026, the new scholarship programme will offer:

  • 8 exchange scholarships annually, valued at S$5,000 each, for one semester of study at SMU’s partner universities in Asia; and
  • 12 exchange scholarships annually, valued at S$10,000 each, for one semester of study at SMU’s partner universities outside of Asia

The scholarship is open to all SMU undergraduates who are Singapore citizens or Singapore Permanent Residents, with demonstrated financial needs and good academic results. It will provide financial support towards recipients’ global exchange expenses, including air travel, accommodation, living expenses and/or other study-related expenses.

With this support, students from financially-challenged backgrounds can confidently embark on their overseas learning experience – one that will broaden horizons and foster international networks, as well as build character and qualities such as independence, empathy and adaptability.

In expressing her deep gratitude for the gift, SMU President, Professor Lily Kong, said, “This gift is especially meaningful as we celebrate SMU’s 25th anniversary. It reflects the spirit of our institution, one that nurtures lifelong learners and change agents with a global mindset. On behalf of the entire SMU community, I extend my heartfelt gratitude to Mrs Lien for her generosity and vision. Her belief in the power of education and international experiences will leave a lasting imprint on generations of students to come. I look forward to seeing the journeys that this scholarship will make possible, the impact on our students, as well as the impact our students will create, both at home and across the world.”

Mrs Margaret Chan-Lien’s generosity is rooted in her own appreciation of global exposure and its profound impact on her personal and professional growth. “I believe in the importance of global exposure, having seen firsthand the profound impact it has had on my family members. I hope this scholarship will enable SMU students to develop independence, resilience and adaptability, and to become culturally aware global citizens who remain deeply rooted in Singapore with a strong sense of national pride. Every student, regardless of financial circumstances, should have the opportunity to explore the world and embrace its possibilities,” she said.

Global exposure and student exchange programmes at SMU

SMU takes pride at being the first university in Singapore to make global exposure a graduation requirement. We aspire to have 100% of our students embark on at least one global experience, which may take the form of an international student exchange programme, international internship, overseas community service programme, study mission, summer school, and SMU-X overseas projects.

In regard to international student exchange programmes, SMU has a global network of over 220 partner universities across more than 150 cities in 45 countries where students get to experience a transformative learning experience.

Student financial support at SMU

SMU practises a ‘needs-blind’ admission policy where no deserving student will be deprived of an education because of financial hardship. Grants, bursaries, loans and scholarships are available for students with financial needs, so that they can focus on their studies and enjoy an enriching educational journey at SMU without worry.

In AY2024, over $10 million was set aside in financial aid (including grants, bursaries, needs-based scholarships, awards and loans) to students, combining university resources as well as donor-supported schemes. This is in addition to schemes such as SMU Access which guarantees eligible students a financial assistance package equivalent to 100 per cent of tuition fees for up to four academic years, after taking into account all scholarships, bursaries and other grants. There is no limit to the number of recipients covered under SMU Access. 

In January 2025, SMU announced the refreshed SMU Access Plus scheme, which extends additional support to students from lower-income families beyond full tuition coverage. Starting AY 2025, Singaporean students with a per capita income (PCI) of $1,100 or below will have their government bursary topped up by SMU Access Plus to fully cover tuition fees; and if their PCI is $750 or below, they will also get an annual living allowance of $4,000. And, starting AY2026, all undergraduates with a PCI of $2,500 or below will receive a $4,000 global experience grant over four years, in line with SMU’s commitment to global exposure.

About SMU

A premier university in Asia, SMU is internationally recognised for its world-class research and distinguished teaching. Established in 2000, SMU’s mission is to generate leading-edge research with global impact and to produce broad-based, creative, and entrepreneurial leaders for the knowledge-based economy. SMU’s education is known for its highly interactive, collaborative, and project-based approach to learning.

Home to over 13,000 students across undergraduate, postgraduate professional and postgraduate research programmes, SMU comprises eight schools: School of Accountancy, Lee Kong Chian School of Business, School of Economics, School of Computing and Information Systems, Yong Pung How School of Law, School of Social Sciences, College of Integrative Studies, and College of Graduate Research Studies. SMU offers a wide range of bachelors’, masters’, and PhD degree programmes in the disciplinary areas associated with its schools, as well as in multidisciplinary combinations of these areas.

SMU emphasises rigorous, high-impact, multi- and interdisciplinary research that addresses Asian issues of global relevance. SMU faculty members collaborate with leading international researchers and universities around the world, as well as with partners in the business community and public sector. SMU’s city campus is a modern facility located in the heart of downtown Singapore, fostering strategic linkages with business, government, and the wider community. www.smu.edu.sg

Yuchai Enters Into Strategic Agreement in Vietnam

SINGAPORE, Feb. 20, 2025 /PRNewswire/ — China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”) one of the largest powertrain solution manufacturers through its main operating subsidiary in China, Guangxi Yuchai Machinery Company Limited (“Yuchai”), today announced that Yuchai had entered into a comprehensive strategic cooperation agreement with Kim Long Motor Hue (“Kim Long Motor”), a subsidiary of Vietnam’s FUTA Group.  The scope of the strategic cooperation consists of the grant and provision of technology licenses, component supply and related support, and services for the construction of an engine factory at Kim Long Motor’s designated site in Vietnam.

Yuchai has granted Kim Long Motor the technology licensing rights for certain model engine series. These engine models will be manufactured primarily for trucks, buses and other commercial vehicles in Vietnam.  Kim Long Motor will have exclusive sales rights for the licensed engines in the Vietnam market, along with priority sales rights in other Asean countries and South Korea. Additionally, Kim Long Motor has aftermarket service rights in these countries. These licenses are valid for 15 years, with total licensing fees of US$28 million

Yuchai will support the construction of the engine factory in Vietnam by providing technical services for equipment installation and commissioning at Kim Long Motor’s expense.  Yuchai will also supply all engine assembly parts and service kits for these engines manufactured by Kim Long Motor in Vietnam.

Mr. Weng Ming Hoh, President of China Yuchai, commented, “This cooperation agreement is an important project to further penetrate the important ASEAN-Korean trade areas, and supports our global growth.” 

About Kim Long (https://kimlongmotor.com.vn)

KIM LONG MOTOR specializes in automobile manufacturing, assembly, and trading; automotive parts and components manufacturing; and industrial park infrastructure trading. The KIM LONG MOTOR Hue Automotive Manufacturing and Assembly Industrial Zone is a comprehensive complex comprising bus, minibus, truck, passenger car assembly plants, and facilities for manufacturing engines, axles, gearboxes, chassis cutting, and automotive technology support industries.

About China Yuchai International

China Yuchai International Limited, through its subsidiary Guangxi Yuchai Machinery Company Limited (“Yuchai”), is one of the leading powertrain solution providers in China. Yuchai specializes in the design, manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, pickups, construction and agricultural equipment, and marine and power generation applications.  Yuchai offers a comprehensive portfolio of powertrain solutions, including but not limited to diesel, natural gas, and new energy products such as pure electric, range extenders, and hybrid and fuel cell systems.  Through its extensive network of regional sales offices and authorized customer service centers, Yuchai distributes its engines directly to auto OEMs and distributors while providing after-sales services across China and globally.  Founded in 1951, Yuchai has established a reputable brand name, strong research and development team, and significant market share in China. Known for its high-quality products and reliable after-sales support, Yuchai has also expanded its footprint into overseas markets.  In 2023, Yuchai sold 313,493 engines and is recognized as a leading manufacturer and distributor of engines in China.  For more information, please visit http://www.cyilimited.com

Safe Harbor Statement:

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

For more information:

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

 

Silicon Quantum Computing achieves world-leading accuracy of Grover’s algorithm without error correction

SYDNEY, Feb. 20, 2025 /PRNewswire/ — Silicon Quantum Computing (SQC), a pioneer in quantum computing and atomic manufacturing, today announced that it has demonstrated world-leading accuracy in the operation of Grover’s algorithm without error correction, i.e. in its native pure form. This proves the strategic advantage of SQC’s high-quality qubits and atomic precision manufacturing and brings the transformative prospect of reliable commercial-scale quantum computing one step closer.


SQC’s demonstration of Grover’s algorithm

“The world-leading performance of our quantum processor validates our quality-first approach,” said SQC’s Founder and CEO, Michelle Simmons. “In the race to deliver commercially viable quantum computers, what ultimately matters is not how many qubits you have, but the quality of your qubits. Throwing thousands or millions of low-quality qubits at the problem is not going to work.”

Simmons added, “Prioritizing qubit quality and precision manufacturing is the key to scalability, developing commercial applications, and unlocking the full potential of quantum technology.”

Grover’s algorithm for fast database searching is one of the foundational algorithms that sparked the race to quantum computing. SQC’s quantum processor achieved up to 98.9% accuracy of the theoretical maximum of Grover’s algorithm, considerably higher than any other quantum system. Published in the prestigious journal Nature Nanotechnology on 20 February 2025, the world-leading result positions SQC as a leading contender in the race to deliver a commercial-scale quantum computer.

Strategic advantages in the race to commercial-scale quantum computing

“This unparalleled achievement is a significant milestone on SQC’s technology journey,” said SQC Chair and former ARM CEO Simon Segars. “With the highest quality qubits and atomic-scale manufacturing, SQC has multiple strategic advantages that position it as a leader in the race to develop quantum computers that can deliver reliable, real-world, commercial solutions.” 

High-quality qubits

High error rates are a critical barrier to creating quantum computers. Unlike quantum technology platforms that use artificially manufactured qubits, SQC’s qubits are naturally formed from phosphorus atoms, precision engineered in pure silicon. These qubits have demonstrated longer coherence times, higher stabilities and now lower error rates, thereby providing a pathway to a high performing, efficient and economical quantum computer.

Atomic precision manufacturing

SQC’s ultra-high precision proprietary manufacturing enables it to build silicon chips with features at the atomic scale. The fully integrated in-house manufacturing process enables SQC to rapidly iterate chip designs within 1-2 weeks, significantly faster than other quantum computing companies who rely on third-party inputs and suppliers.

Simmons added, “Our record performance on Grover’s algorithm validates the path that we’re on and the strength of our qubit manufacturing and precision engineering. We look forward to posting more market leading progress.

Read the full paper here: https://www.nature.com/articles/s41565-024-01853-5 

Authors: I. Thorvaldson, D. Poulos, C. M. Moehle, S. H. Misha, H. Edlbauer, J. Reiner, H. Geng, B. Voisin, M. T. Jones, M. B. Donnelly, L. F. Pena, C. D. Hill, C. R. Myers, J. G. Keizer, Y. Chung, S. K. Gorman, L. Kranz, and M. Y. Simmons

Media enquiries

Bernadette Jolley
E:  press@sqc.com.au

About Silicon Quantum Computing:

Silicon Quantum Computing Pty Limited (SQC) is at the forefront of global efforts to build a commercial-scale quantum computer and bring quantum computing to market.  Established in May 2017, it is the world’s first atomic precision manufacturing company focused on delivering the highest quality qubits and commercial outcomes as they scale. SQC has significant backing from Telstra, the Commonwealth Bank of Australia, UNSW Sydney, and the Australian Federal and New South Wales governments. With AU$283m in funding to date and a highly integrated team of engineers, SQC has developed a full-stack quantum computer in-house and is capable of rapid iteration and product deployment at speed. 

www.sqc.com.au  

TAOKE ENERGY And CATL Reached A 300 MWh Battery Purchase Agreement

TOKYO, Feb. 20, 2025 /PRNewswire/ — On February 20, the second day of the World Smart Energy Week exhibition in Japan, TAOKE ENERGY and CATL reached a battery procurement agreement with a total capacity of 300MWh. The batteries will be used for TAOKE ENERGY’s grid-scale ESS projects during 2025. Since 2023, TAOKE ENERGY has been focused on the development and sales of high-voltage grid-scale ESS in Japan. As its ESS business in Japan continues to expand over the past two years, so following last year’s 350MWh procurement contract, TAOKE ENERGY has once again reached a new procurement agreement with CATL this year.

TAOKE ENERGY And CATL Reached A 300 MWh Battery Purchase Agreement
TAOKE ENERGY And CATL Reached A 300 MWh Battery Purchase Agreement

In recent years, grid-scale ESS has emerged as a rising star in Japan’s new energy field, showing rapid development and attracting many investors, entrepreneurs and traders. TAOKE ENERGY’s advantage lies in its early market layout, which has enabled it to seize this opportunity. Looking ahead, TAOKE ENERGY will continue to focus on providing diversified development solutions for grid-scale ESS in Japan.

So far, TAOKE ENERGY has successfully developed 24 grid-scale ESS projects in Japan, 11 of which are self-invested. In the future, TAOKE ENERGY will adhere to multiple strategies of self-investment and joint investment on seeking more partners for in-depth cooperation and gain success together!

As the battery supplier for TAOKE ENERGY, CATL has kept providing safe and reliable products for years. While signing this agreement, CATL also made supportive commitments to TAOKE ENERGY in terms of pricing and delivery schedules. In the future, the two enterprises will further consolidate their win-win cooperative relationship, leverage their respective strengths, and jointly explore a broader market in Japan’s new energy field!

Consulting Information:
Taoke Energy co., ltd
Adress: 105-0012 Komatsu building 3F,Shibadaimon1-11-4,Minato-ku, Tokyo, Japan
Tel.: 03-6452-8666
Email: sales@taoke-energy.com
HP: https://www.taoke-energy.com/

111 to Announce Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results on March 20, 2025 – Conference Call to Follow

SHANGHAI, Feb. 20, 2025 /PRNewswire/ — 111, Inc. (NASDAQ: YI) (“111” or the “Company”), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced that it will report its unaudited financial results for the fourth quarter and fiscal year 2024 ended December 31, 2024, before the U.S. market opens on Thursday, March 20, 2025.

111’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Thursday, March 20, 2025 (7:30 PM Beijing Time on the same day).

Details for the conference call are as follows:

Conference Topic: 111, Inc. Fourth Quarter and Fiscal Year 2024 Earnings Conference Call
Registration Link: https://s1.c-conf.com/diamondpass/10045645-1mt3o7.html

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will then be provided with the dial in number, the Passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

Please dial in 15 minutes before the call is scheduled to begin. To join the conference, simply dial the number in the calendar invite and enter the passcode followed by your PIN, and you will join the conference instantly.

A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/29mixmoj.

A telephone replay of the call will be available after the conclusion of the conference call until March 27, 2025.

China: 4001209216
United States: +1-855-883-1031
International: +61-7-3107-6325
Conference ID: 10045645

About 111, Inc.

111, Inc. (NASDAQ: YI) (“111” or the “Company”) is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company’s online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.

For more information on 111, please visit: http://ir.111.com.cn/.

NetEase Cloud Music Inc. Reports Fiscal Year 2024 Financial Results

HANGZHOU, China, Feb. 20, 2025 /PRNewswire/ — NetEase Cloud Music Inc. (HKEX: 9899 or the “Company”), a leading interactive music streaming service provider in China, today announced its financial results for the fiscal year 2024 ended December 31, 2024.

Summary of Key Financial Metrics 
(RMB in thousands, unless otherwise stated)

Year ended 31 December

2024

2023

(Unaudited)

(Unaudited)

Revenue

7,950,146

7,866,992

Gross profit

2,681,512

2,102,670

Profit before income tax

1,570,255

767,679

Profit for the period

1,565,369

734,182

Non-IFRS measure:

Adjusted net profit (1)

1,700,078

818,500

Fiscal Year 2024 Key Financial Highlights

  • Revenue was RMB8.0 billion, an increase of 1.1% compared with RMB7.9 billion in 2023.
    • Online music services:
      • Revenue from online music services was RMB5.4 billion, an increase of 23.1% compared with RMB4.4 billion in 2023.
      • Revenue from sales of membership subscriptions increased to RMB4.5 billion from RMB3.6 billion in 2023, driven by an increase in monthly paying users of online music services with the enhanced product and content offerings of our membership services.
    • Social entertainment services and others:
      • Revenue from social entertainment services and others was RMB2.6 billion, compared with RMB3.5 billion in 2023. The decline was primarily attributed to a more prudent operational approach for our social entertainment services, along with a focused emphasis on core music business.
  • Gross profit was RMB2.7 billion, an increase of 27.5% compared with RMB2.1 billion in 2023, due to increased revenues from online music services and continued improvement in cost control measures.
  • Gross margin improved to 33.7% from 26.7% in 2023. A one-off adjustment of certain content licensing fees increased the gross profit margin by approximately 1.3 percentage points in 2024.
  • Net profit increased by 113.2% to RMB1,565.4 million, compared with net profit of RMB734.2 million in 2023.
  • Adjusted net profit reached RMB1,700.1 million, compared with adjusted net profit of RMB818.5 million in 2023.

Note:
(1) Adjusted net profit is defined as profit for the year attributable to the equity holders of the Company adjusted by adding back equity-settled share-based payments as appropriate.

Business Overview

Throughout 2024, we focused intently on strengthening our core music business while nurturing an enduring and vibrant music-centric community. By enriching our premium offerings such as expanding our content library, refining personalised recommendations, introducing innovative features, and fostering a stronger sense of community, we further deepened user engagement. Additionally, the rollout of enhanced membership benefits spurred rapid growth in our subscription-based memberships, further driving robust revenue growth in our core online music business and profitability.

We continued to engage users across our leading music-inspired community. Our total monthly active users (MAUs) steadily increased and our DAU/MAU ratio remained above 30%. We further enhanced music discovery and consumption via improved personalised recommendations and comprehensive audio-visual experiences. We broadened interactive scenarios across various user-generated content (UGC) formats to further cultivate our music-centric community, driving increased community content generation, consumption and user interactions. Through these efforts, users became more engaged and spent more time on our mobile app. We also continued to expand our music consumption scenarios by partnering with several NetEase games.

Through our rich library of licensed music and original music, we have built a comprehensive and distinctive content ecosystem. In 2024, we continually expanded our music content library, emphasising trending music interests among younger generations while maintaining a focus on improving efficiency. Additions from major Korean music labels, including JYP Entertainment, Kakao Entertainment and CJ ENM, continued to round out our library. We remain dedicated to promoting the growth of high-quality Chinese original music. In 2024, we celebrated the 10th anniversary of our independent musician platform. We have continuously enhanced our in-house music. In 2024, several in-house tracks gained popularity, such as “Follow” ( 《罗生门》).

In 2024, our efforts to strengthen our music-centric monetisation accelerated our growth in online music revenue year-over-year. Revenue from subscription-based memberships grew 22.2% year-over-year, fuelled by an increase in our subscriber base, though slightly offset by a dilution in monthly ARPPU (average revenue per paying user). We rolled out premium offerings, including expanded content and cutting-edge features, expanded membership privileges (such as functional tools, social features and dress-up privileges) and joint programs with external partners. Notably, membership retention rates, time spent and activity ratios grew year over year across our rapidly expanding subscriber base.

We further improved our profitability in 2024, having benefited from economies of scale from our increased subscriber base, strong monetisation of our core online music business and ongoing cost optimisation initiatives. Our gross margins reached 33.7%, up from 26.7% in 2023, and our adjusted net profit surged to RMB1,700.1 million in 2024, more than doubling from RMB818.5 million in 2023.

Looking ahead, our focus will remain on delivering exceptional music experiences, fostering a thriving community, elevating user engagement, and strengthening our operational capabilities. Our strategic vision includes the following key initiatives:

  • Further diversifying and enhancing our differentiated content offerings with greater efficiency: We plan to deepen our collaboration with copyright holders, boost our independent artist incubation capabilities and elevate our in-house music production competencies, emphasising our strengths in key music genres;
  • Cultivating our dynamic music-driven community ecosystem: By enriching our offerings with innovative interactive features and expanding opportunities for user communication and connection, we will create more engaging and immersive experiences for our user community;
  • Driving user willingness to pay for and subscribe to premium offerings: Through enhanced user experiences, deeper engagement, improved membership benefits and expanded consumption scenarios, we will strengthen the appeal of our premium offerings.
  • Optimising profitability through disciplined approach to operations: We will continue to focus on cost optimisation, operating efficiency and disciplined cost management to achieve sustainable growth.

Comprehensive and differentiated content ecosystem

We actively broadened our content library to offer users a comprehensive and diverse range of licensed and original music. In 2024, we maintained a steady growth of our music library in terms of the number and variety of music tracks. In addition to rounding out top-tier music, we focused on promoting music genres favoured by music lovers on our platform.

Enhancing partnerships with copyright holders

Throughout the Reporting Period, we remained dedicated to forging expansion of our collaborations with music copyright holders in a cost-effective manner.

  • Amplifying offerings in signature music genres. Music genres such as hip-hop, rock, Japanese ACG and Western music have surged in popularity on our platform. We broadened our content library in those signature genres, including a newly signed strategic partnership with Modern Sky Entertainment. We are also featuring new songs from rappers like KeyNG, VaVa, AIR, Sha Yiting (沙一汀), as well as rock band Penicillin and artist Dou Wei (窦唯). Additionally, we are pursuing copyright collaborations with Western artists, particularly in electronic music, hip-hop, folk and rock genres, including a recent agreement with Galen Grew.
  • Expansive catalogue of music labels. We continued enriching our catalogue of music labels, forming new partnerships with major domestic and international labels and artists. We were pleased to sign copyright agreements with major K-Pop labels, including JYP Entertainment and CJ Entertainment. Additionally, we established a strategic collaboration partnership with Kakao Entertainment. Moreover, we signed a copyright cooperation agreement with Li Jian (李健), authorizing the full release of his classic works including “Legend” (《传奇》) and “Baikal Lake” (《贝加尔湖畔》).
  • In-depth collaborations with our copyright partners. We worked closely with copyright holders to enhance both content distribution and commercialisation. These efforts drove remarkable digital and physical album sales on our platform.

Strengthening our leading independent artists’ ecosystem

We are committed to investing in initiatives that aid musicians in music creation, promotion and financial support to help them grow their influence and revenue. As of the end of December 2024, our platform had over 773,500 registered independent artists who contributed approximately 4.4 million music tracks. In 2024, our NetEase Musician platform celebrated its 10th anniversary. To celebrate, we launched a series of activities that showcased musicians’ 10-year journey, fostering growth, belonging and artists’ connection with fans on the platform.

  • Supporting musicians in content creation. Our diverse range of support throughout the creative process helps artists actualise their creative potential, such as our all-in-one AI music creation tool, NetEase Tianyin. We also organised co-working camps to bring together emerging music talents for collaboration. At our recent in-person camp, we hosted top overseas musicians like Marc Dold and Yuto for the first time to conduct masterclasses and offer guidance to aspiring artists.
  • Exploring and improving the exposure of musicians and their work. In 2024, our region-oriented music promotions included our renowned City Tour Guide special planning series (城市云游指南), for which we released the Northeast Special Edition, and launched a new event in Guizhou and Suzhou. Our Project Cornerstone (石头计划) released nine compilation albums featuring fresh talent from diverse regions. To foster talent in our signature music genres, we introduced the Chinese Rap Rookie Award (中文说唱新人赏), focusing on identifying rising rap talent. We released a new project “Rap Map” (说唱地图) to help users better understand Dialect rap. We also launched the “Nation” (呐•声) project, featuring a fusion of ethnic and contemporary popular music.
  • Helping musicians realise commercial value. We rolled out the latest phase of our renowned musician support project, “Project Cloud Ladder 2024” (云梯计划2024), which further bolsters financial backing for musicians by offering a more attractive financial settlement mechanism and a broader scope of incentives.

Developing and promoting differentiated in-house music

Drawing on our musical expertise, diverse user base and deep user insights, our in-house studios focused on producing high-quality music content. This approach caters to the diverse preferences of different audiences, particularly for the younger generation who is eager to discover new high-quality music. Multiple tracks developed in-house have gone viral on both our community and external platforms.

In 2024, our in-house studios successfully produced and popularised multiple hit songs. We focused on top music genres, such as hip-hop, and produced multiple popular hip-hop tracks, including “Follow” (《罗生门》), “Hai Shi Hui Xiang Ni” (《还是会想你》), “5:20 AM” (《5: 20 AM》), “Xie Tian Xie Di” (《谢天谢帝》) and “Ren Shang Ren”《( 人上人》). Our in-house version of 《Dehors》has gained significant popularity. The song combines Cantonese and French languages, creating a unique musical fusion that appeals to a wide range of audiences. Other popular new songs include “Blooming Bauhinia” (《紫荆花盛开》) and “Yu Shi” (《于是》), among others.

Diversified audio-based content offerings

Beyond music tracks, we have been actively broadening long-form audio offerings on our platform. In 2024, we achieved steady growth in long-form audio content consumption, with the average listening time per user of long-form audio on our platform having increased significantly by 35.8% year-over-year.

  • PUGC/UGC – podcast. By focusing on music-inspired content, podcasts provide an enjoyable avenue for fans to discover quality tracks and lesser-known songs. During the Reporting Period, we launched several customised podcast series interpreting different music genres, such as folk and rock.
  • PGC – audio books & radio dramas. We have been expanding our library of PGC long-form audio content in a cost-effective way by creating more popular self-produced content. We introduced Mo Yan’s latest audiobook “Not Blown Down by the Strong Wind” (《不被大风吹倒》) and launched a special project. In this project, Mo Yan addressed young users’ concerns through audio recordings, offering a unique companion experience.

Product innovation and community ecosystem

Throughout 2024, we focused on product innovation and reinvigorating our unique community experience. Since early 2024, we achieved significant results through a comprehensive upgrade to the NetEase Cloud Music App, particularly on emphasising personalised content recommendations and music centric community. Our ongoing efforts elevated the user experience, increased their resonance with our community and boosted music interaction, which led to improved user engagement, such as increased time spent on our mobile app.

Optimising users’ music discovery and listening experience

We intensified our focus on improving users’ music discovery and consumption experiences by enhancing personalised content recommendations and innovative features that elevate our premium music-inspired audio-visual offerings.

  • Music content discovery and distribution. We continuously strengthened our app’s personalised recommendations functionality, including: 1) enhancing recommendation capabilities by integrating user consumption behaviour across various apps, 2) improving the recommendation function tailored for newer users, and 3) adding new content dimensions for music recommendations, such as playlists based on masterpieces, emotions and genres. These initiatives have increased the efficiency and coverage of content
  • Enhancing the music consumption experience. We are delving into extended music consumption, and adding more audio-visual and scenario-based features. We upgraded Music Encyclopedia and introduced innovative features such as Lyric Books (歌词本), AI Singing and Lightbulb (小灯泡) for song recommendations. We released a range of new music player interfaces to enhance the audio-visual experience, such as IP-themed players and the popular Vinyl player DIY feature.

Fostering music-inspired community resonance and connections

In 2024, we focused on the emotional impact of music to strengthen our community’s music-inspired attributes. This approach improved community content consumption, interaction and creation, playing a vital role in sustaining and increasing strong user activity and stickiness.

  • Community consumption and interaction. We further enhanced the visibility of our iconic comments section in various app scenarios, by displaying popular comments on the vinyl player and introducing a new player that showcases selected comments. We also optimised interactive features around our iconic comments section. These efforts boosted emotional connections inspired by music, encouraging more user interactions.
  • Community content generation. Utilising our platform resources, we hosted community activities to encourage the creation of UGC content, like music comments and others. Additionally, we diversified our community content by exploring the integration of music-inspired graphic and text content formats.

Expanding music consumption and communication scenarios

  • Expanding collaboration with NetEase. In 2024, we expanded our collaborations with NetEase games and online education division (specifically Youdao Dictionary). For example, we introduced music-inspired social interaction features in games, enhancing the integrated music and gaming experience for users. These collaborations boosted our brand awareness and recognition among younger users.
  • IoT layouts. We continued optimising our functionality that lets users easily switch between different terminals like mobile, PC, TV and in-car scenarios, effectively addressing diverse user needs and improving user experience. These efforts help us improve overall user activity and engagement across multiple terminals and scenarios. In 2024, we further expanded in-car coverage to new brands and models such as Xiaomi, Mercedes-Benz, Harmony lntelligent Mobility Alliance, and Changan. Additionally, we formed a long-term strategic partnership with Great Wall Motors.

Conference Call

The Company’s management will host an earnings conference call at 7:00 p.m. Beijing/Hong Kong Time on Thursday, February 20, 2025 (6:00 a.m. U.S. Eastern Time on the same day). Details for the conference call are as follows:

Event Title: NetEase Cloud Music Inc. Fiscal Year 2024 Earnings Conference Call
Registration Link: https://s1.c-conf.com/diamondpass/10044909-cc7t81.html

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers, an event passcode, and a personal access PIN, which will be used to join the conference call.

A replay of the call will be accessible by phone at the following numbers and entering PIN: 10044909. The replay will be available through February 27, 2025.

Chinese Mainland:

400-120-9216

Hong Kong:

800-930-639

United States:

1-855-883-1031

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.music.163.com.

About NetEase Cloud Music Inc.

Launched in 2013 by NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), NetEase Cloud Music Inc. (HKEX: 9899) is a well-known online music platform featuring a vibrant content community. Dedicated to providing an elevated user experience, NetEase Cloud Music Inc. provides precise, personalised recommendations, promotes user interaction and creates a strong social community. Its focus on discovering and promoting emerging musicians has made NetEase Cloud Music Inc. a destination of choice for exploring new and independent music among music enthusiasts in China. The platform has been recognised as the most popular entertainment app among China’s vibrant Generation Z community.

Please see http://ir.music.163.com/ for more information.

Forward Looking Statements

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

Non-IFRS Measure

To supplement our consolidated results, which are prepared and presented in accordance with International Financial Reporting Standards (“IFRS“), our Company uses adjusted net loss as an additional financial measure, which is not required by, or presented in accordance with, IFRS. We believe that this measure facilitates comparisons of operating performance from period to period and company to company by eliminating the potential impact of items that our management does not consider to be indicative of our Group’s operating performance, such as certain non-cash items. The use of this non-IFRS measure has limitations as an analytical tool, and shareholders and potential investors of our Company should not consider them in isolation from, as a substitute for, analysis of, or superior to, our Group’s results of operations or financial condition as reported under IFRS. In addition, this non-IFRS financial measure may be defined differently from similar terms used by other companies, and may not be comparable to other similarly titled measures used by other companies. Our presentation of this non-IFRS measure should not be construed as an implication that our future results will be unaffected by unusual or non-recurring items.

Investor Enquiries:

Angela Xu
NetEase Cloud Music Inc.
music.ir@service.netease.com

 

Largest Urban Rail Transit Project in Thailand Nears Completion

The double-track railway project between Lop Buri and Pak Nam Pho in Thailand. (Photo: Department of Rail Transport of Thailand)

The double-track railway project between Lop Buri and Pak Nam Pho in Thailand is set to launch in mid-2025. 

TrinaTracker to open manufacturing plant in Saudi Arabia, further advancing its localization strategy

JEDDAH, Saudi Arabia, Feb. 20, 2025 /PRNewswire/ — TrinaTracker, a global leader in smart solar tracking solutions and a subsidiary of Trinasolar Co. Ltd (SHA: 688599), has announced the establishment of a new manufacturing facility in Saudi Arabia, set to begin operations in Q1 2025. The facility represents a key milestone in the company’s ongoing commitment to localization and enhancing its distribution and service capabilities in the region.

The factory is part of a land-lease agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON). Located in the 3rd Industrial City in Jeddah, the facility will have an annual production capacity of 3GW, specializing in the manufacturing of TrinaTracker’s Vanguard series of solar trackers and smart control systems. This will mark TrinaTracker’s fourth manufacturing plant, joining its existing operations in China, Spain, and Brazil.

Middle East has become a key driver in the solar tracker market, its vast land mass and high irradiance providing ideal conditions for solar power plants. TrinaTracker offers a smart solar tracking solution that includes its Vanguard high reliable tracker structure, smart control systems and its professional life cycle services. Through this tailor-made solution the TrinaTracker solar tacking system is highly suitable for an environment characterized by sand, strong winds and high temperatures. In addition, with real project data collected from global projects, using TrinaTracker smart control system will produce up to 8% further energy a year for the solar plant, which will significantly increase the internal rate of return for the project owners. 

In line with Trinasolar’s broader strategy to enhance regional service, the factory will also ensure faster delivery, improved technical support, and comprehensive pre-sales and after-sales services. A dedicated service team will provide training programs and on-site support, reinforcing Trinasolar’s commitment to its partners and clients. This initiative will further strengthen TrinaTracker’s global footprint and expand its presence in the region and beyond.

Till end of Q4 2024, TrinaTracker has delivered 27GW of smart solar tracking systems world widely, and it will continue to provide better intelligent solutions and local services to customers around the world through its localization strategy.