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Hunan Museum Announces Latest Findings on the Mawangdui Han Tomb


CHANGSHA, CHINA – Media OutReach Newswire – 21 May 2025 – As an important connector, innovator, and guardian of cultural identity, Hunan Museum has launched the “Xiangyun · Rebirth” series of activities since May 16, aligning with this year’s International Museum Day theme “The Future of Museums in a Rapidly Changing Society.” Focusing on three dimensions—deepened research, digital revitalization, and innovative communication & services—the Museum aims to release and showcase its recent achievements and future plans to the public, breathing new life into ancient cultural heritage in the new era.

Hunan Museum Announces Latest Findings on the Mawangdui Han Tomb

In response to the contemporary proposition of scientific and technological innovation-driven development, Hunan Museum relies on technology to empower cultural heritage research. With the continuous advancement of research on cultural relics unearthed from the Mawangdui Han Tombs, and with the technical support of modern high-definition equipment, breakthrough progress has been made in its research.One such breakthrough involves Chengyun Embroidery (“Cloud-Riding Embroidery”), long misidentified as a “pillow towel.” Comparative analysis of excavation data and historical records confirmed it as China’s earliest known yinxi (silk cushion), reshaping academic and public understanding.Another discovery emerged through high-resolution scans of the Mawangdui T-shaped Painting on Silk. Researchers identified repainting traces in figures like Dihun (heavenly gate guardians) and the Divine Leopard, offering new insights into Han Dynasty artistic techniques.The third finding is the identification of a double-phoenix motif in the Chengyun Embroidery—a significant addition to Mawangdui embroidery studies—highlighting the aesthetic values and craftsmanship of Han textile art.

Hunan Museum also unveiled outcomes from two digital heritage initiatives: Exploring Yuan Plan 2024 and Digital Han Lifestyle. The former used AI to recreate a Western Han straight-cut, printed, color-painted silk-padded robe, showcasing exquisite detail, historical depth, and dynamic beauty—granting the garment a digital rebirth.Meanwhile, Digital Han Lifestyle offers an immersive exploration of Han clothing, cuisine, dwellings, transportation, and spiritual aesthetics. Visitors can wear Han robes, enjoy traditional banquets, and experience classical music, engaging with Chinese heritage across dimensions.

By unveiling these achievements, Hunan Museum not only affirms its leading role in digital heritage innovation but also opens new windows for the public to engage with Han civilization—fostering the creative transformation and dynamic transmission of Chinese traditional culture in the digital age.

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

Luang Prabang Pushes for Green Destination Certification to Boost Sustainable Tourism

Tourists in Lunag Prabang in 2025 (Photo: Kheuakham Chanlivong)

Luang Prabang is taking steps to further enhance its tourism sector by exploring the possibility of receiving the prestigious Tourism Destination Award from the Green Destinations Organization.

SANY 2024 ESG Report: Promoting High-Quality Development Driven by Green Innovation

BEIJING, May 21, 2025 /PRNewswire/ — SANY Heavy Industry (SANY) has published its 2024 Environmental, Social, and Governance (ESG) Report (the “Report”) disclosing the company’s breakthrough achievements in the fields of clean energy development, green manufacturing and social responsibility practices.

Promoting High-Quality Development Driven by Green Innovation
Promoting High-Quality Development Driven by Green Innovation

In 2024, SANY invested 520 million yuan (USD72.12 million) in environmental protection, fully committed to promote high-quality development of the industry powered by green innovation.

“In the future, SANY plans to continuously boost investment in clean technology research and development, manufacturing facility upgrades and market expansion, to further expand clean energy product lines and efficient energy utilization solutions. We will continue our efforts to bring more value to our customers and support the green transformation with new quality productive forces,” said Mr. Xiang Wenbo, Chairman of SANY Heavy Industry.

Advancing clean energy products and green manufacturing

In 2024, SANY implemented a wide range of energy-saving and consumption reduction projects. The whole-process carbon reduction practices and emission reduction efforts have been significant:

  • SANY saved a cumulative total of 0.32 billion yuan (USD44.38 million) in energy cost.
  • SANY has applied photovoltaic power generation equipment in 21 subsidiaries, with clean energy usage amounting to 76.072 million kWh, which accounted for 13.8% of total energy usage.
  • The VOC emission density is 14.47 tons/million yuan revenue in 2024, a decrease of 17.9% from the base year (2021).
  • Strict controls of COD and ammonia nitrogen emissions through wastewater treatment process optimization and online monitoring have lowered the wastewater COD emissions intensity to 0.34 tons/million yuan revenue, an 84.5% decrease from 2021.

SANY plans to continue strengthen clean technology R&D and production facility upgrades in the future with the goal of realizing more efficient energy utilization solutions.

Prioritizing health and safety, focusing on employee development and social welfare

SANY is committed to supporting all employees equally. In 2024, 89% of the group’s overseas employees are local hires, and female accounted for 12% of the executive management. The 550-million-yuan (USD76.23 million) employee stock ownership plan launched in 2024 benefited 6,241 people, and throughout the year SANY conducted 485 training sessions which were participated by 93% of employees.

In 2024, SANY organized training on special equipment safety and fire prevention, with a accumulated total of 176,441 participants in health and safety trainings. Its annual injury rate was 1.78‰ and the number of occupational disease injuries was zero.

In addition, SANY is actively investing in social welfare. It donated about 18.16 million yuan (USD2.52 million) to social public welfare funds with cumulative investment exceeding 340 million yuan (USD47.16 million). It carried out 143 public welfare activities covering education, disaster relief and rural revitalization.

ESG strategy safeguarded by digital intelligence

In 2024, SANY optimized its ESG governance structure at the board level and held four shareholders’ meetings and seven board of directors’ meetings with a 100% attendance rate.

It has built an intelligent supervision and review platform that released 4,568 batches of early warning data and completed 3,754 verifications to realize full-process digital and intelligent control.

“We accelerated our global layout in 2024 and leveraged digital technologies to promote intelligent manufacturing and transformation, actively research and develop new energy equipment and low-carbon products to support global sustainable development,” noted Mr. Xiang Wenbo. “Looking ahead, we aim to lead new productivity development including green and intelligent technologies and contribute to reaching China’s ‘Dual Carbon’ goals and global climate actions.”

 

Vantage Set to Take Center Stage at Wealth Expo Argentina 2025

PORT VILA, Vanuatu, May 21, 2025 /PRNewswire/ — Vantage Markets has confirmed its participation in the Wealth Expo Argentina 2025, set to take place in Buenos Aires. As one of Latin America’s premier finance and investment events, the expo brings together key industry players, innovators, and financial professionals where Vantage will engage with attendees through various activities and discussions.

Vantage Set to Take Center Stage at Wealth Expo Argentina 2025
Vantage Set to Take Center Stage at Wealth Expo Argentina 2025

This year, Vantage will not only showcase its award-winning multi-asset trading platform at the expo but also lead insightful discussions through a dynamic lineup of featured speakers from its team.

Visitors to the Wealth Expo can look forward to engaging and informative sessions led by the Vantage team:

  • Alejandro Zelniker, Affiliates and Partners Business Strategist, will address the essential topic “Your Money Security Comes First,” highlighting best practices in safeguarding financial assets and navigating the digital finance space safely.
  • Agustin Zanardo, Business Development Manager, will tackle “Common Mistakes Among Traders,” sharing general observations on common trader mistakes and risk considerations in volatile markets.
  • Juan Gonzalez, Client Relationship Growth Market Analyst, will discuss the topic on “Trading for Everyone: Challenges of the Financial Inclusion,” a powerful look at the opportunities and obstacles in expanding access to financial markets across the region.

Adding to the excitement, Vantage is also nominated for “Best Trading Platform” at the Wealth Expo, further affirming its commitment to excellence and innovation in the global financial space.

Vantage’s participation at Wealth Expo Argentina also reflects the brand’s growing presence and its mission to provide access to tools and educational resources to navigate global markets with confidence.

“Latin America is a region full of opportunity, and Wealth Expo Argentina is the perfect platform for us to engage with event attendees, exchange insights, and participate in discussions that matter to the broader financial community,” said Marc Despallieres, CEO of Vantage Markets. “We are excited to contribute to the conversation that’s shaping the future of finance in the region.”

To learn more about the event at Wealth Expo Argentina 2025. Visit Vantage Markets, for more updates.

About Vantage

Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.

With over 15 years of market experience, Vantage transcends the role of broker, providing a reliable trading platform, an award-winning mobile trading app, and a user-friendly trading platform that provide clients access to trading opportunities.

trade smarter @vantage

RISK WARNING: CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. Ensure you understand the risks before trading.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice, an offer, or solicitation of any financial products or services. The content is not intended for residents of any jurisdiction where such distribution or use would be contrary to local law or regulation. Readers are advised to seek independent professional advice before making any investment or financial decisions. Any reliance you place on the information presented is strictly at your own risk.

Deutsche Rück Group maintains profit-oriented growth course


DÜSSELDORF, GERMANY – Newsaktuell – 21 May 2025 – The Deutsche Rück Group further expanded its business in the 2024 financial year while simultaneously strengthening its financial position. Gross premiums written grew in all business areas, rising significantly by 18.3% to around €2.1 billion. Net premiums earned increased by 17.5% to €1.4 billion. Growth came from both international markets and the German domestic market. Total security resources rose by €375.8 million to more than €3.1 billion.

Frank Schaar, CEO Deutsche Rück Group
Frank Schaar, CEO Deutsche Rück Group

The highest premium increases came from the liability, accident and motor insurance business and the other lines of insurance. In the liability, accident and motor insurance lines, the second-largest segment of Deutsche Rück’s portfolio, gross premiums rose by 23.9% to €485.8 million. Gross premium income in property insurance, which accounts for more than two-thirds of Deutsche Rück Group’s gross premiums, also grew strongly by 16.5% to €1.4 billion.

In life business, the Deutsche Rück Group recorded a 9.7% increase in gross premiums to €84.2 million. In the 2024 financial year, the Deutsche Rück Group expanded its life and health reinsurance business to the markets of the Middle East and North Africa.

“We grew strongly and profitably in all business areas in 2024,” says Frank Schaar, Chief Executive Officer of the Deutsche Rück Group. “Our strategy of gradually and purposefully internationalising our business over the recent years is paying off.”

The Group generated investment income of €74.8 million and achieved a net profit after taxes of €14.5 million (previous year: €12.0 million).

Deutsche Rückversicherung AG and its subsidiary Deutsche Rückversicherung Switzerland Ltd offer reinsurance cover on the European insurance market and selected international markets. Thanks to outstanding long-term credit ratings and consistent market performance, the Group companies are much sought-after and well-established in Germany as one of the leading reinsurers.

Deutsche Rück logo

Hashtag: #DeutscheRück

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

Weibo Announces First Quarter 2025 Unaudited Financial Results

BEIJING, May 21, 2025 /PRNewswire/ — Weibo Corporation (“Weibo” or the “Company”) (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

“We are pleased with our progresses made on the AI product front,” said Gaofei Wang, CEO of Weibo. “On the user front, we remain committed to creating user value by focusing on the integration of Weibo’s social features and upgrade of the recommendation system. In the first quarter, we further grew our user community and deepened user engagement. On the AI application front, we have made Weibo Intelligent Search, our AI-powered search function, available to all users. During the first quarter, both the user base and daily search queries of Weibo Intelligent Search achieved decent sequential growth. On the monetization front, we delivered solid performance of ad business, leveraging our strengths in content marketing and enhanced ad placement efficiency of our real-time-bidding information feed ad products. Benefiting from solid execution of disciplined spending strategy, our operating efficiency further improved, which laid foundation for us to invest for our product competitiveness, AI technology, as well as shareholder return.”

First Quarter 2025 Highlights 

  • Net revenues were US$396.9 million, flat year-over-year or an increase of 1% year-over-year on a constant currency basis [1].
  • Advertising and marketing revenues were US$339.1 million, flat year-over-year or an increase of 1% year-over-year on a constant currency basis [1].
  • Value-added services (“VAS”) revenues were US$57.7 million, an increase of 2% year-over-year or 3% year-over-year on a constant currency basis [1].
  • Income from operations was US$110.3 million, representing an operating margin of 28%.
  • Net income attributable to Weibo’s shareholders was US$107.0 million and diluted net income per share was US$0.41.
  • Non-GAAP income from operations was US$129.5 million, representing a non-GAAP operating margin of 33%.
  • Non-GAAP net income attributable to Weibo’s shareholders was US$119.5 million and non-GAAP diluted net income per share was US$0.45.
  • Monthly active users (“MAUs”) were 591 million in March 2025.
  • Average daily active users (“DAUs”) were 261 million in March 2025.

[1] We define constant currency (non-GAAP) by assuming that the average exchange rate in the first quarter of 2025 was the same as it was in the first quarter of 2024, or RMB7.15=US$1.00.

First Quarter 2025 Financial Results

For the first quarter of 2025, Weibo’s total net revenues were US$396.9 million, relatively flat compared to US$395.5 million for the same period last year.

Advertising and marketing revenues for the first quarter of 2025 were US$339.1 million, relatively flat compared to US$339.0 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$296.5 million, a decrease of 6% compared to US$316.4 million for the same period last year. The decrease mainly resulted from less revenue contributions from the online gaming and handset manufacturing sectors on a year over year basis, primarily due to high base effect and difference of handset product launch schedule respectively. Advertising and marketing revenues from Alibaba were US$42.6 million, an increase of 89% compared to US$22.6 million, mainly attributable to its strong promotional demand related to Spring Festival Gala, as well as incremental ad spend in promoting its AI-related products.

VAS revenues for the first quarter of 2025 were US$57.7 million, an increase of 2% compared to US$56.5 million for the same period last year, primarily driven by the growth of membership services revenues.

Costs and expenses for the first quarter of 2025 totaled US$286.5 million, a decrease of 3% compared to US$295.8 million for the same period last year, primarily resulting from the decrease in sales and marketing expenses.

Income from operations for the first quarter of 2025 was US$110.3 million, compared to US$99.7 million for the same period last year. Operating margin was 28%, compared to 25% last year. Non-GAAP income from operations was US$129.5 million, compared to US$125.8 million for the same period last year. Non-GAAP operating margin was 33%, compared to 32% last year.

Non-operating income for the first quarter of 2025 was US$22.1 million, compared to non-operating loss of US$23.6 million for the same period last year. Non-operating income for the first quarter of 2025 mainly included (i) net interest and other income of US$13.7 million; and (ii) gain from fair value change of investments of US$8.1 million, which was excluded under non-GAAP measures.

Income tax expenses for the first quarter of 2025 were US$24.3 million, compared to US$25.0 million for the same period last year.

Net income attributable to Weibo’s shareholders for the first quarter of 2025 was US$107.0 million, compared to US$49.4 million for the same period last year. Diluted net income per share attributable to Weibo’s shareholders for the first quarter of 2025 was US$0.41, compared to US$0.19 for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders for the first quarter of 2025 was US$119.5 million, compared to US$106.6 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the first quarter of 2025 was US$0.45, compared to US$0.41 for the same period last year.

As of March 31, 2025, Weibo’s cash, cash equivalents and short-term investments totaled US$2.08 billion, compared to US$2.35 billion as of December 31, 2024. The decrease of Weibo’s cash, cash equivalent and short-term investments mainly resulted from the purchase of long-term wealth management products in the first quarter of 2025. For the first quarter of 2025, cash provided by operating activities was US$113.2 million, capital expenditures totaled US$9.4 million, and depreciation and amortization expenses amounted to US$13.6 million.

Conference Call

Weibo’s management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on May 21, 2025 (or 7:00 PM to 8:00 PM Beijing Time on May 21, 2025) to present an overview of the Company’s financial performance and business operations.

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial-in and instructions will be provided in the confirmation email upon registering.

Participants Registration Link:  

https://register-conf.media-server.com/register/BIbb5c504e4aeb43a380f69d373cfb8ca0

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

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo’s shareholders, non-GAAP diluted net income per share attributable to Weibo’s shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company’s financial performance prepared in accordance with U.S. GAAP.

The Company’s non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo’s shareholders before interest income/expense, net, income tax expenses/benefits, and depreciation expenses.

The Company’s management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company’s ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company’s current financial results with the Company’s past financial results in a consistent manner, and (ii) in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company’s non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled “Unaudited Reconciliation of Non-GAAP to GAAP Results.”

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We are continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

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. These forward-looking statements can be identified by terminology, such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “confidence,” “estimates” and similar statements. Among other things, Weibo’s expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company’s periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com 

 

WEIBO CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share data)

Three months ended

March 31,

March 31,

2024

2025

Net revenues:

     Advertising and marketing

$        338,951

$        339,106

     Value-added services

56,546

57,749

Net revenues

395,497

396,855

Costs and expenses:

     Cost of revenues (1)

86,821

88,802

     Sales and marketing (1)

103,627

95,810

     Product development (1)

80,726

76,021

     General and administrative (1)

24,586

25,912

Total costs and expenses

295,760

286,545

Income from operations

99,737

110,310

Non-operating income (loss):

     Investment related income (loss), net

(4,970)

8,357

     Interest and other income (loss), net

(18,611)

13,746

(23,581)

22,103

Income before income tax expenses

76,156

132,413

     Less: Income tax expenses

25,044

24,291

Net income

51,112

108,122

     Less: Net income attributable to non-controlling interests

548

334

               Accretion to redeemable non-controlling interests

1,126

824

Net income attributable to Weibo’s shareholders

$          49,438

$        106,964

Basic net income per share attributable to Weibo’s shareholders

$               0.21

$               0.45

Diluted net income per share attributable to Weibo’s shareholders

$               0.19

$               0.41

Shares used in computing basic net income per share attributable

    to Weibo’s shareholders

236,694

238,284

Shares used in computing diluted net income per share attributable

    to Weibo’s shareholders

263,644

266,494

(1) Stock-based compensation in each category:

Cost of revenues

$            1,773

$             1,239

Sales and marketing

3,823

2,929

Product development

10,438

6,840

General and administrative

4,978

4,039

 

WEIBO CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

As of

December 31,

March 31,

2024

2025

Assets

Current assets:

Cash and cash equivalents

$       1,890,632

$       1,205,765

Short-term investments

459,852

878,054

Accounts receivable, net

339,754

357,201

Prepaid expenses and other current assets

348,774

341,241

Amount due from SINA(1)

452,769

452,988

      Current assets subtotal

3,491,781

3,235,249

Property and equipment, net

215,034

226,867

Goodwill and intangible assets, net

272,004

269,088

Long-term investments

1,389,199

1,408,323

Other non-current assets

1,136,481

1,519,352

Total assets

$       6,504,499

$       6,658,879

Liabilities, Redeemable Non-controlling Interests and Shareholders’ Equity 

Liabilities:

Current liabilities:

Accounts payable

$          158,435

$          164,823

Accrued expenses and other current liabilities

652,369

649,888

Income tax payable

84,690

89,589

Deferred revenues

72,642

86,537

Dividends payable

200,643

     Current liabilities subtotal

968,136

1,191,480

Long-term liabilities:

Convertible senior notes

320,803

321,588

Unsecured senior notes

744,662

744,904

Long-term loans

795,311

796,228

Other long-term liabilities

96,701

96,461

     Total liabilities

2,925,613

3,150,661

Redeemable non-controlling interests

45,103

24,523

Shareholders’ equity :

Weibo shareholders’ equity 

3,482,771

3,432,055

Non-controlling interests

51,012

51,640

Total shareholders’ equity 

3,533,783

3,483,695

Total liabilities, redeemable non-controlling interests and
    shareholders’ equity

$       6,504,499

$       6,658,879

(1) Included short-term loans to and interest receivable from SINA of US$417.7 million as of
December 31, 2024 and US$413.5 million as of March 31, 2025.

 

WEIBO CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

(In thousands of U.S. dollars, except per share data)

Three months ended

March 31,

March 31,

2024

2025

Income from operations

$

99,737

$

110,310

Add:

Stock-based compensation

21,012

15,047

Amortization of intangible assets resulting from business acquisitions

5,059

4,122

Non-GAAP income from operations

$

125,808

$

129,479

Net income attributable to Weibo’s shareholders

$

49,438

$

106,964

Add:

Stock-based compensation

21,012

15,047

Amortization of intangible assets resulting from business
  acquisitions

5,059

4,122

Investment related gain/loss, net (1)

4,970

(8,357)

Non-GAAP to GAAP reconciling items on the share of equity
  method investments 

25,358

1,039

Non-GAAP to GAAP reconciling items for the income/loss
  attributable to non-controlling interests

(436)

(492)

Tax effects on non-GAAP adjustments (2)

(1,103)

(734)

Amortization of  issuance cost of convertible senior notes, unsecured
  senior notes and long-term loans

2,314

1,943

Non-GAAP net income attributable to Weibo’s shareholders

$

106,612

$

119,532

Non-GAAP diluted net income per share attributable to Weibo’s
  shareholders

$

0.41

*

$

0.45

*

Shares used in computing GAAP diluted net income per share attributable
  to Weibo’s shareholders

263,644

266,494

Shares used in computing non-GAAP diluted net income per share
  attributable to Weibo’s shareholders

263,644

266,494

Adjusted EBITDA:

    Net income attributable to Weibo’s shareholders

$

49,438

$

106,964

    Non-GAAP adjustments

57,174

12,568

    Non-GAAP net income attributable to Weibo’s shareholders

106,612

119,532

Interest income, net

(9,151)

(13,986)

Income tax expenses

26,147

25,025

Depreciation expenses

9,417

9,149

Adjusted EBITDA

$

133,025

$

139,720

Net revenues

$

395,497

$

396,855

Non-GAAP operating margin

32 %

33 %

(1)

To adjust impairment and provision on investments, gain/loss on sale of investments and fair value change of investments.

(2)

To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from business
acquisitions and fair value change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were recorded in entities established in tax free jurisdictions, or (ii) full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.

Net income attributable to Weibo’s shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.

 

WEIBO CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(In thousands of U.S. dollars)

Three months ended

March 31,

March 31,

2024

2025

Net revenues

Advertising and marketing

     Non-Ali advertisers

$        316,400

$        296,494

     Alibaba 

22,551

42,612

         Subtotal

338,951

339,106

Value-added services

56,546

57,749

$        395,497

$        396,855

Baidu Announces First Quarter 2025 Results

BEIJING, May 21, 2025 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with a strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2025.

“Baidu Core revenue grew 7% year over year in the first quarter, driven by the accelerating momentum of AI Cloud, which surged 42% year over year. The strong performance of our AI Cloud business underscores the growing market recognition of our distinctive strength in providing full-stack AI products and solutions with a highly competitive price-performance advantage. We also achieved a pivotal milestone in our robotaxi business, as Apollo Go expanded internationally by entering Dubai and Abu Dhabi, reinforcing our commitment to bringing safe, comfortable, and affordable autonomous ride-hailing services to global markets,” said Robin Li, Co-founder and CEO of Baidu. “We are confident that our AI-first strategy positions us to remain at the forefront and to capture long-term growth opportunities in the AI era.”

“AI Cloud continued its robust growth in the first quarter, which provides solid support to our overall revenue while we accelerate the AI transformation across our mobile ecosystem,” said Junjie He, Interim CFO of Baidu. “Looking ahead, we are strongly committed to investing in AI to translate our technological strengths into sustainable long-term growth.”

First Quarter 2025 Financial Highlights[1]

Baidu, Inc.

(In millions except per

Q1

Q4

Q1

ADS, unaudited)

2024

2024

2025

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues

31,513

34,124

32,452

4,472

3 %

(5 %)

Operating income

5,484

3,917

4,508

621

(18 %)

15 %

Operating income (non-GAAP) [2]

6,673

5,047

5,333

735

(20 %)

6 %

Net income to Baidu

5,448

5,192

7,717

1,063

42 %

49 %

Net income to Baidu (non-GAAP) [2]

7,011

6,709

6,469

891

(8 %)

(4 %)

Diluted earnings per ADS

14.91

14.26

21.59

2.98

45 %

51 %

Diluted earnings per ADS (non-GAAP) [2]

19.91

19.18

18.54

2.55

(7 %)

(3 %)

Adjusted EBITDA [2]

8,244

6,954

7,209

993

(13 %)

4 %

Adjusted EBITDA margin

26 %

20 %

22 %

22 %

Baidu Core

Q1

Q4

Q1

(In millions, unaudited)

2024

2024

2025

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues

23,803

27,698

25,463

3,509

7 %

(8 %)

Operating income

4,538

3,638

4,164

574

(8 %)

14 %

Operating income (non-GAAP) [2]

5,586

4,647

4,872

671

(13 %)

5 %

Net income to Baidu Core

5,150

5,283

7,633

1,052

48 %

44 %

Net income to Baidu Core (non-GAAP) [2]

6,628

6,741

6,330

872

(4 %)

(6 %)

Adjusted EBITDA[2]

7,118

6,516

6,712

925

(6 %)

3 %

Adjusted EBITDA margin

30 %

24 %

26 %

26 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2567 as of March 31, 2025, as

set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are

provided solely for the convenience of the reader.

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of

Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).

Operational Highlights

Corporate

  • Baidu released ERNIE 4.5, its first flagship foundation model with multimodal capabilities, and ERNIE X1, its first reasoning model, in March 2025. Baidu launched enhanced versions, ERNIE 4.5 Turbo and ERNIE X1 Turbo, in April, delivering improved performance at significantly lower pricing.
  • Apollo Go received Gold in the Driverless Vehicles category at the 2025 Edison Awards, recognizing it as China’s largest autonomous ride-hailing service.
  • Baidu ranked second in Asia Pacific on Fast Company’s 2025 Most Innovative Companies list, following DeepSeek, and was recognized for “deploying the world’s largest autonomous driving experiment.”
  • Baidu held China’s largest portfolio of AI-related patents and patent applications across various areas, including foundation models and AI agents, as of December 31, 2024, according to a recent report by CICS-CERT, a research institute under the Ministry of Industry and Information Technology.
  • Baidu released its annual ESG Report on April 28, 2025, which details Baidu’s latest ESG policies and sustainability initiatives (https://esg.baidu.com/Uploads/Baidu_2024_ESG_Report.pdf).
  • Baidu has returned US$445 million to shareholders since the beginning of Q1 2025, bringing the cumulative repurchase to US$2.1 billion under the 2023 share repurchase program.

AI Cloud

  • Baidu upgraded its MaaS platform, Qianfan, with an expanded model library and more comprehensive toolkits, extending support for the training and fine-tuning of multimodal and reasoning models to further facilitate AI-native application development.
  • Baidu officially released version 3.0 of its deep learning framework, PaddlePaddle, in April 2025.

Intelligent Driving

  • Apollo Go, Baidu’s autonomous ride-hailing service, expanded into Dubai and Abu Dhabi in March 2025. In May, Apollo Go commenced open-road validation testing in Dubai.
  • Apollo Go entered into a long-term strategic partnership with CAR Inc., China’s leading auto rental service provider, in May 2025 to launch fully autonomous vehicle rental services.
  • Apollo Go obtained permission to conduct open-road testing with designated passengers in Hong Kong in April 2025.
  • Apollo Go provided over 1.4 million rides in the first quarter of 2025, up 75% year over year, underscoring the accelerating momentum of its scaled operations. As of May 2025, the cumulative rides provided to the public by Apollo Go surpassed 11 million.

Mobile Ecosystem

  • In March 2025, Baidu App’s MAUs reached 724 million, up 7% year over year.
  • Managed Page accounted for 47% of Baidu Core’s online marketing revenue in the first quarter of 2025.

First Quarter 2025 Financial Results

Total revenues were RMB32.5 billion ($4.47 billion), increasing 3% year over year.

  • Revenue from Baidu Core was RMB25.5 billion ($3.51 billion), increasing 7% year over year; online marketing revenue was RMB16.0 billion ($2.21 billion), decreasing 6% year over year, and non-online marketing revenue was RMB9.4 billion ($1.30 billion), up 40% year over year, mainly driven by AI Cloud business.
  • Revenue from iQIYI was RMB7.2 billion ($990 million), decreasing 9% year over year.

Cost of revenues was RMB17.5 billion ($2.41 billion), increasing 14% year over year, primarily due to an increase in costs related to AI Cloud business and traffic acquisition costs.

Selling, general and administrative expenses were RMB5.9 billion ($815 million), increasing 10% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.

Research and development expenses were RMB4.5 billion ($626 million), decreasing 15% year over year, primarily due to a decrease in personnel-related expenses.

Operating income was RMB4.5 billion ($621 million). Baidu Core operating income was RMB4.2 billion ($574 million), and Baidu Core operating margin was 16%. Non-GAAP operating income was RMB5.3 billion ($735 million). Non-GAAP Baidu Core operating income was RMB4.9 billion ($671 million), and non-GAAP Baidu Core operating margin was 19%.

Total other income, net was RMB4.5 billion ($618 million), increasing 260% year over year, mainly due to an increase in fair value gain and pickup of earnings from long-term investments, partially offset by the decrease in net foreign exchange gain arising from exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expense was RMB1.2 billion ($162 million), compared to RMB883 million for the same period last year.

Net income attributable to Baidu was RMB7.7 billion ($1.06 billion), and diluted earnings per ADS was RMB21.59 ($2.98). Net income attributable to Baidu Core was RMB7.6 billion ($1.05 billion), and net margin for Baidu Core was 30%. Non-GAAP net income attributable to Baidu was RMB6.5 billion ($891 million). Non-GAAP diluted earnings per ADS was RMB18.54 ($2.55). Non-GAAP net income attributable to Baidu Core was RMB6.3 billion ($872 million), and non-GAAP net margin for Baidu Core was 25%.

Adjusted EBITDA was RMB7.2 billion ($993 million) and adjusted EBITDA margin was 22%. Adjusted EBITDA for Baidu Core was RMB6.7 billion ($925 million) and adjusted EBITDA margin for Baidu Core was 26%.

As of March 31, 2025, cash, cash equivalents, restricted cash and short-term investments were RMB142.0 billion ($19.57 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB136.7 billion ($18.84 billion). Free cash flow was negative RMB8.9 billion (negative $1.23 billion), and free cash flow excluding iQIYI was negative RMB9.2 billion (negative $1.27 billion), mainly due to an increase of investment in AI business. We define net cash position as total cash, cash equivalents, restricted cash, short-term investments, net, long-term time deposits and held-to-maturity investments, and others, less total loans, convertible senior notes, and notes payable. As of March 31, 2025, net cash position for Baidu was RMB159.0 billion.

Conference Call Information

Baidu’s management will hold an earnings conference call 8.00 AM on May 21, 2025, U.S. Eastern Time (8.00 PM on May 21, 2025, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q1 2025 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you 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.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10046864-38s6ff.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

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

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income (loss) attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures 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 the Company’s data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain or loss, impairment of long-term investments, and fair value gain or loss of long-term investments and exchangeable bonds, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”

Baidu, Inc. 

Condensed Consolidated Statements of Income 

(In millions except for per share (or ADS) information, unaudited)

Three Months Ended

March 31,

December 31,

March 31,

March 31,

2024

2024

2025

2025

RMB

RMB

RMB

US$(2)

Revenues:

Online marketing services

18,490

19,340

17,306

2,385

Others

13,023

14,784

15,146

2,087

Total revenues 

31,513

34,124

32,452

4,472

Costs and expenses:

Cost of revenues(1)

15,291

18,014

17,487

2,410

Selling, general and administrative(1)

5,375

6,678

5,913

815

Research and development(1)

5,363

5,515

4,544

626

Total costs and expenses

26,029

30,207

27,944

3,851

Operating income

5,484

3,917

4,508

621

Other income:

Interest income

2,091

2,001

2,664

367

Interest expense

(766)

(643)

(801)

(110)

Foreign exchange gain (loss), net

401

1,678

(210)

(29)

Share of (losses) earnings from equity method investments

(205)

(399)

574

79

Others, net

(275)

23

2,260

311

Total other income, net

1,246

2,660

4,487

618

Income before income taxes

6,730

6,577

8,995

1,239

Income tax expense

883

1,619

1,177

162

Net income 

5,847

4,958

7,818

1,077

Net income (loss) attributable to noncontrolling interests

399

(234)

101

14

Net income attributable to Baidu

5,448

5,192

7,717

1,063

Earnings per ADS (1 ADS representing 8 Class A ordinary shares):

 -Basic

14.97

14.41

21.86

3.01

 -Diluted

14.91

14.26

21.59

2.98

Earnings per share for Class A and Class B ordinary shares:

 -Basic

1.87

1.80

2.73

0.38

 -Diluted

1.86

1.78

2.70

0.37

Weighted average number of Class A and Class B ordinary shares outstanding (in millions):

 -Basic 

2,804

2,775

2,751

2,751

 -Diluted

2,816

2,783

2,762

2,762

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

 Cost of revenues 

108

103

77

11

 Selling, general and administrative 

417

297

313

43

 Research and development 

618

685

361

50

 Total share-based compensation expenses 

1,143

1,085

751

104

(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31,

2025 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

 

Baidu, Inc. 

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

March 31,

March 31,

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

24,832

49,202

6,780

Restricted cash

11,697

238

33

Short-term investments, net

102,608

92,567

12,756

Accounts receivable, net

10,104

11,078

1,527

Amounts due from related parties

790

743

102

Other current assets, net

18,818

22,001

3,032

Total current assets

168,849

175,829

24,230

Non-current assets:

Fixed assets, net

30,102

30,691

4,229

Licensed copyrights, net

6,930

6,487

894

Produced content, net

14,695

14,372

1,981

Intangible assets, net

772

2,588

357

Goodwill

22,586

37,637

5,187

Long-term investments, net

41,721

43,470

5,990

Long-term time deposits and held-to-maturity investments

98,535

106,212

14,636

Amounts due from related parties

137

266

37

Deferred tax assets, net

2,193

2,171

299

Operating lease right-of-use assets

10,898

11,203

1,544

Receivables related to the proposed acquisition of YY Live, net

13,547

Other non-current assets

16,815

23,056

3,176

Total non-current assets

258,931

278,153

38,330

Total assets

427,780

453,982

62,560

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,669

7,724

1,064

Accounts payable and accrued liabilities

41,443

38,770

5,342

Customer deposits and deferred revenue

14,624

13,909

1,917

Deferred income

684

611

84

Long-term loans, current portion

168

560

77

Convertible senior notes, current portion

242

2,133

294

Notes payable, current portion

8,026

7,986

1,101

Amounts due to related parties

1,794

1,683

232

Operating lease liabilities

3,303

3,488

481

Total current liabilities

80,953

76,864

10,592

Non-current liabilities:

Deferred income

231

191

26

Deferred revenue

585

665

92

Amounts due to related parties

56

51

7

Long-term loans

15,596

16,072

2,215

Notes payable

27,996

52,202

7,194

Convertible senior notes

8,351

6,775

934

Deferred tax liabilities

3,870

4,011

553

Operating lease liabilities

4,973

5,113

705

Other non-current liabilities

1,557

1,964

269

Total non-current liabilities

63,215

87,044

11,995

Total liabilities

144,168

163,908

22,587

Redeemable noncontrolling interests

9,870

10,067

1,387

Equity

Total Baidu shareholders’ equity

263,620

269,747

37,172

Noncontrolling interests

10,122

10,260

1,414

Total equity

273,742

280,007

38,586

Total liabilities, redeemable noncontrolling interests, and equity

427,780

453,982

62,560

 

Baidu, Inc. 

Selected Information

(In millions, unaudited)

Three months ended

Three months ended

Three months ended

Three months ended

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

Baidu
Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu
Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Baidu

Core

iQIYI

Elim &

adj(2)

Baidu,

Inc.

Total revenues 

23,803

7,927

(217)

31,513

27,698

6,613

(187)

34,124

25,463

7,186

(197)

32,452

3,509

990

(27)

4,472

  YOY

7 %

(9 %)

3 %

  QOQ

(8 %)

9 %

(5 %)

Costs and expenses: 

  Cost of revenues (1)

9,839

5,631

(179)

15,291

13,180

4,995

(161)

18,014

12,246

5,406

(165)

17,487

1,688

745

(23)

2,410

  Selling, general and administrative (1)

4,492

922

(39)

5,375

5,816

882

(20)

6,678

4,921

1,026

(34)

5,913

678

141

(4)

815

  Research and development (1)

4,934

429

5,363

5,064

451

5,515

4,132

412

4,544

569

57

626

Total costs and expenses 

19,265

6,982

(218)

26,029

24,060

6,328

(181)

30,207

21,299

6,844

(199)

27,944

2,935

943

(27)

3,851

  YOY 

  Cost of revenues 

24 %

(4 %)

14 %

  Selling, general and administrative 

10 %

11 %

10 %

  Research and development 

(16 %)

(4 %)

(15 %)

  Costs and expenses

11 %

(2 %)

7 %

Operating income

4,538

945

1

5,484

3,638

285

(6)

3,917

4,164

342

2

4,508

574

47

621

  YOY

(8 %)

(64 %)

(18 %)

  QOQ

14 %

20 %

15 %

Operating margin 

19 %

12 %

17 %

13 %

4 %

11 %

16 %

5 %

14 %

  Add: total other income (loss), net

1,508

(262)

1,246

3,125

(465)

2,660

4,602

(115)

4,487

634

(16)

618

  Less: income tax expense

866

17

883

1,612

7

1,619

1,136

41

1,177

156

6

162

  Less: net income (loss) attributable to NCI

30

11

358(3)

399

(132)

2

(104)(3)

(234)

(3)

4

100(3)

101

1

13(3)

14

Net income (loss) attributable to Baidu

5,150

655

(357)

5,448

5,283

(189)

98

5,192

7,633

182

(98)

7,717

1,052

24

(13)

1,063

  YOY

48 %

(72 %)

42 %

  QOQ

44 %

49 %

Net margin 

22 %

8 %

17 %

19 %

(3 %)

15 %

30 %

3 %

24 %

Non-GAAP financial measures:

Operating income (non-GAAP)

5,586

1,086

6,673

4,647

406

5,047

4,872

459

5,333

671

64

735

  YOY

(13 %)

(58 %)

(20 %)

  QOQ

5 %

13 %

6 %

Operating margin (non-GAAP)

23 %

14 %

21 %

17 %

6 %

15 %

19 %

6 %

16 %

Net income (loss) attributable to Baidu (non-GAAP)

6,628

844

7,011

6,741

(59)

6,709

6,330

304

6,469

872

41

891

  YOY

(4 %)

(64 %)

(8 %)

  QOQ

(6 %)

(4 %)

Net margin (non-GAAP)

28 %

11 %

22 %

24 %

(1 %)

20 %

25 %

4 %

20 %

Adjusted EBITDA

7,118

1,125

8,244

6,516

444

6,954

6,712

495

7,209

925

68

993

  YOY

(6 %)

(56 %)

(13 %)

  QOQ

3 %

11 %

4 %

Adjusted EBITDA margin 

30 %

14 %

26 %

24 %

7 %

20 %

26 %

7 %

22 %

(1) Includes share-based compensation as follows:

 Cost of revenues 

76

32

108

74

29

103

50

27

77

7

4

11

 Selling, general and administrative 

353

64

417

240

57

297

257

56

313

35

8

43

 Research and development 

575

43

618

652

33

685

329

32

361

45

5

50

 Total share-based compensation 

1,004

139

1,143

966

119

1,085

636

115

751

87

17

104

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net income attributable to iQIYI noncontrolling interests

 

Baidu, Inc. 

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended

Three months ended

Three months ended

Three months ended

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

Net cash provided by (used in) operating

activities

5,284

936

6,220

1,836

520

2,356

(6,340)

339

(6,001)

(874)

47

(827)

Net cash used in investing activities 

(2,893)

(223)

(3,116)

(4,741)

(896)

(5,637)

(1,175)

(30)

(1,205)

(162)

(4)

(166)

Net cash provided by (used in) financing activities

2,126

261

2,387

(1,784)

114

(1,670)

19,639

860

20,499

2,706

119

2,825

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

154

15

169

582

61

643

(5)

(1)

(6)

(1)

(1)

Net increase (decrease) in cash, cash

equivalents and restricted cash 

4,671

989

5,660

(4,107)

(201)

(4,308)

12,119

1,168

13,287

1,669

162

1,831

Cash, cash equivalents and restricted cash

  At beginning of period

32,293

5,281

37,574

37,106

3,791

40,897

32,999

3,590

36,589

4,547

495

5,042

  At end of period

36,964

6,270

43,234

32,999

3,590

36,589

45,118

4,758

49,876

6,216

657

6,873

Net cash provided by (used in) operating

activities

5,284

936

6,220

1,836

520

2,356

(6,340)

339

(6,001)

(874)

47

(827)

Less: Capital expenditures

(2,016)

(22)

(2,038)

(2,312)

(21)

(2,333)

(2,869)

(31)

(2,900)

(395)

(4)

(399)

Free cash flow

3,268

914

4,182

(476)

499

23

(9,209)

308

(8,901)

(1,269)

43

(1,226)

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

 

Baidu, Inc. 

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  

(In millions except for per ADS information, unaudited)

Three months ended 

Three months ended 

Three months ended 

Three months ended 

March 31, 2024 (RMB)

December 31, 2024 (RMB)

March 31, 2025 (RMB)

March 31, 2025 (US$)

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Baidu

Core

iQIYI

Baidu,

Inc.

Operating income

4,538

945

5,484

3,638

285

3,917

4,164

342

4,508

574

47

621

Add: Share-based compensation expenses

1,004

139

1,143

966

119

1,085

636

115

751

87

17

104

Add: Amortization and impairment of intangible assets(1)

44

2

46

43

2

45

72

2

74

10

10

Operating income (non-GAAP)

5,586

1,086

6,673

4,647

406

5,047

4,872

459

5,333

671

64

735

Add:  Depreciation of fixed assets

1,532

39

1,571

1,869

38

1,907

1,840

36

1,876

254

4

258

Adjusted EBITDA

7,118

1,125

8,244

6,516

444

6,954

6,712

495

7,209

925

68

993

Net income (loss) attributable to Baidu

5,150

655

5,448

5,283

(189)

5,192

7,633

182

7,717

1,052

24

1,063

Add: Share-based compensation expenses

1,003

139

1,066

965

119

1,019

635

115

687

87

16

95

Add: Amortization and impairment of intangible assets(1)

42

2

43

41

2

42

70

2

71

10

10

Add: Disposal (gain) loss

(458)

(458)

7

7

(91)

(91)

(13)

(13)

Add: Impairment of long-term investments

36

71

68

84

14

90

2

1

Add: Fair value loss (gain) of long-term investments and

exchangeable bonds

725

(23)

714

(288)

(5)

(290)

(1,889)

(2)

(1,890)

(260)

(260)

Add: Reconciling items on equity method investments(2)

280

280

679

679

(66)

5

(64)

(9)

1

(9)

Add: Tax effects on non-GAAP adjustments(3)

(150)

(150)

(30)

(30)

38

38

5

5

Net income (loss) attributable to Baidu (non-GAAP)

6,628

844

7,011

6,741

(59)

6,709

6,330

304

6,469

872

41

891

Diluted earnings per ADS

14.91

14.26

21.59

2.98

Add:  Accretion of the redeemable noncontrolling interests

0.55

0.55

0.57

0.08

Add:  Non-GAAP adjustments to earnings per ADS

4.45

4.37

(3.62)

(0.51)

Diluted earnings per ADS (non-GAAP)

19.91

19.18

18.54

2.55

(1) This represents amortization and impairment of intangible assets resulting from business combinations.

(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable

noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments.

 

Zeekr Group Releases 2024 Sustainability Report

HANGZHOU, China, May 21, 2025 /PRNewswire/ — ZEEKR Intelligent Technology Holding Limited (“Zeekr Group” or the “Company”) (NYSE: ZK), the world’s leading premium new energy vehicle group, today announced that it has published its 2024 Sustainability report (“the report”), available on the Sustainability section of the Company’s IR website at https://ir.zeekrgroup.com. The initiatives and achievements outlined in the report reflect the Company’s deep commitment to sustainable innovation, dual carbon management and proactive governance.

About Zeekr Group

Zeekr Group, headquartered in Zhejiang, China, is the world’s leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain. Zeekr Group’s values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider.

For more information, please visit https://ir.zeekrgroup.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 Company’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. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “future,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:
ZEEKR Intelligent Technology Holding Limited
Investor Relations
Email: ir@zeekrlife.com

Piacente Financial Communications
Tel: +86-10-6508-0677
Email: Zeekr@thepiacentegroup.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: Zeekr@thepiacentegroup.com

Media Contact

Email: Globalcomms@zeekrgroup.com