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J&T Express Achieved Full-Year Profit for the First Time in 2024 After Recording 15.9% in Revenue Growth

Southeast Asia market share climbed to 28.6%, China parcel volume growth outpaced industry

HONG KONG, March 5, 2025 /PRNewswire/ — J&T Global Express Limited (“J&T Express” or “J&T” or “the Company”, stock code: 01519), a global logistics service provider, announced its Annual Results 2024 (“2024” or “the Period”). J&T’s full-year revenue reached US$10.26 billion, representing a year-over-year (“YoY”) increase of 15.9%. In 2024, J&T’s total parcel volume increased by 31% YoY to 24.65 billion. Revenue from its core business express delivery services was US$9.98 billion, a YoY increase of 23.4%.

During the period, all of J&T’s profit metrics turned positive, showing a positive turnaround. Net profit reached US$110 million, a significant improvement compared to the US$1.16 billion loss in 2023. Adjusted net profit amounted to approximately US$200 million, exceeding market expectations. Adjusted EBITDA reached US$780 million, soaring 430.5%. Adjusted EBIT turned positive, reaching US$300 million, reflecting the Company’s steadily improving profitability and its healthy, sustainable trajectory.

In 2024, the adjusted EBIT of all operating regions achieved significant growth or improvement. In China, the adjusted EBIT turned positive for the first time, reaching US$150 million, compared to an adjusted EBIT loss of US$240 million in 2023. In Southeast Asia (“SEA”), the adjusted EBIT increased by 48.9% YoY to US$300 million. In newer markets such as Saudi Arabia and UAE (“New Markets”), the adjusted EBIT loss was US$76.465 million, a significant narrowing compared to the US$110 million loss in 2023.

Dylan Tey, Chief Financial Officer of J&T Express, commented: “In 2024, J&T’s revenue in all operating regions continued to achieve double-digit growth, primarily benefiting from the deepening of our cooperation with e-commerce platforms in various regions, as well as the active expansion of diversified brand partners. We have maintained our leading position in SEA, with encouraging revenue and profitability maintaining steady and sustainable growth. We believe that the Company’s first-mover advantages and high-quality services in SEA can further enhance our market share in the region. During the period, the China business continued to benefit from economies of scale and optimized operating efficiency, and local operating experience will empower other markets, bringing positive effects to the Company’s business around the world.”

Maintaining a lead in SEA for five consecutive years with market share jumping to 28.6%

J&T continued to achieve growth and steady profitability improvements in SEA in 2024. The Company’s parcel volume in the region reached 4.56 billion, an increase of 40.8% YoY. J&T’s market share in SEA increased by 3.2 percentage points from 2023 to 28.6%, further consolidating its leading position and competitive advantages in the market. In SEA, J&T has firmly maintained its position as an independent e-commerce enabler, integrating parcels from all e-commerce platforms while actively expanding non-platform parcels. Through economies of scale and replication of China’s express delivery experience, the cost per parcel decreased by approximately 14.9% YoY during the period, enabling the Company’s business to maintain a steady and sustainable level of profitability.

J&T’s revenue in the SEA market increased by 22.3% YoY to US$3.22 billion in 2024. Adjusted EBITDA reached US$460 million, an increase of 21.3% YoY. Adjusted EBIT reached US$300 million, with a growth rate of 48.9% YoY.

China business achieved full-year profitability for the first time; parcel volume growth leads the industry

J&T’s business scale and market share in China steadily improved. The Company’s parcel volume in China increased by 29.1% YoY to 19.8 billion in 2024. During the period, market share in China increased to 11.3%. The Company’s parcel volume and market share in China continued to grow, mainly due to deepened cooperation with existing e-commerce platforms, coupled with improved service quality and enhanced brand image. Together, these factors enhanced the Company’s overall client sourcing capabilities.

J&T’s revenue in China reached US$6.39 billion in 2024, an increase of approximately 22.2% YoY. Adjusted EBITDA was US$430 million, and adjusted EBIT turned profitable, recording approximately US$150 million, primarily due to a significant decrease in the cost per parcel. During the period, the Company’s cost per parcel in China decreased by approximately 11.8% to US$0.30.

New Markets seized growth opportunities in the e-commerce market; number of high-quality non-platform customers continued to rise

Benefiting from the active entry of cross-border e-commerce into New Markets, J&T’s parcel volume in the region maintained rapid growth, with parcel volume increasing by approximately 22.1% to 280 million. The Company continued to invest in building local express delivery networks to improve the pickup and delivery capabilities. In New Markets, the Company maintained close partnerships with international cross-border e-commerce platforms such as Shein, Temu and TikTok, and deepened cooperation with local indigenous e-commerce platforms, such as Noon in the Middle East and Salla in Saudi Arabia, partially offsetting the adverse effects of changes in cross-border policies in the New Markets.

In 2024, J&T’s New Markets revenue reached US$580 million, an increase of 76.1% YoY, which mainly benefited from the group’s high parcel volume growth in the region, as well as the continuously improving network carrying capacity. The Company continued to seize e-commerce growth opportunities in New Markets, while vigorously developing non-e-commerce platforms for individual parcels.

Long-term investment in automated sorting equipment upgrades; actively exploring AI to improve delivery efficiency

J&T continued to implement refined management in the areas of pickup, sorting, transportation and dispatching to improve operational efficiency, and continuously selectively expanded self-built sorting centers in various regions. As of 31 December 2024, the Company had approximately 19,100 outlets worldwide while operating 238 sorting centers and more than 11,900 line-haul vehicles, including over 6,600 that were self-owned.

The Company continued to invest in automated equipment in various regions. As of 31 December 2024, there were 51, 226, and 2 sets of automated sorting equipment for sorting centers in SEA, China, and the New Markets, respectively, with an increase of 16, 27, and 2 sets compared to 2023.

Currently, J&T provides the Dynamic Digital Mapping (AOI, Area of Interest) functions for outlets, dynamically aggregating regional addresses to optimize pickup and delivery routes, identify exceptions, parcel volume and customer analysis, to help improving the efficiency of pickup and delivery at outlets. At the same time, the Company has developed an intelligent planning tool that can synthesize core information such as parcel volume, time efficiency, number of vehicles and vehicle types, providing network staff in China with the shortest distance and most cost-effective delivery routes, and it will be gradually promoted to other countries in the future.

Charles Hou, Group Vice President of J&T Express, stated: “J&T has achieved brilliant results in 2024 by virtue of the huge logistics network built in various regions, reliable services, the advanced experience and cost control capabilities acquired in China, and close partnerships with e-commerce platforms in various markets. We uphold our position as a neutral logistics service provider, and actively establish diversified cooperation with the platforms, continuously improving information technology and intelligence capabilities, while optimizing service processes through our self-developed technology platform to empower global operations. Looking forward to the future, J&T will continue to increase investment in research and development, providing more convenient, efficient and intelligent services to meet customers’ demand for high-quality express delivery services.”

About J&T Express
J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all. In August 2024, J&T Express was included in the Hang Seng China Enterprises Index, and in February 2025, it was included in the MSCI China Index.

Bybit Learn Community Goes Live to Facilitate Interactive Knowledge Sharing

DUBAI, UAE, March 5, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is proud to announce the launch of the Bybit Learn Community, an innovative and interactive virtual space designed for crypto strategists and enthusiasts to learn, share, and grow while climbing the leaderboard for a chance to share in a weekly prize pool.

As an extension of Bybit Learn, this community will function as an inclusive and dynamic knowledge hub designed to empower individuals at all levels of experience, with the diverse insights needed to navigate the evolving world of cryptocurrency trading and blockchain technology. It fosters collaboration among traders, investors, industry leaders, and strategists, providing a space for meaningful discussions and knowledge sharing. Access is free for registered Bybit users.

Highlights

  • Weekly Rewards: Participants can earn points by engaging with content and sharing valuable insights. A total of 2,500 USDT will be distributed weekly among the top contributors in the leaderboard.
  • Collaborate & Connect: The community facilitates the exchange of ideas among like-minded traders, learners, and experts within the crypto space.
  • Shape the Future of Crypto Education: Contributors can play a vital role in creating an educational ecosystem that enhances accessibility to crypto knowledge for all.

How to Participate
To participate in the Bybit Learn Community, users may simply sign up or log in to Bybit Learn and navigate to the community section. Here, they can create and share insightful content, guides, or analyses. Once the content is submitted for review, it will be published upon approval, allowing the author to earn rewards for your contributions.

Bybit Learn Community Goes Live to Facilitate Interactive Knowledge Sharing
Bybit Learn Community Goes Live to Facilitate Interactive Knowledge Sharing

Sharing knowledge and staying informed about the latest developments in cryptocurrency benefit crypto users looking to upskill and keep up with the fast-moving industry. By exchanging insights and experiences, traders, researchers, and crypto fans can collectively enrich the crypto landscape and help each other make better-informed decisions. A collaborative environment not only strengthens individual skills but also contributes to a more resilient and knowledgeable community overall.

The Bybit Learn Community offers an excellent starting point for both crypto novices and seasoned traders and analysts, where they can contribute, share, and grow as a community. For more information, users may visit the Bybit Learn Community.

#Bybit / #TheCryptoArk / #BybitLearn

About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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New era of TA: Cielo launches Agentic AI

MILWAUKEE, March 5, 2025 /PRNewswire/ — Cielo, the world’s leading Talent Acquisition Partner, today releases Agentic AI for TA. These agents are proactive teammates that elevate and enable their human counterparts to make the best hiring decisions.

“We’re introducing the future of talent acquisition,” said Matt Jones, Chief Product Officer, Cielo. “Our proprietary Agentic AI represents a quantum leap forward in how our clients hire the best talent in an increasingly competitive market.”

Agentic AI is the latest breakthrough from Cielo that’s redefining hiring experiences. Part of its AI-powered technology suite, this advancement reaffirms Cielo’s commitment to delivering clients unmatched solutions through leading tech and industry expertise. 

“Cielo’s always been at the forefront of innovation in talent acquisition,” said Marissa Geist, CEO, Cielo. “We’ve been using artificial intelligence throughout our programs for over a decade, and with Agentic AI, we’re creating a whole new market. Our clients are already using this technology to unlock better hiring outcomes – and this is just the beginning.”

Cielo introduces the first agents for employer branding, talent marketing, workforce insights, and recruiting support. Benefits include:

Streamlined hiring: Route and automate tasks like sending tailored messages to candidates and providing intelligence to improve recruiting strategies and remove friction. 

Actionable insights: Proprietary algorithms analyze vast amounts of data to recommend next steps, optimize workflows, adapt plans, suggest strategies, and promote fair hiring practices.   

Brand activation & engagement: Create compelling social media content, audit employer value propositions, and make recommendations to increase candidate attraction and engagement.

“In a time when we’re constantly hearing ‘do more with less,’ this is an opportunity to ‘do more with more.’ Agentic AI goes beyond improving efficiency; it truly serves as a much-needed addition to any recruiting team,” said Rebecca Volpano, Vice President – Product Marketing, Cielo. 

Looking ahead 
Cielo routinely tests 30+ models in its lab and plans to deploy multi-agent systems to tackle and audit even more complex recruiting challenges.

Learn more about Cielo’s Agentic AI or request a demo, www.cielotalent.com/contact-us

About Cielo
Cielo is the world’s leading Talent Acquisition Partner. We deliver a better talent experience for everyone through Talent Acquisition, Search, Consulting, and Digital Accelerators™. With our fresh approach – we design and build comprehensive, proven solutions inspired by technology to find and keep the unique talent that elevates our clients above the competition. To learn more, visit cielotalent.com.

Media contact
Annamarie Andrews, Senior Vice President – Marketing
annamarie.andrews@cielotalent.com

 

Laos Set to Strengthen Pilot Training, Improve Aviation Safety

Pilot training in Laos. (Photo: Lao Civil Aviation Flight Training Centre)

Laos is set to strengthen its aviation sector through expanded pilot training and safety programs. 

Da Nang Investment Forum 2025 Showcases Vietnam’s Rise as a Financial Hub

Strengthening Vietnam-Singapore Financial Ties: Unlocking New Investment Opportunities in Banking, Fintech, and Green Finance


SINGAPORE – Media OutReach Newswire – 5 March 2025 – The Da Nang Investment Forum 2025, held on 3 March 2025 at The Ritz-Carlton, Millenia Singapore, underscored Vietnam’s strategic ambition to position itself as a key financial hub in Southeast Asia and commitment to regulatory innovation and international collaboration. Organised by the People’s Committee of Da Nang City in collaboration with Terne Holdings, the forum brought together close to 200 government leaders, global investors, and financial experts to explore the city’s transformation into a dynamic financial center and the opportunities it presents for Singapore international investors.

Pictured: H.E. Nguyen Van Quang, Secretary of the Da Nang Municipal Party Committee giving his, Opening Remarks at The Da Nang Investment Forum 2025
Pictured: H.E. Nguyen Van Quang, Secretary of the Da Nang Municipal Party Committee giving his, Opening Remarks at The Da Nang Investment Forum 2025

The forum, a key highlight of Da Nang’s high-level delegation visit to Singapore, was officiated by H.E. Mr. Nguyen Van Quang, Secretary of the Da Nang Municipal Party Committee and Head of the National Assembly Delegation of Da Nang City, alongside H.E. Tran Phuoc Anh, Ambassador of Vietnam to Singapore. Ambassador Tran Phuoc Anh delivered the opening remarks, setting the stage for discussions on Da Nang’s economic development, investment-friendly policies, and its role in Vietnam’s broader financial growth strategy. Moderated by Dr. Chua Hak Bin, Co-Head of Macro Research at Maybank, the forum featured an interactive dialogue with Da Nang’s leadership, offering firsthand insights into the city’s dynamic investment climate and ambitious future.

Positioning Da Nang as Vietnam’s Next Economic Powerhouse

As one of Vietnam’s six centrally governed cities, Da Nang is emerging as a key regional growth hub, driven by world-class infrastructure, innovation-driven industries, and progressive economic policies. The city has identified two key drivers for future development: the Da Nang International Financial Centre and the Da Nang Free Trade Zone. Strategically positioned at the crossroads of major ASEAN economies, Da Nang plays a vital role in the economic, political, and national defense landscape of both the Central region and Vietnam. With a strong regulatory framework and significant infrastructure investments, the city aims to attract financial institutions, asset managers, and fintech firms looking to expand into the ASEAN market.

“Da Nang is rapidly developing and actively embracing scientific advancements to drive its growth. As Vietnam pursues its ambition of becoming an international financial center in Southeast Asia, Da Nang plays a crucial role in realizing this vision by creating value-driven opportunities in the financial sector. shared in the welcome remarks of H.E. Tran Phuoc Anh, Ambassador of Vietnam to Singapore. “Singapore, already one of Vietnam’s largest investors, is poised to strengthen its economic ties further. With a commitment to increasing bilateral trade by 10% annually, both nations are working towards reaching a trade volume of over $31 billion, solidifying their strategic economic partnership.”

Several key advantages bolster Da Nang’s investment appeal:

  • Strategic Connectivity: With direct air links to over 15 countries, a modern international airport, and the upcoming Lien Chieu Port—Vietnam’s future global transshipment hub—Da Nang offers seamless access to regional and international markets.
  • Thriving Innovation & high Technology Hub: The city is a leader in high-tech manufacturing, artificial intelligence, blockchain, and semiconductor industries, boasting one of Vietnam’s three national high-tech parks.
  • A World-Class Destination for Investment & Living: Recognized by Forbes as one of the world’s top beach destinations, Da Nang combines a high-quality urban environment with investor-friendly policies, making it an attractive choice for both businesses and residents.

Da Nang International Financial Center (DNIFC): A Regional Financial Hub in the Making

Following Politburo approval in November 2024, Da Nang is advancing plans to establish Vietnam’s first regional financial center, positioning itself as a key player in the global financial landscape. DNIFC will serve as a strategic hub for:

  • International Trade & Green Finance – Facilitating cross-border investment, sustainable finance, and capital markets to support Vietnam’s commitment to responsible economic growth.
  • FinTech & Digital Economy – Providing a regulatory sandbox for blockchain innovations, AI-driven financial services, and digital payments, fostering a dynamic financial technology ecosystem.
  • Commodity Trading Hub – Establishing a structured exchange for agriculture, minerals, and metals, seamlessly integrating with Da Nang’s expanding logistics network.

Strategically located on a 6.17-hectare prime site, DNIFC will feature luxury office spaces, fintech hubs, and investment support services, with future expansion planned across 62 hectares. This initiative aims to position Da Nang as a premier financial gateway, attracting global investors and reinforcing its role in Vietnam’s rapidly evolving financial sector.

Mr. Andy Khoo, General Director of Terne Holdings, stated, “Da Nang’s strategic location near key trade routes of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), along with its proximity to Tien Sa and Lien Chieu ports, positions it as a natural hub for trade finance. SMEs in ASEAN, one of the most underserved markets, face an annual unmet trade finance demand of $200 billion. DNIFC can bridge this gap by introducing innovative trade finance solutions and enabling seamless cross-border capital movement. Today’s event marks a significant opportunity for Da Nang to capitalise on this potential.”

Da Nang Free Trade Zone (DNFTZ): A Game-Changer for Vietnam’s Trade & Logistics

As Vietnam’s first pilot Free Trade Zone, DNFTZ is set to accelerate high-value exports, smart logistics, and next-generation manufacturing. The development will feature:

  • Advanced Manufacturing & Supply Chain Hubs: Focused on semiconductors, biotech, medical devices, and renewable energy, positioning Da Nang as a key player in high-value industries.
  • Multimodal Logistics & Global Trade: Seamless integration with Lien Chieu Port and Da Nang Airport, enhancing Vietnam’s regional trade links and strengthening supply chain efficiency.
  • Digital Economy & Smart Industries: A specialised ecosystem for AI, cloud computing, e-commerce, and blockchain technologies, driving innovation and economic transformation.

With strong government backing and investor-friendly policies, DNIFC and DNFTZ will cement Da Nang’s status as a strategic investment gateway, reinforcing its role in the Asia-Pacific economy and solidifying its position as a financial and technological powerhouse in the region.

Strengthening Vietnam-Singapore Financial Collaboration

The forum also highlighted the growing financial and economic ties between Vietnam and Singapore, reinforced by the recent in-principal agreement to establish a Comprehensive Strategic Partnership. With Singapore serving as a key financial gateway for ASEAN, investors and financial institutions are well-positioned to explore new opportunities in Vietnam’s banking, fintech, and green finance sectors.

“Vietnam and Singapore share a strong and dynamic financial partnership, built on mutual trust and a shared vision for sustainable economic growth. As Singapore continues to serve as a key financial gateway for ASEAN, enhanced collaboration in banking, fintech, and green finance will unlock new investment opportunities and drive innovation across our financial sectors,” H.E. Tran Phuoc Anh further adds. “By deepening our cooperation, we can accelerate Vietnam’s financial integration into global markets, strengthen regulatory frameworks, and create a resilient, future-ready financial ecosystem that benefits businesses and investors in both nations.”

The event successfully reinforced Da Nang’s position as a rising financial center and showcased Vietnam’s readiness to collaborate with global investors in shaping the next phase of ASEAN’s financial evolution. With strong government support and a clear vision for financial sector development, Da Nang is poised to become a strategic investment destination in Asia.Hashtag: #DaNangInvestmentForum

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

About The Da Nang City

Da Nang, the largest city in Central Vietnam, is one of six centrally governed cities. Da Nang is emerging as a new growth pole in the Central area, serving as the core urban area in the dynamic urban chain of the North Central and Central Coastal regions with a population of 1.3 million people (2024) covering an area of 1,285 km2.

Nestled at the crossroads of major economies in the ASEAN region, Da Nang holds a strategically vital position in the economic, political, and national defense landscape of both the Central region and Vietnam as a whole.

CQ Medical’s Iris AirShuttle™ Patient Transfer Platform Recognized at Women in Innovation Award Showcase

AVONDALE, Pa., March 5, 2025 /PRNewswire/ — The Iris AirShuttle, a patient transfer platform developed by CQ Medical, is designed to streamline the transfer of patients from procedures to imaging. Recently, it was featured at the Women in Innovation Award Showcase, an event that celebrated Professor Iris Grunwald from the University of Dundee, UK, along with her team at the Image Guided Therapy Research Facility (IGTRF). The event honored their pioneering contributions to healthcare innovation, awarding them a Purple Plaque for outstanding innovations and solutions that improve healthcare globally. Professor Grunwald led the clinical evaluation of the Iris AirShuttle, assessing its ability to streamline patient transfers, reduce physical strain on healthcare providers, and improve overall hospital workflow efficiency. The evaluation confirmed the AirShuttle‘s potential to enhance safety and reduce the risk of injuries among NHS staff.

Professor Grunwald along with her team demonstrates the Iris AirShuttle Patient Transfer Platform featured at the Women in Innovation Award Showcase.
Professor Grunwald along with her team demonstrates the Iris AirShuttle Patient Transfer Platform featured at the Women in Innovation Award Showcase.

“We are extremely grateful to have evaluated the Iris AirShuttle,” said Professor Grunwald. “It is a simple yet transformative solution that will make patient transfers easier, protect NHS staff, and ultimately improve hospital workflow efficiency. The overwhelmingly positive response from healthcare professionals and industry leaders further validates the importance of implementing this innovation in clinical practice.”
– Read more at: Stroke expert celebrated for ‘game-changing’ ideas | University of Dundee, UK

The Iris AirShuttle is an integral part of CQ Medical’s Symphony® Imaging, Treatment & Transfer Solutions, which conveniently integrates the AirShuttle patient platform with the AirDrive system. This combination enables smooth and efficient patient transfers between imaging modalities and procedural platforms without the need for repositioning. Designed for use in CT, MR (up to 3 Tesla), and angiography, the Symphony solution ensures safe patient movement across various surfaces, including sheet-covered pads and mattresses, while minimizing the number of clinical staff required.

To learn how the Iris AirShuttle can help workflow efficiency, safety, and patient care, visit CQMedical.com.

About CQ Medical
CQ Medical is the global leader in developing high-quality, innovative, patient-centric radiotherapy and cancer therapy solutions. With primary locations in Iowa and Pennsylvania and employees worldwide, the company has more than 80 years of combined experience bringing advanced hardware and consumables for patient immobilization and positioning, fiducial markers, couchtops, and patient care products to the market.

For further information, please contact:

Lisa Vandenberg, Senior Director of Product Management & Marketing, lisa.vandenberg@CQmedical.com

COPYRIGHT © 2025 CQ Medical. All rights reserved. CQ Medical is a trademark of Medtec LLC. Symphony is a registered trademark of Qfix Systems LLC. AirDrive, AirDrive Caddie, AirDrive Trolley, AirShuttle, and Iris AirShuttle are trademarks of Qfix Systems LLC.

This press release contains information about products that may or may not be available in particular countries. These products may not be licensed in accordance with Canadian law. Each country has specific laws and regulations governing the commercialization of medical devices and the communication of information regarding medical devices in printed and digital media. Products appearing in this press release or on our website may or may not have received approval, clearance, or marketing authorization by a governmental regulatory body in any particular country or may have received approval, clearance, or marketing authorization for different indications and restrictions in different countries or may be for investigational use only.

CQ2025D3 Rev. 0

 

Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

GUIYANG, China, March 5, 2025 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter and Fiscal Year 2024 Financial and Operational Highlights

  • Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million (US$434.9 million), an increase of 31.8% from RMB2,408.0 million in the same period of 2023. Total net revenues in 2024 were RMB11,238.6 million (US$1,539.7 million), an increase of 33.2% from RMB8,436.2 million in 2023.
  • Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared with RMB588.3 million in the same period of 2023. Net income in 2024 was RMB3,123.4 million (US$427.9 million), an increase of 40.2% from RMB2,227.1 million in 2023.
  • Non-GAAP adjusted net income1 in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 million in the same period of 2023. Non-GAAP adjusted net income in 2024 was RMB4,020.4 million (US$550.8 million), an increase of 43.7% from RMB2,797.0 million in 2023.
  • Fulfilled orders2 in the fourth quarter of 2024 reached 56.9 million, an increase of 24.3% from 45.8 million in the same period of 2023. Fulfilled orders in 2024 reached 197.2 million, an increase of 24.1% from 158.8 million in 2023.
  • Average shipper MAUs3 in the fourth quarter of 2024 reached 2.93 million, an increase of 31.3% from 2.24 million in the same period of 2023. Average shipper MAUs in 2024 reached 2.64 million, an increase of 30.3% from 2.03 million in 2023.

“In the fourth quarter, we continued to propel the digital and intelligent transformation of the logistics industry. By harnessing our robust network effects and unparalleled transaction efficiency, we sustained strong growth momentum, effectively accelerating our growth flywheel,” stated Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA. “During the quarter, we rapidly expanded our shipper base while enhancing user engagement. In addition, we made significant improvements to our trucker ecosystem and elevated matching efficiency through continuous optimization of our platform’s functionalities, including trucker credit ratings, priority access, and our Premium Cargo Bidding mechanism. As we look ahead to 2025, we remain committed to embracing AI-driven innovations that will increase truckers’ efficiency and earnings while reducing logistics costs for shippers, ultimately creating enduring value for the entire industry.”

Mr. Simon Cai, Chief Financial Officer of FTA, added, “We delivered record financial results in 2024, bolstered by our growing user base, sophisticated commission strategies and continued operational efficiency upgrades. For the full year, total net revenues reached RMB11.2 billion, a 33.2% increase year over year, with transaction service revenue soaring by 66.7%. As our topline continued to grow, net income rose by 40.2% year over year to RMB3.1 billion, and our non-GAAP adjusted net income surged by 43.7% to RMB4.0 billion. These achievements reinforce our confidence in future growth, and our ability to generate long-term value for shareholders. We will continue to harness this momentum to scale our business, improve our monetization capabilities, and increase shareholder value.”

1 Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

2 Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.

3 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

Fourth Quarter 2024 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB1,197.4 million and RMB1,422.1 million for the three months ended December 31, 2023 and 2024, respectively). Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million (US$434.9 million), representing an increase of 31.8% from RMB2,408.0 million in the same period of 2023, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2024 were RMB2,704.9 million (US$370.6 million), representing an increase of 34.2% from RMB2,016.1 million in the same period of 2023. The increase was mainly due to the rapid increase in transaction service.4

  • Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2024 were RMB1,316.1 million (US$180.3 million), an increase of 17.0% from RMB1,124.7 million in the same period of 2023, primarily attributable to an increase in service fee rate, partially offset by a decrease in transaction volume.
  • Freight listing service. Revenues from freight listing service in the fourth quarter of 2024 were RMB230.5 million (US$31.6 million), an increase of 7.5% from RMB214.4 million in the same period of 2023, primarily due to the growing number of total paying members.
  • Transaction service.4 Revenues from transaction service amounted to RMB1,158.3 million (US$158.7 million) in the fourth quarter of 2024, an increase of 71.1% from RMB677.1 million in the same period of 2023, primarily driven by increases in order volume, penetration rate, and per-order transaction service fee.

Value-added services. Revenues from value-added services in the fourth quarter of 2024 were RMB469.3 million (US$64.3 million), an increase of 19.8% from RMB391.8 million in the same period of 2023. The increase was due to growing demand from truckers and shippers for credit solutions.

Cost of Revenues (including VAT net of government grants of RMB864.7 million and RMB1,070.9 million for the three months ended December 31, 2023 and 2024, respectively). Cost of revenues in the fourth quarter of 2024 was RMB1,391.7 million (US$190.7 million), compared with RMB1,152.3 million in the same period of 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,278.5 million, representing an increase of 25.9% from RMB1,015.3 million in the same period of 2023, primarily due to an increase in tax costs net of government grants related to the Company’s freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2024 were RMB471.8 million (US$64.6 million), compared with RMB421.0 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2024 were RMB202.3 million (US$27.7 million), compared with RMB266.0 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2024 were RMB205.0 million (US$28.1 million), compared with RMB255.3 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in the fourth quarter of 2024 was RMB835.4 million (US$114.5 million), an increase of 233.1% from RMB250.8 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the fourth quarter of 2024 was RMB963.3 million (US$132.0 million), an increase of 141.6% from RMB398.8 million in the same period of 2023.

Impairment loss. Impairment loss in the fourth quarter of 2024 was RMB352.7 million (US$48.3 million), compared with nil in the same period of 2023. The loss was due to credit impairment on investments in certain investee that could not meet the shareholders’ redemption requests due to insufficient funds resulting from operational underperformance.

Net Income. Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared with RMB588.3 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 million in the same period of 2023.

Basic and Diluted Net Income per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.7 Basic net income per ADS was RMB0.54 (US$0.07) in the fourth quarter of 2024, compared with RMB0.56 in the same period of 2023. Diluted net income per ADS was RMB0.53 (US$0.07) in the fourth quarter of 2024, compared with RMB0.56 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1.00 (US$0.14) in the fourth quarter of 2024, compared with RMB0.70 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.99 (US$0.14) in the fourth quarter of 2024, compared with RMB0.69 in the same period of 2023.

Balance Sheet and Cash Flow

As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB29.2 billion (US$4.0 billion) in total, compared with RMB27.6 billion as of December 31, 2023.

As of December 31, 2024, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,199.6 million (US$575.3 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio8 for these loans was 2.2% as of December 31, 2024, compared with 2.0% as of December 31, 2023.

In the fourth quarter of 2024, net cash provided by operating activities was RMB1,150.0 million (US$157.6 million).

4 Effective January 1, 2024, we have renamed our “Transaction commission” revenue stream as “Transaction service,” which consists of all monetization from truckers related to our freight matching service, including the revenue generated from our intra-city business, which was previously classified under “Freight listing service” and “Value-added services.” The comparative periods have been restated to conform to this presentation by reclassifying RMB31.8 million and RMB0.4 million, which were previously included in “Freight listing service” and “Value-added services,” respectively, as “Transaction service.”

5 Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of U.S. securities class action, which is non-recurring. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

6 ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.

7 Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

8 Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date.

Fiscal Year 2024 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB4,172.7 million and RMB5,097.7 million for the years ended December 31, 2023 and 2024, respectively). Total net revenues in 2024 were RMB11,238.6 million (US$1,539.7 million), representing an increase of 33.2% from RMB8,436.2 million in 2023, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in 2024 were RMB9,455.1 million (US$1,295.3 million), representing an increase of 34.0% from RMB7,053.5 million in 2023. The increase was mainly due to the rapid growth of transaction service.

  • Freight brokerage service. Revenues from freight brokerage service in 2024 were RMB4,727.0 million (US$647.6 million), an increase of 20.7% from RMB3,916.4 million in 2023, primarily attributable to an increase in transaction volume due to improved user penetration.
  • Freight listing service. Revenues from freight listing service in 2024 were RMB879.5 million (US$120.5 million), an increase of 6.2% from RMB828.2 million in 2023, primarily due to the growing number of total paying members.
  • Transaction service. Revenues from transaction service amounted to RMB3,848.7 million (US$527.3 million) in 2024, an increase of 66.7% from RMB2,309.0 million in 2023, primarily driven by increases in order volume and per-order transaction service fee.

Value-added services. Revenues from value-added services in 2024 were RMB1,783.5 million (US$244.3 million), an increase of 29.0% from RMB1,382.6 million in 2023. The increase was due to an increase in revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of government grants of RMB3,121.0 million and RMB3,893.4 million for the years ended December 31, 2023 and 2024, respectively). Cost of revenues in 2024 was RMB5,100.6 million (US$698.8 million), compared with RMB4,119.0 million in 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB4,584.4 million, representing an increase of 24.1% from RMB3,693.5 million in 2023, primarily due to an increase in transaction activities involving the Company’s freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in 2024 were RMB1,596.8 million (US$218.8 million), compared with RMB1,239.2 million in 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in 2024 were RMB913.8 million (US$125.2 million), compared with RMB937.7 million in 2023. The decrease was primarily attributable to the Company’s settlement in principle of certain U.S. securities class action claims in 2023, partially offset by higher share-based compensation expenses.

Research and Development Expenses. Research and development expenses in 2024 were RMB880.0 million (US$120.6 million), compared with RMB946.6 million in 2023. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in 2024 was RMB2,475.0 million (US$339.1 million), an increase of 148.1% from RMB997.4 million in 2023.

Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2024 was RMB3,032.3 million (US$415.4 million), an increase of 91.9% from RMB1,580.4 million in 2023.

Net Income. Net income in 2024 was RMB3,123.4 million (US$427.9 million), an increase of 40.2% from RMB2,227.1 million in 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2024 was RMB4,020.4 million (US$550.8 million), an increase of 43.7% from RMB2,797.0 million in 2023.

Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.95 (US$0.40) in 2024, compared with RMB2.10 in 2023. Diluted net income per ADS was RMB2.94 (US$0.40) in 2024, compared with RMB2.09 in 2023. Non-GAAP adjusted basic net income per ADS was RMB3.81 (US$0.52) in 2024, compared with RMB2.64 in 2023. Non-GAAP adjusted diluted net income per ADS was RMB3.80 (US$0.52) in 2024, compared with RMB2.63 in 2023.

Business Outlook

The Company expects its total net revenues to be between RMB2.63 billion and RMB2.68 billion for the first quarter of 2025, representing a year-over-year growth rate of approximately 15.9% to 18.1%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof. 

Adoption of Semi-Annual Dividend Policy and Declaration of Cash Dividend

Upon review of the Company’s results of operations, business development plan, capital requirements, and cash position, the Company’s board of directors (the “Board”) has approved a semi-annual cash dividend policy, pursuant to which the Board intends to declare and distribute a cash dividend semi-annually starting from 2025. The total cash dividend for 2025 is expected to be approximately US$200 million. The determination to make dividend distributions and the exact amount of such distributions in any particular semi-annual period will be made at the discretion of the Board based upon the Company’s operations and earnings, cash flow, financial condition, and other relevant factors, and subject to adjustment and determination by the Board.

The Board has also approved a semi-annual cash dividend of US$0.0048 per ordinary share, or US$0.0960 per American depositary share (the “ADS”), payable on or around April 18, 2025, to holders of record of the Company’s ordinary shares at the close of business on April 7, 2025. The aggregate amount of the dividend is expected to be approximately US$100 million. Cash dividends are expected to be paid to holders of the Company’s ADSs through the depositary, Deutsche Bank Trust Company Americas, on or around April 18, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

Extension of Share Repurchase Program

The Board resolved to extend the original share repurchase program in March 2024 such that the Company may repurchase up to approximately US$300 million of its ADSs and/or ordinary shares through March 12, 2025. As of March 4, 2025, the Company had repurchased an aggregate of approximately 4.9 million ADSs for approximately US$40.3 million from the open market under the share repurchase program.

In March 2025, the Board approved a further extension of the term of the share repurchase program such that the Company may repurchase up to US$200 million of its ADSs and/or ordinary shares through March 12, 2026. Repurchases under the Company’s share repurchase program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with the applicable rules and regulations. The Board will review the share repurchase program periodically, and may authorize adjustments to its terms and size or suspend or discontinue the program. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company expects to fund the repurchases with its existing cash balance.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call

The Company’s management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 5, 2025, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2024.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:
https://dpregister.com/sreg/10196861/fe7dca9355 

Upon registration, each participant will receive details for the conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the provided number, enter the passcode followed by your PIN, and you will join the conference.

The replay will be accessible through March 12, 2025, by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

4460802

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of 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 U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of U.S. securities class action, which is non-recurring. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of

December 31,

December 31,

December 31,

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

6,770,895

5,810,347

796,014

Restricted cash – current

115,513

100,533

13,773

Short-term investments

11,516,304

15,002,903

2,055,389

Accounts receivable, net

23,418

19,643

2,691

Loans receivable, net

3,521,072

4,199,645

575,349

Prepayments and other current assets

2,049,780

2,122,902

290,836

Total current assets

23,996,982

27,255,973

3,734,052

Restricted cash – non-current

10,000

40,000

5,480

Long-term investments1

11,075,739

9,876,118

1,353,023

Property and equipment, net

194,576

289,611

39,677

Intangible assets, net

449,904

393,477

53,906

Goodwill

3,124,828

3,124,828

428,100

Deferred tax assets

149,081

92,882

12,725

Operating lease right-of-use assets and land use rights

134,867

115,654

15,845

Other non-current assets

211,670

98,532

13,499

Total non-current assets

15,350,665

14,031,102

1,922,255

TOTAL ASSETS

39,347,647

41,287,075

5,656,307

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

25,220

31,227

4,278

Prepaid for freight listing fees and other service fees

548,917

571,185

78,252

Income tax payable

154,916

336,220

46,062

Other tax payable

784,617

898,396

123,080

Operating lease liabilities – current

37,758

41,204

5,645

Accrued expenses and other current liabilities

1,723,245

1,141,758

156,421

Total current liabilities

3,274,673

3,019,990

413,738

Deferred tax liabilities

108,591

95,570

13,093

Operating lease liabilities – non-current

46,709

23,928

3,278

Other non-current liabilities

22,950

12,414

1,701

Total non-current liabilities

178,250

131,912

18,072

TOTAL LIABILITIES

3,452,923

3,151,902

431,810

MEZZANINE EQUITY

Redeemable non-controlling interests

277,420

443,070

60,700

SHAREHOLDERS’ EQUITY

Ordinary shares

1,371

1,343

184

Treasury stock, at cost

(608,117)

Additional paid-in capital

47,713,985

45,823,723

6,277,824

Accumulated other comprehensive income

2,897,871

3,223,944

441,679

Accumulated deficit

(14,400,604)

(11,372,284)

(1,557,997)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

35,604,506

37,676,726

5,161,690

Non-controlling interests

12,798

15,377

2,107

TOTAL SHAREHOLDERS’ EQUITY

35,617,304

37,692,103

5,163,797

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

39,347,647

41,287,075

5,656,307

1. The Group’s long-term investments consist of RMB6,809 million long-term time deposits, RMB1,390 million wealth management products with maturities
over one year, RMB641 million investments in debt securities, RMB318 million equity method investments, and RMB718 million equity investments without
readily determinable fair value as of December 31, 2024.

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues:

Freight matching services

2,016,140

2,551,834

2,704,940

370,575

7,053,525

9,455,134

1,295,348

Freight brokerage

1,124,687

1,280,917

1,316,140

180,310

3,916,409

4,726,989

647,595

Freight listing

214,350

223,419

230,489

31,577

828,152

879,489

120,489

Transaction service

677,103

1,047,498

1,158,311

158,688

2,308,964

3,848,656

527,264

Value-added services

391,817

479,554

469,314

64,296

1,382,634

1,783,504

244,339

Total net revenues (including value-added

taxes or “VAT” of RMB1,197.4 million

and RMB1,422.1 million for the three

months ended December 31, 2023

and 2024, RMB4,172.7 million and 

RMB5,097.7 million for the year ended

December 31, 2023 and 2024,

respectively)

2,407,957

3,031,388

3,174,254

434,871

8,436,159

11,238,638

1,539,687

Operating expenses:

Cost of revenues (including VAT net of

government grants, of RMB864.7

million and RMB1,070.9 million for

the three months ended December 

31, 2023 and 2024, RMB3,121.0

million and RMB3,893.4 million

for the year ended December

31, 2023 and 2024, respectively)(1)

(1,152,317)

(1,364,884)

(1,391,714)

(190,664)

(4,119,016)

(5,100,558)

(698,774)

Sales and marketing expenses(1)

(420,960)

(412,499)

(471,829)

(64,640)

(1,239,191)

(1,596,763)

(218,756)

General and administrative expenses(1)

(266,016)

(227,874)

(202,265)

(27,710)

(937,677)

(913,763)

(125,185)

Research and development expenses(1)

(255,344)

(195,142)

(205,026)

(28,088)

(946,635)

(880,016)

(120,562)

Provision for loans receivable

(67,627)

(71,242)

(73,905)

(10,125)

(234,599)

(296,528)

(40,624)

Total operating expenses

(2,162,264)

(2,271,641)

(2,344,739)

(321,227)

(7,477,118)

(8,787,628)

(1,203,901)

Other operating income

5,123

2,242

5,920

811

38,388

23,970

3,284

Income from operations

250,816

761,989

835,435

114,455

997,429

2,474,980

339,070

Other income (expense)

Interest income

313,037

303,268

149,466

20,477

1,141,861

1,073,434

147,060

Foreign exchange (loss) gain

(2,909)

(3,444)

4,725

647

(2,149)

8,004

1,097

Investment income

25,832

7,250

10,354

1,418

55,621

54,785

7,506

Unrealized gains (losses) from fair 

value changes of investments

6,833

10,618

(19,612)

(2,687)

12,938

(20,904)

(2,864)

Other income (expenses), net

2,457

126,246

(1,559)

(214)

130,264

128,152

17,557

Impairment loss

(352,742)

(48,325)

(352,742)

(48,325)

Share of loss in equity method investees

(825)

(351)

(1,580)

(216)

(2,067)

(2,861)

(392)

Total other income (expense)

344,425

443,587

(210,948)

(28,900)

1,336,468

887,868

121,639

Net income before income tax

595,241

1,205,576

624,487

85,555

2,333,897

3,362,848

460,709

Income tax expense

(6,991)

(83,640)

(49,861)

(6,831)

(106,804)

(239,411)

(32,799)

Net income

588,250

1,121,936

574,626

78,724

2,227,093

3,123,437

427,910

Less: net loss attributable to

  non-controlling interests

(591)

(1,254)

(1,177)

(161)

(1,252)

(3,548)

(486)

Less: measurement adjustment

  attributable to redeemable non-

  controlling interests

4,752

16,104

17,346

2,376

15,457

57,136

7,828

Net income attributable to

ordinary shareholders

584,089

1,107,086

558,457

76,509

2,212,888

3,069,849

420,568

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

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

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ordinary

share

—Basic 

0.03

0.05

0.03

0.00

0.10

0.15

0.02

—Diluted

0.03

0.05

0.03

0.00

0.10

0.15

0.02

Net income per ADS*

—Basic 

0.56

1.06

0.54

0.07

2.10

2.95

0.40

—Diluted

0.56

1.06

0.53

0.07

2.09

2.94

0.40

Weighted average number

of ordinary shares used

in computing net 

income per share

—Basic

20,949,011,129

20,818,441,720

20,803,347,603

20,803,347,603

21,111,924,886

20,822,835,545

20,822,835,545

—Diluted

21,016,273,541

20,885,299,925

20,913,595,702

20,913,595,702

21,162,351,461

20,902,222,036

20,902,222,036

Weighted average number

of ADS used in

computing net 

income per ADS

—Basic

1,047,450,556

1,040,922,086

1,040,167,380

1,040,167,380

1,055,596,244

1,041,141,777

1,041,141,777

—Diluted

1,050,813,677

1,044,264,996

1,045,679,785

1,045,679,785

1,058,117,573

1,045,111,102

1,045,111,102

*    Each ADS represents 20 ordinary shares.

(1)    Share-based compensation expense in operating expenses are as follows:

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

2,593

2,643

2,997

411

8,576

11,118

1,523

Sales and marketing

expenses

16,014

12,799

13,750

1,884

55,503

50,109

6,865

General and administrative

expenses

89,255

73,892

75,768

10,380

297,469

348,400

47,731

Research and development

expenses

22,813

20,172

22,361

3,063

80,279

87,012

11,921

Total

130,675

109,506

114,876

15,738

441,827

496,639

68,040

 

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Income from operations

250,816

761,989

835,435

114,455

997,429

2,474,980

339,070

Add:

Share-based

compensation

expense

130,675

109,506

114,876

15,738

441,827

496,639

68,040

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,784

52,084

52,084

7,135

Compensation cost 

incurred in relation

to acquisitions

4,281

17,124

8,562

1,173

Settlement in principle

of U.S. securities

class action

71,900

Non-GAAP adjusted

operating income

398,793

884,516

963,332

131,977

1,580,364

3,032,265

415,418

Net income

588,250

1,121,936

574,626

78,724

2,227,093

3,123,437

427,910

Add:

Share-based

compensation

expense

130,675

109,506

114,876

15,738

441,827

496,639

68,040

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,784

52,084

52,084

7,135

Compensation cost 

incurred in relation

to acquisitions

4,281

17,124

8,562

1,173

Settlement in principle

of U.S. securities

class action

71,900

Impairment loss of

long-term

investment

352,742

48,325

352,742

48,325

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(446)

(13,021)

(13,020)

(1,784)

Non-GAAP adjusted net

income

732,972

1,241,208

1,052,010

144,125

2,797,007

4,020,444

550,799

 

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

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

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable

to ordinary

shareholders

584,089

1,107,086

558,457

76,509

2,212,888

3,069,849

420,568

Add:

Share-based

compensation

expense

130,675

109,506

114,876

15,738

441,827

496,639

68,040

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,784

52,084

52,084

7,135

Compensation cost 

incurred in relation

to acquisitions

4,281

17,124

8,562

1,173

Settlement in principle

of U.S. securities

class action

71,900

Impairment loss of

long-term

investment

352,742

48,325

352,742

48,325

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(446)

(13,021)

(13,020)

(1,784)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

728,811

1,226,358

1,035,841

141,910

2,782,802

3,966,856

543,457

Non-GAAP adjusted net

income per ordinary

share

—Basic

0.03

0.06

0.05

0.01

0.13

0.19

0.03

—Diluted

0.03

0.06

0.05

0.01

0.13

0.19

0.03

Non-GAAP adjusted net

income per ADS

—Basic

0.70

1.18

1.00

0.14

2.64

3.81

0.52

—Diluted

0.69

1.17

0.99

0.14

2.63

3.80

0.52

 

CLPS Incorporation Reports Financial Results for the First Half of Fiscal Year 2025

HONG KONG, March 5, 2025 /PRNewswire/ — CLPS Incorporation (the “Company” or “CLPS”) (Nasdaq: CLPS), today announced its unaudited financial results for the six months ended December 31, 2024, or the first half of the Company’s fiscal year 2025.

This period marked significant progress for CLPS as we executed our dual-engine strategy of global expansion and industry diversification, balanced with disciplined organic growth. By broadening our geographic reach and penetrating new sectors, we reinforced our core IT services expertise while diversifying revenue streams. To drive sustainable growth, we intensified investments in proprietary product development by establishing the Company’s China Development Center (CDC) and Global Testing Center (GTC). These strategic hubs are dedicated to building technological edge and fostering ecosystem synergies, while leveraging standardized IT solutions to strengthen our competitive position. Ultimately, these efforts have bolstered our market standing and laid the groundwork for sustainable value creation across our global client base and shareholders.

First Half of Fiscal 2025 Highlights (all results compared to the six months ended December 31, 2023) 

  • Revenue increased by 15.3% to $82.8 million from $71.8 million.
  • Revenue generated outside of mainland China increased by 110.4% to $19.0 million from $9.0 million.
  • Gross profit increased by 21.6% to $19.2 million from $15.8 million.
  • Operating income was $0.2 million compared to an operating loss of $0.9 million.
  • Net income was $0.2 million compared to a net loss of $1.0 million.
  • Non-GAAP net income1 increased by 31.8% to $2.3 million from $1.7 million.
  • Total number of employees was 3,642 compared to 3,516.
  • Total number of clients was 277 compared to 225.

Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, “Our financial and operational performance for the first half of fiscal year 2025 reflects our commitment to sustainable growth. We achieved meaningful improvements in both our top-line and bottom-line results, driven by our strategic initiatives and the successful execution of our growth plans.

“Internationally, revenue outside of mainland China surged 110.4% year-over-year, demonstrating the success of our investments in high-potential markets, particularly within the Asia Pacific (APAC) region. In North America, the U.S. experienced consistent growth, while initial revenue generation has begun in Canada. By leveraging key synergies from our global footprint, we effectively mitigated single-market exposure and reduced dependency on domestic operations, thereby strengthening our international market position and sustaining the expansion of our market reach.

“We are equally proud of the progress our subsidiary, JAJI Global Incorporation (JAJI), has made toward its Nasdaq IPO, a strategic milestone that will unlock value and amplify our global brand. This listing will allow JAJI to pursue focused growth strategies while maintaining strong strategic alignment with our core objectives.

“Innovation remains central to our client value proposition. Our five core engines, including AI, low-code platforms, RPA, cloud computing, and big data—are powering transformative initiatives. We build solutions that create a cycle of growth for our clients’ specific needs, helping them cut costs and enhance efficiency. Supporting this effort, we established the CLPS AI Innovation Committee, a dedicated team tasked with advancing our AI application initiatives and ensuring we remain at the forefront of technological advancements. A standout example of our innovation in action is the launch of our next-generation RPA product, Nibot, which is already gaining market traction and revolutionizing automation for businesses seeking to streamline operations, enhance productivity, and improve resource allocation.

“We remain focused on our mission to deliver innovative, professional IT services that generate significant benefits for all of our stakeholders. This period has set a strong foundation for continued growth, and we are confident in our ability to capitalize on the opportunities ahead.”

Ms. Rui Yang, Chief Financial Officer of CLPS, said, “Our financial performance for the first half of fiscal year 2025 underscores our commitment to delivering shareholder value and maintaining a robust financial position.

“Despite navigating a complex and challenging macroeconomic environment, we are proud to have delivered improved financial results. Revenue grew by 15.3% year-over-year, and gross margin expanded to 23.1%, up from 21.9% in the prior year period. Notably, we achieved a turnaround in profitability, reporting a net income of $0.2 million compared to a net loss of $1.0 million in the prior year period.

“In November 2024, we distributed a special cash dividend of $0.13 per share, reflecting our confidence in the Company’s financial stability and our dedication to rewarding shareholders.

“We will prioritize operational efficiency, optimize the return on our technological innovation investments, and upgrade our high-value business structure to secure steady financial results going forward.”

First Half of Fiscal Year 2025 Financial Results

Revenues

In the first half of fiscal 2025, revenues increased by $11.0 million, or 15.3%, to $82.8 million from $71.8 million in the prior year period. The increase was primarily due to the increased in revenue from IT consulting services.

Revenues by Service

  • Revenue from IT consulting services increased by $10.6 million, or 15.2%, to $80.1 million in the first half of fiscal year 2025 from $69.5 million in the prior year period. Revenue from IT consulting services accounted for 96.7% of total revenue compared to 96.8% in the prior year period. The increase was primarily due to a growth in client base and the successful execution of our global expansion strategy.
  • Revenue from customized IT solution services decreased by $0.3 million, or 22.5%, to $0.9 million in the first half of fiscal year 2025 from $1.2 million in the prior year period. Revenue from customized IT solution services accounted for 1.1% of total revenue compared to 1.7% in the prior year period. The decrease was primarily due to some existing clients’ budget optimization efforts, which resulted in decreased demand.
  • Revenue from academic education services was $1.1 million, as a result of the acquisition of College of Allied Educators Pte. Ltd.
  • Revenue from other services decreased by $0.3 million, or 34.7%, to $0.7 million in the first half of fiscal year 2025 from $1.0 million in the prior year period. Revenue from other services accounted for 0.8% of total revenue compared to 1.5% in the prior year period. The decrease was primarily due to the decrease in revenue from IT product sales and head hunting services.

Revenues by Operational Areas

  • Revenue from the banking area increased by $4.9 million, or 17.0%, to $33.5 million in the first half of fiscal year 2025 from $28.6 million in the prior year period. Revenue from banking area accounted for 40.4% and 39.9% of total revenues in the first half of fiscal 2025 and 2024, respectively.
  • Revenue from the wealth management area decreased by $3.2 million, or 17.3%, to $15.4 million in the first half of fiscal year 2025 from $18.6 million in the prior year period. Revenue from wealth management area accounted for 18.6% and 25.9% of total revenues in the first half of fiscal 2025 and 2024, respectively.
  • Revenue from the e-Commerce area increased by $3.9 million, or 36.2%, to $14.9 million in the first half of fiscal year 2025 from $11.0 million in the prior year period. Revenue from e-Commerce area accounted for 18.0% and 15.3% of total revenues in the first half of fiscal 2025 and 2024, respectively.
  • Revenue from the automotive area increased by $2.0 million, or 27.1%, to $9.2 million in the first half of fiscal year 2025 from $7.2 million in the prior year period. Revenue from automotive area accounted for 11.1% and 10.1% of total revenues in the first half of fiscal 2025 and 2024, respectively.

Revenues by Geography

Revenue generated outside of mainland China increased by 110.4% to $19.0 million in the first half of fiscal year 2025 from $9.0 million in the prior year period. The increase was primarily due to the strong operational performance in the APAC region, notably in Singapore and Hong Kong SAR.

Gross Profit and Gross Margin

Gross profit increased by $3.4 million, or 21.6%, to $19.2 million in the first half of fiscal 2025 compared to $15.8 million in the prior year period. Gross margin increased to 23.1% in the first half of fiscal 2025 compared to 21.9% in the prior year period. The increase was primarily due to an increase in total revenue and our efforts to control cost of revenue’s growth rate.

Operating Expenses

Selling and marketing expenses decreased by $0.2 million, or 10.0%, to $2.5 million in the first half of fiscal year 2025 from $2.7 million in the prior year period. As a percentage of total revenues, selling and marketing expenses decreased to 3.0% in the first half of fiscal 2025 compared to 3.8% in the prior year period. The decrease was primarily due to AI-driven automation, workforce optimization, and structural realignment, which reduced redundancies, targeted high-value tasks, and aligned resources with business goals, improving efficiency while lowering expenses.

Research and development expenses increased by $0.1 million, or 2.7%, to $3.3 million in the first half of fiscal year 2025 from $3.2 million in the prior year period. As a percentage of total revenues, research and development expenses decreased to 4.0% in the first half of fiscal 2025 compared to 4.5% in the prior year period. The increase was primarily due to the increased R&D personnel-related costs associated with the Company’s ongoing research and development initiatives in cutting-edge technologies and new projects, such as AI-generated content (AIGC), CAKU 2.0, Nibot and a new generation of loan system.

General and administrative expenses increased by $2.9 million, or 26.2%, to $14.1 million in the first half of fiscal year 2025 from $11.2 million in the prior year period. As a percentage of total revenues, general and administrative expenses increased to 17.1% in the first half of fiscal 2025 compared to 15.6% in the prior year period. The increase was primarily due to a higher G&A personnel-related costs linked to the establishment of our CDC and GTC, which support our efforts to capture the anticipated growth in demand for customized IT solution services.

Operating Income (Loss)

Operating income was $0.2 million in the first half of fiscal 2025 compared to $0.9 million operating loss in the same period of the previous year. Operating margin was 0.2% in the first half of fiscal 2025 compared to -1.3% in the prior year period.

Other Income and Expenses

Total other income, net of other expenses was $0.2 million in the first half of fiscal 2025 compared to $0.1 million total other income, net of other expenses in the prior year period.

Provision for Income Taxes

Provision for income taxes decreased by $0.07 million to $0.27 million in the first half of fiscal 2025 from $0.34 million in the same period of the previous year.

Net Income (Loss) and EPS

Net income was $0.2 million in the first half of fiscal 2025 compared to $1.0 million net loss in the prior year period.

Non-GAAP net income1 increased by $0.6 million, or 31.8%, to $2.3 million in the first half of fiscal year 2025 from $1.7 million in the prior year period.

Net loss attributable to CLPS Incorporation’s shareholders was $0.4 million, or $0.015 basic and diluted losses per share in the first half of fiscal 2025 compared to a net loss attributable to CLPS Incorporation’s shareholders of $1.5 million, or $0.06 basic and diluted losses per share in the prior year period.

Non-GAAP net income attributable to CLPS Incorporation’s shareholders2 was $1.7 million, or $0.06 basic and diluted earnings per share in the first half of fiscal 2025 compared to $1.2 million, or $0.05 basic and diluted earnings per share in the prior year period.

Cash Flow

As of December 31, 2024, the Company had cash and cash equivalents of $35.6 million compared to $29.1 million as of June 30, 2024.

Net cash provided by operating activities was approximately $7.1 million. Net cash used in investing activities was approximately $1.6 million. Net cash provided by financing activities was approximately $1.1 million. The effect of exchange rate change on cash was approximately negative $0.1 million. The Company believes that its current cash position and cash flow from operations are sufficient to meet its anticipated cash needs for at least the next 12 months.

Financial Outlook

For fiscal year 2025, the Company expects total sales growth to be in the range of approximately 12% to 17% and non-GAAP net income growth in the range of approximately 15% to 20% year-over-year.

This forecast reflects the Company’s current and preliminary views, which are subject to change and are subject to risks and uncertainties, including, but not limited to various risks and uncertainties facing the Company’s business and operations as identified in its public filings.

Exchange Rate

The balance sheet amounts with the exception of equity as of December 31, 2024, were translated at 7.2993 RMB to 1.00 USD compared to 7.2672 RMB to 1.00 USD as of June 30, 2024. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the periods ended December 31, 2024 and 2023 were 7.1767 RMB to 1.00 USD and 7.2347 RMB to 1.00 USD, respectively. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any underlying change in our business or results of operation.

About CLPS Incorporation

Headquartered in Hong Kong, CLPS Incorporation is a leading global information technology (“IT”) consulting and solutions service provider, primarily focused on serving global institutions in the banking, wealth management, e-commerce, and automotive sectors. As an IT services provider for a growing network of clients within the fintech and financial services industry, CLPS has expanded its business beyond core IT services, venturing into the loan, e-commerce, academic education, and tourism sectors. Through its diversified offerings, CLPS is committed to providing comprehensive services and solutions for its clients. The Company maintains 19 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi’an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 9 global centers are located in Hong Kong SAR, USA, Japan, Singapore, Malaysia, India, Philippines, Canada, and UAE. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, InstagramLinkedIn, X (formerly Twitter), and YouTube.

Forward-Looking Statements

Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company’s financial and operational performance in the first half of fiscal year 2025, its expectations of the Company’s future performance, its preliminary outlook and guidance offered in this presentation, as well as the risks and uncertainties described in the Company’s most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Use of Non-GAAP Financial Measures

The consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that the consolidated statement of changes in shareholders’ equity, consolidated statements of cash flows, and the detailed notes have not been presented. The Company uses non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income,  non-GAAP operating margin, non-GAAP net income, non-GAAP net income attributable to CLPS Incorporation’s shareholders, and basic and diluted non-GAAP net income per share, which are non-GAAP financial measures. Non-GAAP cost of revenues is cost of revenue excluding share-based compensation expenses. Non-GAAP selling and marketing expenses is selling and marketing expenses excluding share-based compensation expenses. Non-GAAP general and administrative expenses is general and administrative expenses excluding share-based compensation expenses. Non-GAAP operating income is operating income excluding share-based compensation expenses.  Non-GAAP operating margin is non-GAAP operating income as a percentage of revenues. Non-GAAP net income is net income excluding share-based compensation expenses. Non-GAAP net income attributable to CLPS Incorporation’s shareholders is net income attributable to CLPS Incorporation’s shareholders excluding share-based compensation expenses. Basic and diluted non-GAAP net income per share is non-GAAP net income attributable to common shareholders divided by weighted average number of shares used in the calculation of basic and diluted net income per share. The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation expenses clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation expenses, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of Non-GAAP and GAAP Results” near the end of this release.

Contact:    

CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com 

 

1  Non-GAAP net income is a non-GAAP financial measure, which is defined as net income excluding share-based compensation expenses. Please refer to the section titled “Unaudited Reconciliation of Non-GAAP and GAAP Results” for details.

2  Non-GAAP net income attributable to CLPS Incorporation’s shareholders is a non-GAAP financial measure, which is defined as net income attributable to CLPS Incorporation’s shareholders excluding share-based compensation expenses. Please refer to the section titled “Unaudited Reconciliation of Non-GAAP and GAAP Results” for details.

 

CLPS INCORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in U.S. dollars (“$”), except for number of shares)

As of

December 31,

2024

(Unaudited)

June 30,

2024

(Audited)

ASSETS

Current assets:

Cash and cash equivalents

35,626,137

29,116,431

Restricted cash

24,081

Short-term investments

1,643,691

2,100,000

Accounts receivable, net

40,394,147

38,779,209

Prepayments, deposits and other assets, net

4,285,476

4,497,578

Amounts due from related parties

4,899,451

3,559,109

Total Current Assets

$

86,848,902

$

78,076,408

Non-current assets:

Property and equipment, net

20,972,905

21,168,524

Intangible assets, net

2,067,127

2,254,372

Operating lease right-of-use assets

3,430,925

2,776,858

Goodwill

1,462,032

1,473,899

Long-term investments

692,385

613,807

Prepayments, deposits and other assets, net

1,005,886

594,603

Amounts due from related parties

2,270,249

2,374,298

Deferred tax assets, net

666,720

697,047

Total Assets

$

119,417,131

$

110,029,816

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Bank loans

$

27,949,778

$

23,232,856

Accounts payable

1,548,917

949,137

Accrued expenses and other current liabilities

397,767

799,495

Tax payables

1,906,938

2,351,615

Contract liabilities

3,015,923

1,139,001

Salaries and benefits payable

13,285,958

9,941,541

Operating lease liabilities

1,853,798

1,361,928

Amount due to related parties

20,324

20,230

Total Current Liabilities

$

49,979,403

$

39,795,803

Non-current liabilities:

Operating lease liabilities

1,846,777

1,638,243

Deferred tax liabilities

354,649

378,344

Unrecognized tax benefit

3,696,355

3,413,850

Other non-current liabilities

880,076

883,963

TOTAL LIABILITIES

$

56,757,260

$

46,110,203

Commitments and Contingencies

Shareholders’ Equity

Common stock, $0.0001 par value, 100,000,000 shares authorized;  
27,986,235 shares issued and outstanding as of December 31,
2024;  25,640,056 shares issued and outstanding as of June 30, 2024

2,799

2,564

Additional paid-in capital

59,815,077

61,351,200

Statutory reserves

5,761,656

5,553,104

Accumulated deficit

(650,193)

(51,728)

Accumulated other comprehensive losses

(4,238,666)

(4,345,902)

Total CLPS Incorporation’s Shareholders’ Equity

60,690,673

62,509,238

Noncontrolling Interests

1,969,198

1,410,375

Total Shareholders’ Equity

62,659,871

63,919,613

Total Liabilities and Shareholders’ Equity

$

119,417,131

$

110,029,816

 

CLPS INCORPORATION

UNAUDITED CONSOLIDATED STATEMENT

OF INCOME AND COMPREHENSIVE INCOME

(Amounts in U.S. dollars (“$”), except for number of shares)

For the six months ended
December 31,

2024

2023

Revenues

$

82,777,520

$

71,774,201

Less: Cost of revenues (note 1)

(63,622,547)

(56,024,043)

Gross profit

19,154,973

15,750,158

Operating income (expenses):

Selling and marketing expenses (note 1)

2,452,957

2,724,226

Research and development expenses

3,281,877

3,194,918

General and administrative expenses (note 1)

14,115,055

11,184,626

Subsidies and other operating income

(853,986)

(437,598)

Total operating expenses

18,995,903

16,666,172

Income (loss) from operations

159,070

(916,014)

Other income

585,266

308,017

Other expenses

(371,032)

(198,043)

Income (loss) before income tax and share of income (loss) in equity
    investees

373,304

(806,040)

Provision for income taxes

267,790

337,563

Income (loss) before share of income in equity investees

105,514

(1,143,603)

Share of income in equity investees, net of tax

77,505

150,148

Net income (loss)

183,019

(993,455)

Less: Net income attributable to noncontrolling interests

572,932

494,080

Net loss attributable to CLPS Incorporation’s shareholders

$

(389,913)

$

(1,487,535)

Other comprehensive income (loss)

Foreign currency translation income

$

93,127

$

905,532

Less: foreign currency translation (loss) income attributable to noncontrolling
    interest

(14,109)

31,873

Other comprehensive income attributable to CLPS Incorporation’s
    shareholders

$

107,236

$

873,659

Comprehensive loss attributable to

CLPS Incorporation’s shareholders

$

(282,677)

$

(613,876)

Comprehensive income attributable to noncontrolling interests

558,823

525,953

Comprehensive income (loss)

$

276,146

$

(87,923)

Basic loss per common share

$

(0.015)

$

(0.06)

Weighted average number of share outstanding – basic

26,859,936

24,814,349

Diluted loss per common share

$

(0.015)

$

(0.06)

Weighted average number of share outstanding – diluted

26,859,936

24,814,349

Note:

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

Cost of revenues

5,306

5,809

Selling and marketing expenses

89,652

192,947

General and administrative expenses

2,011,255

2,532,137

2,106,213

2,730,893

 

CLPS INCORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP AND GAAP RESULTS

(Amounts in U.S. dollars (“$”), except for number of shares)

For the six months
ended December 31,

2024

2023

Cost of revenues

$

(63,622,547)

$

(56,024,043)

Less: share-based compensation expenses

(5,306)

(5,809)

Non-GAAP cost of revenues

$

(63,617,241)

$

(56,018,234)

Selling and marketing expenses

$

(2,452,957)

$

(2,724,226)

Less: share-based compensation expenses

(89,652)

(192,947)

Non-GAAP selling and marketing expenses

$

(2,363,305)

$

(2,531,279)

General and administrative expenses

$

(14,115,055)

$

(11,184,626)

Less: share-based compensation expenses

(2,011,255)

(2,532,137)

Non-GAAP general and administrative expenses

$

(12,103,800)

$

(8,652,489)

Operating income (loss)

$

159,070

$

(916,014)

Add: share-based compensation expenses

2,106,213

2,730,893

Non-GAAP operating income

$

2,265,283

$

1,814,879

Operating Margin

0.2

%

(1.3)

%

Add: share-based compensation expenses

2.5

%

3.8

%

Non-GAAP operating margin

2.7

%

2.5

%

Net income (loss)

$

183,019

$

(993,455)

Add: share-based compensation expenses

2,106,213

2,730,893

Non-GAAP net income

$

2,289,232

$

1,737,438

Net loss attributable to CLPS Incorporation’s shareholders

$

(389,913)

$

(1,487,535)

Add: share-based compensation expenses

2,106,213

2,730,893

Non-GAAP net income attributable to CLPS Incorporation’s
    shareholders

$

1,716,300

$

1,243,358

Weighted average number of share outstanding used in computing GAAP
    and non-GAAP basic earnings

26,859,936

24,814,349

GAAP basic loss per common share

$

(0.015)

$

(0.06)

Add: share-based compensation expenses

0.075

0.11

Non-GAAP basic earnings per common share

$

0.06

$

0.05

Weighted average number of share outstanding used in computing GAAP
    diluted loss

26,859,936

24,814,349

Weighted average number of share outstanding used in computing non-
    GAAP diluted earnings

27,343,717

24,814,477

GAAP diluted loss per common share

$

(0.015)

$

(0.06)

Add: share-based compensation expenses

0.075

0.11

Non-GAAP diluted earnings per common share

$

0.06

$

0.05