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Atmos Funded to Host First Thailand Seminar Offering Up to USD 400,000 in Trading Capital


BANGKOK, THAILAND – Media OutReach Newswire – 21 August 2025 – Atmos Funded, a global prop trading firm backed by leading broker Taurex, will host its first major seminar in Thailand on August 30, 2025, from 12:00 PM to 5:00 PM at the Centara Grand at CentralWorld, Bangkok.

The Speakers: Coach Joe and Connor Woods
The Speakers: Coach Joe and Connor Woods

Tailored specifically for the Thai trading community, the Atmos Funded Bangkok Seminar will be conducted entirely in Thai, offering traders, aspiring traders, and financial market enthusiasts the chance to learn directly from industry-leading experts. Professional interpreters will also be available to assist non-Thai speakers, ensuring an inclusive and interactive learning experience.

The event will feature exclusive sessions on day trading strategies, risk management, and funding opportunities, including how Thai traders can access up to USD 400,000 in trading capital through Atmos’ structured challenges. Attendees will also benefit from a live Q&A with Atmos Funded representatives, along with on-site promotions, giveaways, and networking opportunities with other members of the trading community.

Featured speakers include:

  • Coach Joe – Fully funded professional trader, trading coach, and systems developer with over five years of experience. Founder of KZy VERSE and creator of leading automated trading systems, Joe manages more than USD 500,000 in prop trading firm portfolios, specialising in algorithmic strategies, portfolio growth, and mentoring traders worldwide.
  • Connor Woods – Fully funded trader, senior market analyst, and founder of the upcoming Taurex Trading Academy. Connor specialises in Smart Money concepts, macroeconomics, and risk management, delivering actionable market analysis and structured trading education in collaboration with Taurex and Atmos Funded.

Nick Cooke, Atmos CEO, said: “We see Thailand and Southeast Asia as a region of significant importance for the trading world. We recognise the skill and potential of Thai traders, and this seminar reflects our commitment to engaging with the local community, sharing knowledge, and supporting their growth in professional trading.”

Registration for the Atmos Funded Bangkok Seminar is now open. Further information, including the full program schedule and speaker details, is available at https://atmosfunded.com/bangkok-2025/.

Hashtag: #atmosfunded

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

About Atmos Funded

Atmos Funded is a leading prop trading firm, backed by Taurex, dedicated to helping traders worldwide access funded accounts and scale their trading careers. By combining advanced technology, structured evaluation programs, and trader-focused support, Atmos Funded empowers retail and professional traders to trade with confidence, improve consistency, and achieve sustainable growth. With a strong commitment to education, mentorship, and community development, Atmos Funded continues to expand globally, providing opportunities for traders in key markets, including Southeast Asia and Thailand.

OneConnect Announces First Half 2025 Unaudited Financial Results

SHENZHEN, China, Aug. 21, 2025 /PRNewswire/ — OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for the financial services industry in China, today announced its unaudited financial results for the six months ended June 30, 2025.

First Half 2025 Financial Highlights

  • Revenue from continuing operations[1] was RMB801 million, compared to RMB1,416 million during the same period last year.
  • Gross margin of continuing operations was 26.1%, compared to 37.1% during the same period last year.
  • Loss from continuing operations attributable to shareholders was RMB78 million, compared to RMB70 million during the same period last year. Net margin of continuing operations to shareholders was -9.8%, compared to -5.0% during the same period last year.
  • Loss from continuing operations per basic and diluted ADS was RMB-2.16, compared to RMB-1.94 during the same period last year.

[1] As previously reported, the Company completed the disposal of its virtual bank business (the “discontinued operations”) to Lufax Holding Ltd (“Lufax”) for a consideration of HK$933 million in cash on April 2, 2024. As a result of the disposal, the historical financial results of the Virtual Banking Business segment are now reflected as “discontinued operations” in the Company’s condensed consolidated financial information and the historical financial results of the remaining business of the Company are now reflected as “continuing operations” in the Company’s condensed consolidated financial information for the six months ended June 30, 2025 and for the comparative period in 2024.

 

In RMB’000, except percentages
and per ADS amounts

Six Months Ended

June 30

YoY

2025

2024

Continuing operations

Revenue

Revenue from Ping An Group and Lufax[1]

384,046

935,599

-59.0 %

Revenue from third-party customers

417,111

480,170

-13.1 %

Total

801,157

1,415,769

-43.4 %

Gross profit

209,161

525,782

Gross margin[3]

26.1 %

37.1 %

Operating loss

(105,691)

(105,502)

Operating margin[3]

-13.2 %

-7.5 %

Loss from continuing operations attributable to shareholders

(78,495)

(70,485)

Net margin of continuing operations to shareholders[3]

-9.8 %

-5.0 %

Loss from continuing operations per ADS[2], basic and diluted

(2.16)

(1.94)

(Loss)/Profit from continuing and discontinued operations attributable to shareholders

(78,495)

139,014

Net margin of continuing and discontinued operations to shareholders[3]

-9.8 %

9.8 %

(Loss)/Earnings from continuing and discontinued operations per ADS, basic and diluted

(2.16)

3.83

 

[1] Reference is made to the announcement made by Ping An Group on October 21, 2024. Lufax became a subsidiary of Ping An Group on July 30, 2024. Therefore, the Company’s revenue from Ping An Group shown in this table included revenue from Lufax since July 30, 2024. Revenue from Lufax for the half year ended June 30, 2024 was approximately RMB113 million.

[2] In RMB. Each ADS represents 30 ordinary shares.

[3] Gross margin is calculated as gross profit divided by total revenue from continuing operations for the period. Operating margin is calculated as operating loss divided by total revenue from continuing operations for the period. Net margin to shareholders is calculated as the (loss)/profit attributable to shareholders divided by total revenue from continuing operations for the period.

Revenue from Continuing Operations Breakdown

Six Months Ended

In RMB’000, except percentages

June 30

YoY

2025

2024

Implementation

291,417

326,086

-10.6 %

Transaction-based and support revenue

 Business origination services

9,942

22,775

-56.3 %

 Risk management services

105,785

126,514

-16.4 %

 Operation support services

309,517

265,391

16.6 %

 Cloud services platform

2,349

607,416

-99.6 %

 Post-implementation support services

38,842

29,348

32.3 %

 Others

43,305

38,239

13.2 %

 Sub-total for transaction-based and support revenue

509,740

 

1,089,683

-53.2 %

Total Revenue from Continuing Operations

801,157

1,415,769

-43.4 %

Revenue from continuing operations was RMB801 million in the first half of 2025, a decrease of 43.4% from RMB1,416 million during the same period last year, primarily due to a decrease of RMB605 million in revenue from cloud services platform. Implementation revenue was RMB291 million in the first half of 2025, a decrease of 10.6% from RMB326 million during the same period last year, mainly due to a decrease in demand for implementation of financial services systems in China. Revenue from business origination services was RMB10 million in the first half of 2025, a decrease of 56.3% from RMB23 million during the same period last year, primarily due to a decrease in transaction volumes from loan origination systems under digital credit management solutions. Revenue from risk management services was RMB106 million in the first half of 2025, a decrease of 16.4% from RMB127 million during the same period last year, mainly due to a decrease in transaction volumes from banking related risk analytic solutions. Revenue from operation support services was RMB310 million in the first half of 2025, an increase of 16.6% from RMB265 million during the same period last year, primarily due to increased transaction volumes from insurance solutions. Revenue from cloud services platform was RMB2 million in the first half of 2025, a decrease of 99.6% from RMB607 million during the same period last year, primarily due to the strategic phasing out of the cloud services since July 2024, details of which were previously disclosed in our announcement dated July 11, 2024 regarding an update on our business operations. Revenue from post-implementation support services was RMB39 million in the first half of 2025, an increase of 32.3% from RMB29 million during the same period last year, primarily due to increased demand for our post-implementation support services from our overseas customers.

Six Months Ended

In RMB’000, except percentages

June 30

YoY

2025

2024

Digital Banking segment

241,114

261,832

-7.9 %

Digital Insurance segment

287,866

258,977

11.2 %

Gamma Platform segment

272,177

894,960

-69.6 %

Total Revenue from Continuing Operations

801,157

1,415,769

-43.4 %

Revenue from Gamma Platform segment was RMB272 million in the first half of 2025, a decrease of 69.6% from RMB895 million during the same period last year, primarily due to the strategic phasing out of cloud services. Revenue from Digital Banking segment was RMB241 million in the first half of 2025, a decrease of 7.9% from RMB262 million during the same period last year, mainly due to a decrease in transaction volumes from business origination and risk management services. Revenue from Digital Insurance segment was RMB288 million in the first half of 2025, an increase of 11.2% from RMB259 million during the same period last year, mainly due to an increased demand for digital property and casualty insurance solutions.

First Half 2025 Financial Results

Revenue from Continuing Operations

Revenue from continuing operations was RMB801 million in the first half of 2025, a decrease of 43.4% from RMB1,416 million during the same period last year, primarily due to a decrease in revenue from cloud services platform.

Cost of Revenue from Continuing Operations

Cost of revenue from continuing operations was RMB592 million in the first half of 2025, a decrease of 33.5% from RMB890 million during the same period last year, which was mainly due to revenue decrease.

Gross Profit from Continuing Operations

Gross profit from continuing operations was RMB209 million in the first half of 2025, compared to RMB526 million during the same period last year. Gross margin of continuing operations was 26.1%, compared to 37.1% in the prior year. The decrease in gross margin of continuing operations was mainly due to reduction in economies of scale caused by the decrease in revenue.

Operating Loss and Expenses from Continuing Operations

Total operating expenses from continuing operations were RMB316 million in the first half of 2025, compared to RMB638 million during the same period last year. As a percentage of revenue, total operating expenses from continuing operations decreased by 5.6ppt to 39.5% from 45.1% during the same period last year.

  • Research and Development expenses from continuing operations were RMB117 million in the first half of 2025, compared to RMB400 million during the same period last year. The decline was mainly due to the Company’s proactive adjustment of its business structure and its return on investment driven approach to manage research and development projects. As a percentage of revenue, research and development expenses from continuing operations decreased to 14.6% from 28.2% in the prior year.
  • Sales and Marketing expenses from continuing operations were RMB92 million in the first half of 2025, remaining relatively stable compared to RMB93 million during the same period last year. As a percentage of revenue, sales and marketing expenses from continuing operations increased to 11.5% from 6.5% in the prior year.
  • General and Administrative expenses from continuing operations were RMB107 million in the first half of 2025, compared to RMB146 million during the same period last year. The decline was mainly due to a decrease in personnel costs. As a percentage of revenue, general and administrative expenses from continuing operations increased to 13.3% from 10.3% during the same period last year. 

Operating loss from continuing operations was RMB106 million in the first half of 2025, compared to RMB106 million during the same period last year. Operating margin of continuing operations was -13.2%, compared to -7.5% in the prior year.

Loss from Continuing Operations Attributable to Shareholders

Loss from continuing operations attributable to OneConnect’s shareholders was RMB78 million in the first half of 2025, compared to RMB70 million during the same period last year. Loss from continuing operations attributable to OneConnect’s shareholders per basic and diluted ADS was RMB-2.16, compared to RMB-1.94 during the same period last year. Weighted average number of ordinary shares in the first half of 2025 was 1,091,369,026.

Cash Flow

For the first half of 2025, net cash used in operating activities was RMB210 million, net cash used in investing activities was RMB1,333 million, and net cash used in financing activities was RMB16 million.

About OneConnect 

OneConnect Financial Technology Co., Ltd. is a technology-as-a-service provider for financial services industry. The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business services to financial institutions. The integrated solutions and platform the Company provides include digital banking solution, digital insurance solution and Gamma Platform, which is a technology infrastructural platform for financial institutions. The Company’s solutions enable its customers’ digital transformations, which help them improve efficiency, enhance service quality, and reduce costs and risks.

The Company has established long-term cooperation relationships with financial institutions to address their needs of digital transformation. The Company has also expanded its services to other participants in the value chain to support the digital transformation of financial services eco-system. In addition, the Company has successfully exported its technology solutions to overseas financial institutions.

For more information, please visit ir.ocft.com.

Safe Harbor Statement 

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s limited operating history in the technology-as-a-service for financial institutions industry; its ability to achieve or sustain profitability; the tightening of laws, regulations or standards in the financial services industry; the Company’s ability to comply with the evolving regulatory requirements in the PRC and other jurisdictions where it operates; its ability to comply with existing or future laws and regulations related to data protection or data security; its ability to maintain and enlarge the customer base or strengthen customer engagement; its ability to maintain its relationship and engagement with Ping An Group and its related parties, which are its strategic partner, most important customer and largest supplier; its ability to compete effectively to serve China’s financial institutions; the effectiveness of its technologies, its ability to maintain and improve technology infrastructure and security measures; its ability to protect its intellectual property and proprietary rights; its ability to maintain or expand relationship with its business partners and the failure of its partners to perform in accordance with expectations; its ability to protect or promote its brand and reputation; its ability to timely implement and deploy its solutions; its ability to obtain additional capital when desired; litigation and negative publicity surrounding China-based companies listed in the U.S.; disruptions in the financial markets and business and economic conditions; the Company’s ability to pursue and achieve optimal results from acquisition or expansion opportunities; 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 U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.  

Contacts

Investor Relations:
OCFT IR Team
OCFT_IR@ocft.com 

Media Relations:
OCFT PR Team
pub_jryztppxcb@pingan.com.cn 

 

ONECONNECT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Six Months Ended June 30

2025

2024

RMB’000

RMB’000

Continuing operations

Revenue

801,157

1,415,769

Cost of revenue

(591,996)

(889,987)

Gross profit

209,161

525,782

Research and development expenses

(116,986)

(399,640)

Selling and marketing expenses

(92,202)

(92,568)

General and administrative expenses

(106,883)

(146,027)

Net impairment losses on financial and contract assets

(13,857)

(23,233)

Other income, gains or loss ‑ net

15,076

30,184

Operating loss

(105,691)

(105,502)

Finance income

25,415

29,686

Finance costs

(3,069)

(7,988)

Finance income – net

22,346

21,698

Loss before income tax

(83,345)

(83,804)

Income tax (expense)/benefit

(2,368)

2,346

Loss for the period from continuing operations

(85,713)

(81,458)

Discontinued operations

Profit from discontinued operations (attributable to owners of the Company)

209,499

 

(Loss)/profit for the period

 

(85,713)

128,041

(Loss)/profit attributable to:

– Owners of the Company

(78,495)

139,014

– Non-controlling interests

(7,218)

(10,973)

(85,713)

128,041

(Loss)/profit attributable to owners of the Company arises from:

– Continuing operations

(78,495)

(70,485)

– Discontinued operations

209,499

(78,495)

139,014

Other comprehensive (loss)/income, net of tax:

Items that may be subsequently reclassified to profit or loss

– Foreign currency translation differences of continuing operations

579

(2,645)

– Exchange differences on translation of discontinued operations

177

– Changes in the fair value of debt instruments
measured at fair value through other
comprehensive income of discontinued
operations

6,056

– Disposal of subsidiaries

18,237

Item that will not be reclassified subsequently to profit or loss

– Foreign currency translation differences

(7,105)

13,808

Other comprehensive (loss)/income for the period, net of tax

(6,526)

35,633

Total comprehensive (loss)/income for the period

(92,239)

163,674

Total comprehensive (loss)/income for the period attributable to:

– Owners of the Company

(85,021)

174,647

– Non-controlling interests

(7,218)

(10,973)

(92,239)

163,674

Loss per share for loss from continuing
operations attributable to owners of the Company

(expressed in RMB per share)

– Basic and diluted

(0.07)

(0.06)

Loss per ADS for loss from continuing
operations attributable to owners of the Company

(expressed in RMB per share)

– Basic and diluted

(2.16)

(1.94)

(Loss)/earnings per share for (loss)/profit
attributable to owners of the Company

(expressed in RMB per share)

– Basic and diluted

(0.07)

0.13

(Loss)/earnings per ADS for (loss)/profit
attributable to owners of the Company

(expressed in RMB per share)

Basic and diluted

(2.16)

3.83

 

ONECONNECT

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30

2025

December 31

2024

RMB’000

RMB’000

ASSETS

Non‑current assets

Property and equipment

45,209

43,895

Intangible assets

182,559

195,636

Deferred tax assets

313,805

313,805

Restricted cash and time deposits over three months

7,833

Prepayments and other receivables

8,826

6,506

Trade receivables

10,221

10,106

Total non-current assets

568,453

569,948

Current assets

Trade receivables

549,558

496,429

Contract assets

66,683

63,420

Prepayments and other receivables

281,036

342,221

Financial assets measured at fair value through profit or loss

1,082,608

455,016

Derivative financial assets

40,356

Restricted cash and time deposits over three months

794,101

51,940

Cash and cash equivalents

385,031

1,947,922

Total current assets

3,159,017

3,397,304

Total assets

 

3,727,470

 

 

3,967,252

 

EQUITY AND LIABILITIES

EQUITY

Share capital

78

78

Shares held for share option scheme

(145,032)

(149,544)

Other reserves

11,026,407

11,041,209

Accumulated losses

(8,411,786)

(8,333,291)

Equity attributable to equity owners of the Company

2,469,667

2,558,452

Non-controlling interests

(61,727)

(54,509)

Total equity

2,407,940

2,503,943

LIABILITIES

Non‑current liabilities

Trade and other payables

14,291

10,670

Contract liabilities

13,090

12,946

Total non‑current liabilities

27,381

23,616

Current liabilities

Trade and other payables

913,319

993,842

Payroll and welfare payables

235,794

311,190

Contract liabilities

118,489

115,501

Short-term borrowings

20,658

19,160

Derivative financial liabilities

3,889

Total current liabilities

1,292,149

1,439,693

Total liabilities

1,319,530

1,463,309

Total equity and liabilities

3,727,470

3,967,252

 

ONECONNECT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30

2025

2024

RMB’000

RMB’000

Net cash used in operating activities

(209,799)

(297,993)

Net cash (used in)/generated from investing activities

(1,333,389)

480,298

Net cash used in financing activities

(15,558)

(129,792)

Net (decrease)/increase in cash and cash equivalents

(1,558,746)

52,513

Cash and cash equivalents at the beginning of the period

1,947,922

1,379,473

Effects of exchange rate changes on cash and cash equivalents

(4,145)

6,900

Cash and cash equivalents at the end of period

385,031

1,438,886

 

Transforming Entertainment Experience with AI: iQIYI’s iJump Feature Surpasses 150 Million Interactions in 120 Days

BEIJING, Aug. 21, 2025 /PRNewswire/ — On August 21, iQIYI, China’s leading online entertainment platform, proudly announced a major milestone for its groundbreaking AI-powered feature, iJump. Since launching on April 21, 2024, iJump has recorded over 150 million user interactions within just 120 days, signaling rapid adoption and a fresh way viewers are engaging with long-form content.

iJump was created in response to evolving viewer preferences, this innovative tool allows users to effortlessly jump between key scenes and story highlights. Powered by sophisticated AI, iJump identifies the most compelling moments that drive the story forward, giving audiences control over their viewing experience.

This user-driven approach has led to increases in overall viewing time, user engagement, and episode completion rates, reshaping how content is consumed. According to iQIYI data, on individual dramas, the third-episode continuation rate for iJump users was up to 7.27 percentage points higher than that of non-users. Usage peaks between 9 pm and midnight, especially among those who rewatch shows. On popular dramas, daily usage penetration rate has exceeded 19%.

The feature’s intuitive interface lets viewers swipe vertically within a specific area of the screen to instantly jump to AI-selected highlights. This design brings the dynamic rhythm of short-form content into the world of longer dramas and variety shows.

Currently, iJump is available on over 2,300 dramas and variety shows on the main iQIYI mobile app, including hits like “Strange Tales of Tang Dynasty”, “The King of Stand-Up Comedy” Season 2, and “Her Prime”. Plans are underway to extend the feature to even more popular titles, creating richer and more flexible viewing experiences for a wider audience.

Beyond iJump: How iQIYI is leveraging AI to power new entertainment experiences

iJump is just one part of iQIYI’s broad strategy to harness AI technology to redefine entertainment. Another standout innovation is Taodou World, the first AI agent-based NPC dialogue platform in the industry. It features more than 1,200 NPCs inspired by iQIYI’s most beloved characters, offering fans immersive interactions and expanding the reach of popular IP. Alongside it, the AI assistant Taodou enhances user engagement by helping with video searches, personalized recommendations, and plot insights, deepening viewers’ connection to content.

In addition to user-facing tools, iQIYI integrates AI across the entire content lifecycle. Tools like Screenplay Studio can review full scripts in just 30 minutes and offer targeted creative suggestions. Meanwhile, Imaging Studio supports visual design, and the Film & TV Knowledge Base streamlines research – helping creators speed up workflows and focus on storytelling that captivates audiences.

The success of iJump illustrates the powerful role AI can play in reinventing how viewers interact with long-form entertainment – spotlighting key moments, learning from behavior, and delivering personalized experiences. Building on these innovations, iQIYI is advancing its leadership in intelligent content production, blending creativity and technology to craft engaging, user-centered entertainment experiences.

Contact: iQIYI Press, press@qiyi.com

Full Truck Alliance Co. Ltd. Announces Second Quarter 2025 Unaudited Financial Results

GUIYANG, China, Aug. 21, 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 second quarter ended June 30, 2025.

Second Quarter 2025 Financial and Operational Highlights

  • Total net revenues in the second quarter of 2025 were RMB3,239.1 million (US$452.2 million), an increase of 17.2% from RMB2,764.3 million in the same period of 2024.
  • Net income in the second quarter of 2025 was RMB1,264.8 million (US$176.6 million), an increase of 50.5% from RMB840.5 million in the same period of 2024.
  • Non-GAAP adjusted net income[1] in the second quarter of 2025 was RMB1,352.1 million (US$188.7 million), an increase of 39.3% from RMB970.9 million in the same period of 2024.
  • Fulfilled orders[2] in the second quarter of 2025 reached 60.8 million, an increase of 23.8% from 49.1 million in the same period of 2024.
  • Average shipper MAUs[3] in the second quarter of 2025 reached 3.16 million, an increase of 19.3% from 2.65 million in the same period of 2024.

Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, stated, “In the second quarter of 2025, FTA demonstrated strong resilience in navigating both opportunities and challenges in the external environment. By leveraging digitalization and intelligent technologies, we further helped shippers reduce logistic costs and improved operational efficiency across the road freight industry. By quarter-end, our platform had expanded to 1.2 million shipper members and nearly one million trucker members, underscoring the growing engagement from both sides of our ecosystem. In addition, our refined trucker credit rating mechanism further boosted our shipping capacity, driving the fulfillment rate above 40%, a year-over-year increase of 7 percentage points. Looking ahead to the second half of the year, we remain committed to fostering a healthier freight matching ecosystem and empowering enterprises with greater logistics competitiveness.”

Mr. Langbo Guo, President of FTA, added, “In the second quarter, our steadfast focus on improving fulfillment efficiency and user experience reinforced the healthy development of both shipper and trucker ecosystems. Total net revenues reached RMB3.24 billion in the second quarter of 2025, a 17.2% increase from the prior year period, underpinned by transaction service revenue of RMB1.33 billion, which grew 39.4% year over year. Notably, net income rose 50.5% to RMB1.26 billion, and non-GAAP adjusted net income increased by 39.3% to RMB1.35 billion. Looking ahead, we remain dedicated to our user-centric strategy and to delivering sustainable, long-term value to both our users and shareholders.”

[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; and (iv) 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.

Second Quarter 2025 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB1,255.6 million and RMB1,294.9 million for the three months ended June 30, 2024 and 2025, respectively). Total net revenues in the second quarter of 2025 were RMB3,239.1 million (US$452.2 million), representing an increase of 17.2% from RMB2,764.3 million in the same period of 2024, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the second quarter of 2025 were RMB2,747.9 million (US$383.6 million), representing an increase of 18.0% from RMB2,328.7 million in the same period of 2024. The increase was mainly due to the rapid increase in transaction service revenues.

  • Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2025 were RMB1,177.9 million (US$164.4 million), representing an increase of 1.1% from RMB1,164.8 million in the same period of 2024, 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 second quarter of 2025 were RMB242.9 million (US$33.9 million), an increase of 14.5% from RMB212.1 million in the same period of 2024, primarily due to the growing number of total paying members.
  • Transaction service. Revenues from transaction service amounted to RMB1,327.1 million (US$185.3 million) in the second quarter of 2025, an increase of 39.4% from RMB951.9 million in the same period of 2024, primarily driven by increases in order volume, penetration rate, and per-order transaction service fee.

Value-added services.[4] Revenues from value-added services in the second quarter of 2025 were RMB491.2 million (US$68.6 million), an increase of 12.8% from RMB435.6 million in the same period of 2024. The increase was primarily due to growing demand for credit solutions.

Cost of Revenues (including VAT net of government grants of RMB992.8 million and RMB918.7 million for the three months ended June 30, 2024 and 2025, respectively). Cost of revenues in the second quarter of 2025 was RMB1,238.4 million (US$172.9 million), a decrease of 5.6% from RMB1,312.1 million in the same period of 2024. The decrease was primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,087.1 million, representing a decrease of 7.6% from RMB1,176.3 million in the same period of 2024, primarily due to a decrease 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 second quarter of 2025 were RMB433.8 million (US$60.6 million), compared with RMB372.3 million in the same period of 2024. 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 second quarter of 2025 were RMB170.3 million (US$23.8 million), compared with RMB219.2 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the second quarter of 2025 were RMB189.6 million (US$26.5 million), compared with RMB232.1 million in the same period of 2024. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in the second quarter of 2025 was RMB1,139.6 million (US$159.1 million), an increase of 101.6% from RMB565.4 million in the same period of 2024.

Non-GAAP Adjusted Operating Income.[5] Non-GAAP adjusted operating income in the second quarter of 2025 was RMB1,230.1 million (US$171.7 million), an increase of 76.0% from RMB699.0 million in the same period of 2024.

Net Income. Net income in the second quarter of 2025 was RMB1,264.8 million (US$176.6 million), an increase of 50.5% from RMB840.5 million in the same period of 2024.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2025 was RMB1,352.1 million (US$188.7 million), an increase of 39.3% from RMB970.9 million in the same period of 2024.

Basic and Diluted Net Income per ADS[6] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[7] Basic net income per ADS was RMB1.20 (US$0.17) in the second quarter of 2025, compared with RMB0.79 in the same period of 2024. Diluted net income per ADS was RMB1.19 (US$0.17) in the second quarter of 2025, compared with RMB0.79 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB1.28 (US$0.18) in the second quarter of 2025, compared with RMB0.92 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was RMB1.27 (US$0.18) in the second quarter of 2025, compared with RMB0.91 in the same period of 2024.

Balance Sheet and Cash Flow

As of June 30, 2025, 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 RMB29.5 billion (US$4.1 billion) in total, compared with RMB29.2 billion as of December 31, 2024.

As of June 30, 2025, 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 RMB4,861.8 million (US$678.7 million), compared with RMB4,199.6 million as of December 31, 2024. The total non-performing loan ratio[8] for these loans was 2.1% as of June 30, 2025, compared with 2.2% as of December 31, 2024.

In the second quarter of 2025, net cash provided by operating activities was RMB1,313.3 million (US$183.3 million).

[4] The Company provides a range of value-added services including credit solutions, insurance services, electronic toll collection, energy services and other services on the FTA platform.

[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. 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; and (iv) 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.

Business Outlook

The Company expects its total net revenues to be between RMB3.07 billion and RMB3.17 billion for the third quarter of 2025, representing a year-over-year growth rate of approximately 1.3% to 4.6%. As previously announced by the Company, to ensure the sustainability of its freight brokerage service, the Company has decided to increase the service fee rate for freight brokerage service to reduce the service’s reliance on government grants and potential uncertainties. The Company understands that such changes may increase costs to shippers. The Company expects that, starting from the third quarter of 2025, the transaction volume of its freight brokerage service will significantly decline, resulting in a decline in revenue from freight brokerage service, while the cost of revenue for the service will increase, which may adversely affect the Company’s profit to a certain extent. Excluding freight brokerage service, net revenues are expected to range from RMB2.16 billion to RMB2.26 billion, reflecting an estimated year-over-year growth rate of 23.4% to 29.1%. These forecasts are based on the Company’s current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Declaration of Cash Dividend

The board of directors of the Company has approved a semi-annual cash dividend for the second half of 2025 in the amount of US$0.0048 per ordinary share, or US$0.0960 per ADS, payable on or around October 27, 2025, to holders of record of the Company’s ordinary shares at the close of business on October 13, 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 October 27, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

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 RMB7.1636 to US$1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 8:00 A.M. U.S. Eastern Time on August 21, 2025, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter 2025.

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://s1.c-conf.com/diamondpass/10048934-d9a9v4.html 

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

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 empower enterprises with greater logistics competitiveness, 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 and (iii) compensation cost incurred in relation to acquisitions. 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; and (iv) 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; and (iv) 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,

June 30,

June 30,

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

5,810,347

4,399,195

614,104

Restricted cash

100,533

72,864

10,171

Short-term investments

15,002,903

12,337,664

1,722,271

Accounts receivable, net

19,643

34,868

4,867

Amounts due from related party

14,317

1,999

Loans receivable, net

4,199,645

4,861,809

678,682

Prepayments and other current assets, net

2,122,902

2,076,124

289,816

Total current assets

27,255,973

23,796,841

3,321,910

Restricted cash

40,000

30,000

4,188

Long-term investments1

9,876,118

14,458,261

2,018,295

Property and equipment, net

289,611

345,100

48,174

Intangible assets, net

393,477

367,063

51,240

Goodwill

3,124,828

3,124,828

436,209

Deferred tax assets

92,882

133,724

18,667

Operating lease right-of-use assets

115,654

101,324

14,144

Other non-current assets

98,532

242,985

33,919

Total non-current assets

14,031,102

18,803,285

2,624,836

TOTAL ASSETS

41,287,075

42,600,126

5,946,746

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

31,227

29,477

4,115

Prepaid for freight listing fees and other service fees

571,185

646,856

90,298

Income tax payable

336,220

361,465

50,459

Other tax payable

898,396

570,070

79,579

Operating lease liabilities

41,204

43,452

6,066

Accrued expenses and other current liabilities

1,141,758

1,026,709

143,319

Total current liabilities

3,019,990

2,678,029

373,836

Deferred tax liabilities

95,570

89,059

12,432

Operating lease liabilities

23,928

8,694

1,214

Other non-current liabilities

12,414

10,923

1,525

Total non-current liabilities

131,912

108,676

15,171

TOTAL LIABILITIES

3,151,902

2,786,705

389,007

MEZZANINE EQUITY

Redeemable non-controlling interests

443,070

581,897

81,230

SHAREHOLDERS’ EQUITY

Ordinary shares

1,343

1,343

187

Additional paid-in capital

45,823,723

44,996,952

6,281,332

Accumulated other comprehensive income

3,223,944

3,129,673

436,886

Accumulated deficit

(11,372,284)

(8,909,513)

(1,243,720)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

37,676,726

39,218,455

5,474,685

Non-controlling interests

15,377

13,069

1,824

TOTAL SHAREHOLDERS’ EQUITY

37,692,103

39,231,524

5,476,509

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

41,287,075

42,600,126

5,946,746

1. The Group’s long-term investments consist of RMB11,551 million long-term time deposits, RMB1,106 million wealth management products with maturities
over one year, RMB770 million available-for-sale debt securities, RMB316 million equity method investments, and RMB715 million equity investments
without readily determinable fair value as of June 30, 2025.

 

 

 

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

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net Revenues:

Freight Matching Services

2,328,695

2,247,107

2,747,919

383,594

4,198,360

4,995,026

697,279

Freight brokerage service

1,164,763

965,666

1,177,906

164,429

2,129,932

2,143,572

299,231

Freight listing service

212,070

234,905

242,920

33,910

425,581

477,825

66,702

Transaction service

951,862

1,046,536

1,327,093

185,255

1,642,847

2,373,629

331,346

Value-added services

435,588

452,802

491,187

68,567

834,636

943,989

131,776

Total net revenues (including value-added 

taxes or “VAT” of RMB1,255.6 million 

and RMB1,294.9 million for the three 

months ended June 30, 2024 

and 2025, respectively)

2,764,283

2,699,909

3,239,106

452,161

5,032,996

5,939,015

829,055

Operating expenses:

Cost of revenues (including VAT net of

government grants of RMB992.8

million and RMB918.7 million for the

three months ended June 30,

2024 and 2025, respectively)(1)

(1,312,072)

(698,559)

(1,238,371)

(172,870)

(2,343,960)

(1,936,930)

(270,385)

Sales and marketing expenses(1)

(372,288)

(377,850)

(433,842)

(60,562)

(712,435)

(811,692)

(113,308)

General and administrative expenses(1)

(219,157)

(186,009)

(170,347)

(23,780)

(483,624)

(356,356)

(49,745)

Research and development expenses(1)

(232,140)

(193,358)

(189,620)

(26,470)

(479,848)

(382,978)

(53,462)

Provision for loans receivable

(71,057)

(81,851)

(75,028)

(10,474)

(151,381)

(156,879)

(21,899)

Total operating expenses

(2,206,714)

(1,537,627)

(2,107,208)

(294,156)

(4,171,248)

(3,644,835)

(508,799)

Other operating income

7,798

40,165

7,662

1,070

15,808

47,827

6,676

Income from operations

565,367

1,202,447

1,139,560

159,075

877,556

2,342,007

326,932

Other income (expense)

Interest income

305,337

245,509

251,304

35,081

620,700

496,813

69,352

Foreign exchange gain (loss)

6,306

(10,825)

205

29

6,723

(10,620)

(1,482)

Investment income

18,697

19,333

20,002

2,792

37,181

39,335

5,491

Unrealized (losses) gains from fair 

value changes of investments

(4,522)

33,462

37,032

5,169

(11,910)

70,494

9,841

Other income (expenses), net

1,395

618

(11,024)

(1,539)

3,465

(10,406)

(1,453)

Share of (loss) gain in equity method

investees

(882)

163

(2,590)

(362)

(930)

(2,427)

(339)

Total other income

326,331

288,260

294,929

41,170

655,229

583,189

81,410

Net income before income tax

891,698

1,490,707

1,434,489

200,245

1,532,785

2,925,196

408,342

Income tax expense

(51,190)

(211,771)

(169,655)

(23,683)

(105,910)

(381,426)

(53,245)

Net income

840,508

1,278,936

1,264,834

176,562

1,426,875

2,543,770

355,097

Less: net loss attributable to

  non-controlling interests

(568)

(1,162)

(1,147)

(160)

(1,117)

(2,309)

(322)

Less: measurement adjustment

  attributable to redeemable non-

  controlling interests

17,942

11,522

21,493

3,000

23,686

33,015

4,609

Net income attributable to

ordinary shareholders

823,134

1,268,576

1,244,488

173,722

1,404,306

2,513,064

350,810

 

 

 

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

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ordinary
   share

—Basic 

0.04

0.06

0.06

0.01

0.07

0.12

0.02

—Diluted

0.04

0.06

0.06

0.01

0.07

0.12

0.02

Net income per ADS*

       —Basic                                      

0.79

1.22

1.20

0.17

1.35

2.41

0.34

—Diluted

0.79

1.21

1.19

0.17

1.34

2.40

0.33

Weighted average number

of ordinary shares used

in computing net 

income per share

—Basic

20,805,892,860

20,850,255,050

20,824,102,531

20,824,102,531

20,834,974,344

20,837,086,248

20,837,086,248

—Diluted

20,905,548,181

20,958,643,962

20,933,997,672

20,933,997,672

20,905,238,796

20,946,325,399

20,946,325,399

Weighted average number

of ADS used in

computing net 

income per ADS

—Basic

1,040,294,643

1,042,512,753

1,041,205,127

1,041,205,127

1,041,748,717

1,041,854,312

1,041,854,312

—Diluted

1,045,277,409

1,047,932,198

1,046,699,884

1,046,699,884

1,045,261,940

1,047,316,270

1,047,316,270

*    Each ADS represents 20 ordinary shares.

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

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

2,734

3,849

3,513

490

5,478

7,362

1,028

Sales and marketing

expenses

12,875

19,558

15,703

2,192

23,560

35,261

4,922

General and administrative

expenses

79,197

55,768

36,131

5,044

198,740

91,899

12,829

Research and development

expenses

21,495

23,498

22,126

3,089

44,479

45,624

6,369

Total

116,301

102,673

77,473

10,815

272,257

180,146

25,148

 

 

 

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

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Income from operations

565,367

1,202,447

1,139,560

159,075

877,556

2,342,007

326,932

Add:

Share-based

compensation

expense

116,301

102,673

77,473

10,815

272,257

180,146

25,148

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,818

26,042

26,042

3,635

Compensation cost 

incurred in relation

to acquisitions

4,281

8,562

Non-GAAP adjusted

operating income

698,970

1,318,141

1,230,054

171,708

1,184,417

2,548,195

355,715

Net income

840,508

1,278,936

1,264,834

176,562

1,426,875

2,543,770

355,097

Add:

Share-based

compensation

expense

116,301

102,673

77,473

10,815

272,257

180,146

25,148

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,818

26,042

26,042

3,635

Compensation cost 

incurred in relation

to acquisitions

4,281

8,562

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(455)

(6,510)

(6,510)

(909)

Non-GAAP adjusted net

income

970,856

1,391,375

1,352,073

188,740

1,727,226

2,743,448

382,971

 

 

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

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable

to ordinary

shareholders

823,134

1,268,576

1,244,488

173,722

1,404,306

2,513,064

350,810

Add:

Share-based

compensation

expense

116,301

102,673

77,473

10,815

272,257

180,146

25,148

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,818

26,042

26,042

3,635

Compensation cost 

incurred in relation

to acquisitions

4,281

8,562

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(455)

(6,510)

(6,510)

(909)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

953,482

1,381,015

1,331,727

185,900

1,704,657

2,712,742

378,684

Non-GAAP adjusted net

income per ordinary

share

—Basic

0.05

0.07

0.06

0.01

0.08

0.13

0.02

—Diluted

0.05

0.07

0.06

0.01

0.08

0.13

0.02

Non-GAAP adjusted net

income per ADS

—Basic

0.92

1.32

1.28

0.18

1.64

2.60

0.36

—Diluted

0.91

1.32

1.27

0.18

1.63

2.59

0.36

 

 

Brii Biosciences Provides Corporate Updates and Reports 2025 Interim Financial Results

Multiple Ongoing Phase 2b Studies Advancing HBV Functional Cure Strategy

Greater China Partnership with Joincare to Accelerate Development of Critical Care Antibiotic soralimixin

Strong Cash Position to Pursue New Discovery Opportunities and Partnership Strategy

Conference Calls Scheduled: 
English Session: August 21 at 9:00 p.m. HKT / 9:00 a.m. ET 
Chinese Session: August 22 at 9:00 a.m. HKT / August 21 at 9:00 p.m. ET

DURHAM, N.C., and BEIJING, Aug. 21, 2025 /PRNewswire/ — Brii Biosciences Limited (“Brii Bio,” or the “Company,” stock code: 2137.HK), a biotechnology company developing therapies to improve patient health across diseases with high unmet medical need, today provided a corporate update and reported its financial results for the six-month period ended June 30, 2025.

In the first half of 2025, Brii Bio rapidly advanced its core hepatitis B virus (HBV) functional cure program through multiple confirmatory Phase 2b trials, including ENRICH and ENHANCE studies, seeking combination regimens with higher HBV functional cure rates. Encouraged by promising data from Cohort 4 of the ENSURE study, presented at both the Asian Pacific Association for the Study of the Liver (APASL) and the European Association for the Study of the Liver (EASL) Congress 2025 supporting the potential of its patient enrichment strategy through BRII-179 induced anti-HBs response, the Company initiated a new cohort in an amended protocol within the ENHANCE study. This amendment evaluates a new triple regimen cohort with BRII-179 and elebsiran combination treatment followed by an added short-course pegylated interferon alpha (PEG-IFNα) treatment. This new cohort was fully enrolled in July 2025. Beyond its HBV pipeline, Brii Bio entered into a strategic license collaboration with Joincare Pharmaceutical Group Industry Co., Ltd (“Joincare Group”) for the development of soralimixin (BRII-693) in the Greater China region. The Company has expanded its new discovery efforts to further broaden its portfolio and will continue to pursue partnership to extend the cash runway.  

With effective cost control measures in place, Brii Bio remains well-capitalized, maintaining a cash position of US$289.9 million, which is sufficient to support its late-stage development plans for its core HBV functional cure program and early discovery initiatives.

“We made significant strides in our HBV cure program during the first half of 2025, highlighted by encouraging data from Cohort 4 of the ENSURE study and the rapid advancement of ENRICH and ENHANCE studies.” said Dr. Zhi Hong, Chairman and Chief Executive Officer of Brii Bio, “These achievements reflect Brii’s experience and commitment to discovering innovative curative treatments for patients with chronic HBV infection. Meanwhile, the out-licensing of soralimixin in Greater China and our continued investment in early-stage discovery programs reinforce our strategy of combining internal innovation with strategic external collaborations to drive sustainable growth.”

Corporate and Clinical Updates

HBV Program

Brii Bio continues to advance its HBV pipeline with a strong focus on achieving higher rates of HBV functional cure through novel combination regimens. The Company is progressing multiple ongoing Phase 2b combination studies (ENSURE, ENRICH and ENHANCE) with its differentiated HBV candidates, including elebsiran, an HBV-targeting siRNA, and BRII-179, a recombinant protein-based HBV immunotherapeutic. 

  • BRII-179 demonstrated encouraging results in the Cohort 4 of ENSURE study, with key data presented at APASL and EASL 2025:
    • At Week 48 (end of treatment [EOT]), 61% (11/18) of patients who previously responded to BRII-179 achieved HBsAg seroclearance, compared to 10% (1/10) of non-responders. Among responders, 91% (10/11) developed anti-HBs titers ≥100 IU/L.
    • BRII-179-experienced participants achieved faster HBsAg loss, with 83% (10/12) achieving loss by Week 24, versus 55% (6/11) in BRII-179 naïve participants.

The ENSURE study results demonstrate that prior treatment with BRII-179 and elebsiran can induce robust anti-HBs responses and enrich for patients more likely to achieve HBsAg loss. These data also suggest that most HBsAg loss may be achievable with a shorter PEG-IFNα treatment duration (24 weeks).

The 24-week follow-up data of Cohort 4 of ENSURE study are expected in 2H 2025 and will be presented at a scientific conference.

  • To further define BRII-179’s role in HBV treatment and identify the optimal combination regimen for advancement into a registrational study, the Company is assessing BRII-179 in two additional Phase 2b trials:
    • ENRICH Study: Evaluates the role of BRII-179 in priming HBV-specific immunity and/or identifying immuno-responsive patients with a higher likelihood of achieving functional cure. We continue to believe that BRII-179 may play a unique role as part of the curative regimens.
    • ENHANCE Study:
      Evaluates a triple combination treatment regimen of BRII-179 and elebsiran plus PEG-IFNα to enhance the functional cure rate.
      Based on insight from ENSURE Cohort 4, we amended the protocol to evaluate a simplified triple combination regimen aimed at shortening PEG-IFNα treatment duration to 24 weeks.
      All studies have been fully enrolled. EOT data from ENRICH and ENHANCE are expected to be presented at a scientific conference in the first half of 2026.
  • The Company has engaged with CDE of NMPA on potential Phase 3 study design and primary endpoints. The results from the ongoing ENRICH and ENHANCE studies will inform which final combination regimen will be taken forward to potential registrational studies.

Additional Clinical Programs

Brii Bio is actively seeking external partnerships to advance the development and commercialization of its therapeutic candidates for HIV and multidrug-resistant/extensively drug-resistant (MDR/XDR) infections.

  • In July 2025, the Company announced the strategic out-licensing agreement with Joincare Group for the research, development, and commercialization of soralimixin (BRII-693) in Greater China region. This collaboration will leverage Joincare Group’s strong capabilities in anti-infective therapeutics to accelerate the development and maximize the commercial potential of soralimixin (BRII-693). The Company will continue to seek non-dilutive funding or partnership opportunities for rights outside of Greater China.

Outlook

Looking ahead, Brii Bio remains committed to delivering innovative therapies for infectious diseases, with a continued focus on achieving a functional cure for HBV.

With key data readouts from its HBV functional cure program expected in the first half of 2026, the Company is well-positioned to make informed decisions that will shape the next phase of its HBV functional cure clinical strategy.

Following the appointment of its new CSO last year, Brii Bio has further expanded its internal discovery team and capabilities, complementing the continued advancement of its core HBV program. Brii Bio will continue to scale up its early discovery efforts to strengthen its innovation engine and reinforce its position at the forefront of biotech breakthroughs.

Interim 2025 Financial Results 

  • The Company maintains a strong cash position to support its operations through 2028. Our bank deposits and cash and cash equivalents were RMB2,075.3 million as of June 30, 2025, representing a decrease of RMB338.1 million or 14.0% compared with RMB2,413.4 million as of December 31, 2024. The decrease was primarily due to payout of research and development activities and daily operations.
  • Through pipeline prioritization, resource optimization, internalization of certain clinical development activities, and cost-saving measures of third-party contractors, we have effectively controlled our operational expenses. Research and development expenses were RMB117.0 million for the six months ended June 30, 2025, representing a decrease of RMB9.2 million or 7.3%, compared with RMB126.2 million for the six months ended June 30, 2024. The decrease reflected disciplined pipeline prioritization and organizational streamlining, while maintaining continued investment in core programs during the first half of 2025. 
  • Administrative expenses were RMB58.2million for the six months ended June 30, 2025, representing a decrease of RMB20.4 million or 26.0%, compared with RMB78.6 million for the six months ended June 30, 2024. The decrease was primarily attributable to the decrease in employee cost of RMB9.5 million and the decrease in facility-related costs and professional service fees of RMB8.4 million, which was primarily attributable to organizational optimization and effective cost control. 
  • Other income was RMB28.1 million for the six months ended June 30, 2025, representing a decrease of RMB42.8 million or 60.4%, compared with RMB70.9 million for the six months ended June 30, 2024. This was mainly due to the decrease in bank interest income of RMB21.6 million attributable to the declining interest rates on CNY and HKD time deposits, reallocation of short-term deposits to money market fund investments, and the decrease in income recognized from PRC government grants.

Conference Call Information

The Company will host two live conference calls. The English session will be held August 21 at 9:00 p.m. HKT (9:00 a.m. ET), For the registration link, please click here. Followed by a Chinese session on August 22 at 9:00 a.m. HKT (9:00 p.m. ET on August 21). For the registration link, please click here.

All participants shall use the link provided above to complete the online registration process prior to the conference call. A replay of the conference call will be available after the call and can be accessed by visiting the Company’s website at www.briibio.com under the Investor Relations section.

This press release contains references to third-party information. Such information is not deemed to be incorporated by reference in this press release. Brii Bio disclaims responsibility for such third-party information.

About Brii Bio

 Brii Biosciences Limited (“Brii Bio,” stock code: 2137.HK) is a biotechnology company developing therapies to address major public health challenges where patients experience high unmet medical needs, limited choice and significant social stigmas. With a focus on infectious diseases, the Company is advancing a broad pipeline of unique therapeutic candidates with lead programs against hepatitis B virus (HBV) infection. The Company is led by a visionary and experienced leadership team and has operations in key biotech hubs, including Raleigh-Durham, the San Francisco Bay Area, Beijing and Shanghai. For more information, visit www.briibio.com.

Forward-Looking Statement

The information communicated in this press release contains certain statements that are or may be forward-looking. These statements typically contain words such as “will,” “expects,” “believes,” “plans” and “anticipates,” and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There may be additional material risks that are currently not considered to be material or of which the Company is unaware. These forward-looking statements are not a guarantee of future performance. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The Company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.

BeeWeave Announces Launch of Equity Incentive Management System, Prepares for Nasdaq Listing

BEIJING, Aug. 21, 2025 /PRNewswire/ — On August 20, Beijing Bee Weaving Network Technology Co., Ltd. (“Bee Weaving“) announced the official launch of its Equity Incentive Management System, marking a key milestone in the company’s long-term capitalization strategy. The initiative is designed to drive business expansion and technological innovation through a dual focus on talent incentives and capital deployment, strengthening Bee Weaving’s leadership position in the biotech and AI sectors.

Bee Weaving has also begun preparations for an RTO (Reverse Takeover) asset restructuring, with the goal of pursuing a Nasdaq Capital Market listing within three years. The company will adhere strictly to Nasdaq listing requirements, build a robust compliance and governance framework with leading advisory firms, and channel raised capital primarily into cell therapy R&D and market expansion across China and Southeast Asia.

Global consultancy Vanguard Consulting (China) Group has expressed strong confidence in Bee Weaving’s business model and growth outlook, committing to provide full-cycle advisory support throughout the Nasdaq listing process.

Equity Incentives to Unlock Long-Term Value

The equity incentive program is structured around “talent alignment, value sharing, and sustainable growth.” Combining stock options and restricted shares, it will cover 30% of core employees and more than 100 strategic partners, directly linking incentives to market capitalization growth.

The program is expected to attract top talent, accelerate technology breakthroughs, and provide momentum for global expansion. Bee Weaving anticipates increasing its global footprint through strategic acquisitions, integrations, and partnerships over the next three years.

Capital + Talent: A Dual-Engine Growth Model

By integrating equity incentives with capital market strategies, Bee Weaving aims to establish a closed-loop model of “capital empowerment, talent-driven performance, and sustainable growth.” The company expects this system to foster innovation, attract top-tier talent in areas such as cell therapy and artificial intelligence, and strengthen its competitive position in emerging markets.

Strategic Roadmap for the Next Three Years

Bee Weaving’s development plan focuses on three key priorities:

  1. Technology Leadership – Invest 40% of raised capital into core cell therapy R&D, targeting 100 new patents to solidify market leadership in biotechnology.
  2. Market Expansion – Drive vertical integration across the value chain through M&A and strategic consolidation, enhancing competitiveness.
  3. Globalization – Establish 20 overseas branches in Southeast Asia and Europe, expanding international market share.

Building Investor Confidence & Sustainable Growth

To ensure stability and transparency, Bee Weaving will implement the following measures:

Financial Transparency – Annual performance disclosures and real-time reporting of revenue, net profit, and cash flow.

Strategic Backing – Secured strategic lead investment from CIC Shengquan Fund, providing both financial resources and industry expertise.

Risk Management – Flexible performance-based targets within the incentive plan to balance growth with risk control.

Policy Alignment – Proactive engagement with government initiatives to capture policy-driven opportunities in biotech and AI.

Chairman Wang Hailong’s Statement

“At Bee Weaving, we are committed to the principle of ‘innovation-driven growth, talent as the foundation, and capital as a catalyst.’ The launch of our equity incentive system represents a major step in aligning our team with long-term shareholder value. By combining world-class talent with smart capital deployment, we aim to transform technological leadership into market leadership. We look forward to working with global investors to write the next chapter of Bee Weaving’s growth story.”

Media Contact: Zhao Gui Ling
Contact No.:+86-18910400829
Website:http://mifengzd.com/
Email: zhaoguiling@mifengzd.com

Waterdrop Inc. to Report Second Quarter 2025 Financial Results on September 4, 2025

BEIJING, Aug. 21, 2025 /PRNewswire/ — Waterdrop Inc. (NYSE: WDH) (“Waterdrop” or the “Company”), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2025, before U.S. markets open on Thursday, September 4, 2025.

Waterdrop’s management team will hold a conference call on September 4, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the financial results. Dial-in details for the earnings conference call are as follows:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Hong Kong Toll Free:

800-963976

Hong Kong:

852-58081995

Mainland China:

4001-206115

Chinese Line (Mandarin) Entry Number:

0088782

English Interpretation Line (Listen-only Mode) Entry Number:  

7013962

Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call.

Telephone replays will be accessible two hours after the conclusion of the conference call through September 11, 2025 by dialing the following numbers:

United States Toll Free:                                  

1-877-344-7529

International Toll:

1-412-317-0088

Chinese Line Access Code:

4409082

English Interpretation Line Access Code:

3334217

Additionally, live and archived webcasts of the conference call will be available at the Company’s investor relations website at http://ir.waterdrop-inc.com/.

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

For investor inquiries, please contact

Waterdrop Inc.
IR@shuidi-inc.com

Canadian Solar Reports Second Quarter 2025 Results

KITCHENER, ON, Aug. 21, 2025 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2025.

Second Quarter Highlights

  • 14% quarter-over-quarter (“qoq”) increase in solar module shipments to 7.9 GW, within guidance of 7.5 GW to 8.0 GW.
  • 29.8% gross margin, exceeding guidance of 23% to 25%.
  • Released the 2024 Sustainability Report on May 29, 2025, with updated disclosures aligned to global reporting standards.

Dr. Shawn Qu, Chairman and CEO, commented, “We delivered a second quarter largely in line with expectations. While revenue came in below guidance due to storage shipments shifting to the second half and delays in certain project sales, gross margin exceeded expectations, driven by a higher mix of North America module shipments and robust storage volumes. Following the surge in installations in China during the first half, we expect demand to normalize as the market adjusts to a new paradigm. We remain focused on navigating the uncertain policy environment with a focus on risk management and sustainable profitability.”

Yan Zhuang, President of Canadian Solar’s subsidiary CSI Solar, said, “In the second quarter, we delivered module shipments near the high end of guidance. Despite tariff headwinds, e-STORAGE achieved one of its strongest quarters. With solar supply chain pricing trending higher and storage margins normalizing, we expect margin pressure in the second half. We remain focused on strategically managing module volumes to less profitable markets and growing our storage volumes globally. Meanwhile, we continue to build emerging profitability drivers such as our residential energy storage systems and bundled sales solutions.”

Ismael Guerrero, CEO of Canadian Solar’s subsidiary Recurrent Energy, said, “Revenue and profitability in the second quarter were sequentially lower, primarily due to lighter project sales. We monetized over 200 MW of projects in Europe and Japan, including our first and profitable sale of a battery energy storage project in Italy, while a project sale in Latin America shifted to the second half of the year. Overall, we expect our electricity sales revenue to grow steadily, as we enhance the performance of our existing IPP portfolio and advance construction in our target markets, with more meaningful contributions expected next year.”

Xinbo Zhu, Senior VP and CFO, added, “In the second quarter, we delivered $1.7 billion in revenue and a gross margin of 29.8%. Non-recurring operating expenses, including impairments to projects and manufacturing assets, reduced profitability, resulting in net income attributable to shareholders of $7 million, or a net loss of $0.08 per diluted share. We continue to manage cash flow prudently, prioritizing disciplined capital deployment. Operating cash inflow was $189 million, and we ended the quarter with a cash position of $2.3 billion.”

Second Quarter 2025 Results

Total module shipments recognized as revenues in Q2 2025 were 7.9 GW, up 14% quarter-over-quarter (“qoq”) and down 4% year-over-year (“yoy”). Of the total, 672 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues were $1.7 billion in Q2 2025, up 42% sequentially and 4% yoy, mainly due to higher sales of battery energy storage systems and solar modules.

Gross profit was $505 million, compared to $140 million in Q1 2025 and $282 million in Q2 2024. Gross margin was 29.8%, compared to 11.7% and 17.2%, respectively. The gross margin sequential and yoy increases were primarily driven by a release of unrealized profit upon sales-type leasing of a U.S. project, higher margin contribution from battery energy storage systems, and the benefit from a U.S. anti-dumping (“AD”) and countervailing duty (“CVD”) true-up adjustment.

Operating expenses were $378 million, up from $195 million in Q1 2025 and $234 million in Q2 2024. The increase was primarily caused by impairment charges related to certain solar and storage assets, as well as manufacturing assets. Operating expenses represented 22.3% of revenue, compared to 16.3% in Q1 2025 and 14.3% in Q2 2024.

Net income attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in Q2 2025 was $7 million, or a net loss of $0.08 per diluted share, compared to a net loss of $34 million, or $0.69 per diluted share, in the Q1 2025, and net income of $4 million, or $0.02 per diluted share, in Q2 2024.

Adjusted net loss attributable to Canadian Solar Inc. (non-GAAP) was $23 million, and adjusted loss per share – diluted was $0.53 per share in Q2 2025, compared to an adjusted net loss of $60 million or adjusted $1.07 per share in Q1 2025, and a net income of $4 million or $0.02 per share in Q2 2024. Adjusted net loss attributable to Canadian Solar Inc. and adjusted loss per share – diluted in Q2 2025 and Q1 2025 exclude the recognition of income using hypothetical liquidation at book value (“HLBV”) method. The Company uses the HLBV method to attribute income and loss to its tax equity investors. Please see Recurrent Energy – HLBV for definition and About Non-GAAP Financial Measures for reconciliation to nearest GAAP measures.

Net cash flow provided by operating activities in Q2 2025 was $189 million, driven by changes in working capital, specifically a decrease in inventories, compared to net cash flow used in operating activities of $264 million in Q1 2025 and $429 million in Q2 2024.

Total debt, including financing liabilities, was $6.3 billion as of June 30, 2025, including $2.5 billion, $3.5 billion, and $0.3 billion related to CSI Solar, Recurrent Energy, and convertible notes, respectively. Total debt rose from $5.7 billion as of March 31, 2025, mainly due to new borrowings for development of projects and operational assets. Total non-recourse debt as of June 30, 2025, was $1.8 billion.

Business Segments

The Company operates in two reportable segments: CSI Solar, focused on solar modules and battery energy storage manufacturing and products, and Recurrent Energy, focused on utility-scale solar power and battery energy storage project development and operation.

Recurrent Energy

As of June 30, 2025, the Company held a leading position with a total global solar project development pipeline of approximately 27 GWp and a battery energy storage project development pipeline of 80 GWh.

The business model consists of three key drivers:

  • Electricity revenue from operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies, with some project ownership sales to manage cash flow and debt level;
  • Asset sales (solar power and battery energy storage) in the rest of the world to drive cash-efficient growth model, as value from project sales will help fund growth in operating assets in stable currency markets; and
  • Power services (O&M) through long-term operations and maintenance (“O&M”) contracts, currently with nearly 14 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.

Project Development Pipeline – Solar

As of June 30, 2025, the Company’s total solar project development pipeline was 27.3 GWp, including 2.0 GWp under construction, 4.2 GWp of backlog, and 21.1 GWp of projects in advanced and early-stage development, defined as follows:

  • Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction in the next 1-4 years. A project’s risk cliff date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. Typically, this occurs after the project has received all the required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff (“FIT”) arrangements and power purchase agreements (“PPAs”). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remaining have a reasonable assurance of securing PPAs.
  • Advanced pipeline projects are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.
  • Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection.

While the magnitude of the Company’s project development pipeline is an important indicator of potential expanded power generation and battery energy storage capacity as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of the projects to the extent anticipated, which could adversely affect its business, financial condition, or results of operations. In addition, the Company’s guidance and estimates for its future operating and financial results assume the completion of certain solar projects and battery energy storage projects that are in its pipeline. If the Company is unable to execute on its actionable pipeline, it may miss its guidance, which could adversely affect the market price of its common shares and its business, financial condition, or results of operations.

HLBV

The Company applies the HLBV method to account for its contractual relationships with tax equity investors in U.S. solar energy and battery energy storage projects. This method which allocates income or loss attributable to redeemable noncontrolling interests reflects the changes in the amounts that tax equity investors would hypothetically receive upon liquidation at the beginning and end of each reporting period, after considering any capital transactions, such as contributions or distributions, between our subsidiaries and tax equity investors.

The following table presents the Company’s total solar project development pipeline.

Solar Project Development Pipeline (as of June 30, 2025) – MWp*

Region

Under
Construction

Backlog

Advanced
Development

Early-Stage
Development

Total

North America

276

547

427

5,024

6,274

Europe, the Middle East, and Africa
(“EMEA”)

1,073

1,704**

872

4,767

8,416

Latin America

128**

823

352

5,666

6,969

Asia Pacific excluding China and Japan

171

275

430

1,289

2,165

China

300

780**

2,100

3,180

Japan

52

33

80

127

292

Total

2,000

4,162

2,161

18,973

27,296

*All numbers are gross MWp.

**Including 63 MWp under construction and 551 MWp in backlog that are owned by or already sold to third parties.

 

Project Development Pipeline – Battery Energy Storage

As of June 30, 2025, the Company’s total battery energy storage project development pipeline was 80.2 GWh, including 6.4 GWh under construction and in backlog, and 73.8 GWh of projects in advanced and early-stage development.

The table below sets forth the Company’s total battery energy storage project development pipeline.

Battery Energy Storage Project Development Pipeline (as of June 30, 2025) – MWh

Region

Under
Construction

Backlog

Advanced
Development

Early-Stage
Development

Total

North America

600

200

600

20,644

22,044

EMEA

43

2,708

4,493

31,790

39,034

Latin America

1,320

1,385

2,705

Asia Pacific excluding China and Japan

440

240

740

2,580

4,000

China

1,200

6,600

7,800

Japan

8

936

2,031

1,650

4,625

Total

1,091

5,284

9,184

64,649

80,208

 

CSI Solar

Solar Modules and Solar System Kits

CSI Solar shipped 7.9 GW of solar modules and solar system kits to more than 70 countries in Q2 2025. The top five markets ranked by shipments were the U.S., China, Pakistan, Spain, and Australia.

CSI Solar’s revised manufacturing capacity expansion targets are set forth below.

Solar Manufacturing Capacity, GW*

June 2025

Actual

December 2025

Plan

Ingot

31.0

31.0

Wafer

37.0

37.0

Cell

36.2

32.4

Module

59.0

51.2

*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice
based on market conditions and capital allocation plans. 

 

e-STORAGE: Battery Energy Storage Solutions

As of June 30, 2025, e-STORAGE contracted backlog, including contracted long-term service agreements, was $3 billion. These are signed orders with contractual obligations to customers, providing significant earnings visibility over a multi-year period.

The table below sets forth e-STORAGE’s manufacturing capacity expansion targets.

e-STORAGE Manufacturing Capacity Expansion Plans*

June 2025
Actual

December 2025
Plan

December 2026
Plan

SolBank Battery Energy Storage Solutions (GWh)

10

15

24

Battery Cells (GWh)

3

3

9

*Nameplate annualized capacities (single-shift basis) at said point in time. Capacity expansion plans are subject to change
without notice based on market conditions and capital allocation plans.

 

Business Outlook

The Company’s business outlook is based on management’s current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management’s views and estimates are subject to change without notice.

In Q3 2025, the Company expects total revenue to be in the range of $1.3 billion to $1.5 billion. Gross margin is expected to be between 14% and 16%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 5.0 GW to 5.3 GW. Total battery energy storage shipments by CSI Solar in Q3 2025 are expected to be in the range of 2.1 GWh to 2.3 GWh, including approximately 250 MWh to the Company’s own projects.

For the full year of 2025, the Company expects CSI Solar’s total module shipments to be in the range of 25 GW to 27 GW, including approximately 1 GW to the Company’s projects. CSI Solar’s total battery energy storage shipments are expected to be in the range of 7 GWh to 9 GWh, including approximately 1 GWh to the Company’s own projects. The Company’s total revenue is expected to be in the range of $5.6 billion to $6.3 billion.

Dr. Shawn Qu, Chairman and CEO, commented, “We expect third quarter margins to moderate as difficult market conditions persist, and storage profitability reflects more recent orders at normalized levels. We narrowed our full year module volume guidance and maintained our storage volume guidance, supported by increased visibility into the second half. Full year revenue expectations have been adjusted to reflect certain project sales shifting into 2026 and a more measured view on module pricing. The second half will remain challenging, with rising solar supply chain prices and ongoing trade uncertainties. We will continue to navigate these conditions with discipline, maintaining a prudent balance between growth and profitability.”

Recent Developments

Canadian Solar

On May 29, 2025, Canadian Solar announced the publication of its 2024 Sustainability Report, which highlights the Company’s sustainability strategy and performance, including progress towards achieving its sustainability goals. The sustainability disclosures in the report are aligned with the global standards set by the SASB and GRI, with reference to the IFRS set by the ISSB.

CSI Solar

On July 16, 2025, Canadian Solar announced its residential energy storage system, EP Cube, designed by its subsidiary, Eternalplanet, won the prestigious Red Dot Award 2025. This award recognizes EP Cube as one of the most well-designed residential energy storage products globally. Earlier this year, EP Cube also received several other international design awards, including the If Design Award and MUSE Design Award Gold.  

On June 3, 2025, Canadian Solar announced the completion of Large-Scale Fire Testing for its SolBank 3.0 energy storage system. The successful test demonstrated that SolBank 3.0 meets key fire safety criteria by containing thermal events within a single enclosure, providing enhanced safety assurance for utility-scale deployments.

Recurrent Energy

On July 17, 2025, Canadian Solar announced it closed project financing and tax equity for Blue Moon Solar located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project, totaling $260 million. Constellation will purchase power and renewable energy certificates produced by the 94 MW energy facility. Blue Moon Solar is currently under construction and expected to reach commercial operation in 2026. Recurrent Energy will own and operate the project after it is energized.

On July 7, 2025, Canadian Solar announced that the 1,200 MWh Papago Storage facility in Maricopa County, Arizona, has reached commercial operation. The project is now dispatching stored energy to Arizona Public Service (APS), the state’s largest electric utility. Papago Storage is the first of three Recurrent Energy projects with tolling agreements in place with APS to become operational.

Conference Call Information

The Company will hold a conference call on Thursday, August 21, 2025, at 8:00 a.m. U.S. Eastern Time (8:00 p.m., Thursday, August 21, 2025, in Hong Kong) to discuss the Company’s second quarter 2025 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.), 800 965 561 (from Hong Kong), +86 400 120 2840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13755040. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, September 4, 2025 (11:00 a.m. September 5, 2025, in Hong Kong) and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations.  The replay pin number is 13755040. A webcast replay will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 165 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 13 GWh of battery energy storage solutions to global markets as of June 30, 2025, boasting a $3 billion contracted backlog as of June 30, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 80 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company’s expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “may”, “will”, “expect”, “anticipate”, “future”, “ongoing”, “continue”, “intend”, “plan”, “potential”, “prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Wina Huang

Investor Relations

Canadian Solar Inc.

investor@canadiansolar.com

 

 

FINANCIAL TABLES FOLLOW

The following tables provide unaudited select financial data for the Company’s CSI Solar and Recurrent Energy businesses.

Select Financial Data – CSI Solar and Recurrent Energy

Three Months Ended and As of June 30, 2025

(In Thousands of U.S. Dollars)

CSI Solar

Recurrent
Energy

Elimination
and unallocated
items

Total

Net revenues 

$ 1,731,803

$ 106,135

$ (144,067)

$ 1,693,871

Cost of revenues

1,346,248

71,757

(229,164)

1,188,841

Gross profit

385,555

34,378

85,097

505,030

Operating expenses

264,815

108,815

3,967

377,597

Income (loss) from
   operations

120,740

(74,437)

81,130

127,433

Other segment items (1)

(46,299)

Income before income taxes
   and equity in losses of
   affiliates

81,134

Supplementary Information:

Interest expense

$ (15,983)

$ (25,521)

$ (3,303)

$ (44,807)

Interest income

7,264

2,296

360

9,920

Depreciation and
   amortization, included in
   cost of revenues and
   operating expenses

131,433

14,344

145,777

Cash and cash equivalents

$ 1,454,276

$ 346,844

$ 54,914

$ 1,856,034

Restricted cash – current and
   non-current

340,258

67,917

408,175

Non-recourse borrowings

1,809,269

1,809,269

Other short-term and long-
   term borrowings

2,443,265

1,478,119

3,921,384

Convertible notes – non-
   current

274,510

274,510

Green bonds – non-current

163,586

163,586

Select Financial Data – CSI Solar and Recurrent Energy

Six Months Ended June 30, 2025

(In Thousands of U.S. Dollars)

CSI Solar

Recurrent Energy

Elimination and unallocated items

Total

Net revenues 

$ 2,922,061

$ 231,377

$ (262,942)

$ 2,890,496

Cost of revenues

2,376,968

173,715

(305,711)

2,244,972

Gross profit

545,093

57,662

42,769

645,524

Operating expenses

422,516

144,096

6,284

572,896

Income (loss) from operations

122,577

(86,434)

36,485

72,628

Other segment items (1)

(87,225)

Loss before income taxes and
   equity in losses of affiliates

(14,597)

Supplementary Information:

Interest expense

$ (32,865)

$ (46,490)

$ (5,939)

$ (85,294)

Interest income

15,338

5,974

704

22,016

Depreciation and amortization,
 included in cost of revenues
and operating expenses

261,276

28,216

289,492

(1) Includes interest expense, net, loss on change in fair value of derivatives, net, foreign exchange loss, net and investment income, net.

 

 

The following table summarizes the revenues generated from each product or service.

Three Months
Ended

June 30, 2025

Three Months
Ended

March 31, 2025

Three Months
Ended

June 30, 2024

(In Thousands of U.S. Dollars)

CSI Solar:

Solar modules

$ 1,022,266

$ 797,422

$ 1,207,816

Solar system kits

73,812

85,526

114,869

Battery energy storage solutions

432,399

155,310

225,805

EPC and others

61,613

35,037

36,418

Subtotal

1,590,090

1,073,295

1,584,908

Recurrent Energy:

Solar power and battery energy storage asset
sales

48,091

72,151

12,752

Power services

18,809

16,499

16,853

Revenue from electricity, battery energy storage
operations and others

36,881

34,680

20,920

Subtotal

103,781

123,330

50,525

Total net revenues

$ 1,693,871

$ 1,196,625

$ 1,635,433

 

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

(In Thousands of U.S. Dollars)

CSI Solar:

Solar modules

$ 1,819,688

$ 2,119,966

Solar system kits

159,338

214,116

Battery energy storage solutions

587,709

477,278

EPC and others

96,650

63,226

Subtotal

2,663,385

2,874,586

Recurrent Energy:

Solar power and battery energy storage asset
sales

120,242

18,796

Power services

35,308

31,009

Revenue from electricity, battery energy storage
operations and others

71,561

40,153

Subtotal

227,111

89,958

Total net revenues

$ 2,890,496

$ 2,964,544

 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Statements of Operations

(In Thousands of U.S. Dollars, Except Share and Per Share Data)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

Net revenues

$ 1,693,871

$ 1,196,625

$ 1,635,433

$ 2,890,496

$ 2,964,544

Cost of revenues

1,188,841

1,056,131

1,353,339

2,244,972

2,429,697

Gross profit

505,030

140,494

282,094

645,524

534,847

Operating expenses:

Selling and distribution
expenses

109,479

90,767

131,692

200,246

220,104

General and administrative
expenses

252,671

105,651

100,911

358,322

195,604

Research and development
expenses

24,719

24,284

25,578

49,003

59,857

Other operating income, net

(9,272)

(25,403)

(23,737)

(34,675)

(37,440)

Total operating expenses

377,597

195,299

234,444

572,896

438,125

Income (loss) from operations

127,433

(54,805)

47,650

72,628

96,722

Other income (expenses):

Interest expense

(44,807)

(40,487)

(33,022)

(85,294)

(67,889)

Interest income

9,920

12,096

14,122

22,016

48,424

Gain (loss) on change in fair
value of derivatives, net

(5,760)

(9,039)

81

(14,799)

(16,613)

Foreign exchange gain
(loss), net

(7,318)

(4,586)

12,486

(11,904)

25,399

Investment income (loss),
net

1,666

1,090

(835)

2,756

(666)

Total other expenses

(46,299)

(40,926)

(7,168)

(87,225)

(11,345)

Income (loss) before income
taxes and equity in earnings
(losses) of affiliates

81,134

(95,731)

40,482

(14,597)

85,377

Income tax benefit (expense)

(34,311)

23,122

(5,283)

(11,189)

(14,960)

Equity in losses of affiliates

(2,053)

(4,045)

(7,775)

(6,098)

(6,770)

Net income (loss)

44,770

(76,654)

27,424

(31,884)

63,647

Less: net income (loss)
attributable to non-controlling
interests and redeemable non-
controlling interests

37,573

(42,683)

23,602

(5,110)

47,473

Net income (loss) attributable
to Canadian Solar Inc.

$ 7,197

$ (33,971)

$ 3,822

$ (26,774)

$ 16,174

Earnings (loss) per share – basic

$ (0.08)

$ (0.69)

$ 0.02

$ (0.77)

$ 0.21

Shares used in computation –
basic

67,167,296

66,962,686

66,413,750

67,065,556

66,289,155

Earnings (loss) per share –
diluted

$ (0.08)

$ (0.69)

$ 0.02

$ (0.77)

$ 0.21

Shares used in computation –
diluted

67,167,296

66,962,686

66,984,783

67,065,556

66,813,754

 

 

 Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)

(In Thousands of U.S. Dollars)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

Net income (loss)

$ 44,770

$ (76,654)

$ 27,424

$ (31,884)

$ 63,647

Other comprehensive income (loss), net of tax:

Foreign currency
translation adjustment

95,175

2,091

(59,897)

97,266

(113,710)

Gain (loss) on changes
in fair value of available-
for-sale debt securities

865

(504)

769

361

1,649

Gain (loss) on interest
rate swap

(8,148)

(3,081)

(481)

(11,229)

484

Share of gain (loss) on
changes in fair value of
interest rate swap of
affiliate

(629)

(1,232)

(159)

(1,861)

975

Comprehensive income (loss)

132,033

(79,380)

(32,344)

52,653

(46,955)

Less: comprehensive
income (loss) attributable

to non-controlling
interests and
redeemable non-
controlling interests

41,855

(40,768)

15,637

1,087

35,974

Comprehensive income
(loss) attributable to
Canadian Solar Inc.

$ 90,178

$ (38,612)

$ (47,981)

$ 51,566

$ (82,929)

 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets

(In Thousands of U.S. Dollars)

June 30,

December 31,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$ 1,856,034

$ 1,701,487

Restricted cash

388,025

551,387

Accounts receivable trade, net

915,302

1,118,770

Accounts receivable, unbilled

176,542

142,603

Amounts due from related parties

2,874

5,220

Inventories

1,247,923

1,206,595

Value added tax recoverable

232,744

221,539

Advances to suppliers, net

211,625

124,440

Derivative assets

10,936

14,025

Project assets

371,434

394,376

Prepaid expenses and other current assets

796,174

436,635

Total current assets

6,209,613

5,917,077

Restricted cash

20,150

11,147

Property, plant and equipment, net

3,307,521

3,174,643

Solar power and battery energy storage systems,
net

1,981,087

1,976,939

Deferred tax assets, net

397,146

473,500

Advances to suppliers, net

97,985

118,124

Investments in affiliates

262,015

232,980

Intangible assets, net

32,212

31,026

Project assets

1,347,421

889,886

Right-of-use assets

430,534

378,548

Amounts due from related parties

78,150

75,215

Other non-current assets

648,097

232,465

TOTAL ASSETS

$ 14,811,931

$ 13,511,550

 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets (Continued)

(In Thousands of U.S. Dollars)

June 30,

December 31,

2025

2024

LIABILITIES, REDEEMABLE INTERESTS AND EQUITY

Current liabilities:

Short-term borrowings

$ 2,275,211

$ 1,873,306

Convertible notes

228,917

Accounts payable

1,016,152

1,062,874

Short-term notes payable

610,288

637,512

Amounts due to related parties

3,427

3,927

Other payables

1,040,789

984,023

Advances from customers

143,224

204,826

Derivative liabilities

2,336

13,738

Operating lease liabilities

24,972

21,327

Other current liabilities

559,163

388,460

Total current liabilities

5,675,562

5,418,910

Long-term borrowings

3,455,442

2,731,543

Convertible notes

274,510

Green bonds

163,586

146,542

Liability for uncertain tax positions

5,770

5,770

Deferred tax liabilities

119,790

204,832

Operating lease liabilities

321,310

271,849

Other non-current liabilities

620,101

582,301

TOTAL LIABILITIES

10,636,071

9,361,747

Redeemable non-controlling interests

205,363

247,834

Equity:

Common shares

835,543

835,543

Additional paid-in capital

575,449

590,578

Retained earnings

1,558,984

1,585,758

Accumulated other comprehensive loss

(115,175)

(196,379)

Total Canadian Solar Inc. shareholders’ equity

2,854,801

2,815,500

Non-controlling interests

1,115,696

1,086,469

TOTAL EQUITY

3,970,497

3,901,969

TOTAL LIABILITIES, REDEEMABLE
INTERESTS AND EQUITY

$ 14,811,931

$ 13,511,550

 

 

Canadian Solar Inc.

Unaudited Condensed Statements of Cash Flows

(In Thousands of U.S. Dollars)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

Operating Activities:

Net income (loss)

$ 44,770

$ (76,654)

$ 27,424

$ (31,884)

$ 63,647

Adjustments to net
income (loss)

366,084

161,770

174,201

527,854

332,551

Changes in operating
assets and liabilities

(222,298)

(349,319)

(630,963)

(571,617)

(1,117,023)

Net cash provided by
(used in) operating
activities

188,556

(264,203)

(429,338)

(75,647)

(720,825)

Investing Activities:

Purchase of property,
plant and equipment
and intangible assets

(172,729)

(256,380)

(390,248)

(429,109)

(660,310)

Purchase of solar
power and battery
energy storage systems

(219,695)

(128,707)

(10,936)

(348,402)

(184,277)

Other investing
activities

(55,882)

(83,897)

2,515

(139,779)

12,947

Net cash used in investing
activities

(448,306)

(468,984)

(398,669)

(917,290)

(831,640)

Financing Activities:

Proceeds from
subsidiary’s issuance of
preferred shares, net

297,000

297,000

Capital contributions
from tax equity
investors in subsidiaries

14,680

14,680

Repurchase of shares
by subsidiary

(24,221)

(21,404)

(70,624)

(45,625)

(70,624)

Other financing
activities

495,276

550,962

(38,778)

1,046,238

684,634

Net cash provided by
financing activities

471,055

544,238

187,598

1,015,293

911,010

Effect of exchange rate
changes

18,985

(41,153)

(61,483)

(22,168)

(112,736)

Net increase (decrease) in
cash, cash equivalents
and restricted cash

230,290

(230,102)

(701,892)

188

(754,191)

Cash, cash equivalents
and restricted cash at
the beginning of the period

$ 2,033,919

$ 2,264,021

$ 2,894,133

$ 2,264,021

$ 2,946,432

Cash, cash equivalents and restricted
cash at the end of the period

$ 2,264,209

$ 2,033,919

$ 2,192,241

$ 2,264,209

$ 2,192,241

 

About Non-GAAP Financial Measures

This press release also contains adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share – diluted that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income (loss) attributable to Canadian Solar Inc. or earnings (loss) per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share – diluted exclude from net income (loss) attributable to Canadian Solar Inc. and earnings (loss) per share certain items that the Company does not consider indicative of its ongoing financial performance such as the effects of HLBV method to account for its tax equity arrangements. Management uses these non-GAAP financial measures to facilitate the analysis and communication of the Company’s financial performance as compared to its previous financial results. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of the Company’s financial performance. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.

The table below provides a reconciliation of our GAAP net income (loss) to non-GAAP financial measures.

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

June 30,

June 30,

2025

2025

2024

2025

2024

GAAP net income (loss)
attributable to Canadian Solar
Inc.

$ 7,197

$ (33,971)

$ 3,822

$ (26,774)

$ 16,174

Non-GAAP income
adjustment items:

Less: HLBV effects

(30,248)

(25,902)

(56,150)

Non-GAAP adjusted net
income (loss) attributable to
Canadian Solar Inc.

$ (23,051)

$ (59,873)

$ 3,822

$ (82,924)

$ 16,174

GAAP earnings (loss) per
share – diluted

$ (0.08)

$ (0.69)

$ 0.02

$ (0.77)

$0.21

Non-GAAP income adjustment items:

Less: HLBV effects

(0.45)

(0.38)

(0.83)

Add: HLBV effects
attributable to redeemable
non-controlling interests

Non-GAAP adjusted earnings
(loss) per share – diluted

$ (0.53)

$ (1.07)

$ 0.02

$ (1.60)

$0.21

Shares used in computation –
diluted (GAAP)

67,167,296

66,962,686

66,984,783

67,065,556

66,813,754

Shares used in computation –
diluted (Non-GAAP)

67,167,296

66,962,686

66,984,783

67,065,556

66,813,754