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

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


SQC’s demonstration of Grover’s algorithm

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

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

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

Strategic advantages in the race to commercial-scale quantum computing

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

High-quality qubits

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

Atomic precision manufacturing

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

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

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

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

Media enquiries

Bernadette Jolley
E:  press@sqc.com.au

About Silicon Quantum Computing:

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

www.sqc.com.au  

TAOKE ENERGY And CATL Reached A 300 MWh Battery Purchase Agreement

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

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

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

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

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

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

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

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

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

Details for the conference call are as follows:

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

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

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

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

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

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

About 111, Inc.

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

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

NetEase Cloud Music Inc. Reports Fiscal Year 2024 Financial Results

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

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

Year ended 31 December

2024

2023

(Unaudited)

(Unaudited)

Revenue

7,950,146

7,866,992

Gross profit

2,681,512

2,102,670

Profit before income tax

1,570,255

767,679

Profit for the period

1,565,369

734,182

Non-IFRS measure:

Adjusted net profit (1)

1,700,078

818,500

Fiscal Year 2024 Key Financial Highlights

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

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

Business Overview

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

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

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

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

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

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

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

Comprehensive and differentiated content ecosystem

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

Enhancing partnerships with copyright holders

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

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

Strengthening our leading independent artists’ ecosystem

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

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

Developing and promoting differentiated in-house music

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

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

Diversified audio-based content offerings

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

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

Product innovation and community ecosystem

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

Optimising users’ music discovery and listening experience

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

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

Fostering music-inspired community resonance and connections

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

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

Expanding music consumption and communication scenarios

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

Conference Call

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

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

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

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

Chinese Mainland:

400-120-9216

Hong Kong:

800-930-639

United States:

1-855-883-1031

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

About NetEase Cloud Music Inc.

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

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

Forward Looking Statements

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

Non-IFRS Measure

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

Investor Enquiries:

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

 

Largest Urban Rail Transit Project in Thailand Nears Completion

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

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

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

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

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

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

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

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

Autohome Inc. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results

BEIJING, Feb. 20, 2025 /PRNewswire/ — Autohome Inc. (NYSE: ATHM; HKEX: 2518) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and full year ended December 31, 2024.

Fourth Quarter 2024 Highlights[1]

  • Net revenues in the fourth quarter of 2024 were RMB1,783.4 million (US$244.3 million), compared to RMB1,911.4 million in the corresponding period of 2023.
  • Net income attributable to Autohome in the fourth quarter of 2024 was RMB320.5 million (US$43.9 million), compared to RMB446.7 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the fourth quarter of 2024 was RMB304.4 million (US$41.7 million), compared to RMB432.1 million in the corresponding period of 2023.
  • Adjusted net income attributable to Autohome (Non-GAAP)[2] in the fourth quarter of 2024 was RMB486.5 million (US$66.7 million), compared to RMB502.8 million in the corresponding period of 2023.
  • Share repurchase: As of February 14, 2025, the Company had repurchased 3,289,520 American depositary shares (“ADSs”) for a total cost of approximately US$88.5 million.

Full Year 2024 Highlights[1]

  • Net revenues in 2024 were RMB7,039.6 million (US$964.4 million), compared to RMB7,184.1 million in 2023.
  • Net income attributable to Autohome in 2024 was RMB1,681.1 million (US$230.3 million), compared to RMB1,935.3 million in 2023, while net income attributable to ordinary shareholders in 2024 was RMB1,619.6 million (US$221.9 million), compared to RMB1,880.1 million in 2023.
  • Adjusted net income attributable to Autohome (Non-GAAP)[2] in 2024 was RMB2,050.0 million (US$280.9 million), compared to RMB2,159.6 million in 2023.

Mr. Song Yang, Chief Executive Officer of Autohome, stated, “Throughout the year, we focused on integrating our online-to-offline ecosystem, achieving significant milestones in user growth, content matrix enhancements, new retail business expansion, and the promotion of AI applications. According to QuestMobile, our average mobile daily active users increased by 13.6% year-over-year to 77.48 million in December 2024, underscoring the effectiveness of our content-driven approach. We are also excited about the rapid expansion of our franchised Autohome Space and satellite stores, which now exceed 150 in total — significantly broadening our offline presence and further reinforcing our service offerings.”

“In terms of technological innovation, we have seamlessly integrated AI across all aspects of our services – from content creation for consumers to operational management and decision-making analysis for clients. Looking ahead, we will deepen resource deployment across targeted regional markets, refine our business model, and enhance operational efficiency. By establishing a virtuous online to offline cycle, we are driving Autohome to new heights.”

Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “We concluded 2024 with several significant breakthroughs across our innovative businesses. Online marketplace and others revenues increased by 8.1% year-over-year in 2024, driving total revenues for the year to RMB7.04 billion. Our new retail business has emerged as a clear growth driver as we further refine and improve the effectiveness of our business model. Looking ahead to 2025, we will continue to strategically invest in innovative growth initiatives in order to achieve our dual objectives of business expansion and financial stability.”

Unaudited Fourth Quarter 2024 Financial Results

Net Revenues

Net revenues were RMB1,783.4 million (US$244.3 million) in the fourth quarter of 2024, compared to RMB1,911.4 million in the corresponding period of 2023.

  • Media services revenues were RMB436.8 million (US$59.8 million) in the fourth quarter of 2024, compared to RMB500.5 million in the corresponding period of 2023.
  • Leads generation services revenues were RMB758.4 million (US$103.9 million) in the fourth quarter of 2024, compared to RMB841.5 million in the corresponding period of 2023.
  • Online marketplace and others revenues were RMB588.2 million (US$80.6 million) in the fourth quarter of 2024, compared to RMB569.5 million in the corresponding period of 2023.

Cost of Revenues

Cost of revenues was RMB428.6 million (US$58.7 million) in the fourth quarter of 2024, compared to RMB367.9 million in the corresponding period of 2023, primarily attributable to an increase in operational costs. Share-based compensation expenses included in cost of revenues in the fourth quarter of 2024 were RMB2.2 million (US$0.3 million), compared to RMB1.4 million in the corresponding period of 2023.

Operating Expenses

Operating expenses were RMB1,177.0 million (US$161.2 million) in the fourth quarter of 2024, compared to RMB1,242.8 million in the corresponding period of 2023.

  • Sales and marketing expenses were RMB717.8 million (US$98.3 million) in the fourth quarter of 2024, compared to RMB730.1 million in the corresponding period of 2023. Share-based compensation expenses included in sales and marketing expenses in the fourth quarter of 2024 were RMB10.3 million (US$1.4 million), compared to RMB11.7 million in the corresponding period of 2023.
  • General and administrative expenses were RMB131.2 million (US$18.0 million) in the fourth quarter of 2024, compared to RMB156.8 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the fourth quarter of 2024 were RMB13.6 million (US$1.9 million), compared to RMB17.6 million in the corresponding period of 2023.
  • Product development expenses were RMB328.0 million (US$44.9 million) in the fourth quarter of 2024, compared to RMB355.9 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the fourth quarter of 2024 were RMB15.6 million (US$2.1 million), compared to RMB18.7 million in the corresponding period of 2023.

Operating Profit

Operating profit was RMB232.4 million (US$31.8 million) in the fourth quarter of 2024, compared to RMB366.7 million in the corresponding period of 2023. 

Income Tax Expense

Income tax expense was RMB31.4 million (US$4.3 million) in the fourth quarter of 2024, compared to an income tax expense of RMB127.6 million in the corresponding period of 2023. The decrease in income tax expense was primarily attributable to a timing difference in withholding tax which was largely accrued in the fourth quarter of 2023, following the declaration of the new cash dividend policy in December 2023.

Net Income attributable to Autohome

Net income attributable to Autohome was RMB320.5 million (US$43.9 million) in the fourth quarter of 2024, compared to RMB446.7 million in the corresponding period of 2023.

Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB304.4 million (US$41.7 million) in the fourth quarter of 2024, compared to RMB432.1 million in the corresponding period of 2023. Basic and diluted earnings per share (“EPS”) were RMB0.63 (US$0.09) and RMB0.62 (US$0.08), respectively, in the fourth quarter of 2024, compared to basic and diluted EPS of RMB0.89 and RMB0.89, respectively, in the corresponding period of 2023. Basic and diluted earnings per ADS were RMB2.51 (US$0.34) and RMB2.50 (US$0.34), respectively, in the fourth quarter of 2024, compared to basic and diluted earnings per ADS of RMB3.57 and RMB3.56, respectively, in the corresponding period of 2023.

Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB486.5 million (US$66.7 million) in the fourth quarter of 2024, compared to RMB502.8 million in the corresponding period of 2023. Non-GAAP basic and diluted EPS were RMB1.00 (US$0.14) and RMB1.00 (US$0.14), respectively, in the fourth quarter of 2024, compared to non-GAAP basic and diluted EPS of RMB1.04 and RMB1.04, respectively, in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS were RMB4.02 (US$0.55) and RMB3.99 (US$0.55), respectively, in the fourth quarter of 2024, compared to non-GAAP basic and diluted earnings per ADS of RMB4.15 and RMB4.14, respectively, in the corresponding period of 2023.

Unaudited Full Year 2024 Financial Results

Net Revenues

Net revenues in 2024 were RMB7,039.6 million (US$964.4 million), compared to RMB7,184.1 million in 2023.

  • Media services revenues were RMB1,523.1 million (US$208.7 million) in 2024, compared to RMB1,870.8 million in 2023.
  • Leads generation services revenues were RMB3,135.9 million (US$429.6 million) in 2024, compared to RMB3,111.8 million in 2023.
  • Online marketplace and others revenues were RMB2,380.6 million (US$326.1 million) in 2024, compared to RMB2,201.5 million in 2023.

Cost of Revenues

Cost of revenues was RMB1,483.2 million (US$203.2 million) in 2024, compared to RMB1,411.9 million in 2023, primarily attributable to an increase in operational costs. Share-based compensation expense included in cost of revenues was RMB8.1 million (US$1.1 million) in 2024, compared to RMB8.0 million in 2023.

Operating Expenses

Operating expenses were RMB4,841.4 million (US$663.3 million) in 2024, compared to RMB4,898.9 million in 2023.

  • Sales and marketing expenses were RMB2,988.2 million (US$409.4 million) in 2024, compared to RMB3,012.5 million in 2023. Share-based compensation expense included in sales and marketing expenses in 2024 was RMB48.4 million (US$6.6 million), compared to RMB49.3 million in 2023.
  • General and administrative expenses were RMB534.8 million (US$73.3 million) in 2024, compared to RMB538.0 million in 2023. Share-based compensation expense included in general and administrative expenses in 2024 was RMB51.1 million (US$7.0 million), compared to RMB51.9 million in 2023.
  • Product development expenses were RMB1,318.4 million (US$180.6 million) in 2024, compared to RMB1,348.5 million in 2023. Share-based compensation expense included in product development expenses in 2024 was RMB84.3 million (US$11.6 million), compared to RMB85.9 million in 2023.

Operating Profit

Operating profit was RMB1,003.5 million (US$137.5 million) in 2024, compared to RMB1,137.4 million in 2023.

Income Tax Expense

Income tax expense was RMB63.0 million (US$8.6 million) in 2024, compared to an income tax expense of RMB72.2 million in 2023.

Net Income attributable to Autohome

Net income attributable to Autohome was RMB1,681.1 million (US$230.3 million) in 2024, compared to RMB1,935.3 million in 2023.

Net Income attributable to Ordinary Shareholders and Earnings per Share/ADS

Net income attributable to ordinary shareholders was RMB1,619.6 million (US$221.9 million) in 2024, compared to RMB1,880.1 million in 2023. Basic and diluted EPS were RMB3.34 (US$0.46) and RMB3.33 (US$0.46), respectively, in 2024 as compared to basic and diluted EPS of RMB3.84 and RMB3.83, respectively, in 2023. Basic and diluted earnings per ADS were RMB13.36 (US$1.83) and RMB13.31 (US$1.82), respectively, in 2024 as compared to basic and diluted earnings per ADS of RMB15.35 and RMB15.31, respectively, in 2023.

Adjusted Net Income attributable to Autohome (Non-GAAP) and Non-GAAP Earnings per Share/ADS

Adjusted net income attributable to Autohome (Non-GAAP) was RMB2,050.0 million (US$280.9 million) in 2024, compared to RMB2,159.6 million in 2023. Non-GAAP basic and diluted EPS were RMB4.23 (US$0.58) and RMB4.21 (US$0.58), respectively, in 2024 as compared to non-GAAP basic and diluted EPS of RMB4.41 and RMB4.40, respectively, in 2023. Non-GAAP basic and diluted earnings per ADS were RMB16.91 (US$2.32) and RMB16.85 (US$2.31), respectively, in 2024 as compared to non-GAAP basic and diluted earnings per ADS of RMB17.63 and RMB17.58, respectively, in 2023.

Balance Sheet and Cash Flow

As of December 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB23.32 billion (US$3.19 billion). Net cash provided by operating activities in the year of 2024 was RMB1,373.1 million (US$188.1 million).

Employees

The Company had 4,415 employees as of December 31, 2024, including 1,332 employees from TTP Car, Inc.

Conference Call Information

The Company will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on Thursday, February 20, 2025 (8:00 p.m. Beijing Time on the same day).

Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Registration Link: https://register.vevent.com/register/BI255a7f8360974da5ae7ffaf90252fa85

Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.

Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.

About Autohome

Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, investment loss/(gain) relating to non-operating impact of a write-down of the initial investment in a financial product, loss/(gain) pickup of equity method investments, and non-recurring employee severance costs, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of non-GAAP and GAAP Results” set forth at the end of this press release.

For investor and media inquiries, please contact:

Autohome Inc.
Sterling Song
Investor Relations Director  
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn 

Christensen China Limited
Suri Cheng
Tel: +86-185-0060-8364
E-mail:  suri.cheng@christensencomms.com

 

 

 

AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
 (Amount in thousands, except per share / per ADS data) 

 For three months ended December 31, 

For year ended December 31,

2023

2024

2023

2024

    RMB    

RMB

US$

  RMB  

RMB

US$

Net revenues: 

Media services

500,477

436,819

59,844

1,870,819

1,523,075

208,660

Leads generation services 

841,486

758,443

103,906

3,111,805

3,135,885

429,614

Online marketplace and others

569,478

588,174

80,580

2,201,511

2,380,627

326,145

Total net revenues 

1,911,441

1,783,436

244,330

7,184,135

7,039,587

964,419

Cost of revenues

(367,888)

(428,559)

(58,712)

(1,411,881)

(1,483,220)

(203,200)

Gross profit 

1,543,553

1,354,877

185,618

5,772,254

5,556,367

761,219

Operating expenses: 

Sales and marketing expenses 

(730,094)

(717,812)

(98,340)

(3,012,479)

(2,988,169)

(409,377)

General and administrative
   expenses 

(156,797)

(131,168)

(17,970)

(537,979)

(534,809)

(73,269)

Product development expenses 

(355,924)

(327,987)

(44,934)

(1,348,472)

(1,318,443)

(180,626)

Total operating expenses

(1,242,815)

(1,176,967)

(161,244)

(4,898,930)

(4,841,421)

(663,272)

Other operating income, net

65,976

54,498

7,466

264,101

288,551

39,531

Operating profit

366,714

232,408

31,840

1,137,425

1,003,497

137,478

Interest and investment income,
net

195,813

189,062

25,901

831,006

791,905

108,491

Share of results of equity
   method investments

7,361

(77,389)

(10,602)

29,133

(109,094)

(14,946)

Income before income taxes 

569,888

344,081

47,139

1,997,564

1,686,308

231,023

Income tax expense

(127,566)

(31,375)

(4,298)

(72,155)

(62,959)

(8,625)

Net income 

442,322

312,706

42,841

1,925,409

1,623,349

222,398

Net loss attributable to
   noncontrolling interests

4,414

7,817

1,071

9,901

57,774

7,915

Net income attributable to
   Autohome

446,736

320,523

43,912

1,935,310

1,681,123

230,313

Accretion of mezzanine equity

(39,805)

(44,006)

(6,029)

(153,294)

(172,596)

(23,646)

Accretion attributable to
   noncontrolling interests

25,184

27,895

3,822

98,071

111,035

15,212

Net income attributable to
   ordinary shareholders

432,115

304,412

41,705

1,880,087

1,619,562

221,879

Earnings per share
   attributable to ordinary
   shareholders 

Basic 

0.89

0.63

0.09

3.84

3.34

0.46

Diluted 

0.89

0.62

0.08

3.83

3.33

0.46

Earnings per ADS attributable
   to ordinary shareholders
   (one ADS equals for four
   ordinary shares)

Basic 

3.57

2.51

0.34

15.35

13.36

1.83

Diluted 

3.56

2.50

0.34

15.31

13.31

1.82

Weighted average shares used to compute
   earnings per share attributable to ordinary
   shareholders:

 Basic 

484,419,222

484,428,433

484,428,433

489,952,172

484,945,912

484,945,912

 Diluted

485,701,134

487,443,601

487,443,601

491,252,460

486,552,724

486,552,724

 

 


AUTOHOME INC.

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

(Amount in thousands, except per share / per ADS data)

For three months ended December 31,

For year ended December 31,

2023

2024

2023

2024

RMB 

RMB

    US$

RMB 

RMB

US$

Net income attributable to Autohome

446,736

320,523

43,912

1,935,310

1,681,123

230,313

Plus: income tax expense

128,906

32,716

4,482

77,515

68,321

9,360

Plus: depreciation of property and
   equipment

36,886

27,019

3,702

165,820

120,830

16,554

Plus: amortization of intangible assets

9,654

9,645

1,321

40,949

38,595

5,287

EBITDA

622,182

389,903

53,417

2,219,594

1,908,869

261,514

Plus: share-based compensation
expenses

49,345

41,743

5,719

195,092

192,024

26,307

Adjusted EBITDA

671,527

431,646

59,136

2,414,686

2,100,893

287,821

Net income attributable to Autohome

446,736

320,523

43,912

1,935,310

1,681,123

230,313

Plus: amortization of intangible assets
   resulting from business acquisition

9,583

9,583

1,313

40,610

38,332

5,251

Plus: share-based compensation
   expenses

49,345

41,743

5,719

195,092

192,024

26,307

Plus: investment loss arising from one of
   financial products[3]

5,813

23,252

620

85

Plus: (Gain)/loss on equity method
   investments, net

(7,361)

77,389

10,602

(29,133)

109,094

14,946

Plus: Non-recurring employee severance
   costs[4]

60,847

8,336

60,847

8,336

Plus: tax effects of the adjustments

(1,329)

(23,565)

(3,228)

(5,581)

(31,992)

(4,383)

Adjusted net income attributable to
   Autohome

502,787

486,520

66,654

2,159,550

2,050,048

280,855

Net income attributable to Autohome

446,736

320,523

43,912

1,935,310

1,681,123

230,313

Net margin

23.4 %

18.0 %

18.0 %

26.9 %

23.9 %

23.9 %

Adjusted net income attributable to
   Autohome

502,787

486,520

66,654

2,159,550

2,050,048

280,855

Adjusted net margin

26.3 %

27.3 %

27.3 %

30.1 %

29.1 %

29.1 %

Non-GAAP earnings per share

Basic

1.04

1.00

0.14

4.41

4.23

0.58

Diluted

1.04

1.00

0.14

4.40

4.21

0.58

Non-GAAP earnings per ADS (one
ADS equals for four ordinary shares)

Basic

4.15

4.02

0.55

17.63

16.91

2.32

Diluted

4.14

3.99

0.55

17.58

16.85

2.31

Weighted average shares used to
   compute non-GAAP earnings per
   share:

Basic

484,419,222

484,428,433

484,428,433

489,952,172

484,945,912

484,945,912

Diluted

485,701,134

487,443,601

487,443,601

491,252,460

486,552,724

486,552,724

 

 

AUTOHOME INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Amount in thousands, except as noted)

 

As of

December 31,

As of December 31,

2023

2024

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

4,996,353

1,693,597

232,022

Restricted cash

126,794

88,515

12,127

Short-term investments

18,552,354

21,621,992

2,962,201

Accounts receivable, net

1,472,489

1,358,849

186,162

Amounts due from related parties, current

16,439

63,957

8,762

Prepaid expenses and other current assets

360,559

336,941

46,161

Total current assets

25,524,988

25,163,851

3,447,435

Non-current assets

Restricted cash, non-current

5,000

5,000

685

Property and equipment, net

200,860

204,049

27,955

Goodwill and intangible assets, net

4,143,968

4,069,637

557,538

Long-term investments

448,341

339,247

46,477

Deferred tax assets

295,598

308,246

42,230

Amounts due from related parties, non-current

16,048

3,521

482

Other non-current assets

200,928

128,074

17,546

Total non-current assets

5,310,743

5,057,774

692,913

Total assets

30,835,731

30,221,625

4,140,348

LIABILITIES AND EQUITY

Current liabilities

Accrued expenses and other payables

2,932,227

2,931,869

401,667

Advance from customers

105,379

106,276

14,560

Deferred revenue

801,581

276,894

37,934

Income tax payable

227,260

185,976

25,479

Amounts due to related parties

24,572

38,250

5,240

Dividends payable

984,332

990,529

135,702

Total current liabilities

5,075,351

4,529,794

620,582

Non-current liabilities

Other liabilities

89,187

23,103

3,165

Deferred tax liabilities

497,955

468,078

64,126

Total non-current liabilities

587,142

491,181

67,291

Total liabilities

5,662,493

5,020,975

687,873

MEZZANINE EQUITY

Convertible redeemable noncontrolling interests

1,758,933

1,931,529

264,618

EQUITY

Total Autohome shareholders’ equity

23,928,187

23,951,737

3,281,375

Noncontrolling interests

(513,882)

(682,616)

(93,518)

Total equity

23,414,305

23,269,121

3,187,857

Total liabilities, mezzanine equity and equity

30,835,731

30,221,625

4,140,348

 

[1] The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain amounts throughout the release are presented in US dollars (“US$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB7.2993 on December 31, 2024 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

[2] For more information on this and other non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this release.

[3] It represents the loss of an investment with fair value below its initial investment, which was recognized at “interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.

[4] It represents the non-recurring employee severance costs associated with the optimization to the Company’s organizational structure in the fourth quarter of 2024.

 

Laos, Canada Strengthen Partnership Toward Canada-ASEAN Free Trade Agreement

Laos, Canada Strengthen Partnership Toward Canada-ASEAN Free Trade Agreement
(photo supplied)

On 18 February, the Embassy of Canada to Laos hosted a workshop in Vientiane Capital on emerging issues in the Canada-ASEAN Free Trade Agreement (ACAFTA).