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CoinW Teams Up with Superteam Europe to Conclude Solana Hackathon and Accelerate Web3 Innovation in Europe

PARIS, May 27, 2025 /PRNewswire/ — CoinW, one of the world’s leading cryptocurrency asset trading platforms, has joined forces with Superteam Europe to successfully conclude the Solana Breakout Hackathon – Colosseum, a month-long initiative that ran from April 14 to May 16 across France, the Balkans, Germany, and Poland. As Solana’s key ecosystem enabler in Europe, Superteam Europe localized and coordinated the event across multiple regions, while CoinW contributed its deep exchange expertise, community reach, and developer support to empower emerging blockchain talent and promote meaningful adoption across the continent.

CoinW x Superteam Europe
CoinW x Superteam Europe

This initiative was designed not only to drive innovation on Solana but also to promote broader blockchain adoption in Europe. Participants competed to build impactful Web3 projects, while CoinW offered free listing opportunities, mentorship, and potential incubation support to outstanding teams.

“We are thrilled with the success of the Solana Breakout Hackathon and our ongoing partnership with Superteam Europe,” said Nassar Achkar, Chief Strategy Officer at CoinW. “This collaboration showcases our long-term commitment to empowering blockchain builders and promoting sustainable growth in the global Web3 ecosystem.”

Solana Breakout Hackathon – Colosseum
Solana Breakout Hackathon – Colosseum

Long-Term Collaboration Beyond Events

CoinW’s partnership with Superteam Europe goes far beyond one-time events. The two teams have jointly launched strategic activities throughout 2024, including:

  • Superteam Poland Launch Party & Founders’ Dinner (Jan 22–23): CoinW engaged with builders and community leaders in Warsaw.
  • Superteam France Ski Retreat (Feb 1–8): CoinW joined Solana’s core contributors and KOLs for strategic dialogue and community building in the Alps.
  • Solana Breakout Hackathon (Apr 14–May 16): CoinW supported multiple regional hackathon stops, offering real resources and exposure to top projects.

In total, CoinW committed $100,000 USD to support these initiatives, covering event sponsorship, community outreach, developer incentives, and listing resources. This investment underscores CoinW’s broader ambition to build long-term impact across the European Web3 space.

From Events to Ecosystem Building

The partnership also emphasized ecosystem co-creation. CoinW and Superteam Europe co-hosted a range of online forums, including AMAs, livestreams, and developer roundtables, to increase community participation and visibility. Both parties also collaborated with universities and blockchain societies to host educational workshops, lectures, and student-led research initiatives.

Additionally, they engaged regional KOLs and content creators to drive shared messaging, foster dialogue, and raise awareness of Web3’s transformative potential.

Superteam Europe also featured in CoinW’s WConnect virtual series, showcasing top Solana projects to CoinW’s global audience and reinforcing the reach of local innovation.

The Hackathon Ends, but the Mission Continues

The conclusion of the Breakout Hackathon marks a new beginning rather than an end. CoinW and Superteam Europe remain dedicated to nurturing grassroots innovation, empowering developers, and expanding blockchain adoption in Europe through long-term investment and ecosystem collaboration.

Together, they are building a more connected, open, and innovative Web3 future across the continent.

About Superteam

Superteam unites developers, founders, and creators from across the continent. As a regional powerhouse of the Solana ecosystem, Superteam drives growth through hackathons, education, and funding, empowering a new wave of decentralized innovation.

About CoinW

Founded in 2017, CoinW has grown into one of the world’s leading cryptocurrency asset trading platforms, serving a vast and diverse global user base. With a clear vision to support wealth growth and empower blockchain innovation, CoinW continuously refines its product offerings and expands a diversified service ecosystem. In recent years, CoinW has actively strengthened its global brand presence through cross-industry collaborations and strategic international expansion, driving ongoing brand evolution. Moving forward, CoinW remains committed to building a thriving crypto ecosystem, advancing global financial inclusion, and accelerating the widespread adoption of blockchain technology.

Kuaishou Technology Announces First Quarter 2025 Unaudited Financial Results

HONG KONG, May 27, 2025 /PRNewswire/ — Kuaishou Technology (“Kuaishou” or the “Company”; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, today announced its unaudited consolidated first quarterly results for the three months ended March 31, 2025.

First Quarter 202 5  Key Highlights

  • Average DAUs on Kuaishou APP were 408.0 million, representing an increase of 3.6% from 393.8 million for the same period of 2024.
  • Average MAUs on Kuaishou APP were 711.7 million, representing an increase of 2.1% from 697.4 million for the same period of 2024.
  • Total e-commerce GMV(1) was RMB332.3 billion, representing an increase of 15.4% from RMB288.1 billion for the same period of 2024.
  • Total revenue increased by 10.9% to RMB32.6 billion from RMB29.4 billion for the same period of 2024. Online marketing services and live streaming contributed 55.1% and 30.1%, respectively, to the total revenue. The other 14.8% came from other services.
  • Gross profit increased by 10.4% to RMB17.8 billion from RMB16.1 billion for the same period of 2024. Gross profit margin in the first quarter of 2025 was 54.6%, slightly decreasing from 54.8% for the same period of 2024.
  • Profit for the period was RMB4.0 billion, compared to RMB4.1 billion for the same period of 2024. Adjusted net profit(2)increased to RMB4.6 billion from RMB4.4 billion for the same period of 2024.
  • Operating profit from the domestic segment (3) increased to RMB4.3 billion from RMB4.0 billion for the same period of 2024. Operating profit from the overseas segment(3) was RMB28 million, compared to operating loss of RMB268 million for the same period of 2024.
  • During the three months ended March 31, 2025 and up to the market close on May 20, 2025, the Company repurchased approximately 29.2 million shares on the Hong Kong Stock Exchange for a consideration of approximately HKD1.4 billion.

Mr. Cheng Yixiao, Co-founder, Chairman, and Chief Executive Officer of Kuaishou, commented, “By further embedding AI technologies across our content and business ecosystem, we achieved solid growth and improved operational efficiency in the first quarter of 2025. Average DAUs climbed to a new high of 408 million. Total revenue grew by 10.9% year-over-year to RMB32.6 billion, and adjusted net profit reached RMB4.6 billion, with a healthy adjusted net margin of 14.0%. In April, we officially launched Kling AI 2.0 to a strong global reception, reinforcing its leadership position and accelerating its commercialization momentum. Looking ahead, we will stay focused on long-term technology investments and continue to advance our AI capabilities, both to sharpen the performance of our existing businesses and to open new avenues for growth. We believe these advancements will help us sustainably improve user experience, while broadening the impact of our content and business ecosystems to create long-term sustainable growth opportunities for the Company.”

First Quarter 2025 Financial Review

Revenue from our online marketing services increased by 8.0% to RMB18.0 billion for the first quarter of 2025, from RMB16.7 billion for the same period of 2024, primarily attributable to the increased consumption from marketing clients driven by our intelligent product placement solutions and the application of AI technology in online marketing solutions.

Revenue from our live streaming business increased by 14.4% to RMB9.8 billion for the first quarter of 2025 from RMB8.6 billion for the same period of 2024, primarily due to our refined operations and diversified high-quality content.

Revenue from our other services increased by 15.2% to RMB4.8 billion for the first quarter of 2025, from RMB4.2 billion for the same period of 2024, primarily due to the growth of our e-commerce business, represented by the growth in our e-commerce GMV. The growth in e-commerce GMV was driven by increases in the number of e-commerce monthly active paying users and monthly active merchants as a result of our continuous refined omni-domain operations.

Other Key Financial Information for the First Quarter of 2025

Operating profit was RMB4.3 billion, increasing from RMB4.0 billion for the same period of 2024.

Adjusted EBITDA (4)  was RMB6.4 billion, increasing from RMB6.0 billion for the same period of 2024.

Total available funds(5) reached RMB94.0 billion as of March 31, 2025.

Notes:

(1) Placed on or directed to our partners through our platform.
(2) We define “adjusted net profit” as profit for the period adjusted by share-based compensation expenses and net fair value changes on investments.
(3) Unallocated items, which consist of share-based compensation expenses, other income, and other gains, net, are not included.
(4) We define “adjusted EBITDA” as adjusted net profit for the period adjusted by income tax expenses/(benefits), depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance expense/(income), net.
(5) Total available funds which we considered in cash management included but not limited to cash and cash equivalents, time deposits, financial assets and restricted cash. Financial assets mainly included wealth management products and others.

Business Review

In the first quarter of 2025, despite a complex and dynamic global macroeconomic environment, we achieved solid financial performance by continuing to integrate artificial intelligence (AI) technology across our business. These intelligent upgrades strengthened both our content and business ecosystems, elevating experience for both users and content creators on our platform and improving operational efficiency for merchants and online marketing clients. The average DAUs on the Kuaishou App reached a new record high of 408 million in the first quarter of 2025. Our total revenue grew by 10.9% year-over-year to RMB32.6 billion, with gross profit margin approaching 55.0%. The adjusted net profit reached RMB4.6 billion with a 14.0% adjusted net margin.

Concurrently, our new business initiatives continued to generate promising results, demonstrating robust momentum as the second growth curve.Kling AI (可靈AI) accelerated its commercialization, generating over RMB150 million in revenue in the first quarter of 2025. Our focused strategy on core international markets has yielded tangible results after two years of implementation, achieving a positive quarterly operating profit for the overall overseas business for the first time in the first quarter of 2025.

AI business 

For Kling AI (可靈AI), we launched Kling AI (可靈AI) 2.0 globally in April 2025, marking a significant upgrade to the large video generation model. The new version maintains global leadership in aspects such as motion quality, semantic responsiveness and visual aesthetics. In this Kling AI (可靈AI) 2.0 model iteration, Kling AI (可靈AI) officially introduced the breakthrough concept of Multi-modal Visual Language (MVL, 多模態視覺語言). Building on this concept, we launched a multi-modal editing feature that allows users to integrate various inputs, such as images, videos, voice and motion paths to produce creative videos. In addition, creators can add, remove, or replace visual elements in a generated video, providing them greater flexibility throughout the editing process. Currently, Kling AI (可靈AI) is being widely applied across various industries, such as advertising, short plays and smart devices. This growing adoption reinforces our conviction in Kling AI (可靈AI) ‘s potential to become the foundational infrastructure for video creation in the new AI era.

We have integrated AI technology across our content and business ecosystems. AI technology is embedded across our online marketing solutions, which included the AIGC marketing material production, marketing placement agent and large marketing recommendation models boosting our clients’ marketing conversion efficiency. In the first quarter of 2025, average daily advertising spending on AIGC marketing materials was around RMB30 million. We also introduced a real-time interaction feature for our digital human live-streaming rooms, which led to an increase in conversion rates.

User and content ecosystem

In the first quarter of 2025, the average DAUs on the Kuaishou App reached 408 million and MAUs reached 712 million, increasing by 3.6% and 2.1% year-over-year, respectively. The average DAUs on the Kuaishou App surpassed 400 million for the third consecutive quarter, setting a new record. The average daily time spent per DAU on the Kuaishou App was 133.8 minutes, while total user time spent rose by 5.9% year-over-year in the first quarter of 2025. Our refined user growth strategy has successfully lowered average acquisition costs per new user. By consistently delivering rich, high-quality contents, enhancing our traffic distribution mechanisms and offering diverse community features, we elevated the users’ content consumption experience, leading to a higher new user retention rate.

The Chinese New Year has always been a key opportunity for user growth and brand marketing. For the 2025 Chinese New Year holiday, we created a festive online community full of Chinese New Year atmosphere for over 400 million users, offering engaging interactive features and an extensive content matrix. The interactive elements sparked greater social interactions across the platform. During the campaign, the pairs of average daily new mutual followers increased by over 40.0% year-over-year and the number of average daily private messages among users with mutual followers relationship surged by over 100.0% year-over-year. Our extensive Chinese New Year content line-up, including online festive fairs (雲上廟會), Kuaishou Village Winter Games (快手村冬奧) and Liaoning TV Spring Festival Gala (遼寧衛視春晚), delivered a deeply immersive content consumption experience for users. The above content generated over 15 billion live streaming views and over 200 billion short video views.

Online marketing services

In the first quarter of 2025, revenue from online marketing services grew by 8.0% year-over-year to RMB18.0 billion. Through end-to-end empowerment of online marketing solutions with AI, we enabled clients across various sectors to improve their brand marketing efficiency and drive better conversion outcomes. We also applied content understanding and reasoning capabilities of large language models to improve the results of our marketing content recommendations. Combined with chain-of-thought reasoning based on user behaviors, those improvements further enhanced the conversion efficiency of marketing materials.

In the first quarter of 2025, external marketing services continued to be the primary growth driver for online marketing services, with particularly strong contributions from the content-consumption sectors and local services sectors. For the content-consumption sectors, marketing spending from short plays experienced rapid year-over-year growth in the first quarter of 2025. Marketing clients aligned their campaigns with native in-platform content operations, such as short plays, mini-games and novels, which increased content value and fostered user stickiness, while also deepened the platform’s understanding of user preferences. For the local services sectors, we offered multiple lead-based solutions, including native private messaging and lead form collection, helping them to reach customers and improve conversion rates. In the first quarter of 2025, marketing spending from the local services industry increased by more than 50.0% year-over-year. In terms of intelligent product placement solution, total marketing spending through Universal Auto X (UAX, 全自動投放) placement solutions accounted for more than 60.0% of total external marketing spending in the first quarter of 2025.

Additionally, we actively explored and refined our closed-loop marketing solutions to support e-commerce merchants in building more intelligent omni-domain operations on Kuaishou. In the pan-shelf-based e-commerce segment, we introduced merchants’ high-quality contents and products through optimized marketing placement funnels, while our enhanced algorithm strategies improved matching efficiency. In terms of intelligent efficiency enhancement, our Omni-platform Marketing Agent 4.0 delivered greater stability in merchants’ omni-domain ad-placements. In the first quarter of 2025, total marketing spending by e-commerce merchants using the Omni-platform Marketing Agent 4.0 or smart hosting products contributed 60.0% of total closed-loop marketing spending.

E-commerce

In the first quarter of 2025, e-commerce GMV grew by 15.4% year-over-year to RMB332.3 billion, with the number of e-commerce monthly average active paying users reaching 135 million. As we continued to optimize consumers’ shopping experience, we empowered more merchants and KOLs to expand their operations on Kuaishou by capitalizing on the omni-domain synergies between content-based scenarios and pan-shelf-based e-commerce.

In the first quarter of 2025, small-and medium-sized merchants on Kuaishou grew rapidly, mainly driven by our ongoing efforts to enhance supports for new merchants and the broader application of large models across various scenarios. The number of newly onboard merchants rose by over 30.0% year-over-year in the first quarter of 2025, benefiting from our early-stage traffic supports and a series of cost-reduction policies for new merchants. At the same time, we advanced the integration of AI large models across merchant operations. In the first quarter of 2025, we equipped live-streaming merchants with a comprehensive set of intelligent streaming tools, including AI-generated scripts, description prompters and intelligent product selection. The adoption of these tools helped more new merchants achieve operational breakthroughs.

In the first quarter of 2025, we advanced our KOL e-commerce by establishing dedicated merchandise operation centers to support KOLs in distributing high-quality products at a greater scale, further strengthening our control over merchandise selection and supply. We also deployed KOLs and operational resources across our platform to engage socialized brands through structured Platform-endorsed Groups (官方團). During the Chinese New Year shopping season, we launched the Blockbusters Initiative (爆品計劃) to focus on high-demand product categories and integrate platform-wide selling capabilities to introduce premium products at competitive prices. For small-and medium-sized KOLs, we supported their growth through initiatives like Rising Star Initiative (新星計劃), offering traffic incentives and city- level operations. During the Women’s Day promotion, GMV from KOLs rose by over 30.0% and GMV from small-and medium-sized KOLs surged by over 50.0%, both on a year-over-year basis. These results highlight how KOLs across different tiers are achieving strong and efficient growth driven by our major promotion initiatives.

In terms of diversified scenarios, we continued to enhance our three-in-one business model that integrates live streaming, shopping mall and short videos. In the first quarter of 2025, pan-shelf-based e-commerce GMV once again outperformed overall GMV growth, accounting for around 30.0% of our total e-commerce GMV with steady improvements on both the supply and demand sides. In the first quarter of 2025, average daily active merchants in our shopping mall grew by over 40.0% year-over-year, driven by our proactive efforts to tap into industrial zones to attract quality merchants, enrich our supply base and broaden our product selection. We also benefited from enhanced traffic support across recommendations, search, channels and stores for such growth. Meanwhile, short video e-commerce GMV saw strong momentum, increasing by over 40.0% year-over-year in the first quarter of 2025. This synergy between the short video and live streaming formats boosted content diversity and drove more efficient user conversion.

Furthermore, our AI large models have elevated the overall service capabilities available to e-commerce merchants. In the first quarter of 2025, utilizing large model agent technology and multi-modal capabilities, problem-solving rate of our intelligent customer service increased to around 80.0%, which significantly reduced merchants’ costs and shortened the average response time, improving the overall user experience. Our AI capabilities continued to drive the upgrade of our e-commerce infrastructure, strengthening customer-product matching, and streamlining content production for merchants. These advancements injected incremental momentum into our e-commerce ecosystem.

Live streaming

In the first quarter of 2025, live-streaming revenue resumed its positive growth trajectory, increasing by 14.4% year-over-year to RMB9.8 billion. We further strengthened operations across core categories, including multi-host and group live streaming. By the end of the first quarter of 2025, the number of our partner talent agencies had grown by over 25.0% year-over-year, and talent agency-managed streamers increased by over 40.0% year-over-year. We also doubled down on developing premium Grand Stage (直播大舞台) content to help streamers and KOLs efficiently retain followers and unlock more monetization potential. At the same time, we implemented targeted support policies and optimized traffic mechanisms, bringing offline entertainment and cultural consumption formats online.

In addition, we continued to strengthen our gaming content ecosystem. By deeply integrating short video, live streaming and community operations, we helped game developers break through traditional promotional boundaries. We also collaborated with major e-sports events on live-streaming copyrights and co-created IP-based events, while operating our own e-sports team, KSG. Beyond content, our “live streaming+” strategy continued to empower traditional industries. In the first quarter of 2025, the average daily number of users submitting resumes on Kwai Hire (快聘) increased by over 110.0% year-over-year, and the number of matches grew by over 300.0% year-over-year. In Ideal Housing (理想家), daily lead generation surged by over 150.0% compared with the same period last year.

Overseas

In the first quarter of 2025, our overseas business continued to make steady progress, with revenue rising by 32.7% year-over-year to RMB1.3 billion. Online marketing services sustained strong year-over-year growth. Through effective cost and expense control, our overseas business achieved quarterly operating profitability for the first time. We further improved overseas customer acquisition efficiency by focusing targeted promotions on high-value demographics, which contributed to steady DAU growth in Brazil, one of our core international markets. Supported by our ongoing algorithm and traffic optimizations, the average daily time spent per DAU in Brazil continued to grow steadily, both year-over-year and quarter-over-quarter. On the monetization front, we leveraged our strong base of extensive local content to assist advertisers in developing new content-driven marketing approachs that use multiple product formats to accurately reach their target user groups. Meanwhile, our e-commerce business in Brazil maintained healthy year-over-year growth in order volume, supported by rigorous ROI management.

Local services

In the first quarter of 2025, our local services business deepened its operations in lower-tier cities, by continuing to leverage our user advantages and refining our operations through offering users high-value-for-money local products and services. We achieved a rapid year-over-year increase in GMV for local services in the first quarter of 2025, with over 65.0% of that growth coming from lower-tier cities. On the supply side, the number of active merchants and available merchandise grew by 81.0% and 71.3% year-over-year, respectively. We also encouraged merchants to adopt self-operated live streaming, together with their employees’ promotions and KOL distribution. With the support from AIGC-driven content creation tools, this approach allowed us to scale the volume of content and improve the quality more efficiently, and help merchants gain high-quality traffic exposure. Higher product and content supply density drove user transaction conversion, with the number of average monthly paying users increasing by 73.1% year-over-year in the first quarter of 2025. Regarding monetization, we further optimized our local advertising products, reinforcing the effectiveness of merchants’ marketing placements. As a result, local services revenue rose twofold year-over-year in the first quarter of 2025. In addition, our dual-engine promotion strategy — combining big promotions with targeted small-scale promotions — simultaneously enhanced merchant marketing efficiency and our subsidy utilization, leading to continued narrowing losses of local services business.

About Kuaishou

Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou’s platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “might”, “can”, “could”, “will”, “would”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “seek”, or “timetable”. These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group 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, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number 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. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.

For investor and media inquiries, please contact

Kuaishou Technology

Investor Relations
Email: ir@kuaishou.com 

 

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

Unaudited

Three Months Ended

March 31,

2025

December 31,

2024

March 31,

2024

RMB’Million

RMB’Million

RMB’Million

Revenues

32,608

35,384

29,408

Cost of revenues

(14,816)

(16,261)

(13,288)

Gross profit

17,792

19,123

16,120

Selling and marketing expenses

(9,897)

(11,317)

(9,384)

Administrative expenses

(828)

(866)

(462)

Research and development expenses

(3,298)

(3,451)

(2,843)

Other income

53

187

118

Other gains, net

437

592

445

Operating profit

4,259

4,268

3,994

Finance (expense)/income, net

(24)

19

114

Share of profits/(losses) of investments accounted for using
   the equity method

2

(1)

(3)

Profit before income tax

4,237

4,286

4,105

Income tax (expenses)/benefits

(258)

(312)

15

Profit for the period

3,979

3,974

4,120

Attributable to:

— Equity holders of the Company

3,978

3,969

4,119

— Non-controlling interests

1

5

1

3,979

3,974

4,120

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

Unaudited

Audited

As of March 31, 
2025

As of December 31,

 2024

RMB’Million

RMB’Million

ASSETS

Non-current assets

Property and equipment

16,139

14,831

Right-of-use assets

8,061

8,891

Intangible assets

1,045

1,059

Investments accounted for using the equity method

169

166

Financial assets at fair value through profit or loss

28,620

24,430

Other financial assets at amortized cost

41

62

Deferred tax assets

6,606

6,604

Long-term time deposits

20,486

19,856

Other non-current assets

1,372

1,105

82,539

77,004

Current assets

Trade receivables

6,346

6,674

Prepayments, other receivables and other current assets

5,288

4,646

Financial assets at fair value through profit or loss

28,243

27,050

Other financial assets at amortized cost

190

233

Short-term time deposits

7,816

11,522

Restricted cash

51

47

Cash and cash equivalents

11,598

12,697

59,532

62,869

Total assets

142,071

139,873

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

Unaudited

Audited

As of March 31,

2025

As of December 31,

 2024

RMB’Million

RMB’Million

EQUITY AND LIABILITIES

Equity attributable to equity holders of the Company

Share capital

Share premium

268,159

268,733

Treasury shares

(707)

(341)

Other reserves

36,361

35,776

Accumulated losses

(238,186)

(242,164)

65,627

62,004

Non-controlling interests

21

20

Total equity

65,648

62,024

LIABILITIES

Non-current liabilities

Borrowings

11,100

11,100

Financial liabilities at fair value through profit or loss

120

124

Lease liabilities

6,045

6,765

Deferred tax liabilities

12

13

Other non-current liabilities

22

19

17,299

18,021

Current liabilities

Accounts payables

26,460

27,470

Other payables and accruals

22,542

23,113

Advances from customers

4,562

4,696

Borrowings

1,077

Financial liabilities at fair value through profit or loss

4

5

Income tax liabilities

771

873

Lease liabilities

3,708

3,671

59,124

59,828

Total liabilities

76,423

77,849

Total equity and liabilities

142,071

139,873

 

 

 

Financial Information by Segment

Unaudited Three Months Ended

March 31, 2025

December 31, 2024

March 31, 2024

Domestic

Overseas

Unallocated
items

Total

Domestic

Overseas

Unallocated
items

Total

Domestic

Overseas

Unallocated
items

Total

RMB’Million

RMB’Million

RMB’Million

Revenues

31,293

1,315

32,608

34,089

1,295

35,384

28,417

991

29,408

Operating profit/(loss)

4,345

28

(114)

4,259

4,361

(236)

143

4,268

3,991

(268)

271

3,994

 

 

 

Reconciliation of Non-IFRS Accounting Standards Measures to the Nearest IFRS Accounting
Standards Measures

Unaudited

Three Months Ended

March 31,

December 31,

March  31,

2025

2024

2024

RMB’Million

RMB’Million

RMB’Million

Profit for the period

3,979

3,974

4,120

Adjusted for:

Share-based compensation expenses

604

636

292

Net fair value changes on
   investments(1)

(3)

91

(24)

Adjusted net profit

4,580

4,701

4,388

Adjusted net profit

4,580

4,701

4,388

Adjusted for:

Income tax expenses/(benefits)

258

312

(15)

Depreciation of property and
   equipment

782

1,093

977

Depreciation of right-of-use assets

768

756

716

Amortization of intangible assets

22

26

27

Finance expense/(income), net

24

(19)

(114)

Adjusted EBITDA

6,434

6,869

5,979

 

Note:

(1)     Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair value through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on deemed disposals of investments and impairment provision for investments, which is unrelated to our core business and operating performance and subject to market fluctuations, and exclusion of which provides investors with more relevant and useful information to evaluate our performance.

 

DanceSport to be Included in National Games Medal Competitions

Lao youths at the Lao Youth Festival 2024. (Photo: UYD/Lao Youth Festival)

Laos has officially approved DanceSport as a medal event at the Lao 12th National Games, marking the sport’s debut in the country’s competition.

The organizing committee officially approved the inclusion of DanceSport on 23 May, following years of advocacy and the recent establishment of the Lao DanceSports Federation (LADSF).

The committee cited the sport’s readiness in terms of trained judges, coaches, athletes, officials, and available competition venues.

The competition will award three gold medals across individual Breaking battles (1 vs 1 format), couple category, and team category, with 6-8 members per team. The 12th National Games will be held from 15 to 25 November, in Vientiane, featuring a total of 34 sports.

Dance Sport is gaining global popularity among youth. At the Paris 2024 Olympics, Breaking or Breakdancing (a style under DanceSport) became an official Olympic medal sport for the first time. 

RemeGen: Telitacicept for the Treatment of Generalized Myasthenia Gravis Approved in China

YANTAI, China, May 27, 2025 /PRNewswire/ — On May 27, RemeGen Co., Ltd.(688331.SH / 09995.HK) announced that Telitacicept has officially been approved for marketing in China by the National Medical Products Administration (NMPA) for the treatment of adult patients with anti-acetylcholine receptor (AChR) antibody-positive generalized myasthenia gravis (gMG) in combination with conventional therapies. As the world’s first innovative biologic drug targeting both BLyS and APRIL for the treatment of myasthenia gravis (MG), Telitacicept’s approval not only brings new treatment options to patients, but also fills the gap of domestic innovative drugs in the field of MG treatment in China. It is expected to reshape the treatment landscape in this field. Previously, the indication of Telitacicept for MG was included in the breakthrough therapy category and priority review by the NMPA of China, and was granted orphan drug qualification and fast track designation by the FDA.

Myasthenia gravis is an autoimmune disease caused by neuromuscular junction transmission disorders. It is characterized by fluctuating muscle weakness and fatigue in symptoms, long  treatment cycles and high recurrence rate. Approximately 80%-85% of patients with MG patients are AChR antibody positive, and more than 85% of patients develop to gMG within 24 months of onset. According to Frost & Sullivan report, there are about 1.2 million MG patients worldwide, including approximately 220,000 patients in China. At present, there is a great unmet medical need.

Telitacicept is constructed with the extracellular domain of the human transmembrane activator and calcium modulator and cyclophilin ligand interactor (TACI) receptor and the fragment crystallizable (Fc) domain of human immunoglobulin G(IgG). It simultaneously targets B-cell lymphocyte stimulator (also known as BLyS) and a proliferation-inducing ligand (APRIL), and directly attack the source of pathenogenic antibody production – B cells and plasma cells.

According to the phase III data presented at the annual meeting of the American Academy of Neurology (AAN) on April 9, 2025, Telitacicept demonstrated a clinically meaningful efficacy and safety profile in patients with gMG. According to the data, after 24 weeks of treatment, 98.1% of patients in the Telitacicept group demonstrated a ≥ 3-point improvement in Myasthenia Gravis Activities of Daily Living (“MG-ADL”) score, far exceeding that of the placebo group which was 12.0%. The MG-ADL score decreased by 5.74 points from baseline in the Telitacicept group, compared to a decrease of 0.91 point in the placebo group. 87.0% of the patients in the Telitacicept group demonstrated a ≥ 5-point improvement in Quantitative Myasthenia Gravis (“QMG”) score, far exceeding that of the placebo group which was 16.0%. The QMG score decreased by 8.66 points from baseline in the Telitacicept, compared to a decrease of 2.27 points in the placebo group, thereby proving significant treatment benefit. In terms of safety, the overall adverse event (AE) rate in the Telitacicept group was comparable to that in the placebo group, indicating a good overall safety profile.

Among the drugs for gMG that have completed phase III clinical studies, Telitacicept had the highest MG-ADL response rate. The approval of Telitacicept in China will benefit more patients with MG in the country, thereby allowing more ambitious treatment goals to be achieved in terms of long-term disease management. Currently, the Company is advancing the global multi-center phase III trial of Telitacicept in patients with MG, aiming to validate the efficacy and safety of Telitacicept in a wider patient population.

The principal researcher, Professor Yin Jian from Beijing Hospital, said: “We sincerely congratulate the approval of the therapeutic indication of Telitacicept for MG! Telitacicept demonstrated rapid and significant clinical improvements in the Phase III trial with good tolerability. This is a major breakthrough and key progress for Chinese innovative drugs in the field of neuro-immune diseases. It provides a high profile basis for evidence-based clinical application of Telitacicept in the treatment of MG, and has also opened up a new paradigm of precise treatment in this field. We believe that with the inclusion of this indication in the medical insurance, Telitacicept will bring new and more effective treatment options to more patients.”

Dr. Fang Jianmin, the CEO of RemeGen, said: “The approval of the MG indication for Telitacicept in China is of great significance. It provides clinicians with a new and more powerful ‘weapon’ to treat patients more effectively and precisely. We look forward to the inclusion of this indication in the medical insurance system to help patients and their families reduce the burden of treatment and further improve their quality of life. RemeGen is advancing the global Phase III clinical study of Telitacicept for MG. We are looking forward to working closely with global experts and scholars to contribute to the continuous advancement of treating autoimmune diseases.”

Aside from Myasthenia Gravis, Telitacicept has been approved in China for the treatment of two other major indications, systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA).

State Grid Jinchang Power Supply Company: Intelligent Inspection Guards Grid Safety

JINCHANG, China, May 27, 2025 /PRNewswire/ — At 9:30 a.m. on May 26, the intelligent inspection robot of the 330kV Dongdatang Substation of State Grid Jinchang Power Supply Company set out on time. Along the guide rail, it “walked” to each primary equipment, extended its “neck”, and rotated its “eyes” to scan the operation status of the equipment and collect real-time data.

Driven by the energy digital transformation, substations are accelerating their march toward “unmanned and intelligent” operation. The intelligent inspection robot in substations can replace manual labor to complete all inspection tasks for high-voltage substation equipment. Combined with a distributed inspection system, it realizes intelligent identification and linkage with station equipment, and achieves 7×24-hour high-frequency unmanned inspection through diversified inspection modes and an automatic charging system. Leveraging the robot’s characteristics of high precision, flexible response, and all-weather operation, and integrating intelligent detection devices and smart analysis software, it has established a closed-loop management and control system covering all-weather data collection, real-time information transmission, intelligent analysis and early warning, and rapid decision-making feedback, thereby enhancing intelligent operation and maintenance management capabilities.

From “human eye observation” to “machine perspective,” and from “experience-based judgment” to “data-driven decision-making,” intelligent inspection robots are redefining the smart standards for substation operation and maintenance. From flashlights to lidar, and from paper records to digital twins, this technology-driven revolution is reshaping the DNA of the power industry. Intelligent inspection robots are breaking down the physical boundaries of traditional operation and maintenance. This technological revolution, which began with equipment inspection, will eventually drive substations to evolve from “power hubs” into “smart energy centers.”

Prudential Singapore partners with IMDA to drive SMEs’ adoption of Generative AI


SINGAPORE – Media OutReach Newswire – 27 May 2025 – Prudential Singapore (“Prudential”) has launched GenAI XPonential, a new programme in partnership with the Infocomm Media Development Authority (IMDA) to accelerate the adoption of Generative AI (GenAI) among small and medium-sized enterprises (SMEs). Unveiled by Senior Minister of State for Digital Development and Information, Mr Tan Kiat How, at ATxEnterprise – an Asia Tech x Singapore (ATxSG) event held today – the programme is in support of the Digital Enterprise Blueprint and aims to equip SMEs with practical knowledge and real-world use cases to strengthen AI adoption.

As part of the programme, SMEs will gain access to a series of up to 10 bite-sized explainer videos and up to four hands-on workshops co-created and hosted by Prudential and its Talent Engagement Ecosystem (TEE-Up)1 partner, Republic Polytechnic. The first two videos on GenAI-enabled Customer Engagement Chatbots and GenAI-enabled Sales & Marketing Content Creation will be available on IMDA’s CTO-as-a-Service platform for SMEs, and the remaining videos will be rolled out progressively in the second half of 2025. The complementary workshops offered as part of the programme are conducted by Prudential’s GenAI domain experts and Republic Polytechnic lecturers.

Prudential has been a long-standing supporter of SMEs through its SME Skills Accelerator Programme2, which equips SMEs with the skills and resources to grow and innovate by upskilling and reskilling their employees. In 2022, the insurer had worked with Ngee Ann Polytechnic and ST Engineering to produce a digital commerce playbook to help SMEs kickstart their digital journey in a safe and secure manner3.

Mr Ben Tan, Chief Distribution Officer, Prudential Singapore, said: “Having been a long-time supporter of SMEs, who are a key pillar of Singapore’s economy, we are proud to deepen our commitment by enabling them to gain access to the latest technologies such as GenAI to fuel business growth. Through practical explainer videos and hands-on workshops conducted by us and Republic Polytechnic, one of our Talent Engagement Ecosystem partners, we aim to equip SMEs with the knowledge and skills to apply GenAI meaningfully in their businesses. These efforts are part of the GenAI XPonential programme, delivered in partnership with IMDA, to help SMEs innovate, grow, and stay competitive in today’s digital economy.”

Mr Johnson Poh, Assistant Chief Executive, Sectoral Transformation Group, IMDA, added: “In today’s fast-evolving digital landscape, it is vital to equip our SMEs with the tools and knowledge to harness GenAI effectively. IMDA welcomes the collaboration with Prudential Singapore to ensure that our SMEs can navigate the complexities of this emerging technology, gain the confidence to use GenAI to boost productivity, and remain competitive in an AI-driven economy.”

Collaboration with students to bring GenAI to the fore

Students from Republic Polytechnic’s Year 2 and 3 cohorts were engaged to develop the GenAI XPonential tech explainer videos. Guided by experts from IMDA and Prudential, these students explored real-world GenAI applications while honing their videography and editing skills. These students were engaged for their digital fluency and to encourage knowledge sharing. Singapore’s youth are among the most active users of GenAI, with 80 per cent4 using the technology at least once a week for tasks such as homework or school-related tasks.

Ms Wong Wai Ling, Director, School of Infocomm, Republic Polytechnic, said: “This collaboration exemplifies how industry and education can come together to empower both students and SMEs in the GenAI space. Our students had a unique opportunity to translate classroom learning into practical outcomes, co-creating resources that will help local businesses harness the potential of emerging technologies. We are proud to support Singapore’s digital future by equipping youth with real-world skills while contributing to the nation’s broader upskilling efforts.”

Mr Ben Tan added: “By involving youth in the creation of educational content for SMEs, the broader initiative nurtures the next generation of AI creators who are confident in using new technologies and eager to drive change. It also encourages intergenerational learning, where students support SMEs in the digital economy, building a future-ready ecosystem grounded in knowledge sharing and innovation.”

This collaboration, supported by the National Youth Council, deepened students’ understanding of emerging technologies, served as a platform for them to apply their skills in a real-world setting, and is part of youth outreach initiatives aimed at helping SMEs upskill.

Hashtag: #PrudentialSingapore #IMDA #GenAIXPonential



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

About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life and health insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 94 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$57.7 billion funds under management as at 31 December 2024. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,400 financial representatives.

About Infocomm Media Development Authority

The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation by developing a vibrant digital economy and an inclusive digital society. As Architects of Singapore’s Digital Future, we foster growth in Infocomm Technology and Media sectors in concert with progressive regulations, harnessing frontier technologies, and developing local talent and digital infrastructure ecosystems to establish Singapore as a digital metropolis.

For more news and information, visit or follow IMDA on LinkedIn (IMDAsg) Facebook (IMDAsg) and Instagram (@imdasg).

IMAGICA GROUP Film Project: “Maria” Selected by Film Professionals Including Film Director Hirokazu Kore-eda at 78th Cannes Film Festival

TOKYO, May 27, 2025 /PRNewswire/ — IMAGICA GROUP Inc., headquartered in Tokyo, launched the IMAGICA GROUP Film Project as a new challenge to celebrate its 90th anniversary in 2025. The outline of the project, which will be the company’s first original film production, was announced on Wednesday, May 14, with “Maria” being selected as its first film at a press conference held at the Japan Pavilion of the 78th Cannes International Film Festival.

Image1:
https://cdn.kyodonewsprwire.jp/prwfile/release/M108703/202505269457/_prw_PI1fl_GXwJ56s4.jpeg 

Image2:
https://cdn.kyodonewsprwire.jp/prwfile/release/M108703/202505269457/_prw_PI2fl_2rZ4Ad06.jpeg 

Shunjiro Nagase, Representative Director, President and CEO of IMAGICA GROUP Inc. delivered opening remarks, followed by greetings from Hirokazu Kore-eda (Film Director), Shozo Ichiyama (Programming Director, Tokyo International Film Festival) and Yuka Sakano (Executive Director, Kawakita Memorial Film Institute), who served as jury members for the selection of the winning project.

Producer of the first award winning project Maria,” Hana Tsuchikawa (Producer at OLM, Inc.), gave her impressions as the first winner, and the writer and director, Tomoka Terada, who was unable to appear at the conference in person, shared her feelings and introduced her project in a video message. The press conference ended with the jury’s overall comments on the winning film production project.

Comments from Press Conference Speakers

Shunjiro Nagase (President and CEO of IMAGICA GROUP Inc.)

“We have been considering what we should do now to support the visual culture of the future. In the process, we have come to the conclusion that it is important to bring new talents and works to the world and pursue the possibilities of Japanese visual expression on the global stage, and launched this project.

“The IMAGICA GROUP’s goal with this project is to realize the entry into and winning of awards at international film festivals. We asked three people to evaluate the projects: Director Hirokazu Kore-eda, Tokyo International Film Festival Programming Director Shozo Ichiyama, and Executive Director Yuka Sakano of the Kawakita Memorial Film Institute.”

Outline of the IMAGICA GROUP Film Project

Please see below link for further details and data including application requirements and official materials (photos, movie footage, press release):
https://drive.google.com/drive/folders/11pBQrHQdNXVJKnBm_EhmxC0IYi-jiYPl 

IMAGICA GROUP 90th Anniversary Special Site
https://www.imagicagroup.co.jp/90th-anniversary/en/ 

Vientiane, Kunming Hospitals Partner to Boost Cardiac Care in Laos

Mahosot Hospital New Building in Vientiane
Mahosot Hospital New Building in Vientiane

On 26 May, Mahosot Hospital in Vientiane Capital renewed its partnership with Fuwai Cardiovascular Hospital of Kunming, China, to enhance cardiac care in Laos.

The renewed agreement, covering 2025 to 2029, aims to strengthen cardiology services at Mahosot Hospital by focusing on staff training, medical technology exchange, and equipment support.

According to Lao State Media, the collaboration will help improve patient care, support disease prevention efforts, and advance medical research. Special attention will be given to pediatric heart surgeries, particularly for children born with congenital heart conditions.

Souxath Vongphachanh, Director General of Mahosot Hospital, said the new MoU continues a partnership that began in 2019 but was paused due to the COVID-19 pandemic. 

This latest agreement comes in the context of broader cooperation between Laos and China in the healthcare sector.

On 12 October 2024, the Lao government inaugurated a new building for the hospital, designed to provide state-of-the-art medical care, utilizing advanced technology to benefit patients in Laos while offering convenience for healthcare providers, as part of the Lao-China cooperation “Belt and Road” initiative.