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First Patient Dosed in Pivotal Phase III Trial of Cadonilimab (PD-1/CTLA-4) for Perioperative Treatment of Resectable Gastric Cancer

HONG KONG, Aug. 20, 2025 /PRNewswire/ — Akeso, Inc. (9926.HK) (“Akeso” or the “Company”) announced the enrollment and dosing of the first patient in the pivotal Phase III clinical trial (AK104-310/COMPASSION-33) evaluating cadonilimab, a first-in-class PD-1/CTLA-4 bispecific antibody developed by Akeso, in combination with chemotherapy for the perioperative treatment of resectable gastric/gastroesophageal junction (G/GEJ) adenocarcinoma.

The COMPASSION-33 study represents the third Phase III trial for cadonilimab in gastric cancer. The study aims to improve the radical resection rate in patients with advanced gastric cancer, reduce the risk of recurrence and metastasis, and enhance overall patient outcomes. This study broadens cadonilimab’s clinical application from unresectable advanced gastric cancer to also include resectable advanced gastric cancer, potentially expanding the number of gastric cancer patients that can benefit from its synergistic and simultaneous targeting of PD-1 and CTLA-4 checkpoints.

Cadonilimab, in combination with chemotherapy, has already been approved for the first-line treatment of advanced gastric cancer in China, showing efficacy for patients with tumors across all levels of PD-L1 expression, including those with high, low, and negative PD-L1 expression. Additionally, a Phase III registration trial is currently underway to evaluate the combination of cadonilimab with pulocimab (VEGFR-2) for treating immune therapy (IO)-resistant advanced gastric cancer. This study aims to provide a new, effective second-line treatment option for patients with IO resistance, further demonstrating cadonilimab’s potential to address critical unmet need in this difficult to treat cancer patient populations.

Currently, there are no approved perioperative immunotherapy regimens in the world, highlighting a significant unmet need. Preliminary data suggest that cadonilimab may offer superior efficacy and a more favorable safety profile compared to existing PD-1 therapies for the perioperative treatment of G/GEJ adenocarcinoma. As the world’s first approved and commercially available PD-1/CTLA-4 bispecific antibody, cadonilimab has already demonstrated superior efficacy compared to other treatment options in a Phase III trial for the first-line treatment of advanced G/GEJ adenocarcinoma. Cadonilimab’s ability to meaningfully improve survival outcomes and significantly reducing risk of death for patients across all levels of PD-1 expression is particularly meaningful. Whereas current approved PD-1 treatments have demonstrated very limited or no survival benefit for patients with G/GEJ tumors that have low or negative PD-L1 expression, cadonilimab has demonstrated clinically meaningful survival benefit even in this difficult to treat patient population.  Moreover, in patients with higher levels of PD-L1 expression, cadonilimab has demonstrated superior overall survival benefits compared to other approved PD-1 treatments in the first-line treatment of advanced G/GEJ.

Forward-Looking Statement of Akeso, Inc.

This announcement by Akeso, Inc. (9926.HK, “Akeso”) contains “forward-looking statements”. These statements reflect the current beliefs and expectations of Akeso’s management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso’s other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in P.R.China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

About Akeso

Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world’s first or best-in-class innovative biological medicines. Founded in 2012, the company has created a unique integrated R&D innovation system with the comprehensive end-to-end drug development platform (ACE Platform) and bi-specific antibody drug development technology (Tetrabody) as the core, a GMP-compliant manufacturing system and a commercialization system with an advanced operation mode, and has gradually developed into a globally competitive biopharmaceutical company focused on innovative solutions. With fully integrated multi-functional platform, Akeso is internally working on a robust pipeline of over 50 innovative assets in the fields of cancer, autoimmune disease, inflammation, metabolic disease and other major diseases. Among them, 24 candidates have entered clinical trials (including 15 bispecific/multispecific antibodies and bispecific ADCs. Additionally, 7 new drugs are commercially available, and 2 new drugs with 2 new indications are under regulatory review for approval. Through efficient and breakthrough R&D innovation, Akeso always integrates superior global resources, develops the first-in-class and best-in-class new drugs, provides affordable therapeutic antibodies for patients worldwide, and continuously creates more commercial and social values to become a global leading biopharmaceutical enterprise.

For more information, please visit https://www.akesobio.com/en/about-us/corporate-profile/ and follow us on Linkedin.

ATRenew Inc. Reports Unaudited Second Quarter 2025 Financial Results

SHANGHAI, Aug. 20, 2025 /PRNewswire/ — ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the three months ended June 30, 2025.

Second Quarter 2025 Highlights

  • Total net revenues grew by 32.2% to RMB4,991.5 million (US$696.8 million) from RMB3,776.7 million in the same period of 2024.
  • Income from operations was RMB91.1 million (US$12.7 million), compared to a loss from operations of RMB5.6 million in the same period of 2024. Adjusted income from operations (non-GAAP)1 was RMB121.3 million (US$16.9 million), compared to adjusted income from operation of RMB94.1 million in the same period of 2024.
  • Number of consumer products transacted2 was 10.3 million compared to 8.4 million in the same period of 2024.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are pleased to announce that our operational performance exceeded the high end of our guidance in the second quarter of 2025, with total revenue increasing by 32.2% year-over-year to RMB4,991.5 million. This year, we have consistently met the growing demand for recycling and upgrade fueled by China’s national subsidies for consumer electronics trade-ins, while seizing robust growth opportunities by strengthening our fulfillment capabilities, the brand influence of AHS Recycle, and our integrated supply chain. Moving forward, against the backdrop of the circular economy, we remain committed to leveraging our unique business model and scenarios to set innovative benchmarks for the industry.”

Mr. Rex Chen, Chief Financial Officer of ATRenew, added, “In the second quarter of 2025, we achieved an adjusted operating profit of RMB121.3 million, maintaining a healthy and solid growth trajectory. This was driven by the sequential increase in the proportion of retail product revenue, in addition to effective expense management. We will continue to explore a broader range of diverse front-end supply-sourcing scenarios, providing users with higher-quality and more efficient fulfillment experiences to further uplift recycling penetration. Additionally, we will actively explore premium retail and overseas sales channels to create long-term value for both users and shareholders.”

1.  For all measures labeled as “non-GAAP” on this page and following pages, please see “Unaudited Reconciliations of GAAP and Non-GAAP Results” for more information.

2. “Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.

Second Quarter 2025 Financial Results

REVENUE

Total net revenues increased by 32.2% to RMB4,991.5 million (US$696.8 million) from RMB3,776.7 million in the same period of 2024.

  • Net product revenues increased by 34.0% to RMB4,558.7 million (US$636.4 million) from RMB3,401.8 million in the same period of 2024. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company’s online channels.
  • Net service revenues increased by 15.4% to RMB432.8 million (US$60.4 million), compared to RMB374.9 million in the same period of 2024. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business.

OPERATING COSTS AND EXPENSES

Operating costs and expenses were RMB4,918.1 million (US$686.5 million), compared to RMB3,795.3 million in the same period of 2024, representing an increase of 29.6%.

  • Merchandise costs were RMB3,957.6 million (US$552.5 million), compared to RMB2,990.6 million in the same period of 2024, representing an increase of 32.3%. The increase was primarily due to the growth in product sales.
  • Fulfillment expenses were RMB413.6 million (US$57.7million), compared to RMB328.3 million in the same period of 2024, representing an increase of 26.0%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with the same period of 2024, and (ii) an increase in operation related expenses as the Company expanded its store networks in the second quarter of 2025.
  • Selling and marketing expenses were RMB406.9 million (US$56.8 million), compared to RMB354.0 million in the same period of 2024, representing an increase of 14.9%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, and (ii) an increase in commission expenses in relation to channel service fees. The increase was partially offset by a decrease in share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions, due to the maturity of some intangible assets in the second quarter of 2024.
  • General and administrative expenses were RMB77.5 million (US$10.8 million), compared to RMB72.5 million in the same period of 2024, representing an increase of 6.9%. The increase was primarily due to an increase in personnel cost and expected credit loss relating to credit risk. The increase was partially offset by a decrease in share-based compensation expenses.
  • Technology and content expenses were RMB62.5 million (US$8.7 million), compared to RMB49.8 million in the same period of 2024, representing an increase of 25.5%. The increase was primarily due to an increase in personnel costs.

(LOSS) INCOME FROM OPERATIONS

Income from operations was RMB91.1 million (US$12.7 million), compared to a loss from operations of RMB5.6 million in the same period of 2024.

Adjusted income from operations (non-GAAP) was RMB121.3 million (US$16.9 million), compared to an adjusted income from operations of RMB94.1 million in the same period of 2024.

NET (LOSS) INCOME

Net income was RMB72.3 million (US$10.1 million), compared to a net loss of RMB10.7 million in the same period of 2024.

Adjusted net income (non-GAAP) was RMB99.9 million (US$13.9 million), compared to an adjusted net income of RMB80.5 million in the same period of 2024.

BASIC AND DILUTED NET (LOSS) INCOME PER ORDINARY SHARE

Basic and diluted net income per ordinary share were RMB0.45 (US$0.06) and RMB0.44 (US$0.06), compared to basic and diluted net loss of RMB0.06 and RMB0.06 in the same period of 2024.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.62 (US$0.09) and RMB0.61 (US$0.09), compared to RMB0.48 and RMB0.48 in the same period of 2024.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS

Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,349.7 million (US$328.0 million) as of June 30, 2025, as compared to RMB2,919.6 million as of December 31, 2024.

Business Outlook

For the third quarter of 2025, the Company currently expects its total revenues to be between RMB5,050.0 million and RMB5,150.0 million, representing an increase of 24.7% to 27.1% year-over-year. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Recent Development

During the second quarter of 2025, ATRenew repurchased a total of approximately 1.6 million ADSs for approximately US$4.0 million under its current share repurchase program which authorizes the Company to repurchase up to US$50 million worth of its shares (including ADSs) through June 27, 2025. As of June 27, 2025, the Company had repurchased a total of approximately 12.3 million ADSs for approximately US$31.1 million under this share repurchase program. On June 30, 2025, ATRenew announced that the board of directors of the Company (the “Board”) has authorized a new share repurchase program, under which the Company may repurchase up to US$50 million of its shares (including ADSs) over a 12-month period starting from June 30, 2025.

As of June 30, 2025, ATRenew celebrated a physical store network of 2,092 AHS stores in 291 cities in China.

On June 30, 2025, ATRenew released 2024 Environmental, Social and Governance (ESG) Report, highlighting its progress and achievements in green recycling, low-carbon transition, corporate governance, and technological innovation, demonstrating the Company’s continued commitment to China’s “Dual Carbon” goals and alignment with global ESG best practices. ATRenew established ambitious emissions reduction goals – aiming to cut Scope 1 & 2 emission intensity by 35% and Scope 3 emission intensity by 50% by 2030, using 2024 as the baseline.

On August 18, 2025, the Board approved a three-year shareholder return plan commencing with the fiscal year 2025. Pursuant to this plan, the Company will allocate no less than 60% of its adjusted net income (non-GAAP) for each fiscal year to shareholder returns, which may be effected through dividend distributions, share repurchases, or a combination of both. The Board will, at its discretion, evaluate and approve the specific form, timing, and amount of such shareholder return measures in any given fiscal year, taking into consideration the Company’s operating results, cash flow, capital requirements, and other relevant factors.

Conference Call Information

The Company’s management will hold a conference call on Wednesday, August 20, 2025 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Access Code:

6476843

The replay will be accessible through August 27, 2025 by dialing the following numbers:

International:

1-412-317-0088

United States Toll Free:

1-877-344-7529

Access Code:

7725572

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

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2025.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is (loss) income from operations excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income is net (loss) income excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net (loss) income per ordinary share.

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in (loss) income from operations and net (loss) income. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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 ATRenew’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

In China:

ATRenew Inc.
Investor Relations
Email: ir@atrenew.com

In the United States:

ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

 

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

As of December 31,

As of June 30,

2024

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

1,970,183

1,299,051

181,341

Restricted cash

132,000

104,199

14,546

Short-term investments

583,764

625,705

87,345

Amount due from related parties, net

117,161

406,434

56,736

Inventories

535,070

814,105

113,645

Funds receivable from third party payment service
providers

233,133

319,749

44,635

Prepayments and other receivables, net

598,045

734,706

102,561

Total current assets

4,169,356

4,303,949

600,809

Non-current assets:

Long-term investments

556,136

526,298

73,468

Property and equipment, net

156,532

197,185

27,526

Intangible assets, net

56,603

12,211

1,705

Other non-current assets

152,094

160,664

22,428

Total non-current assets

921,365

896,358

125,127

TOTAL ASSETS

5,090,721

5,200,307

725,936

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term borrowings

225,000

171,000

23,871

Accounts payable

171,356

139,976

19,540

Contract liabilities

98,834

104,222

14,549

Accrued expenses and other current liabilities

522,378

584,931

81,653

Accrued payroll and welfare

179,693

184,837

25,802

Amount due to related parties

109,730

146,858

20,501

Total current liabilities

1,306,991

1,331,824

185,916

Non-current liabilities:

Operating lease liabilities, non-current

79,934

73,209

10,220

Deferred tax liabilities

9,244

2,585

361

Total non-current liabilities

89,178

75,794

10,581

TOTAL LIABILITIES

1,396,169

1,407,618

196,497

TOTAL SHAREHOLDERS’ EQUITY

3,694,552

3,792,689

529,439

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

5,090,721

5,200,307

725,936

 

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended June 30,

Six months ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Net product revenues

3,401,755

4,558,695

636,369

6,711,574

8,822,374

1,231,556

Net service revenues

374,948

432,770

60,412

716,265

822,536

114,822

Operating (expenses) income (1)(2)

Merchandise costs

(2,990,642)

(3,957,556)

(552,454)

(5,938,457)

(7,573,472)

(1,057,216)

Fulfillment expenses

(328,287)

(413,628)

(57,740)

(638,055)

(841,477)

(117,466)

Selling and marketing expenses

(353,977)

(406,870)

(56,796)

(675,314)

(825,728)

(115,267)

General and administrative expenses

(72,544)

(77,521)

(10,822)

(146,369)

(140,895)

(19,668)

Technology and content expenses

(49,812)

(62,467)

(8,720)

(99,995)

(117,471)

(16,398)

Other operating income, net

12,925

17,646

2,463

21,331

17,890

2,497

(Loss) income from operations

(5,634)

91,069

12,712

(49,020)

163,757

22,860

Interest expense

(4,739)

(1,743)

(243)

(8,717)

(3,628)

(506)

Interest income

5,332

5,580

779

11,925

13,954

1,948

Other (loss) income, net

85

4,770

666

(41,352)

(1,717)

(240)

(Loss) income before income taxes and
share of loss in equity method investments

(4,956)

99,676

13,914

(87,164)

172,366

24,062

Income tax benefits (expenses)

8,540

(17,312)

(2,417)

18,587

(23,582)

(3,292)

Share of loss in equity method investments

(14,257)

(10,028)

(1,400)

(34,959)

(33,648)

(4,697)

Net (loss) income

(10,673)

72,336

10,097

(103,536)

115,136

16,073

Net (loss) income per ordinary share:

Basic

(0.06)

0.45

0.06

(0.63)

0.72

0.10

Diluted

(0.06)

0.44

0.06

(0.63)

0.71

0.10

Weighted average number of shares used
in calculating net (loss) income per ordinary share

Basic

166,616,018

161,486,547

161,486,547

164,048,134

160,748,983

160,748,983

Diluted

166,616,018

162,572,624

162,572,624

164,048,134

161,890,426

161,890,426

Net (loss) income

(10,673)

72,336

10,097

(103,536)

115,136

16,073

Foreign currency translation adjustments

(330)

(5,742)

(802)

(90)

(6,741)

(941)

Total comprehensive (loss) income

(11,003)

66,594

9,295

(103,626)

108,395

15,132

 

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (CONTINUED)

(Amounts in thousands)

Three months ended June 30,

Six months ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

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

Fulfillment expenses

(6,590)

(3,981)

(556)

(12,971)

(6,338)

(885)

Selling and marketing expenses

(14,166)

(1,753)

(244)

(44,572)

(6,190)

(864)

General and administrative expenses

(16,393)

(2,375)

(332)

(32,070)

(6,331)

(884)

Technology and content expenses

(5,703)

(4,234)

(591)

(9,954)

(6,217)

(868)

(2) Includes amortization of intangible
assets resulting from assets and
business acquisitions as follows:

Selling and marketing expenses

(56,479)

(17,913)

(2,501)

(122,891)

(44,392)

(6,197)

Technology and content expenses

(369)

(851)

 

 

Unaudited Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended June 30,

Six months ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(Loss) income from operations

(5,634)

91,069

12,712

(49,020)

163,757

22,860

Add:

Share-based compensation expenses

42,852

12,343

1,723

99,567

25,076

3,501

Amortization of intangible assets resulting from
assets and business acquisitions

56,848

17,913

2,501

123,742

44,392

6,197

Adjusted income from operations (non-GAAP)

94,066

121,325

16,936

174,289

233,225

32,558

Net (loss) income

(10,673)

72,336

10,097

(103,536)

115,136

16,073

Add:

Share-based compensation expenses

42,852

12,343

1,723

99,567

25,076

3,501

Amortization of intangible assets resulting from
assets and business acquisitions

56,848

17,913

2,501

123,742

44,392

6,197

Less:

Tax effects of amortization of intangible assets
resulting from assets and business acquisitions

(8,540)

(2,687)

(375)

(18,587)

(6,659)

(930)

Adjusted net income (non-GAAP)

80,487

99,905

13,946

101,186

177,945

24,841

Adjusted net income per ordinary share (non-
GAAP):

Basic

0.48

0.62

0.09

0.62

1.11

0.15

Diluted

0.48

0.61

0.09

0.61

1.10

0.15

Weighted average number of shares used in
calculating net income per ordinary share

Basic

166,616,018

161,486,547

161,486,547

164,048,134

160,748,983

160,748,983

Diluted

169,063,102

162,572,624

162,572,624

164,698,650

161,890,426

161,890,426

 

 

Carlsberg Asia launches Digital Acceleration Program to drive future growth across Asia

New regional strategy deepens digital platform partnerships, and fuels innovation


HONG KONG SAR – Media OutReach Newswire – 20 August 2025 – A new chapter is underway at Carlsberg Asia, as the brand outlines a future-facing digital roadmap anchored in strategic collaborations with three of Asia’s major O2O and quick commerce platforms – Meituan, Grab and Delivery Hero. The initiative comes at a pivotal time, as digital behaviours continue to transform how people discover, shop, and engage with brands. The Digital Acceleration Program aims to future-proof its commercial model, infuse AI and data into core operations, and redefine beer experiences for the next generation of consumers across the eight key Asia markets, and further expanding beyond.

Carlsberg Asia’s Digital Acceleration Program with in-depth discussions in Copenhagen, Denmark with three of Asia’s major e-commerce platforms – Meituan, Grab, and Delivery Hero
Carlsberg Asia’s Digital Acceleration Program with in-depth discussions in Copenhagen, Denmark with three of Asia’s major e-commerce platforms – Meituan, Grab, and Delivery Hero

Building on a strong year of digital sales growth in 2024, underpinned by strategic MoU signings and multiple brand activations, the Program is designed to empower and integrate with digital partners while cementing Carlsberg’s position as a leader in the beer industry. In the coming years, Carlsberg Asia aims to drive deeper use of data and insight from digital platforms to unlock beer consumption occasions in order to understand each target market’s consumer behaviours, to broaden regional wide partnerships and enhance cross-markets synergy, and to accelerate online-to-offline commerce and further support brand’s local penetration.

“We see our digital partners not just as platforms, but as strategic growth engines,” says Arindam Varanasi, Vice President, Commercial Asia, Carlsberg. “This is the boldest partnership at Carlsberg Asia to date. The success of our digital sales on e-commerce platforms last year is a testament to the power of collaboration and innovation. By joining forces with Meituan, Grab, and Delivery Hero, we are eager to deepen these partnerships to unlock mutual growth opportunities.”

“As we move forward with our Digital Acceleration Program, we are looking forward to continuously making our Carlsberg brands portfolio more relevant, to build a digitally connected ecosystem that enhances every touchpoint of the consumer journey from discovery to delivery, also to elevate consumer experiences through convenience and relevance while reinforcing our commitment to celebrating responsibly.” says João Abecasis, Executive Vice President, Asia, Carlsberg.

Immersive brand experiences to strengthen strategic digital partnerships

To supercharge the collaborative alliances, Carlsberg Asia hosted a three-day strategic forum at its global headquarter in Copenhagen, welcoming executives from Meituan, Grab and Delivery Hero. The immersive experience at the Home of Carlsberg offered partners a behind-the-scenes look at the brand’s heritage, brewing philosophy, and long-term growth vision.

At the forum, digital partners engaged in closed-door top-to-top discussions with Carlsberg’s senior executive team to align on growth strategies and new approaches to distribution across O2O channels. To expand digital growth opportunities from Asia to global, the forum focused on unlocking insight-driven, scalable commercial value through the utilisation of each partners’ platform technology, data, and consumer insights to co-creating modern, consumer-centric experiences.

From click to cheers: Taking beer moments to exciting new heights

In partnership with Meituan, a new chapter is brewing in China, with long-term plans to co-create the next generation beer experience across cross-border markets. At the core of the partnership is to expand on series of initiatives that integrate with Meituan’s ecosystem of advanced technology and consumer behavioural data that will deliver real-time, occasion-based beer experiences, such as 30-minute quick commerce delivery to personalised promotions and curated product selections.

Meanwhile in Southeast Asia markets, Carlsberg and Grab strengthen the partnership with a focus on online to offline product distribution, always-on responsible drinking initiatives and driving brand awareness through direct consumer engagement with shared passion points such as football matches and music festivals via Grab’s platform. The partnership aims to elevate on-trade experiences with partner restaurants by introducing dine-in reservation promotions and bundled deals.

Carlsberg and Delivery Hero are teaming up to fully integrate Carlsberg’s premium beer offering into Delivery Hero’s dynamic delivery ecosystem. Through foodpanda and its pandamart grocery stores in Asia, this partnership bridges on-trade and off-trade channels to create a unified home-dining experience, complete with a chilled beer delivered to consumers’ doorsteps. The shared vision is to make Carlsberg’s product effortlessly accessible and create memorable occasions that celebrate the joy of food and drink. Looking ahead, the brands are committed to expanding this innovative partnership globally, bringing an elevated beer experience to consumers around the world.

These immersive engagements underscore Carlsberg Asia’s ambition to redefine its digital partnerships through innovation, collaboration, and a deep focus on the consumer. Stay tuned for future announcements about exciting campaigns and activations under each partnership. For more information, please visit: https://www.carlsberggroup.com/.

Hashtag: #CarlsbergAsia

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

About Carlsberg Asia

Established in 1847 by brewer J.C. Jacobsen, the Carlsberg Group is one of the leading brewery groups in the world, with an attractive portfolio of beer and other beverage brands. With over 37.000 employees, and with a presence in more than 125 markets, the Group has a purpose of brewing for a better today and tomorrow Doing business responsibly and sustainably supports that purpose – and drives the efforts to deliver value for shareholders and society.

Carlsberg Asia is a dynamic and diverse region comprising of 8 operating markets: Cambodia, China, Hong Kong S.A.R., Laos, Malaysia, Myanmar, Singapore and Vietnam. Altogether we have 34 breweries and some 12,000 employees spreading across the Asian markets. The Asia Regional Office is based in Hong Kong.

Sinch Recognized in Gartner® 2025 Critical Capabilities for CPaaS

Ranked #1 for Multinational Organizations Use Case

STOCKHOLM, Aug. 20, 2025 /PRNewswire/ — Sinch AB (publ) (XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, today announced it has been acknowledged in the 2025 Gartner® Critical Capabilities for Communications Platform as a Service (CPaaS) report. Sinch ranked #1 out of all evaluated vendors for both the Multinational Organizations and Video Use Cases.

The Gartner Critical Capabilities report, a companion to the Gartner Magic Quadrant for CPaaS, evaluates providers across five key use cases that matter most to enterprises integrating communications into digital transformation initiatives. Sinch reports strong performance, placing first or second in every evaluated use case. The company sees this as a clear reflection of the strength and flexibility of its platform to meet the evolving needs of global enterprises. This performance also highlights the strength and depth of Sinch’s global communications infrastructure and continued product innovation, including the recently announced Sinch MCP and new MailGun Inspect solution.

“To us, The Gartner® recognition validates what our customers experience every day: that the future of enterprise communications isn’t just about connecting channels, it’s about making them intelligent,” said Laurinda Pang, CEO of Sinch. “We’ve long led the way in supporting multinational use cases, helping organizations personalize at scale with AI-powered messaging, adapt in real-time with voice, and build trust through video. This ranking reflects our ability to deliver innovation without complexity, no matter the region, channel, or challenge.”

Recognized Strengths in Key Enterprise Use Cases:

  • #1 Ranking for Multinational Organizations Use Case 
    Sinch was evaluated as a provider for multinational organizations, reinforcing its leadership in powering complex, cross-border communication strategies. With Sinch’s global presence that provides regional expertise, local presence in over 60 countries, and direct connections to over 600 global carriers, enterprise-grade failover resilience, and deep compliance expertise, Sinch helps global brands deliver secure, localized experiences that scale.
  • Recognition in Video
    Sinch enables high-quality, low-latency video communication across real-time calls, conferencing, and live streaming. These capabilities are increasingly vital in sectors like healthcare, financial services, and e-commerce, where visual engagement is becoming a key driver of customer trust.
  • Recognition Across Voice, Messaging, and CX
    Sinch was also recognized in Advanced Voice Communications, Basic Communications, and Conversational Customer Experience. From intelligent IVR and reliable SMS to omnichannel chatbots and secure email, Sinch continues to support enterprises with a single platform that meets evolving customer demands.

This recognition follows Sinch’s continued momentum across enterprise and carrier markets, including new AI-powered solutions, partnerships with global technology leaders, and deeper investment in omnichannel infrastructure.

As enterprises look to consolidate platforms and deliver more intelligent, secure, and localized customer engagement, a trend further explored in our State of Customer Communications report, Sinch stands out as the trusted partner for scalable communications that perform, anywhere in the world.

Gartner Disclaimer

Gartner does not endorse any vendor, product, or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner® is a registered trademark and service marks of Gartner Inc and/or its affiliates in the U.S. and internationally and is used herein with permission.  All rights reserved.  Gartner Critical Capabilities for Communications Platform as a Service. By Ajit Patankar, Pankil Sheth, Lisa Unden-Farboud, Manoj Bhatia, 29 July 2025.

For more information please contact:
Janet Lennon, Director of Global PR & Communications
janet.lennon@sinch.com | 1.206.914.6175

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/sinch-ab/r/sinch-recognized-in-gartner–2025-critical-capabilities-for-cpaas,c4220257

 

Singapore’s Most Experiential Indoor Attraction, Museum of Ice Cream, Offers Unlimited Ice Cream in Up to 19 Flavours and Multi-Sensory Fun for All Ages

  • Museum of Ice Cream Singapore has attracted fans worldwide, including Bollywood stars Rucha Hasabnis, Juhi Parmar, and internet personality Aakriti Rana.
  • Endless scoops of fun await the entire family in a newly imagined space packed with interactive installations, immersive workshops, and unlimited treats.
  • Enjoy 5% off General admission tickets from now till 31 December 2025.

SINGAPORE – Media OutReach Newswire – 20 August 2025 – Grab your spoons and hold onto your cones, Singapore’s must-visit attraction, Museum of Ice Cream Singapore (MOIC) is back and more magical than ever! Following a sprinkle-filled refresh in April 2025, MOIC invites sweet-toothed fans of all ages, cultures, and communities into an irresistible wonderland of colour, creativity and ice cream, creating sweet memories and unleashing their inner child.

Museum of Ice Cream Singapore

Since opening in 2021, MOIC Singapore has become one of the top destinations in Asia, welcoming over half a million guests and earning major accolades, including Klook’s Best in Experience Award 2023 and TripAdvisor’s Travellers’ Choice Award. It has also captured the hearts (and taste buds) of Bollywood stars like Rucha Hasabnis and Juhi Parmar; and even celebrities such as Kim Kardashian, Beyonce, Drew Barrymore, and David Beckham!

A Whole New Playground of Imagination

Step inside MOIC Singapore’s 25,000 square-foot pink paradise and create everlasting memories through imaginative play, self-expression, and connection. New highlights include:

Carnival – Let your competitive spirit shine with nostalgic games, buttery popcorn, and on an all-new Animal Cookie ride in Singapore’s pinkest indoor Carnival.

California Dreamin’ – Start your ice cream journey with eight rotating flavours (including vegan and allergen-friendly options!) from Denzy Gelato, Singapore’s premium gelato gurus with multiple awards under their belt.

Bouncy Castle & Infinity Mirror Party Zone – Bounce and dance it out in a kaleidoscopic mirror-world of lights, beats, and high-energy fun, perfect for the whole family.

Singapore’s First Ever Banana Maze – Get lost in a wildly whimsical experience as it is entertaining, in a fruity maze unlike any other you’ve seen before!

Unlimited Ice Cream, Now Doubled!

MOIC Singapore has doubled the flavours with up to 19 delicious ice creams and 8 toppings available throughout your visit. Scoop up crowd favourites like Thai Milk Tea, Mango soft serve, and Strawberry Speculoos, featuring treats from beloved names like Denzy Gelato and Ben & Jerry’s, with unlimited helpings, of course!

Take flight with the MOIC Passport

Fuel curiosity and creativity with MOIC Singapore’s Passport, a take-home keepsake that guides guests through their visit with engaging activities and fun facts. It’s the perfect blend of education, exploration, and entertainment designed to delight ice cream lovers of all ages.

Exclusive Indian Nationals Family Special

To make the experience even sweeter, MOIC Singapore is rolling out a special treat just for Indian families. From now until 31 December 2025, simply present a valid Indian passport at the entrance to redeem 5% off General Admission tickets. Come discover Singapore’s most whimsical attraction with the whole family in town!

TICKETS
For ticket purchases, visit tickets.museumoficecream.sg, or follow @museumoficecreamsg and #moicsg on Facebook, Instagram, and TikTok for the latest updates. Keep a keen eye on MOIC Singapore’s newsletter for exclusive promotions and exciting updates! To sign up, please visit museumoficecream.com/getthelatestscoop.

MOIC Singapore is located at 100 Loewen Road, Dempsey, Singapore 248837.

Hashtag: #museumofficecream #icecream #desserts #sundae #foodie


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

ABOUT MUSEUM OF ICE CREAM

Museum of Ice Cream, founded by Figure8, is a global lifestyle brand recognized around the world for designing award winning, multi-sensory experiential developments. MOIC has welcomed millions of visitors to its fully immersive, interactive spaces that create connection through the universal power of ice cream. With locations in Chicago, New York City, Miami, Boston, and Singapore, Museum of Ice Cream remains a pioneer in the experience-first industry, continuing to develop unique concepts that provoke wonder and creativity. Each inclusive and interactive environment is designed to inspire imagination and play, helping to rediscover the kid in us all.

ABOUT FIGURE8

Figure8 is an experience-first development company that takes the unimaginable and turns it into the tangible. Putting human connection at the forefront, the company creates experiums – places outside of distraction, away from expectation and beyond inhibition.

The upgrading and transformation of the information zone helps enterprises achieve intelligent operation and maintenance

ÜRÜMQI, China, Aug. 20, 2025 /PRNewswire/ — Recently, the State Grid Xinjiang Information & Telecommunication Company successfully completed the upgrade and transformation of its information operation and maintenance zone. Through advanced technological enhancements and system optimizations, the level of operation and maintenance management has been elevated to new heights. Following this transformation, functional improvements such as regional isolation and permission control have been achieved, representing a significant advancement for the company in managing information systems’ operations and maintenance.

In recent years, the increasing demand for information system operation and maintenance has drawn significant attention to the refinement of management practices in this area. As a central hub for operations and maintenance, the Information Operation and Maintenance Zone of State Grid Xinjiang Information & Telecommunication Company faces several challenges, including ambiguous functional area divisions, incomplete configurations of operational terminals, lax control over personnel access, insufficient monitoring point configurations, and a lack of integration with maintenance plans. To enhance the efficiency of operation and maintenance management, the company is committed to optimizing specialized zones while promoting an upgrade in operational capabilities through systematic transformation. This renovation project is being undertaken in collaboration with NARI Ruiteng/Integration Company and addresses both hardware and software aspects. From a hardware perspective, the dedicated zone site has been strategically planned with clearly defined boundaries for each functional area. The configuration of operational terminals has been improved to cater to various operation and maintenance scenarios. Additionally, upgrades have been made to the access control system as well as video surveillance equipment to bolster management capabilities along with real-time monitoring of personnel entry and exit. On the software front, efforts are focused on optimizing the operation and maintenance audit mechanism to facilitate comprehensive tracking and traceability throughout all stages of operations. A robust security protection system will be established to ensure information security during operation and maintenance processes effectively supporting secure operations alongside leaner methodologies such as autonomous operation & intelligent operation strategies.

During the construction of the operation and maintenance zone, State Grid Xinjiang Information & Telecommunication Company relied on six systems including I6000 2.0, unified video, and operation and maintenance audit as technical supports. Through network access control and data management measures, regional isolation was achieved. Based on the I6000 2.0 system, the association of work tickets and task orders was realized. Based on the operation and maintenance audit system, operation and maintenance permission control was implemented. Based on the safety production risk control platform, access control has been achieved, and an operation safety and collaborative response mechanism has been established by using systems such as unified video, unified permissions, and artificial intelligence platforms, truly achieving the control of personnel, resources, data, and operations.

Next, State Grid Xinjiang Information & Telecommunication Company will take the brand-new operation and maintenance zone as the foundation, closely follow the usage demands of front-line operation and maintenance personnel at the grassroots level, deepen and improve the service capabilities of the zone, focus on promoting the intelligent scenarios of video defense early warning and operation and maintenance robots in the zone, reduce the workload of operation personnel, and ensure the lean management of the entire process of information system operation and maintenance.

During the construction of the operation and maintenance zone, State Grid Xinjiang Information & Telecommunication Company leveraged six systems, including I6000 2.0, unified video, and operation and maintenance audit as technical support. Through implementing network access control and data management measures, regional isolation was successfully achieved. The integration of work tickets with task orders was realized based on the I6000 2.0 system. Furthermore, operational permissions were effectively managed through the operation and maintenance audit system. Access control has been established via the safety production risk control platform, while an operational safety and collaborative response mechanism has been developed utilizing systems such as unified video, unified permissions, and artificial intelligence platforms—thereby achieving comprehensive control over personnel, resources, data, and operations. Looking ahead, State Grid Xinjiang Information & Telecommunication Company will utilize this newly established operation and maintenance zone as a foundation to closely align with the usage requirements of front-line operation and maintenance personnel at grassroots levels. The company aims to enhance service capabilities within the zone by focusing on promoting intelligent scenarios for video defense early warning systems as well as operation and maintenance robots. This initiative seeks to reduce the workload of operational staff while ensuring streamlined management throughout all processes involved in information system operations and maintenance.

ViewQwest Powers Next Stage of Enterprise Growth with Appointment of Chief Growth Officer

Enterprise technology leader Peter Molloy joins ViewQwest to accelerate enterprise expansion and deliver next-generation network and security services across APAC.

SINGAPORE, Aug. 20, 2025 /PRNewswire/ — ViewQwest, one of Southeast Asia’s fastest-growing telecommunications and network security service providers, today announced the appointment of Peter Molloy as its new Chief Growth Officer (CGO), leading the Group Enterprise Business. Based at the Group Headquarters in Singapore and reporting directly to the CEO, Peter will spearhead ViewQwest’s enterprise expansion across Singapore, Malaysia, Hong Kong SAR, the Philippines — and the broader Asia-Pacific market.

Peter Molloy, Chief Growth Officer, ViewQwest
Peter Molloy, Chief Growth Officer, ViewQwest

Peter’s appointment comes on the back of ViewQwest’s strong growth momentum — including its successful entry into Hong Kong, continued wins in large enterprise projects across the region, and the expansion of customer sites in North and Southeast Asia. With this solid trajectory, the company is doubling down on growth by bringing in a proven leader to scale its Enterprise Business to the next level.

“ViewQwest has demonstrated that an agile, focused Asian player can go head-to-head with global incumbents and win,” said Vignesa Moorthy, Chief Executive Officer, ViewQwest. “Peter’s arrival marks a step-change in our growth journey as we continue to challenge conventions, build next-generation enterprise network and security offerings, and deliver greater value to our customers across APAC.”

As CGO, Peter will lead and scale ViewQwest’s enterprise sales teams to introduce new technologies and services, identify and execute on new market entry strategies, and build strategic partnerships to accelerate time-to-market. His mandate is to expand ViewQwest’s high-value customer base, and reinforce the company’s leadership in innovative network and security services.

Peter brings over 25 years of leadership experience in enterprise technology sales, having worked with global leaders such as Cisco, Palo Alto Networks, NetApp, Firescope, Tintri, and Computer Associates. Throughout his career, he has built and led high-performance teams, driven rapid business growth, and delivered innovative solutions to customers across the Asia Pacific, Japan, and China regions. Before his corporate career, Peter served 12 years in the Australian Army, retiring as a Major — a background that speaks to his discipline, strategic thinking, and leadership under pressure. He also carries an entrepreneurial edge, having founded start-ups earlier in his career — aligning closely with ViewQwest’s culture of agility, speed, and bias for disruption.

“I’m excited to join ViewQwest at such a defining moment,” said Peter Molloy, Chief Growth Officer, ViewQwest. “The company has already shown its ability to punch above its weight, and I look forward to building on this momentum — growing the enterprise business, launching new solutions, and expanding our presence across Asia Pacific.”

With Peter focusing on Enterprise, Benjamin Tan, Chief Commercial Officer, will now sharpen his leadership on scaling the Wholesale Business — expanding ViewQwest’s international connectivity, strengthening IP transit and peering partnerships, and shaping the next generation of wholesale services for telcos, OTTs, hyperscalers, and global carriers.

“Together, the strengthened leadership team positions ViewQwest to capture the immense opportunities ahead — advancing our mission to be the preferred network and security partner in the region”, concludes Moorthy.

 

Thailand to Offer Free Domestic Flights to 200,000 International Arrivals

Suvarnabhumi Airport, Bangkok, Thailand. This photo is for representational purpose only. (Photo credit: The Standard Wealth)

Thailand is planning to offer free domestic flights to 200,000 foreign arrivals to boost tourism nationwide over a three-month period from September to November.

The campaign, called “Buy International, Free Thailand Domestic Flights”, aims to encourage visitors to explore secondary destinations across Thailand, beyond the main tourist cities, according to the Thailand’s  Ministry of Tourism and Sports.

The ministry will propose a THB 700 million (about USD 21.5 million) budget allocation from the central reserve fund to cover domestic airfare costs, providing THB 1,750 (Roughly USD 54) per seat per flight, or THB 3,500 (Around USD 107) round-trip for 200,000 travelers, totaling 400,000 seats.

Six domestic airlines including Thai Airways, Bangkok Airways, Thai AirAsia, Nok Air, Thai Lion Air, and VietJet Thailand, will participate. Free tickets will be offered when tourists book international flights directly with airlines or through online travel agents.

Visitors purchasing standard international airfare to Thailand will receive a round-trip domestic flight with 20 kg baggage allowance. Each free ticket can be used for one domestic flight, according to individual travel plans.

The initiative covers all provinces, with a focus on UNESCO-listed sites, major tourist cities, and attractive secondary destinations. 

The ministry expects the program to generate more than THB 8.8 billion (around USD 270 million) in revenue from the THB 700 million (about USD 21.5 million) budget, though cabinet approval is still pending.

In the first half of 2025, Thailand welcomed over 16.8 million international tourists, ranking third in Asia.