Home Blog Page 2494

Telitacicept Meets Primary Endpoint in Phase III Trial for Primary Sjögren’s Syndrome in China

YANTAI, China, Aug. 13, 2025 /PRNewswire/ — On August 13th, Remegen (688331.SH/09995.HK) announced that its global first-in-class BLyS (BAFF)/APRIL dual-target fusion protein drug, Telitacicept, met the primary endpoint in its Phase III clinical trial for the treatment of primary Sjögren’s syndrome (pSS) in China, as per the pre-specified study protocol. The company will promptly submit a Biologics License Application (BLA) to the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) and plans to present the detailed data at major international academic conferences in due course. Telitacicept is the world’s first BLyS/APRIL dual-target fusion protein drug to complete a Phase III study in the Sjögren’s syndrome treatment field.

This multicenter, randomized, double-blind, placebo-controlled Phase III clinical study aimed to evaluate the efficacy and safety of Telitacicept in patients with primary Sjögren’s syndrome. The primary endpoint was the change from baseline in the ESSDAI score (the gold standard for measuring Sjögren’s syndrome disease activity) at Week 24. The clinical results demonstrated that Telitacicept sustainably and effectively improved the clinical symptoms of Sjögren’s syndrome patients, while showing favorable safety profile.

Sjögren’s syndrome is a chronic inflammatory autoimmune disease characterized primarily by lymphocyte infiltration and damage to exocrine glands. Beyond persistent dry mouth and dry eyes caused by salivary and lacrimal gland dysfunction, it can also affect multiple organ systems. The prevalence rate of Sjögren’s syndrome in China is 0.3% to 0.7%, or 4-10 million potential patient pool. The clinical manifestations of this disease are complex, and for a long time, there has been a lack of effective treatment methods rigorously validated by evidence-based medicine.

Research indicates that the overactivation of autoreactive B cells is a crucial pathological basis for Sjögren’s syndrome. Telitacicept, a novel dual-target fusion protein independently developed by Remegen, simultaneously inhibits the overexpression of B Lymphocyte Stimulator (BLyS) and A Proliferation-Inducing Ligand (APRIL). It effectively blocks the abnormal differentiation and maturation of B cells and has demonstrated favorable efficacy and safety in both clinical and real-world studies.

In China, Telitacicept has been recommended by multiple authoritative guidelines, including the Chinese Clinical Practice Guideline for Off-Label Use of Drugs in Sjögren’s Syndrome, the Chinese Expert Consensus on B-Cell Targeted Therapy for Rheumatic Immune Diseases, and the Multidisciplinary Expert Consensus on the Diagnosis and Treatment of Primary Sjögren’s Syndrome. Internationally, Telitacicept’s Sjögren’s syndrome indication has been granted Fast Track designation by the US FDA and the approval to initiate a global multicenter Phase III clinical trial.

 

DHL Express and Cathay Group sign new sustainable aviation fuel (SAF) deal to drive production and uptake in Asia

  • DHL Express purchases 2,400 metric tons of SAF from Cathay Group to be used on flights operated by Air Hong Kong, an express all-cargo carrier and wholly owned subsidiary of Cathay.
  • The SAF will be used on Air Hong Kong flights departing from Seoul Incheon, Tokyo Narita and Singapore Changi airports.
  • The new agreement underscores both parties’ commitment to lower-carbon air logistics and driving the production and use of SAF for the air cargo sector.

HONG KONG SAR/SINGAPORE – Media OutReach Newswire – 13 August 2025 – DHL Express and the Cathay Group have entered into a new sustainable aviation fuel (SAF) partnership that reinforces their shared commitment to reducing greenhouse gas emissions in the air cargo industry. Under the agreement, Cathay will supply DHL Express with 2,400 metric tons of SAF for international flights departing from three airports in Asia namely Seoul Incheon International Airport, Tokyo Narita International Airport, and Singapore Changi Airport. These flights are operated by Air Hong Kong, a wholly owned subsidiary of the Cathay Group, which principally operates express cargo services for DHL Express.

Continuing through 2025, the partnership is expected to reduce lifecycle greenhouse gas emissions by approximately 7,190 metric tons —equivalent to the emissions of over 100 flights from Hong Kong to Singapore with an Airbus 330 freighter.

(L to R): Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group
(L to R): Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group

“Sustainable aviation fuel currently accounts for less than 1% of the total global jet fuel consumption, yet air transport is one of our biggest sources of greenhouse gas emissions. Our decision to expand our SAF usage in Asia with Cathay is another important step that we have taken to drive momentum in SAF production and demand,” said Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express. “DHL Express is at the forefront of SAF adoption, and we look forward to seeing more partners and customers join us on this journey to build a more robust SAF ecosystem in Asia. Our continued investment in this area aligns with DHL Group’s Strategy 2030, which recognizes ‘green logistics of choice’ as one of the four bottom lines.”

This SAF deal builds on the long-standing partnership between DHL Express and the Cathay Group, including through Air Hong Kong. For more than two decades, Air Hong Kong has played a vital role in DHL Express’s Asia Pacific network. This latest collaboration builds on that strong foundation and paves the way for deeper cooperation in advancing SAF.

(L to R): Samuel Lee, General Manager for Central Asia Hub, DHL Express; Wai Kheong Loh, Vice President of Commercial - Hong Kong & Macau, DHL Express; Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group; Clarence Tai, Chief Operating Officer, Air Hong Kong; Grace Cheung, General Manager, Sustainability, Cathay Group
(L to R): Samuel Lee, General Manager for Central Asia Hub, DHL Express; Wai Kheong Loh, Vice President of Commercial – Hong Kong & Macau, DHL Express; Peter Bardens, Senior Vice President for Network Operations and Aviation – Asia Pacific, DHL Express; Tom Owen, Director Cargo, Cathay Group; Clarence Tai, Chief Operating Officer, Air Hong Kong; Grace Cheung, General Manager, Sustainability, Cathay Group

“This partnership marks the first SAF uplift on Air Hong Kong flights, a key milestone for Cathay as we continue to expand the SAF usage across our global network. SAF remains a core pillar of our strategy to address our carbon emissions, and collaboration is essential to scaling its use. We are excited to be working with like-minded partners like DHL Express to make SAF more accessible and scalable, particularly in Asia,” said Tom Owen, Director Cargo, Cathay.

This collaboration makes DHL Express the latest strategic partner of Cathay’s Corporate SAF Program, an initiative launched in 2022 to support corporate partners in addressing greenhouse gas emissions from business travel and airfreight through the use of SAF. In 2024, the Corporate SAF Program enabled the use of over 6,000 metric tons of SAF, with a record 16 partners participating, including HSBC, AIA and Standard Chartered.

Cathay has been steadily expanding its SAF efforts across the region. Earlier in 2025, the Group entered into an agreement with Sinopec to uplift SAF produced in the Chinese Mainland at Hong Kong International Airport, marking the first such export by Sinopec to Hong Kong. Additionally, Cathay has partnered with SK Energy to secure SAF supply in South Korea from 2025 to 2027. Apart from working closely with suppliers, the Group also co-initiated the Hong Kong Sustainable Aviation Fuel Coalition (HKSAFC) to collectively drive policy development and adoption of SAF locally. These initiatives reflect Cathay’s mission to expand the use of SAF within its network and foster a regional SAF ecosystem.

Investments in SAF are therefore critical to ensuring its availability on a long-term and predictable basis. DHL Express has also been a frontrunner in scaling SAF uptake globally, securing long-term SAF agreements with multiple partners, including Neste, bp, and World Energy. Earlier this year, DHL Express also partnered with Cosmo Oil Marketing to use SAF produced in Japan for flights departing the country. Most recently, DHL Express completed an agreement with Neste that comprises 7,400 metric tons of SAF for international flights departing from Singapore Changi Airport, further demonstrating the company’s proactive approach to driving SAF demand and supply across the region.

These efforts will also enhance DHL’s understanding of how to transport these alternative fuels, as it is a segment under its Strategy 2030’s key growth sector, “New Energy.” DHL Group is developing end-to-end logistics solutions for eight segments: wind, solar, electric vehicle (EV) and batteries, battery and energy storage systems, EV charging, grid, alternative fuel and hydrogen.

Hashtag: #DHL

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

DHL – The logistics company for the world 

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 400,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

DHL is part of DHL Group. The Group generated revenues of more than 84.2 billion euros in 2024. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. DHL Group aims to achieve net-zero emissions logistics by 2050.

On the Internet:
Follow us at:

About the Cathay Group

Cathay is a leading premium travel lifestyle brand based in Hong Kong, offering products and services across four lines of business – Cathay Pacific, Cathay Cargo, HK Express and Lifestyle. Flights are provided by Cathay Pacific, the home airline of Hong Kong and a founding member of the oneworld global alliance. The Cathay Group also includes cargo division Cathay Cargo, low-cost carrier HK Express and various other subsidiaries. Cathay is a member of the Swire Group and is listed on the Hong Kong Stock Exchange (HKSE). For more information, please visit .

About Air Hong Kong

Air Hong Kong is an express all-cargo carrier, principally operating express cargo services for DHL Express. The airline offers scheduled and charter services to 17 destinations in Asia, the Middle East, Europe and Australia. Air Hong Kong was established in 1986 as Hong Kong’s first all-cargo airline. Today, the carrier operates an all-Airbus A330F freighter fleet comprising 4 A330-200F and 10 A330-300P2F aircraft. Air Hong Kong is a wholly owned subsidiary of Cathay Pacific Airways Limited.

TENCENT ANNOUNCES 2025 SECOND QUARTER RESULTS

Revenue and Non-IFRS Operating Profit Increased Double Digit YoY 
Utilising AI in Games and Marketing Services

HONG KONG, Aug. 13, 2025 /PRNewswire/ — Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), “Tencent” or “the Company”), a world-leading Internet and technology company in China, today announced the unaudited consolidated results for the quarter ended 30 June 2025 (“2Q2025”).

Mr. Ma Huateng, Chairman and CEO of Tencent, said, “During the second quarter of 2025, we delivered double-digit revenue and non-IFRS operating profit growth on a year-on-year basis, as we invested in, and also benefitted from, utilising AI. Our games performed well in terms of users and revenue as evergreen games such as Honour of Kings and Peacekeeper Elite evolve into platforms while increasing their usage of AI, and as new games such as Delta Force broke out. Our marketing services revenue sustained rapid growth as we upgraded our advertising foundation model, leading to better performance of advertisements across our traffic platforms. We are striving to bring further benefits of AI to consumers and enterprises through powering more use cases within Weixin, driving usage of our AI native app Yuanbao, and upgrading the capabilities of our HunYuan foundation models.”

2Q2025 Financial Highlights

Revenues: +15% YoY, gross profit: +22% YoY, non-IFRS[1] operating profit: +18% YoY

  • Total revenues were RMB184.5 billion, up 15% over the second quarter of 2024.
  • Gross profit was RMB105.0 billion, up 22% YoY.
  • On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
    • Operating profit was RMB69.2 billion, up 18% YoY. Operating margin increased to 38% from 36% last year.
    • Net profit was RMB 64.8 billion, up 11% YoY.
    • Net profit attributable to equity holders of the Company for the period was RMB63.1 billion, up 10% YoY. Excluding non-IFRS share of profits of associates and joint ventures in both the current quarter and the same quarter last year, non-IFRS profit attributable to equity holders of the Company would have increased by 20% year-on-year to RMB56.8 billion.
    • Basic earnings per share were RMB6.931. Diluted earnings per share were RMB6.793.
  • On an IFRS basis:
    • Operating profit was RMB60.1 billion, up 18% YoY. Operating margin increased to 33% from 31% last year.
    • Net profit was RMB56.0 billion, up 16% YoY.
    • Net profit attributable to equity holders of the Company for the quarter was RMB55.6 billion, up 17% YoY.
    • Basic earnings per share were RMB6.115. Diluted earnings per share were RMB5.996.
  • Capital expenditure was RMB19.1 billion, up 119% YoY.
  • Total cash was RMB468.4 billion and free cash flow was RMB43.0 billion, up 7% YoY. Net cash position totalled RMB74.6 billion.
  • The fair value of our shareholdings[2] in listed investee companies (excluding subsidiaries) totalled RMB714.3 billion as at 30 June 2025, compared to RMB653.4 billion as at 31 March 2025. The carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB342.3 billion as at 30 Jun 2025, compared to RMB337.9 billion as at 31 March 2025.
  • During the second quarter of 2025, the Company repurchased approximately 38.9 million shares on the Hong Kong Stock Exchange for an aggregate consideration of approximately HKD19.4 billion.

[1] Non-IFRS adjustments excludes share-based compensation, M&A related impact such as net (gains)/losses from investee companies, amortisation of intangible assets, impairment provisions/(reversals), SSV & CPP, income tax effects and others

[2] Including those held via special purpose vehicles, on an attributable basis 

2Q2025 Business Review and Outlook

  • We enriched AI features in Weixin, providing AI-powered citations in content, intelligent responses to customer enquiries for Mini Shops merchants, and automated text summaries for Video Accounts video clips.
  • We deployed AI tools in games to accelerate content production, introduced AI-powered features enabling more realistic virtual teammates and non-player characters, used AI-powered marketing activities to increase user acquisition and engagement, contributing to the popularity and revenue growth of our Domestic and International Games.
  • We upgraded Mini Games technology infrastructure with expanded game engine compatibility, enhanced graphics rendering, and reduced load time, which facilitated developers in porting complex app-based games to Mini Games. Total gross receipts of Mini Games increased 20% year-on-year in the second quarter of 2025.
  • Domestically, Delta Force, a first-person shooter that we released on mobile and PC in September 2024, exceeded 20 million monthly average DAU, ranking it among the top 5 games by DAU, and the top 3 games by gross receipts, industry-wide in July 2025[3].
  • Internationally, Supercell released more frequent content updates, optimised the reward system and hosted more community events for Clash Royale, boosting the game’s DAU, and lifting its monthly gross receipts to a seven-year high in June 2025.
  • We expanded AI capabilities in advertisement creation, placement, recommendation and performance analysis, enhancing advertising click-through rates and conversions, returns on investment for advertisers, and growing marketing services revenue on our platforms.
  • Tencent Video maintained its leading position in China’s long-form video market with 114 million[4] video subscribers. Tencent Music sustained its leading position in the music streaming market with 124 million[5] music subscribers.
  • Benefitting from improved consumption activity, commercial payment volume growth turned positive year-on-year in the second quarter of 2025, contributing to higher revenue growth for FinTech Services.
  • For HunYuan, we enhanced our data quality and diversity through data augmentation and synthesis, and implemented more effective pre-training and post-training scaling, bolstering the model’s foundational capabilities. Our HunYuan 3D model ranked first[6] on Hugging Face for its industry-leading geometric precision, texture fidelity and prompt-3D alignment capabilities. Game developers, 3D printing enterprises, and design professionals are increasingly adopting HunYuan 3D model to generate digital assets.

[3] Company data, QuestMobile, Sensor Tower

[4] The average daily number of paying users for the second quarter of 2025

[5] The average number of paying users as of the last day of each month during the second quarter of 2025

[6] Published on https://huggingface.co/spaces/3DTopia/3DGen-Leaderboard, August 2025

Operating Metrics 

As at

30 June

2025

As at

30 June

2024

Year-

on-year

change

As at

31 March

2025

Quarter-
on-quarter

change

(in millions, unless specified)

Combined MAU of Weixin               

  and WeChat

1,411

1,371

3 %

1,402

0.6 %

Mobile device MAU of QQ                                     

532

571

-7 %

534

-0.4 %

Fee-based VAS paying

  users

264

263

0.4 %

268

-1 %

2Q2025 Management Discussion and Analysis

Revenues from VAS increased by 16% year-on-year to RMB91.4 billion for the second quarter of 2025. Domestic Games revenues were RMB40.4 billion, up 17% year-on-year, driven by the contribution from recently released Delta Force and growth in revenues from evergreen games including Honour of Kings, VALORANT, and Peacekeeper Elite. International Games revenues were RMB18.8 billion, reflecting a 35% year-on-year increase, driven by growth in revenues from Supercell’s games and PUBG MOBILE, as well as the contribution from newly released Dune: Awakening. Social Networks revenues rose by 6% year-on-year to RMB32.2 billion, driven by growth in app-based game virtual item sales, Video Accounts live streaming revenue and music subscription revenue.

Revenues from Marketing Services[7] were RMB35.8 billion for the second quarter of 2025, up 20% year-on-year. This growth was primarily due to AI-driven improvements to our advertising platform and enhancements to the Weixin transaction ecosystem, which resulted in robust advertiser demand across Video Accounts, Mini Programs and Weixin Search. Marketing Services revenues increased across most major industry categories during the quarter.

Revenues from FinTech and Business Services rose by 10% year-on-year to RMB55.5 billion for the second quarter of 2025. FinTech Services revenue growth was driven by higher revenues from consumer loan services, commercial payment activities and wealth management services. Increased enterprise customer demand for AI-related services, including GPU rental and API token usage, along with increased eCommerce technology service fees, resulted in Business Services revenue growth accelerating versus prior quarters.

For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.htmlhttp://www.tencent.com/ir, or follow us via Weixin Official Account (Weixin ID: TencentGlobal).

[7] Starting third quarter of 2024, we have renamed this revenue segment from “Online Advertising” to “Marketing Services” to better represent the breadth of our marketing solutions and accompanying technology services across our online marketing properties

About Tencent

Tencent uses technology to enrich the lives of Internet users.

Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted marketing services helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners’ business growth and assist their digital upgrade.

Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004. 

Investor contact: IR@tencent.com
Media contact: GC@tencent.com 

Non-IFRS Financial Measures

To supplement the consolidated results of the Group (“the Company and its subsidiaries”) prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

The Company’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group’s major associates based on available published financials of the relevant major associates, or estimates made by the Company’s management based on available information, certain expectations, assumptions and premises.

Forward-Looking Statements

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

 

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

RMB in millions, unless specified

Unaudited

Unaudited

2Q2025

 

2Q2024

 

2Q2025

 

1Q2025

 

Revenues

184,504

161,117

184,504

180,022

VAS

91,368

78,822

91,368

92,133

Marketing Services

35,762

29,871

35,762

31,853

FinTech and Business Services

55,536

50,440

55,536

54,907

Others

1,838

1,984

1,838

1,129

Cost of revenues

(79,491)

(75,222)

(79,491)

(79,529)

Gross profit

105,013

85,895

105,013

100,493

Gross margin

57 %

53 %

57 %

56 %

Selling and marketing expenses

(9,410)

(9,156)

(9,410)

(7,866)

General and administrative expenses

(31,921)

(27,491)

(31,921)

(33,664)

Other gains/(losses), net

(3,578)

1,484

(3,578)

(1,397)

Operating profit

60,104

50,732

60,104

57,566

  Operating margin

33 %

31 %

33 %

32 %

Net gains/(losses) from investments
   and others

2,638

(654)

2,638

1,407

Interest income

4,121

3,850

4,121

3,748

Finance costs

(3,941)

(3,112)

(3,941)

(3,860)

Share of profit/(loss) of associates and
   joint ventures, net

4,473

7,718

4,473

4,581

Profit before income tax

67,395

58,534

67,395

63,442

Income tax expense

(11,351)

(10,168)

(11,351)

(13,717)

Profit for the period

56,044

48,366

56,044

49,725

Attributable to:

    Equity holders of the Company

55,628

47,630

55,628

47,821

    Non-controlling interests

416

736

416

1,904

Non-IFRS operating profit

69,248

58,443

69,248

69,320

Non-IFRS profit attributable to equity
   holders of the Company

63,052

57,313

63,052

61,329

Earnings per share for profit   
   attributable to equity holders of
   the Company

(in RMB per share)

– basic

6.115

5.112

6.115

5.252

– diluted

5.996

4.994

5.996

5.129

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

RMB in millions, unless specified

Unaudited

2Q2025

2Q2024

Profit for the period

56,044

48,366

Other comprehensive income, net of tax:

Items that may be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

6

139

Transfer of share of other comprehensive income to profit or loss upon disposal
   and deemed disposal of associates and joint ventures

(3)

17

Transfer to profit or loss upon disposal of financial assets at fair value through
   other comprehensive income

Net (losses)/gains from changes in fair value of financial assets at fair value through
   other comprehensive income

(85)

12

Currency translation differences

3,323

(242)

Net movement in reserves for hedges

(163)

(921)

Items that will not be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

(31)

(379)

Net gains from changes in fair value of financial assets at fair value through
   other comprehensive income

67,681

25,905

Currency translation differences

232

151

Net movement in reserves for hedges

(60)

70,900

24,682

Total comprehensive income for the period

126,944

73,048

Attributable to:

    Equity holders of the Company

122,756

71,703

    Non-controlling interests

4,188

1,345

 

 

 

OTHER FINANCIAL INFORMATION

RMB in millions, unless specified

Unaudited

2Q2025

2Q2024

1Q2025

EBITDA (a)

79,467

62,902

73,817

Adjusted EBITDA (a)

85,122

68,518

81,559

Adjusted EBITDA margin (b)

46 %

43 %

45 %

Interest and related expenses

3,541

2,918

3,386

Net cash/(debt)(c)

74,592

71,757

90,229

Capital expenditures (d)

19,107

8,729

27,476

Note:

(a)    EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses

(b)    Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues

(c)    Net cash/(debt) represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, including highly liquid investment products held for treasury purposes, minus borrowings and notes payable

(d)   Capital expenditures primarily consist of investments in IT infrastructure (including computer equipment, components, and software), data centres, land use rights, office premises and intellectual properties (excluding media content)

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

RMB in millions, unless specified

Unaudited

Audited

As at

30 June, 2025

As at

31 December, 2024

ASSETS

Non-current assets

  Property, plant and equipment

118,565

80,185

  Land use rights

22,693

23,117

  Right-of-use assets

16,952

17,679

  Construction in progress

14,438

12,302

  Investment properties

895

801

  Intangible assets

215,832

196,127

  Investments in associates

307,573

290,343

  Investments in joint ventures

6,831

7,072

  Financial assets at fair value through profit or loss

207,263

204,999

  Financial assets at fair value through other

   comprehensive income

401,756

302,360

  Prepayments, deposits and other assets

31,174

42,828

  Other financial assets

1,413

1,076

  Deferred income tax assets

30,004

28,325

  Term deposits

92,424

77,601

1,467,813

1,284,815

Current assets

  Inventories

435

440

  Accounts receivable

51,315

48,203

  Prepayments, deposits and other assets

109,410

101,044

  Other financial assets

4,125

4,750

  Financial assets at fair value through profit or loss

18,235

9,568

  Financial assets at fair value through other

   comprehensive income

6,604

3,345

  Term deposits

169,423

192,977

  Restricted cash

3,893

3,334

  Cash and cash equivalents

182,057

132,519

545,497

496,180

Total assets

2,013,310

1,780,995

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

RMB in millions, unless specified

Unaudited

Audited

As at

30 June, 2025

As at

31 December, 2024

EQUITY

Equity attributable to equity holders of the Company

  Share capital

  Share premium

52,346

43,079

  Treasury shares

(2,288)

(3,597)

  Shares held for share award schemes

(4,491)

(5,093)

  Other reserves

148,880

47,129

  Retained earnings

920,192

892,030

1,114,639

973,548

Non-controlling interests

88,210

80,348

Total equity

1,202,849

1,053,896

LIABILITIES

Non-current liabilities

  Borrowings

202,966

146,521

  Notes payable

119,338

130,586

  Long-term payables

12,801

10,201

  Other financial liabilities

5,627

4,203

  Deferred income tax liabilities

16,888

18,546

  Lease liabilities

13,328

13,897

  Deferred revenue

4,402

6,236

375,350

330,190

Current liabilities

  Accounts payable

130,501

118,712

  Other payables and accruals

76,862

84,032

  Borrowings

58,631

52,885

  Notes payable

12,880

8,623

  Current income tax liabilities

19,561

16,586

  Other tax liabilities

4,127

4,038

  Other financial liabilities

6,298

6,336

  Lease liabilities

5,343

5,600

  Deferred revenue

120,908

100,097

435,111

396,909

Total liabilities

810,461

727,099

Total equity and liabilities

2,013,310

1,780,995

 

 

 

RECONCILIATIONS OF THE GROUP’S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS

As

reported

Adjustments

Non-IFRS

RMB in millions,

unless specified

Share-based

compensation
(a)

Net
(gains)/losses
from investee
companies (b)

Amortisation of

intangible assets
(c)

Impairment

provisions/
(reversals) (d)

SSV & CPP
(e)

 

Others

 (f)

Income

tax effects
(
g)

Unaudited three months ended 30 June 2025

Operating profit

60,104

7,361

1,614

169

69,248

Share of profit/(loss) of associates
   and joint ventures, net

4,473

903

(798)

1,544

226

6,348

Profit for the period

56,044

8,264

(2,396)

3,158

(372)

751

(683)

64,766

Profit attributable to

 equity holders

55,628

8,071

(3,192)

2,848

(405)

751

(649)

63,052

Operating margin

33 %

38 %

Unaudited three months ended 30 June 2024

Operating profit

50,732

6,213

1,305

190

3

58,443

Share of profit/(loss) of associates
   and joint ventures, net

7,718

926

(91)

1,313

20

9,886

Profit for the period

48,366

7,139

(3,672)

2,618

3,526

1,025

3

(561)

58,444

Profit attributable to equity holders

47,630

6,981

(3,726)

2,418

3,492

1,025

3

(510)

57,313

Operating margin

31 %

36 %

Unaudited three months ended 31 March 2025

Operating profit

57,566

10,100

1,515

139

69,320

Share of profit/(loss) of associates
   and joint ventures, net

4,581

968

111

1,713

267

7,640

Profit for the period

49,725

11,068

(31)

3,228

(689)

160

(769)

62,692

Profit attributable to equity holders

47,821

10,833

1,081

2,854

(719)

160

(701)

61,329

Operating margin 

32 %

39 %

Note:

(a)  Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies’ share-based incentive plans which can be acquired by the Group, and other incentives

(b)  Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies

(c)  Amortisation of intangible assets resulting from acquisitions

(d)  Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions

(e)  Mainly including donations and expenses incurred for the Group’s Sustainable Social Value and Common Prosperity Programme (“SSV & CPP”) initiatives

(f)   Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies

(g)  Income tax effects of non-IFRS adjustments

EdgeProp’s Roundtable Round Two: From Listings to Legacy


SINGAPORE Media OutReach Newswire – 13 August 2025 – Top performers in the real estate industry from Singapore and Malaysia gathered once again for the annual Realtors Round Table on Aug 12 at Pan Pacific Singapore. This exclusive evening honoured individuals who demonstrated exemplary performance, unwavering consistency, and the embodiment of high ethical standards within the real estate profession. The evening was a night of celebration and commendation, from valuable networking opportunities to comedic entertainment.

Winners at the Realtors' Roundtable 2025
Winners at the Realtors’ Roundtable 2025

The introduction of the trophy this year was no mere formality. It symbolises the effort of each individual who worked tirelessly with dedication and drive to uphold their integrity in the real estate industry. It is a reminder of the role each realtor plays in shaping the community through their success.

While personal production was a key measurement of a realtor’s achievement in last year’s awards, overriding commission has been added as another indicator of success in this year’s Realtors’ Roundtable. Overriding commission quantifies the effort a realtor has put into building their team, an essential measure in maintaining the competency of the real estate industry in Singapore.

Eligibility for the club is determined based on the performance metrics calculated in the local currency of the individual’s primary market for 2024.

Method of production Member Rising Star Member Millionaire Member
Received commission* $200,000 – $499,999 $500,000 – $999,999 ≥ $1,000,000
*Based on production and overriding commissions between Jan 1, 2024, and Dec 31, 2024, expressed in local currency. Production is defined as commission income received. Production excludes basic income, team overriding commissions, and deductibles (agency cuts & taxes).

“Member numbers are up 34% compared to last year. That’s not just a bigger number; it’s a sign that more of you are participating, more of you are raising your game, and more of you see the importance of celebrating the hard work you put in.” Bernard Tong, CEO of EdgeProp Singapore, says.

During the application process, realtors submit their commission and overriding amount received for assessment, and the data is verified with either their respective registered agencies or their official income statements. The results go through a second verification round with our Official Knowledge Partner, KPMG Singapore.

“Being a realtor in Singapore is not easy, to be honest. Every weekend, you spend tons of money on flyers, stand under the hot sun to hand them out and then compete with thousands of other agents to fight to close deals at a showflat through a ballot system, essentially a lottery. And then, just when you think you’ve got a deal, cooling measures kick in, interest rates change, or the seller suddenly decides to ‘wait for a better offer’,” says Tong.

“Yet, here you are — still closing, still growing, still finding a way. That’s what makes this industry special. It’s full of people who don’t just wait for the perfect market; you create opportunities in whatever market you’re given, and this is particularly true for this group here today. And that’s something to be proud of,” Tong adds.

Of the 266 members who qualified this year, 51 repeated their achievement from last year. This is a testament to their sustained excellence and commitment to their craft. Achieving eligibility once is challenging; doing so for consecutive years is truly commendable. Members who qualify for three consecutive years earn Milestone status, while those who reach five consecutive years achieve the prestigious Landmark status.

Please refer to the complete list of 2025 members below:

MILLIONAIRE MEMBER
Singapore Malaysia
Business Name CEA licence no. Business Name licence no. Business Name licence no.
Daniel Chong R030342B Andy Teoh E (3) 2136 Karen Ng Soh Huei REN 14461
Eric Goh R024237G Angel Tan REN 02922 Mabel Mak PEA 0985
Jeremy Lim R017809A Angela Lee REN 04297 Norman REN 56573
Loyalle Chin R047968G Edward Yeoh REN 65415 Paul Lim REN 26419
Lynn Er R024060I Edwin Ong REN 07942 Phoebe Foo Jie Chyi REN 39209
Nizam Adli R009461J Eken Ng REN 09700 Rachel Loo PEA 2035
Rambo Kor R031725C Elainne Phang REN 09625 Rita Jiang REN 31575
Stella Thio R030286H Ernest Ong Swee Gim REN 40148 Sean Liew REN 30734
Vincent Lim R026632B Eugene Tan REN 10087 Sean Tiew REN 37388
George Ng REN 17400 Simon Lim REN 12367
Ivan Wong Khai Mun REN 09162 Victor Lim Wee Tat REN 09135
Jason Teo REN 25138 YC Wong REN 56571

ELITE MEMBER
Singapore Malaysia
Business Name CEA licence no. Business Name licence no.
Alex Goh R024505H Adzura Mohd Zamedin REN 04287
Alex Ng R009772E Albert Hoo REN 65544
Ann Lee R007611F Amin Mahat REN 70847
Anthony Chua R020000C Andy Lau Pik Kwong REN 32839
Ashlyn Peh R059953D Beelee Ku REN 48501
Catherine Lee R009414I Celestine Ting REN 42028
Chris Choo R016290Z Connie Soh Moi Chuan REN 60618
Clarence Foo R052281G Daniel Yong Hong Fatt REN 14043
Clarie Lim R059246G HuiHui Kok REN 60129
Donavan Tan R066799J Hycintha Sii Ping Sieng PEA 2252
Elaine Goh R042676A Jack Yap REN 20653
Faith Quek R005493G Jacq Sim REN 07430
Hakim Halim R063000H Jannah Ali REN 33302
Ivan Seah R045857D Jason Kok REN 39793
Jasmine Lau R013868E Jeffrey Kiong REN 27719
Jim Leong R056779I Jess Chong REN 48007
Joy Toh R045565F Johannes Loo REN 34083
Justin Kwek R041348A Johnathan Teo REN 39045
Lim Li Yuen R060059A Judy Tan REN 01785
Lincoln Choo K B R024093E Kevin Goh PEA 2729
Lynn Tiang R008601D Kevin Lim REN 43473
Maggie Yang R051087H Kho Chng Guan REN 08689
Martin Goh R001839F Liny Ong REN 59112
Mary Tan R007295A Lucas Liew REN 29489
Nick Tan R040814C Mason Sia REN 00792
Phoebe Ang R027574G Michael Lam REN 26181
Ray Teo R010198F Philip Chan REN 34066
Raycher Lim R044853F Robert Kong Chin Siong REN 45492
Raymond Ler R003417J Ryan Tan Chuan Wee REN 39046
Richard Jany R000383F Tan Kai Lun REN 21991
Ron Lim R018220Z TH Lee REN 05664
Ryan Lee K K R055105A Victor Lim Yu Chee REN 36613
Shawn Thayalan R014220H Vincent Chong Jin Yu REN 53247
Shen Jiaming R021292C Zoey Lee REN 56789
Val Lin R063241H
Vincent Tay R001840Z

MEMBER
Singapore Malaysia
Business Name CEA licence no. Business Name CEA licence no. Business Name licence no.
Adelyn Chan R002209A Jeremy Quah R063595F Aaron Lam REN 06036
Aileen Yeo R015747G Jimmy Lye R014198H Abby Chew E 3082
Aiman Roza R064095D Joe Ong R049112A Almes H’ng REN 46378
Albert Tan R045222C Jolyn Lim R062253F Anders Ong PEA 2708
Amy Lim R016002H Joshua Tan R067053H Andrew Kan REN 30355
Andrew Phee R024642I Julianto Cahyadi R060528C Annie Bong Jing Xian PEA 3793
Andrew Wong R063296E June Bala R014013B Annie Hee REN 46494
Andy Lim Junchen R050816D June Leng R012861B Bill Khong Weng Kai REN 19750
Annie Heng R043835B Kenneth Loh R051340J Bryant Liow REN 29368
Asyraff Khan R051755D Kenny Lee R048309I Camie Tang PEA 1794
Audrey Wong R028383I Kesang Yanki Labattu R047826E Connie Lee REN 24050
Augustine Wee R028262Z Lara Lam R065692Z Dexter Lim REN 64805
Ben Huang R051182C Laven Loo R060597F Dicson Loh Wen Jiun REN 27609
Brian Wong R064364D Lindy Lee R049099J Eila Muhamad REN 49490
Bruce Ang R019087C Liong Phang Fei R057131A Elvis Eng REN 78550
Carrie Zhang R044936B Lisa Seow R057486H Elyas Sulaiman PEA 1616
Caryn Wong R069458E Louis Tey R052354F Etto Chee REN 18144
Chew Hock Ngee R041715J Mandy Gracie Tan R006354E Farah Najwa (Kak Yong) REN 42349
Ching Chia R067066F Mark Tan R068292A Felix Cheng REN 25339
Chris Chua R030867Z Mervyn Ong R068299B Ferlim Lim REN 41426
Chua Rui Song Alvin R051901H Mohd Ameen R024674G Fiona Chin REN 00140
Clinton Yew R009287A Nancy Tan R041725H Ghaz Ibrahim REN 38372
Colin Choo R045976G Neo Chee Seng R010137D Henrick Tan REN 16279
David Hwang R010782H Ng Yun Jian (Javier) R000194B Hilal Alias PEA 1607
Don Kah R068060G Nick R.L R002622D Ho Maggie REN 23792
Don Lim R053988D Nigel Lee R063275B Hui Jun Hoe REN 63478
Doris Tan R010121H Perry Siow R006056B Jacelyn Ng REN 08753
Douglas Chew R045080H Peter Loh R028064C Jacky Liew PEA 2026
Dylan Poh R043788G Png Wei Guang Don R043330Z Jazz Lim Tong Huooi REN 43278
Eddy Ong R044677J Rachel Yeen R045908B Jeffrey Ng REN 19236
Edith Tay R002319E Raymond Tung R027394I Jovine Ng REN 19766
Edmund Goh R030777J Sean Yin R006541F Kenneth Kwok REN 00632
Edwin Kheng R005738C Sharolyn Chun R007773B Kent Fatt REN 15215
Eileen Leong R026443E Shirley Fong R064755G Koh Wee Min REN 46982
Fendy Lee R018080J Soh Shu Hui R066982D Lau Yong Sern REN 47890
Gary Koh R029187D Swan R066500G Loh Beng Piau REN 00751
Gavan Lee R055759I Sylvia Wandly R019365A Lucas Fong Er Hao REN 53849
Goh Pei Chang Ethan R064895H Tan Jia Da R064766J Max Ong REN 09693
Goh Zong Han R061881D Tan Xiuqing Natalie R018409A Michael Chng REN 51668
Imelda Quek R064322D Tasso Chan R028756G Michael Kong Kang Wei REN 41775
Irene Joan Sim R024277F Tay Chai Heng R062360E Mohammad Fareed REN 20636
Ivy Yeo R045707A Tracy Teo R023837Z Mohd Fitri MF REN 55084
Izaac Fong R064008I Veann Lee R050685D Mohd Hafidz Hanif REN 59077
James Sim R051809G Wanni Chan R048908I Mohd Haris REN 18502
Jamie Yoeng R006717F William Tan R061781H Muhammad Azizirrahim REN 35533
Janice Lee R064268H Yumei Ng R059711F Nas E 2615
Jasmine Tan R005745F Zola Tan R029291I Neou Wee Ping REN 35861
Jenna Tong R026756F Nor Syatilla REN 24819
Jeremiah Chua R046635F Nuzulhakimi Ayob REN 55942
Jeremy Pher R003742J Raymond Khoo REN 46969
Rinna Khoo PEA 2458
Rosmawati Mustapha REN 42406
Sam Cheng REN 34574
Sam Khoo REN 40540
Shamnee Cheng REN 40800
Simon Yang REN 22909
Sr Khairulnawawi E 3145
Sue Hartanah REN 49007
Thomas Wong E 2649
William Wong REN 15548
Wilson Lim Wei Sern REN 29646
Wilson Ng REN 33305
Wilson Ong REN 57695
Wong Kok Leong REN 57545
Yad Zahari REN 54620
YC Liow REN 24042

The Realtors’ Roundtable will also be held in Malaysia on September 19, 2025, at M Resort & Hotel Kuala Lumpur.

Hashtag: #RealtorsRoundTable #RRT #EdgeProp #property





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

EdgeProp

EdgeProp Singapore offers Singapore’s most comprehensive real estate news and analytics to homebuyers and investors, with thousands of listings to facilitate property decisions.

For enquiries, please contact us at awards@edgeprop.sg.

A Voyage Through Time: 1920’s French Linguist Returns to Hainan

HAIKOU, China, Aug. 13, 2025 /PRNewswire/ — A report from Hainan International Media Center:

In 1925, French linguist François-Marie Savina embarked on an ethnographic journey through Hainan, documenting the island’s local Li culture in his seminal work Monographie de Hainan. A century later, AI revives his digital avatar for a cross-cultural dialogue with a modern Li Brocade designer, and an unprecedented cultural experiment is born. A Voyage Through Time debuts online Aug. 8, 2025.

The short film A Voyage Through Time: Savina’s Hainan Island Monograph redefines digital humanities by blending archival rigor with artistic narration. “The video stages a fictional encounter between Savina and contemporary Li Brocade designer who weaves Li brocade motifs into futuristic fashion,” said the film’s scriptwriter.

Detailed AI recreation and restoration of historic photos.
Detailed AI recreation and restoration of historic photos.

 


Explore this fictional encounter in the video

Using historic photographs of Hainan, the Chinese production team revive authentic 1920s Hainan landscapes. With a MoE (Mixture-of-Experts) model serving as a key technical and artistic solution, the film captures the physical appearance of an oil painting, while maintaining the accuracy and consistency of the historic scenes and human figures, including faces, facial expressions, hands, and clothes.

“As Hainan is bidding for the Hainan Tropical Rainforest and Traditional Settlements of the Li Ethnic Group to be included on UNESCO’s World Heritage List, we wanted to ‘paint’ every stroke to honor both Savina’s legacy and Li cultural creativity.” explains the film’s director.

In 2022, the Hainan Tropical Rainforest and Traditional Settlements of the Li Ethnic Group was placed on UNESCO’s tentative list for World Heritage sites—the first formal step toward nomination. A legal framework for protecting Li traditional settlements took effect in the following year, giving the centuries-old villages legal protection.

 

AXA Partners with MOTOGO To Launch Typhoon Parametric and Cross-Boundary Travel Insurance

Strengthening protection amid rising climate risks and growing cross-border mobility

HONG KONG, Aug. 13, 2025 /PRNewswire/ — AXA Hong Kong and Macau (“AXA”) and MOTOGO are pleased to announce a strategic partnership, introducing two innovative insurance solutions provided at no cost to eligible MOTOGO members under Dah Chong Hong Motors. These offerings include the market’s first typhoon parametric insurance – ‘Tropical Cyclone Coverage’ – and a new cross-boundary travel insurance – ‘MOTOGO Care – Guangdong and Macau Travel Insurance’, which aims to enhance protection for car owners navigating increasingly volatile weather conditions and expanding regional travel.

(From left to right) Agnes Lau, Director, Partnership, Direct Retail Business and Distribution Marketing, AXA Hong Kong and Macau; Michelle Chan, General Manager of Digital Platform Business, DCH Motors; Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau and Nicole Chow, Manager, Digital Business, DCH Motors.
(From left to right) Agnes Lau, Director, Partnership, Direct Retail Business and Distribution Marketing, AXA Hong Kong and Macau; Michelle Chan, General Manager of Digital Platform Business, DCH Motors; Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau and Nicole Chow, Manager, Digital Business, DCH Motors.

The ‘Tropical Cyclone Coverage’ guarantees automatic benefit payouts when Tropical Cyclone Warning Signal No. 9 or above is issued for a specified period, without the need to file a claim. Launched on 17 July 2025, just ahead of Typhoon Wipha’s arrival in Hong Kong, this parametric solution empowers eligible MOTOGO members to manage disruptions more easily and with greater resilience. Benefits are awarded in MOTOS points, which can be redeemed for motor services, exclusive experience and gift via the MOTOGO platform.

The ‘MOTOGO Care – Guangdong and Macau Travel Insurance’[1] offers comprehensive protection for eligible customers traveling within the region. The plan includes medical coverage of up to HKD 300,000, along with benefits for travel delays, missed events, and journey curtailment. This initiative addresses a notable protection gap in the region, where insurance penetration remains relatively low despite increasing cross-border mobility.

MOTOGO, backed by Dah Chong Hong Motors, marks a new era for Hong Kong’s digital automotive services. As the city’s first “one-stop driving lifestyle platform”, MOTOGO integrates car repair, fuel and charging stations, insurance, lifestyle offers, and a dynamic car owner community. MOTOGO leverages innovative technology to redefine the customer experience. By empowering local merchants, it leads the automotive industry towards a new milestone in intelligence, digitalisation, and community engagement.

Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau, said, “We are excited to partner with MOTOGO to launch Hong Kong’s first ‘Tropical Cyclone Coverage’, alongside the ‘Guangdong and Macau Travel Insurance’. This collaboration represents another milestone in AXA’s product innovation journey and reinforces our commitment to delivering timely, responsive and forward-looking insurance solutions for our customers and partners. By combining advanced climate modelling with an automated payout, we empower customers to navigate the growing risks posed by extreme weather events with confidence. As cross-boundary mobility becomes an integral part in daily life for Hong Kong residents, our tailored travel insurance ensures seamless protection across the region.”

Michelle Chan, General Manager of Digital Platform Business at DCH Motors, said: MOTOGO is reshaping mobility across Hong Kong and the Greater Bay Area by connecting car owners and partners through innovative technology and an enhanced customer experience. Our partnership with AXA brings the region’s first typhoon parametric insurance and cross-boundary travel protection, delivering greater safety and convenience for drivers in both Hong Kong and the GBA. Together, we are building a smarter, more connected ecosystem for the future of regional mobility.”

This collaboration underscores AXA and MOTOGO’s dedication to delivering innovative and accessible protection that meets the evolving needs of customers, empowering customers to face rising climate risks and regional mobility with greater resilience.

About AXA Hong Kong and Macau

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 50 markets and serving 95 million customers worldwide. Our purpose is to act for human progress by protecting what matters.

As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers’ needs and leveraging and investing in technology and digital transformation.

We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles – as an investor, an insurer and an exemplary company.

THIS PRESS RELEASE IS AVAILABLE ON AXA’S WEBSITE: AXA.COM.HK

About MOTORGO

MOTOGO is a brand-new digital membership platform launched by DCH Motor, dedicated to delivering a one-stop automotive lifestyle experience for car owners and enthusiasts. MOTOGO provides members in Hong Kong and the Greater Bay Area with exclusive privileges, rewards, lifestyle offers, and the latest automotive news, fostering community interaction and enhancing the quality of life for car owners.

DCH Motors has over 60 years of motor distribution and dealership expertise with a diversified brand portfolio including passenger vehicles, commercial vehicles, electrical buses, special purpose vehicles and luxury yachts. We operate more than 130 showrooms and 4S shops in mainland China, Hong Kong, Macao, Taiwan, Singapore and Myanmar. DCH Motors also operates a wide portfolio of motor services including vehicle repair, used car sales, parts trading, motor leasing, motor financing, auto insurance, airport services and engineering projects.

For more information, please visit: www.mymotogo.com

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 – “Risk factors and risk management” of AXA’s Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA’s business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations.

[1] ‘Subject to terms and conditions. Please refer to the policy wording for full details on coverage and exclusions.

Not All “Prime of Prime” Brokers Are Created Equal.

LONDON, Aug. 13, 2025 /PRNewswire/ — The FX industry is flooded with providers claiming to offer “Prime” or “Prime of Prime” services, when in reality, they’re just selling their own liquidity, with hidden conflicts and marked-up pricing. ATFX Connect offers a True Prime of Prime solution — designed for institutions that demand genuine market access, operational transparency, and credit efficiency. 

To provide deeper insights, Wei Qiang Zhang, Managing Director at ATFX Connect, shares his views on what differentiates ATFX Connect as a true Prime of Prime broker.

Q1: What is the difference between a “Prime Broker” and a “Prime of Prime” provider in FX markets?

Wei: A Prime Broker, typically a top-tier global investment bank, provides institutional clients with crucial services such as trading, clearing, and settlement on exchanges and trading venues across various asset classes, including FX. A “Prime of Prime” provider, often a non-bank multi-asset broker, performs similar roles but acts as a conduit for clients who do not qualify for direct prime broker services. A true “Prime of Prime” provider leverages its own relationships with bank prime brokers to extend credit and direct market access to these clients.

Q2: Why did “Prime of Prime” services emerge in the financial markets?

Wei: The rapid increase in credit requirements from prime brokers—primarily large banks—since the 2008 financial crisis has made it much harder for institutions like hedge funds and broker-dealers to gain direct market access. “Prime of Prime” services arose to serve as intermediary credit providers, helping clients overcome these barriers and access global FX liquidity and trading venues.

Q3: What are the key features of true “Prime of Prime” services?

Wei: True “Prime of Prime” services should offer:

  • Direct Market Access to multiple exchanges and counterparties via a single onboarding process.
  • Liquidity Autonomy, allowing clients to choose and aggregate liquidity sources.
  • Full Control of Technology, with technology-agnostic solutions and no conflicts around trade execution.
  • Single Credit Relationship, facilitating efficient collateral management and competitive margin requirements across venues.

Q4: Why should clients be cautious when a broker claims to be “Prime” or “Prime of Prime”?

Wei: Many brokers misuse these terms for marketing, despite lacking the credit relationships, market access, or expertise necessary to provide genuine prime brokerage services. Some providers may create a false sense of trustworthiness, obscure their actual execution practices (e.g., markups on pricing), or disguise inadequate risk management systems. This can lead to conflicts of interest and suboptimal trading conditions for clients.

Q5: What risks do clients face if they choose a provider who only claims to offer “Prime of Prime” services?

Wei: Clients risk being misled by providers who:

  • Lack real credit relationships and only simulate prime brokerage services.
  • Mask deficiencies in credit and collateral management.
  • Execute trades in a manner that may be disadvantageous to clients, such as applying hidden markups or creating delays due to conflicts of interest.

Q6: What due diligence should firms perform when selecting a “Prime of Prime” broker?

Wei: Essential due diligence questions include:

  • Does the broker have genuine credit relationships and clearing infrastructure for direct market access?
  • Are clients receiving true, direct access to multiple exchanges, ECNs, and counterparties?
  • Do clients have complete control over their trading technology, pricing sources, and margin terms?

Q7: In summary, why is it important to distinguish between true and misleading claims of “Prime of Prime” service?

Wei: Only a handful of brokers possess the capital, global market access, and credit trust to offer authentic “Prime of Prime” services. Choosing the wrong provider may expose clients to hidden costs, operational risks, and subpar execution, ultimately undermining client interests in FX markets. It’s crucial for institutions to verify a broker’s credentials and actual offerings before engagement.

About ATFX Connect

ATFX Connect is a trading name of AT Global Markets (UK) Limited (authorised and regulated by the FCA), AT Global Markets (Australia) Pty Limited (authorised and regulated by ASIC), and AT Global Financial Services (HK) Limited (authorised and regulated by the SFC). Connect is the Institutional arm of the wider ATFX Group.

ATFX Connect offers Institutional and Professional traders an extensive range of services for both Agency PB and Margin accounts, provides bespoke aggregated liquidity in Spot FX, NDFs, indices, Commodities and Precious metals to a wide range of institutional clients from hedge funds, Tier 1 and regional banks, high net worth investors, asset managers, family offices and other brokers. 

ATFX Connect’s liquidity pool is constructed from Tier 1 banks and non-bank providers that it has partnered with, trading in both sweepable and full amount forms. 

Agency PB Clients can connect via direct FIX API, external technology solutions or via our own trading platform. For margin clients, ATFX Connect provides market access via the group’s MT4/MT5 platform and provides a bridge solution for those who wish to connect via FIX API. 

For further information on ATFX Connect, please visit ATFX Connect website https://www.atfxconnect.com

Qudian Inc. Reports Second Quarter 2025 Unaudited Financial Results

XIAMEN, China, Aug. 13, 2025 /PRNewswire/ — Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a consumer-oriented technology company in China, today announced its unaudited financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Financial Highlights:

  • Total revenues were RMB3.5 million (US$0.5 million), compared to RMB53.3 million for the same period of last year
  • Net income attributable to Qudian’s shareholders was RMB311.8 million (US$43.5 million), compared to RMB99.8 million for the same period of last year; net income per diluted ADS was RMB1.86 (US$0.26) for the second quarter of 2025

After careful evaluation, the Company has decided to wind down its last-mile delivery business. This decision is in the best interest of the Company and aligned with the commitment to achieve sustainable growth and create shareholder value. Moving forward, the Company expects to remain steadfast in its commitment to executing its business transition and simultaneously maintaining prudent cash management to safeguard its balance sheet.

Second Quarter Financial Results

Sales income and others decreased by 93.5% to RMB3.5 million (US$0.5 million) from RMB53.3 million for the second quarter of 2024, which was primarily due to the decrease in sales income generated from last-mile delivery business as a result of the increased competition in the industry. The Company has decided to wind down its last-mile delivery business.

Total operating costs and expenses increased to RMB117.7 million (US$16.4 million) from RMB110.8 million for the second quarter of 2024.

Cost of revenues decreased by 93.6% to RMB3.0 million (US$0.4 million) from RMB46.2 million for the second quarter of 2024, primarily due to the decrease in service cost related to last-mile delivery business with the winding down of the business.

General and administrative expenses increased by 39.6% to RMB65.9 million (US$9.2 million) from RMB47.2 million for the second quarter of 2024, primarily due to the increase in depreciation and property tax expenses following the completion of the construction of the Company’s headquarters.

Research and development expenses decreased by 25.5% to RMB11.3 million (US$1.6 million) from RMB15.2 million for the second quarter of 2024, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.

Loss from operations was RMB113.9 million (US$15.9 million), compared to RMB57.4 million for the second quarter of 2024, mainly due to the winding down of the Company’s businesses and the increase in depreciation and property tax expenses following the completion of the construction of the Company’s headquarters.

Interest and investment income, net increased by 392.3% to RMB440.5 million (US$61.5 million) from RMB89.5 million for the second quarter of 2024, mainly attributable to the increase of income from investments in the second quarter of 2025.

Gain on derivative instrument was RMB30.2 million (US$4.2 million), compared to RMB58.4 million for the second quarter of 2024. The gain was mainly attributable to the increase in quoted price of the underlying equity securities relating to the derivative instruments we held.

Net income attributable to Qudian’s shareholders was RMB311.8 million (US$43.5 million), compared to RMB99.8 million in the second quarter of 2024. Net income per diluted ADS was RMB1.86 (US$0.26).

Cash Flow

As of June 30, 2025, the Company had cash and cash equivalents of RMB4,029.0 million (US$562.4 million) and restricted cash of RMB782.3 million (US$109.2 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the second quarter of 2025, net cash used in operating activities was RMB1.1 million (US$0.2 million), mainly due to payments for labor-related and other general expenses. Net cash used in investing activities was RMB698.2 million (US$97.5 million), mainly due to the purchase of short-term investments. Net cash used in financing activities was RMB81.3 million (US$11.3 million), mainly due to the repurchase of ordinary shares.

Update on Share Repurchase

Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to August 12, 2025, the Company has in aggregate purchased 22.7 million ADSs in the open market for a total amount of approximately US$54.6 million (an average price of $2.4 per ADS) pursuant to the share repurchase program.

As of August 12, 2025, the Company had in aggregate purchased 177.0 million ADSs for a total amount of approximately US$748.8 million (an average price of $4.2 per ADS).

About Qudian Inc.

Qudian Inc. (“Qudian”) is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative business opportunities to satisfy consumers’ demand by leveraging its technology capabilities.

For more information, please visit http://ir.qudian.com.

Use of Non-GAAP Financial Measures

We use Non-GAAP net income/loss attributable to Qudian’s shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges. We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP net income/loss attributable to Qudian’s shareholders is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as an analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance.

For more information on this Non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to 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 Qudian’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qudian’s goal and strategies; Qudian’s expansion plans; Qudian’s future business development, financial condition and results of operations; Qudian’s expectations regarding demand for, and market acceptance of, its products; Qudian’s expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com 

 

QUDIAN INC.

Unaudited Condensed Consolidated Statements of Operations

Three months ended June 30,

(In thousands except for number

2024

2025

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

Revenues:

Sales income and others

53,328

3,490

487

Total revenues

53,328

3,490

487

Operating cost and expenses:

Cost of revenues

(46,248)

(2,956)

(413)

Sales and marketing

(1,054)

(671)

(94)

General and administrative

(47,165)

(65,853)

(9,193)

Research and development

(15,219)

(11,331)

(1,582)

(Provision for)/Reversal of expected credit losses on receivables and other assets

(751)

270

38

Impairment loss from other assets

(387)

(37,148)

(5,186)

Total operating cost and expenses

(110,824)

(117,689)

(16,430)

Other operating income

119

330

46

Loss from operations

(57,377)

(113,869)

(15,897)

Interest and investment income, net

89,485

440,506

61,492

Gain/(Loss) from equity method investments

820

(1,005)

(140)

Gain on derivative instruments

58,376

30,212

4,217

Foreign exchange loss, net

(1,186)

(11,343)

(1,583)

Other income

714

1,229

172

Other expenses

(342)

(447)

(62)

Net income before income taxes

90,490

345,283

48,199

Income tax expenses

9,297

(33,521)

(4,679)

Net income

99,787

311,762

43,520

Net income attributable to Qudian Inc.’s  shareholders

99,787

311,762

43,520

Earning per share for Class A and Class B ordinary shares:

Basic

0.54

1.92

0.27

Diluted

0.53

1.86

0.26

Earning per ADS (1 Class A ordinary share equals 1 ADSs):

Basic

0.54

1.92

0.27

Diluted

0.53

1.86

0.26

Weighted average number of Class A and Class B ordinary shares outstanding:

Basic

184,571,121

162,649,164

162,649,164

Diluted

189,684,527

167,456,506

167,456,506

Other comprehensive gain/(loss):

Foreign currency translation adjustment

14,489

(11,908)

(1,662)

Total comprehensive income

114,276

299,854

41,858

Total comprehensive income attributable to Qudian Inc.’s shareholders 

114,276

299,854

41,858

 

 

QUDIAN INC.

Unaudited Condensed Consolidated Balance Sheets

As of March 31,

As of June 30,

(In thousands except for number

2025

2025

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

ASSETS:

 Current assets:

 Cash and cash equivalents

4,822,853

4,028,995

562,426

 Restricted cash and cash equivalents

782,169

782,251

109,198

 Time and structured deposit

2,203,627

1,758,770

245,515

 Derivative instruments-asset

18,139

38,793

5,415

 Short-term investments

1,430,652

2,850,688

397,941

 Accounts receivables

15,068

9,225

1,288

 Other current assets

1,098,972

925,915

129,253

 Total current assets

10,371,480

10,394,637

1,451,036

 Non-current assets:

 Right-of-use assets

123,731

101,715

14,199

 Investment in equity method investee

146,012

144,822

20,216

 Long-term investments

78,987

78,616

10,974

 Property and equipment, net

1,584,931

1,747,669

243,965

 Intangible assets

2,064

1,922

268

 Other non-current assets

345,448

280,115

39,102

 Total non-current assets

2,281,173

2,354,859

328,724

TOTAL ASSETS

12,652,653

12,749,496

1,779,760

 

 

QUDIAN INC.

Unaudited Condensed Consolidated Balance Sheets (Continued)

As of March 31,

As of June 30,

(In thousands except for number

2025

2025

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS’ EQUITY 

 Current liabilities: 

 Short-term borrowings

720,000

720,000

100,508

 Short-term lease liabilities

13,015

7,352

1,026

 Derivative instruments-liability

129,436

 Accrued expenses and other current liabilities 

377,375

371,442

51,851

 Income tax payable 

33,313

39,383

5,498

 Total current liabilities 

1,273,139

1,138,177

158,883

 Non-current liabilities: 

 Deferred tax liabilities

27,427

3,829

 Long-term lease liabilities

20,795

5,126

716

 Total non-current liabilities 

20,795

32,553

4,545

 Total liabilities 

1,293,934

1,170,730

163,428

 Shareholders’ equity: 

 Class A Ordinary shares 

132

132

18

 Class B Ordinary shares 

44

44

6

 Treasury shares 

(1,491,531)

(1,571,141)

(219,323)

 Additional paid-in capital 

4,025,406

4,025,209

561,897

Accumulated other comprehensive profit/(loss)

4,444

(7,464)

(1,042)

 Retained earnings 

8,820,224

9,131,986

1,274,776

Total equity

11,358,719

11,578,766

1,616,332

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

12,652,653

12,749,496

1,779,760

 

 

QUDIAN INC.

Unaudited Reconciliation of GAAP And Non-GAAP Results

Three months ended June 30,

2024

2025

(In thousands except for number

(Unaudited)

(Unaudited)

of shares and per-share data)

RMB

RMB

US$

Total net income attributable to Qudian Inc.’s shareholders

99,787

311,762

43,520

Add: Share-based compensation expenses 

1

Non-GAAP net income attributable to Qudian Inc.’s shareholders

99,788

311,762

43,520

Non-GAAP net income per share—basic

0.54

1.92

0.27

Non-GAAP net income per share—diluted

0.53

1.86

0.26

Weighted average shares outstanding—basic

184,571,121

162,649,164

162,649,164

Weighted average shares outstanding—diluted

189,684,527

167,456,506

167,456,506