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

By
Advertorial Desk
-

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

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

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

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

Featured speakers include:

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

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

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

Hashtag: #atmosfunded

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

About Atmos Funded

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

OneConnect Announces First Half 2025 Unaudited Financial Results

By
Advertorial Desk
-

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

First Half 2025 Financial Highlights

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

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

 

In RMB’000, except percentages
and per ADS amounts

Six Months Ended

June 30

YoY

2025

2024

Continuing operations

Revenue

Revenue from Ping An Group and Lufax[1]

384,046

935,599

-59.0 %

Revenue from third-party customers

417,111

480,170

-13.1 %

Total

801,157

1,415,769

-43.4 %

Gross profit

209,161

525,782

Gross margin[3]

26.1 %

37.1 %

Operating loss

(105,691)

(105,502)

Operating margin[3]

-13.2 %

-7.5 %

Loss from continuing operations attributable to shareholders

(78,495)

(70,485)

Net margin of continuing operations to shareholders[3]

-9.8 %

-5.0 %

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

(2.16)

(1.94)

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

(78,495)

139,014

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

-9.8 %

9.8 %

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

(2.16)

3.83

 

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

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

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

Revenue from Continuing Operations Breakdown

Six Months Ended

In RMB’000, except percentages

June 30

YoY

2025

2024

Implementation

291,417

326,086

-10.6 %

Transaction-based and support revenue

 Business origination services

9,942

22,775

-56.3 %

 Risk management services

105,785

126,514

-16.4 %

 Operation support services

309,517

265,391

16.6 %

 Cloud services platform

2,349

607,416

-99.6 %

 Post-implementation support services

38,842

29,348

32.3 %

 Others

43,305

38,239

13.2 %

 Sub-total for transaction-based and support revenue

509,740

 

1,089,683

-53.2 %

Total Revenue from Continuing Operations

801,157

1,415,769

-43.4 %

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

Six Months Ended

In RMB’000, except percentages

June 30

YoY

2025

2024

Digital Banking segment

241,114

261,832

-7.9 %

Digital Insurance segment

287,866

258,977

11.2 %

Gamma Platform segment

272,177

894,960

-69.6 %

Total Revenue from Continuing Operations

801,157

1,415,769

-43.4 %

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

First Half 2025 Financial Results

Revenue from Continuing Operations

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

Cost of Revenue from Continuing Operations

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

Gross Profit from Continuing Operations

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

Operating Loss and Expenses from Continuing Operations

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

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

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

Loss from Continuing Operations Attributable to Shareholders

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

Cash Flow

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

About OneConnect 

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

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

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

Safe Harbor Statement 

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

Contacts

Investor Relations:
OCFT IR Team
OCFT_IR@ocft.com 

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

 

ONECONNECT

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Six Months Ended June 30

2025

2024

RMB’000

RMB’000

Continuing operations

Revenue

801,157

1,415,769

Cost of revenue

(591,996)

(889,987)

Gross profit

209,161

525,782

Research and development expenses

(116,986)

(399,640)

Selling and marketing expenses

(92,202)

(92,568)

General and administrative expenses

(106,883)

(146,027)

Net impairment losses on financial and contract assets

(13,857)

(23,233)

Other income, gains or loss ‑ net

15,076

30,184

Operating loss

(105,691)

(105,502)

Finance income

25,415

29,686

Finance costs

(3,069)

(7,988)

Finance income – net

22,346

21,698

Loss before income tax

(83,345)

(83,804)

Income tax (expense)/benefit

(2,368)

2,346

Loss for the period from continuing operations

(85,713)

(81,458)

Discontinued operations

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

–

209,499

 

(Loss)/profit for the period

 

(85,713)

128,041

(Loss)/profit attributable to:

– Owners of the Company

(78,495)

139,014

– Non-controlling interests

(7,218)

(10,973)

(85,713)

128,041

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

– Continuing operations

(78,495)

(70,485)

– Discontinued operations

–

209,499

(78,495)

139,014

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

Items that may be subsequently reclassified to profit or loss

– Foreign currency translation differences of continuing operations

579

(2,645)

– Exchange differences on translation of discontinued operations

–

177

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

–

6,056

– Disposal of subsidiaries

–

18,237

Item that will not be reclassified subsequently to profit or loss

– Foreign currency translation differences

(7,105)

13,808

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

(6,526)

35,633

Total comprehensive (loss)/income for the period

(92,239)

163,674

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

– Owners of the Company

(85,021)

174,647

– Non-controlling interests

(7,218)

(10,973)

(92,239)

163,674

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

(expressed in RMB per share)

– Basic and diluted

(0.07)

(0.06)

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

(expressed in RMB per share)

– Basic and diluted

(2.16)

(1.94)

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

(expressed in RMB per share)

– Basic and diluted

(0.07)

0.13

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

(expressed in RMB per share)

– Basic and diluted

(2.16)

3.83

 

ONECONNECT

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

June 30

2025

December 31

2024

RMB’000

RMB’000

ASSETS

Non‑current assets

Property and equipment

45,209

43,895

Intangible assets

182,559

195,636

Deferred tax assets

313,805

313,805

Restricted cash and time deposits over three months

7,833

–

Prepayments and other receivables

8,826

6,506

Trade receivables

10,221

10,106

Total non-current assets

568,453

569,948

Current assets

Trade receivables

549,558

496,429

Contract assets

66,683

63,420

Prepayments and other receivables

281,036

342,221

Financial assets measured at fair value through profit or loss

1,082,608

455,016

Derivative financial assets

–

40,356

Restricted cash and time deposits over three months

794,101

51,940

Cash and cash equivalents

385,031

1,947,922

Total current assets

3,159,017

3,397,304

Total assets

 

3,727,470

 

 

3,967,252

 

EQUITY AND LIABILITIES

EQUITY

Share capital

78

78

Shares held for share option scheme

(145,032)

(149,544)

Other reserves

11,026,407

11,041,209

Accumulated losses

(8,411,786)

(8,333,291)

Equity attributable to equity owners of the Company

2,469,667

2,558,452

Non-controlling interests

(61,727)

(54,509)

Total equity

2,407,940

2,503,943

LIABILITIES

Non‑current liabilities

Trade and other payables

14,291

10,670

Contract liabilities

13,090

12,946

Total non‑current liabilities

27,381

23,616

Current liabilities

Trade and other payables

913,319

993,842

Payroll and welfare payables

235,794

311,190

Contract liabilities

118,489

115,501

Short-term borrowings

20,658

19,160

Derivative financial liabilities

3,889

–

Total current liabilities

1,292,149

1,439,693

Total liabilities

1,319,530

1,463,309

Total equity and liabilities

3,727,470

3,967,252

 

ONECONNECT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30

2025

2024

RMB’000

RMB’000

Net cash used in operating activities

(209,799)

(297,993)

Net cash (used in)/generated from investing activities

(1,333,389)

480,298

Net cash used in financing activities

(15,558)

(129,792)

Net (decrease)/increase in cash and cash equivalents

(1,558,746)

52,513

Cash and cash equivalents at the beginning of the period

1,947,922

1,379,473

Effects of exchange rate changes on cash and cash equivalents

(4,145)

6,900

Cash and cash equivalents at the end of period

385,031

1,438,886

 

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

By
Advertorial Desk
-

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

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

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

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

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

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

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

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

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

Contact: iQIYI Press, press@qiyi.com

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

By
Advertorial Desk
-

GUIYANG, China, Aug. 21, 2025 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Financial and Operational Highlights

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

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

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

[1] Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[2] Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.

[3] Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

Second Quarter 2025 Financial Results

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

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

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

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

Cost of Revenues (including VAT net of government grants of RMB992.8 million and RMB918.7 million for the three months ended June 30, 2024 and 2025, respectively). Cost of revenues in the second quarter of 2025 was RMB1,238.4 million (US$172.9 million), a decrease of 5.6% from RMB1,312.1 million in the same period of 2024. The decrease was primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,087.1 million, representing a decrease of 7.6% from RMB1,176.3 million in the same period of 2024, primarily due to a decrease in tax costs net of government grants related to the Company’s freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2025 were RMB433.8 million (US$60.6 million), compared with RMB372.3 million in the same period of 2024. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the second quarter of 2025 were RMB170.3 million (US$23.8 million), compared with RMB219.2 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses.

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

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

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

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

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

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

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB29.5 billion (US$4.1 billion) in total, compared with RMB29.2 billion as of December 31, 2024.

As of June 30, 2025, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,861.8 million (US$678.7 million), compared with RMB4,199.6 million as of December 31, 2024. The total non-performing loan ratio[8] for these loans was 2.1% as of June 30, 2025, compared with 2.2% as of December 31, 2024.

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

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

[5] Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[6] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.

[7] Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[8] Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date.

Business Outlook

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

Declaration of Cash Dividend

The board of directors of the Company has approved a semi-annual cash dividend for the second half of 2025 in the amount of US$0.0048 per ordinary share, or US$0.0960 per ADS, payable on or around October 27, 2025, to holders of record of the Company’s ordinary shares at the close of business on October 13, 2025. The aggregate amount of the dividend is expected to be approximately US$100 million. Cash dividends are expected to be paid to holders of the Company’s ADSs through the depositary, Deutsche Bank Trust Company Americas, on or around October 27, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

Exchange Rate Information

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

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on August 21, 2025, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter 2025.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:
https://s1.c-conf.com/diamondpass/10048934-d9a9v4.html 

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

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

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to empower enterprises with greater logistics competitiveness, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures 

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions and (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

Safe Harbor Statement 

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

 

 

 

 FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of

December 31,

June 30,

June 30,

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

5,810,347

4,399,195

614,104

Restricted cash

100,533

72,864

10,171

Short-term investments

15,002,903

12,337,664

1,722,271

Accounts receivable, net

19,643

34,868

4,867

Amounts due from related party

—

14,317

1,999

Loans receivable, net

4,199,645

4,861,809

678,682

Prepayments and other current assets, net

2,122,902

2,076,124

289,816

Total current assets

27,255,973

23,796,841

3,321,910

Restricted cash

40,000

30,000

4,188

Long-term investments1

9,876,118

14,458,261

2,018,295

Property and equipment, net

289,611

345,100

48,174

Intangible assets, net

393,477

367,063

51,240

Goodwill

3,124,828

3,124,828

436,209

Deferred tax assets

92,882

133,724

18,667

Operating lease right-of-use assets

115,654

101,324

14,144

Other non-current assets

98,532

242,985

33,919

Total non-current assets

14,031,102

18,803,285

2,624,836

TOTAL ASSETS

41,287,075

42,600,126

5,946,746

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

31,227

29,477

4,115

Prepaid for freight listing fees and other service fees

571,185

646,856

90,298

Income tax payable

336,220

361,465

50,459

Other tax payable

898,396

570,070

79,579

Operating lease liabilities

41,204

43,452

6,066

Accrued expenses and other current liabilities

1,141,758

1,026,709

143,319

Total current liabilities

3,019,990

2,678,029

373,836

Deferred tax liabilities

95,570

89,059

12,432

Operating lease liabilities

23,928

8,694

1,214

Other non-current liabilities

12,414

10,923

1,525

Total non-current liabilities

131,912

108,676

15,171

TOTAL LIABILITIES

3,151,902

2,786,705

389,007

MEZZANINE EQUITY

Redeemable non-controlling interests

443,070

581,897

81,230

SHAREHOLDERS’ EQUITY

Ordinary shares

1,343

1,343

187

Additional paid-in capital

45,823,723

44,996,952

6,281,332

Accumulated other comprehensive income

3,223,944

3,129,673

436,886

Accumulated deficit

(11,372,284)

(8,909,513)

(1,243,720)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

37,676,726

39,218,455

5,474,685

Non-controlling interests

15,377

13,069

1,824

TOTAL SHAREHOLDERS’ EQUITY

37,692,103

39,231,524

5,476,509

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

41,287,075

42,600,126

5,946,746

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

 

 

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net Revenues:

Freight Matching Services

2,328,695

2,247,107

2,747,919

383,594

4,198,360

4,995,026

697,279

Freight brokerage service

1,164,763

965,666

1,177,906

164,429

2,129,932

2,143,572

299,231

Freight listing service

212,070

234,905

242,920

33,910

425,581

477,825

66,702

Transaction service

951,862

1,046,536

1,327,093

185,255

1,642,847

2,373,629

331,346

Value-added services

435,588

452,802

491,187

68,567

834,636

943,989

131,776

Total net revenues (including value-added 

taxes or “VAT” of RMB1,255.6 million 

and RMB1,294.9 million for the three 

months ended June 30, 2024 

and 2025, respectively)

2,764,283

2,699,909

3,239,106

452,161

5,032,996

5,939,015

829,055

Operating expenses:

Cost of revenues (including VAT net of

government grants of RMB992.8

million and RMB918.7 million for the

three months ended June 30,

2024 and 2025, respectively)(1)

(1,312,072)

(698,559)

(1,238,371)

(172,870)

(2,343,960)

(1,936,930)

(270,385)

Sales and marketing expenses(1)

(372,288)

(377,850)

(433,842)

(60,562)

(712,435)

(811,692)

(113,308)

General and administrative expenses(1)

(219,157)

(186,009)

(170,347)

(23,780)

(483,624)

(356,356)

(49,745)

Research and development expenses(1)

(232,140)

(193,358)

(189,620)

(26,470)

(479,848)

(382,978)

(53,462)

Provision for loans receivable

(71,057)

(81,851)

(75,028)

(10,474)

(151,381)

(156,879)

(21,899)

Total operating expenses

(2,206,714)

(1,537,627)

(2,107,208)

(294,156)

(4,171,248)

(3,644,835)

(508,799)

Other operating income

7,798

40,165

7,662

1,070

15,808

47,827

6,676

Income from operations

565,367

1,202,447

1,139,560

159,075

877,556

2,342,007

326,932

Other income (expense)

Interest income

305,337

245,509

251,304

35,081

620,700

496,813

69,352

Foreign exchange gain (loss)

6,306

(10,825)

205

29

6,723

(10,620)

(1,482)

Investment income

18,697

19,333

20,002

2,792

37,181

39,335

5,491

Unrealized (losses) gains from fair 

value changes of investments

(4,522)

33,462

37,032

5,169

(11,910)

70,494

9,841

Other income (expenses), net

1,395

618

(11,024)

(1,539)

3,465

(10,406)

(1,453)

Share of (loss) gain in equity method

investees

(882)

163

(2,590)

(362)

(930)

(2,427)

(339)

Total other income

326,331

288,260

294,929

41,170

655,229

583,189

81,410

Net income before income tax

891,698

1,490,707

1,434,489

200,245

1,532,785

2,925,196

408,342

Income tax expense

(51,190)

(211,771)

(169,655)

(23,683)

(105,910)

(381,426)

(53,245)

Net income

840,508

1,278,936

1,264,834

176,562

1,426,875

2,543,770

355,097

Less: net loss attributable to

  non-controlling interests

(568)

(1,162)

(1,147)

(160)

(1,117)

(2,309)

(322)

Less: measurement adjustment

  attributable to redeemable non-

  controlling interests

17,942

11,522

21,493

3,000

23,686

33,015

4,609

Net income attributable to

ordinary shareholders

823,134

1,268,576

1,244,488

173,722

1,404,306

2,513,064

350,810

 

 

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ordinary
   share

—Basic 

0.04

0.06

0.06

0.01

0.07

0.12

0.02

—Diluted

0.04

0.06

0.06

0.01

0.07

0.12

0.02

Net income per ADS*

       —Basic                                      

0.79

1.22

1.20

0.17

1.35

2.41

0.34

—Diluted

0.79

1.21

1.19

0.17

1.34

2.40

0.33

Weighted average number

of ordinary shares used

in computing net 

income per share

—Basic

20,805,892,860

20,850,255,050

20,824,102,531

20,824,102,531

20,834,974,344

20,837,086,248

20,837,086,248

—Diluted

20,905,548,181

20,958,643,962

20,933,997,672

20,933,997,672

20,905,238,796

20,946,325,399

20,946,325,399

Weighted average number

of ADS used in

computing net 

income per ADS

—Basic

1,040,294,643

1,042,512,753

1,041,205,127

1,041,205,127

1,041,748,717

1,041,854,312

1,041,854,312

—Diluted

1,045,277,409

1,047,932,198

1,046,699,884

1,046,699,884

1,045,261,940

1,047,316,270

1,047,316,270

*    Each ADS represents 20 ordinary shares.

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

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

2,734

3,849

3,513

490

5,478

7,362

1,028

Sales and marketing

expenses

12,875

19,558

15,703

2,192

23,560

35,261

4,922

General and administrative

expenses

79,197

55,768

36,131

5,044

198,740

91,899

12,829

Research and development

expenses

21,495

23,498

22,126

3,089

44,479

45,624

6,369

Total

116,301

102,673

77,473

10,815

272,257

180,146

25,148

 

 

 

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Income from operations

565,367

1,202,447

1,139,560

159,075

877,556

2,342,007

326,932

Add:

Share-based

compensation

expense

116,301

102,673

77,473

10,815

272,257

180,146

25,148

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,818

26,042

26,042

3,635

Compensation cost 

incurred in relation

to acquisitions

4,281

—

—

—

8,562

—

—

Non-GAAP adjusted

operating income

698,970

1,318,141

1,230,054

171,708

1,184,417

2,548,195

355,715

Net income

840,508

1,278,936

1,264,834

176,562

1,426,875

2,543,770

355,097

Add:

Share-based

compensation

expense

116,301

102,673

77,473

10,815

272,257

180,146

25,148

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,818

26,042

26,042

3,635

Compensation cost 

incurred in relation

to acquisitions

4,281

—

—

—

8,562

—

—

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(455)

(6,510)

(6,510)

(909)

Non-GAAP adjusted net

income

970,856

1,391,375

1,352,073

188,740

1,727,226

2,743,448

382,971

 

 

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable

to ordinary

shareholders

823,134

1,268,576

1,244,488

173,722

1,404,306

2,513,064

350,810

Add:

Share-based

compensation

expense

116,301

102,673

77,473

10,815

272,257

180,146

25,148

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,818

26,042

26,042

3,635

Compensation cost 

incurred in relation

to acquisitions

4,281

—

—

—

8,562

—

—

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(455)

(6,510)

(6,510)

(909)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

953,482

1,381,015

1,331,727

185,900

1,704,657

2,712,742

378,684

Non-GAAP adjusted net

income per ordinary

share

—Basic

0.05

0.07

0.06

0.01

0.08

0.13

0.02

—Diluted

0.05

0.07

0.06

0.01

0.08

0.13

0.02

Non-GAAP adjusted net

income per ADS

—Basic

0.92

1.32

1.28

0.18

1.64

2.60

0.36

—Diluted

0.91

1.32

1.27

0.18

1.63

2.59

0.36

 

 

Brii Biosciences Provides Corporate Updates and Reports 2025 Interim Financial Results

By
Advertorial Desk
-

Multiple Ongoing Phase 2b Studies Advancing HBV Functional Cure Strategy

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

Strong Cash Position to Pursue New Discovery Opportunities and Partnership Strategy

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

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

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

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

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

Corporate and Clinical Updates

HBV Program

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

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

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

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

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

Additional Clinical Programs

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

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

Outlook

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

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

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

Interim 2025 Financial Results 

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

Conference Call Information

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

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

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

About Brii Bio

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

Forward-Looking Statement

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

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

By
Advertorial Desk
-

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

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

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

Equity Incentives to Unlock Long-Term Value

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

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

Capital + Talent: A Dual-Engine Growth Model

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

Strategic Roadmap for the Next Three Years

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

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

Building Investor Confidence & Sustainable Growth

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

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

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

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

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

Chairman Wang Hailong’s Statement

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

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

TOJOY Shared Holding Group’s 8th China Unicorn Carnival Celebrates Milestone Success, Paving the Way for Private Sector Growth

By
Advertorial Desk
-

HONG KONG SAR – Media OutReach Newswire – 21 August 2025 – The 8th China Unicorn Carnival, marking TOJOY Shared Holding Group’s 34th anniversary, concluded in Beijing on August 18, bringing together more than 2,000 leaders from business, government, and academia. Under the theme “Private Enterprises’ Second Leap,” the event explored critical challenges and opportunities for private enterprises, offering innovative strategies for sustainable growth. Beyond being a high-profile gathering of ideas, the event reaffirmed TOJOY’s vital role in advancing high-quality development in China’s private economy through strategic, actionable initiatives.

Ge Jun, Co-Chairman of TOJOY Shared Holding Group and the Chairman of the Board and CEO of TOJOY Shared Enterprise Services, highlighted the pivotal role of platform ecosystems in transforming business models.
Ge Jun, Co-Chairman of TOJOY Shared Holding Group and the Chairman of the Board and CEO of TOJOY Shared Enterprise Services, highlighted the pivotal role of platform ecosystems in transforming business models. “The future will belong to businesses that either build platforms or leverage them,” he said.

Driving the Next Leap for Private Enterprises

In his keynote speech, “Private Enterprises’ Second Leap in a Changing Era,” Ge Jun, Co-Chairman of TOJOY Shared Holding Group and the Chairman of the Board and CEO of TOJOY Shared Enterprise Services, highlighted the pivotal role of platform ecosystems in transforming business models. “The future will belong to businesses that either build platforms or leverage them,” he said.

Using TOJOY’s Boss Cloud platform and NVIDIA’s CUDA ecosystem as examples, GE Jun outlined the critical role platform-driven ecosystems play in unlocking growth potential. He encouraged private enterprises to explore new consumer markets, especially in the emerging “emotional value” economy, while building new growth drivers by capitalizing on their core strengths. He also highlighted the importance of using platform ecosystems to expand globally and capitalize on opportunities arising from favorable policies. Calling for innovation and collaboration, GE Jun stressed that businesses must harness the synergies of platforms to drive disruptive value and shared success.

Wang Min, Executive President and Secretary-General of the China General Chamber of Commerce, reinforced this message at the opening ceremony, stressing the need for collaboration and innovation to navigate today’s challenging economic landscape. He praised TOJOY’s platform-driven model for optimizing resource allocation and driving sustainable growth in the private sector.

Boss Cloud Surpasses 6 Million Users, Cementing Leadership in Smart Ecosystems

The event marked a significant milestone for TOJOY’s flagship platform, Boss Cloud, which has now surpassed 6 million registered users. This achievement underscores the platform’s growing influence and its ability to aggregate resources, reflecting the broader digitalization and intelligent transformation sweeping through China’s private economy.

As one of China’s premier big-data resource platforms for entrepreneurs, Boss Cloud connects businesses across industries, regions, and stages of development. The platform employs advanced AI technology to match companies with opportunities, helping them identify markets, expand resources, build networks, and seize new growth potential.

Boss Cloud’s strong growth is driven by TOJOY’s ongoing investment in AI innovation. Its proprietary Tianxingqiong AI model has reached key milestones, including certification from China’s Cyberspace Administration for deep synthesis algorithms and regulatory approval for generative AI services in 2025. These developments enable the platform to deliver smarter, faster, and more accurate solutions to its growing user base.

Platforms and AI Propel the Future of Private Economic Growth

Boss Cloud’s success is closely tied to supportive national policies, such as the implementation of the Private Economy Promotion Law and the Interim Measures for Generative AI Services Management, which provide a favorable environment for compliant AI enterprises like TOJOY. Reflecting on these developments, Ge Jun remarked, “Boss Cloud’s 6 million users are living proof of the win-win logic of a shared ecosystem. Moving forward, businesses must align with policy directions and embrace platform ecosystems to seize opportunities in an ever-changing economic landscape.”

Having witnessed the evolution of private enterprises over its 34-year journey, TOJOY continues to lead the sector’s transformation from traditional models to the digital and intelligent age. Looking ahead, the company remains committed to empowering businesses through platform-driven solutions and AI-powered innovations, injecting new momentum into China’s economy. With its 6 million users, TOJOY aims to write a new chapter in the growth and transformation of the country’s private economy.

Hashtag: #TOJOY

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

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

By
Advertorial Desk
-

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

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

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Hong Kong Toll Free:

800-963976

Hong Kong:

852-58081995

Mainland China:

4001-206115

Chinese Line (Mandarin) Entry Number:

0088782

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

7013962

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

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

United States Toll Free:                                  

1-877-344-7529

International Toll:

1-412-317-0088

Chinese Line Access Code:

4409082

English Interpretation Line Access Code:

3334217

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

About Waterdrop Inc.

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

For investor inquiries, please contact

Waterdrop Inc.
IR@shuidi-inc.com

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