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:

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:

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

HANGZHOU, China, Aug. 21, 2025 /PRNewswire/ — Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the half year ended June 30, 2025^[1].

First Half 2025 Highlights

• Total revenues in the first half of 2025 were RMB158.3 million (US$22.1 million), compared with RMB233.8 million in the same period of 2024. The change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had an impact on sales.
• Repeat purchase rate^[2] in the twelve months ended June 30, 2025 was 71.0%.

Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, “In the first half of 2025, we continued to advance our strategic transformation toward becoming a trusted advocate for organic living. By building an integrated portfolio that combines organic health products, beauty offerings, and immersive wellness experiences, we are deepening customer engagement and reinforcing our focus on high‑margin, high‑retention categories. We are expanding user acquisition through both online and offline channels to better connect with consumers and deliver greater value to our members.”

“During the first half of 2025, we continued to optimize our cost structure while ensuring efficient capital allocation. We remain committed to maintaining financial discipline and driving improved profitability while supporting long-term, sustainable growth,” said Ms. Nan Song, Senior Financial Director of Yunji.

First Half 2025 Unaudited Financial Results

Total revenues were RMB158.3 million (US$22.1 million), compared with RMB233.8 million in the same period of 2024. The change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had an impact on sales.

• Revenues from sales of merchandise were RMB131.7 million (US$18.4 million), compared with RMB185.0 million in the same period of 2024.
• Revenues from the marketplace business were RMB24.5 million (US$3.4 million), compared with RMB45.2 million in the same period of 2024.
• Other revenues were RMB2.1 million (US$0.3 million), compared with RMB3.6 million in the same period of 2024.

Total cost of revenues decreased by 31.2% to RMB83.5 million (US$11.7 million), or 52.7% of total revenues, from RMB121.3 million, or 51.9% of total revenues, in the same period of 2024. Revenues and cost of revenues are recognized on a gross basis. Total cost of revenues, which mainly comprises the costs related to the sales of merchandise, decreased accordingly in the first half of 2025.

Total operating expenses increased by 20.3% to RMB179.4 million (US$25.0 million) from RMB149.1 million in the same period of 2024.

• Fulfillment expenses decreased by 51.7% to RMB20.6 million (US$2.9 million), or 13.0% of total revenues, from RMB42.6 million, or 18.2% of total revenues, in the same period of 2024. The decrease was primarily due to (i) reduced warehousing and logistics expenses due to lower merchandise sales, and (ii) reduced personnel costs as a result of staffing structure refinements.
• Sales and marketing expenses increased by 5.5% to RMB50.1 million (US$7.0 million), or 31.6% of total revenues, from RMB47.5 million, or 20.3% of total revenues, in the same period of 2024. The increase was primarily due to (i) the increase in member management fees, as a result of our expanded initiatives to grow the membership base, and (ii) the increase in personnel costs as a result of adjusting staffing structure to support market expansion initiatives, partially offset by a reduction in advertising expenses.
• Technology and content expenses decreased by 40.0% to RMB15.3 million (US$2.1 million), or 9.7% of total revenues, from RMB25.5 million, or 10.9% of total revenues, in the same period of 2024. The decrease was primarily due to the reduction in personnel costs as a result of staffing structure refinements.
• General and administrative expenses increased by 178.6% to RMB93.4 million (US$13.0 million), or 59.0% of total revenues, from RMB33.5 million, or 14.3% of total revenues, in the same period of 2024. The increase was primarily due to an increase in an allowance for credit losses^[4] , partially offset by (i) the reduction in professional service expenses, as a result of our cost-saving efforts, and (ii) the reduction in personnel costs as a result of staffing structure refinements.

Loss from operations was RMB100.4 million (US$14.0 million), compared with RMB32.4 million in the same period of 2024.

Financial income, net was RMB3.9 million (US$0.5 million), compared with financial income, net of RMB25.6 million in the same period of 2024, primarily due to a decrease in the fair value changes of equity securities investments.

Net loss was RMB100.7 million (US$14.1 million), compared with RMB8.0 million in the same period of 2024.

Adjusted net loss (non-GAAP)^[3] was RMB100.5 million (US$14.0 million), compared with RMB6.7 million in the same period of 2024.

Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.05, compared with RMB0.00 in the same period of 2024.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses adjusted net loss as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure 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 adjusted net loss as net loss excluding share-based compensation.

The Company presents adjusted net loss because it is used by management to evaluate operating performance and formulate business plans. Adjusted net loss enables management to assess operating performance without considering the impact of share-based compensation recorded under ASC 718, “Compensation-Stock Compensation.” The Company also believes that the use of this non-GAAP measure facilitates investors’ assessment of operating performance.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net loss is that it does not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in Yunji’s business and is not reflected in the presentation of adjusted net loss. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Yunji encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable Financial Measures” set forth at the end of this press release.

Conference Call

The Company will host a conference call on Thursday, August 21, 2025, at 7:30 A.M. Eastern Time or 7:30 P.M. Beijing/Hong Kong Time to discuss its earnings. Listeners may access the call by dialing the following numbers:

A telephone replay of the call will be available after the conclusion of the conference call for one week.

Dial-in numbers for the replay are as follows:

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as Yunji’s strategic and operational plans, contain forward-looking statements. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Yunji’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: Yunji’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Yunji’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji’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 Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About Yunji Inc.

Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company’s e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices.

For more information, please visit https://investor.yunjiglobal.com/

Investor Relations Contact

Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957

ICR, LLC
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957

KITCHENER, ON, Aug. 21, 2025 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2025.

Second Quarter Highlights

• 14% quarter-over-quarter (“qoq”) increase in solar module shipments to 7.9 GW, within guidance of 7.5 GW to 8.0 GW.
• 29.8% gross margin, exceeding guidance of 23% to 25%.
• Released the 2024 Sustainability Report on May 29, 2025, with updated disclosures aligned to global reporting standards.

Dr. Shawn Qu, Chairman and CEO, commented, “We delivered a second quarter largely in line with expectations. While revenue came in below guidance due to storage shipments shifting to the second half and delays in certain project sales, gross margin exceeded expectations, driven by a higher mix of North America module shipments and robust storage volumes. Following the surge in installations in China during the first half, we expect demand to normalize as the market adjusts to a new paradigm. We remain focused on navigating the uncertain policy environment with a focus on risk management and sustainable profitability.”

Yan Zhuang, President of Canadian Solar’s subsidiary CSI Solar, said, “In the second quarter, we delivered module shipments near the high end of guidance. Despite tariff headwinds, e-STORAGE achieved one of its strongest quarters. With solar supply chain pricing trending higher and storage margins normalizing, we expect margin pressure in the second half. We remain focused on strategically managing module volumes to less profitable markets and growing our storage volumes globally. Meanwhile, we continue to build emerging profitability drivers such as our residential energy storage systems and bundled sales solutions.”

Ismael Guerrero, CEO of Canadian Solar’s subsidiary Recurrent Energy, said, “Revenue and profitability in the second quarter were sequentially lower, primarily due to lighter project sales. We monetized over 200 MW of projects in Europe and Japan, including our first and profitable sale of a battery energy storage project in Italy, while a project sale in Latin America shifted to the second half of the year. Overall, we expect our electricity sales revenue to grow steadily, as we enhance the performance of our existing IPP portfolio and advance construction in our target markets, with more meaningful contributions expected next year.”

Xinbo Zhu, Senior VP and CFO, added, “In the second quarter, we delivered $1.7 billion in revenue and a gross margin of 29.8%. Non-recurring operating expenses, including impairments to projects and manufacturing assets, reduced profitability, resulting in net income attributable to shareholders of $7 million, or a net loss of $0.08 per diluted share. We continue to manage cash flow prudently, prioritizing disciplined capital deployment. Operating cash inflow was $189 million, and we ended the quarter with a cash position of $2.3 billion.”

Second Quarter 2025 Results

Total module shipments recognized as revenues in Q2 2025 were 7.9 GW, up 14% quarter-over-quarter (“qoq”) and down 4% year-over-year (“yoy”). Of the total, 672 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues were $1.7 billion in Q2 2025, up 42% sequentially and 4% yoy, mainly due to higher sales of battery energy storage systems and solar modules.

Gross profit was $505 million, compared to $140 million in Q1 2025 and $282 million in Q2 2024. Gross margin was 29.8%, compared to 11.7% and 17.2%, respectively. The gross margin sequential and yoy increases were primarily driven by a release of unrealized profit upon sales-type leasing of a U.S. project, higher margin contribution from battery energy storage systems, and the benefit from a U.S. anti-dumping (“AD”) and countervailing duty (“CVD”) true-up adjustment.

Operating expenses were $378 million, up from $195 million in Q1 2025 and $234 million in Q2 2024. The increase was primarily caused by impairment charges related to certain solar and storage assets, as well as manufacturing assets. Operating expenses represented 22.3% of revenue, compared to 16.3% in Q1 2025 and 14.3% in Q2 2024.

Net income attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in Q2 2025 was $7 million, or a net loss of $0.08 per diluted share, compared to a net loss of $34 million, or $0.69 per diluted share, in the Q1 2025, and net income of $4 million, or $0.02 per diluted share, in Q2 2024.

Adjusted net loss attributable to Canadian Solar Inc. (non-GAAP) was $23 million, and adjusted loss per share – diluted was $0.53 per share in Q2 2025, compared to an adjusted net loss of $60 million or adjusted $1.07 per share in Q1 2025, and a net income of $4 million or $0.02 per share in Q2 2024. Adjusted net loss attributable to Canadian Solar Inc. and adjusted loss per share – diluted in Q2 2025 and Q1 2025 exclude the recognition of income using hypothetical liquidation at book value (“HLBV”) method. The Company uses the HLBV method to attribute income and loss to its tax equity investors. Please see Recurrent Energy – HLBV for definition and About Non-GAAP Financial Measures for reconciliation to nearest GAAP measures.

Net cash flow provided by operating activities in Q2 2025 was $189 million, driven by changes in working capital, specifically a decrease in inventories, compared to net cash flow used in operating activities of $264 million in Q1 2025 and $429 million in Q2 2024.

Total debt, including financing liabilities, was $6.3 billion as of June 30, 2025, including $2.5 billion, $3.5 billion, and $0.3 billion related to CSI Solar, Recurrent Energy, and convertible notes, respectively. Total debt rose from $5.7 billion as of March 31, 2025, mainly due to new borrowings for development of projects and operational assets. Total non-recourse debt as of June 30, 2025, was $1.8 billion.

Business Segments

The Company operates in two reportable segments: CSI Solar, focused on solar modules and battery energy storage manufacturing and products, and Recurrent Energy, focused on utility-scale solar power and battery energy storage project development and operation.

Recurrent Energy

As of June 30, 2025, the Company held a leading position with a total global solar project development pipeline of approximately 27 GWp and a battery energy storage project development pipeline of 80 GWh.

The business model consists of three key drivers:

• Electricity revenue from operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies, with some project ownership sales to manage cash flow and debt level;
• Asset sales (solar power and battery energy storage) in the rest of the world to drive cash-efficient growth model, as value from project sales will help fund growth in operating assets in stable currency markets; and
• Power services (O&M) through long-term operations and maintenance (“O&M”) contracts, currently with nearly 14 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.

Project Development Pipeline – Solar

As of June 30, 2025, the Company’s total solar project development pipeline was 27.3 GWp, including 2.0 GWp under construction, 4.2 GWp of backlog, and 21.1 GWp of projects in advanced and early-stage development, defined as follows:

• Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction in the next 1-4 years. A project’s risk cliff date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. Typically, this occurs after the project has received all the required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff (“FIT”) arrangements and power purchase agreements (“PPAs”). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remaining have a reasonable assurance of securing PPAs.
• Advanced pipeline projects are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.
• Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection.

While the magnitude of the Company’s project development pipeline is an important indicator of potential expanded power generation and battery energy storage capacity as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of the projects to the extent anticipated, which could adversely affect its business, financial condition, or results of operations. In addition, the Company’s guidance and estimates for its future operating and financial results assume the completion of certain solar projects and battery energy storage projects that are in its pipeline. If the Company is unable to execute on its actionable pipeline, it may miss its guidance, which could adversely affect the market price of its common shares and its business, financial condition, or results of operations.

HLBV

The Company applies the HLBV method to account for its contractual relationships with tax equity investors in U.S. solar energy and battery energy storage projects. This method which allocates income or loss attributable to redeemable noncontrolling interests reflects the changes in the amounts that tax equity investors would hypothetically receive upon liquidation at the beginning and end of each reporting period, after considering any capital transactions, such as contributions or distributions, between our subsidiaries and tax equity investors.

The following table presents the Company’s total solar project development pipeline.

Project Development Pipeline – Battery Energy Storage

As of June 30, 2025, the Company’s total battery energy storage project development pipeline was 80.2 GWh, including 6.4 GWh under construction and in backlog, and 73.8 GWh of projects in advanced and early-stage development.

The table below sets forth the Company’s total battery energy storage project development pipeline.

CSI Solar

Solar Modules and Solar System Kits

CSI Solar shipped 7.9 GW of solar modules and solar system kits to more than 70 countries in Q2 2025. The top five markets ranked by shipments were the U.S., China, Pakistan, Spain, and Australia.

CSI Solar’s revised manufacturing capacity expansion targets are set forth below.

e-STORAGE: Battery Energy Storage Solutions

As of June 30, 2025, e-STORAGE contracted backlog, including contracted long-term service agreements, was $3 billion. These are signed orders with contractual obligations to customers, providing significant earnings visibility over a multi-year period.

The table below sets forth e-STORAGE’s manufacturing capacity expansion targets.

Business Outlook

The Company’s business outlook is based on management’s current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management’s views and estimates are subject to change without notice.

In Q3 2025, the Company expects total revenue to be in the range of $1.3 billion to $1.5 billion. Gross margin is expected to be between 14% and 16%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 5.0 GW to 5.3 GW. Total battery energy storage shipments by CSI Solar in Q3 2025 are expected to be in the range of 2.1 GWh to 2.3 GWh, including approximately 250 MWh to the Company’s own projects.

For the full year of 2025, the Company expects CSI Solar’s total module shipments to be in the range of 25 GW to 27 GW, including approximately 1 GW to the Company’s projects. CSI Solar’s total battery energy storage shipments are expected to be in the range of 7 GWh to 9 GWh, including approximately 1 GWh to the Company’s own projects. The Company’s total revenue is expected to be in the range of $5.6 billion to $6.3 billion.

Dr. Shawn Qu, Chairman and CEO, commented, “We expect third quarter margins to moderate as difficult market conditions persist, and storage profitability reflects more recent orders at normalized levels. We narrowed our full year module volume guidance and maintained our storage volume guidance, supported by increased visibility into the second half. Full year revenue expectations have been adjusted to reflect certain project sales shifting into 2026 and a more measured view on module pricing. The second half will remain challenging, with rising solar supply chain prices and ongoing trade uncertainties. We will continue to navigate these conditions with discipline, maintaining a prudent balance between growth and profitability.”

Recent Developments

Canadian Solar

On May 29, 2025, Canadian Solar announced the publication of its 2024 Sustainability Report, which highlights the Company’s sustainability strategy and performance, including progress towards achieving its sustainability goals. The sustainability disclosures in the report are aligned with the global standards set by the SASB and GRI, with reference to the IFRS set by the ISSB.

CSI Solar

On July 16, 2025, Canadian Solar announced its residential energy storage system, EP Cube, designed by its subsidiary, Eternalplanet, won the prestigious Red Dot Award 2025. This award recognizes EP Cube as one of the most well-designed residential energy storage products globally. Earlier this year, EP Cube also received several other international design awards, including the If Design Award and MUSE Design Award Gold.  

On June 3, 2025, Canadian Solar announced the completion of Large-Scale Fire Testing for its SolBank 3.0 energy storage system. The successful test demonstrated that SolBank 3.0 meets key fire safety criteria by containing thermal events within a single enclosure, providing enhanced safety assurance for utility-scale deployments.

Recurrent Energy

On July 17, 2025, Canadian Solar announced it closed project financing and tax equity for Blue Moon Solar located in Harrison County, Kentucky. U.S. Bank, through its subsidiary U.S. Bancorp Impact Finance, is providing both tax equity and construction financing for the project, totaling $260 million. Constellation will purchase power and renewable energy certificates produced by the 94 MW energy facility. Blue Moon Solar is currently under construction and expected to reach commercial operation in 2026. Recurrent Energy will own and operate the project after it is energized.

On July 7, 2025, Canadian Solar announced that the 1,200 MWh Papago Storage facility in Maricopa County, Arizona, has reached commercial operation. The project is now dispatching stored energy to Arizona Public Service (APS), the state’s largest electric utility. Papago Storage is the first of three Recurrent Energy projects with tolling agreements in place with APS to become operational.

Conference Call Information

The Company will hold a conference call on Thursday, August 21, 2025, at 8:00 a.m. U.S. Eastern Time (8:00 p.m., Thursday, August 21, 2025, in Hong Kong) to discuss the Company’s second quarter 2025 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.), 800 965 561 (from Hong Kong), +86 400 120 2840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13755040. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, September 4, 2025 (11:00 a.m. September 5, 2025, in Hong Kong) and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations.  The replay pin number is 13755040. A webcast replay will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 165 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 13 GWh of battery energy storage solutions to global markets as of June 30, 2025, boasting a $3 billion contracted backlog as of June 30, 2025. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 27 GWp of solar and 80 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company’s expected future shipment volumes, revenues, gross margins, and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “may”, “will”, “expect”, “anticipate”, “future”, “ongoing”, “continue”, “intend”, “plan”, “potential”, “prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

The following table summarizes the revenues generated from each product or service.

About Non-GAAP Financial Measures

This press release also contains adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share – diluted that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income (loss) attributable to Canadian Solar Inc. or earnings (loss) per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted net income (loss) attributable to Canadian Solar Inc. and adjusted earnings (loss) per share – diluted exclude from net income (loss) attributable to Canadian Solar Inc. and earnings (loss) per share certain items that the Company does not consider indicative of its ongoing financial performance such as the effects of HLBV method to account for its tax equity arrangements. Management uses these non-GAAP financial measures to facilitate the analysis and communication of the Company’s financial performance as compared to its previous financial results. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of the Company’s financial performance. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.

The table below provides a reconciliation of our GAAP net income (loss) to non-GAAP financial measures.

SHANGHAI, Aug. 21, 2025 /PRNewswire/ — Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Highlights: 

• GMV for the second quarter of 2025 increased by 4.5% year over year to RMB6,499.4 million (US$907.3 million) from RMB6,218.7 million in the same quarter of 2024, positive year-on-year growth for six straight quarters.
• Total number of orders increased by 5.5% year over year in the second quarter of 2025.
• Net income for the second quarter of 2025 increased by 59.7% year over year to RMB107.2 million (US$15.0 million) from RMB67.1 million in the same quarter of 2024, the sixth consecutive quarter of profitability.
• Non-GAAP net income for the second quarter of 2025 increased by 23.9% year over year to RMB127.8 million (US$17.8 million) from RMB103.1 million in the same quarter of 2024, the eleventh consecutive quarter of non-GAAP profitability.

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, “As of the second quarter of 2025, Dingdong has achieved eleven straight quarters of non-GAAP profitability and six straight quarters of GAAP profitability, along with six consecutive quarters of positive year-over-year revenue growth. This consistent growth in scale and profitability not only shows that we have overcome the challenge of survival but also proves the resilience and execution capabilities of the Dingdong team, laying a strong foundation for the next phase of higher-quality growth. By the end of the second quarter, Dingdong’s 4G strategy—centered on “good users, good products, good service, and good mindshare”—had been in place for six months. While the Company is still transforming, it has achieved steady year-over-year growth. Additionally, through adjustments in production relations and productivity improvements, the 4G strategy has already begun to show results. The Company remains focused on developing high-quality products, aiming to create more offerings that are well-received, commercially successful, and distinctive. Our principle is “Where others fall short, we deliver. Where others deliver, we excel. Where others excel, we redefine.” Operational metrics aligned with the 4G strategy continue to improve steadily.”

Mr. Song Wang, Chief Financial Officer of Dingdong, stated, “In the second quarter of 2025, Dingdong generated revenue of RMB5.98 billion, a 6.7% year-on-year increase, marking six consecutive quarters of positive growth. Non-GAAP net profit reached RMB127.8 million, with a net margin of 2.1%, up 0.3 percentage points year-on-year. GAAP net profit was RMB107.2 million, with a net margin of 1.8%, an increase of 0.6 percentage points. In terms of funds, the second quarter recorded a net cash inflow of RMB101.4 million from operating activities, the eighth straight quarter of positive cash flow. By the end of the second quarter, after deducting short-term borrowings, our actual cash owned increased to RMB2.95 billion. Dingdong has been focused on the instant retail and fresh grocery e-commerce sectors for over eight years. Our ongoing profitability and rising cash flow reinforce our commitment to the value proposition “narrow and deep.” Despite external changes, we will remain fully dedicated to the fresh grocery vertical, investing continuously in high-quality products and supply chains, following our unique path.”

Second Quarter 2025 Financial Results

Total revenues were RMB5,975.9 million (US$834.2 million) compared with total revenues of RMB5,599.0 million in the same quarter of 2024, increased by 6.7% year over year, primarily due to the rise of number of orders resulting from rise in the average monthly number of transacting users and higher monthly order frequency, and new opened frontline fulfillment stations with density and market penetration improved in East China. The increase was offset by suspension of operations for a number of stations in the last three quarters of 2024, and the impact of the decline in CPI prices of certain categories in the second quarter of 2025.

• Product Revenues were RMB5,893.7 million (US$822.7 million) compared with product revenues of RMB5,517.9 million in the same quarter of 2024, increased by 6.8% year over year.
• Service Revenues were RMB82.1 million (US$11.5 million) compared with service revenues of RMB81.1 million in the same quarter of 2024, increased by 1.3% year over year.

Total operating costs and expenses were RMB5,980.1 million (US$834.8 million) compared with RMB5,612.8 million in the same quarter of 2024, with a detailed breakdown as below:

• Cost of goods sold was RMB4,255.2 million (US$594.0 million), an increase of 8.6% from RMB3,919.4 million in the same quarter of 2024. Cost of goods sold as a percentage of revenues increased to 71.2% from 70.0% in the same quarter of 2024. Gross margin decreased to 28.8% from 30.0% in the same quarter of 2024. The cost implications arising from product listing and delisting due to the implementation of 4G strategy of “good users, good products, good services, and good mindshare”.
• Fulfillment expenses were RMB1,297.3 million (US$181.1 million), an increase of 3.5% from RMB1,252.9 million in the same quarter of 2024. Fulfillment expenses as a percentage of total revenues decreased to 21.7% from 22.4% in the same quarter of 2024.
• Sales and marketing expenses were RMB102.9 million (US$14.4 million), a decrease of 20.6% from RMB129.7 million in the same quarter of 2024. Sales and marketing expenses as a percentage of total revenues decreased to 1.7% from 2.3% in the same quarter of 2024. The traffic and promotional effects generated by the Good Products Strategy have replaced some of the original marketing campaigns, thereby saving corresponding expenses.
• General and administrative expenses were RMB122.9 million (US$17.2 million), an increase of 13.6% from RMB108.2 million in the same quarter of 2024, mainly due to the increase of staff cost.
• Product development expenses were RMB201.8 million (US$28.2 million), a slightly decrease of 0.4% from RMB202.7 million in the same quarter of 2024. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure such as the AI technical capability, to further enhance our competitiveness.

Net income from operations was RMB81.6 million (US$11.4 million), compared with net income from operations of RMB53.6 million in the same quarter of 2024.

Non-GAAP income from operations, which is a non-GAAP measure for loss from operations that excludes share-based compensation expenses, was RMB102.2 million (US$14.3 million), increased by 14.1% year over year, compared with Non-GAAP income from operations of RMB89.6 million in the same quarter of 2024.

Net income was RMB107.2 million (US$15.0 million), compared with net income of RMB67.1 million in the same quarter of 2024.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB127.8 million (US$17.8 million), increased by 23.9% year over year, compared with non-GAAP net income of RMB103.1 million in the same quarter of 2024. In addition, non-GAAP net income margin, which is the Company’s non-GAAP net income as a percentage of total revenues, was 2.1% compared with 1.8% in the same quarter of 2024.

Basic and diluted net income per share were RMB0.32 and RMB0.31 (US$0.04), compared with net income per share of RMB0.20 in the same quarter of 2024. Non-GAAP net income per share, basic and diluted, were RMB0.39 and RMB0.37 (US$0.05), compared with RMB0.31 in the same quarter of 2024.

Cash and cash equivalents, restricted cash and short-term investments were RMB3,974.2 million (US$554.8 million) as of June 30, 2025, compared with RMB4,294.5 million as of March 31, 2025. We have been working diligently to optimize our capital usage and financing structure. The cash and cash equivalents, restricted cash, short-term investments and long-term deposits as included in the other non-current assets deducting the balance of short-term borrowings, is RMB2.95 billion, a net increase for the eighth consecutive quarter, compared with RMB2.89 billion as of March 31, 2025.

Guidance

The Company is looking to maintain scale year-over-year and achieve non-GAAP profits in the third quarter of 2025.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. Eastern Time on Thursday, August 21, 2025 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:

The replay will be accessible through August 28, 2025 by dialing the following numbers:

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.100.me.

About Dingdong (Cayman) Limited 

We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers’ evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping.

For more information, please visit: https://ir.100.me.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, non-GAAP net income attributable to ordinary shareholders and non-GAAP net income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

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

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$1.00, the exchange rate on June 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong’s strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its interim and annual reports 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 but not limited to statements about Dingdong’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: Dingdong’s goals and strategies; Dingdong’s future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong’s expectations regarding demand for and market acceptance of its products and services; Dingdong’s expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong’s industry; and relevant government policies and regulations relating to Dingdong’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.