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Cannes Premiere: Lenovo Shines Spotlight on Chinese Wildlife Conservation Innovation with Lu Chuan’s Qinghai-Tibet Plateau Wildlife Park

CANNES, France, May 20, 2025 /PRNewswire/ — Lenovo Group and renowned Chinese film director Lu Chuan today premiered the documentary Qinghai-Tibet Plateau Wildlife Park at the 78th Cannes Film Festival. Highlighting China’s innovation in wildlife conservation, the documentary showcases the beauty of plateau wildlife and the unique approach to conservation rooted in traditional Eastern wisdom. Upon its debut, the film received unanimous acclaim at Cannes.

Lu Chuan at Cannes Wildlife & Cinema Seminar
Lu Chuan at Cannes Wildlife & Cinema Seminar

Alongside the screening, a seminar was held exploring the importance of wildlife documentaries in raising awareness for environmental issues. The seminar brought together environmental advocates, filmmakers, and technology specialists from around the world to engage in discussions about the film’s portrayal of China’s pioneering wildlife conservation practices at the Qinghai-Tibet Plateau Wildlife Park (QWP) known as the QWP Model.

Among the attendees was Greg Reitman, widely regarded as Hollywood’s “Green Filmmaker”, stating: “My filmmaking is fueled by a passion for spotlighting environmental issues and driving positive change. The film Qinghai-Tibet Plateau Wildlife Park has inspired me — AI serves as a bridge, enabling us to monitor wildlife non-invasively and guiding us toward a future of living in harmony with all beings through respect and protection.”

The QWP Model focuses on providing comprehensive care for injured wildlife, using technology to assess their potential for survival in the wild, and prioritizing their reintroduction to natural habitats. The distinct conservation philosophy stems from local beliefs in the cycle of reincarnation, where all spirits – humans, animals, and plants – can be reborn as another, making all life forms equal and deserving of the same respect and care.

By integrating cutting-edge AI into the park’s operations, Lenovo has built the first AI Park on the plateau, transforming how conservationists research, rescue, and rehabilitate wildlife on the plateau. Key applications include using AI to recognize indicative wildlife behaviors for advanced care, to collect and analyze real-time data for improved reintroduction strategies, and to automatically document medical records for long-term research.

More than a cinematic triumph, Qinghai-Tibet Plateau Wildlife Park’s Cannes debut shows how Chinese conservation philosophies, powered by Lenovo AI, offer a unique solution to global ecological challenges. As part of Lenovo’s commitment to ‘Smarter AI for All’, this collaboration strives to utilize AI to build a more sustainable coexistence between humans and nature.

MiTAC Computing Democratizes AI at COMPUTEX 2025

TAIPEI, May 20, 2025 /PRNewswire/ — At COMPUTEX 2025, MiTAC Computing Technology Corporation, a leading server platform designer and manufacturer and a subsidiary of MiTAC Holdings Corporation (TSE:3706), drives innovation in AI, High-Performance Computing (HPC), cloud, and enterprise data center solutions at COMPUTEX. MiTAC will showcase high-density AI and GPU servers featuring Broadcom PCIe switches, NICs and RAID adapters.

MiTAC Computing and Broadcom's Joint Innovation Showcase
MiTAC Computing and Broadcom’s Joint Innovation Showcase

“Broadcom’s high-performance NICs, PCIe switches, and RAID technologies have helped us deliver flexible server solutions that power next-generation computing,” said Rick Hwang, President of MiTAC Computing Technology Corp. “Our ongoing collaboration ensures that customers—from research institutes to mid-sized enterprises—can adopt AI and HPC more efficiently and cost-effectively.”

“Broadcom is pleased to support the MiTAC AI and HPC demonstrations at COMPUTEX with our broad portfolio of connectivity solutions,” said Jas Tremblay, vice president and general manager of the Data Center Solutions Group, Broadcom. “We understand the importance of democratizing AI by expanding access to accelerated computing across the industry and open ecosystem. MiTAC’s AI platforms are designed to provide the scalability, speed, and reliability needed to meet the demands of today’s advanced data-driven workloads.”

At the center of the COMPUTEX showcase are two platforms designed to meet the demands of modern AI and HPC:

  • MiTAC G8825Z5 – A high-density AI server built for large-scale training workloads, leveraging 4 Broadcom PEX89104 PCIe 5.0 switches, and a mix of 8 Broadcom P1400GD (E-W) and 4 P2200GD (N-S) high-speed NICs to deliver ultra-fast GPU communication and optimized AI throughput.
  • MiTAC G4520G6 – A powerful 4U GPU server tailored for HPC and AI tasks, featuring 2 Broadcom PEX89104 PCIe 5.0 switches and Broadcom RAID solutions to ensure performance, reliability, and seamless GPU scalability for compute- and data-intensive workloads.

MiTAC’s flexible system architectures, featuring Broadcom’s scalable interconnect and storage solutions will empower organizations of all sizes – from enterprise IT to research institutions – to deploy powerful AI and HPC systems without the high cost or complexity traditionally associated with them.

Visit MiTAC Computing at COMPUTEX 2025 – Booth M1110

Experience MiTAC Computing’s Broadcom-enabled product lineup and talk with solution experts.

Explore more: https://www.mitaccomputing.com/en/campaign/computex2025

About MiTAC Computing Technology Corporation

MiTAC Computing Technology Corp., a subsidiary of MiTAC Holdings, delivers comprehensive, energy-efficient server solutions backed by industry expertise dating back to the 1990s. Specializing in AI, HPC, cloud, and edge computing, MiTAC Computing employs rigorous methods to ensure uncompromising quality not just at the barebone level but more importantly, at the system and rack levels—where true performance and integration matter most. This commitment to quality at every level sets MiTAC Computing apart from others in the industry. The company provides tailored platforms for hyperscale data centers, HPC, and AI applications, guaranteeing optimal performance and scalability.

With a global presence and end-to-end capabilities—from R&D and manufacturing to global support—MiTAC Computing offers flexible, high-quality solutions designed to meet unique business needs. Leveraging the latest advancements in AI and liquid cooling, along with the recent integration of Intel DSG and TYAN server products, MiTAC Computing stands out for its innovation, efficiency, and reliability, empowering businesses to tackle future challenges.

Visit our corporate website: https://www.mitaccomputing.com/

Storage Meets AI at COMPUTEX 2025: Lexar Introduces Innovative Product Lines

TAIPEI, May 20, 2025 /PRNewswire/ — Lexar, a leading global brand in storage solutions, is showcasing its innovations at Computex 2025, held from May 20 to 23 at the Taipei Nangang Exhibition Center. Under the theme “Storage Meets AI,” Lexar is featured alongside Longsys Group at booth J1 211a, 1F, Hall 1.

As AI becomes more integrated into everyday life, users are increasingly focused on the capabilities of storage products. Lexar’s offerings are renowned for their large capacity, high-speed performance, and dependable quality, effectively catering to the needs of PC enthusiasts, gamers, and professional creators.

Deeply Engaged with Gamers

Lexar showcased a series of products specifically designed for gamers. The Lexar ARES RGB 2nd Gen DDR5 Desktop Memory, featuring premium SK Hynix DRAM chips, offers high speeds of up to 8000MT/s, and 6000MT/s with a timing of CL26. Lexar Ares series teamed up with AMD and Gigabyte’s high-end product series to form a high-performance PC hardware combination – ‘AAA’ gear for AAA gaming.

Lexar’s ARES RGB 2nd Gen DDR5 memory modules—specifically the 16GB (7200 MT/s) and 24GB (8000 MT/s) versions—are compatible with Intel’s 200S Boost initiative, which maximizes processor performance. These modules comply with the Overclocking Profile standard, ensuring high quality and reliability.

For internal SSDs, Lexar showcased two next-generation SSDs: the Lexar Professional NM990 PCIe Gen5.0 NVMe M.2 2280 SSD and the Lexar Professional NM1090 PRO PCIe Gen5.0 NVMe M.2 2280 SSD. Both can provide exceptional performance of up to 14GB/s read speed and are perfect for gaming and professional rendering.

In addition, Lexar also showcased the recently released PLAY PRO microSD Express memory card, which is ideal for the latest handheld gaming console.

More for Professional Creators

For professional creators, Lexar continuously offers innovative products to meet their demands. Among these is the new Lexar NFC Encryption Portable SSD. This SSD utilizes Lexar’s self-developed control chip and features NFC technology that requires unlocking for recognition, optimizing power dissipation and enhancing transmission stability while comprehensively protecting user privacy.

Lexar also showcased the Go Portable SSD with Hub, which enables content creators to shoot seamless video directly from their mobile phones. It successfully garnered over $1 million in user pledges on Kickstarter and raised nearly 12 million TWD on Zeczec, a crowdfunding platform in Taiwan.

Completing its offerings for photography enthusiasts, Lexar presents pexar digital picture frames. Available in both 15.6″ and 11″ sizes, these frames allow users to upload and showcase their favorite photos and videos from afar. They feature anti-glare touch screens for enhanced viewing and effortless setup. Each frame includes 32GB of built-in Lexar storage, capable of holding up to 40,000 photos, with the option to expand storage via a USB flash drive or SD card. Additionally, the 11″ frame boasts a stunning 2K resolution display.

Media kit

Press images: https://www-oss.lexar.com/lexar/files/PR/COMPUTEX2025_press_images.zip 

About Lexar

For more than 29 years, Lexar has been trusted as a leading global brand of memory solutions. Our award-winning lineup includes memory cards, USB Flash Drives, card readers, solid-state drives, and DRAM. With so many options, it’s easy to find the right Lexar solution to fit your needs. For more information, please visit lexar.com and follow us on Instagram, Facebook and LinkedIn.

Ascletis Announces First Participants Dosed in a U.S. Clinical Study Combining Adipose-Targeted, Once-Monthly Injectable Small Molecule THRβ Agonist, ASC47, and Semaglutide for the Treatment of Obesity

The combination study is designed to evaluate the safety and preliminary efficacy of a single-dose of ultra-long-acting subcutaneously administered ASC47 in combination with four doses of semaglutide (0.5 mg, once-weekly) in participants with obesity.

Asan adipose-targeted, muscle-preserving weight loss drug candidate for the treatment of obesity, ASC47 monotherapy demonstrated a half-life of up to 40 days in a Phase Ib study in participants with obesity.

In a head-to-head diet-induced obese (DIO) mouse model, low dose ASC47 in combination with semaglutide demonstrated a 56.7% greater reduction in body weight with muscle preservation compared to semaglutide monotherapy.

Topline data from the combination clinical study are expected in the fourth quarter of 2025.

HONG KONG, May 20, 2025 /PRNewswire/ — Ascletis Pharma Inc. (HKEX:1672, “Ascletis”) announces that the first participants have been dosed in the randomized, double-blind, placebo-controlled study (ASC47-103 study) evaluating the safety and preliminary efficacy of single-dose, ultra-long-acting subcutaneously (SQ) administered ASC47 in combination with semaglutide in participants with obesity who do not have Type 2 diabetes. The ASC47-103 study, conducted in the U.S., consists of three cohorts with single ascending doses (10 mg, 30 mg and 60 mg) of ASC47 or volume-matched placebo. Participants in each cohort will also receive four doses of semaglutide (0.5 mg, once weekly) (NCT06972992).

ASC47 is an adipose-targeted, ultra-long-acting SQ injected thyroid hormone receptor beta (THRβ) selective small molecule agonist, discovered and developed in-house at Ascletis. ASC47 possesses unique and differentiated properties to enable adipose targeting, resulting in dose-dependent high drug concentrations in the adipose tissue. ASC47 monotherapy demonstrated a half-life of up to 40 days in a Phase Ib study in participants with obesity. In a head-to-head diet-induced obese (DIO) mouse model, low dose ASC47 in combination with semaglutide demonstrated a 56.7% greater reduction in body weight with muscle preservation compared to semaglutide monotherapy.

Topline data from the ASC47-103 study are expected in the fourth quarter of 2025.

“To our knowledge, this is the first clinical study combining THRβ targeting mechanism and an incretin drug for obesity,” said Jinzi Jason Wu, Ph.D., Founder, Chairman and CEO of Ascletis, “We believe data from this combination study will help us design our once-monthly combination study of ASC47 and ASC30 (GLP-1R agonist), both of which have demonstrated a long half-life of 40 days and 36 days, respectively, in participants with obesity.”

About ASC47-103 Study

The ASC47-103 study, conducted in the U.S., is a randomized, double-blind, placebo-controlled clinical study designed to evaluate the safety and preliminary efficacy of single-dose, ultra-long-acting subcutaneously (SQ) administered ASC47 in combination with semaglutide in participants with obesity (body mass index ≥ 30 kg/m2).  The ASC47-103 study consists of three cohorts: Cohort 1 participants will receive a single dose of 10 mg ASC47, or volume-matched placebo via SQ injection, and four doses of semaglutide (0.5 mg, once-weekly) via SQ injection. Cohort 2 participants will receive a single dose of 30 mg ASC47, or volume-matched placebo via SQ injection, and four doses of semaglutide (0.5 mg, once-weekly) via SQ injection. Cohort 3 participants will receive a single dose of 60 mg ASC47, or volume-matched placebo via SQ injection, and four doses of semaglutide (0.5 mg, once-weekly) via SQ injection.

About Ascletis Pharma Inc.

Ascletis is an innovative R&D driven biotech listed on the Hong Kong Stock Exchange (1672.HK), covering the entire value chain from discovery and development to GMP manufacturing. Led by a management team with deep expertise and a proven track record, Ascletis is focused on metabolic diseases by addressing unmet medical needs from a global perspective. Ascletis has multiple clinical stage drug candidates in its metabolic disease pipeline.

For more information, please visit www.ascletis.com.

Contact:

Peter Vozzo
ICR Healthcare
443-231-0505 (U.S.)
Peter.vozzo@icrhealthcare.com

Ascletis Pharma Inc. PR and IR teams
+86-181-0650-9129 (China)
pr@ascletis.com
ir@ascletis.com

 

BioFlag Showcases Innovative Probiotic Solutions at Vitafoods Europe 2025

BARCELONA, Spain, May 20, 2025 /PRNewswire/ — BIOFLAG CO.,LTD.(Bioflag), a leading probiotic enterprise located in China, proudly unveiled its scientifically validated functional probiotic solutions at Vitafoods Europe 2025, drawing high attention from global media.

At the event, BioFlag highlighted its cutting-edge products, including clinically-proven probiotic strains and finished probiotic products targeting gut health, immune regulation, metabolic health, weight management, oral care, and emotional well-being. The company also introduced customized probiotic solutions tailored to meet stringent European and American standards.

Key innovations include:

Bifidobacterium animalis subsp. lactis BL-99, sourced from their Chinese maternal-infant probiotic strain library. BL-99 holds 12 Chinese invention patents covering gut health, immune regulation, and bone health, and is widely used in infant formula, yogurt, and dietary supplements.

Lactobacillus paracasei K56, isolated from the gut of healthy Chinese infants and clinically proven to reduce body fat, visceral fat, and waist circumference[1]. This strain has received 9 Chinese invention patents and is supported by 12 published research studies.

Bifidobacterium animalis subsp. lactis CP-9, derived from the breast milk of healthy Chinese mothers, patented in China for anti-obesity effects and the treatment or prevention of jaundice.

As a representative of China’s probiotics industry, BIOFLAG CO.,LTD. has demonstrated its its full industrial chain capabilities:

  • A proprietary library of over 3,500 strains and 30+ functional screening platforms
  • More than 130 patents granted and 100+ scientific papers published
  • International certifications including GMP, FSSC22000 and HALAL
  • Production capacity spanning powders, tablets, capsules, and other dosage forms

During the exhibition, BIOFLAG CO.,LTD. reached cooperation intentions with dozens of enterprises and institutions from Europe, North America and other places. A company spokesperson stated, “Drawing on nearly two decades of expertise in functional probiotics, we remain committed to driving innovation in R&D and intelligent manufacturing to deliver superior health solutions to our global customers.”

For more information, visit: https://en.bioflag.com/

[1] Kadeer G, Fu W, He Y,  et al. Effect of different doses of Lacticaseibacillus paracasei K56 on body fat and metabolic parameters in adult individuals with obesity: a pilot study[J]. Nutr Metab. 2023, 20(1): 16.

ZKH Group Limited Announces First Quarter 2025 Unaudited Financial Results

SHANGHAI, May 20, 2025 /PRNewswire/ — ZKH Group Limited (“ZKH” or the “Company”) (NYSE: ZKH), a leading maintenance, repair and operations (“MRO”) procurement service platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Operational and Financial Highlights 

in thousand RMB, except for number of

customers, percentage and basis points (“bps”)

First Quarter

2024

2025

Change

GMV[1]

2,348,640

2,171,997

-7.5 %

GMV by Platform

    ZKH Platform

2,137,614

1,966,210

-8.0 %

    GBB Platform

211,026

205,787

-2.5 %

GMV by Business Model

    Product Sales (1P)

1,775,732

1,901,196

7.1 %

    Marketplace (3P)[2]

572,908

270,800

-52.7 %

Number of Customers[3]

46,135

60,102

30.3 %

    ZKH Platform

31,706

35,135

10.8 %

    GBB Platform

14,429

24,967

73.0 %

Net Revenues

1,860,409

1,935,372

4.0 %

Gross Profit

334,076

332,118

-0.6 %

    % of Net Revenues

18.0 %

17.2 %

-79.7bps

Operating Loss

(129,613)

(80,813)

-37.7 %

    % of Net Revenues

-7.0 %

-4.2 %

279.1bps

Non-GAAP EBITDA[4]

(70,048)

(51,959)

-25.8 %

    % of Net Revenues

-3.8 %

-2.7 %

108.0bps

Net Loss

(90,901)

(66,723)

-26.6 %

    % of Net Revenues

-4.9 %

-3.4 %

143.9bps

Non-GAAP Adjusted Net Loss[5]

(43,459)

(50,176)

15.5 %

    % of Net Revenues

-2.3 %

-2.6 %

-25.7bps

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, “Our robust first-quarter performance in 2025 underscores our leadership position in the MRO industry and clearly demonstrates our path towards profitability. We have achieved significant momentum in our international expansion, particularly in the U.S., where both revenue and customer base have nearly doubled each month since January 2025. Looking ahead, our international growth efforts will prioritize enriching our product offerings and enhancing our supply chain capabilities overseas. Simultaneously, integrating digitalization and big data analytics empowers us to better anticipate and address evolving customer needs, fostering top-line growth, operational efficiency, and workforce productivity. We remain committed to investing in our products, supply chain, AI capabilities, and global footprint to drive sustainable growth and reinforce our industry leadership.”

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “We are pleased with our solid financial results this quarter, as our focus on high-quality revenue streams and operational efficiencies continued to yield positive results. Our business quality has strengthened, as reflected in the year-over-year growth of both our product sales model’s gross margin and our marketplace model’s take rate. Notably, our net operating loss margin and net loss margin narrowed by 279.1 and 143.6 basis points, respectively. With a strong cash position, continuously disciplined execution and improving profitability trajectory, we are confidently positioned for long-term value creation and enhanced returns for our shareholders.”

[1] GMV is the total transaction value of orders placed on the Company’s platform and shipped to customers, excluding taxes, net of the returned amount.

[2] The proportion of GMV generated by the marketplace model was 24.4% and 12.5% for the first quarter of 2024 and 2025, respectively.

[3] Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries.

[4] Non-GAAP EBITDA is defined as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.

[5] Non-GAAP adjusted net loss is defined as net loss excluding share-based compensation expenses.

First Quarter 2025 Financial Results

Net Revenues. Net revenues were RMB1,935.4 million (US$266.7 million), representing an increase of 4.0% from RMB1,860.4 million in the same period of 2024. This growth was mainly attributable to an increase in revenues from the product sales model, partially offset by a decrease in revenues from the marketplace model due to the prior year’s high base, which included low-margin businesses with long customer credit terms that have since been optimized.

in thousand RMB, except for percentage

First Quarter

2024

2025

Change

Net Revenues

1,860,409

1,935,372

4.0 %

    Net Product Revenues

1,775,019

1,884,860

6.2 %

        From ZKH Platform

1,563,502

1,679,343

7.4 %

        From GBB Platform

211,517

205,517

-2.8 %

    Net Service Revenues

66,654

37,894

-43.1 %

    Other Revenues

18,736

12,618

-32.7 %

  • Net Product Revenues. Net product revenues were RMB1,884.9 million (US$259.7 million), representing an increase of 6.2% from RMB1,775.0 million in the same period of 2024, primarily due to an increase in revenues from the product sales model.

  • Net Service Revenues. Net service revenues were RMB37.9 million (US$5.2 million), a decrease of 43.1% from RMB66.7 million in the same period of 2024, primarily due to the prior year’s high base, which included revenues from low-margin businesses with long customer credit terms under the marketplace model that have since been  optimized.
  • Other Revenues. Other revenues were RMB12.6 million (US$1.7 million), a decrease of 32.7% from RMB18.7 million in the same period of 2024, mainly due to lower revenues from warehousing and logistic services, as well as operating lease services for certain types of machinery and equipment.

Cost of Revenues. Cost of revenues was RMB1,603.3 million (US$220.9 million), representing an increase of 5.0% from RMB1,526.3 million in the same period of 2024. The increase was outpaced by the growth in product revenues, mainly due to the effectiveness of the Company’s initiatives to reduce overall product procurement costs.

Gross Profit and Gross Margin. Gross profit was RMB332.1 million (US$45.8 million), representing a decrease of 0.6% from RMB334.1 million in the same period of 2024. Gross margin was 17.2%, compared with 18.0% in the same period of 2024. The decrease was mainly due to lower revenue contribution from the marketplace model, which yields a 100% gross margin, while both the gross margin of the product sales model and the take rate of the marketplace model increased, driven by business optimization and higher proportion of GMV from higher-margin private label products. 

in thousand RMB, except for percentage and

basis points (“bps”)

First Quarter

2024

2025

Change

Gross Profit

334,076

332,118

-0.6 %

    % of Net Revenues

18.0 %

17.2 %

-79.7bps

    Under Product Sales (1P)

        ZKH Platform

250,326

278,618

11.3 %

            % of Net Product Revenues from ZKH Platform

16.0 %

16.6 %

58.0bps

        GBB Platform

11,630

12,687

9.1 %

            % of Net Product Revenues from GBB Platform

5.5 %

6.2 %

67.5bps

    Under Marketplace (3P)

66,654

37,894

-43.1 %

        % of Net Service Revenues

100.0 %

100.0 %

        % of GMV from the Marketplace Model (Take Rate)

11.6 %

14.0 %

235.9bps

    Others

5,466

2,918

-46.6 %

        % of Other Revenues

29.2 %

23.1 %

-604.8bps

Operating Expenses. Operating expenses were RMB412.9 million (US$56.9 million), a decrease of 10.9% from RMB463.7 million in the same period of 2024, with decreases across all categories of operating expenses. Operating expenses as a percentage of net revenues were 21.3%, compared with 24.9% in the same period of 2024. Excluding share-based compensation expenses, operating expenses as a percentage of net revenues were 20.5%, compared with 22.4% in the same period of 2024.

  • Fulfillment Expenses. Fulfillment expenses were RMB93.3 million (US$12.9 million), a decrease of 4.2% from RMB97.3 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and warehouse rental costs. Fulfillment expenses as a percentage of net revenues were 4.8%, compared with 5.2% in the same period of 2024.
  • Sales and Marketing Expenses. Sales and marketing expenses were RMB136.8 million (US$18.9 million), a decrease of 16.6% from RMB164.1 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and travel expenses. Sales and marketing expenses as a percentage of net revenues were 7.1%, compared with 8.8% in the same period of 2024.
  • Research and Development Expenses. Research and development expenses were RMB39.6 million (US$5.5 million), a decrease of 0.6% from RMB39.8 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses, partially offset by higher expenses related to technology and information services, such as cloud services. Research and development expenses as a percentage of net revenues were 2.0%, compared with 2.1% in the same period of 2024.
  • General and Administrative Expenses. General and administrative expenses were RMB143.2 million (US$19.7 million), a decrease of 11.8% from RMB162.4 million in the same period of 2024. The decrease was primarily attributable to lower share-based compensation expenses, partially offset by higher employee benefit expenses. General and administrative expenses as a percentage of net revenues were 7.4%, compared with 8.7% in the same period of 2024.

Loss from Operations. Loss from operations was RMB80.8 million (US$11.1 million), compared with RMB129.6 million in the same period of 2024. Operating loss margin was 4.2%, compared with 7.0% in the same period of 2024.

Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB52.0 million (US$7.2 million), compared with negative RMB70.0 million in the same period of 2024. Non-GAAP EBITDA margin was negative 2.7%, compared with negative 3.8% in the same period of 2024.

Net Loss. Net loss was RMB66.7 million (US$9.2 million), compared with RMB90.9 million in the same period of 2024. Net loss margin was 3.4%, compared with 4.9% in the same period of 2024.

Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB50.2 million (US$6.9 million), compared with RMB43.5 million in the same period of 2024. Non-GAAP adjusted net loss margin was 2.6%, compared with 2.3% in the same period of 2024.

Basic and Diluted Net Loss per ADS[6] and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS[7]Basic and diluted net loss per ADS were RMB0.41 (US$0.06), compared with RMB0.56 in the same period of 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.31 (US$0.04), compared with RMB0.27 in the same period of 2024.

[6] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.

[7] Non-GAAP adjusted basic and diluted net loss per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ADSs.

Balance Sheet and Cash Flow

As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.80 billion (US$248.1 million), compared with RMB2.06 billion as of December 31, 2024.

Net cash used in operating activities was RMB97.1 million (US$13.4 million) in the first quarter of 2025, compared with RMB224.3 million in the same period of 2024.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 Information

The Company’s management will hold a conference call on Tuesday, May 20, 2025, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter of 2025.

United States (toll free):

+1-888-317-6003

International:

+1-412-317-6061

Mainland China (toll free):

400-120-6115

Hong Kong (toll free):

800-963-976

Hong Kong:

+852-5808-1995

Access Code:

0116526

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

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

1341836

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

About ZKH Group Limited

ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform and the GBB platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.

For more information, please visit: https://ir.zkh.com.

Use of Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP adjusted net loss, non-GAAP adjusted net loss per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures.

The Company defines non-GAAP adjusted net loss for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net loss per ADS is calculated by dividing adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods and then multiplied by 35.

The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company’s operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors’ assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.

The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

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

Safe Harbor Statement

This press release contains forward-looking statements. These statements 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,” “expects,” “anticipates,” “aim,” “estimates,” “intends,” “plans,” “believes,” “is/are likely to,” “potential,” “continue,” and similar statements. Among other things, the quotations from management in this press release and ZKH’s strategic and operational plans contain forward-looking statements. ZKH 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 release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH’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: ZKH’s mission, goals and strategies; ZKH’s future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH’s expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH’s expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company’s industry; government policies and regulations relating to ZKH’s industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH’s filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

ZKH Group Limited
IR Department
E-mail: IR@zkh.com

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

In the United States:

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

 

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of
December 31,

As of
March 31,

2024

2025

RMB

RMB

US$

Assets

Current assets:

Cash and cash equivalents

1,423,943

1,136,052

156,552

Restricted cash 

92,939

116,183

16,010

Short-term investments

543,978

547,959

75,511

Accounts receivable (net of allowance
   for credit losses of RMB145,789 and
   RMB144,038 as of December 31,
   2024 and March 31, 2025,
   respectively)

3,090,323

2,808,599

387,035

Notes receivable

234,213

217,535

29,977

Inventories 

625,390

723,769

99,738

Prepayments and other current assets

179,387

177,261

24,427

Total current assets

6,190,173

5,727,358

789,250

Non-current assets:

Property and equipment, net

183,572

181,526

25,015

Land use right

10,808

10,751

1,482

Operating lease right-of-use assets, net

179,945

157,280

21,674

Intangible assets, net

15,931

14,169

1,953

Goodwill

30,807

30,807

4,245

Total non-current assets

421,063

394,533

54,369

Total assets

6,611,236

6,121,891

843,619

Liabilities

Current liabilities:

Short-term borrowings

311,000

160,790

22,157

Current portion of long-term borrowings 

997

1,153

159

Accounts and notes payable

2,553,396

2,311,127

318,482

Operating lease liabilities

81,379

68,828

9,485

Advance from customers

27,433

26,570

3,661

Accrued expenses and other current
   liabilities

365,333

350,718

48,330

Derivatives

476

66

Total current liabilities

3,339,538

2,919,662

402,340

Non-current liabilities:

Long-term borrowings

38,887

43,803

6,036

Non-current operating lease liabilities

109,096

97,382

13,420

Other non-current liabilities

25,224

23,966

3,302

Total non-current liabilities

173,207

165,151

22,758

Total liabilities

3,512,745

3,084,813

425,098

ZKH Group Limited shareholders’ equity:

Ordinary shares (USD0.0000001 par value;
   500,000,000,000 and 500,000,000,000
   shares authorized; 5,658,952,794 and
   5,658,952,794 shares issued and
   outstanding as of December 31, 2024 and
   March 31, 2025, respectively)

4

4

1

Additional paid-in capital

8,305,304

8,325,626

1,147,302

Statutory reserves

6,303

6,303

869

Accumulated other comprehensive income

4,764

1,756

242

Accumulated deficit

(5,177,126)

(5,243,849)

(722,622)

Treasury stock

(40,758)

(52,762)

(7,271)

Total ZKH Group Limited shareholders’
      equity

3,098,491

3,037,078

418,521

Total liabilities and shareholders’ deficit

6,611,236

6,121,891

843,619

 

 

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

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

For the three months ended

March 31,

2024

March 31, 2025

RMB

RMB

US$

Net revenues

Net product revenues

1,775,019

1,884,860

259,741

Net service revenues

66,654

37,894

5,222

Other revenues

18,736

12,618

1,739

Total net revenues

1,860,409

1,935,372

266,702

Cost of revenues

(1,526,333)

(1,603,254)

(220,934)

Operating expenses

Fulfillment

(97,348)

(93,307)

(12,858)

Sales and marketing

(164,113)

(136,835)

(18,856)

Research and development   

(39,836)

(39,613)

(5,459)

General and administrative

(162,392)

(143,176)

(19,730)

Loss from operations

(129,613)

(80,813)

(11,135)

Interest and investment income

18,054

13,279

1,830

Interest expense

(5,695)

(2,350)

(324)

Others, net

26,441

3,408

470

Loss before income tax 

(90,813)

(66,476)

(9,159)

Income tax expenses

(88)

(247)

(34)

Net loss attributable to ZKH Group
      Limited’s ordinary shareholders

(90,901)

(66,723)

(9,193)

Net loss

(90,901)

(66,723)

(9,193)

Other comprehensive loss:

Foreign currency translation adjustments

(3,350)

(3,008)

(415)

Total comprehensive loss
        attributable to ZKH Group Limited’s
        ordinary shareholders

(94,251)

(69,731)

(9,608)

Net loss per ordinary share attributable
      to ordinary shareholders

Basic and diluted

(0.02)

(0.01)

(0.00)

Weighted average number of shares 

Basic and diluted

5,730,448,966

5,695,083,577

5,695,083,577

Net loss per ADS attributable to
      ordinary shareholders

Basic and diluted

(0.56)

(0.41)

(0.06)

Weighted average number of ADS (35
      Class A ordinary shares equal to 1
      ADS)

Basic and diluted

163,727,113

162,716,674

162,716,674

 

 

ZKH GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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

For the three months ended

March 31, 2024

March 31, 2025

RMB

RMB

US$

Net loss

(90,901)

(66,723)

(9,193)

Income tax expenses

88

247

34

Interest expenses

5,695

2,350

324

Depreciation and amortization expense

15,070

12,167

1,677

Non-GAAP EBITDA

(70,048)

(51,959)

(7,158)

For the three months ended

March 31, 2024

March 31, 2025

RMB

RMB

US$

Net loss

(90,901)

(66,723)

(9,193)

Add: 

Share-based compensation expenses

47,442

16,547

2,280

Non-GAAP adjusted net loss

(43,459)

(50,176)

(6,914)

Non-GAAP adjusted net loss
      attributable to ordinary
      shareholders per share

Basic and diluted

(0.01)

(0.01)

(0.00)

Weighted average number of ordinary
      shares

Basic and diluted

5,730,448,966

5,695,083,577

5,695,083,577

Non-GAAP adjusted net loss
      attributable to ordinary
      shareholders per ADS

Basic and diluted

(0.27)

(0.31)

(0.04)

Weighted average number of ADS (35
      Class A ordinary shares equal to 1  
      ADS)

Basic and diluted

163,727,113

162,716,674

162,716,674

 

Thailand Urges Laos to Resume Cattle Imports After Anthrax

Cows in rural area (Photo: Oulayvanh Sisounonth)

Thailand is planning to consult Laos and Vietnam to lift the ban on cattle imports after an anthrax outbreak in the country amidst concerns over economic growth.

Mandarin Oriental, Hong Kong And LANDMARK Unveil a New Dining Venture in Partnership with Award-Winning French Chef Daniel Boulud


HONG KONG SAR – Media OutReach Newswire – 20 May 2025 – Mandarin Oriental, Hong Kong and LANDMARK are delighted to announce the forthcoming launch of a new dining venture in partnership with award-winning French chef, Daniel Boulud. Terrace Boulud, Hong Kong is scheduled to open in January 2026 on the 25th floor of LANDMARK PRINCE’S in Central Hong Kong, bringing Chef Boulud’s acclaimed French cuisine to Hong Kong for the first time. The concept is connected to the hotel via an existing enclosed walkway and features an expansive rooftop terrace with unmatched views of the Hong Kong skyline and harbour.

Terrace Boulud by Mandarin Oriental (3)

An iconic landmark in Hong Kong, Mandarin Oriental Hotel Group’s original flagship hotel has been an integral part of the city’s culinary landscape since its establishment in 1963. This new opening will mark Terrace Boulud’s inaugural presence in Asia and will be the hotel’s first dining venture beyond the iconic flagship hotel’s own premises which are home to nine outstanding restaurants and bars, including MICHELIN-starred venues, which have been offering guests legendary and memorable dining experiences over the last 60 years. Mandarin Oriental now extends its legacy of culinary innovation and excellence to the beautifully reimagined LANDMARK PRINCE’S.

Last year, Hongkong Land announced ‘Tomorrow’s CENTRAL’, a US$1 billion transformation of LANDMARK, which includes the reimagination of 10 world-class luxury retail ‘Maisons’. Upon completion, LANDMARK will feature over 100 diverse restaurants, bars and grab-and-go offerings, including 9 with outdoor terraces. Mandarin Oriental already operates 16 restaurants in Central and LANDMARK, boasting 9 MICHELIN Stars. Its restaurants and bars are highly coveted by top-tier customers of LANDMARK’s BESPOKE loyalty programme – in 2024, over 3,000 BESPOKE members dined at Mandarin Oriental, with some 300 of these customers ranking among LANDMARK’s top 1,000 customers.

Terrace Boulud represents Chef Boulud’s continual exploration of his most fundamental culinary inspirations and a highly personal, soulful expression of his craft, adding to his global presence which includes the MICHELIN-starred New York flagship Daniel, as well as outposts in Toronto, Palm Beach, Riyadh and the Bahamas. Skilfully reinterpreting classic bistro favourites with a contemporary flair, Terrace Boulud will invite guests to a sensory exploration of French culinary delights complemented by Asian-inspired creations. The seasonal, rotating menu will be based on Chef Boulud’s four culinary muses: La Tradition (French classics), La Saison (specialities of the market), Le Potager (the vegetable garden), Le Voyage (exotic flavours from the world’s great cuisines).

Perched high amidst the shimmering skyscrapers of the city, the venue will exude timeless elegance and warmth, capturing the sophisticated charm of a French café as well as the international glamour of Hong Kong. Guests will be able to enjoy lunch, afternoon tea, and dinner within the expansive restaurant. In addition, the spectacular rooftop terrace will offer creative cocktails, a refined wine selection, and curated local beers to complement the breathtaking views of the harbour, late into the night.

Terrace Boulud will be designed by Malherbe Paris, known for its bold and narrative-driven approach to hospitality, who will also be designing the new public and wellness spaces at Mandarin Oriental, Hong Kong. Inspired by the golden age of French brasseries and the elegance of luxury train travel, the interiors will invite guests into a timeless space where Parisian sophistication meets the lush vibrancy of Hong Kong. Textural contrasts, curved woodwork, hand-crafted details and layered lighting will create a warm and immersive atmosphere, paying tribute to local artisanship and creating a sense of journey. Echoing Chef Daniel Boulud’s global culinary vision, the space will be a refined celebration of the French Art de Vivre — interpreted with a contemporary twist in the heart of Asia.

Construction is scheduled to begin in May 2025.

“We are thrilled to be working with Chef Daniel Boulud and LANDMARK to introduce this unique concept to the city. The space on top of LANDMARK PRINCE’S is exceptional, truly at the heart of Hong Kong, and is the perfect setting in which to create this extraordinary dining experience that exemplifies Mandarin Oriental’s commitment to excellence,” says Greg Liddell, Area Vice President, Operations and General Manager of Mandarin Oriental, Hong Kong.

“The 25th floor of LANDMARK PRINCE’S is a legendary location that has captivated guests from both Hong Kong and around the world. We look forward to an exciting new chapter in this storied destination and further deepening our partnership with Mandarin Oriental” says Alexander Li, Director and Head of Retail, Hong Kong & Macau of Hongkong Land.

“It is an honour for me to partner with Mandarin Oriental to bring Terrace Boulud to Hong Kong. I am endlessly inspired by the flavours and culinary variety of the region, which provides a wonderful interchange with French tradition. I look forward to welcoming our guests to explore it with me in such an iconic location,” said Chef Daniel Boulud.

Hashtag: #MandarinOriental

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

About Daniel Boulud

Daniel Boulud, a native of Lyon, France, is considered one of America’s leading culinary authorities and one of the most revered chefs in New York, his home since 1982. Best known for his eponymous, exquisitely refined DANIEL on Manhattan’s Upper East Side, he has continually evolved his cuisine and expanded across the United States, as well as Toronto, Montreal, The Bahamas, Singapore, Dubai and Riyadh.

His culinary endeavors have brought him numerous accolades, yet his inspiration remains grounded in the rhythm of the seasons. From his MICHELIN-starred flagship to his restaurants across the globe, Chef Daniel’s culinary approach remains contemporary while staying true to French tradition and his life as a chef in New York.

About The Dinex Group

Founded by MICHELIN-starred Chef Daniel Boulud, The Dinex Group, LLC is a collection of internationally renowned and acclaimed restaurants with an emphasis on hospitality, from fine dining to casual cuisine, served at the highest level. A culinary innovator and iconic restaurateur, Chef Boulud founded The Dinex Group in 1993 with his eponymous restaurant, DANIEL, growing it today to multiple venues around the world.

About Malherbe Paris

Malherbe Paris is a creative powerhouse with significant experience in the luxury space, both in terms of physical space design and the development of a unique kind of storytelling, above and beyond standardized practices, which is key to delivering memorable moments, and increasing customer engagement, by creating experiences just as important as product.

About Mandarin Oriental, Hong Kong

The iconic Mandarin Oriental, Hong Kong is the epitome of contemporary luxury combined with Oriental heritage. Having delighted guests with award-winning services and impressive facilities for over 60 years, it is a much-loved address for those seeking an exclusive sanctuary in the heart of the city. The hotel’s spacious rooms and suites offer magnificent views of the renowned Victoria Harbour and the city’s skyline. A collection of nine outstanding restaurants and bars, including Michelin-Starred restaurant and Asia’s 50 Best Bar, a luxurious club lounge, a Shanghainese-inspired holistic spa, an indoor pool and a state-of-the-art fitness centre, make Mandarin Oriental, Hong Kong the quintessential “home away from home” for discerning leisure and business travellers alike.

About Mandarin Oriental Hotel Group

Mandarin Oriental is the award-winning owner and operator of some of the world’s most luxurious hotels, resorts and residences. Renowned for creating outstanding properties, each destination reflects the Group’s dual Asian heritage, local culture and unique design. Driven by a passion for the exceptional, every day, everywhere, the Group’s mission is to craft time enriching experiences that transform the ordinary to the exceptional and guests to fans through its legendary service. The Group now operates 43 hotels, 12 residences and 26 exclusive homes in 27 countries and territories with many more projects under development. Mandarin Oriental continues to drive its reputation as an innovative leader in luxury hospitality, delivering sustainable growth over the long term.

About LANDMARK

LANDMARK represents the epitome of top-tier luxury shopping and lifestyle experiences. Drawing from a rich heritage which began in 1904 – LANDMARK today is the luxury shopping destination of Hongkong Land’s Central portfolio including 4 iconic connected buildings, LANDMARK ATRIUM, LANDMARK ALEXANDRA, LANDMARK CHATER and LANDMARK PRINCE’S. LANDMARK offers over 200 of the finest stores and restaurants, all seamlessly linked by pedestrian bridges. From high fashion and accessories to watches and jewellery, from luxury living to beauty and grooming, from international cuisine to authentic gourmet dining, LANDMARK brings the ultimate shopping experience to the discerning customer.

About Hongkong Land

Hongkong Land is a major listed property investment, management and development group. The Group focuses on developing, owning and managing ultra-premium mixed-use real estate in Asian gateway cities, featuring Grade A office, luxury retail, residential and hospitality products. Its mixed-use real estate footprint spans more than 830,000 sq. m., with flagship projects in Hong Kong, Singapore and Shanghai. Its properties hold industry leading green building certifications and attract the world’s foremost companies and luxury brands. The Group’s Hong Kong Central portfolio represents some 450,000 sq. m. of prime property. The Group has a further 165,000 sq. m. of prestigious office space in Singapore mainly held through joint ventures and five retail centres on the Chinese mainland, including a luxury retail centre at Wangfujing in Beijing. In Shanghai, the Group owns a 43% interest in a 1.1 million sq. m. mixed-use project in West Bund, which is due to be completed in 2028. Hongkong Land Holdings Limited is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.