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Zuliz Expands Global Footprint with Malaysia Store Launch

IPOH, Malaysia, Feb. 26, 2025 /PRNewswire/ — Zuliz, a leading Chinese elderly footwear brand, has taken a significant step in its global expansion with the opening of its first store in Malaysia. This move underscores the brand’s commitment to strengthening its international presence and advancing its globalization strategy. 

ZULIZ
ZULIZ

The launch follows Zuliz’s successful showcase at the Malaysia International Trade Expo in August 2024, where its innovative elderly footwear range attracted widespread attention. The event led to a strategic partnership with a local distributor, facilitating Zuliz’s entry into the Southeast Asian market. The new store not only cements the brand’s regional presence but also highlights its growing influence in the global elderly care sector. 

Global Ageing: A Catalyst for Growth

Zuliz’s expansion aligns with significant demographic shifts. By 2024, the global population aged 65 and above reached 783 million, representing 9.1% of the world’s population. This ageing trend has created both challenges and opportunities, particularly in the elderly care market, where demand for high-quality, age-specific products is rising rapidly. 

Invitation to Join Zuliz’s Global Partner Programme 

To capitalize on these trends, Zuliz is inviting businesses worldwide to join its Global Partner Programme. The initiative offers comprehensive support in branding, product development, and operational strategies, providing a unique opportunity to collaborate with a market leader in elderly footwear. 

The programme is more than a commercial venture; it is a gateway to the burgeoning silver economy, a sector poised for exponential growth as ageing populations reshape global markets. By partnering with Zuliz, businesses can unlock significant commercial value while contributing to improving the quality of life for elderly individuals worldwide. 

As Zuliz continues to expand its international footprint, the brand remains focused on delivering innovative, high-quality solutions tailored to the needs of an ageing world. The Malaysia store opening marks a pivotal chapter in Zuliz’s journey toward becoming a global leader in elderly care products.

 

 

TÜV Rheinland issued Verification for Palm Vein Recognition Rate and Speed Of the Veno Pro Video Smart Lock

SHENZHEN, China, Feb. 26, 2025 /PRNewswire/ — TÜV Rheinland, the internationally recognized independent testing, inspection, and certification organization, has issued the verification statement for the palm vein recognition rate and speed of the Veno Pro Palm Vein Recognition Video Smart Lock (model: LKMSD411, hereinafter referred to as “Veno Pro“). Launched in North America by LOCKIN (U.S.) Inc. Technology, this product demonstrated performance consistent with the established test criteria, reflecting stable and reliable operation under daily use conditions.

TÜV Rheinland issued Verification for Palm Vein Recognition Rate and Speed Of the Veno Pro Video Smart Lock
TÜV Rheinland issued Verification for Palm Vein Recognition Rate and Speed Of the Veno Pro Video Smart Lock

As smart homes gain popularity and living standards rise, the biometric functions in smart locks have become increasingly important to users. Palm vein recognition technology, which uses infrared to read the distribution of veins in the human palm, offers several advantages over fingerprint and facial recognition, including natural live body detection, contactless convenience, hygiene, stable feature information, low environmental requirements, resistance to external damage or theft, reduced false triggers, and immunity to twin confusion. This technology is rapidly becoming a favorite in the lock industry.

However, due to its relatively recent introduction and limited recognition, smart locks equipped with palm vein recognition technology need to prove that their product performance and user experience to earn consumer trust. In response, TÜV Rheinland officially launched the “Palm Vein Recognition Rate and Speed Verification” service.

TÜV Rheinland conducted extensive palm vein recognition tests on Veno Pro in its laboratory under a reproducible and stable testing environment. The results show that Veno Pro’s average recognition time is no more than 0.17 seconds, with an average recognition success rate of no less than 99.9%. The recognition experience is stable and smooth, meeting the daily needs of users effectively.

“TÜV Rheinland recognizes that new technologies, such as palm vein recognition in the lock industry, require rigorous verification to ensure they meet consumer expectations and gain market acceptance. As a trusted partner, TÜV Rheinland is well-equipped to support manufacturers in validating the performance and reliability of their innovative products. By leveraging TÜV Rheinland’s verification services, companies can effectively demonstrate the quality and capabilities of their technologies, facilitating smoother market entry and enhancing customer trust”, Jay Yang, Vice President of TÜV Rheinland Graeter China Electrical.

About TÜV Rheinland

Safety and quality in almost all areas of business and life: That’s what TÜV Rheinland stands for. The company has been active for more than 150 years and is one of the world’s leading testing service providers. TÜV Rheinland has more than 22,000 employees in over 50 countries and generates annual sales of more than 2.4 billion euros. TÜV Rheinland’s highly qualified experts test technical systems and products around the globe, accompany innovations in technology and business, train people in numerous professions and certify management systems according to international standards. In this way, the independent experts ensure trust along global flows of goods and value chains. Since 2006, TÜV Rheinland has been a member of the United Nations Global Compact for more sustainability and against corruption.

Blockchain-Powered Data Validation Platform Enhances Cross-Boundary Academic Credential Verification

HONG KONG, Feb. 26, 2025 /PRNewswire/ — With the continuous development of the Greater Bay Area, data flow between Shenzhen and Hong Kong becomes increasingly frequent. Recently, WeBank Technology Services, in collaboration with Certizen Technology from Hong Kong, launched an innovative application in the education sector on the ShenzhenHong Kong cross-boundary data validation platform, supporting Hong Kong Polytechnic University (PolyU) in securely and efficiently verifying the educational information of students from Chinese mainland. This application not only facilitates relevant process for these students studying in Hong Kong, but can also support Hong Kong universities in optimizing the admission review processes and safeguarding academic integrity.

Instant Verification Improves Admission Review Efficiency

In recent years, the number of Chinese mainland students applying to Hong Kong universities has been on the rise. For graduate applications alone, Hong Kong universities receive tens of thousands of documents such as diplomas, degree certificates, and transcripts each year. While manual verification is time-consuming and prone to errors, there are also challenges that online cross-boundary data transmission faces, including the high compliance threshold for sensitive personal data and the lack of necessary digital infrastructure. There is an urgent need for an innovative solution to efficiently verify educational information while complying with regulations in both regions.

In January 2025, WeBank Technology Services and Certizen Technology proposed an innovative solution for reliable academic credential verification on the ShenzhenHong Kong cross-boundary data validation platform. Chinese mainland students can obtain their academic documents through a trusted data space built by the Authority of Qianhai Shenzhen. The platform generates a hash value (“data fingerprint”) for the documents using cryptographic algorithms and records it on the blockchain to ensure data immutability.

After students submit their application materials on the university’s official website, the university generates a set of “data fingerprint” based on the same cryptographic algorithm. The university then compares the two sets of ‘data fingerprint’ on the cross-boundary data validation platform to verify the authenticity and consistency of the data. During the verification process, the platform does not access the original documents, but only compares the online “data fingerprint” to quickly complete the reliable verification.

As the first university to connect to the platform, PolyU’s Policy Research Centre for Innovation and Technology (PReCIT) predicts a trimmed verification cycle from eight hours to under two minutes per 100 applications while maintaining accuracy by combining this innovative solution with the Legal Entity Identifier (LEI) and its verifiable credential technology.

The First Shenzhen-Hong Kong Cross-boundary Data Infrastructure Expands to New Scenarios

The launch of the cross-boundary academic credential verification service marks a significant breakthrough of the ShenzhenHong Kong cross-boundary data validation platform in the education sector. It was jointly developed under the guidance and support of government departments from both regions. It is operated by China (Qianhai) Internet Exchange, Shenzhen Credit Service and WeBank Technology Services. WeBank providing the overall solution design and technical support.

The service platform is developed based on the Distributed Data Transmission Protocol (DDTP) concept proposed by WeBank, and is built with the technology ofthe open source blockchain platform FISCO BCOS. It uses the immutability and traceability of blockchain technology to secure authenticity of user-carried data through hash value verification, meeting cross-boundary data regulatory requirements while safely and efficiently enabling cross-boundary data flow. Notably, DDTP has successfully obtained approval for standardization from the IEEE Standards Association (IEEE SA). This positions DDTP to potentially become the first international standard in the field of trustworthy personal data portability.

As the first digital cross-boundary infrastructure between Chinese mainland and Hong Kong, the ShenzhenHong Kong cross-boundary data validation platform has been applied in eight scenarios across institutions, including MSME financing, enterprise account opening, and cross-boundary tuition payment. It has not only provided convenience for residents and enterprises in both regions but also injected new energy into the deep integration and high-quality development of the Greater Bay Area’s economy.

About WeBank Technology Services
Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank’s cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide.

About WeBank
Launched in 2014, WeBank Co., Ltd. (“WeBank”) is the first digital bank in China. WeBank provides convenient financial services to micro-, small- and medium-sized enterprises (MSMEs) and the public, and continuously improves the quality of services in response to customers’ specific needs. WeBank ranks No. 1 in The Asian Banker’s Global Top 100 Digital Banks in 2025. By June 2024, WeBank has served over 400 million retail customers and 5 million MSMEs.

WeBank focuses on innovation and technology. WeBank has maintained its proportion of technical personnel above 50% since its establishment, while its research and development expenses have accounted for around 10% of its revenue. WeBank is now at the top of the industry in core technologies such as artificial intelligence (AI), blockchain, cloud computing and big data.

 

NX Group Unveils Global Campaign Visual and Concept Movie

– “Anything to Anywhere” Expresses NX Group’s Strengths in Global Transport of Everything from Semiconductors to Museum Exhibits –

TOKYO, Feb. 26, 2025 /PRNewswire/ — NIPPON EXPRESS HOLDINGS, INC., has created a new key visual (*) — “Anything to Anywhere” — to showcase the strengths of the NX Group and released a short movie to introduce the concept in order to accelerate the expansion of its worldwide business. This visual will be used by NX Group companies around the world to raise Group awareness globally.
(*): An advertising material/element used in various productions for brand penetration

NX Logo: https://kyodonewsprwire.jp/img/202502204514-O1-QzI940f0

New key visual: “Anything to Anywhere”
https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202502204514/_prw_PI2fl_3o1iErin.jpg

New visual representation of NX Group brand
The NX Group’s long-term vision is to become a “logistics company with a strong presence in the global market.” To realize the long-term vision, the Group has unveiled a new key visual, “Anything to Anywhere,” to express the NX Group brand globally.

Since its founding in 1937, the NX Group has continued to grow and win the trust of its customers by taking care of a wide variety of cargo — from semiconductors utilizing state-of-the-art technology to museum pieces — and properly managing and delivering them to their desired destinations. The key visual graphically illustrates the Group’s strengths and expresses its pride and determination to deliver any item anywhere in the world in any industry or sector with high-quality transport services. It also exemplifies the NX Group’s corporate message “We Find the Way” by showing the Group’s ability to examine and resolve difficult problems together with its customers.

Professional techniques and networks expressed in diverse motifs
Various motifs such as “dinosaur,” “pills” and “robot arm” were used for the key visual. They are beautifully and carefully wrapped like “origami,” the traditional Japanese craft of paper folding, evoking the craftsmanship and meticulous packaging techniques originated in Japan that the NX Group has cultivated over many years, and expressing the Group’s commitment to providing professional services that leverage its extensive experience and reliable capabilities.

The labels on the objects depict various destinations such as the Champs-Elysees in Paris and Silicon Valley in the U.S. as well as Antarctica and the Milky Way, symbolizing the NX Group’s global distribution network and its pursuit of unlimited possibilities.

Going forward, the new key visual “Anything to Anywhere” will be used as a creative element embodying the NX Group brand at exhibitions held around the world.

Image1: https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202502204514/_prw_PI3fl_w2ynzyHv.png

A short movie using “Anything to Anywhere” is available on the Group’s website, YouTube channel, and official LinkedIn account. Please take a look.

Posted location URLs
NIPPON EXPRESS HOLDINGS website: https://www.nipponexpress-holdings.com/en/about/video/
YouTube: https://www.youtube.com/@nittsu
LinkedIn: https://www.linkedin.com/company/nippon-express-group/

The NX Group will continue to take on the challenge of creating new value from logistics while aiming to be a globally trusted presence sought after by customers and society.

Image2: https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202502204514/_prw_PI4fl_muHvIPLt.png

About the NX Group: https://kyodonewsprwire.jp/attach/202502204514-O1-XJCtR2XW.pdf

NX Group official website: https://www.nipponexpress.com/
NX Group’s official LinkedIn account: https://www.linkedin.com/company/nippon-express-group/

Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

BEIJING, Feb. 26, 2025 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter 2024 Highlights[1]

  • Net revenues were RMB1,388.6 million, increased by 82.5% from RMB761.0 million in the same period of 2023.
  • Gross billings[2] were RMB2,160.2 million, increased by 69.0% from RMB1,278.1 million in the same period of 2023.
  • Loss from operations was RMB149.3 million, compared with loss from operations of RMB187.9 million in the same period of 2023.
  • Net loss was RMB135.8 million, compared with net loss of RMB119.6 million in the same period of 2023.
  • Non-GAAP net loss was RMB123.5 million, compared with non-GAAP net loss of RMB104.0 million in the same period of 2023.
  • Net operating cash inflow was RMB783.6 million, increased by 59.4% from RMB491.5 million in the same period of 2023.

Fourth Quarter 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the three months ended December 31,

2023

2024

Pct. Change

Net revenues

761,014

1,388,621

82.5 %

Gross billings

1,278,132

2,160,179

69.0 %

Loss from operations

(187,915)

(149,274)

(20.6) %

Net loss

(119,649)

(135,834)

13.5 %

Non-GAAP net loss

(103,970)

(123,541)

18.8 %

Net operating cash inflow

491,493

783,643

59.4 %

[1] For a reconciliation of non-GAAP numbers, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See “About Non-GAAP Financial Measures” and “Reconciliations of non-GAAP measures to the most comparable GAAP measures” elsewhere in this press release.

Fiscal Year Ended December 31, 2024 Highlights

  • Net revenues were RMB4,553.6 million, increased by 53.8% from RMB2,960.8 million in the same period of 2023.
  • Gross billings were RMB5,612.4 million, increased by 68.1% from RMB3,338.8 million in the same period of 2023.
  • Loss from operations was RMB1,181.8 million, compared with loss from operations of RMB149.0 million in the same period of 2023.
  • Net loss was RMB1,049.0 million, compared with net loss of RMB7.3 million in the same period of 2023.
  • Non-GAAP net loss was RMB995.7 million, compared with non-GAAP net income of RMB51.1 million in the same period of 2023.
  • Net operating cash inflow was RMB258.0 million, compared with net operating cash inflow of RMB353.7 million in the same period of 2023.

 

Fiscal Year 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

Fiscal Year ended December 31,

2023

2024

Pct. Change

Net revenues

2,960,813

4,553,556

53.8 %

Gross billings

3,338,750

5,612,390

68.1 %

Loss from operations

(149,006)

(1,181,833)

693.1 %

Net loss

(7,298)

(1,048,954)

14,273.2 %

Non-GAAP net income/(loss)

51,055

(995,737)

(2,050.3) %

Net operating cash inflow

353,697

258,007

(27.1) %

Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, “Driven by our dual pillars of strategic focus and organizational capability enhancement, we have significantly elevated the value delivered to our customers. In the fourth quarter, net revenues increased by 82.5% year-over-year to nearly RMB1.4 billion, while gross billings surged 69.0% to over RMB2.1 billion. Loss from operations narrowed by 20.6%, with operating margin improving by 13.9 percentage points, demonstrating our continued progress in profitability and tangible impact of our efficiency-driven initiatives. Our ample cash reserves, with net operating cash inflow of RMB783.6 million this quarter, provide a solid foundation for future strategic plans and long-term sustainable growth.

Notably, the evolution of AI technologies, represented by DeepSeek and other large-scale models, strongly aligns with our AI strategy and has significantly accelerated our advancements in learning effectiveness and organizational performance. We firmly believe that AI will have a profound and far-reaching impact on the education industry, reshaping the future learning experience. We will also spare no effort in actively promoting the deep integration of AI technologies with education, steadfastly advancing toward the essence of education—personalized, adaptive learning and tailored educational agent for every individual.”

Shannon Shen, CFO of the Company, added, “In 2024, our company achieved key strategic milestones. For the full year, net revenues increased by 53.8% year-over-year to approximately RMB4.6 billion, while gross billings grew by 68.1% year-over-year to over RMB5.6 billion. As of December 31st, 2024, our total cash position—including cash and cash equivalents, restricted cash, and short and long-term investments—stood at RMB4.1 billion. Excluding the impact of share repurchases, our cash reserves increased by RMB183.9 million compared to the end of 2023. As our business scales rapidly, we have implemented flexible and dynamic resource allocation mechanisms to steer the Company towards sustainable growth, and further strengthening the competitive edge of our core operations.

Looking ahead, leveraging cutting-edge AI technologies alongside a diverse product portfolio, rich learning scenarios and comprehensive learning solutions, we are committed to becoming the most trusted partner on every learner’s journey, driving high-quality development across the board.”

Financial Results for the Fourth Quarter of 2024

Net Revenues

Net revenues increased by 82.5% to RMB1,388.6 million from RMB761.0 million in the fourth quarter of 2023, which was mainly due to the continuous year-over-year growth of gross billings as a result of our sufficient and effective response to strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

Cost of Revenues

Cost of revenues increased by 93.4% to RMB440.3 million from RMB227.7 million in the fourth quarter of 2023. The increase was mainly due to expansion of instructors and tutors workforce, growing rental cost, as well as an increased cost of learning materials.

Gross Profit and Gross Margin

Gross profit increased by 77.8% to RMB948.3 million from RMB533.3 million in the fourth quarter of 2023. Gross profit margin decreased to 68.3% from 70.1% in the same period of 2023.

Non-GAAP gross profit increased by 77.0% to RMB950.8 million from RMB537.2 million in the fourth quarter of 2023. Non-GAAP gross profit margin decreased to 68.5% from 70.6% in the same period of 2023.

Operating Expenses

Operating expenses increased by 52.2% to RMB1,097.6 million from RMB721.2 million in the fourth quarter of 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

  • Selling expenses increased to RMB736.2 million from RMB465.7 million in the fourth quarter of 2023.
  • Research and development expenses increased to RMB145.1 million from RMB136.0 million in the fourth quarter of 2023.
  • General and administrative expenses increased to RMB216.4 million from RMB119.5 million in the fourth quarter of 2023.

Loss from Operations

Loss from operations was RMB149.3 million, compared with loss from operations of RMB187.9 million in the fourth quarter of 2023.

Non-GAAP loss from operations was RMB137.0 million, compared with non-GAAP loss from operations of RMB172.2 million in the fourth quarter of 2023.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB19.8 million, compared with a total of RMB23.9 million in the fourth quarter of 2023.

Other (Expenses)/Income, net

Other expenses, net was RMB6.4 million, compared with other income, net of RMB32.8 million in the fourth quarter of 2023.

Net Loss

Net loss was RMB135.8 million, compared with net loss of RMB119.6 million in the fourth quarter of 2023.

Non-GAAP net loss was RMB123.5 million, compared with non-GAAP net loss of RMB104.0 million in the fourth quarter of 2023.

Cash Flow

Net operating cash inflow in the fourth quarter of 2024 was RMB783.6 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB0.53 in the fourth quarter of 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB0.49 in the fourth quarter of 2024.

Share Outstanding

As of December 31, 2024, the Company had 168,623,225 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB4,094.3 million in aggregate, compared with a total of RMB3,953.5 million as of December 31, 2023.

Financial Results for the Fiscal Year of 2024

Net Revenues

Net revenues increased by 53.8% to RMB4,553.6 million from RMB2,960.8 million in 2023. The increase was mainly due to the growth of gross billings in 2024.

Cost of Revenues

Cost of revenues increased by 84.1% to RMB1,454.9 million from RMB790.2 million in 2023. The increase was mainly due to expansion of instructors and tutors workforce, growing rental cost, as well as an increased cost of learning materials.

Gross Profit and Gross Margin

Gross profit increased by 42.8% to RMB3,098.6 million from RMB2,170.6 million in 2023. Gross profit margin decreased to 68.0% from 73.3% in 2023.

Non-GAAP gross profit increased by 42.2% to RMB3,105.6 million from RMB2,183.6 million in 2023. Non-GAAP gross profit margin decreased to 68.2% from 73.7% in 2023.

Operating Expenses

Operating expenses increased by 84.5% to RMB4,280.5 million from RMB2,319.6 million in 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

  • Selling expenses increased to RMB2,963.7 million from RMB1,501.2 million in 2023.
  • Research and development expenses increased to RMB648.1 million from RMB462.0 million in 2023.
  • General and administrative expenses increased to RMB668.7 million from RMB356.4 million in 2023.

Loss from Operations

Loss from operations was RMB1,181.8 million, compared with loss from operations of RMB149.0 million in 2023.

Non-GAAP loss from operations was RMB1,128.6 million, compared with non-GAAP loss from operations of RMB90.7 million in 2023.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB95.7 million, compared with a total of RMB107.1 million in 2023.

Other Income, net

Other income, net was RMB45.8 million, compared with RMB54.5 million in 2023.

Net (Loss)/income 

Net loss was RMB1,049.0 million, compared with net loss of RMB7.3 million in 2023.

Non-GAAP net loss was RMB995.7 million, compared with non-GAAP net income of RMB51.1 million in 2023.

Cash Flow

Net operating cash inflow in 2024 was RMB258.0 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB4.08 in 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB3.87 in 2024.

Share Repurchase

In November 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company’s board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of February 21, 2025, the Company had cumulatively repurchased approximately 16.0 million ADSs for approximately US$47.5 million under the share repurchase program.

Business Outlook

Based on the Company’s current estimates, total net revenues for the first quarter of 2025 are expected to be between RMB1,408 million and RMB1,428 million, representing an increase of 48.7% to 50.8% on a year-over-year basis. These estimates reflect the Company’s current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, February 26, 2025 (9:00 PM Beijing/Hong Kong Time on Wednesday, February 26, 2025). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 2778362

A telephone replay will be available two hours after the conclusion of the conference call through March 5, 2025. The dial-in details are:

International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 4036127

Additionally, a live and archived webcast of this conference call will be available at http://ir.gaotu.cn/

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,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its 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 statements about the Company’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: the Company’s ability to continue to attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational content & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company’s management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company’s business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“USD”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.2993 to USD1.0000, the effective noon buying rate for December 31, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2024, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn 

Christensen

In China
Ms. Alice Li
Phone: +86-10-5900-1548
E-mail: gotu@christensencomms.com 

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

 

 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of December 31,

2023

2024

2024

RMB

RMB

USD

ASSETS

Current assets

    Cash and cash equivalents

636,052

1,321,118

180,992

    Restricted cash

33,901

5,222

715

    Short-term investments

2,253,910

1,845,242

252,797

    Inventory, net

24,596

36,401

4,987

    Prepaid expenses and other current assets, net

638,248

431,829

59,160

Total current assets

3,586,707

3,639,812

498,651

Non-current assets

    Operating lease right-of-use assets

189,662

503,601

68,993

    Property, equipment and software, net

533,531

670,237

91,822

    Land use rights, net

26,568

25,762

3,529

    Long-term investments

1,029,632

922,740

126,415

    Deferred tax assets

11,312

    Rental deposit

17,742

45,834

6,279

    Other non-current assets

18,155

20,091

2,752

TOTAL ASSETS

5,413,309

5,828,077

798,441

LIABILITIES

Current liabilities

    Accrued expenses and other current liabilities
      (including accrued expenses and other current
      liabilities of the consolidated VIE without
      recourse to the Group of RMB484,222
      and RMB811,879 as of December 31, 2023
      and December 31, 2024, respectively)

805,032

1,245,207

170,592

    Deferred revenue, current portion of the
      consolidated VIE without recourse to the Group

1,113,480

1,867,096

255,791

   Operating lease liabilities, current portion
      (including current portion of operating lease
      liabilities of the consolidated VIE without
      recourse to the Group of RMB34,401 and
      RMB114,471 as of December 31, 2023 and
      December 31, 2024, respectively)

50,494

147,635

20,226

Income tax payable (including income tax
   payable of the consolidated VIE without
   recourse to the Group of RMB4,210 and
   RMB606 as of December 31, 2023 and
    December 31, 2024, respectively)

4,278

665

91

Total current liabilities

1,973,284

3,260,603

446,700

 

 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December
31,

As of December 31,

2023

2024

2024

RMB

RMB

USD

Non-current liabilities

    Deferred revenue, non-current portion of
      the consolidated VIE without recourse
      to the Group

124,141

218,797

29,975

    Operating lease liabilities, non-current
      portion (including non-current portion
      of operating lease liabilities of the
      consolidated VIE without recourse
      to the Group of RMB121,277 and
      RMB337,258 as of December 31, 2023
      and December 31, 2024, respectively)

137,652

344,609

47,211

   Deferred tax liabilities (including deferred
     tax liabilities of the consolidated VIE
     without recourse to the Group of
     RMB71,850 and RMB70,316 as of
     December 31, 2023 and December 31,
     2024, respectively)

71,967

70,604

9,673

TOTAL LIABILITIES

2,307,044

3,894,613

533,559

SHAREHOLDERS’ EQUITY

    Ordinary shares

116

116

16

    Treasury stock, at cost

(85,178)

(242,866)

(33,273)

    Additional paid-in capital

7,987,957

7,991,421

1,094,820

    Accumulated other comprehensive loss

(33,209)

(2,832)

(388)

    Statutory reserve

50,225

66,042

9,048

    Accumulated deficit

(4,813,646)

(5,878,417)

(805,341)

TOTAL SHAREHOLDERS’ EQUITY

3,106,265

1,933,464

264,882

TOTAL LIABILITIES AND TOTAL
  SHAREHOLDERS’ EQUITY

5,413,309

5,828,077

798,441

 

 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended December 31,

For the year ended December 31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

761,014

1,388,621

190,240

2,960,813

4,553,556

623,835

Cost of revenues

(227,719)

(440,279)

(60,318)

(790,207)

(1,454,917)

(199,323)

Gross profit

533,295

948,342

129,922

2,170,606

3,098,639

424,512

Operating expenses:

Selling expenses

(465,686)

(736,189)

(100,857)

(1,501,200)

(2,963,736)

(406,030)

Research and development expenses

(136,046)

(145,050)

(19,872)

(462,043)

(648,063)

(88,784)

General and administrative expenses

(119,478)

(216,377)

(29,644)

(356,369)

(668,673)

(91,608)

Total operating expenses

(721,210)

(1,097,616)

(150,373)

(2,319,612)

(4,280,472)

(586,422)

Loss from operations

(187,915)

(149,274)

(20,451)

(149,006)

(1,181,833)

(161,910)

Interest income

18,603

14,776

2,024

75,829

70,384

9,643

Realized gains from investments

5,269

5,017

687

31,230

25,302

3,466

Other income/(expenses), net

32,776

(6,395)

(876)

54,471

45,825

6,278

(Loss)/income before provision for
income tax and share of results of
equity investees

(131,267)

(135,876)

(18,616)

12,524

(1,040,322)

(142,523)

Income tax benefits/(expenses)

11,618

42

6

(10,657)

(8,632)

(1,183)

Share of results of equity investees

(9,165)

Net loss

(119,649)

(135,834)

(18,610)

(7,298)

(1,048,954)

(143,706)

Net loss attributable to Gaotu
Techedu Inc.’s ordinary shareholders

(119,649)

(135,834)

(18,610)

(7,298)

(1,048,954)

(143,706)

Net loss per ordinary share

Basic

(0.69)

(0.80)

(0.11)

(0.04)

(6.12)

(0.84)

Diluted

(0.69)

(0.80)

(0.11)

(0.04)

(6.12)

(0.84)

Net loss per ADS

Basic

(0.46)

(0.53)

(0.07)

(0.03)

(4.08)

(0.56)

Diluted

(0.46)

(0.53)

(0.07)

(0.03)

(4.08)

(0.56)

Weighted average shares used in net
loss per share

Basic

172,545,719

169,167,503

169,167,503

173,725,790

171,412,125

171,412,125

Diluted

172,545,719

169,167,503

169,167,503

173,725,790

171,412,125

171,412,125

Note: Three ADSs represent two ordinary shares.

 

 

 

Gaotu Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended December 31,

For the year ended December 31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

761,014

1,388,621

190,240

2,960,813

4,553,556

623,835

Less: other revenues(1)

25,237

16,510

2,262

87,912

133,591

18,302

Add: VAT and surcharges

46,509

91,292

12,507

181,001

283,341

38,818

Add: ending deferred revenue

1,237,621

2,085,893

285,766

1,237,621

2,085,893

285,766

Add: ending refund liability

67,157

127,969

17,532

67,157

127,969

17,532

Less: beginning deferred revenue

761,301

1,439,217

197,172

959,333

1,237,621

169,553

Less: beginning refund liability

47,631

77,869

10,668

60,597

67,157

9,200

Gross billings

1,278,132

2,160,179

295,943

3,338,750

5,612,390

768,896

Note (1): Include miscellaneous revenues generated from services other than courses.

For the three months ended December 31,

For the year ended December 31,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Gross profit

533,295

948,342

129,922

2,170,606

3,098,639

424,512

Share-based compensation expenses(1)
in cost of revenues

3,862

2,460

337

12,959

7,003

959

Non-GAAP gross profit

537,157

950,802

130,259

2,183,565

3,105,642

425,471

Loss from operations

(187,915)

(149,274)

(20,451)

(149,006)

(1,181,833)

(161,910)

Share-based compensation expenses(1)

15,679

12,293

1,684

58,353

53,217

7,291

Non-GAAP loss from operations

(172,236)

(136,981)

(18,767)

(90,653)

(1,128,616)

(154,619)

Net loss

(119,649)

(135,834)

(18,610)

(7,298)

(1,048,954)

(143,706)

Share-based compensation expenses(1)

15,679

12,293

1,684

58,353

53,217

7,291

Non-GAAP net (loss)/income

(103,970)

(123,541)

(16,926)

51,055

(995,737)

(136,415)

Note (1): The tax effects of share-based compensation expenses adjustments were nil.

 

Tuniu to Report Fourth Quarter and Fiscal Year 2024 Financial Results on March 14, 2025

NANJING, China, Feb. 26, 2025 /PRNewswire/ — Tuniu Corporation (NASDAQ:TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today announced that it plans to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, before the market opens on March 14, 2025.

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time on March 14, 2025 (8:00 pm Beijing/Hong Kong Time on March 14, 2025).

Listeners may access the call by dialing the following numbers:

US

1-888-346-8982

Hong Kong

852-301-84992

Mainland China

4001-201203

International

1-412-902-4272

Conference ID: Tuniu 4Q 2024 Earnings Conference Call            

A telephone replay will be available one hour after the end of the conference call through March 21, 2025. The dial-in details are as follows:

US

1-877-344-7529

International

1-412-317-0088

Replay Access Code: 2263052

Additionally, a live and archived webcast of this conference call will be available at http://ir.tuniu.com/.

About Tuniu Corporation

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

The Adecco Group: Q4 & FULL YEAR 2024 RESULTS

Market share gains; strong cash generation; above target G&A savings driving resilient profitability

AD HOC ANNOUNCEMENT pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

ZURICH, Feb. 26, 2025 /PRNewswire/ — Q4 HIGHLIGHTS

  • Revenues -5%, and -3% organic. By GBU, Adecco -5%, Akkodis -6%, LHH -3%
  • Resilient 19.2% gross margin; pricing firm, volume and mix effects
  • Resilient 3.2% EBITA margin; negative operating leverage partly offset by strong G&A savings
  • Operating income €144 million; Net income €73 million
  • Basic EPS €0.43; Adjusted EPS €0.63
  • Strong operating cash flow +€491 million, +174 million yoy; free cash flow €446 million, +211 million yoy

FULL-YEAR HIGHLIGHTS

  • Revenues -3%, and -2% organic. Strong market share gain of +200 basis points
  • Resilient 19.4% gross margin; pricing firm, volume and mix effects
  • Resilient 3.1% EBITA margin; strong G&A savings, agile capacity management
  • Operating income €541 million; Net income €303 million
  • Basic EPS €1.81; Adjusted EPS €2.55
  • Strong cash generation: operating cash flow +€707 million; free cash flow +€563 million; 109% conversion ratio
  • Net debt €2.5 billion, ahead of management expectations
  • Above target FY24 G&A savings of €174 million delivered (net of inflation versus 2022 baseline)
  • Updated dividend policy leading to proposed DPS of CHF 1.00
  • End-24 net debt/EBITDA ratio 2.8x; targeting ≤ 1.5x net debt/EBITDA ratio by end-27

Denis Machuel, Adecco Group CEO, commented: “We are rigorously executing against our Future@Work Reloaded strategy. We have consistently gained market share in challenging markets, streamlined the business model and reduced G&A costs by over 20 percent, ahead of target, and delivered strong cash generation. We are accelerating the roll-out of AI-powered technologies and the expansion of our advanced digital delivery engine. Today, the Group is taking necessary action to accelerate deleveraging and increase financial flexibility with an updated dividend policy. We are increasingly confident that markets will improve, driving growth; and our continued rigorous execution will drive further market share gains, profitability and cash in future periods, supported by the excellent positioning of the Group’s portfolio in talent and technology solutions.”

Full Press Release

Webcast Details | Investors & Analysts

Media contacts:

ASG Announces the Completion of pre-IND meeting with FDA for Lead Drug Beta1, Receiving Encouraging Feedback

TAIPEI, Feb. 26, 2025 /PRNewswire/ — Asia Scientific Global (ASG), a company specializing in the research and development of novel inhaled novel drugs, announced the completion of pre-IND meeting with the U.S. Food and Drug Administration (FDA) for its lead drug Beta 1. ASG received encouraging feedback, paving the way for the formal IND filing for  conducting a Phase I clinical trials in the second half of this year.

Beta1, a novel dry powder inhaler for the treatment of erectile dysfunction, has to date shown better-than-expected results in various clinical evaluations, drug toxicology and pharmacokinetic tests, and preclinical trial planning. Following a successful pre-IND meeting with the FDA, ASG received positive feedback and guidance on further development of clinical trial. ASG will now expedite the revision of clinical trial documents and execute additional test based on FDA’s guidance and work toward  an IND filing in Q4 2025 and launch Phase 1 clinical trials in Taiwan.

ASG highlighted that existing drugs for erectile dysfunction generally take 40 minutes to 2 hours to reach the peak concentration in the body. Through ASG’s core technology, aPPC (Aero-Particles Process Control Technology), improved drug formulation design and inhalation delivery method, Beta1 not only reduces drug absorption time to within 10 minutes but also features the company’s specially designed compact, user-friendly, and modern devices, offering a more effective, safer, and convenient therapeutic option for a broader patient population. ASGhas accelerated the development timeline through its core technology. Within just three years, ASG has successfully completed the development of its novel drug Beta1 and will be ready for clinical trials.

About Asia Scientific Global (ASG)

Asia Scientific Global (ASG) is dedicated to the research and development of inhaled novel drug, with a vision of “make the world a better place with every breath”. The company focuses on providing patients worldwide with faster, safer, more effective and convenient medical solutions. Expert in the 505(b)(2) pathway, ASG’s core advantage lies in its proprietary “Specialized Drug Delivery Platform” based on the aPPC (Aero-Particles Process Control) technology, high-barrier formulation development technology, and innovative medical device development technology. With R&D laboratories in Taiwan and Singapore, and offices and business teams in mainland China, Southeast Asia, and North America, ASG is advancing new product development, clinical trials, and market development.