Home Blog Page 631

MaxsMaking Inc. Reports Fiscal Year 2025 Financial Results

SHANGHAI, March 4, 2026 /PRNewswire/ — MaxsMaking Inc. (Nasdaq: MAMK) (“MaxsMaking” or the “Company”), a manufacturer of customized consumer goods with a focus on advanced technology and innovation, today announced its financial results for the fiscal year ended October 31, 2025.

Mr. Xiaozhong Lin, Chairman and Chief Executive Officer of MaxsMaking, commented: “The fiscal year 2025 represented a period of business adjustment for our Company amid heightened uncertainty and intensifying competition. Facing a weak and volatile overseas market, we adopted a business strategy to help us maintain stable revenue growth while improving the efficiency of resource allocation for sales and market development.

“In the highly competitive domestic market, we strengthened our sales initiatives to expand our customer base. We implemented a volume-driven strategy supported by penetration pricing and new customer acquisition through relationship-based referrals. These efforts contributed to a 36.33% year-over-year increase in revenue. Importantly, this growth helped offset the temporary slowdown in our overseas business and broadened and diversified our future customer base.

“At the same time, we remained committed to innovation, increasing our research and development (“R&D”) spending by 16.38%. This investment reflects our long-term focus on product enhancement and on building sustainable differentiation in the customized consumer goods market.

“Although our profits and margins were temporarily affected by the volume-driven strategy, we believe our business model remains resilient and scalable. Today, we operate with a more diversified market presence, a broader customer base, and an expanding product portfolio. We believe all of these will support our future growth.

“It is also worth noting that our initial public offering (the “IPO”) on the Nasdaq in July 2025 provided us access to additional capital and enhanced our presence in global markets. Despite ongoing external challenges and volatility in international trade, we believe our successful IPO has elevated us to a broader platform, enabling us to establish relationships with larger industry players, benefit from collaboration with more elite partners, and embrace further opportunities to support our operations and planned expansion.

“Looking ahead, we believe our strategy and execution will provide a foundation for long-term value. As current disruptions and uncertainties evolve, we expect to continue adapting to market conditions and pursuing growth opportunities as they arise.”

Fiscal Year 2025 Financial Summary

  • Revenue was $29.22 million in fiscal year 2025, representing an increase of 36.33% compared to $21.43 million in fiscal year 2024.
  • Gross profit was $2.62 million in fiscal year 2025, compared to $3.97 million in fiscal year 2024.
  • Gross profit margin was 8.95% in fiscal year 2025, compared to 18.52% in fiscal year 2024.
  • Net income was $0.02 million in fiscal year 2025, compared to $1.88 million in fiscal year 2024.
  • Basic and diluted earnings per A share and B share were $0.00 in fiscal year 2025, compared to $0.25 in fiscal year 2024.

Fiscal Year 2025 Financial Results

Revenue

Revenue was $29.22 million in fiscal year 2025, representing an increase of 36.33% from $21.43 million in fiscal year 2024. The increase was primarily attributable to an increase in sales in mainland China of approximately $9.36 million, or 54.13%, partially offset by a decrease of approximately $1.19 million in sales in Asia (excluding mainland China) and a decrease of $0.54 million in sales in Europe. The increase in sales in mainland China was primarily attributed to: (i) the Company’s intensified sales efforts in the domestic market, such as offering promotions and active participation in domestic shopping festivals, expansion of its customer base, and implementation of a high-volume, lower-margin sales strategy, which resulted in increased domestic sales revenue; and (ii) the addition of new major clients through referral by the Company’s management. The decrease in sales in overseas markets was mainly due to uncertainties in overseas markets, where customers’ demand and consumption prospects remained relatively weak.

For the Fiscal Year
Ended 
October 31, 202
5

For the Fiscal Year
Ended 
October 31, 202
4

Change

Country/Region

Sales 
Amount

As % of 
Sales

Sales
Amount

As % of 
Sales

Amount

%

Mainland China

$

26,643,100

91.18

%

$

17,285,726

80.65

%

$

9,357,374

54.13

%

Asia (excluding
   mainland China)

810,415

2.77

%

1,998,048

9.32

%

(1,187,633)

(59.44)

%

North America

345,277

1.18

%

276,746

1.29

%

68,530

24.76

%

Europe

1,266,824

4.34

%

1,806,989

8.43

%

(540,165)

(29.89)

%

Oceania

41,158

0.14

%

16,650

0.08

%

24,508

147.19

%

South America

62,948

0.22

%

30,170

0.14

%

32,778

108.64

%

Africa

51,124

0.17

%

19,771

0.09

%

31,354

158.59

%

Total

29,220,846

100.00

%

$

21,434,100

100.00

%

$

7,786,746

36.33

%

Cost of Revenue

Cost of revenue was $26.61 million in fiscal year 2025, representing an increase of 52.34% from $17.46 million in fiscal year 2024. The increase was due to higher domestic sales volume, which has lower gross profit margins, resulting in cost growth outpacing revenue growth.

Gross Profit and Gross Profit Margin

Gross profit was $2.62 million in fiscal year 2025, compared to $3.97 million in fiscal year 2024.

Gross profit margin was 8.95% in fiscal year 2025, compared to 18.52% in fiscal year 2024. The decline in gross profit margin was primarily attributable to a decrease in overseas sales, which historically generate higher margins. As overseas sales declined, the Company’s overall gross profit decreased. In response, the Company intensified its sales efforts in the domestic market and adopted a lower-price, higher-volume strategy, which increased domestic sales but carried a lower margin and further compressed the Company’s overall gross profit margin.

Operating Expenses

Operating expenses were $2.51 million in fiscal year 2025, representing an increase of 42.25% from $1.77 million in fiscal year 2024.

  • Selling expenses were $0.46 million in fiscal year 2025, representing a decrease of 23.76% from $0.61 million in fiscal year 2024. The decrease was mainly due to lower salary expenses resulting from a reduction in headcount, and a decrease in freight expenses.
  • General and administrative expenses were $1.40 million in fiscal year 2025, representing an increase of 132.97% from $0.60 million in fiscal year 2024. The increase was mainly due to (i) an increase in accounts receivable allowance of approximately $0.17 million; and (ii) an increase in professional fees of $0.44 million in connection with the Company’s IPO in July 2025.
  • Research and development expenses were $0.65 million in fiscal year 2025, representing an increase of 16.38% from $0.56 million in fiscal year 2024. The increase was primarily attributable to an increase in salaries of the Company’s R&D personnel.

Net Income

Net income was $0.02 million in fiscal year 2025, compared to $1.88 million in fiscal year 2024.

Basic and Diluted Earnings per Share

Basic and diluted earnings per A share and B share were $0.00 in fiscal year 2025, compared to $0.25 in fiscal year 2024.

Financial Condition

As of October 31, 2025, the Company had cash of $0.12 million, compared to $0.18 million as of October 31, 2024.

Net cash used in operating activities was $5.29 million in fiscal year 2025, compared to $3.04 million in fiscal year 2024.

Net cash used in investing activities was $56,877 in fiscal year 2025, compared to $18,514 in fiscal year 2024.

Net cash provided by financing activities was $5.30 million in fiscal year 2025, compared to $3.10 million in fiscal year 2024.

About MaxsMaking Inc.

Founded in 2007 and headquartered in Shanghai, MaxsMaking Inc. specializes in customized consumer goods with a focus on advanced technology and innovation. With production facilities in China’s Zhejiang and Henan provinces, the Company integrates digital production, software development, product design, brand management, online sales and international trade to deliver small-batch textile customization services. Its products include backpacks, shopping bags, aprons, and other promotional items. Using sustainable materials and proprietary order management technologies, MaxsMaking delivers high-quality, cost-effective products while emphasizing environmental protection and social responsibility. For more information, please visit the Company’s website: https://ir.maxsmaking.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s annual report on Form 20-F for the fiscal year ended October 31, 2025 and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

MaxsMaking Inc.
Investor Relations
Email: ir@maxsmaking.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

MAXSMAKING INC.

CONSOLIDATED BALANCE SHEETS

FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025 AND 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA

October 31,
2025

October 31,
2024

ASSETS

Current Assets

Cash

$

122,381

$

176,236

Accounts receivable, net

9,877,030

6,188,992

Due from related parties

36,815

Inventories

6,504,761

2,633,615

Other receivables and other current assets

5,003,667

7,452,317

Total current assets

21,544,654

16,451,160

Non-Current Assets

Plant and equipment, net

153,271

119,125

Intangible assets, net

6,447

7,433

Right-of-use assets, net

71,482

86,441

Deferred tax assets

66,383

24,538

Deferred offering cost

986,206

Total non-current assets

297,583

1,223,743

Total Assets

$

21,842,237

$

17,674,903

LIABILITIES AND EQUITY

Current Liabilities

Short-term loans

$

1,954,007

$

2,785,965

Accounts payable

3,243,451

2,127,623

Contract liability

449,306

512,859

Income tax payable

952,041

859,194

Other payables and accrued liabilities

259,345

867,249

Due to related parties

149,757

Lease liabilities-current

13,145

47,895

Current portion of long-term loan

22,573

Total current liabilities

6,893,868

7,350,542

Non-Current Liabilities

Lease liabilities-non current

57,841

Non-current portion of long-term loans

2,278,162

2,058,651

Total non-current liabilities

2,336,003

2,058,651

Total liabilities

9,229,871

9,409,193

COMMITMENTS AND CONTINGENCIES (NOTE 17)

Equity

A Shares (US$ 0.01 par value; 9,200,000 A Shares authorized, 7,575,000 A
  Shares issued and outstanding as of October 31, 2024 and October 31,
  2023)

92,000

75,750

B Shares (US$0.01 par value; 7,425,000 B Shares authorized, 7,425,000
  B Shares issued and outstanding as of October 31, 2024 and October 31,
  2023)

74,250

74,250

Additional paid-in capital

5,972,110

1,712,492

Statutory surplus reserve

788,123

705,396

Retained earnings

5,726,180

5,806,881

Accumulated other comprehensive loss

(368,876)

(421,542)

Total MaxsMaking Inc.’s Equity

12,283,787

7,953,227

Non-Controlling Interests

328,579

312,483

Total equity

12,612,366

8,265,710

Total Liabilities and Equity

$

21,842,237

$

17,674,903

 

MAXSMAKING INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023

IN U.S. DOLLARS, EXCEPT SHARE DATA

For The Fiscal Years Ended
October 31,

2025

2024

2023

Revenues

$

29,220,846

$

21,434,100

$

26,260,268

Cost of revenues

(26,605,003)

(17,463,856)

(22,048,972)

Gross profit

2,615,843

3,970,244

4,211,296

Operating expenses:

Sales and marketing expenses

(462,285)

(606,352)

(490,221)

General and administrative expenses

(1,399,356)

(600,660)

(571,407)

Research and development expenses

(650,629)

(559,048)

(740,800)

Total operating expenses

(2,512,270)

(1,766,060)

(1,802,428)

Income from operations

103,573

2,204,184

2,408,868

Other (expenses) income, net

Interest expenses

(159,166)

(151,335)

(69,572)

Interest income

223

548

1,158

Other income

85,113

95,767

87,399

Exchange gain (loss)

72,406

17,344

(2,106)

Other expenses

(16,593)

(16,839)

(140,029)

Income before income tax provision

85,556

2,149,669

2,285,718

Income tax expense

(67,434)

(269,003)

(307,441)

Net income

$

18,122

$

1,880,666

$

1,978,277

Less: Net income attributable to non-controlling interest

16,096

67,496

69,006

Net income attributable to MaxsMaking Inc.

2,026

1,813,170

1,909,271

Other comprehensive income

Foreign currency translation adjustment

52,666

36,714

(39,443)

Comprehensive income

$

70,788

$

1,917,380

$

1,938,834

Less: comprehensive income (loss) attributable to non-
controlling interests

832

(839)

(7,775)

Comprehensive (loss) income attributable to
MaxsMaking Inc.

$

69,956

$

1,918,219

$

1,946,609

Weighted Average A Shares Outstanding – Basic and
Diluted

8,092,857

7,575,000

7,575,000

Weighted Average B Shares Outstanding – Basic and
Diluted

7,425,000

7,425,000

7,425,000

Earnings per A Share – basic and diluted

$

0.00

$

0.25

$

0.26

Earnings per B Share – basic and diluted

$

0.00

$

0.25

$

0.27

 

MAXSMAKING INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE FISCAL YEARS ENDED OCTOBER 31, 2025, 2024 and 2023

IN U.S. DOLLARS, EXCEPT SHARE DATA

For The Fiscal Years Ended
October 31,

2025

2024

2023

Cash Flows from Operating Activities:

Net income

$

18,122

$

1,880,666

$

1,978,277

Adjustments to reconcile net income to net cash provided by
   operating activities:

Depreciation of plant and equipment

30,573

28,548

22,638

   Allowance (Reversal of allowance) for expected credit loss
      of accounts receivable

173,564

17,064

(23,422)

Amortization of right-of-use assets

138,080

179,858

189,311

Amortization of intangible assets

1,014

1,021

1,032

Accounts receivable

(3,791,371)

168,688

1,895,868

Inventories

(3,817,383)

(412,235)

56,562

Other receivables and other current assets

2,240,000

(4,142,973)

(1,397,468)

Amount due from related party

(36,433)

422

(426)

Deferred tax assets

(41,284)

(19,841)

(2,575)

Operating lease-right of use assets

(122,830)

(45,928)

Deferred offering cost

(332,851)

(905,452)

(273,346)

Other non-current assets

196,834

178,786

Accounts payable

1,091,381

1,094,933

(4,279,114)

Income tax payable

87,446

283,245

87,502

Contract liability

134,680

(328,693)

164,529

Other payables and accrued liabilities

(928,045)

13,537

(100,599)

Lease liabilities

22,604

(327,396)

(167,614)

Amount due to related party

(153,012)

(720,729)

1,070,112

Net cash used in operating activities

(5,285,745)

(3,038,431)

(599,947)

Cash Flows from Investing Activities:

Purchases of plant and equipment

(56,877)

(18,514)

(73,646)

Collection from loans to third parties

810,250

Net cash (used in)generated by investing activities

(56,877)

(18,514)

736,604

Cash Flows from Financing Activities:

Proceeds from issuance of ordinary shares upon the
completion of IPO

5,594,926

Capital contributions

787,266

Proceeds from third party loans

184,559

260,101

71,055

Proceeds from bank borrowings

3,036,036

4,611,529

1,406,889

Repayments of third party loans

(325,058)

(745,156)

Repayment of bank borrowings

(3,191,570)

(1,813,680)

(1,806,122)

Net cash provided by(used in) financing activities

5,298,893

3,100,060

(328,178)

Effect of Exchange Rate Changes on Cash

(10,126)

971

3,715

Net (Decrease) Increase in cash

(53,855)

44,086

(187,806)

Cash, Beginning of Year

176,236

132,150

319,956

Cash, End of Year

122,381

$

176,236

$

132,150

Supplemental disclosure of cash flow information:

Cash paid for income tax

21,273

$

5,598

$

222,026

Cash paid for interest

155,572

$

151,335

$

69,572

Supplemental disclosure of cash flow information:

Right-of-use assets obtained in exchange for operating lease
obligation

177,415

$

66,419

$

18,639

 

AI-Powered Growth Lifts Newborn Town’s 2025 Net Profit Attributable to Owners by Over 87% YoY

HONG KONG, March 4, 2026 /PRNewswire/ — Newborn Town Inc. (Newborn Town or the company, stock code: 09911.HK), a leading global social entertainment company, issued a positive profit alert for the year ended December 31, 2025, reporting solid revenue growth and a significant increase in profits.

For the twelve months ended December 31, 2025, total revenue is expected to range between RMB6,760 Million and RMB7,000 Million, representing year-on-year growth of approximately 32.8% to 37.5%.

Net profit attributable to owners of the Company is expected to be between RMB900 Million and RMB940 Million, reflecting year-on-year growth of 87.5% to 95.8%.

Adjusted EBITDA is projected to range from RMB1,180 Million to RMB1,220 Million, up approximately 22.5% to 26.7% compared with the previous year.


AI Integration Strengthens Social Product Portfolio

According to the announcement, Newborn Town’s strong performance growth was primarily driven by the continued integration and optimization of AI technologies across its business operations, which supported the steady growth of its diversified social product portfolio.

In 2025, Newborn Town’s social networking business delivered robust growth and remained a key contributor to the Company’s profits. Social gaming platform TopTop sustained growth in both user scale and monetization performance. Meanwhile, live-streaming platform MICO and voice-based social platform YoHo maintained their positions within niche segments, contributing stable revenue and profit.

During the year, the Company’s flagship products continued to expand in key markets including the Middle East and North Africa (MENA).

In 2025, TopTop further strengthened its user reach and monetization performance, with downloads and revenue ranking among the leading titles in its category.

Recognizing its innovation and growth in the “social + gaming” segment, TopTop was named “Best Social Game Platform” at the Sensor Tower APAC Awards, which recognize leading mobile apps and games in the Asia-Pacific region.

The platform has also expanded its presence in new markets. Leveraging its differentiated product positioning and localized strategy, TopTop entered the top tier of Japan’s App Store charts.

At the technology level, the Company continued to deepen the integration of AI across its business operations. Its self-developed multimodal algorithm model, Boomiix, has undergone ongoing iterations, driving improvements in key operating metrics such as payment conversion and ARPU, thereby enhancing the long-term monetization potential of its core social products.

Newborn Town also launched Siyu AI, an internal data intelligence platform designed to streamline operational workflows, enabling faster access to comprehensive data insights within 15 minutes and improving efficiency in processes such as data queries, anomaly detection and report generation.

Meanwhile, its proprietary AI-powered design platform KIVI continued to evolve, supporting key creative functions including the production of virtual gifts and marketing assets, and further enhancing operational efficiency across the platform.

The Company’s diverse-audience social networking portfolio also continued to develop steadily in overseas markets. Through enhanced user lifecycle management, iterative product features and ongoing optimization of its content ecosystem, the platforms saw improved user engagement and deeper interaction among communities.

HeeSay, the flagship product of this business segment, further strengthened its presence in key markets through branding and social responsibility initiatives such as HeeSay GALA and HeeCares.

Innovative Businesses Gain Momentum, Emerging as New Growth Drivers

In 2025, alongside the continued expansion of its core social networking business, Newborn Town’s innovative business segment also achieved strong growth. Revenue from the segment reached approximately RMB730 Million to RMB770 Million for the year, representing year-on-year growth of 55.7% to 64.2%, and becoming an increasingly important contributor to overall business growth.

Since first generating revenue in 2024, the Company’s quality games business has entered a profitability phase. Its flagship titles have transitioned into long-term operation, providing stable profit contributions.

At the same time, the deeper integration of AI across R&D and operations, together with the gaming team’s accumulated experience, has improved development efficiency. The Company’s pipeline of new game titles is also progressing steadily.

In addition, the Company’s social e-commerce segment continued to expand through service upgrades, diversified product offerings and enhanced user acquisition efforts. In 2025, Heer Health further strengthened its presence in the fields of HIV prevention and sexual health services, while accelerating the expansion of its product portfolio.

In June 2025, Newborn Town officially established its global headquarters in Hong Kong, further strengthening its international footprint. The Hong Kong headquarters serves as a coordination hub, working closely with the Company’s global R&D and operations centers to support continued overseas expansion. Through technological innovation and localized operations, the Company aims to create positive emotional value for users worldwide.

During the year, the Company conducted share repurchases totaling approximately HK$260 million. The Board stated that the buyback reflects its confidence in the Company’s business outlook and long-term prospects, and is expected to enhance shareholder value.

Alongside its strong financial performance, Newborn Town has also seen growing attention from the capital markets.

On February 13, 2026, Hang Seng Indexes Company announced the results of its quarterly review, under which Newborn Town was included in the Hang Seng Composite Index, reflecting the market’s recognition of the Company’s business growth, development potential, and investment value. 

Looking ahead, potential eligibility for the Stock Connect program could attract broader participation from southbound investors, which may further enhance the stock’s liquidity and market visibility.

Dotdigital Group plc acquires Alia Software Inc. to power smarter audience growth and accelerate Shopify expansion

The acquisition adds high-growth, AI-driven web conversion solutions to Dotdigital’s existing customer experience and data platform (CXDP); unlocking cross-sell opportunities and expanding recurring revenue. 

LONDON, March 4, 2026 /PRNewswire/ — Dotdigital Group plc (AIM: DOTD), a leading provider of an AI-powered customer experience and data platform (CXDP) for intelligent, personalised marketing at scale, today announces the acquisition of Alia Software Inc. (“Alia”), an AI-powered pop-up and email/SMS list-growth platform built exclusively for merchants on Shopify.

 

The acquisition strengthens Dotdigital’s ability to help brands convert anonymous website visitors into known, high-value customers, capturing first- and zero-party data at the very start of the customer journey and activating it across email, SMS and other digital marketing channels.

Delivering measurable growth for merchants

Alia enables e-commerce brands to drive higher visitor-to-subscriber conversion through intelligent, brand-aligned pop-ups and interactive experiences. Using AI-driven testing and data-based targeting, the platform continuously optimises when and how visitors are engaged, helping merchants grow email and SMS audiences while protecting brand experience.

For customers, the combined proposition delivers:

  • Higher conversion rates through AI-optimised on-site engagement
  • Faster audience growth across email and SMS
  • Richer zero-party data capture to power more personalised marketing
  • Improved marketing ROI through better data, targeting and automation
  • Seamless Shopify integration with fast deployment and performance

Alia currently serves more than 2,700 customers, holds a 4.7/5 rating on the Shopify App Store, and reached in excess of $8m in annual recurring revenue (ARR) as at 31 December 2025.

Strengthening Dotdigital’s end-to-end CXDP vision

On-site conversion and list growth are central to audience growth strategies, as rising acquisition costs and evolving privacy standards push brands to prioritise owned data. The global lead capture software market is projected to grow from $2.87 billion in 2025 to $4.45 billion by 2029, driven by demand for AI-powered personalisation and automation.

By integrating Alia’s capabilities into its CXDP through a phased roadmap, Dotdigital will further support customers to:

  • Engage website visitors at the earliest stage of the customer lifecycle and increase signups 
  • Enhance cross-channel retargeting opportunities, with smarter use of first and zero-party data
  • Support a scalable owned data strategy
  • Better utilise the Shopify ecosystem by offering one seamlessly integrated tech stack

The initial consideration for the acquisition is $30m, with a total maximum consideration of up to $60m dependent upon future performance.

Milan Patel, Chief Executive Officer of Dotdigital Group plc, said:

“The acquisition of Alia further advances our CXDP vision by strengthening our on-site conversion and zero-party data capture capabilities, helping our customers to build even better engagement with their own customers, which is increasingly critical as marketers navigate rising acquisition costs and evolving privacy standards.

Alia’s deep Shopify focus and AI-driven optimisation strongly align with our strategy to help customers personalise at scale and drive measurable returns across the entire customer lifecycle. We are delighted to welcome Shaan and the Alia team to the Dotdigital Group.”

Shaan Arora, Co-Founder and CEO of Alia Software Inc., added:

“The earliest moments of the customer journey are fundamental to long-term value creation. By combining our AI-powered on-site conversion technology with Dotdigital’s CXDP, merchants can capture richer customer data, improve conversion rates, and build more meaningful customer relationships at scale.”

A compelling combined benefit for customers and investors

The transaction accelerates Dotdigital’s product roadmap with best-in-class on-site conversion capability, delivering immediate value to Shopify merchants and creating a clear commercial upside through cross-sell, retention and ARPC expansion.

Together, Dotdigital and Alia will provide a more complete, data-driven customer engagement solution, helping brands acquire smarter, personalise deeper and grow faster in a competitive e-commerce landscape.

About Dotdigital

Dotdigital is a leading provider of AI-powered customer experience and data technology, enabling marketers to deliver personalised communications at scale across multiple digital channels.

Huawei Launches iFTTO Solution, Accelerating Campus Intelligence with Innovative Capabilities

BARCELONA, Spain, March 4, 2026 /PRNewswire/ — At MWC Barcelona 2026, Huawei unveiled its iFTTO solution, designed to accelerate the intelligent transformation of campuses through artificial intelligence. By integrating optical networks with AI technologies, iFTTO aims to build a robust foundation for the rapid expansion of campus AI applications. The solution features multi-dimensional information convergence, intelligent O&M, and open IoT, enabling campuses to evolve into truly intelligent environments.

Perry Yang, President of Huawei Enterprise Optical Domain
Perry Yang, President of Huawei Enterprise Optical Domain

As AI applications flourish in campuses, traditional physical spaces are being transformed into digital, intelligent ecosystems. This evolution demands higher network bandwidth and lower latency, while introducing new challenges for intelligent campus operations. It is in this context that “Huawei has upgraded its FTTO solution to the iFTTO solution, driving campus networks beyond traditional “connectivity” toward multi-dimensional information convergence and the Internet of Things. This evolution establishes a unified foundation that integrates vision, computing, and control, laying the groundwork for smart campus transformation and accelerating the journey toward intelligent operations,” according to Perry Yang, President of Huawei Enterprise Optical Domain.

To address the evolving requirements of smart campuses, Huawei introduced the O-N.E.X.T concept, which combines optical and intelligent technologies within the iFTTO solution. This approach redefines the value of campus networks and fosters a new smart campus ecosystem.

N.E.X.T encapsulates four innovative solution features. N stands for “Network Unified by Optical,” where optical networks connect directly to terminals, transforming the architecture from two layers into one. E stands for “Ecosystem of Open IoT,” which is achieved through Huawei’s industry-first Wi-Fi 7 optical IoT AP with built-in NearLink and Bluetooth modules, enabling unified deployment and a shared bus for both network and IoT connectivity. X stands for “X-Dimensional Information Fusion,” which supports multi-dimensional data sources such as vision, Wi-Fi channels, radio frequency, and 3D LiDAR, enabling various AI applications through multi-modal collaborative computing. T stands for “Towards Autonomous Operation (autonomous driving network),” which highlights Huawei’s adoption of the industry’s first intelligent agent for all-optical campus O&M. This supports interactive, proactive O&M, delivering closed-loop management and improving operational efficiency. And finally, O stands for “Open 3-Layer Computing Power,” which supports the deployment of AI applications across industries such as smart healthcare and energy-efficient hospitality through cloud-edge-device synergy.

Huawei’s iFTTO solution delivers differentiated and unique value for specific scenarios across industries such as education, healthcare, and hospitality.

In education, the iFTTO solution uses passive all-optical aggregation and tri-band Wi-Fi 7 optical APs to deliver ultra-10G connectivity to every room, building ultra-broadband campus networks. It also enables coordinated control of classroom lighting and air conditioning, helping reduce energy consumption. In dormitories, AI algorithms prioritize critical services to improve user experience. In healthcare, 50G PON accelerates AI-powered pathology analysis, while optical terminals interconnect with IoT devices in wards to support intelligent nursing and protect patient privacy. For hotels, innovative 2D-to-3D video conversion technology offers guests an immersive entertainment experience.

To date, Huawei’s FTTO solution has served more than 15,000 campuses.

Huawei Launches Scenario-Specific Solutions for Office, Healthcare, and Education

BARCELONA, Spain, March 4, 2026 /PRNewswire/ — At MWC 2026, Huawei unveiled a range of new scenario-specific solutions for office, healthcare, and education. By integrating intelligent and digital technologies into its video conferencing solutions, Huawei provides a solid technical foundation to drive enterprises’ digital transformation.

Intelligent Conferencing and Office Solution: Creating an All-Scenario Device-Cloud Synergy Ecosystem

Huawei’s intelligent conference and office solution introduces groundbreaking smart features, including a voice assistant for scheduling meetings, real-time translation with subtitles during meetings, and role-based post-meeting summaries to improve efficiency. Devices such as the IdeaHub S3 and other meeting displays integrate with leading cloud conferencing platforms outside China, using AI to meet the seamless cross-regional, cross-device collaboration needs of multinational companies.

Huawei IdeaHub series
Huawei IdeaHub series

Telemedicine Solution: Making Quality Medical Resources More Accessible

The uneven distribution of medical resources often hinders patients from receiving timely and effective diagnosis and treatment, a longstanding issue in the healthcare sector. Huawei’s telemedicine system facilitates real-time remote communication between doctors and patients, breaking down barriers across departments, hospitals, and regions. The immersive telepresence system provides a face-to-face communication experience in scenarios such as remote multidisciplinary consultations and emergency command. Ge Fangmin, Director of the Internet Medicine Center at the Second Affiliated Hospital of Zhejiang University, delivered a keynote speech at the event on how AI-assisted digital collaboration is transforming the telemedicine ecosystem and helping small- and medium-sized medical institutions conveniently access remote medical resources from central hospitals. The keynote included practical experiences in scenarios such as multi-hospital collaboration and multi-disciplinary remote consultation.

Ge Fangmin, Director of the Internet Medicine Center at the Second Affiliated Hospital of Zhejiang University, delivered a keynote speech
Ge Fangmin, Director of the Internet Medicine Center at the Second Affiliated Hospital of Zhejiang University, delivered a keynote speech

AI Classroom: Redefining Education

Huawei also introduced the AI smart classroom solution, centered on the IdeaHub K3 series in various sizes, to foster a new way of teaching that emphasizes AI, efficient interactions, and environmental sustainability. In partnership with industry-leading companies such as ULearning and Chaoxing, Huawei has developed smart teaching platforms to deliver a seamless educational experience.

The IdeaHub K3 boasts physical anti-blue light and ultrasonic projection capabilities, and it seamlessly adapts to multiple systems and ecosystems. The IdeaManager facilitates unified device operation and management, promoting energy saving. Huawei and Chaoxing Fanya jointly launched the Newvar AI-LMS smart teaching platform. This platform seamlessly integrates online and offline learning, enables instant, personalized AI-driven instruction, and introduces a new hybrid teaching model that leverages AI data to improve learning outcomes. The AI classroom solution will accelerate the digital transformation of education.

AI Classroom Solution Global Launch
AI Classroom Solution Global Launch

Looking forward, Huawei will continue to innovate its products and technologies, working closely with global intelligent collaboration partners to drive the digital transformation of vertical industries. Huawei’s vision is to facilitate efficient interconnection and collaboration among people, teams, and organizations, and build a fully connected, intelligent world.

Huawei Elevates Financial AI Solutions to Power Digital and Intelligent Transformation in Global Finance

BARCELONA, Spain, March 4, 2026 /PRNewswire/ — During MWC Barcelona 2026, Huawei hosted the finance session themed “Powering Resilient Intelligence, Co-creating Finance Future”. At the event, Huawei announced a comprehensive upgrade of its Banking AI and Foundation Model Solutions, elevating core capabilities in Scenario, Technology, Systems Engineering, and Ecosystem.

Jason Cao, CEO of Huawei Digital Finance BU, highlighted that in today’s world of uncertainty, banks must build resilience across multiple dimensions, ensuring multi-active redundancy to prevent system failures, reinforcing multi-layer security against cyberattacks, and laying a solid foundation for global financial institutions to accelerate into the AI era.

Jason Cao, CEO of Huawei Digital Finance BU
Jason Cao, CEO of Huawei Digital Finance BU

Alvin Feng, President of Huawei Digital Finance International, delivered a speech titled “Beyond Digital: Towards AI-Infused Finance.” He emphasized that the transition from traditional banks to AI-driven banks brings profound changes in customer interactions, human-machine collaboration, decision-making approaches, system architecture, and customer experience. Banks need a clear blueprint that links business strategy with technology execution.

Drawing on global experience with leading financial institutions, Huawei created the Intelligent Finance Value Implementer to meet this need. It provides a structured approach to scenario selection, enterprise architecture, and AI deployment, enabling banks to build both digital and AI foundations. Supported by systems engineering and an open ecosystem, it helps banks realize both technological and business value. This reflects a fundamental shift: technology is no longer a support function—it is now a value center at the heart of the business.

Alvin Feng added that the key to AI banking lies in using systems engineering to unify AI infrastructure with open ecosystems, reengineering banking processes through Human Intelligence and Artificial Intelligence collaboration.

To this end, Huawei has comprehensively upgraded its Banking AI and Foundation Model Solutions:

  1. Huawei unveiled its latest SuperPoD offerings, AI Data Platform, and Xinghe AI Network, to help financial customers build resilient infrastructure for both general-purpose and AI computing.
  2. By building end-to-end capabilities in intelligent operations & maintenance, specialized model tuning, agent development, and scenario design, Huawei has leveraged systems engineering to reduce the agent development cycle from months to weeks, improve the prompt accuracy by 10%, and cut the end-to-end latency by over 60%.
  3. The RongHai Program has been upgraded to include over 150 solution partners and over 11,000 consulting, sales, service, and integration partners worldwide to build an ecosystem spanning customer operations, risk management, and automation, and jointly innovate AI in all scenarios with financial institutions.

Looking ahead, Huawei remains committed to continuous innovation, helping global financial institutions build intelligent, autonomous, and resilient digital infrastructure. With its open ecosystem and systems engineering capabilities, Huawei will drive the deep integration of AI into core financial scenarios.

Dingdong (Cayman) Limited Announces Fourth Quarter 2025 Financial Results

SHANGHAI, March 4, 2026 /PRNewswire/ — Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended December 31, 2025.

Fourth Quarter 2025 Highlights:

  • GMV for the fourth quarter of 2025 increased by 2.4% year over year to RMB6,703.2 million (US$943.0 million) from RMB6,546.6 million in the same quarter of 2024, positive year-on-year growth for eight straight quarters.
  • Revenue for the fourth quarter of 2025 increased by 5.7% year over year to RMB6,242.6 million (US$892.7 million) from RMB5,905.0 million in the same quarter of 2024, positive year-on-year growth for eight straight quarters.
  • Total number of orders increased by 3.4% year over year in the fourth quarter of 2025.
  • Net income for the fourth quarter of 2025 was RMB33.6 million (US$4.8 million), the eighth consecutive quarter of profitability.
  • Non-GAAP net income for the fourth quarter of 2025 was RMB50.8 million (US$7.3 million), the thirteenth consecutive quarter of non-GAAP profitability.

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, “As of the fourth quarter of 2025, Dingdong has maintained profitability under non-GAAP standards for thirteen consecutive quarters and under GAAP standards for eight consecutive quarters. Also the Company has delivered year-over-year revenue growth for the eighth consecutive quarter. This consistent top-line expansion, together with the steady delivery of profitability objectives, fully underscores Dingdong’s strategic resilience and strong execution capabilities amid the complex and competitive market environment. It also provides solid fundamentals and strong momentum to advance our long-term strategic initiatives.”

Mr. Song Wang, Chief Financial Officer of Dingdong, stated, “In the fourth quarter of 2025, Dingdong reported revenue of RMB6.24 billion, marking a 5.7% year-on-year growth and maintaining positive growth for eight straight quarters. Non-GAAP net profit reached RMB50.8 million with a 0.8% net profit margin, while GAAP net profit was RMB33.6 million with a 0.5% margin. We had net operating cash inflow of RMB0.20 billion in the fourth quarter of 2025, the tenth consecutive quarter of positive cash flow. By the end of the fourth quarter, after deducting short-term borrowings, our actual cash owned increased to RMB3.14 billion, the tenth consecutive quarter of sustained growth.”

Fourth Quarter 2025 Financial Results

Total revenues were RMB6,242.6 million (US$892.7 million) compared with total revenues of RMB5,905.0 million in the same quarter of 2024, increased by 5.7% year over year, primarily due to the rise of number of orders resulting from rise in the average monthly number of transacting users and higher monthly order frequency, and new opened frontline fulfillment stations with density and market penetration improved in East China. Additionally, our B2B revenue achieved year-over-year growth, with the revenue contribution from overseas B2B operations continuing to increase and posting rapid quarter-over-quarter growth. The increase was offset by the impact of the price decline in CPI for certain major categories in our business, such as pork, in the fourth quarter of 2025.

  • Product Revenues were RMB6,164.6 million (US$881.5 million) compared with product revenues of RMB5,822.5 million in the same quarter of 2024, increased by 5.9% year over year.
  • Service Revenues were RMB78.0 million (US$11.2 million) compared with service revenues of RMB82.5 million in the same quarter of 2024, decreased by 5.4% year over year.

Total operating costs and expenses were RMB6,252.5 million (US$894.1 million) compared with RMB5,848.0 million in the same quarter of 2024, with a detailed breakdown as below:

  • Cost of goods sold was RMB4,415.9 million (US$631.5 million), an increase of 7.2% from RMB4,120.8 million in the same quarter of 2024. Cost of goods sold as a percentage of revenues increased to 70.7% from 69.8% in the same quarter of 2024. Gross margin decreased to 29.3% from 30.2% in the same quarter of 2024. Since the launch and continued implementation of the 4G Strategy in early 2025, the gross margin for the fourth quarter of 2025 was generally consistent with that of previous quarters, but decreased compared with the same period of the prior year.
  • Fulfillment expenses were RMB1,350.9 million (US$193.2 million), an increase of 5.6% from RMB1,278.9 million in the same quarter of 2024. Fulfillment expenses as a percentage of total revenues slightly decreased to 21.6% from 21.7% in the same quarter of 2024.
  • Sales and marketing expenses were RMB136.7 million (US$19.5 million), a decrease of 0.6% from RMB137.5 million in the same quarter of 2024. Sales and marketing expenses as a percentage of total revenues decreased to 2.2% from 2.3% in the same quarter of 2024. The year-on-year decrease in marketing expenses is attributable to the positive results achieved by the 4G strategy rolled out in the first three quarters. The company has further focused on the operation strategy of leveraging the organic traffic of high-quality products, reduced investment in inefficient marketing activities, and thus improved the input-output efficiency of marketing expenses.
  • General and administrative expenses were RMB130.3 million (US$18.6 million), an increase of 19.3% from RMB109.2 million in the same quarter of 2024, mainly driven by staff costs, specifically from the new “Dong Li Sheng” management trainees.
  • Product development expenses were RMB218.7 million (US$31.3 million), an increase of 8.5% from RMB201.6 million in the same quarter of 2024. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure such as the AI technical capability, to further enhance our competitiveness.

Net income from operations was RMB12.0 million (US$1.7 million), compared with net income from operations of RMB61.5 million in the same quarter of 2024.

Non-GAAP income from operations, which is a non-GAAP measure for loss from operations that excludes share-based compensation expenses, was RMB29.1 million (US$4.2 million), compared with Non-GAAP income from operations of RMB86.6 million in the same quarter of 2024.

Net income was RMB33.6 million (US$4.8 million), compared with net income of RMB91.6 million in the same quarter of 2024.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB50.8 million (US$7.3 million), compared with non-GAAP net income of RMB116.7 million in the same quarter of 2024. In addition, non-GAAP net income margin, which is the Company’s non-GAAP net income as a percentage of total revenues, was 0.8% compared with 2.0% in the same quarter of 2024.

Basic and diluted net income per share were RMB0.10 (US$0.01) and RMB0.09 (US$0.01), compared with net income per share of RMB0.27 and RMB0.26 in the same quarter of 2024. Non-GAAP net income per share, basic and diluted, were RMB0.15 (US$0.02) and RMB0.14 (US$0.02), compared with RMB0.35 and RMB0.33 in the same quarter of 2024.

Cash and cash equivalents, restricted cash and short-term investments were RMB3,976.8 million (US$568.7 million) as of December 31, 2025, compared with RMB3,908.2 million as of September 30, 2025. We have been working diligently to optimize our capital usage and financing structure. The cash and cash equivalents, restricted cash, short-term investments and long-term deposits as included in the other non-current assets deducting the balance of short-term borrowings, is RMB3.14 billion, a net increase for the tenth consecutive quarter, compared with RMB3.03 billion as of September 30, 2025.

The Definitive Agreement with Meituan

On February 5, 2026, the Company announced the entry into a definitive agreement to sell its China business to Meituan. On February 10, 2026, the Company further announced its intention to utilize a substantial majority of the proceeds from the sale of its China operations for share repurchase plans and/or dividends upon the closing of the transaction, as well as other material terms of the transaction. For details, please refer to the Company’s previous press releases.

About Dingdong (Cayman) Limited

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

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

Use of Non-GAAP Financial Measures

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

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

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

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

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

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

 

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 (Amounts in thousands of RMB and US$)

As of

December 31,
2024

December 31,
2025

December 31,
2025

RMB

RMB

US$

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

887,427

1,106,795

158,270

Restricted cash

2,788

340

49

Short-term investments

3,561,977

2,869,681

410,359

Accounts receivable, net

125,896

191,939

27,447

Inventories, net

553,601

570,485

81,578

Advance to suppliers

62,730

114,105

16,317

Prepayments and other current assets

170,753

186,744

26,704

Total current assets

5,365,172

5,040,089

720,724

Non-current assets:

Property and equipment, net

176,290

232,757

33,284

Operating lease right-of-use assets

1,464,791

1,580,099

225,951

Other non-current assets

111,395

163,223

23,341

Total non-current assets

1,752,476

1,976,079

282,576

TOTAL ASSETS

7,117,648

7,016,168

1,003,300

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

1,660,472

1,920,341

274,605

Customer advances and deferred revenue

279,276

273,260

39,076

Accrued expenses and other current
  liabilities

767,080

760,613

108,766

Salary and welfare payable

317,152

304,531

43,547

Operating lease liabilities, current

640,245

664,304

94,994

Short-term borrowings

1,606,253

871,520

124,626

Total current liabilities

5,270,478

4,794,569

685,614

Non-current liabilities:

Operating lease liabilities, non-current

780,036

897,811

128,385

Other non-current liabilities

143,118

147,573

21,103

Total non-current liabilities

923,154

1,045,384

149,488

TOTAL LIABILITIES

6,193,632

5,839,953

835,102

 

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

 (Amounts in thousands of RMB and US$)

As of

December 31, 
2024

December 31
2025

December 31
2025

RMB

RMB

US$

(Unaudited)

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS’ EQUITY (CONTINUED)

Mezzanine Equity:

Redeemable noncontrolling interests

125,405

135,435

19,367

TOTAL MEZZANINE EQUITY

125,405

135,435

19,367

Shareholders’ equity:

Ordinary shares

4

4

1

Additional paid-in capital

14,181,030

14,260,014

2,039,155

Treasury stock

(51,176)

(59,969)

(8,575)

Accumulated deficit

(13,384,881)

(13,163,217)

(1,882,315)

Accumulated other comprehensive income

53,634

3,948

565

TOTAL SHAREHOLDERS’ EQUITY

798,611

1,040,780

148,831

TOTAL LIABILITIES, MEZZANINE EQUITY
  AND SHAREHOLDERS’ EQUITY

 

7,117,648

 

7,016,168

 

1,003,300

 

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

December 31,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Revenues:

Product revenues

5,822,527

6,164,574

881,522

Service revenues

82,495

78,010

11,155

Total revenues

5,905,022

6,242,584

892,677

Operating costs and expenses:

Cost of goods sold

(4,120,793)

(4,415,876)

(631,462)

Fulfillment expenses

(1,278,904)

(1,350,900)

(193,176)

Sales and marketing expenses

(137,513)

(136,662)

(19,542)

Product development expenses

(201,632)

(218,731)

(31,278)

General and administrative expenses

(109,195)

(130,303)

(18,633)

Total operating costs and expenses

(5,848,037)

(6,252,472)

(894,091)

Other operating income, net

4,534

21,873

3,128

Income from operations

61,519

11,985

1,714

Interest income

37,879

27,345

3,910

Interest expenses

(6,852)

(2,836)

(406)

Other income/(expenses), net

2,875

(913)

(131)

Income before income tax

95,421

35,581

5,087

Income tax expenses

(3,830)

(1,980)

(283)

Net income

91,591

33,601

4,804

Accretion of redeemable noncontrolling interests

(2,409)

(2,602)

(372)

Net income attributable to ordinary shareholders

89,182

30,999

4,432

 

DINGDONG (CAYMAN) LIMITED 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

December 31,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Net income per Class A and Class B ordinary share:

Basic

0.27

0.10

0.01

Diluted

0.26

0.09

0.01

Shares used in net income per Class A and Class B
  ordinary share computation:

Basic

324,500,919

324,832,508

324,832,508

Diluted

337,933,639

336,937,358

336,937,358

Other comprehensive loss, net of tax of nil:

Foreign currency translation adjustments

55,517

(23,784)

(3,401)

Comprehensive income

147,108

9,817

1,403

Accretion of redeemable noncontrolling interests

(2,409)

(2,602)

(372)

Comprehensive income attributable to ordinary
  shareholders

144,699

7,215

1,031

 

DINGDONG (CAYMAN) LIMITED 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of RMB and US$)

For the three months ended

December 31,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Net cash generated from operating activities

190,878

204,469

29,239

Net cash (used in)/generated from investing activities

(158,850)

125,524

17,950

Net cash used in financing activities

(49,678)

(53,242)

(7,614)

Effect of exchange rate changes on cash and cash
  equivalents and restricted cash

3,425

(2,535)

(362)

Net (decrease)/increase in cash and cash equivalents
  and restricted cash

(14,225)

274,216

39,213

Cash and cash equivalents and restricted cash at the
  beginning of the period

904,440

832,919

119,106

Cash and cash equivalents and restricted cash at the
  end of the period

890,215

1,107,135

158,319

 

DINGDONG (CAYMAN) LIMITED 

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended
December 31,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Income from operations

61,519

11,985

1,714

Add: share-based compensation expenses (1)

25,073

17,157

2,454

Non-GAAP income from operations

86,592

29,142

4,168

Operating margin

1.1 %

0.2 %

0.2 %

Add: share-based compensation expenses

0.4 %

0.3 %

0.3 %

Non-GAAP operating margin

1.5 %

0.5 %

0.5 %

Net income

91,591

33,601

4,804

Add: share-based compensation expenses (1)

25,073

17,157

2,454

Non-GAAP net income

116,664

50,758

7,258

Net income margin

1.6 %

0.5 %

0.5 %

Add: share-based compensation expenses

0.4 %

0.3 %

0.3 %

Non-GAAP net income margin

2.0 %

0.8 %

0.8 %

Net income attributable to ordinary shareholders

89,182

30,999

4,432

Add: share-based compensation expenses (1)

25,073

17,157

2,454

Non-GAAP net income attributable to ordinary
  shareholders

114,255

48,156

6,886

Net income per Class A and Class B ordinary share:

Basic

0.27

0.10

0.01

Diluted

0.26

0.09

0.01

Add: share-based compensation expenses

Basic

0.08

0.05

0.01

Diluted

0.07

0.05

0.01

Non-GAAP net income per Class A and Class B ordinary
  share:

Basic

0.35

0.15

0.02

Diluted

0.33

0.14

0.02

(1) Share-based compensation expenses are recognized as follows:

For the three months ended

December 31,

2024

2025

2025

RMB

RMB

US$

(Unaudited)

Fulfillment expenses

4,148

2,416

345

Sales and marketing expenses

1,520

2,376

340

Product development expenses

12,468

5,746

822

General and administrative expenses

6,937

6,619

947

Total

25,073

17,157

2,454

   

Dingdong Announces Change in CEO

SHANGHAI, March 4, 2026 /PRNewswire/ — Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced the resignation of Mr. Changlin Liang as Chief Executive Officer of the Company and the appointment of Mr. Song Wang as the new Chief Executive Officer of the Company, concurrently with his resignation as Chief Financial Officer, effective March 4, 2026. Mr. Liang will continue to serve as Chairman of the Company’s Board of Directors (the “Board”).

As the founder of the Company, Mr. Liang has served as Chairman of the Board and Chief Executive Officer since the inception of the Company in May 2017. Mr. Liang commented, “At the founding of Dingdong in 2017, amid a crowded field of fresh food e‑commerce companies, we survived fierce competition by staying committed to product quality and service excellence. When confronted with the pandemic in 2020, Dingdong stepped up without hesitation and became a major force in securing daily supplies for the public. Following our listing in 2021, we adopted the strategy of “Efficiency First with due Consideration of Scale” to sustain consistent profitability and long‑term viability. All these milestones confirm that the only sustainable path forward is to steadfastly take on the difficult tasks, always put users at the heart, and do what is right for the business and society. Today, Dingdong’s sustained profitability and the formation of our core competitive moat—including superior product strength, beyond‑expectation service quality, and exceptional operational efficiency empowered by our end‑to‑end supply chain system—would not have been possible without the dedication of every Dingdong team member, the trust of our users, the commitment of our partners, and the support of all investors.”

The Board also congratulates Mr. Wang on his appointment as the new Chief Executive Officer, which follows the Board’s thorough evaluation and deliberation.

Mr. Song Wang has nearly four years of core management experience with the Company. Since joining the Company, he has held various key positions, including Senior Vice President and director of the Company since September 2023, Chief Financial Officer since December 2023, and Chairman of the Dingdong Guyu Business Group (responsible for the Company’s private label products’ development and standardization, quality control and supply chain integration) since May 2025. During January 2024 to December 2024, Mr. Wang had overall responsibility for the Company’s day-to-day operations and successfully led Dingdong to achieve growth in both scale and profitability, demonstrating a deep understanding of the fresh food retail industry and exceptional strategic execution capabilities. He has been deeply involved in the Company’s product development, end-to-end supply chain construction and financial strategic planning, and played a central role in driving significant improvements in key performance indicators.

The Board commented, “Mr. Wang has a comprehensive and in-depth understanding of the Company’s business and has demonstrated outstanding leadership in its financial management and business operations. We are confident that he is the ideal leader to steer Dingdong into its next phase of growth.”

Commenting on his appointment, Mr. Wang said: “Dingdong is committed to making quality fresh groceries as accessible as tap water for everyone. Going forward, I will work with the team to continue focusing on building differentiated product strengths, enhancing supply chain capabilities, and upholding our user-centric service philosophy. We will strive to achieve further breakthroughs in ensuring livelihood supply, improving operational efficiency, and exploring sustainable retail models, creating long-term value for consumers, shareholders and partners.”

The Board also approved the resignation of Mr. Song Wang from his position as Chief Financial Officer of the Company.

In addition, the Company also announced that Mr. Xu Jiang, Chief Technology Officer of the Company, has tendered his resignation due to personal reasons, by the end of March 2026. Mr. Jiang’s resignation is not the result of any dispute or disagreement with the Company or the Board of Directors, nor any matter relating to the Company’s operations, policies, or practices. The responsibilities previously overseen by the CTO role will be redistributed among existing members of the leadership team to ensure seamless continuity of the Company’s technology functions.

Mr. Liang added, “We sincerely appreciate Mr. Jiang’s outstanding leadership and remarkable achievements during his tenure. He led the Company to evolve into a fully digitalized, end-to-end fresh supply chain enterprise, and made tremendous contributions to infrastructure development, operational efficiency, technology architecture evolution, and supply chain restructuring.”

About Dingdong (Cayman) Limited

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

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

Safe Harbor Statements

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