The iconic That Dam, or Black Stupa, one of Vientiane’s most culturally significant landmarks, is set to undergo a major restoration as part of a new preservation initiative led by the Lao government.
vivo Expert Dr. Wang Ruixin Wins 3GPP Excellence Award for Outstanding Contribution to 5G OTA Standards
SHENZHEN, China, May 23, 2025 /PRNewswire/ — 3GPP (3rd Generation Partnership Project) formally announced that Dr. Wang Ruixin, a leading telecommunications expert at vivo, has received the prestigious 3GPP Excellence Award 2024 during the 3GPP RAN4#115 meeting held in Malta on May 19, 2025. Presented by 3GPP, an authoritative global communication standards body, the award honors individuals who have made outstanding contributions to the development of mobile communication technology specifications. Dr. Wang’s achievement is an acknowledgment of his technical leadership and underscores vivo’s position as one of the global leaders in 5G core technology R&D and international standard setting.
Dr. Wang‘s Award Recognizes Exceptional Technical Contributions
3GPP is the world’s leading telecommunication standard development body. It currently has more than 850 member companies from over 40 countries, including mobile network operators, equipment manufacturers, instrumentation manufacturers, chipmakers, universities and R&D institutions. The technical specifications produced by 3GPP directly impact the communication experience of billions of users around the world.
Established in 2012, the 3GPP Excellence Award recognizes individuals who have made outstanding technical contributions to the 3GPP working groups. Each year, a maximum of four recipients are selected from all technical specification groups, including Radio Access Networks (RAN), Services & Systems Aspects (SA) and Core Network & Terminals (CT). According to 3GPP statistics, over 1,000 representatives participated in the standard discussions across its working groups in 2024. Dr. Wang stood out with his breakthrough contribution to the field of 5G OTA standards, becoming the second expert from the RAN4 Working Group to receive this honor since the award was established.
At the award ceremony, the 3GPP RAN4 leadership team highlighted Dr. Wang’s dedication and expertise. “His strong technical expertise, dedication and excellent leadership has made him a successful and outstanding delegate in 3GPP RAN4. Many thanks for Ruixin’s excellent work and contribution!” they stated.
Dr. Wang Ruixin has been actively engaged in 3GPP technical standardization work for many years. In the 5G era, he has served as the Rapporteur for multiple standard projects (WI/SI), leading the development of mobile terminal radiated performance and Over-the-Air (OTA) testing standards. Under his leadership, 3GPP achieved several industry milestones in this field, including the finalization of 5G UE OTA requirements in 2024 – a groundbreaking accomplishment in the industry.
Beyond his individual technical contributions, as vivo’s prime delegate of RAN4 working group, Dr. Wang has led the vivo RAN4 team participation in technical discussions across multiple topics, actively driving the development of 3GPP standards.
From Technical Breakthroughs to Ecosystem Building: vivo’s Methodology for Standard Innovation
Dr. Wang’s achievements reflect vivo’s systematic investment in the field of communication technology. As a global leader in smartphone manufacturing, vivo established the Communications Research Institute in 2016, focusing on cutting-edge mobile communication research, international/industry standard development, and core technology verification and testing for the group.
To date, vivo has submitted over 17,000 5G technical proposals to 3GPP, participated in the formulation of more than 700 technical standards, and applied for over 7,000 patents for 5G and 6G technologies. It has successfully driven projects such as UE power saving, Multi-SIM, LP-WUS, and narrowband voice satellite communication within 3GPP. vivo has also developed prototypes for 5.5G and 6G technologies, including NTN, RedCap, AI+ communication, 6G mobile computing-network integration, 6G integrated sensing and communication, 6G data plane, and 6G backscatter technologies. Additionally, vivo has published six 6G white papers and three technical books through People’s Posts & Telecommunications Press, making outstanding contributions to the formulation of global mobile communication standards and the advancement of the industry.
With its achievements and contributions in 5G standard setting, technology validation, testing, product development, and application, vivo was awarded the National Science and Technology Progress Award First Prize in June 2024, consolidating its leading position in the field of global communication technology.
Dr. Wang’s 3GPP Excellence Award marks a career milestone and demonstrates vivo’s innovation leadership. As the global communication industry steps into a new decade of “intelligent connectivity for all”, innovation pioneers like vivo are writing a new chapter in the history of world communications.
About vivo
vivo is a technology company driven by design to create exceptional products, with smart terminals and intelligent services at its core. It aims to bridge the gap between people and the digital world, offering users a more convenient and personalized mobile digital life. Guided by its corporate values of ‘Benfen’ (staying grounded), user orientation, design-driven innovation, continuous learning, and teamwork, vivo integrates sustainable development strategies across its value chain, striving to become a healthier, enduring world-class enterprise.
Headquartered in Dongguan, China, vivo taps into local talent resources and maintains an extensive R&D network spanning Shenzhen, Dongguan, Nanjing, Beijing, Hangzhou, Shanghai, and Xi’an. Its research covers a wide range of frontier areas, including 5G communication, artificial intelligence, industrial design, and imaging technology. Currently, vivo’s manufacturing network (including authorized production) boasts an annual production capacity of nearly 200 million units, with sales covering over 60 countries and regions and a user base exceeding 500 million.
For more corporate, brand, product, and technology updates, follow vivo’s official WeChat accounts: ‘vivo’ and ‘XG Detective Agency’.
For additional media resources, high-resolution images, or videos, please visit: https://mobile.vivo.com/
Moldova to Host the 46th World Congress of Vine and Wine – in the Country with the Highest Vineyard Density per Capita
What You Should Know About This Wine Nation
CHIȘINĂU, Moldova, May 23, 2025 /PRNewswire/ — This year, the World Congress of Vine and Wine will take place for the first time in the Republic of Moldova – the country with the highest vineyard area per capita in the world, with 4 hectares for every 100 people. Moldova’s total vineyard area reaches nearly 110,000 hectares. The country ranks among the top 20 wine producers globally and is the 14th largest wine exporter in the world.
In 2024, Moldova exported 144 million liters of wine, worth over 234 million USD. Moldovan wines are shipped to 73 countries, with half of all exports going to European markets. In Moldova, wine is not just an industry – it is part of the country’s identity, history, and economy. Over the past few years, the wine sector has grown significantly, thanks to high quality and improved wine tourism infrastructure. Moldova now has over 250 wineries, offering great wines and unforgettable experiences for visitors from around the world.
Moldova has built a strong reputation in the international wine world not only through its authentic terroir and ancient traditions, but also through the growing recognition it has earned in recent decades. In the past five years, Moldovan wines have won thousands of medals at top global competitions – including Berliner Wine Trophy, Mundus Vini, Decanter World Wine Awards, and Concours Mondial de Bruxelles. These awards have helped Moldova become known as a serious producer of high-quality wines, able to compete internationally and impress even the most demanding wine experts.
A major milestone in promoting Moldovan wines abroad was the creation of the National Office of Vine and Wine (ONVV) and the launch of the national brand “Wine of Moldova: Unexpectedly Great” in 2013.
The 46th edition of the World Congress of Vine and Wine will take place from June 16 to 20, 2025, at the Palace of the Republic in Chișinău, Moldova. The congress will bring together 300 experts, researchers, winemakers, oenologists, producers, and policymakers from 51 member countries of the OIV, to discuss the future of the global wine industry.
Participants will also take part in 13 technical visits to Moldova’s most renowned wineries, and enjoy a festive dinner hosted at Cricova – the world-famous underground wine city known for its vast tunnels and excellent wines.
Participation packages are available for purchase on the official congress website:
https://oiv2025.md/packages-available/
The event is organized by the International Organisation of Vine and Wine (OIV), in collaboration with the Ministry of Agriculture and Food Industry of Moldova and the National Office for Vine and Wine (ONVV). Moldova has been a member of the OIV since April 3, 2001 – the first country from the CIS to join the organization. In 2024, the OIV celebrates its 100th anniversary, and the congress in Moldova marks the beginning of its second centenary.
Department of International Trade Promotion, Ministry of Commerce, promotes Thai film industry through Thai Night 2025 at Cannes Film Festival, France.

CANNES, FRANCE – Media OutReach Newswire – 23 May 2025 – The Department of International Trade Promotion (DITP), Ministry of Commerce, successfully organized Thai Night 2025, an event aimed at enhancing the global presence of the Thai entertainment industry and promoting international business networking. The event took place on Thursday, May 15, 2025, during the renowned Cannes Film Festival – one of the world’s most prestigious international film festivals. Her Royal Highness Princess Ubolratana Rajakanya Sirivadhana Barnavadi presided over the ceremony, delivered an inspiring keynote address and extended a warm welcome to distinguished guests, including producers, directors, content creators, and media representatives from around the world.
In her remarks, Her Royal Highness highlighted the exponential growth of the Thai film industry in 2024, calling it a remarkable year in which domestic revenue from Thai films surpassed 1 billion baht for the first time – an unprecedented achievement that reflects the exceptional talent and creativity of Thai filmmakers. Thai films now hold a domestic market share of nearly 50%, on par with foreign films, demonstrating the industry’s ability to compete on the global stage.
Thai Night 2025 attracted over 300 prominent figures from the international film industry, including buyers, directors, investors, renowned actors, celebrities, and media representatives. The top five countries represented were France, the United States, the United Kingdom, Hong Kong, and Germany – reflecting Thailand’s strong cultural and industry tie with major global film markets. The event served as a vital platform to showcase the achievements, creativity, and growing potential of the Thai film industry.
The successes of 2024 underscore the innovation and dedication of Thai filmmakers, who continue to captivate audiences both at home and abroad with compelling narratives across genres such as drama, horror, comedy, and LGBTQ+ stories. These works serve as powerful instruments of soft power, effectively showcasing Thai culture to the world. Thai Night 2025 also highlighted Thailand’s strengths as a leading film production hub, including its diverse locations, skilled professionals, attractive production incentives, and the unique charm that makes the country a preferred destination for international filmmakers.
In addition to the gala event, the DITP further supported the Thai film industry through the Thai Pavilion at the Palais des Festivals et des Congrès de Cannes, held from May 13-21, 2025. The pavilion served as a venue for showcasing filmmaking process and facilitating business matching and film trading between Thai producers, film service providers, and global partners. These initiatives reinforce Thailand’s readiness to take a prominent place on the global film stage and gain greater international recognition.
Hashtag: #DITP #ThaiNight
The issuer is solely responsible for the content of this announcement.
Tuniu Announces Receipt of Minimum Bid Price Notice from Nasdaq
NANJING, China, May 23, 2025 /PRNewswire/ — Tuniu Corporation (Nasdaq: TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today announced that it has received written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) dated May 19, 2025, indicating that for the last 30 consecutive business days, the closing bid price for the Company’s American depositary shares (the “ADSs”) was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1). The Nasdaq notification letter has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global Market.
Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until November 17, 2025, to regain compliance under the Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company’s ADSs is US$1.00 per share or higher for a minimum of ten consecutive business days, the Nasdaq will provide the Company written confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance by November 17, 2025, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period.
The Nasdaq notification letter will have no effect on the Company’s business operations, and the Company will take all reasonable measures to regain compliance.
About Tuniu
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.
Safe Harbor Statement
This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Tuniu 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 report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Any statements that are not historical facts, including statements about Tuniu’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; Tuniu’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu’s structure, business and industry; the impact of health epidemics on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.
TalentCorp and MyDIGITAL Launch MyMahir National AI Council for Industry to Accelerate Workforce Readiness
- Strategic Collaboration to Align AI Talent Development with Real-World Industry Needs
PETALING JAYA, Malaysia, May 23, 2025 /PRNewswire/ — Malaysia has launched a major initiative to strengthen its AI workforce development efforts through the formation of the MyMahir National AI Council for Industry (MyMahir–NAICI). Spearheaded by Talent Corporation Malaysia Berhad (TalentCorp), under the Ministry of Human Resources (KESUMA), and the National AI Office (NAIO) via MyDIGITAL Corporation (MyDIGITAL) under the Ministry of Digital, this Council provides a national platform to coordinate AI talent development, pilot adoption strategies, and drive multi-sector implementation.
From left, Mr Thomas Mathew, TalentCorp Group CEO, YB Steven Sim Chee Keong, Minister of KESUMA, YB Gobind Singh Deo, Minister of Digital and Mr Adrian Marcellus, CEO of MyDIGITAL during the exchange of Memorandum of Understanding (MoU)
Held today, the Council’s inaugural meeting marked the start of a structured, cross-agency partnership to advance Malaysia’s AI readiness. The event also included the signing of a Memorandum of Understanding (MoU) between TalentCorp and MyDIGITAL, witnessed by YB Steven Sim Chee Keong, Minister of KESUMA and YB Gobind Singh Deo, Minister of Digital.
“The question is not whether AI will replace jobs, but whether we will empower Malaysians to evolve with it,” said YB Steven Sim Chee Keong. “Through MyMahir–NAICI, we are forging a whole-of-nation mechanism, aligning skills with strategy, technology with talent, and policy with purpose. This Council is a commitment to ensure Malaysians are not just job-ready, but AI-ready.”
Reaffirming a shared commitment, YB Gobind Singh Deo added, “This is where government leadership becomes essential — building the enabling structures that connect innovation to real-world AI implementation. While NAIO focuses on creating the demand and representing deployment, TalentCorp focuses on building the talent supply and MyMahir–NAICI completing the virtuous cycle by continuously feeding back for policy improvement.”
The Council formalises a three-year collaboration focused on four strategic pillars: AI Talent Development, Industry Integration, Policy and Funding Alignment, and Stakeholder Governance. TalentCorp will serve as secretariat, with NAIO guiding alignment with the national AI roadmap.
Supporting this initiative are four key instruments:
- The MyMahir Impact Study, which identifies affected roles, emerging jobs, and future skills;
- The MyMahir.my platform, which enables policy-to-action implementation;
- The G.I.A.T. Action Plan, targeting coordination across Government, Industry, Academia, and Training Providers; and
- The AI Talent Framework, covering the full skills pipeline from digital literacy to advanced AI expertise.
According to the Impact Study, approximately 620,000 jobs, or 18% of formal sector roles in Malaysia, are expected to be significantly affected by AI over the next three to five years. At the same time, 60 emerging roles have been identified across AI, digital, green, and deep tech sectors. These findings will guide all Council-led activities, including the design of sector-based pilot programmes.
A major feature of this collaboration is the integration of the AI Readiness Index (AIRI) into the MyMahir.my platform, which allows companies to assess their AI preparedness, identify capability gaps, and take actionable steps toward transformation. Pilot use cases will also be validated through AI sandbox programmes, using real-world problem statements sourced directly from industry.
“As the strategic think tank of KESUMA, TalentCorp’s role is to link national workforce strategies with sector-driven insights and execution,” said Thomas Mathew, Group CEO of TalentCorp. “MyMahir–NAICI reflects this approach – identifying talent needs, coordinating skilling efforts, and ensuring Malaysia’s human capital policies stay agile, inclusive, and impactful.”
Adrian Marcellus, CEO of MyDIGITAL Corporation, added “NAIO’s role is to coordinate national AI policies and strategies, guide ethical innovation, and ensure that AI is deployed with purpose, trust, and impact. NAIO will play a key role in shaping national workforce foresight and helping industry navigate the AI landscape.”
The Council’s implementation and outcomes will be monitored through the newly established AI Implementation Monitoring Unit (AI-IMU). This unit will include key agencies and will track milestones, oversee delivery, and report on progress to the Ministers. It will also support the continuous improvement of sectoral workplans based on real-time feedback from Council members.
Through MyMahir–NAICI, Malaysia is strengthening its AI ecosystem by aligning innovation with talent and translating data into action. The initiative supports national priorities including the Madani Economy, NIMP 2030, and the Malaysia Digital Economy Blueprint.
For more information, visit: www.mymahir.my
MINISO Group Announces March Quarter 2025 Unaudited Financial Results
Revenue grew 18.9 % year over year
Significant sequential improvement of same-store sales(1) in MINISO mainland China for March Quarter
Gross margin reached 44.2%, up 0.8 ppt year over year
Adjusted EBITDA increased 7.5% year over year to RMB1,037.3 million
Shareholder returns reached around RMB986.9 million year to date
GUANGZHOU, China, May 23, 2025 /PRNewswire/ — MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) (“MINISO”, “MINISO Group” or the “Company”), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the quarter ended March 31, 2025 (the “March Quarter”).
Financial Highlights
- Revenue increased 18.9 % year over year to RMB4,427.0 million (US$610.1 million).
- Same-store sales(1) in MINISO mainland China has significantly narrowed its decline for March Quarter to mid-single digit.
- Gross profit increased 21.1% year over year to RMB1,958.0 million (US$269.8 million).
- Gross margin was 44.2%, compared to 43.4% in the same period last year.
- Operating profit was RMB709.8 million (US$97.8 million), compared to RMB743.3 million in the same period last year.
- Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period last year. Excluding other expenses and interest expenses related to issuance of equity linked securities in January 2025 (the “Equity Linked Securities”), and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*(永輝超市股份有限公司), profit for the period would have been RMB562.3 million (US$77.5 million).
- Adjusted net profit(2) was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year.
- Adjusted net margin(2) was 13.3%, compared to 16.6% in the same period last year.
- Adjusted EBITDA(2) increased 7.5% year over year to RMB1,037.3 million (US$142.9 million).
- Adjusted EBITDA margin(2) was 23.4%, compared to 25.9% in the same period of 2024.
- Adjusted basic and diluted earnings per ADS(2) were RMB1.92 (US$0.26) and RMB1.88 (US$0.26) respectively, compared with each of RMB1.96 in the same period last year.
- Cash Position(3) was RMB7,255.3 million (US$999.8 million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.
Operational Highlights
- Total number of stores on group level was 7,768 as of March 31, 2025, representing a year-over-year increase of 978 net new stores.
- Number of MINISO stores was 7,488 as of March 31, 2025, representing a year-over-year increase of 858 net new stores.
- Number of MINISO stores in mainland China was 4,275 as of March 31, 2025, representing a year-over-year increase of 241 net new stores.
- Number of MINISO stores in overseas markets reached 3,213 as of March 31, 2025, representing a year-over-year increase of 617 net new stores.
- Number of TOP TOY stores was 280 as of March 31, 2025, representing a year-over-year increase of 120 net new stores. TOP TOY has also begun to expand into overseas markets since December quarter of 2024. This strategic move aligns with the Company’s plan to expand globally and strengthen its brand presence.
Notes:
(1) “Same-store sales” refers to the daily sale on per store basis generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods and closed for less than 30 days during both comparative periods. |
(2) See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in this press release for more information. |
(3) “Cash position” refers to the combined balance of the Company’s cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets. |
The following table provides a breakdown of the Company’s store network and its changes on a year-over-year basis. 70% of new MINISO stores in the past twelve months were located in overseas markets.
As of |
|||
March 31, 2024 |
March 31, 2025 |
YoY |
|
Number of stores on group level |
6,790 |
7,768 |
978 |
Number of MINISO stores |
6,630 |
7,488 |
858 |
Mainland China |
4,034 |
4,275 |
241 |
—Directly operated stores |
29 |
20 |
(9) |
—Stores operated under MINISO Retail Partner model |
3,983 |
4,229 |
246 |
—Stores operated under distributor model |
22 |
26 |
4 |
Overseas |
2,596 |
3,213 |
617 |
—Directly operated stores |
281 |
548 |
267 |
—Stores operated under MINISO Retail Partner model |
314 |
432 |
118 |
—Stores operated under distributor model |
2,001 |
2,233 |
232 |
Number of TOP TOY stores |
160 |
280 |
120 |
—Directly operated stores |
17 |
40 |
23 |
—Stores operated under MINISO Retail Partner model |
143 |
240 |
97 |
Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, “We delivered a solid March Quarter to kick off 2025 and are pleased to see our revenue grow by 18.9% year over year. Our revenue growth was mainly attributable to a 9.1% revenue growth in MINISO mainland China, an acceleration from September and December quarter last year, powered by a solid recovery in same-store sales. Through our steady progress in product mix optimization and strategical store network refinement, we are confident in achieving sustainable and high-quality growth.
Revenue in MINISO overseas grew by 30.3%, with a year-over-year 3 percentage points increase in contribution to our total revenue. We are forging more holistic collaborations with our overseas partners to enhance synergies, upgrade store formats to improve operational efficiency and unlock potential in store opening space.”
“Entering into 2025, we are facing an increasingly volatile macroeconomic environment. Yet, with over ten years’ experience of globalization, unparalleled scale and diversified footprint, we will stay resilient and agile in order to deliver long-term profitable growth.” Mr. Ye continued.
Mr. Eason Zhang, CFO of MINISO, commented, “Gross margin for March Quarter reached 44.2%, which was the highest for the past March quarters ever, thanks to our solid performance from overseas markets and TOP TOY. Adjusted EBITDA grew by 7.5% year over year to RMB1,037.3 million, with an adjusted EBITDA margin of 23.4%. Our mainland franchise segment achieved a stable operating margin year over year amid a challenging environment while our investments into new businesses will open up growth opportunities over the long term.”
“MINISO Group remains steadfast in our consumer-centric strategy driving business transformation and market expansion through continuous innovation. We are committed to delivering high-quality, creatively designed products and services to our customers while generating sustainable value for shareholders. We maintained a strong cash position of RMB7,255.3 million as of March 31, 2025 and distributed cash dividends of US$101.4 million this April. Supplemented by year-to-date share repurchase of about RMB255.7 million, our returns to shareholders totaled RMB986.9 million. Moving forward, we will continue to exert effort on disciplined cost control and moderate budgeting, and balance both growth and our commitment to bringing stable and foreseeable returns to shareholders.” Mr. Zhang concluded.
Financial Results for the March Quarter
Revenue was RMB4,427.0 million (US$610.1 million), representing an increase of 18.9% year over year, primarily driven by an 16.5% year-over-year increase in average store count.
Revenue from MINISO brand increased by 16.5% to RMB4,085.8 million (US$563.0 million), driven by (i) an increase of 9.1% in mainland China, and (ii) an increase of 30.3% in overseas markets. The year-over-year increase was primarily due to an increase of 24.6% in average store count in overseas. Overseas revenue contributed to 39.0% of revenue from MINISO brand, compared to 34.8% in the same period of 2024.
Revenue from TOP TOY brand increased by 58.9% to RMB339.9 million (US$46.8 million), primarily powered by its rapid growth in average store count.
For more information on the composition and year-over-year change of revenue, please refer to the “Unaudited Additional Information” in this press release.
Cost of sales was RMB2,469.0 million (US$340.2 million), representing an increase of 17.2% year over year.
Gross profit was RMB1,958.0 million (US$269.8 million), representing an increase of 21.1% year over year.
Gross margin reached 44.2%, representing an increase of 0.8 percentage point. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution of MINISO brand from overseas markets, (ii) higher gross margin of TOP TOY due to a shift in revenue mix towards more profitable products.
Other income was RMB3.0 million (US$0.4 million), compared to RMB3.6 million in the same period of 2024.
Selling and distribution expenses were RMB1,021.2 million (US$140.7 million), increased by 46.7% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,012.8 million (US$139.6 million), increased by 50.7% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores to pursue the future success of the Company’s business. As of March 31, 2025, total number of directly operated stores in overseas markets was 608, compared with 327 in the same period last year. In the March Quarter, revenue from directly operated stores has increased 85.5% year over year, while related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses increased 71.4%. Licensing expenses increased by 39.6%, mainly attributable to our growing IP library and enriched offerings of IP products, as a percentage of revenue stabilizing at around 2% in both comparative periods. Logistics expenses increased by 31.3% year over year.
General and administrative expenses were RMB242.1 million (US$33.4 million), increased by 26.6% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB225.6 million (US$31.1 million), increased by 22.3% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business.
Other net income was RMB20.8 million (US$2.9 million), compared to RMB14.8 million in the same period of 2024. The year-over-year increase was mainly due to an increase in investment income in wealth management products, and a net foreign exchange gain compared with a net foreign exchange loss in the same period last year.
Operating profit was RMB709.8 million (US$97.8 million), compared with RMB743.3 million in the same period last year.
Net finance cost was RMB49.0 million (US$6.8 million), compared to net finance income of RMB25.0 million in the same period of 2024. The year-over-year increase in finance cost was due to (i) increased interest expenses in relation to the Equity Linked Securities and the bank loans used for acquisition of the equity interest of Yonghui Superstores Co., Ltd*, both of which have been excluded in non-IFRS financial measures(1), and (ii) increased interest expenses on lease liabilities corresponding to the Company’s investment in directly operated stores.
Other expenses was RMB91.1 million (US$12.6 million), including loss from fair value change of derivatives under mark-to-market impact and issuance cost of derivatives, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures(1).
Profit for the period was RMB416.5 million (US$57.4 million), compared to RMB586.0 million in the same period of 2024. Excluding other expenses and interest expenses related to issuance of the Equity Linked Securities, and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd*, profit for the period would have been RMB562.3 million (US$77.5 million).
Adjusted net profit(1) was RMB587.2 million (US$80.9 million), compared to RMB616.9 million in the same period last year.
Adjusted net margin(1) was 13.3%, compared to 16.6% in the same period of 2024.
Adjusted EBITDA(1) increased 7.5% year over year to RMB1,037.3 million (US$142.9 million).
Adjusted EBITDA margin(1) was 23.4%, compared to 25.9% in the same period of 2024.
Basic and diluted earnings per ADS were both RMB1.36 (US$0.19), compared to RMB1.88 in the same period of 2024.
Adjusted basic earnings per ADS(1) was RMB1.92 (US$0.26), compared to RMB1.96 in the same period of 2024.
Adjusted diluted earnings per ADS(1) was RMB1.88 (US$0.26), compared to RMB1.96 in the same period of 2024.
Cash position, which was the combined balance of the Company’s cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,255.3 million (US$999.8 million) as of March 31, 2025, compared to RMB6,698.1 million as of December 31, 2024.
Notes:
(1) See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in this press release for more information. |
Conference Call
The Company’s management will hold an earnings conference call at 5:00 A.M. Eastern Time on Friday, May 23, 2025 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed by the following Zoom link or dialing the following numbers:
Access 1
Join Zoom meeting.
Zoom link: https://zoom.us/j/91867561429?pwd=O6gp0PI5MebbwUIlZ9K0Z1obVLjp0U.1
Meeting Number: 918 6756 1429
Meeting Passcode: 9896
Access 2
Listeners may access the call by dialing the following numbers with the same meeting number and passcode with access 1.
United States: |
+1 689 278 1000 (or +1 719 359 4580) |
Hong Kong, China: |
+852 5803 3730 (or +852 5803 3731) |
United Kingdom: |
+44 203 481 5237 (or +44 131 460 1196) |
France: |
+33 1 7037 9729 (or +33 1 7037 2246) |
Singapore: |
+65 3158 7288 (or +65 3165 1065) |
Canada: |
+1 438 809 7799 (or +1 204 272 7920) |
Access 3
Listeners can also access the call through the Company’s investor relations website at https://ir.miniso.com/.
The replay will be available approximately two hours after the conclusion of the live event at the Company’s investor relations website at https://ir.miniso.com/.
About MINISO Group
MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO’s wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand “MINISO” as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/.
Exchange Rate
The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025, which was RMB7.2567 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.
Non-IFRS Financial Measures
In evaluating the business, MINISO considers and uses adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its operating performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted net profit as profit for the period excluding equity-settled share-based payment expenses, gain or loss from fair value change of derivatives, issuance cost of derivatives and interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs excluding interest expenses related to equity linked securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui Superstores Co., Ltd. and income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares.
MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its operating results in the same manner as the management and board of directors.
These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO’s operations. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.
These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO’s operating performance. Investors are encouraged to review MINISO’s historical non-IFRS financial measures in light of the most directly comparable IFRS measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO’s data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.
For more information on the non-IFRS financial measures, please see the table captioned “Reconciliation of Non-IFRS Financial Measures” set forth at the end of this press release.
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 words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO’s strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO’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: MINISO’s mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO’s products; expectations regarding MINISO’s relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO’s business and the industry. Further information regarding these and other risks is included in MINISO’s filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contacts:
MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039
MINISO GROUP HOLDING LIMITED |
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||
(Expressed in thousands) |
||||||
As at |
As at |
|||||
December 31, 2024 |
March 31, 2025 |
|||||
(Audited) |
(Unaudited) |
|||||
RMB’000 |
RMB’000 |
US$’000 |
||||
ASSETS |
||||||
Non-current assets |
||||||
Property, plant and equipment |
1,436,939 |
1,535,840 |
211,644 |
|||
Right-of-use assets |
4,172,083 |
4,319,605 |
595,257 |
|||
Intangible assets |
8,802 |
8,379 |
1,155 |
|||
Goodwill |
21,418 |
21,586 |
2,975 |
|||
Deferred tax assets |
181,948 |
202,417 |
27,894 |
|||
Other investments |
123,399 |
123,062 |
16,958 |
|||
Trade and other receivables |
341,288 |
288,455 |
39,750 |
|||
Term deposits |
140,183 |
105,592 |
14,551 |
|||
Financial derivative assets |
— |
810,192 |
111,647 |
|||
Interests in equity-accounted investees |
38,567 |
6,307,379 |
869,180 |
|||
6,464,627 |
13,722,507 |
1,891,011 |
||||
Current assets |
||||||
Other investments |
100,000 |
150,946 |
20,801 |
|||
Inventories |
2,750,389 |
2,833,354 |
390,447 |
|||
Trade and other receivables |
2,207,013 |
2,375,133 |
327,302 |
|||
Cash and cash equivalents |
6,328,121 |
6,839,406 |
942,495 |
|||
Restricted cash |
1,026 |
1,959 |
270 |
|||
Term deposits |
268,952 |
262,962 |
36,237 |
|||
11,655,501 |
12,463,760 |
1,717,552 |
||||
Total assets |
18,120,128 |
26,186,267 |
3,608,563 |
MINISO GROUP HOLDING LIMITED |
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) |
||||||
(Expressed in thousands) |
||||||
As at |
As at |
|||||
December 31, 2024 |
March 31, 2025 |
|||||
(Audited) |
(Unaudited) |
|||||
RMB’000 |
RMB’000 |
US$’000 |
||||
EQUITY |
||||||
Share capital |
94 |
94 |
13 |
|||
Additional paid-in capital |
4,683,577 |
3,954,863 |
544,995 |
|||
Other reserves |
1,329,126 |
1,959,579 |
270,037 |
|||
Retained earnings |
4,302,177 |
4,718,519 |
650,229 |
|||
Equity attributable to equity shareholders of the Company |
10,314,974 |
10,633,055 |
1,465,274 |
|||
Non-controlling interests |
40,548 |
45,411 |
6,258 |
|||
Total equity |
10,355,522 |
10,678,466 |
1,471,532 |
|||
LIABILITIES |
||||||
Non-current liabilities |
||||||
Contract liabilities |
35,145 |
33,381 |
4,600 |
|||
Loans and borrowings |
4,310 |
5,776,316 |
795,998 |
|||
Other payables |
59,842 |
74,844 |
10,314 |
|||
Lease liabilities |
1,903,137 |
2,066,649 |
284,792 |
|||
Financial derivative liabilities |
— |
1,249,266 |
172,153 |
|||
Deferred income |
34,983 |
34,742 |
4,788 |
|||
2,037,417 |
9,235,198 |
1,272,645 |
||||
Current liabilities |
||||||
Contract liabilities |
323,292 |
344,665 |
47,496 |
|||
Loans and borrowings |
566,955 |
649,401 |
89,490 |
|||
Trade and other payables |
3,943,988 |
3,632,572 |
500,580 |
|||
Lease liabilities |
635,357 |
722,607 |
99,578 |
|||
Deferred income |
5,376 |
3,708 |
511 |
|||
Current taxation |
252,221 |
191,508 |
26,391 |
|||
Dividend payables |
– |
728,142 |
100,340 |
|||
5,727,189 |
6,272,603 |
864,386 |
||||
Total liabilities |
7,764,606 |
15,507,801 |
2,137,031 |
|||
Total equity and liabilities |
18,120,128 |
26,186,267 |
3,608,563 |
MINISO GROUP HOLDING LIMITED |
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
||||||
(Expressed in thousands, except for per ordinary share and per ADS data) |
||||||
Three months ended March 31, |
||||||
2024 |
2025 |
|||||
(Unaudited) |
(Unaudited) |
|||||
RMB’000 |
RMB’000 |
US$ ‘000 |
||||
Revenue |
3,723,531 |
4,427,044 |
610,063 |
|||
Cost of sales |
(2,107,073) |
(2,469,007) |
(340,238) |
|||
Gross profit |
1,616,458 |
1,958,037 |
269,825 |
|||
Other income |
3,645 |
3,020 |
416 |
|||
Selling and distribution expenses |
(696,027) |
(1,021,186) |
(140,723) |
|||
General and administrative expenses |
(191,341) |
(242,144) |
(33,368) |
|||
Other net income |
14,829 |
20,835 |
2,871 |
|||
Credit loss on trade and other receivables |
(667) |
(8,775) |
(1,209) |
|||
Impairment loss on non-current assets |
(3,612) |
— |
— |
|||
Operating profit |
743,285 |
709,787 |
97,812 |
|||
Finance income |
40,890 |
36,915 |
5,087 |
|||
Finance costs |
(15,909) |
(85,945) |
(11,844) |
|||
Net finance income/(cost) |
24,981 |
(49,030) |
(6,757) |
|||
Share of profit of equity-accounted investees, net of tax |
120 |
(2,005) |
(276) |
|||
Other expenses |
— |
(91,071) |
(12,550) |
|||
Profit before taxation |
768,386 |
567,681 |
78,229 |
|||
Income tax expense |
(182,432) |
(151,222) |
(20,839) |
|||
Profit for the period |
585,954 |
416,459 |
57,390 |
|||
Attributable to: |
||||||
Equity shareholders of the Company |
582,472 |
416,342 |
57,374 |
|||
Non-controlling interests |
3,482 |
117 |
16 |
|||
Earnings per share for ordinary shares |
||||||
-Basic |
0.47 |
0.34 |
0.05 |
|||
-Diluted |
0.47 |
0.34 |
0.05 |
|||
Earnings per ADS |
||||||
(Each ADS represents 4 ordinary shares) |
||||||
-Basic |
1.88 |
1.36 |
0.19 |
|||
-Diluted |
1.88 |
1.36 |
0.19 |
|||
MINISO GROUP HOLDING LIMITED |
||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) |
||||||
(Expressed in thousands) |
||||||
Three months ended March 31, |
||||||
2024 |
2025 |
|||||
(Unaudited) |
(Unaudited) |
|||||
RMB’000 |
RMB’000 |
US$ ‘000 |
||||
Profit for the period |
585,954 |
416,459 |
57,390 |
|||
Items that may be reclassified subsequently to profit or loss: |
||||||
Exchange differences on translation of financial statements |
3,855 |
(1,291) |
(178) |
|||
Other comprehensive income/(loss) for the period |
3,855 |
(1,291) |
(178) |
|||
Total comprehensive income for the period |
589,809 |
415,168 |
57,212 |
|||
Attributable to: |
||||||
Equity shareholders of the Company |
586,166 |
416,306 |
57,369 |
|||
Non-controlling interests |
3,643 |
(1,138) |
(157) |
MINISO GROUP HOLDING LIMITED |
||||||
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES |
||||||
(Expressed in thousands, except for per share, per ADS data and percentages) |
||||||
Three months ended March 31, |
||||||
2024 |
2025 |
|||||
(Unaudited) |
(Unaudited) |
|||||
RMB’000 |
RMB’000 |
US$’000 |
||||
Reconciliation of profit for the period to adjusted net profit: |
||||||
Profit for the period |
585,954 |
416,459 |
57,390 |
|||
Add back: |
||||||
Equity-settled share-based payment expenses |
30,937 |
24,930 |
3,435 |
|||
Loss from fair value change of derivatives |
— |
46,407 |
6,395 |
|||
Issuance cost of derivatives |
— |
44,664 |
6,155 |
|||
Interest expenses related to equity linked securities and |
— |
54,745 |
7,544 |
|||
Adjusted net profit |
616,891 |
587,205 |
80,919 |
|||
Adjusted net margin |
16.6 % |
13.3 % |
13.3 % |
|||
Attributable to: |
||||||
Equity shareholders of the Company |
613,409 |
586,999 |
80,891 |
|||
Non-controlling interests |
3,482 |
206 |
28 |
|||
Adjusted net earnings per share(1) |
||||||
-Basic |
0.49 |
0.48 |
0.07 |
|||
-Diluted |
0.49 |
0.47 |
0.06 |
|||
Adjusted net earnings per ADS (Each ADS represents |
||||||
-Basic |
1.96 |
1.92 |
0.26 |
|||
-Diluted |
1.96 |
1.88 |
0.26 |
|||
Reconciliation of adjusted net profit for the period to |
||||||
Adjusted net profit |
616,891 |
587,205 |
80,919 |
|||
Add back: |
||||||
Depreciation and amortization |
150,102 |
267,672 |
36,886 |
|||
Finance costs excluding interest expenses related |
15,909 |
31,200 |
4,300 |
|||
Income tax expense |
182,432 |
151,222 |
20,839 |
|||
Adjusted EBITDA |
965,334 |
1,037,299 |
142,944 |
|||
Adjusted EBITDA margin |
25.9 % |
23.4 % |
23.4 % |
Note:
(1) Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis.
MINISO GROUP HOLDING LIMITED |
||||||||
UNAUDITED ADDITIONAL INFORMATION |
||||||||
(Expressed in thousands, except for percentages) |
||||||||
Three months ended March 31, |
||||||||
2024 |
2025 |
YoY |
||||||
RMB’000 |
RMB’000 |
US$’000 |
||||||
Revenue |
||||||||
MINISO Brand |
3,506,657 |
4,085,778 |
563,035 |
16.5 % |
||||
-Mainland China |
2,284,791 |
2,493,775 |
343,651 |
9.1 % |
||||
-Overseas |
1,221,866 |
1,592,003 |
219,384 |
30.3 % |
||||
TOP TOY Brand |
213,820 |
339,850 |
46,833 |
58.9 % |
||||
Others(1) |
3,054 |
1,416 |
195 |
(53.6) % |
||||
3,723,531 |
4,427,044 |
610,063 |
18.9 % |
Note:
(1) “Others” refers to revenue generated from other operating segments such as “WonderLife”, which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as “others”. As the MINISO brand increasingly penetrated into lower-tier cities in mainland China, “WonderLife” has become marginalized.
MINISO GROUP HOLDING LIMITED |
||||||
UNAUDITED ADDITIONAL INFORMATION |
||||||
NUMBER OF MINISO STORES IN MAINLAND CHINA |
||||||
As of |
||||||
March 31, 2024 |
March 31, 2025 |
YoY |
||||
By City Tiers |
||||||
First-tier cities |
532 |
569 |
37 |
|||
Second-tier cities |
1,664 |
1,773 |
109 |
|||
Third- or lower-tier cities |
1,838 |
1,933 |
95 |
|||
Total |
4,034 |
4,275 |
241 |
MINISO GROUP HOLDING LIMITED |
||||||
UNAUDITED ADDITIONAL INFORMATION |
||||||
NUMBER OF MINISO STORES IN OVERSEAS MARKETS |
||||||
As of |
||||||
By Regions |
March 31, |
March 31, |
YoY |
|||
Asia excluding China |
1,402 |
1,663 |
261 |
|||
North America |
191 |
375 |
184 |
|||
Latin America |
563 |
646 |
83 |
|||
Europe |
237 |
301 |
64 |
|||
Others |
203 |
228 |
25 |
|||
Total |
2,596 |
3,213 |
617 |
*For identification purpose only
RightShip Seeks New Competencies to Remain Leaders in Maritime AI
![]() |
SINGAPORE, May 23, 2025 /PRNewswire/ — RightShip’s mission is to enable our customers to achieve Zero Harm in the global maritime value chain – zero harm to vessels, to people, and to environment – through unique data and actionable insights. We do this by constantly strengthening our market and product relevance and augmenting our data and technology capabilities.
As the need for safety in the global supply chain increases and the development of data and technology accelerates, so does the potential and the pace of RightShip’s growth. To support our growth ambition, we are currently exploring strategic options to bring in a new minority investor who shares the same mission, purpose and values as RightShip and its current shareholders. The existing investors, BHP, Cargill and Rio Tinto, will remain as shareholders and continue to fully support RightShip through its next phase of growth. This consideration is driven by our commitment to delivering long-term value to our customers, employees, shareholders, and the global maritime industry.
Our primary goal is to partner with an investor who brings not only capital but also significant expertise in data and technology and transformational growth. We will seek a partner with the ability to provide valuable insights, resources, and track records that will support RightShip to accelerate our growth initiatives. Together, we will innovate our product offerings, supercharge our data, technology and AI capabilities and deliver delightful customer experiences – all with the intention of working to achieve zero harm in the maritime industry. To this end, RightShip has engaged Rothschild C Co as the financial advisor acting on behalf of RightShip and its shareholders.
Our decision to explore this opportunity is rooted in our dedication to maintaining the highest standards of transparency and integrity. We are early in the process and committed to conducting this process with the utmost confidentiality and discretion to prevent any market speculation or disruption. We will keep our stakeholders informed as we progress and ensure that any decisions made are in the best interests of our valued customers, the company, its employees and our future.
We appreciate the continued support and trust of our shareholders, customers, and employees as we navigate this exciting phase of our company’s journey.
About RightShip
Established in 2001, RightShip is a leading global ESG-focused digital maritime platform, providing expertise in global safety, sustainability and social responsibility practices. Founded with the mission to drive operational improvements in the global shipping industry, more than 850 customers use RightShip’s due diligence, environmental and inspections services to help them manage risk and improve overall maritime safety standards.
For Any Media Queries:
Deepti Pathak
Head of Marketing and Communications, RightShip
Deepti.Pathak@rightship.com