Laos is set to strengthen its aviation sector through expanded pilot training and safety programs.
Da Nang Investment Forum 2025 Showcases Vietnam’s Rise as a Financial Hub
Strengthening Vietnam-Singapore Financial Ties: Unlocking New Investment Opportunities in Banking, Fintech, and Green Finance
SINGAPORE – Media OutReach Newswire – 5 March 2025 – The Da Nang Investment Forum 2025, held on 3 March 2025 at The Ritz-Carlton, Millenia Singapore, underscored Vietnam’s strategic ambition to position itself as a key financial hub in Southeast Asia and commitment to regulatory innovation and international collaboration. Organised by the People’s Committee of Da Nang City in collaboration with Terne Holdings, the forum brought together close to 200 government leaders, global investors, and financial experts to explore the city’s transformation into a dynamic financial center and the opportunities it presents for Singapore international investors.

The forum, a key highlight of Da Nang’s high-level delegation visit to Singapore, was officiated by H.E. Mr. Nguyen Van Quang, Secretary of the Da Nang Municipal Party Committee and Head of the National Assembly Delegation of Da Nang City, alongside H.E. Tran Phuoc Anh, Ambassador of Vietnam to Singapore. Ambassador Tran Phuoc Anh delivered the opening remarks, setting the stage for discussions on Da Nang’s economic development, investment-friendly policies, and its role in Vietnam’s broader financial growth strategy. Moderated by Dr. Chua Hak Bin, Co-Head of Macro Research at Maybank, the forum featured an interactive dialogue with Da Nang’s leadership, offering firsthand insights into the city’s dynamic investment climate and ambitious future.
Positioning Da Nang as Vietnam’s Next Economic Powerhouse
As one of Vietnam’s six centrally governed cities, Da Nang is emerging as a key regional growth hub, driven by world-class infrastructure, innovation-driven industries, and progressive economic policies. The city has identified two key drivers for future development: the Da Nang International Financial Centre and the Da Nang Free Trade Zone. Strategically positioned at the crossroads of major ASEAN economies, Da Nang plays a vital role in the economic, political, and national defense landscape of both the Central region and Vietnam. With a strong regulatory framework and significant infrastructure investments, the city aims to attract financial institutions, asset managers, and fintech firms looking to expand into the ASEAN market.
“Da Nang is rapidly developing and actively embracing scientific advancements to drive its growth. As Vietnam pursues its ambition of becoming an international financial center in Southeast Asia, Da Nang plays a crucial role in realizing this vision by creating value-driven opportunities in the financial sector. shared in the welcome remarks of H.E. Tran Phuoc Anh, Ambassador of Vietnam to Singapore. “Singapore, already one of Vietnam’s largest investors, is poised to strengthen its economic ties further. With a commitment to increasing bilateral trade by 10% annually, both nations are working towards reaching a trade volume of over $31 billion, solidifying their strategic economic partnership.”
Several key advantages bolster Da Nang’s investment appeal:
- Strategic Connectivity: With direct air links to over 15 countries, a modern international airport, and the upcoming Lien Chieu Port—Vietnam’s future global transshipment hub—Da Nang offers seamless access to regional and international markets.
- Thriving Innovation & high Technology Hub: The city is a leader in high-tech manufacturing, artificial intelligence, blockchain, and semiconductor industries, boasting one of Vietnam’s three national high-tech parks.
- A World-Class Destination for Investment & Living: Recognized by Forbes as one of the world’s top beach destinations, Da Nang combines a high-quality urban environment with investor-friendly policies, making it an attractive choice for both businesses and residents.
Da Nang International Financial Center (DNIFC): A Regional Financial Hub in the Making
Following Politburo approval in November 2024, Da Nang is advancing plans to establish Vietnam’s first regional financial center, positioning itself as a key player in the global financial landscape. DNIFC will serve as a strategic hub for:
- International Trade & Green Finance – Facilitating cross-border investment, sustainable finance, and capital markets to support Vietnam’s commitment to responsible economic growth.
- FinTech & Digital Economy – Providing a regulatory sandbox for blockchain innovations, AI-driven financial services, and digital payments, fostering a dynamic financial technology ecosystem.
- Commodity Trading Hub – Establishing a structured exchange for agriculture, minerals, and metals, seamlessly integrating with Da Nang’s expanding logistics network.
Strategically located on a 6.17-hectare prime site, DNIFC will feature luxury office spaces, fintech hubs, and investment support services, with future expansion planned across 62 hectares. This initiative aims to position Da Nang as a premier financial gateway, attracting global investors and reinforcing its role in Vietnam’s rapidly evolving financial sector.
Mr. Andy Khoo, General Director of Terne Holdings, stated, “Da Nang’s strategic location near key trade routes of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), along with its proximity to Tien Sa and Lien Chieu ports, positions it as a natural hub for trade finance. SMEs in ASEAN, one of the most underserved markets, face an annual unmet trade finance demand of $200 billion. DNIFC can bridge this gap by introducing innovative trade finance solutions and enabling seamless cross-border capital movement. Today’s event marks a significant opportunity for Da Nang to capitalise on this potential.”
Da Nang Free Trade Zone (DNFTZ): A Game-Changer for Vietnam’s Trade & Logistics
As Vietnam’s first pilot Free Trade Zone, DNFTZ is set to accelerate high-value exports, smart logistics, and next-generation manufacturing. The development will feature:
- Advanced Manufacturing & Supply Chain Hubs: Focused on semiconductors, biotech, medical devices, and renewable energy, positioning Da Nang as a key player in high-value industries.
- Multimodal Logistics & Global Trade: Seamless integration with Lien Chieu Port and Da Nang Airport, enhancing Vietnam’s regional trade links and strengthening supply chain efficiency.
- Digital Economy & Smart Industries: A specialised ecosystem for AI, cloud computing, e-commerce, and blockchain technologies, driving innovation and economic transformation.
With strong government backing and investor-friendly policies, DNIFC and DNFTZ will cement Da Nang’s status as a strategic investment gateway, reinforcing its role in the Asia-Pacific economy and solidifying its position as a financial and technological powerhouse in the region.
Strengthening Vietnam-Singapore Financial Collaboration
The forum also highlighted the growing financial and economic ties between Vietnam and Singapore, reinforced by the recent in-principal agreement to establish a Comprehensive Strategic Partnership. With Singapore serving as a key financial gateway for ASEAN, investors and financial institutions are well-positioned to explore new opportunities in Vietnam’s banking, fintech, and green finance sectors.
“Vietnam and Singapore share a strong and dynamic financial partnership, built on mutual trust and a shared vision for sustainable economic growth. As Singapore continues to serve as a key financial gateway for ASEAN, enhanced collaboration in banking, fintech, and green finance will unlock new investment opportunities and drive innovation across our financial sectors,” H.E. Tran Phuoc Anh further adds. “By deepening our cooperation, we can accelerate Vietnam’s financial integration into global markets, strengthen regulatory frameworks, and create a resilient, future-ready financial ecosystem that benefits businesses and investors in both nations.”
The event successfully reinforced Da Nang’s position as a rising financial center and showcased Vietnam’s readiness to collaborate with global investors in shaping the next phase of ASEAN’s financial evolution. With strong government support and a clear vision for financial sector development, Da Nang is poised to become a strategic investment destination in Asia.Hashtag: #DaNangInvestmentForum
The issuer is solely responsible for the content of this announcement.
About The Da Nang City
Da Nang, the largest city in Central Vietnam, is one of six centrally governed cities. Da Nang is emerging as a new growth pole in the Central area, serving as the core urban area in the dynamic urban chain of the North Central and Central Coastal regions with a population of 1.3 million people (2024) covering an area of 1,285 km2.
Nestled at the crossroads of major economies in the ASEAN region, Da Nang holds a strategically vital position in the economic, political, and national defense landscape of both the Central region and Vietnam as a whole.
CQ Medical’s Iris AirShuttle™ Patient Transfer Platform Recognized at Women in Innovation Award Showcase
AVONDALE, Pa., March 5, 2025 /PRNewswire/ — The Iris AirShuttle™, a patient transfer platform developed by CQ Medical, is designed to streamline the transfer of patients from procedures to imaging. Recently, it was featured at the Women in Innovation Award Showcase, an event that celebrated Professor Iris Grunwald from the University of Dundee, UK, along with her team at the Image Guided Therapy Research Facility (IGTRF). The event honored their pioneering contributions to healthcare innovation, awarding them a Purple Plaque for outstanding innovations and solutions that improve healthcare globally. Professor Grunwald led the clinical evaluation of the Iris AirShuttle, assessing its ability to streamline patient transfers, reduce physical strain on healthcare providers, and improve overall hospital workflow efficiency. The evaluation confirmed the AirShuttle‘s potential to enhance safety and reduce the risk of injuries among NHS staff.

Professor Grunwald along with her team demonstrates the Iris AirShuttle Patient Transfer Platform featured at the Women in Innovation Award Showcase.
“We are extremely grateful to have evaluated the Iris AirShuttle,” said Professor Grunwald. “It is a simple yet transformative solution that will make patient transfers easier, protect NHS staff, and ultimately improve hospital workflow efficiency. The overwhelmingly positive response from healthcare professionals and industry leaders further validates the importance of implementing this innovation in clinical practice.”
– Read more at: Stroke expert celebrated for ‘game-changing’ ideas | University of Dundee, UK
The Iris AirShuttle is an integral part of CQ Medical’s Symphony® Imaging, Treatment & Transfer Solutions, which conveniently integrates the AirShuttle patient platform with the AirDrive™ system. This combination enables smooth and efficient patient transfers between imaging modalities and procedural platforms without the need for repositioning. Designed for use in CT, MR (up to 3 Tesla), and angiography, the Symphony solution ensures safe patient movement across various surfaces, including sheet-covered pads and mattresses, while minimizing the number of clinical staff required.
To learn how the Iris AirShuttle can help workflow efficiency, safety, and patient care, visit CQMedical.com.
About CQ Medical
CQ Medical is the global leader in developing high-quality, innovative, patient-centric radiotherapy and cancer therapy solutions. With primary locations in Iowa and Pennsylvania and employees worldwide, the company has more than 80 years of combined experience bringing advanced hardware and consumables for patient immobilization and positioning, fiducial markers, couchtops, and patient care products to the market.
For further information, please contact:
Lisa Vandenberg, Senior Director of Product Management & Marketing, lisa.vandenberg@CQmedical.com
COPYRIGHT © 2025 CQ Medical. All rights reserved. CQ Medical is a trademark of Medtec LLC. Symphony is a registered trademark of Qfix Systems LLC. AirDrive, AirDrive Caddie, AirDrive Trolley, AirShuttle, and Iris AirShuttle are trademarks of Qfix Systems LLC.
This press release contains information about products that may or may not be available in particular countries. These products may not be licensed in accordance with Canadian law. Each country has specific laws and regulations governing the commercialization of medical devices and the communication of information regarding medical devices in printed and digital media. Products appearing in this press release or on our website may or may not have received approval, clearance, or marketing authorization by a governmental regulatory body in any particular country or may have received approval, clearance, or marketing authorization for different indications and restrictions in different countries or may be for investigational use only.
CQ2025D3 Rev. 0
Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
GUIYANG, China, March 5, 2025 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter and Fiscal Year 2024 Financial and Operational Highlights
- Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million (US$434.9 million), an increase of 31.8% from RMB2,408.0 million in the same period of 2023. Total net revenues in 2024 were RMB11,238.6 million (US$1,539.7 million), an increase of 33.2% from RMB8,436.2 million in 2023.
- Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared with RMB588.3 million in the same period of 2023. Net income in 2024 was RMB3,123.4 million (US$427.9 million), an increase of 40.2% from RMB2,227.1 million in 2023.
- Non-GAAP adjusted net income1 in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 million in the same period of 2023. Non-GAAP adjusted net income in 2024 was RMB4,020.4 million (US$550.8 million), an increase of 43.7% from RMB2,797.0 million in 2023.
- Fulfilled orders2 in the fourth quarter of 2024 reached 56.9 million, an increase of 24.3% from 45.8 million in the same period of 2023. Fulfilled orders in 2024 reached 197.2 million, an increase of 24.1% from 158.8 million in 2023.
- Average shipper MAUs3 in the fourth quarter of 2024 reached 2.93 million, an increase of 31.3% from 2.24 million in the same period of 2023. Average shipper MAUs in 2024 reached 2.64 million, an increase of 30.3% from 2.03 million in 2023.
“In the fourth quarter, we continued to propel the digital and intelligent transformation of the logistics industry. By harnessing our robust network effects and unparalleled transaction efficiency, we sustained strong growth momentum, effectively accelerating our growth flywheel,” stated Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA. “During the quarter, we rapidly expanded our shipper base while enhancing user engagement. In addition, we made significant improvements to our trucker ecosystem and elevated matching efficiency through continuous optimization of our platform’s functionalities, including trucker credit ratings, priority access, and our Premium Cargo Bidding mechanism. As we look ahead to 2025, we remain committed to embracing AI-driven innovations that will increase truckers’ efficiency and earnings while reducing logistics costs for shippers, ultimately creating enduring value for the entire industry.”
Mr. Simon Cai, Chief Financial Officer of FTA, added, “We delivered record financial results in 2024, bolstered by our growing user base, sophisticated commission strategies and continued operational efficiency upgrades. For the full year, total net revenues reached RMB11.2 billion, a 33.2% increase year over year, with transaction service revenue soaring by 66.7%. As our topline continued to grow, net income rose by 40.2% year over year to RMB3.1 billion, and our non-GAAP adjusted net income surged by 43.7% to RMB4.0 billion. These achievements reinforce our confidence in future growth, and our ability to generate long-term value for shareholders. We will continue to harness this momentum to scale our business, improve our monetization capabilities, and increase shareholder value.”
1 Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release. |
2 Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled. |
3 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period. |
Fourth Quarter 2024 Financial Results
Net Revenues (including value added taxes, or “VAT,” of RMB1,197.4 million and RMB1,422.1 million for the three months ended December 31, 2023 and 2024, respectively). Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million (US$434.9 million), representing an increase of 31.8% from RMB2,408.0 million in the same period of 2023, primarily attributable to an increase in revenues from freight matching services.
Freight matching services. Revenues from freight matching services in the fourth quarter of 2024 were RMB2,704.9 million (US$370.6 million), representing an increase of 34.2% from RMB2,016.1 million in the same period of 2023. The increase was mainly due to the rapid increase in transaction service.4
- Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2024 were RMB1,316.1 million (US$180.3 million), an increase of 17.0% from RMB1,124.7 million in the same period of 2023, primarily attributable to an increase in service fee rate, partially offset by a decrease in transaction volume.
- Freight listing service. Revenues from freight listing service in the fourth quarter of 2024 were RMB230.5 million (US$31.6 million), an increase of 7.5% from RMB214.4 million in the same period of 2023, primarily due to the growing number of total paying members.
- Transaction service.4 Revenues from transaction service amounted to RMB1,158.3 million (US$158.7 million) in the fourth quarter of 2024, an increase of 71.1% from RMB677.1 million in the same period of 2023, primarily driven by increases in order volume, penetration rate, and per-order transaction service fee.
Value-added services. Revenues from value-added services in the fourth quarter of 2024 were RMB469.3 million (US$64.3 million), an increase of 19.8% from RMB391.8 million in the same period of 2023. The increase was due to growing demand from truckers and shippers for credit solutions.
Cost of Revenues (including VAT net of government grants of RMB864.7 million and RMB1,070.9 million for the three months ended December 31, 2023 and 2024, respectively). Cost of revenues in the fourth quarter of 2024 was RMB1,391.7 million (US$190.7 million), compared with RMB1,152.3 million in the same period of 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,278.5 million, representing an increase of 25.9% from RMB1,015.3 million in the same period of 2023, primarily due to an increase in tax costs net of government grants related to the Company’s freight brokerage service.
Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2024 were RMB471.8 million (US$64.6 million), compared with RMB421.0 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.
General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2024 were RMB202.3 million (US$27.7 million), compared with RMB266.0 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.
Research and Development Expenses. Research and development expenses in the fourth quarter of 2024 were RMB205.0 million (US$28.1 million), compared with RMB255.3 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.
Income from Operations. Income from operations in the fourth quarter of 2024 was RMB835.4 million (US$114.5 million), an increase of 233.1% from RMB250.8 million in the same period of 2023.
Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the fourth quarter of 2024 was RMB963.3 million (US$132.0 million), an increase of 141.6% from RMB398.8 million in the same period of 2023.
Impairment loss. Impairment loss in the fourth quarter of 2024 was RMB352.7 million (US$48.3 million), compared with nil in the same period of 2023. The loss was due to credit impairment on investments in certain investee that could not meet the shareholders’ redemption requests due to insufficient funds resulting from operational underperformance.
Net Income. Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared with RMB588.3 million in the same period of 2023.
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 million in the same period of 2023.
Basic and Diluted Net Income per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.7 Basic net income per ADS was RMB0.54 (US$0.07) in the fourth quarter of 2024, compared with RMB0.56 in the same period of 2023. Diluted net income per ADS was RMB0.53 (US$0.07) in the fourth quarter of 2024, compared with RMB0.56 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1.00 (US$0.14) in the fourth quarter of 2024, compared with RMB0.70 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.99 (US$0.14) in the fourth quarter of 2024, compared with RMB0.69 in the same period of 2023.
Balance Sheet and Cash Flow
As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB29.2 billion (US$4.0 billion) in total, compared with RMB27.6 billion as of December 31, 2023.
As of December 31, 2024, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,199.6 million (US$575.3 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio8 for these loans was 2.2% as of December 31, 2024, compared with 2.0% as of December 31, 2023.
In the fourth quarter of 2024, net cash provided by operating activities was RMB1,150.0 million (US$157.6 million).
4 Effective January 1, 2024, we have renamed our “Transaction commission” revenue stream as “Transaction service,” which consists of all monetization from truckers related to our freight matching service, including the revenue generated from our intra-city business, which was previously classified under “Freight listing service” and “Value-added services.” The comparative periods have been restated to conform to this presentation by reclassifying RMB31.8 million and RMB0.4 million, which were previously included in “Freight listing service” and “Value-added services,” respectively, as “Transaction service.” |
5 Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of U.S. securities class action, which is non-recurring. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release. |
6 ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares. |
7 Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release. |
8 Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date. |
Fiscal Year 2024 Financial Results
Net Revenues (including value added taxes, or “VAT,” of RMB4,172.7 million and RMB5,097.7 million for the years ended December 31, 2023 and 2024, respectively). Total net revenues in 2024 were RMB11,238.6 million (US$1,539.7 million), representing an increase of 33.2% from RMB8,436.2 million in 2023, primarily attributable to an increase in revenues from freight matching services.
Freight matching services. Revenues from freight matching services in 2024 were RMB9,455.1 million (US$1,295.3 million), representing an increase of 34.0% from RMB7,053.5 million in 2023. The increase was mainly due to the rapid growth of transaction service.
- Freight brokerage service. Revenues from freight brokerage service in 2024 were RMB4,727.0 million (US$647.6 million), an increase of 20.7% from RMB3,916.4 million in 2023, primarily attributable to an increase in transaction volume due to improved user penetration.
- Freight listing service. Revenues from freight listing service in 2024 were RMB879.5 million (US$120.5 million), an increase of 6.2% from RMB828.2 million in 2023, primarily due to the growing number of total paying members.
- Transaction service. Revenues from transaction service amounted to RMB3,848.7 million (US$527.3 million) in 2024, an increase of 66.7% from RMB2,309.0 million in 2023, primarily driven by increases in order volume and per-order transaction service fee.
Value-added services. Revenues from value-added services in 2024 were RMB1,783.5 million (US$244.3 million), an increase of 29.0% from RMB1,382.6 million in 2023. The increase was due to an increase in revenues from credit solutions and other value-added services.
Cost of Revenues (including VAT net of government grants of RMB3,121.0 million and RMB3,893.4 million for the years ended December 31, 2023 and 2024, respectively). Cost of revenues in 2024 was RMB5,100.6 million (US$698.8 million), compared with RMB4,119.0 million in 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB4,584.4 million, representing an increase of 24.1% from RMB3,693.5 million in 2023, primarily due to an increase in transaction activities involving the Company’s freight brokerage service.
Sales and Marketing Expenses. Sales and marketing expenses in 2024 were RMB1,596.8 million (US$218.8 million), compared with RMB1,239.2 million in 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.
General and Administrative Expenses. General and administrative expenses in 2024 were RMB913.8 million (US$125.2 million), compared with RMB937.7 million in 2023. The decrease was primarily attributable to the Company’s settlement in principle of certain U.S. securities class action claims in 2023, partially offset by higher share-based compensation expenses.
Research and Development Expenses. Research and development expenses in 2024 were RMB880.0 million (US$120.6 million), compared with RMB946.6 million in 2023. The decrease was primarily due to lower salary and benefits expenses.
Income from Operations. Income from operations in 2024 was RMB2,475.0 million (US$339.1 million), an increase of 148.1% from RMB997.4 million in 2023.
Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2024 was RMB3,032.3 million (US$415.4 million), an increase of 91.9% from RMB1,580.4 million in 2023.
Net Income. Net income in 2024 was RMB3,123.4 million (US$427.9 million), an increase of 40.2% from RMB2,227.1 million in 2023.
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2024 was RMB4,020.4 million (US$550.8 million), an increase of 43.7% from RMB2,797.0 million in 2023.
Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.95 (US$0.40) in 2024, compared with RMB2.10 in 2023. Diluted net income per ADS was RMB2.94 (US$0.40) in 2024, compared with RMB2.09 in 2023. Non-GAAP adjusted basic net income per ADS was RMB3.81 (US$0.52) in 2024, compared with RMB2.64 in 2023. Non-GAAP adjusted diluted net income per ADS was RMB3.80 (US$0.52) in 2024, compared with RMB2.63 in 2023.
Business Outlook
The Company expects its total net revenues to be between RMB2.63 billion and RMB2.68 billion for the first quarter of 2025, representing a year-over-year growth rate of approximately 15.9% to 18.1%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.
Adoption of Semi-Annual Dividend Policy and Declaration of Cash Dividend
Upon review of the Company’s results of operations, business development plan, capital requirements, and cash position, the Company’s board of directors (the “Board”) has approved a semi-annual cash dividend policy, pursuant to which the Board intends to declare and distribute a cash dividend semi-annually starting from 2025. The total cash dividend for 2025 is expected to be approximately US$200 million. The determination to make dividend distributions and the exact amount of such distributions in any particular semi-annual period will be made at the discretion of the Board based upon the Company’s operations and earnings, cash flow, financial condition, and other relevant factors, and subject to adjustment and determination by the Board.
The Board has also approved a semi-annual cash dividend of US$0.0048 per ordinary share, or US$0.0960 per American depositary share (the “ADS”), payable on or around April 18, 2025, to holders of record of the Company’s ordinary shares at the close of business on April 7, 2025. The aggregate amount of the dividend is expected to be approximately US$100 million. Cash dividends are expected to be paid to holders of the Company’s ADSs through the depositary, Deutsche Bank Trust Company Americas, on or around April 18, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.
Extension of Share Repurchase Program
The Board resolved to extend the original share repurchase program in March 2024 such that the Company may repurchase up to approximately US$300 million of its ADSs and/or ordinary shares through March 12, 2025. As of March 4, 2025, the Company had repurchased an aggregate of approximately 4.9 million ADSs for approximately US$40.3 million from the open market under the share repurchase program.
In March 2025, the Board approved a further extension of the term of the share repurchase program such that the Company may repurchase up to US$200 million of its ADSs and/or ordinary shares through March 12, 2026. Repurchases under the Company’s share repurchase program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with the applicable rules and regulations. The Board will review the share repurchase program periodically, and may authorize adjustments to its terms and size or suspend or discontinue the program. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company expects to fund the repurchases with its existing cash balance.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.
Conference Call
The Company’s management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 5, 2025, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2024.
For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.
Participant Online Registration:
https://dpregister.com/sreg/10196861/fe7dca9355
Upon registration, each participant will receive details for the conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the provided number, enter the passcode followed by your PIN, and you will join the conference.
The replay will be accessible through March 12, 2025, by dialing the following numbers:
United States: |
+1-877-344-7529 |
International: |
+1-412-317-0088 |
Replay Access Code: |
4460802 |
A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.
The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of U.S. securities class action, which is non-recurring. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.
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 an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.
The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, 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: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; 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 press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
FULL TRUCK ALLIANCE CO. LTD. |
|||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||
As of |
|||||
December 31, |
December 31, |
December 31, |
|||
2023 |
2024 |
2024 |
|||
RMB |
RMB |
US$ |
|||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
6,770,895 |
5,810,347 |
796,014 |
||
Restricted cash – current |
115,513 |
100,533 |
13,773 |
||
Short-term investments |
11,516,304 |
15,002,903 |
2,055,389 |
||
Accounts receivable, net |
23,418 |
19,643 |
2,691 |
||
Loans receivable, net |
3,521,072 |
4,199,645 |
575,349 |
||
Prepayments and other current assets |
2,049,780 |
2,122,902 |
290,836 |
||
Total current assets |
23,996,982 |
27,255,973 |
3,734,052 |
||
Restricted cash – non-current |
10,000 |
40,000 |
5,480 |
||
Long-term investments1 |
11,075,739 |
9,876,118 |
1,353,023 |
||
Property and equipment, net |
194,576 |
289,611 |
39,677 |
||
Intangible assets, net |
449,904 |
393,477 |
53,906 |
||
Goodwill |
3,124,828 |
3,124,828 |
428,100 |
||
Deferred tax assets |
149,081 |
92,882 |
12,725 |
||
Operating lease right-of-use assets and land use rights |
134,867 |
115,654 |
15,845 |
||
Other non-current assets |
211,670 |
98,532 |
13,499 |
||
Total non-current assets |
15,350,665 |
14,031,102 |
1,922,255 |
||
TOTAL ASSETS |
39,347,647 |
41,287,075 |
5,656,307 |
||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY |
|||||
Current liabilities: |
|||||
Accounts payable |
25,220 |
31,227 |
4,278 |
||
Prepaid for freight listing fees and other service fees |
548,917 |
571,185 |
78,252 |
||
Income tax payable |
154,916 |
336,220 |
46,062 |
||
Other tax payable |
784,617 |
898,396 |
123,080 |
||
Operating lease liabilities – current |
37,758 |
41,204 |
5,645 |
||
Accrued expenses and other current liabilities |
1,723,245 |
1,141,758 |
156,421 |
||
Total current liabilities |
3,274,673 |
3,019,990 |
413,738 |
||
Deferred tax liabilities |
108,591 |
95,570 |
13,093 |
||
Operating lease liabilities – non-current |
46,709 |
23,928 |
3,278 |
||
Other non-current liabilities |
22,950 |
12,414 |
1,701 |
||
Total non-current liabilities |
178,250 |
131,912 |
18,072 |
||
TOTAL LIABILITIES |
3,452,923 |
3,151,902 |
431,810 |
||
MEZZANINE EQUITY |
|||||
Redeemable non-controlling interests |
277,420 |
443,070 |
60,700 |
||
SHAREHOLDERS’ EQUITY |
|||||
Ordinary shares |
1,371 |
1,343 |
184 |
||
Treasury stock, at cost |
(608,117) |
— |
— |
||
Additional paid-in capital |
47,713,985 |
45,823,723 |
6,277,824 |
||
Accumulated other comprehensive income |
2,897,871 |
3,223,944 |
441,679 |
||
Accumulated deficit |
(14,400,604) |
(11,372,284) |
(1,557,997) |
||
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY |
35,604,506 |
37,676,726 |
5,161,690 |
||
Non-controlling interests |
12,798 |
15,377 |
2,107 |
||
TOTAL SHAREHOLDERS’ EQUITY |
35,617,304 |
37,692,103 |
5,163,797 |
||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY |
39,347,647 |
41,287,075 |
5,656,307 |
||
1. The Group’s long-term investments consist of RMB6,809 million long-term time deposits, RMB1,390 million wealth management products with maturities |
FULL TRUCK ALLIANCE CO. LTD. |
|||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||||||||
Three months ended |
Year ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2023 |
2024 |
2024 |
2024 |
2023 |
2024 |
2024 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Net revenues: |
|||||||||||||
Freight matching services |
2,016,140 |
2,551,834 |
2,704,940 |
370,575 |
7,053,525 |
9,455,134 |
1,295,348 |
||||||
Freight brokerage |
1,124,687 |
1,280,917 |
1,316,140 |
180,310 |
3,916,409 |
4,726,989 |
647,595 |
||||||
Freight listing |
214,350 |
223,419 |
230,489 |
31,577 |
828,152 |
879,489 |
120,489 |
||||||
Transaction service |
677,103 |
1,047,498 |
1,158,311 |
158,688 |
2,308,964 |
3,848,656 |
527,264 |
||||||
Value-added services |
391,817 |
479,554 |
469,314 |
64,296 |
1,382,634 |
1,783,504 |
244,339 |
||||||
Total net revenues (including value-added |
|||||||||||||
taxes or “VAT” of RMB1,197.4 million |
|||||||||||||
and RMB1,422.1 million for the three |
|||||||||||||
months ended December 31, 2023 |
|||||||||||||
and 2024, RMB4,172.7 million and |
|||||||||||||
RMB5,097.7 million for the year ended |
|||||||||||||
December 31, 2023 and 2024, |
|||||||||||||
respectively) |
2,407,957 |
3,031,388 |
3,174,254 |
434,871 |
8,436,159 |
11,238,638 |
1,539,687 |
||||||
Operating expenses: |
|||||||||||||
Cost of revenues (including VAT net of |
|||||||||||||
government grants, of RMB864.7 |
|||||||||||||
million and RMB1,070.9 million for |
|||||||||||||
the three months ended December |
|||||||||||||
31, 2023 and 2024, RMB3,121.0 |
|||||||||||||
million and RMB3,893.4 million |
|||||||||||||
for the year ended December |
|||||||||||||
31, 2023 and 2024, respectively)(1) |
(1,152,317) |
(1,364,884) |
(1,391,714) |
(190,664) |
(4,119,016) |
(5,100,558) |
(698,774) |
||||||
Sales and marketing expenses(1) |
(420,960) |
(412,499) |
(471,829) |
(64,640) |
(1,239,191) |
(1,596,763) |
(218,756) |
||||||
General and administrative expenses(1) |
(266,016) |
(227,874) |
(202,265) |
(27,710) |
(937,677) |
(913,763) |
(125,185) |
||||||
Research and development expenses(1) |
(255,344) |
(195,142) |
(205,026) |
(28,088) |
(946,635) |
(880,016) |
(120,562) |
||||||
Provision for loans receivable |
(67,627) |
(71,242) |
(73,905) |
(10,125) |
(234,599) |
(296,528) |
(40,624) |
||||||
Total operating expenses |
(2,162,264) |
(2,271,641) |
(2,344,739) |
(321,227) |
(7,477,118) |
(8,787,628) |
(1,203,901) |
||||||
Other operating income |
5,123 |
2,242 |
5,920 |
811 |
38,388 |
23,970 |
3,284 |
||||||
Income from operations |
250,816 |
761,989 |
835,435 |
114,455 |
997,429 |
2,474,980 |
339,070 |
||||||
Other income (expense) |
|||||||||||||
Interest income |
313,037 |
303,268 |
149,466 |
20,477 |
1,141,861 |
1,073,434 |
147,060 |
||||||
Foreign exchange (loss) gain |
(2,909) |
(3,444) |
4,725 |
647 |
(2,149) |
8,004 |
1,097 |
||||||
Investment income |
25,832 |
7,250 |
10,354 |
1,418 |
55,621 |
54,785 |
7,506 |
||||||
Unrealized gains (losses) from fair |
|||||||||||||
value changes of investments |
6,833 |
10,618 |
(19,612) |
(2,687) |
12,938 |
(20,904) |
(2,864) |
||||||
Other income (expenses), net |
2,457 |
126,246 |
(1,559) |
(214) |
130,264 |
128,152 |
17,557 |
||||||
Impairment loss |
— |
— |
(352,742) |
(48,325) |
— |
(352,742) |
(48,325) |
||||||
Share of loss in equity method investees |
(825) |
(351) |
(1,580) |
(216) |
(2,067) |
(2,861) |
(392) |
||||||
Total other income (expense) |
344,425 |
443,587 |
(210,948) |
(28,900) |
1,336,468 |
887,868 |
121,639 |
||||||
Net income before income tax |
595,241 |
1,205,576 |
624,487 |
85,555 |
2,333,897 |
3,362,848 |
460,709 |
||||||
Income tax expense |
(6,991) |
(83,640) |
(49,861) |
(6,831) |
(106,804) |
(239,411) |
(32,799) |
||||||
Net income |
588,250 |
1,121,936 |
574,626 |
78,724 |
2,227,093 |
3,123,437 |
427,910 |
||||||
Less: net loss attributable to |
|||||||||||||
non-controlling interests |
(591) |
(1,254) |
(1,177) |
(161) |
(1,252) |
(3,548) |
(486) |
||||||
Less: measurement adjustment |
|||||||||||||
attributable to redeemable non- |
|||||||||||||
controlling interests |
4,752 |
16,104 |
17,346 |
2,376 |
15,457 |
57,136 |
7,828 |
||||||
Net income attributable to |
|||||||||||||
ordinary shareholders |
584,089 |
1,107,086 |
558,457 |
76,509 |
2,212,888 |
3,069,849 |
420,568 |
FULL TRUCK ALLIANCE CO. LTD. |
|||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED) |
|||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||||||||
Three months ended |
Year ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2023 |
2024 |
2024 |
2024 |
2023 |
2024 |
2024 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Net income per ordinary |
|||||||||||||
share |
|||||||||||||
—Basic |
0.03 |
0.05 |
0.03 |
0.00 |
0.10 |
0.15 |
0.02 |
||||||
—Diluted |
0.03 |
0.05 |
0.03 |
0.00 |
0.10 |
0.15 |
0.02 |
||||||
Net income per ADS* |
|||||||||||||
—Basic |
0.56 |
1.06 |
0.54 |
0.07 |
2.10 |
2.95 |
0.40 |
||||||
—Diluted |
0.56 |
1.06 |
0.53 |
0.07 |
2.09 |
2.94 |
0.40 |
||||||
Weighted average number |
|||||||||||||
of ordinary shares used |
|||||||||||||
in computing net |
|||||||||||||
income per share |
|||||||||||||
—Basic |
20,949,011,129 |
20,818,441,720 |
20,803,347,603 |
20,803,347,603 |
21,111,924,886 |
20,822,835,545 |
20,822,835,545 |
||||||
—Diluted |
21,016,273,541 |
20,885,299,925 |
20,913,595,702 |
20,913,595,702 |
21,162,351,461 |
20,902,222,036 |
20,902,222,036 |
||||||
Weighted average number |
|||||||||||||
of ADS used in |
|||||||||||||
computing net |
|||||||||||||
income per ADS |
|||||||||||||
—Basic |
1,047,450,556 |
1,040,922,086 |
1,040,167,380 |
1,040,167,380 |
1,055,596,244 |
1,041,141,777 |
1,041,141,777 |
||||||
—Diluted |
1,050,813,677 |
1,044,264,996 |
1,045,679,785 |
1,045,679,785 |
1,058,117,573 |
1,045,111,102 |
1,045,111,102 |
||||||
* Each ADS represents 20 ordinary shares. |
|||||||||||||
(1) Share-based compensation expense in operating expenses are as follows: |
|||||||||||||
Three months ended |
Year ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2023 |
2024 |
2024 |
2024 |
2023 |
2024 |
2024 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Cost of revenues |
2,593 |
2,643 |
2,997 |
411 |
8,576 |
11,118 |
1,523 |
||||||
Sales and marketing |
|||||||||||||
expenses |
16,014 |
12,799 |
13,750 |
1,884 |
55,503 |
50,109 |
6,865 |
||||||
General and administrative |
|||||||||||||
expenses |
89,255 |
73,892 |
75,768 |
10,380 |
297,469 |
348,400 |
47,731 |
||||||
Research and development |
|||||||||||||
expenses |
22,813 |
20,172 |
22,361 |
3,063 |
80,279 |
87,012 |
11,921 |
||||||
Total |
130,675 |
109,506 |
114,876 |
15,738 |
441,827 |
496,639 |
68,040 |
FULL TRUCK ALLIANCE CO. LTD. |
|||||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
|||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||||||||
Three months ended |
Year ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2023 |
2024 |
2024 |
2024 |
2023 |
2024 |
2024 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Income from operations |
250,816 |
761,989 |
835,435 |
114,455 |
997,429 |
2,474,980 |
339,070 |
||||||
Add: |
|||||||||||||
Share-based |
|||||||||||||
compensation |
|||||||||||||
expense |
130,675 |
109,506 |
114,876 |
15,738 |
441,827 |
496,639 |
68,040 |
||||||
Amortization of |
|||||||||||||
intangible assets |
|||||||||||||
resulting from |
|||||||||||||
business acquisitions |
13,021 |
13,021 |
13,021 |
1,784 |
52,084 |
52,084 |
7,135 |
||||||
Compensation cost |
|||||||||||||
incurred in relation |
|||||||||||||
to acquisitions |
4,281 |
— |
— |
— |
17,124 |
8,562 |
1,173 |
||||||
Settlement in principle |
|||||||||||||
of U.S. securities |
|||||||||||||
class action |
— |
— |
— |
— |
71,900 |
— |
— |
||||||
Non-GAAP adjusted |
|||||||||||||
operating income |
398,793 |
884,516 |
963,332 |
131,977 |
1,580,364 |
3,032,265 |
415,418 |
||||||
Net income |
588,250 |
1,121,936 |
574,626 |
78,724 |
2,227,093 |
3,123,437 |
427,910 |
||||||
Add: |
|||||||||||||
Share-based |
|||||||||||||
compensation |
|||||||||||||
expense |
130,675 |
109,506 |
114,876 |
15,738 |
441,827 |
496,639 |
68,040 |
||||||
Amortization of |
|||||||||||||
intangible assets |
|||||||||||||
resulting from |
|||||||||||||
business acquisitions |
13,021 |
13,021 |
13,021 |
1,784 |
52,084 |
52,084 |
7,135 |
||||||
Compensation cost |
|||||||||||||
incurred in relation |
|||||||||||||
to acquisitions |
4,281 |
— |
— |
— |
17,124 |
8,562 |
1,173 |
||||||
Settlement in principle |
|||||||||||||
of U.S. securities |
|||||||||||||
class action |
— |
— |
— |
— |
71,900 |
— |
— |
||||||
Impairment loss of |
|||||||||||||
long-term |
|||||||||||||
investment |
— |
— |
352,742 |
48,325 |
— |
352,742 |
48,325 |
||||||
Tax effects of |
|||||||||||||
non-GAAP |
|||||||||||||
adjustments |
(3,255) |
(3,255) |
(3,255) |
(446) |
(13,021) |
(13,020) |
(1,784) |
||||||
Non-GAAP adjusted net |
|||||||||||||
income |
732,972 |
1,241,208 |
1,052,010 |
144,125 |
2,797,007 |
4,020,444 |
550,799 |
FULL TRUCK ALLIANCE CO. LTD. |
|||||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED) |
|||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||||||||
Three months ended |
Year ended |
||||||||||||
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
2023 |
2024 |
2024 |
2024 |
2023 |
2024 |
2024 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Net income attributable |
|||||||||||||
to ordinary |
|||||||||||||
shareholders |
584,089 |
1,107,086 |
558,457 |
76,509 |
2,212,888 |
3,069,849 |
420,568 |
||||||
Add: |
|||||||||||||
Share-based |
|||||||||||||
compensation |
|||||||||||||
expense |
130,675 |
109,506 |
114,876 |
15,738 |
441,827 |
496,639 |
68,040 |
||||||
Amortization of |
|||||||||||||
intangible assets |
|||||||||||||
resulting from |
|||||||||||||
business acquisitions |
13,021 |
13,021 |
13,021 |
1,784 |
52,084 |
52,084 |
7,135 |
||||||
Compensation cost |
|||||||||||||
incurred in relation |
|||||||||||||
to acquisitions |
4,281 |
— |
— |
— |
17,124 |
8,562 |
1,173 |
||||||
Settlement in principle |
|||||||||||||
of U.S. securities |
|||||||||||||
class action |
— |
— |
— |
— |
71,900 |
— |
— |
||||||
Impairment loss of |
|||||||||||||
long-term |
|||||||||||||
investment |
— |
— |
352,742 |
48,325 |
— |
352,742 |
48,325 |
||||||
Tax effects of |
|||||||||||||
non-GAAP |
|||||||||||||
adjustments |
(3,255) |
(3,255) |
(3,255) |
(446) |
(13,021) |
(13,020) |
(1,784) |
||||||
Non-GAAP adjusted net |
|||||||||||||
income attributable to |
|||||||||||||
ordinary shareholders |
728,811 |
1,226,358 |
1,035,841 |
141,910 |
2,782,802 |
3,966,856 |
543,457 |
||||||
Non-GAAP adjusted net |
|||||||||||||
income per ordinary |
|||||||||||||
share |
|||||||||||||
—Basic |
0.03 |
0.06 |
0.05 |
0.01 |
0.13 |
0.19 |
0.03 |
||||||
—Diluted |
0.03 |
0.06 |
0.05 |
0.01 |
0.13 |
0.19 |
0.03 |
||||||
Non-GAAP adjusted net |
|||||||||||||
income per ADS |
|||||||||||||
—Basic |
0.70 |
1.18 |
1.00 |
0.14 |
2.64 |
3.81 |
0.52 |
||||||
—Diluted |
0.69 |
1.17 |
0.99 |
0.14 |
2.63 |
3.80 |
0.52 |
CLPS Incorporation Reports Financial Results for the First Half of Fiscal Year 2025
HONG KONG, March 5, 2025 /PRNewswire/ — CLPS Incorporation (the “Company” or “CLPS”) (Nasdaq: CLPS), today announced its unaudited financial results for the six months ended December 31, 2024, or the first half of the Company’s fiscal year 2025.
This period marked significant progress for CLPS as we executed our dual-engine strategy of global expansion and industry diversification, balanced with disciplined organic growth. By broadening our geographic reach and penetrating new sectors, we reinforced our core IT services expertise while diversifying revenue streams. To drive sustainable growth, we intensified investments in proprietary product development by establishing the Company’s China Development Center (CDC) and Global Testing Center (GTC). These strategic hubs are dedicated to building technological edge and fostering ecosystem synergies, while leveraging standardized IT solutions to strengthen our competitive position. Ultimately, these efforts have bolstered our market standing and laid the groundwork for sustainable value creation across our global client base and shareholders.
First Half of Fiscal 2025 Highlights (all results compared to the six months ended December 31, 2023)
- Revenue increased by 15.3% to $82.8 million from $71.8 million.
- Revenue generated outside of mainland China increased by 110.4% to $19.0 million from $9.0 million.
- Gross profit increased by 21.6% to $19.2 million from $15.8 million.
- Operating income was $0.2 million compared to an operating loss of $0.9 million.
- Net income was $0.2 million compared to a net loss of $1.0 million.
- Non-GAAP net income1 increased by 31.8% to $2.3 million from $1.7 million.
- Total number of employees was 3,642 compared to 3,516.
- Total number of clients was 277 compared to 225.
Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, “Our financial and operational performance for the first half of fiscal year 2025 reflects our commitment to sustainable growth. We achieved meaningful improvements in both our top-line and bottom-line results, driven by our strategic initiatives and the successful execution of our growth plans.
“Internationally, revenue outside of mainland China surged 110.4% year-over-year, demonstrating the success of our investments in high-potential markets, particularly within the Asia Pacific (APAC) region. In North America, the U.S. experienced consistent growth, while initial revenue generation has begun in Canada. By leveraging key synergies from our global footprint, we effectively mitigated single-market exposure and reduced dependency on domestic operations, thereby strengthening our international market position and sustaining the expansion of our market reach.
“We are equally proud of the progress our subsidiary, JAJI Global Incorporation (JAJI), has made toward its Nasdaq IPO, a strategic milestone that will unlock value and amplify our global brand. This listing will allow JAJI to pursue focused growth strategies while maintaining strong strategic alignment with our core objectives.
“Innovation remains central to our client value proposition. Our five core engines, including AI, low-code platforms, RPA, cloud computing, and big data—are powering transformative initiatives. We build solutions that create a cycle of growth for our clients’ specific needs, helping them cut costs and enhance efficiency. Supporting this effort, we established the CLPS AI Innovation Committee, a dedicated team tasked with advancing our AI application initiatives and ensuring we remain at the forefront of technological advancements. A standout example of our innovation in action is the launch of our next-generation RPA product, Nibot, which is already gaining market traction and revolutionizing automation for businesses seeking to streamline operations, enhance productivity, and improve resource allocation.
“We remain focused on our mission to deliver innovative, professional IT services that generate significant benefits for all of our stakeholders. This period has set a strong foundation for continued growth, and we are confident in our ability to capitalize on the opportunities ahead.”
Ms. Rui Yang, Chief Financial Officer of CLPS, said, “Our financial performance for the first half of fiscal year 2025 underscores our commitment to delivering shareholder value and maintaining a robust financial position.
“Despite navigating a complex and challenging macroeconomic environment, we are proud to have delivered improved financial results. Revenue grew by 15.3% year-over-year, and gross margin expanded to 23.1%, up from 21.9% in the prior year period. Notably, we achieved a turnaround in profitability, reporting a net income of $0.2 million compared to a net loss of $1.0 million in the prior year period.
“In November 2024, we distributed a special cash dividend of $0.13 per share, reflecting our confidence in the Company’s financial stability and our dedication to rewarding shareholders.
“We will prioritize operational efficiency, optimize the return on our technological innovation investments, and upgrade our high-value business structure to secure steady financial results going forward.”
First Half of Fiscal Year 2025 Financial Results
Revenues
In the first half of fiscal 2025, revenues increased by $11.0 million, or 15.3%, to $82.8 million from $71.8 million in the prior year period. The increase was primarily due to the increased in revenue from IT consulting services.
Revenues by Service
- Revenue from IT consulting services increased by $10.6 million, or 15.2%, to $80.1 million in the first half of fiscal year 2025 from $69.5 million in the prior year period. Revenue from IT consulting services accounted for 96.7% of total revenue compared to 96.8% in the prior year period. The increase was primarily due to a growth in client base and the successful execution of our global expansion strategy.
- Revenue from customized IT solution services decreased by $0.3 million, or 22.5%, to $0.9 million in the first half of fiscal year 2025 from $1.2 million in the prior year period. Revenue from customized IT solution services accounted for 1.1% of total revenue compared to 1.7% in the prior year period. The decrease was primarily due to some existing clients’ budget optimization efforts, which resulted in decreased demand.
- Revenue from academic education services was $1.1 million, as a result of the acquisition of College of Allied Educators Pte. Ltd.
- Revenue from other services decreased by $0.3 million, or 34.7%, to $0.7 million in the first half of fiscal year 2025 from $1.0 million in the prior year period. Revenue from other services accounted for 0.8% of total revenue compared to 1.5% in the prior year period. The decrease was primarily due to the decrease in revenue from IT product sales and head hunting services.
Revenues by Operational Areas
- Revenue from the banking area increased by $4.9 million, or 17.0%, to $33.5 million in the first half of fiscal year 2025 from $28.6 million in the prior year period. Revenue from banking area accounted for 40.4% and 39.9% of total revenues in the first half of fiscal 2025 and 2024, respectively.
- Revenue from the wealth management area decreased by $3.2 million, or 17.3%, to $15.4 million in the first half of fiscal year 2025 from $18.6 million in the prior year period. Revenue from wealth management area accounted for 18.6% and 25.9% of total revenues in the first half of fiscal 2025 and 2024, respectively.
- Revenue from the e-Commerce area increased by $3.9 million, or 36.2%, to $14.9 million in the first half of fiscal year 2025 from $11.0 million in the prior year period. Revenue from e-Commerce area accounted for 18.0% and 15.3% of total revenues in the first half of fiscal 2025 and 2024, respectively.
- Revenue from the automotive area increased by $2.0 million, or 27.1%, to $9.2 million in the first half of fiscal year 2025 from $7.2 million in the prior year period. Revenue from automotive area accounted for 11.1% and 10.1% of total revenues in the first half of fiscal 2025 and 2024, respectively.
Revenues by Geography
Revenue generated outside of mainland China increased by 110.4% to $19.0 million in the first half of fiscal year 2025 from $9.0 million in the prior year period. The increase was primarily due to the strong operational performance in the APAC region, notably in Singapore and Hong Kong SAR.
Gross Profit and Gross Margin
Gross profit increased by $3.4 million, or 21.6%, to $19.2 million in the first half of fiscal 2025 compared to $15.8 million in the prior year period. Gross margin increased to 23.1% in the first half of fiscal 2025 compared to 21.9% in the prior year period. The increase was primarily due to an increase in total revenue and our efforts to control cost of revenue’s growth rate.
Operating Expenses
Selling and marketing expenses decreased by $0.2 million, or 10.0%, to $2.5 million in the first half of fiscal year 2025 from $2.7 million in the prior year period. As a percentage of total revenues, selling and marketing expenses decreased to 3.0% in the first half of fiscal 2025 compared to 3.8% in the prior year period. The decrease was primarily due to AI-driven automation, workforce optimization, and structural realignment, which reduced redundancies, targeted high-value tasks, and aligned resources with business goals, improving efficiency while lowering expenses.
Research and development expenses increased by $0.1 million, or 2.7%, to $3.3 million in the first half of fiscal year 2025 from $3.2 million in the prior year period. As a percentage of total revenues, research and development expenses decreased to 4.0% in the first half of fiscal 2025 compared to 4.5% in the prior year period. The increase was primarily due to the increased R&D personnel-related costs associated with the Company’s ongoing research and development initiatives in cutting-edge technologies and new projects, such as AI-generated content (AIGC), CAKU 2.0, Nibot and a new generation of loan system.
General and administrative expenses increased by $2.9 million, or 26.2%, to $14.1 million in the first half of fiscal year 2025 from $11.2 million in the prior year period. As a percentage of total revenues, general and administrative expenses increased to 17.1% in the first half of fiscal 2025 compared to 15.6% in the prior year period. The increase was primarily due to a higher G&A personnel-related costs linked to the establishment of our CDC and GTC, which support our efforts to capture the anticipated growth in demand for customized IT solution services.
Operating Income (Loss)
Operating income was $0.2 million in the first half of fiscal 2025 compared to $0.9 million operating loss in the same period of the previous year. Operating margin was 0.2% in the first half of fiscal 2025 compared to -1.3% in the prior year period.
Other Income and Expenses
Total other income, net of other expenses was $0.2 million in the first half of fiscal 2025 compared to $0.1 million total other income, net of other expenses in the prior year period.
Provision for Income Taxes
Provision for income taxes decreased by $0.07 million to $0.27 million in the first half of fiscal 2025 from $0.34 million in the same period of the previous year.
Net Income (Loss) and EPS
Net income was $0.2 million in the first half of fiscal 2025 compared to $1.0 million net loss in the prior year period.
Non-GAAP net income1 increased by $0.6 million, or 31.8%, to $2.3 million in the first half of fiscal year 2025 from $1.7 million in the prior year period.
Net loss attributable to CLPS Incorporation’s shareholders was $0.4 million, or $0.015 basic and diluted losses per share in the first half of fiscal 2025 compared to a net loss attributable to CLPS Incorporation’s shareholders of $1.5 million, or $0.06 basic and diluted losses per share in the prior year period.
Non-GAAP net income attributable to CLPS Incorporation’s shareholders2 was $1.7 million, or $0.06 basic and diluted earnings per share in the first half of fiscal 2025 compared to $1.2 million, or $0.05 basic and diluted earnings per share in the prior year period.
Cash Flow
As of December 31, 2024, the Company had cash and cash equivalents of $35.6 million compared to $29.1 million as of June 30, 2024.
Net cash provided by operating activities was approximately $7.1 million. Net cash used in investing activities was approximately $1.6 million. Net cash provided by financing activities was approximately $1.1 million. The effect of exchange rate change on cash was approximately negative $0.1 million. The Company believes that its current cash position and cash flow from operations are sufficient to meet its anticipated cash needs for at least the next 12 months.
Financial Outlook
For fiscal year 2025, the Company expects total sales growth to be in the range of approximately 12% to 17% and non-GAAP net income growth in the range of approximately 15% to 20% year-over-year.
This forecast reflects the Company’s current and preliminary views, which are subject to change and are subject to risks and uncertainties, including, but not limited to various risks and uncertainties facing the Company’s business and operations as identified in its public filings.
Exchange Rate
The balance sheet amounts with the exception of equity as of December 31, 2024, were translated at 7.2993 RMB to 1.00 USD compared to 7.2672 RMB to 1.00 USD as of June 30, 2024. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the periods ended December 31, 2024 and 2023 were 7.1767 RMB to 1.00 USD and 7.2347 RMB to 1.00 USD, respectively. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any underlying change in our business or results of operation.
About CLPS Incorporation
Headquartered in Hong Kong, CLPS Incorporation is a leading global information technology (“IT”) consulting and solutions service provider, primarily focused on serving global institutions in the banking, wealth management, e-commerce, and automotive sectors. As an IT services provider for a growing network of clients within the fintech and financial services industry, CLPS has expanded its business beyond core IT services, venturing into the loan, e-commerce, academic education, and tourism sectors. Through its diversified offerings, CLPS is committed to providing comprehensive services and solutions for its clients. The Company maintains 19 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi’an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 9 global centers are located in Hong Kong SAR, USA, Japan, Singapore, Malaysia, India, Philippines, Canada, and UAE. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, Instagram, LinkedIn, X (formerly Twitter), and YouTube.
Forward-Looking Statements
Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company’s financial and operational performance in the first half of fiscal year 2025, its expectations of the Company’s future performance, its preliminary outlook and guidance offered in this presentation, as well as the risks and uncertainties described in the Company’s most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
Use of Non-GAAP Financial Measures
The consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that the consolidated statement of changes in shareholders’ equity, consolidated statements of cash flows, and the detailed notes have not been presented. The Company uses non-GAAP cost of revenues, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income attributable to CLPS Incorporation’s shareholders, and basic and diluted non-GAAP net income per share, which are non-GAAP financial measures. Non-GAAP cost of revenues is cost of revenue excluding share-based compensation expenses. Non-GAAP selling and marketing expenses is selling and marketing expenses excluding share-based compensation expenses. Non-GAAP general and administrative expenses is general and administrative expenses excluding share-based compensation expenses. Non-GAAP operating income is operating income excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP operating income as a percentage of revenues. Non-GAAP net income is net income excluding share-based compensation expenses. Non-GAAP net income attributable to CLPS Incorporation’s shareholders is net income attributable to CLPS Incorporation’s shareholders excluding share-based compensation expenses. Basic and diluted non-GAAP net income per share is non-GAAP net income attributable to common shareholders divided by weighted average number of shares used in the calculation of basic and diluted net income per share. The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation expenses clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation expenses, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of Non-GAAP and GAAP Results” near the end of this release.
Contact:
CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com
1 Non-GAAP net income is a non-GAAP financial measure, which is defined as net income excluding share-based compensation expenses. Please refer to the section titled “Unaudited Reconciliation of Non-GAAP and GAAP Results” for details. |
2 Non-GAAP net income attributable to CLPS Incorporation’s shareholders is a non-GAAP financial measure, which is defined as net income attributable to CLPS Incorporation’s shareholders excluding share-based compensation expenses. Please refer to the section titled “Unaudited Reconciliation of Non-GAAP and GAAP Results” for details. |
CLPS INCORPORATION |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(Amounts in U.S. dollars (“$”), except for number of shares) |
|||||||
As of |
|||||||
December 31, 2024 (Unaudited) |
June 30, 2024 (Audited) |
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
35,626,137 |
29,116,431 |
|||||
Restricted cash |
– |
24,081 |
|||||
Short-term investments |
1,643,691 |
2,100,000 |
|||||
Accounts receivable, net |
40,394,147 |
38,779,209 |
|||||
Prepayments, deposits and other assets, net |
4,285,476 |
4,497,578 |
|||||
Amounts due from related parties |
4,899,451 |
3,559,109 |
|||||
Total Current Assets |
$ |
86,848,902 |
$ |
78,076,408 |
|||
Non-current assets: |
|||||||
Property and equipment, net |
20,972,905 |
21,168,524 |
|||||
Intangible assets, net |
2,067,127 |
2,254,372 |
|||||
Operating lease right-of-use assets |
3,430,925 |
2,776,858 |
|||||
Goodwill |
1,462,032 |
1,473,899 |
|||||
Long-term investments |
692,385 |
613,807 |
|||||
Prepayments, deposits and other assets, net |
1,005,886 |
594,603 |
|||||
Amounts due from related parties |
2,270,249 |
2,374,298 |
|||||
Deferred tax assets, net |
666,720 |
697,047 |
|||||
Total Assets |
$ |
119,417,131 |
$ |
110,029,816 |
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||||||
Current liabilities: |
|||||||
Bank loans |
$ |
27,949,778 |
$ |
23,232,856 |
|||
Accounts payable |
1,548,917 |
949,137 |
|||||
Accrued expenses and other current liabilities |
397,767 |
799,495 |
|||||
Tax payables |
1,906,938 |
2,351,615 |
|||||
Contract liabilities |
3,015,923 |
1,139,001 |
|||||
Salaries and benefits payable |
13,285,958 |
9,941,541 |
|||||
Operating lease liabilities |
1,853,798 |
1,361,928 |
|||||
Amount due to related parties |
20,324 |
20,230 |
|||||
Total Current Liabilities |
$ |
49,979,403 |
$ |
39,795,803 |
|||
Non-current liabilities: |
|||||||
Operating lease liabilities |
1,846,777 |
1,638,243 |
|||||
Deferred tax liabilities |
354,649 |
378,344 |
|||||
Unrecognized tax benefit |
3,696,355 |
3,413,850 |
|||||
Other non-current liabilities |
880,076 |
883,963 |
|||||
TOTAL LIABILITIES |
$ |
56,757,260 |
$ |
46,110,203 |
|||
Commitments and Contingencies |
|||||||
Shareholders’ Equity |
|||||||
Common stock, $0.0001 par value, 100,000,000 shares authorized; |
2,799 |
2,564 |
|||||
Additional paid-in capital |
59,815,077 |
61,351,200 |
|||||
Statutory reserves |
5,761,656 |
5,553,104 |
|||||
Accumulated deficit |
(650,193) |
(51,728) |
|||||
Accumulated other comprehensive losses |
(4,238,666) |
(4,345,902) |
|||||
Total CLPS Incorporation’s Shareholders’ Equity |
60,690,673 |
62,509,238 |
|||||
Noncontrolling Interests |
1,969,198 |
1,410,375 |
|||||
Total Shareholders’ Equity |
62,659,871 |
63,919,613 |
|||||
Total Liabilities and Shareholders’ Equity |
$ |
119,417,131 |
$ |
110,029,816 |
CLPS INCORPORATION |
|||||||
UNAUDITED CONSOLIDATED STATEMENT |
|||||||
OF INCOME AND COMPREHENSIVE INCOME |
|||||||
(Amounts in U.S. dollars (“$”), except for number of shares) |
|||||||
For the six months ended |
|||||||
2024 |
2023 |
||||||
Revenues |
$ |
82,777,520 |
$ |
71,774,201 |
|||
Less: Cost of revenues (note 1) |
(63,622,547) |
(56,024,043) |
|||||
Gross profit |
19,154,973 |
15,750,158 |
|||||
Operating income (expenses): |
|||||||
Selling and marketing expenses (note 1) |
2,452,957 |
2,724,226 |
|||||
Research and development expenses |
3,281,877 |
3,194,918 |
|||||
General and administrative expenses (note 1) |
14,115,055 |
11,184,626 |
|||||
Subsidies and other operating income |
(853,986) |
(437,598) |
|||||
Total operating expenses |
18,995,903 |
16,666,172 |
|||||
Income (loss) from operations |
159,070 |
(916,014) |
|||||
Other income |
585,266 |
308,017 |
|||||
Other expenses |
(371,032) |
(198,043) |
|||||
Income (loss) before income tax and share of income (loss) in equity |
373,304 |
(806,040) |
|||||
Provision for income taxes |
267,790 |
337,563 |
|||||
Income (loss) before share of income in equity investees |
105,514 |
(1,143,603) |
|||||
Share of income in equity investees, net of tax |
77,505 |
150,148 |
|||||
Net income (loss) |
183,019 |
(993,455) |
|||||
Less: Net income attributable to noncontrolling interests |
572,932 |
494,080 |
|||||
Net loss attributable to CLPS Incorporation’s shareholders |
$ |
(389,913) |
$ |
(1,487,535) |
|||
Other comprehensive income (loss) |
|||||||
Foreign currency translation income |
$ |
93,127 |
$ |
905,532 |
|||
Less: foreign currency translation (loss) income attributable to noncontrolling |
(14,109) |
31,873 |
|||||
Other comprehensive income attributable to CLPS Incorporation’s |
$ |
107,236 |
$ |
873,659 |
|||
Comprehensive loss attributable to |
|||||||
CLPS Incorporation’s shareholders |
$ |
(282,677) |
$ |
(613,876) |
|||
Comprehensive income attributable to noncontrolling interests |
558,823 |
525,953 |
|||||
Comprehensive income (loss) |
$ |
276,146 |
$ |
(87,923) |
|||
Basic loss per common share |
$ |
(0.015) |
$ |
(0.06) |
|||
Weighted average number of share outstanding – basic |
26,859,936 |
24,814,349 |
|||||
Diluted loss per common share |
$ |
(0.015) |
$ |
(0.06) |
|||
Weighted average number of share outstanding – diluted |
26,859,936 |
24,814,349 |
|||||
Note: |
|||||||
(1) Includes share-based compensation expenses as follows: |
|||||||
Cost of revenues |
5,306 |
5,809 |
|||||
Selling and marketing expenses |
89,652 |
192,947 |
|||||
General and administrative expenses |
2,011,255 |
2,532,137 |
|||||
2,106,213 |
2,730,893 |
CLPS INCORPORATION |
|||||||||
UNAUDITED RECONCILIATION OF NON-GAAP AND GAAP RESULTS |
|||||||||
(Amounts in U.S. dollars (“$”), except for number of shares) |
|||||||||
For the six months |
|||||||||
2024 |
2023 |
||||||||
Cost of revenues |
$ |
(63,622,547) |
$ |
(56,024,043) |
|||||
Less: share-based compensation expenses |
(5,306) |
(5,809) |
|||||||
Non-GAAP cost of revenues |
$ |
(63,617,241) |
$ |
(56,018,234) |
|||||
Selling and marketing expenses |
$ |
(2,452,957) |
$ |
(2,724,226) |
|||||
Less: share-based compensation expenses |
(89,652) |
(192,947) |
|||||||
Non-GAAP selling and marketing expenses |
$ |
(2,363,305) |
$ |
(2,531,279) |
|||||
General and administrative expenses |
$ |
(14,115,055) |
$ |
(11,184,626) |
|||||
Less: share-based compensation expenses |
(2,011,255) |
(2,532,137) |
|||||||
Non-GAAP general and administrative expenses |
$ |
(12,103,800) |
$ |
(8,652,489) |
|||||
Operating income (loss) |
$ |
159,070 |
$ |
(916,014) |
|||||
Add: share-based compensation expenses |
2,106,213 |
2,730,893 |
|||||||
Non-GAAP operating income |
$ |
2,265,283 |
$ |
1,814,879 |
|||||
Operating Margin |
0.2 |
% |
(1.3) |
% |
|||||
Add: share-based compensation expenses |
2.5 |
% |
3.8 |
% |
|||||
Non-GAAP operating margin |
2.7 |
% |
2.5 |
% |
|||||
Net income (loss) |
$ |
183,019 |
$ |
(993,455) |
|||||
Add: share-based compensation expenses |
2,106,213 |
2,730,893 |
|||||||
Non-GAAP net income |
$ |
2,289,232 |
$ |
1,737,438 |
|||||
Net loss attributable to CLPS Incorporation’s shareholders |
$ |
(389,913) |
$ |
(1,487,535) |
|||||
Add: share-based compensation expenses |
2,106,213 |
2,730,893 |
|||||||
Non-GAAP net income attributable to CLPS Incorporation’s |
$ |
1,716,300 |
$ |
1,243,358 |
|||||
Weighted average number of share outstanding used in computing GAAP |
26,859,936 |
24,814,349 |
|||||||
GAAP basic loss per common share |
$ |
(0.015) |
$ |
(0.06) |
|||||
Add: share-based compensation expenses |
0.075 |
0.11 |
|||||||
Non-GAAP basic earnings per common share |
$ |
0.06 |
$ |
0.05 |
|||||
Weighted average number of share outstanding used in computing GAAP |
26,859,936 |
24,814,349 |
|||||||
Weighted average number of share outstanding used in computing non- |
27,343,717 |
24,814,477 |
|||||||
GAAP diluted loss per common share |
$ |
(0.015) |
$ |
(0.06) |
|||||
Add: share-based compensation expenses |
0.075 |
0.11 |
|||||||
Non-GAAP diluted earnings per common share |
$ |
0.06 |
$ |
0.05 |
SHEIN and Transfar Chemicals Enter into Partnership Agreement to Foster Research in Textile Innovation
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The collaboration will focus on advances in textile dyeing and finishing technologies.
SINGAPORE, March 5, 2025 /PRNewswire/ — SHEIN, a global online fashion and lifestyle retailer, and Transfar Chemicals, a leader in functional chemistry and new materials technology, have entered into a partnership focused on pursuing advances in textile dyeing and finishing technologies. Through this collaboration, both SHEIN and Transfar Chemicals aim to accelerate the commercialization and application of scientific advancements of textile production and dyeing processes.
The collaboration will focus on initiatives in three key areas:
- Digitalization of dyeing and textile finishing processes that reduce energy consumption, water usage, and carbon emissions.
- The development of new functional fabrics and garments that meet the needs of modern consumers. Examples of functional fabrics include stretch fabric and water-repellent material.
- The development of testing methods for new textile materials, garment products, or processes that help ensure consistency in testing for safety, quality and performance.
This partnership will leverage on both SHEIN and Transfar Chemicals’ complementary strengths in textile fabric technology and product resources. SHEIN will be able to leverage its digitalized supply chain platform to monitor demand for premium fabrics and new production technologies. Meanwhile, Transfar Chemicals can draw on its expertise in functional chemistry to support the promotion and development of innovative processes, materials, and textile production and dyeing methods that are aimed at reducing water, energy and waste.
As part of its goal of modernizing the textile dyeing and finishing industry, SHEIN will also support and encourage industrial collaborations between Transfar Chemicals and regional textile and dyeing enterprises, in order to support the commercialization of Transfar Chemical’s research.
This will not only enable SHEIN to meet the industry’s demand for premium high-quality textiles but also ensure that it has the capabilities to stay at the forefront of industry trends.
SHEIN has been leveraging on its digitalized, on-demand supply chain that addresses the mismatch between demand from consumers and merchandise supply and aims to reduce excess inventory by reducing textile waste from the start. At the same time, SHEIN is working to integrate innovative solutions – such as polyester recycling and waterless printing – into its operational processes.
Earlier this year, SHEIN announced the development of an innovative polyester recycling process in partnership with Donghua University. This polyester recycling process accepts a wider range of materials, such as textile waste and polyethylene terephthalate (PET) bottles, and as a result, improved cost efficiency compared to the recycled polyester options currently used in SHEIN’s products. Initial tests by the project team also indicated that the recycled polyester fabrics produced through this process can be recycled repeatedly without significant impact on the material properties of the resulting fabric. SHEIN is currently working on scaling up the technology from a laboratory-scale setting to a facility capable of producing recycled polyester fibres at a larger commercial scale.
Mixue & FLUX Technology: The Digital-Intelligent Supply Chain Solution for A Global Leader in Freshly Made Tea
SHANGHAI, March 5, 2025 /PRNewswire/ — Mixue Ice Cream & Tea has recently implemented FLUX WMS solution to establish a global digital-intelligent warehousing management system.
Established in 1997 and headquartered in Zhengzhou, Henan Province, Mixue Ice Cream & Tea has evolved over two decades into an enterprise group encompassing new-style tea beverages and chain coffee businesses, operating multiple brands including “Mixue Ice Cream & Tea” and “Lucky Cup”.
On March 3, 2025, Mixue Ice Cream & Tea Co., Ltd. (referred to as “Mixue”) debuted on the Hong Kong Stock Exchange under the stock code “Mixue Group” (02097.HK), with a total market capitalization of HKD 106.9 billion. As of December 31, 2024, Mixue operates 46,479 stores globally, including over 4,800 overseas outlets, making it the largest freshly made tea brand in Southeast Asia.
In this project, FLUX WMS will first introduce standardized and regulated warehouse management and operational processes for Mixue’s warehouses in Thailand and Ho Chi Minh City, Vietnam, ensuring efficient operations from inbound to outbound processes. Leveraging FLUX WMS’s highly productized and templatized configurations, the solution will be rapidly deployed across Mixue’s warehouses in Asia. FLUX WMS provides various reports and dashboard services, enabling meticulous management of batch and expiration dates for each material, strictly enforcing first-in-first-out (FIFO) principles, and effectively ensuring product quality and freshness. The FLUX solution is highly flexible and configurable, supporting global inventory sharing. In the future, it will be quickly replicated and promoted across Mixue’s global overseas warehouses, establishing a standardized and group-wide global supply chain. Together, Mixue and FLUX aim to spread fresher love and sweetness worldwide.
About FLUX Technology:
FLUX Technology is a leading provider of digital supply chain solutions. Its SCE (Supply Chain Execution) management software is widely used across 20 industries, including retail, fast-moving consumer goods (FMCG), pharmaceuticals, manufacturing, high-tech, and third-party logistics. FLUX Technology operates in 24 countries worldwide and ranks first in WMS market share in China (according to ARC Advisory Group research reports).
MWC Barcelona 2025 Fibocom & MediaTek Demo FG370 Module with Modem AI, 3Tx & L4S
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BARCELONA, Spain, March 5, 2025 /PRNewswire/ — Fibocom (Stock code:300638), a global leading provider of AIoT solutions and wireless communication modules, demonstrated its MTK T830-based 5G Module FG370 with MediaTek, featuring Modem AI, 3Tx (Three-Antenna Transmission), and L4S (Low Latency, Low Loss, and Scalable Throughput) Technology. This milestone addresses the critical needs of leading global operators for advanced 5G Fixed Wireless Access (FWA) solutions/Mobile HotSpot(MHS), emphasizing enhanced network prediction accuracy, intelligent network selection, and optimized air interface performance.
The FG370, powered by MediaTek Modem AI (MMAI), remarkably enhances network connectivity in challenging environments such as high-speed rail, underground areas, airports, and remote suburban locations for MHS applications. At airports, AI-driven network prediction boosts network search speed by over 50%. In outdoor mobile scenarios, MMAI’s AI Hiking Mode optimizes weak signal and high power consumption issues, resulting in a 10% energy saving. On high-speed trains, the MMAI-enabled FG370 ensures faster and more stable connections, while in underground environments, it helps terminals quickly regain 5G connectivity.
Traditional 5G terminals typically support two transmission chains, which limit uplink throughput. In 5G FWA and MHS applications, the FG370 utilizes 3Tx technology, enabling terminals to support three transmission chains and significantly enhance uplink throughput. According to Fibocom’s lab tests, compared to 2Tx, 3Tx can increase throughput up to 68% by adding spatial streams. L4S technology provides terminals with a low-latency, low-loss, and scalable throughput network experience. Tests show that the combination of 3Tx and L4S delivers 1.9 times the bandwidth of 2Tx while reducing latency.
Additionally, the FG370 in 5G FWA and MHS applications supports 8Rx and 3GPP Rel-17 standards, including HUPE TDD PC2/PC1.5 and FDD PC2 communication capabilities. Which enhances signal quality at the cell edge, thereby improving throughput.
“As the AI wave continues to reshape industries, we are working together with Fibocom to drive the acceleration of AI in the 5G FWA and MHS sectors, introducing new features and applications,” said Evan Su, General Manager of Wireless Communications. “Through this collaboration, we can offer competitive solutions, empowering global operators to deliver high-performance, intelligent 5G connectivity with optimized network selection for end-users.”
“Fibocom and MediaTek’s strong partnership has enabled us to deliver smarter, more efficient, and stable connectivity solutions for the 5G FWA market.” Added by Simon Tao, VP of MBB Product Management Dept., Head of MBB BU at Fibocom. “We are committed to further advancing AI and supporting key 5G technologies to drive innovation in the broader deployment of 5G AI FWA solutions as well as MHS space.”
The integration of MediaTek’s Modem AI and advanced 5G technologies positions Fibocom’s FG370 as a pivotal solution in the development of high-performance FWA and MHS offerings. Through strategic partnerships with key players in the FWA ecosystem, Fibocom is strategically positioned to lead the evolution of smart, connected networks worldwide.
Welcome to Fibocom’s booth #5I33 at Mobile World Congress. Join us in advancing connectivity for an intelligent future.