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China Yuchai International Announces Unaudited 2024 Second Half-Year and Full Year Financial Results

SINGAPORE, Feb. 25, 2025 /PRNewswire/ — China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”), one of the largest powertrain solution manufacturers through its main operating subsidiary in China, Guangxi Yuchai Machinery Company Limited (“Yuchai”), wishes to announce today its unaudited consolidated financial results for the 2024 second half year (“2H 2024”) and fiscal year ended December 31, 2024 (“FY 2024”).   The financial information presented herein for 2H 2024 and FY 2024 and the second half year (“2H 2023”) and fiscal year ended December 31, 2023 (“FY 2023”) are reported using the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

Financial Highlights for 2H 2024

  • Revenue was RMB 8.8 billion (US$ 1.2 billion) compared with RMB 8.9 billion in 2H 2023;
  • Gross profit increased by 14.3% to RMB 1.4 billion (US$ 195.7 million) compared with RMB 1.2 billion in 2H 2023.  Gross margin was 15.9% in 2H 2024 compared with 13.9% in 2H 2023;
  • Operating profit was RMB 160.1 million (US$ 22.3 million) compared with RMB 221.8 million in 2H 2023;
  • Profit for the period was RMB 155.1 million (US$ 21.6 million) compared with RMB 169.8 million in 2H 2023;
  • Basic and diluted earnings per share were RMB 2.19 (US$ 0.30) compared with RMB 2.62 in 2H 2023;
  • Total number of engines sold increased by 10.9% to 163,843 units compared with 147,700 units in 2H 2023.

Revenue was RMB 8.8 billion (US$ 1.2 billion) compared with RMB 8.9 billion in 2H 2023.

The total number of engines sold in 2H 2024 increased by 10.9% to 163,843 units compared with 147,700 units in 2H 2023.  The increase was mainly due to higher sales in truck, bus, industrial and marine and power generation markets.  The better performance in truck and bus engine sales was achieved despite a decline by 9.9% in sales of commercial vehicles (excluding gasoline- and electric-powered vehicles) compared to 2H 2023 as reported by the China Association of Automobile Manufacturers (“CAAM”).  

Gross profit increased by 14.3% to RMB 1.4 billion (US$ 195.7 million), from RMB 1.2 billion in 2H 2023.  The increase was mainly due to higher unit sales volume combined with lower materials costs.  Overall gross margin was 15.9% in 2H 2024 compared with 13.9% in 2H 2023.  

Other operating income increased by 31.2% to RMB 401.5 million (US$ 55.9 million) compared with RMB 306.2 million in 2H 2023.  The increase was mainly due to higher government grants, higher rebate on value-added taxes, and recognition of technology licensing fees. 

Research and development (“R&D”) expenses increased by 25.6% to RMB 591.1 million (US$ 82.2 million) compared with RMB 470.5 million in 2H 2023, due to higher mold costs and impairment of a discontinued R&D project.  Total R&D expenditures, including capitalized costs, were RMB 726.0 million (US$ 101.0 million), representing 8.2% of revenue in 2H 2024, as compared to RMB 599.2 million, representing 6.8% of revenue in 2H 2023.

Selling, general and administrative (“SG&A”) expenses increased by 25.1% to RMB 1.1 billion (US$ 147.0 million) from RMB 844.6 million in 2H 2023.  This increase was mainly due to higher trade receivables provision, and higher travelling, personnel and selling expenses compared with the same period last year.  SG&A expenses represented 12.0% of revenue for 2H 2024 compared with 9.5% for 2H 2023.

Operating profit declined to RMB 160.1 million (US$ 22.3 million) from RMB 221.8 million in 2H 2023.  The operating margin was 1.8% compared with 2.5% in 2H 2023.

Finance costs decreased by 20.4% to RMB 37.1 million (US$ 5.2 million) from RMB 46.5 million in 2H 2023 primarily due to lower bills discounting.

The share of financial results of the associates and joint ventures grew by 80.2% to a profit of RMB 58.5 million (US$ 8.1 million), compared with RMB 32.5 million in 2H 2023.  The improvement was mainly driven by higher profits at MTU Yuchai Power Company Limited (“MTU Yuchai”).  Additionally, Y&C Engine Co., Ltd. (“Y&C Engine”) and Guangxi Purem Yuchai Automotive Technology Co., Ltd. (“Purem Yuchai”) achieved profitability in 2H 2024 compared to a loss in the same period last year.

Income tax expense was RMB 26.4 million (US$ 3.7 million) compared with RMB 37.9 million in 2H 2023. 

Net profit attributable to equity holders of the Company was RMB 82.7 million (US$ 11.5 million) compared with RMB 107.1 million in 2H 2023.

Basic and diluted earnings per share were RMB 2.19 (US$ 0.30) compared with RMB 2.62 in 2H 2023.

Basic and diluted earnings per share for 2H 2024 and 2H 2023 were based on a weighted average of 37,809,894 shares and 40,858,290 shares, respectively.

Financial Highlights for FY 2024 

  • Revenue grew by 6.0% to RMB 19.1 billion (US$ 2.7 billion) compared with RMB 18.0 billion in FY 2023; 
  • Gross profit increased by 10.8% to RMB 2.8 billion (US$ 392.1 million), a 14.7% gross margin, compared with RMB 2.5 billion and a gross margin of 14.1% in FY 2023; 
  • Operating profit was RMB 597.0 million (US$ 83.0 million) compared to RMB 609.4 million in FY 2023; 
  • Profit for the year was RMB 491.7 million (US$ 68.4 million) compared to RMB 422.9 million in FY 2023;
  • Basic and diluted earnings per share increased by 17.5% to RMB 8.21 (US$ 1.14) from RMB 6.99 in FY 2023; 
  • Total number of engines sold increased by 13.7% to 356,586 units compared with 313,493 units in FY 2023. 

Revenue was RMB 19.1 billion (US$ 2.7 billion) compared with RMB 18.0 billion in FY 2023.

The total number of engines sold in FY 2024 increased by 13.7% to 356,586 units compared with 313,493 units in FY 2023.  The increase was mainly due to higher sales in the truck, bus, industrial and marine and power generation markets.  The stronger performance in truck and bus engine sales was achieved despite a 2.6% year-over-year decrease in sales of commercial vehicles (excluding gasoline- and electric-powered vehicles) in FY 2024 as reported by CAAM.

Gross profit increased by 10.8% to RMB 2.8 billion (US$ 392.1 million) compared with RMB 2.5 billion in FY 2023.  Gross margin increased to 14.7% compared with 14.1% in FY 2023.  The increase in gross margin was mainly attributable to higher revenue from increased unit sales volume, and continuing cost reduction initiatives, partially offset by greater labor and overhead expenses.

Other operating income increased by 30.1% to RMB 575.7 million (US$ 80.1 million) compared with RMB 442.4 million in FY 2023.  The increase was mainly due to higher government grants, higher rebate on value-added taxes, and recognition of technology licensing fees.

R&D expenses increased by 12.3% to RMB 984.7 million (US$ 137.0 million) compared with RMB 876.6 million in FY 2023, mainly attributable to higher mold costs and impairment of a discontinued R&D project.  Yuchai had continued with its initiatives to enhance the engine efficiency and performance of its National VI and Tier-4 emission standard compliant engines, marine power generation applications, while advancing new energy solutions.  Total R&D expenditures, including capitalized costs, were RMB 1.2 billion (US$ 165.4 million), representing 6.2% of revenue for FY 2024, compared with RMB 1.1 billion, representing 5.9% of revenue for FY 2023.

SG&A expenses were RMB 1.8 billion (US$ 252.1 million), representing 9.5% of revenue in FY 2024, compared with RMB 1.5 billion, representing 8.3% of revenue in FY 2023.  This increase was mainly due to higher trade receivables provision, and higher travelling, personnel and selling expenses compared with FY 2023.

Operating profit was RMB 597.0 million (US$ 83.0 million), compared with RMB 609.4 million in FY 2023.  The operating margin was 3.1% compared with 3.4% in FY 2023.

Finance costs decreased by 22.2% to RMB 78.0 million (US$ 10.8 million) from RMB 100.2 million in FY 2023, primarily due to lower bills discounting.

The share of financial results of the associates and joint ventures increased by 63.6% to income of RMB 101.5 million (US$ 14.1 million) compared with income of RMB 62.1 million in FY 2023.  The improvement was mainly driven by higher profits at MTU Yuchai.  Additionally, Y&C Engine and Purem Yuchai achieved profitability in FY 2024 compared to a loss last year.

Income tax expense declined by 13.3% to RMB 128.8 million (US$ 17.9 million) as compared with RMB 148.5 million in FY 2023.  

Net profit attributable to China Yuchai’s shareholders was RMB 323.1 million (US$ 44.9 million) compared with RMB 285.5 million in FY 2023.

Basic and diluted earnings per share were RMB 8.21 (US$ 1.14) compared with RMB 6.99 in FY 2023. 

Basic and diluted earnings per share for FY 2024 and FY 2023 were based on a weighted average of 39,325,763 shares and 40,858,290 shares, respectively.  

As of December 31, 2024, the Company’s outstanding shares were, following a share buyback plan, reduced to 37,518,322 from 40,858,290 shares as of December 31, 2023.

Balance Sheet Highlights as at December 31, 2024

  • Cash and bank balances were RMB 6.4 billion (US$ 895.0 million) compared with RMB 6.0 billion at the end of FY 2023;
  • Trade and bills receivables were RMB 8.8 billion (US$ 1.2 billion) compared with RMB 7.8 billion at the end of FY 2023;
  • Inventories were RMB 4.7 billion (US$ 647.5 million) compared with RMB 4.6 billion at the end of FY 2023;
  • Trade and bills payables were RMB 8.5 billion (US$ 1.2 billion) compared with RMB 7.6 billion at the end of FY 2023;
  • Short-term and long-term loans and borrowings were RMB 2.5 billion (US$ 349.1 million) compared with RMB 2.5 billion at the end of FY 2023.  

Mr. Weng Ming Hoh, President of China Yuchai, commented, “We continued to achieve profitable sales growth and free cashflow generation by selling into multiple end markets with a broad and diverse product portfolio.  We are pleased to report that our on-road engine sales outperformed the overall Chinese truck and bus vehicle markets in both the second half and the full year of 2024.  Our off-road segments continued to deliver unit growth in almost all markets. And our strategic alliances posted a robust 63.6% increase in profits to us, driven by higher profits from MTU Yuchai and improved operations across other ventures in 2024.” 

“We have entered into the second expansion phase of our 50/50 joint-venture MTU Yuchai.  With the addition of the MTU-2000 engine and Yuchai-branded VC series diesel engines to the MTU-4000 engine series, our generator engine product portfolio will be better positioned to address the various end-market opportunities.  We are also expanding our production capacity to meet the increasing demand for power generators as demand from data centers has increased significantly.”

“We took action during the year to enhance our rewards to shareholders.  In addition to a cash dividend of US$ 0.38 per ordinary share for FY 2023 paid in August 2024, we used our resources to launch our first-ever share buyback program in mid-2024, through which a total of 3.3 million shares, for a total amount of US$ 39.8 million, were repurchased.”

“Our strong financial resources provide support for our current operations and investment in new products for our future,” Mr. Hoh concluded.

Disclaimer Regarding Unaudited Financial Results 

Investors should note that the Company has not yet finalized its consolidated financial results for FY 2024.  The financial information of the Company presented above is unaudited and may differ materially from the audited financial statements of the Company for FY 2024 to be released when it is available. 

Exchange Rate Information 

The Company’s functional currency is the U.S. dollar and its reporting currency is Renminbi.  The translation of amounts from Renminbi to U.S. dollars is solely for the convenience of the reader. Translation of amounts from Renminbi to U.S. dollars has been made at the rate of RMB 7.1884 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on December 31, 2024.  No representation is made that the Renminbi amounts could have been, or could be, converted into U.S. dollars at that rate or at any other certain rate on December 31, 2024 or at any other date.

Unaudited 2H 2024 and FY 2024 Conference Call

A conference call and audio webcast for the investment community has been scheduled for 8:00 A.M. Eastern Standard Time on February 25, 2025. The call will be hosted by the President and Chief Financial Officer of China Yuchai, Mr. Weng Ming Hoh and Mr. Choon Sen Loo, respectively, who will present and discuss the financial results of the Company followed by a Q&A session.

Analysts and institutional investors may participate in the conference call by registering at: https://register.vevent.com/register/BIe0e5803674cf453b9f7f684f0548e941 at least one hour before the scheduled start time.  An email reply will be sent with instructions and phone numbers to join the call. 

For all other interested parties, a simultaneous webcast can be accessed at the investor relations section of the Company’s website located at http://www.cyilimited.com. Participants are encouraged to join the webcast at least 10 minutes prior to the scheduled start time.  The recorded webcast will be available on the website shortly after the earnings call.

About China Yuchai International

China Yuchai International Limited, through its subsidiary Guangxi Yuchai Machinery Company Limited (“Yuchai”), is one of the leading powertrain solution providers in China.  Yuchai specializes in the design, manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, pickups, construction and agricultural equipment, and marine and power generation applications.  Yuchai offers a comprehensive portfolio of powertrain solutions, including but not limited to diesel, natural gas, and new energy products such as pure electric, range extenders, and hybrid and fuel cell systems.  Through its extensive network of regional sales offices and authorized customer service centers, Yuchai distributes its engines directly to auto OEMs and distributors while providing after-sales services across China and globally.  Founded in 1951, Yuchai has established a reputable brand name, strong research and development team, and significant market share in China. Known for its high-quality products and reliable after-sales support, Yuchai has also expanded its footprint into overseas markets.  In 2024, Yuchai sold 356,586 engines, further solidifying its position as a leading manufacturer and distributor of engines in China.  For more information, please visit http://www.cyilimited.com

Safe Harbor Statement:

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements.  All statements other than statements of historical fact are statements that may be deemed forward-looking statements.  These forward-looking statements including, but not limited to, statements concerning China Yuchai group of entities’ operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time.  China Yuchai cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China including those discussed in China Yuchai’s Form 20-Fs under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time.  All forward-looking statements are applicable only as of the date they are made and China Yuchai specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.

For more information:
Investor Relations
Kevin Theiss
Tel: +1-212-510-8922
Email: cyd@bluefocus.com

— Tables Follow —

 

CHINA YUCHAI INTERNATIONAL LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENTS
For the six months ended December 31, 2024 and 2023
(RMB and US$ amounts expressed in thousands, except per share data)


Second Half of 2024

Second Half of 2023

RMB ‘000

US$ ‘000

RMB ‘000

US$ ‘000


Revenue

8,827,151

1,227,972

8,875,346

1,234,676


Cost of sales*

(7,420,695)

(1,032,315)

(7,644,571)

(1,063,459)


Gross profit

1,406,456

195,657

1,230,775

171,217


Other operating income, net

401,548

55,861

306,161

42,591


Research and development expenses

(591,099)

(82,230)

(470,531)

(65,457)


Selling, general and administrative expenses*

(1,056,825)

(147,019)

(844,642)

(117,501)


Operating profit

160,080

22,269

221,763

30,850


Finance costs

(37,057)

(5,155)

(46,533)

(6,473)


Share of results of associates and joint ventures

58,473

8,134

32,452

4,514


Profit before tax

181,496

25,248

207,682

28,891


Income tax expense

(26,357)

(3,667)

(37,869)

(5,268)


Profit for the period

155,139

21,581

169,813

23,623


Attributable to:


Equity holders of the Company

82,725

11,507

107,141

14,905


Non-controlling interests

72,414

10,074

62,672

8,718

155,139

21,581

169,813

23,623

Net earnings per share


– Basic

2.19

0.30

2.62

0.36


– Diluted

2.19

0.30

2.62

0.36


Unit sales

163,843

147,700

 

CHINA YUCHAI INTERNATIONAL LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENTS
For the years ended December 31, 2024 and 2023
(RMB and US$ amounts expressed in thousands, except per share data)


December 31, 2024

(Unaudited)


December 31, 2023

(Audited)

RMB ‘000

US$ ‘000

RMB ‘000

US$ ‘000

 

Revenue

19,133,575

2,661,729

18,046,349

2,510,482

 

Cost of sales*

(16,315,074)

(2,269,639)

(15,502,876)

(2,156,652)

 

Gross profit

2,818,501

392,090

2,543,473

353,830

 

Other operating income, net

575,658

80,082

442,362

61,538

 

Research and development expenses

(984,659)

(136,979)

(876,578)

(121,943)

 

Selling, general and administrative expenses*

(1,812,526)

(252,147)

(1,499,808)

(208,643)

 

Operating profit

596,974

83,046

609,449

84,782

 

Finance costs

(77,982)

(10,848)

(100,175)

(13,936)

 

Share of results of associates and joint ventures

101,548

14,127

62,078

8,636

 

Profit before tax

620,540

86,325

571,352

79,482

 

Income tax expense

(128,798)

(17,917)

(148,496)

(20,658)

 

Profit for the year

491,742

68,408

422,856

58,824


Attributable to:

 

Equity holders of the Company

323,055

44,941

285,518

39,719

 

Non-controlling interests

168,687

23,467

137,338

19,105

491,742

68,408

422,856

58,824

Net earnings per share

 

– Basic

8.21

1.14

6.99

0.99

 

– Diluted

8.21

1.14

6.99

0.99

 

Unit sales

356,586

313,493

*Comparatives

Management has reclassified assurance-type warranty expenses from selling and distribution (within selling, general and
administrative expenses) to cost of sales.  The comparative figures in the Income Statement for the six months and full
year ended December 31, 2023, have been adjusted to conform with the current year’s presentation.  The changes to 2023
comparatives have no impact on the operating profit for the period of the Group, its financial position or cash flows.

 

CHINA YUCHAI INTERNATIONAL LIMITED
SELECTED UNAUDITED CONSOLIDATED FINANCIAL POSITION ITEMS
For the years ended December 31, 2024 and December 31, 2023
(RMB and US$ amounts expressed in thousands)

December 31, 2024
(Unaudited)


December 31, 2023
(Audited)

RMB 000

US$ 000

RMB 000

Cash and bank balances

6,433,593

894,997

6,039,471

Trade and bills receivables

8,809,069

1,225,456

7,813,228

Inventories

4,654,448

647,494

4,649,027

Trade and bills payables

8,499,626

1,182,409

7,634,273

Short-term and long-term loans and borrowings

2,509,800

349,146

2,540,294


Equity attributable to equity holders of the
Company

9,164,625

1,274,919

9,226,528

 

Baidu Acquires JOYY’s Live Streaming Business in China

BEIJING, Feb. 25, 2025 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu”), a leading AI company with strong Internet foundation, today announced that Baidu entered into agreements with JOYY Inc and acquired the video-based entertainment live streaming business in mainland China (known as YY Live) previously owned by JOYY. Baidu paid an aggregate purchase price of approximately US$2.1 billion. As part of the transaction, the sum of approximately US$1.6 billion that Baidu previously deposited into escrow accounts in accordance with a share purchase agreement (which subsequently ceased to be in force) has been fully released to Baidu. Baidu plans to invest such released funds in its cloud and AI infrastructure. 

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.  All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

MicuRx Pharmaceutical: Contezolid Global Phase III Clinical Trial Safety and Efficacy Evaluation Endorsed by Data Monitoring Committee, Promising Prospects for Diabetic Foot Infection Treatment

  • Data Monitoring Committee (DMC) has completed the first safety and efficacy assessment of the global Phase III clinical trial, recommending continued progression as planned 
  • MRX-4 Injection followed by Contezolid Tablets demonstrated favorable safety and efficacy profiles in patients with diabetic foot infections (DFI), meeting expectations 

SHANGHAI, Feb. 25, 2025 /PRNewswire/ — Recently, Shanghai MicuRx Pharmaceutical Co., Ltd. (“MicuRx”, 688373.SH) announced significant progress in its global multicenter Phase III clinical trial evaluating MRX-4 Injection followed by Contezolid Tablets for the treatment of DFI. The DMC has completed its first safety and efficacy assessment, confirming that the drug’s safety and efficacy profiles meet favorable expectations and recommending the trial proceed as planned. 

DMC Endorsement: Safety and Efficacy Meet Favorable Expectations

This evaluation was conducted in accordance with the DMC charter, analyzing the safety and efficacy data of the first 33% of enrolled subjects (285 cases) who completed the study. The results showed that MRX-4 Injection followed by Contezolid Tablets demonstrated favorable safety and efficacy profiles in treating moderate-to-severe DFI patients, meeting expectations. Based on this, the DMC unanimously recommended no adjustments to the trial, injecting confidence into subsequent clinical advancement. 

Addressing Unmet Needs and Targeting Global Markets 

DFI is one of the severe complications of diabetes. In China, the number of DFI patients was 4.76 million in 2018, growing to 5.2 million by 2024 at a compound annual growth rate (CAGR) of 1.5%. It is projected to reach 5.36 million by 2030 and 5.42 million by 2035. In the United States, 3.65 million patients suffered from DFI in 2018, increasing to 3.76 million by 2024 at a CAGR of 0.5%. The number is expected to rise to 3.84 million by 2030 and 3.89 million by 2035.

Antibiotic therapy is the cornerstone of DFI treatment. MRX-4 Injection and Contezolid Tablets, as a new generation of oxazolidinone antibiotics, reduce risks such as myelosuppression—common with traditional therapies—through structural optimization, making them particularly suitable for patients requiring long-term treatment. Contezolid Tablets, approved in China in 2021 for complicated skin and soft tissue infections (cSSTI), have already demonstrated robust clinical safety. MRX-4, a water-soluble prodrug of Contezolid, converts into Contezolid in vivo to exert therapeutic effects. In 2023, both Contezolid Tablets and MRX-4 received U.S. FDA Qualified Infectious Disease Product (QIDP) and Fast Track designations for treating moderate-to-severe DFI without concurrent osteomyelitis. 

This global Phase III trial is an international multicenter, randomized, double-blind, controlled study comparing MRX-4 Injection followed by Contezolid Tablets with linezolid in treating moderate-to-severe DFI patients. The trial plans to enroll 865 patients, with a treatment duration of 14 to 28 days. 

Mr. Jerry Li, CFO and President of MicuRx U.S., stated, “The DMC’s positive evaluation underscores the promising efficacy and safety of MRX-4 Injection and Contezolid Tablets, marking a critical milestone toward global market entry. We anticipate this therapy will offer DFI patients a safer treatment option while addressing antibiotic resistance challenges.” 

Dr. Zhengyu Yuan, Chairman and CEO of MicuRx, emphasized, “The development of MRX-4 and Contezolid has always focused on unmet clinical needs. DFI patients urgently require better-tolerated innovative therapies suitable for long-term use, and the current data further validate their potential.” 

Forward-Looking Statements

This press release contains certain forward-looking statements. These statements are not historical facts but are based on the Company’s current predictions or expectations regarding future events based on available data and information. Words such as “anticipate,” “believe,” “continue,” “may,” “estimate,” “expect,” “intend,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, though not all such statements include these specific terms. These forward-looking statements involve known and unknown uncertainties and other significant factors that may cause actual results to differ materially from those expressed or implied due to risks associated with policy, R&D, market conditions, regulatory uncertainties, and other variables. Existing and potential investors are cautioned to carefully evaluate these risks and not to rely unduly on the forward-looking statements herein. 

Any forward-looking statements contained in this press release are made only as of the date of this press release. Unless required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or circumstances. 

Over 600 parents and children commemorate Healthy with KidSTART five-year anniversary at largest What’s for Lunch? event to date

The Healthy with KidSTART initiative has expanded significantly, growing from supporting 120 families in 2020 to more than 3,100 families in 2024

SINGAPORE – Media OutReach Newswire – 25 February 2025 – On 22 February 2025, over 600 KidSTART parents and children gathered for a day of fun at the What’s for Lunch? A Farm Adventure food expo organised by Prudential Singapore (“Prudential’) and KidSTART Singapore (“KidSTART”). The event featured a series of activities and performances to promote healthy eating and was held at The Lawn @ The Foothills, Fort Canning Park.

(From left) Mr Joel Tan, Chief Executive Officer of KidSTART Singapore, KidSTART mother Ms Nur Farah, Ms Sun Xueling, Minister of State for Social and Family Development, Ms Chan San San, Chief Executive Officer of Prudential Singapore, and KidSTART mother Ms Sangeetha D/O Jagathisa, join more than 600 parents and children at the What’s for Lunch? A Farm Adventure food expo, at The Lawn @ The Foothills, Fort Canning Park.
(From left) Mr Joel Tan, Chief Executive Officer of KidSTART Singapore, KidSTART mother Ms Nur Farah, Ms Sun Xueling, Minister of State for Social and Family Development, Ms Chan San San, Chief Executive Officer of Prudential Singapore, and KidSTART mother Ms Sangeetha D/O Jagathisa, join more than 600 parents and children at the What’s for Lunch? A Farm Adventure food expo, at The Lawn @ The Foothills, Fort Canning Park.

Joining the families was the event’s Guest-of-Honour, Ms Sun Xueling, Minister of State for Social and Family Development, Ms Chan San San, CEO of Prudential Singapore, and Mr Joel Tan, CEO of KidSTART Singapore. Programme Presenters include the Health Promotion Board and National University Hospital.

The event also marked the fifth anniversary of Healthy with KidSTART, an early childhood nutrition programme launched in 2020. This initiative aims to help lower-income families with children aged six and below – a period critical for physical and cognitive development – adopt healthy eating habits. The programme, a collaboration between KidSTART and leading life and health insurer Prudential as the main sponsor, has grown significantly from supporting 120 families in 2020 to more than 3,100 families in 2024. It provides monthly fresh produce packs including vegetables and fruits, as well as resources on healthy eating from Prudential.

This longstanding partnership between KidSTART and Prudential has been a cornerstone in promoting early childhood nutrition and well-being for lower-income families. Prudential has gone beyond providing monthly fresh produce packs to actively engaging in community outreach efforts such as educational workshops, the provision of healthy plates¹ for children, and resource development such as live online cooking shows and recipe cards with tips on how to engage young children in the kitchen during meal preparation. Prudential² and KidSTART volunteers have clocked almost 20,000 volunteering hours since the inception of the programme packing and delivering the fresh produce packs at least three times a year.

Recognising the pivotal role of family meals in shaping lifelong nutrition, the What’s for Lunch? series was introduced in 2022. This series features interactive cooking workshops by celebrity chefs to equip parents with practical skills and confidence to prepare balanced meals, as well as tips on how to engage their children while cooking. This initiative aligns with Prudential’s goal to ensure lower-income families and children have access to healthy ingredients and the know-how to prepare budget-friendly and nutritious meals, enabling people to live well for longer.

At What’s for Lunch? A Farm Adventure, parents and children enjoyed an eventful day of child-related health and nutrition activities. This is the first event of such scale that has been arranged for KidSTART families by Prudential. The day’s itinerary included craft and stage activities for children, educational workshops such as a Weaning workshop titled “Solid Start: Nurturing Your Baby’s Love for Real Food” and a “How to: Affordable & Healthy Meals” talk by Programme Presenters National University Hospital (NUH) and Health Promotion Board (HPB) respectively, as well as live cooking demonstrations by celebrity chef Mel Dean.

Throughout the event, families were encouraged to participate in the various farm-themed games and activities where they could collect stamps and redeem a goodie bag containing a limited edition What’s for Lunch? 2025 recipe book, food pouches and a parent-child engagement activity booklet from HPB. The games and activities included Farmer’s Market Sweep, where attendees shopped for ingredients to prepare nutritious dishes, Palette to Plate, a colourful art-making activity using vegetable and fruit stamps, and Colourful Farm Sorting, a team game that helps parents understand the importance of incorporating a wide variety of coloured foods into their child’s diet.

Through this initiative, KidSTART and Prudential are not just addressing nutritional needs but also nurturing healthier, happier families for a brighter future. This shared mission reinforces the importance of ensuring every child gets a good start in life to enjoy a vibrant and healthy future.

Quotes

Ms Sun Xue Ling, Minister of State for Social and Family Development, said: “Today we celebrate the fifth-year anniversary of Healthy with KidSTART. When we first started this, it was still during the COVID-19 pandemic and we had to do everything mostly online. Over the last five years, so many things have happened. KidSTART, with the support of Prudential as the main sponsor, has produced fresh food produce packs and recipe cards, online cooking demonstration series which have helped lighten the load for busy parents and provided families valuable tips on child nutrition and practical meal preparation tips. It’s not just about eating. As you eat together, you will also form strong family bonds in the process.”

Ms Chan San San, CEO of Prudential Singapore, said: “We are pleased to celebrate the five-year milestone of the Healthy with KidSTART programme. At Prudential, we want to do our part to ensure children from lower-income families have access to healthier foods, and share with parents how to prepare affordable, nutritious meals. This will foster healthy eating habits from young and contribute towards a healthier future. We see this as a commitment to support our community’s well-being.”

Mr Joel Tan, CEO of KidSTART Singapore, said: “We are grateful for the support and partnership of valuable partners such as Prudential Singapore, who as the main sponsor, have been instrumental, in the growth and success of the Healthy with KidSTART programme, allowing more than 3,100 families to benefit from monthly fresh food produce packs each month. Good nutrition during the early years is essential to a child’s physical, cognitive, and emotional development. Prudential’s steadfast commitment over the years also means that our families are able to rely on their continued support, which gives them greater peace of mind and allow them to focus more on their children’s other needs. The programme has helped to address nutritional gaps and support healthier communities, while also strengthening parent-child bonds. This milestone is especially meaningful as KidSTART marks its fifth anniversary this year, with an exciting lineup of events planned to commemorate this occasion. We look forward to continued meaningful collaborations to give every child a brighter and healthier future.”

Quote from Beneficiary 1 – Ms Cindy Too Xing Di
Cindy is the mother of Ace Tong Wei Heng, who joined the KidSTART programme in February 2024.

Cindy Too, Healthy with KidSTART beneficiary, said: “We’ve always preferred home-cooked meals, and the fresh food produce packs from the Healthy with KidSTART programme have been such a great help. Using the fresh ingredients, we make soups and porridge for our son, who has just started on solids. It makes us happy to know that we have help to build healthy eating habits for our son from as early as possible.”

Quote from Beneficiary 2 – Ms Sangeetha D/O Jagathisan
Sangeetha is the mother of Vihas Vedhan S/O Vasanthran, and Vihana D/O Vasanthran. They joined the KidSTART programme in December 2023.

Sangeetha D/O Jagathisa, Healthy with KidSTART beneficiary, said: “Before joining the Healthy with KidSTART programme, we were quite picky eaters and rarely bought vegetables for our meals. But with the fresh food packs, we didn’t want the vegetables to go to waste, so we started including them in our meals. It’s been such a positive change! Our 1.5-year-old son has become curious and willing to try different vegetables, and we’re so happy he’s not a fussy eater. I also learned about new vegetables I’d never seen before and picked up tips from relatives and online to cook them. These fresh food packs have really encouraged us to explore healthier meals together as a family.”

Quote from Beneficiary 3 – Ms Nur Farah Jannah Binte Abdul Karim
Nur Farah is the mother of Arfa Ayaana Binte Muhammad Firdaus, Asfa Aryan Bin Muhammad Firdaus, and Ayla Amelia Binte Muhammad Aqil. They joined the KidSTART programme in March 2022.

Nur Farah, Healthy with KidSTART beneficiary, said: “With the fresh produce provided, we’ve been able to prepare healthy meals for the family, ensuring there’s food on the table. This was very helpful especially during tough times. As a mom who is currently breastfeeding, these nutritious ingredients have been essential in supporting my milk supply to feed my baby. It’s also a joy to see my children excitedly identify the ingredients in the pack and talk about them—it’s become a fun and educational experience for all of us.”

ANNEX

About Healthy with KidSTART

Healthy with KidSTART is an early childhood nutrition programme, launched in 2020 as a collaboration between KidSTART Singapore (“KidSTART”) and Prudential Singapore. The initiative is aimed at promoting healthy eating habits among children aged 0-6 years old, recognising that good nutrition during this stage is crucial to their development.

Through the programme, families receive monthly deliveries of fresh vegetables and fruits. They also gain access to recipe cards that teach them how to make healthy meals via simple and affordable recipes with the items they receive.


¹Healthy Plates were provided to families in the past, to encourage and educate parents on providing the right proportions of each food category in meals for their children.

²Prudential volunteers comprise Prudential employees, agency force, partners and friends and family.

Hashtag: #PrudentialSingapore #CommunityInvestment




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

About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life and health insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 93 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$53.3 billion funds under management as at 31 December 2023. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,200 financial representatives.

About KidSTART Singapore

KidSTART Singapore Ltd (KidSTART SG) is a non-profit organisation specialising in supporting families in early childhood development.

We partner the government, the hospitals and the community to empower families with less resources to build strong foundations for their children under 6 years old. Our team of highly trained KidSTART practitioners support caregivers with evidence-based guidance on pregnancy, child development and assessments on the developmental progress of children from birth onwards. Our vision is to give children a good start in life.

KidSTART SG is a Company Limited by Guarantee (CLG) and registered as a charity with Institution of a Public Character (IPC).

Click to check eligibility and for more information on KidSTART SG.

WuXi XDC and LigaChem Biosciences Strengthen Partnership with Expanded MOU to Accelerate ADC Development

SHANGHAI, Feb. 25, 2025 /PRNewswire/ — WuXi XDC Cayman Inc. (“WuXi XDC”, or the “Company”, stock code: 2268.HK), a leading global CRDMO (Contract Research, Development, and Manufacturing Organization) specializing in antibody-drug conjugates (ADCs) and other bioconjugates, today announced the signing of an expanded Memorandum of Understanding (MOU) with LigaChem Biosciences, Inc., a leader in the development of innovative ADC therapies targeting cancer and other serious diseases. This new agreement broadens the scope of the ongoing collaboration, further accelerating the development of next generation innovative ADC therapies.


Under the terms of the expanded MOU, WuXi XDC’s fully integrated ADC discovery service platform will significantly boost the speed and efficiency of LigaChem’s ADC development programs. With WuXi XDC’s cutting-edge technologies and extensive expertise, LigaChem will be well-positioned to seamlessly advance its ADC candidates from discovery through to development stages, ensuring a more streamlined and efficient process at every stage.

Furthermore, LigaChem will utilize WuXi XDC’s fully integrated ADC development and manufacturing platform to support multiple ADC projects. This strategic expansion of the partnership strengthens both companies’ shared mission to develop and deliver innovative ADC therapies that address critical unmet patients needs.

“We are excited to expand our partnership with WuXi XDC,” stated Dr. Yong-Zu Kim, CEO and President of LCB, ” WuXi XDC’s expertise and comprehensive service offerings are crucial to the success of our ADC programs. This expanded partnership enables us to leverage their end-to-end capabilities, accelerating the development of next-generation ADC therapies to address the needs of patients.”

Dr.Jimmy Li, CEO of WuXi XDC commented: “Today’s expanded collaboration with LigaChem underscores the strength of our long-standing partnership. By leveraging our integrated service platforms across discovery, development, and manufacturing, LigaChem will be able to accelerate the development of their promising ADC candidates and streamline the development and manufacturing of their ADC projects. This collaboration reaffirms our ongoing commitment to helping our clients bring innovative therapies to market faster and more efficiently.”

This expanded MOU builds on the initial collaboration between WuXi XDC and LigaChem, which began in 2021. Since then, both companies have made significant strides in advancing the innovation of ADCs and bioconjugates. This new agreement further solidifies the shared vision of advancing the next wave of innovation in the ADC field, poised to deliver meaningful benefits to patients worldwide.

About LigaChem Biosciences

LigaChem Biosciences is dedicated to the discovery and development of innovative therapies that leverage the power of antibody-drug conjugates to treat cancer and other serious diseases. Our mission is to improve the quality of life for patients by providing effective and targeted treatment options. For more information, please visit www.ligachembio.com

About WuXi XDC

WuXi XDC Cayman Inc.  (“WuXi XDC”, stock code: 2268.HK) is a leading global CRDMO focused on antibody drug conjugates (ADC) and the broader bioconjugate market. It provides end-to-end contract research, development and manufacturing services for bioconjugates, including ADCs. Its services cover antibody intermediates and other biologics intermediates, chemical payloads and linkers, as well as bioconjugate drug substances and drug products. For more information about WuXi XDC, please visit: wuxixdc.com

teamLab Phenomena Abu Dhabi Will Open on 18 April Within Saadiyat Cultural District Abu Dhabi

ABU DHABI, UAE, Feb. 25, 2025 /PRNewswire/ — teamLab Phenomena Abu Dhabi will officially open its doors to the public in Saadiyat Cultural District Abu Dhabi on 18 April 2025, announced by the Department of Culture and Tourism—Abu Dhabi (DCT Abu Dhabi), Miral, the leading creator of immersive destinations and experiences in Abu Dhabi, and Tokyo-based art collective, teamLab.

To view the Multimedia News Release, please click: 
https://www.multivu.com/miral/9320251-en-gb-teamlab-phenomena-abu-dhabi-will-open-to-the-public-saadiyat-cultural-district

The 17,000 sqm multi-sensory art experience is operated by Miral Experiences, a subsidiary of Miral, and will include massive transformative exhibits that take guests on a sensory-rich journey, offering a dynamic and ever-evolving guest experience. The exhibits engage sight, sound, and touch, encouraging guests to expand the way they feel, connect and interact with the world around them.

HE Mohamed Khalifa Al Mubarak, Chairman of DCT Abu Dhabi, said: “Saadiyat Cultural District is a testament to Abu Dhabi’s commitment to preserving heritage while embracing a forward-looking vision. The District will convey a message of cultural diversity that will become more powerful over time, creating global connections, inspiring cultural exchange, and fostering new ways of thinking to support the region, the global South and the world. We believe in the diversity of artistic expression and teamLab is the perfect partner to provide immersive art experiences that push the boundaries of art and technology. Together, we are redefining what is possible—expanding our horizons and forging deeper connections in ways never seen before.”

HE added: “Once opened, teamLab Phenomena Abu Dhabi will offer an immersive journey that sparks infinite curiosity and imagination in all who visit. At the intersection of art, technology, and nature, it will create a world of limitless wonder and creativity. Through these multi-sensory explorations, we are inspiring new generations of innovators, thinkers, and creators from Abu Dhabi and beyond.”

A home for infinite curiosity

teamLab Phenomena Abu Dhabi will feature a constantly transforming art experience unique to Abu Dhabi, conceived by the Tokyo-based art collective teamLab. The installations are part of teamLab’s concept of ‘Environmental Phenomena,’ created through an extensive experimentation process. Housed in a purpose-built structure, conceptualised and designed by teamLab Architects and realised by teamLab Architects and Abu Dhabi-based MZ Architects, teamLab Phenomena Abu Dhabi’s architecture will play an important role in providing the exhibits with an environment to evolve freely and organically.

Toshiyuki Inoko, Founder of teamLab, said: “The artworks in teamLab Phenomena Abu Dhabi do not exist independently, but are created by the environment which produces the various phenomena that cause the artworks to exist. Up until now, things that humans have created have existed through matter, just like a rock, and have a stable structure in and of themselves. Unlike such things, the existence of the artworks in teamLab Phenomena are created by the environment. The environment produces the phenomena, and the environment maintains the existence of the structure. Let us call that existence environmental phenomena.

“Existence will be freed from matter that has previously been responsible for its existence. Elements like air, water, and light that permeate our daily lives are transformed by their environment into unique phenomena that will become the existence. The boundaries of that existence are ambiguous and continuous. Even if people break the artwork apart, the work will remain in existence as long as its environment is maintained. Conversely, if the environment is not maintained, the work will disappear. Perhaps, people’s consciousness will spread from existence itself to the environment. A rock will continue to exist even if it is placed in a sealed box isolated from the outside world, but life cannot maintain its existence if it is placed in such a closed box. Life is also an existence that is maintained by the environment. Life may be a miraculous phenomenon that emerges from a flow in an open and continuous world.”

Experience massive transformative exhibits

Guests will be immersed within a realm of creativity and innovation through a series of massive transformative exhibits.

In Massless Suns and Dark Suns, spheres of light and darkness converge to challenge perceptions of reality. Radiant spheres of light appear as solid yet intangible entities; these spheres of light only exist in your perception. As perspectives broaden, purple-blue spheres of darkness also emerge, as though darkness has been solidified. Touching the light of a sphere ignites an intense glow, triggering a harmonious ripple effect across neighbouring spheres. This artwork cannot exist on its own—its existence is a phenomenon created by its environment.

Building upon the previous realm of light and darkness, Levitation Void introduces an order of energy at the centre of its space, a void that is born and maintained by its environment. The void rises to a new existence, one that hovers freely in the air—transcending the concept of a tangible object, levitating effortlessly in the middle of its space, neither grounded nor confined to a ceiling. When pushed, it may move or fall to the ground, but as if by instinct, it slowly rises again, repairing itself and remaining in a state of levitation.

To learn more about teamLab Phenomena Abu Dhabi or purchase tickets, visit: www.teamlababudhabi.com.

Saadiyat Cultural District continues to grow

teamLab Phenomena Abu Dhabi is a key addition to Saadiyat Cultural District Abu Dhabi, which upon completion will be the largest concentration of world-leading cultural and educational institutions in the world. Through its dynamic spaces, this district will foster cultural interaction, creative exchange and knowledge generation through its experiences, events, exhibitions and collections.

The growing District is the home of Louvre Abu Dhabi, the first universal museum in the Arab world; Manarat Al Saadiyat cultural centre, which hosts major art exhibitions including two of Abu Dhabi’s most important cultural events, Abu Dhabi Art and Culture Summit Abu Dhabi, as well as a year-round programme of creative events and workshops; and Berklee Abu Dhabi, offering world-leading performing arts education programmes.

Saadiyat Cultural District will soon be joined by Zayed National Museum, the national museum of the UAE, Natural History Museum Abu Dhabi, telling the story of life on earth and the origins of our universe, and Guggenheim Abu Dhabi, featuring a global collection of modern and contemporary art that reflects the diversity of cultures and trends from around the world.

For more information about Saadiyat Cultural District, visit: https://scdabudhabi.ae.

Video: https://mma.prnasia.com/media2/2625031/Miral.mp4
Logo: https://laotiantimes.com/wp-content/uploads/2025/02/miral_teamlab_dct_logo.jpg

 

 

TLP DATE ANNOUNCEMENT 90 SEC SUPERS 16×9

 

Everest Medicines to Announce Full-Year 2024 Financial Results on March 26, 2025

SHANGHAI, Feb. 25, 2025 /PRNewswire/ — Everest Medicines (HKEX 1952.HK, “Everest”, or the “Company”), a biopharmaceutical company focused on the discovery, clinical development, manufacturing and commercialization of innovative therapeutics, today announced that it will report its financial results for the full year of 2024 ended December 31, 2024, and provide a business update on March 26, 2025. The Company will hold a live conference call in English and Mandarin on March 26, 2025 Beijing Time.

The English session of the conference call will be held at 9:00 AM on March 26, 2025 Beijing Time (9:00 PM U.S. Eastern Time on March 25, 2025), and the Mandarin session of the conference call will be held at 10:30 AM Beijing Time on the same day (10:30 PM U.S. Eastern Time on March 25, 2025).

The conference calls can be accessed by the following links:

For English Session:

Time: 9:00 AM Beijing Time, Wednesday, March 26, 2025 (9:00 PM U.S. Eastern Time on March 25, 2025)

Pre-Registration Link: https://www.acecamptech.com/eventDetail/60522311

Webcast Link:
https://www.acecamptech.com/meeting_live/70524304/786503?event_id=60522311

Alternatively, participants may dial in to the conference call using below dial-in information:

United States:

+1-646-2543594 (EN)

Chinese Mainland:

+86-10-58084166 (EN)

+86-10-58084199 (CN)

Hong Kong, China:

+852-30051313 (EN)

+852-30051355 (CN)

United Kingdom:

International:

+44-12-13680466 (EN)

+1-866-6363243 (EN)

Password:

583122

For Mandarin Session:

Time: 10:30 AM Beijing Time, Wednesday, March 26, 2025 (10:30 PM U.S. Eastern Time on March 25, 2025)

Webcast Link: https://s.comein.cn/3amz5di6

Alternatively, participants may dial into the conference call using below dial-in information:

Chinese Mainland:

+86-4008108117

Beijing, China

+86-10-57304337

Hong Kong, China:

Taiwan, China:

+852-30051355

+886-800666425

Singapore:

+65-68185374

Password:

763194

The replay of English session will be available shortly after the call and can be accessed by visiting the Company’s website at http://www.everestmedicines.com.

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules in the company’s core therapeutic areas of renal diseases, infectious diseases and autoimmune disorders. For more information, please visit its website at www.everestmedicines.com.

Forward-Looking Statements:

This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

 

Yatsen Announces Fourth Quarter and Full Year 2024 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on February 25, 2025

GUANGZHOU, China, Feb. 25, 2025 /PRNewswire/ — Yatsen Holding Limited (“Yatsen” or the “Company”) (NYSE: YSG), a leading China-based beauty group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

  • Total net revenues for the fourth quarter of 2024 increased by 7.1% to RMB1.15 billion (US$157.3 million) from RMB1.07 billion for the prior year period. Total net revenues for the full year of 2024 decreased by 0.6% to RMB3.39 billion (US$464.9 million) from RMB3.41 billion for the prior year period.
  • Total net revenues from Skincare Brands[1] for the fourth quarter of 2024 were RMB554.8 million (US$76.0 million), remaining flat as compared with the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the fourth quarter of 2024 were 48.3%, as compared with 51.7% for the prior year period. Total net revenues from Skincare Brands for the full year of 2024 increased by 0.7% to RMB1.39 billion (US$190.9 million) from RMB1.38 billion for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the full year of 2024 were 41.1%, as compared with 40.5% for the prior year period.
  • Gross margin for the fourth quarter of 2024 increased to 77.8% from 73.7% for the prior year period. Gross margin for the full year of 2024 increased to 77.1% from 73.6% for the prior year period.
  • Net loss for the fourth quarter of 2024 decreased by 23.4% to RMB378.8 million (US$51.9 million) from RMB494.5 million for the prior year period. Net loss for the full year of 2024 decreased by 5.3% to RMB710.2 million (US$97.3 million) from RMB750.2 million for the prior year period. Non-GAAP net income[2] for the fourth quarter of 2024 was RMB107.0 million (US14.7 million), as compared with non-GAAP net loss of RMB93.7 million for the prior year period. Non-GAAP net loss for the full year of 2024 decreased by 56.7% to RMB128.2 million (US$17.6 million) from RMB296.1 million for the prior year period.

Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, “We are pleased to share our solid performance in the fourth quarter of 2024, despite the continued challenges in the beauty market. We achieved year-over-year growth in total net revenues for the fourth quarter, driven by the recovery of Perfect Diary as well as the combined growth of our three major skincare brands. In terms of profitability, we also made solid progress, narrowing our net loss margin while delivering non-GAAP net income for the quarter. This performance reflects the success of our strategic initiatives in product development, brand building, and cost optimization. As we move forward, we will remain committed to our strategic transformation plan and are confident in our ability to navigate the evolving market dynamics and drive sustainable growth.” 

Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, “Our financial results for the fourth quarter and full year of 2024 demonstrate the effective execution of our strategic transformation. In the fourth quarter, we achieved a 7.1% year-over-year increase in net revenues, in line with our guidance. Our gross margin rose to 77.8%, up from 73.7% for the prior year period. While we recorded a net loss, primarily due to a goodwill impairment of RMB403.1 million, we achieved solid non-GAAP net income with a 9.3% margin.[3] For the full year 2024, our total net revenues declined by 0.6% year over year, reflecting overall stability. Meanwhile, our gross margin, net loss margin, and non-GAAP net loss margin all showed improvements compared with the prior year. Looking ahead, we will continue to enhance our operational efficiencies and strategically allocate resources to position the company for long-term success.”

Fourth Quarter 2024 Financial Results

Net Revenues

Total net revenues for the fourth quarter of 2024 increased by 7.1% to RMB1.15 billion (US$157.3 million) from RMB1.07 billion for the prior year period. The increase was primarily due to a 16.4% year-over-year increase in net revenues from Color Cosmetics Brands.[4]

Gross Profit and Gross Margin

Gross profit for the fourth quarter of 2024 increased by 13.0% to RMB893.0 million (US$122.3 million) from RMB790.1 million for the prior year period. Gross margin for the fourth quarter of 2024 increased to 77.8% from 73.7% for the prior year period. The increase was primarily driven by an increase in sales of higher-gross-margin products.

Operating Expenses

Total operating expenses for the fourth quarter of 2024 decreased by 3.5% to RMB1.28 billion (US$175.9 million) from RMB1.33 billion for the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2024 were 111.8%, as compared with 124.0% for the prior year period.

  • Fulfillment Expenses. Fulfillment expenses for the fourth quarter of 2024 were RMB63.5 million (US$8.7 million), as compared with RMB62.7 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2024 decreased to 5.5% from 5.8% for the prior year period. The decrease was primarily due to an increase in the overall average selling price of the Company’s products, as well as further improvements in logistics efficiency.
  • Selling and Marketing Expenses. Selling and marketing expenses for the fourth quarter of 2024 were RMB690.6 million (US$94.6 million), as compared with RMB717.4 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the fourth quarter of 2024 decreased to 60.1% from 66.9% for the prior year period. The decrease was primarily due to the Company’s more strategic marketing spending, combined with lower payroll expenses related to selling and marketing personnel.
  • General and Administrative Expenses. General and administrative expenses for the fourth quarter of 2024 were RMB100.1 million (US$13.7 million), as compared with RMB158.7 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2024 decreased to 8.7% from 14.8% for the prior year period. The decrease was primarily attributable to lower payroll expenses resulting from a reduction in general and administrative headcount and lower share-based compensation expenses.
  • Research and Development Expenses. Research and development expenses for the fourth quarter of 2024 were RMB26.3 million (US$3.6 million), as compared with RMB36.9 million for the prior year period. As a percentage of total net revenues, research and development expenses for the fourth quarter of 2024 decreased to 2.3% from 3.4% for the prior year period. The decrease was primarily attributable to the Company’s efforts to maintain research and development expenses at a reasonable level relative to total net revenues.
  • Impairment of Goodwill. Impairment of goodwill for the fourth quarter of 2024 was RMB403.1 million (US$55.2 million), as compared with RMB354.0 million in the prior year period. Impairment recorded in this quarter mainly represents the amount by which the carrying value of the Eve Lom reporting unit exceeded its fair value, based on the quantitative goodwill impairment test, primarily due to weaker operating results than expected.

Loss / Income from Operations

Loss from operations for the fourth quarter of 2024 was RMB390.7 million (US$53.5 million), as compared with RMB539.6 million for the prior year period. Operating loss margin was 34.0%, as compared with 50.3% for the prior year period.

Non-GAAP income from operations[5] for the fourth quarter of 2024 was RMB93.2 million (US$12.8 million), as compared with non-GAAP loss from operations of RMB125.9 million for the prior year period. Non-GAAP operating income margin[6] was 8.1%, as compared with non-GAAP operating loss margin of 11.7% for the prior year period.

Net Loss / Income

Net loss for the fourth quarter of 2024 was RMB378.8 million (US$51.9 million), as compared with RMB494.5 million for the prior year period. Net loss margin was 33.0%, as compared with 46.1% for the prior year period. Net loss attributable to Yatsen’s ordinary shareholders per diluted ADS[7] for the fourth quarter of 2024 was RMB3.98 (US$0.55), as compared with RMB4.57 for the prior year period.

Non-GAAP net income for the fourth quarter of 2024 was RMB107.0 million (US$14.7 million), as compared with non-GAAP net loss of RMB93.7 million for the prior year period. Non-GAAP net income margin was 9.3%, as compared with non-GAAP net loss margin of 8.7% for the prior year period. Non-GAAP net income attributable to Yatsen’s ordinary shareholders per diluted ADS[8] for the fourth quarter of 2024 was RMB0.99 (US$0.14), as compared with non-GAAP net loss attributable to Yatsen’s ordinary shareholders per diluted ADS of RMB0.84 for the prior year period.

Full Year 2024 Financial Results

Total net revenues for the full year of 2024 decreased by 0.6% to RMB3.39 billion (US$464.9 million) from RMB3.41 billion for the prior year period, primarily attributable to the decline in net revenues from Color Cosmetics Brands, partially offset by the increase in net revenues from Skincare Brands.

Gross profit for the full year of 2024 increased by 4.1% to RMB2.62 billion (US$358.6 million) from RMB2.51 billion for the prior year period. Gross margin for the full year of 2024 increased to 77.1% from 73.6% for the prior year period. The increase was primarily attributable to increasing sales of higher-gross margin products. 

Loss from operations for the full year of 2024 was RMB824.9 million (US$113.0 million), as compared with RMB913.4 million for the prior year period. Operating loss margin decreased to 24.3% from 26.7% for the prior year period.

Non-GAAP loss from operations for the full year of 2024 was RMB224.3 million (US$30.7 million), as compared with RMB427.5 million for the prior year period. Non-GAAP operating loss margin decreased to 6.6% from 12.5% for the prior year period.

Net loss for the full year of 2024 was RMB710.2 million (US$97.3 million), as compared with RMB750.2 million for the prior year period. Net loss margin decreased to 20.9% from 22.0% for the prior year period. Net loss attributable to Yatsen’s ordinary shareholders per diluted ADS for the full year of 2024 was RMB6.99 (US$0.96), as compared with RMB6.81 for the prior year period.

Non-GAAP net loss for the full year of 2024 was RMB128.2 million (US$17.6 million), as compared with RMB296.1 million for the prior year period. Non-GAAP net loss margin decreased to 3.8% from 8.7% for the prior year period. Non-GAAP net loss attributable to Yatsen’s ordinary shareholders per diluted ADS for the full year of 2024 was RMB1.26 (US$0.17), as compared with RMB2.66 for the prior year period.

Balance Sheet and Cash Flow

As of December 31, 2024, the Company had cash, restricted cash and short-term investments of RMB1.36 billion (US$185.8 million), as compared with RMB2.08 billion as of December 31, 2023.

Net cash generated from operating activities for the fourth quarter of 2024 was RMB202.2 million (US$27.7 million), as compared with RMB90.5 million for the prior year period. Net cash used in operating activities for the full year of 2024 was RMB243.7 million (US$33.4 million), as compared with RMB107.4 million for the prior year period.

Business Outlook

For the first quarter of 2025, the Company expects its total net revenues to be between RMB788.8 million and RMB866.2 million, representing a year-over-year increase of approximately 2% to 12%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.2993 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.

[1] Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company.

[2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments.

[3] Non-GAAP net income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) as a percentage of total net revenues.

[4] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company.

[5] Non-GAAP income (loss) from operations is a non-GAAP financial measure. Non-GAAP income (loss) from operations is defined as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill.

[6] Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from operations as a percentage of total net revenues.

[7] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares, effective from March 18, 2024. Prior to that date, each ADS represented four Class A ordinary shares. Unless otherwise stated, the current ADS ratio has been applied retrospectively to all periods presented in this document.

[8] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests.

Conference Call Information

The Company’s management will hold a conference call on Tuesday, February 25, 2025, at 7:30 A.M. U.S. Eastern Time or 8:30 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and full year 2024.

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong, SAR (toll free):

800-905-945

Hong Kong, SAR:

+852-3018-4992

Conference ID:

5014463

The replay will be accessible through Tuesday, March 4, by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

5014463

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

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), Eve Lom and EANTiM. The Company’s flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China.

For more information, please visit http://ir.yatsenglobal.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these 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 presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen’s non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement 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 “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs, plans, outlook and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China’s beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. 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:

Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com

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

In the United States:

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

 

 

 

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, per share data or otherwise noted)

December
31,

December
31,

December
31,

2023

2024

2024

RMB’000

RMB’000

USD’000

Assets

Current assets

Cash and cash equivalents

836,888

817,395

111,983

Restricted cash

21,248

Short-term investments

1,218,481

539,130

73,861

Accounts receivable, net

198,851

214,558

29,394

Inventories, net

352,090

386,054

52,889

Prepayments and other current assets

303,841

381,404

52,252

Amounts due from related parties

20,200

9,113

1,248

Total current assets

2,951,599

2,347,654

321,627

Non-current assets

Investments

618,752

664,579

91,047

Property and equipment, net

64,878

74,373

10,189

Goodwill, net

556,567

155,029

21,239

Intangible assets, net

671,396

559,708

76,680

Deferred tax assets

1,375

1,381

189

Right-of-use assets, net

114,348

147,501

20,208

Other non-current assets

27,100

20,642

2,828

Total non-current assets

2,054,416

1,623,213

222,380

Total assets

5,006,015

3,970,867

544,007

Liabilities, redeemable non-controlling interests and shareholders’ equity

Current liabilities

Accounts payable

105,691

72,090

9,876

Advances from customers

41,579

19,574

2,682

Accrued expenses and other liabilities

391,217

460,143

63,039

Amounts due to related parties

9,431

28,884

3,957

Income tax payables

17,946

20,088

2,752

Lease liabilities due within one year

45,464

39,409

5,399

Total current liabilities

611,328

640,188

87,705

Non-current liabilities

Deferred tax liabilities

111,591

103,306

14,153

Deferred income-non current

30,556

14,832

2,032

Lease liabilities

67,767

109,526

15,005

Total non-current liabilities

209,914

227,664

31,190

Total liabilities

821,242

867,852

118,895

Redeemable non-controlling interests

51,466

50,984

6,985

Shareholders’ equity

Ordinary Shares (US$0.00001 par value; 10,000,000,000 ordinary shares authorized,
comprising of 6,000,000,000 Class A ordinary shares, 960,852,606 Class B ordinary shares
and 3,039,147,394 shares each of such classes to be designated as of December 31, 2023
and December 31, 2024; 2,030,600,883 Class A shares and 666,572,880 Class B ordinary
shares issued as of December 31, 2023, 2,096,600,883 Class A shares and 600,572,880
Class B ordinary shares issued as of December 31, 2024; 1,487,546,132 Class A ordinary
shares and 666,572,880 Class B ordinary shares outstanding as of December 31, 2023,
1,234,627,468 Class A ordinary shares and 600,572,880 Class B ordinary shares
outstanding as of December 31, 2024)

173

173

24

Treasury shares

(864,568)

(1,276,330)

(174,856)

Additional paid-in capital

12,260,208

12,273,767

1,681,499

Statutory reserve

24,177

28,147

3,856

Accumulated deficit

(7,345,153)

(8,057,297)

(1,103,845)

Accumulated other comprehensive income

60,200

86,866

11,900

Total Yatsen Holding Limited shareholders’ equity

4,135,037

3,055,326

418,578

Non-controlling interests

(1,730)

(3,295)

(451)

Total shareholders’ equity

4,133,307

3,052,031

418,127

Total liabilities, redeemable non-controlling interests and shareholders’ equity

5,006,015

3,970,867

544,007

 

 

 

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share, per share data or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2023

2024

2024

2023

2024

2024

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Total net revenues

1,072,691

1,148,522

157,347

3,414,774

3,393,414

464,896

Total cost of revenues

(282,548)

(255,536)

(35,008)

(901,455)

(776,236)

(106,344)

Gross profit

790,143

892,986

122,339

2,513,319

2,617,178

358,552

Operating expenses:

Fulfilment expenses

(62,741)

(63,517)

(8,702)

(229,021)

(216,540)

(29,666)

Selling and marketing expenses

(717,439)

(690,584)

(94,610)

(2,230,974)

(2,268,793)

(310,823)

General and administrative expenses

(158,716)

(100,122)

(13,717)

(500,942)

(444,373)

(60,879)

Research and development expenses

(36,851)

(26,345)

(3,609)

(111,698)

(109,287)

(14,972)

Impairment of goodwill

(354,039)

(403,076)

(55,221)

(354,039)

(403,076)

(55,221)

Total operating expenses

(1,329,786)

(1,283,644)

(175,859)

(3,426,674)

(3,442,069)

(471,561)

Loss from operations

(539,643)

(390,658)

(53,520)

(913,355)

(824,891)

(113,009)

Financial income

15,763

20,973

2,873

89,020

86,136

11,801

Foreign currency exchange gain (loss)

6,400

(22,129)

(3,032)

7,218

(20,399)

(2,795)

Income (loss) from equity method
investments, net

4,446

(8,104)

(1,110)

10,122

1,386

190

Other income, net

15,612

18,726

2,565

53,558

44,461

6,091

Loss before income tax expenses

(497,422)

(381,192)

(52,224)

(753,437)

(713,307)

(97,722)

Income tax benefits

2,896

2,388

327

3,210

3,086

423

Net loss

(494,526)

(378,804)

(51,897)

(750,227)

(710,221)

(97,299)

Net loss (income) attributable to non-
controlling interests and redeemable non-
controlling interests

4,011

(5,430)

(744)

5,439

2,047

280

Accretion to redeemable non-controlling
interests

(2,975)

Net loss attributable to Yatsen’s
shareholders

(490,515)

(384,234)

(52,641)

(747,763)

(708,174)

(97,019)

Net loss attributable to ordinary
shareholders of Yatsen

(490,515)

(384,234)

(52,641)

(747,763)

(708,174)

(97,019)

Shares used in calculating loss per share
(1):

Weighted average number of Class A and
Class B ordinary shares:

    Basic

2,146,881,745

1,930,413,426

1,930,413,426

2,195,818,231

2,025,072,131

2,025,072,131

    Diluted

2,146,881,745

1,930,413,426

1,930,413,426

2,195,818,231

2,025,072,131

2,025,072,131

Net loss per Class A and Class B ordinary
share

    Basic

(0.23)

(0.20)

(0.03)

(0.34)

(0.35)

(0.05)

    Diluted

(0.23)

(0.20)

(0.03)

(0.34)

(0.35)

(0.05)

Net loss per ADS (20 ordinary shares
equal to 1 ADS) (2)

    Basic

(4.57)

(3.98)

(0.55)

(6.81)

(6.99)

(0.96)

    Diluted

(4.57)

(3.98)

(0.55)

(6.81)

(6.99)

(0.96)

For the Three Months Ended December 31,

For the Year Ended December 31,

2023

2024

2024

2023

2024

2024

Share-based compensation expenses are
included in the operating expenses as
follows:

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Fulfilment expenses

256

237

32

2,055

387

53

Selling and marketing expenses

3,298

2,259

309

23,518

(42)

(6)

General and administrative expenses

39,688

17,443

2,390

46,902

89,941

12,322

Research and development expenses

1,241

356

49

5,027

888

122

Total

44,483

20,295

2,780

77,502

91,174

12,491

(1)   Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to twenty votes on all matters that are subject to shareholder vote.

(2)   Effective from March 18, 2024, the Company changed its ADS to Class A Ordinary Share ratio from one ADS representing four ordinary shares to one ADS representing twenty ordinary shares. The historical and present income (loss) per ADS have been adjusted retroactively for all periods presented to reflect this change.

 

 

 

YATSEN HOLDING LIMITED

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share, per share data or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2023

2024

2024

2023

2024

2024

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Loss from operations

(539,643)

(390,658)

(53,520)

(913,355)

(824,891)

(113,009)

Share-based compensation expenses

44,483

20,295

2,780

77,502

91,174

12,491

Impairment of goodwill

354,039

403,076

55,221

354,039

403,076

55,221

Amortization of intangible assets
resulting from assets and business
acquisitions

15,231

60,447

8,281

54,297

106,385

14,575

Non-GAAP (loss) income from
operations

(125,890)

93,160

12,762

(427,517)

(224,256)

(30,722)

Net loss

(494,526)

(378,804)

(51,897)

(750,227)

(710,221)

(97,299)

Share-based compensation expenses

44,483

20,295

2,780

77,502

91,174

12,491

Impairment of goodwill

354,039

403,076

55,221

354,039

403,076

55,221

Amortization of intangible assets
resulting from assets and business
acquisitions

15,231

60,447

8,281

54,297

106,385

14,575

Revaluation of investments on the
share of equity method investments

(10,337)

7,386

1,012

(22,324)

(10,019)

(1,373)

Tax effects on non-GAAP
adjustments

(2,635)

(5,421)

(743)

(9,356)

(8,644)

(1,184)

Non-GAAP net (loss) income

(93,745)

106,979

14,654

(296,069)

(128,249)

(17,569)

Net loss attributable to Yatsen’s
shareholders

(490,515)

(384,234)

(52,641)

(747,763)

(708,174)

(97,019)

Share-based compensation expenses

44,483

20,295

2,780

77,502

91,174

12,491

Impairment of goodwill

354,039

403,076

55,221

354,039

403,076

55,221

Amortization of intangible assets
resulting from assets and business
acquisitions

14,945

60,079

8,231

53,214

104,853

14,365

Revaluation of investments on the
share of equity method investments

(10,337)

7,386

1,012

(22,324)

(10,019)

(1,373)

Tax effects on non-GAAP
adjustments

(2,635)

(5,393)

(739)

(9,356)

(8,533)

(1,169)

Accretion to redeemable non-
controlling interests

2,975

Non-GAAP net (loss) income
attributable to Yatsen’s
shareholders

(90,020)

101,209

13,864

(291,713)

(127,623)

(17,484)

Shares used in calculating loss per
share:

Weighted average number of Class A
and Class B ordinary shares:

    Basic

2,146,881,745

1,930,413,426

1,930,413,426

2,195,818,231

2,025,072,131

2,025,072,131

    Diluted

2,146,881,745

2,049,750,667

2,049,750,667

2,195,818,231

2,025,072,131

2,025,072,131

Non-GAAP net (loss) income
attributable to ordinary
shareholders per Class A and
Class B ordinary share

    Basic

(0.04)

0.05

0.01

(0.13)

(0.06)

(0.01)

    Diluted

(0.04)

0.05

0.01

(0.13)

(0.06)

(0.01)

Non-GAAP net (loss) income
attributable to ordinary
shareholders per ADS (20
ordinary shares equal to 1 ADS)
(1)

    Basic

(0.84)

1.05

0.14

(2.66)

(1.26)

(0.17)

    Diluted

(0.84)

0.99

0.14

(2.66)

(1.26)

(0.17)

(1)   Effective from March 18, 2024, the Company changed its ADS to Class A Ordinary Share ratio from one ADS representing four ordinary shares to one ADS representing twenty ordinary shares. The historical and present income (loss) per ADS have been adjusted retroactively for all periods presented to reflect this change.