29.4 C
Vientiane
Saturday, August 30, 2025
spot_img
Home Blog Page 94

Toshiba and naturenix Scale Up and Transition to Paid Battery Subscription Pilot for E-Motorcycle Taxis in Bangkok

— Advancing a Sustainable Manufacturing Business Model —

KAWASAKI, Japan and TOKYO, Aug. 21, 2025 /PRNewswire/ — Toshiba Corporation and battery-tech startup naturenix inc. are taking their battery subscription demonstration test for electric motorcycle taxis in Bangkok, Thailand, to the next level by expanding the scale and shifting to a paid subscription model. Both companies are now preparing for the transition, and production of battery packs and related components has started. The new phase will run from December 2025 through March 2026.

Toshiba and naturenix
Toshiba and naturenix

From September 2024 to March 2025, the two companies conducted the first phase of service testing free of charge, allowing motorcycle taxi drivers to quickly swap battery packs at a dedicated charging station and return to carrying passengers*1. In this trial, Toshiba supplied its SCiB™ lithium-ion batteries, while naturenix developed battery packs and chargers and modified the motorcycles. Sensors embedded in the motorcycles collected data on ambient temperature, environmental conditions, and driver behavior. The results, alongside driver surveys, confirmed the long-life and reliable performance of SCiB™, even in the torrid heat of Bangkok, and validated naturenix’s core technologies.

The paid service will be larger in scale, supporting up to 100 electric motorcycles, and one charging station will become five, covering Bangkok and its environs. Toshiba will continue to supply SCiB™ batteries, and naturenix will provide its proprietary system, a solution for rapid charging with standard power outlets. To refine the service, the two companies will leverage Thailand’s Windee International*2 to gather feedback from drivers, including their reactions on pricing. They will also identify technical challenges resulting from scaling up production, evaluate the performance of the new charging technology, and analyze battery degradation while exploring potential countermeasures.

The battery packs for the second round of testing are upgraded and improved, with real-time monitoring of usage history and cell-level degradation, coordinated control across multiple packs, and optimized management for rapid charge/discharge cycles. Designed for reuse and repurposing in second-life applications, the new packs will contribute to development of a circular electrification ecosystem that maximizes resource use and reduces disposal-based recycling.

Toshiba and naturenix position the service as the proving ground for a new business model. In response to growing environmental concerns and the resource depletion associated with mass production and consumption, the two companies are advancing a sustainable business model centered on long-life batteries and subscription-based services. This approach challenges the traditional “volume equals revenue” paradigm by prioritizing durability over disposability, and aims to realize a more sustainable manufacturing framework.

Following the second round of demonstration testing, Toshiba and naturenix plan to launch a commercial subscription service for motorcycle taxi drivers in fiscal year 2026, and look to future expansion into industrial applications such as forklift trucks. Over the long term, Toshiba and naturenix will advance the integration of mobility and energy infrastructure as a unified service, aiming to expand both its applications and business scope.

*1 Toshiba and Naturenix Launch Demonstration Test of Battery Subscription Service for Electric Motorcycle Taxis in Bangkok

*2 naturenix’s joint venture with a local parking management service provider.

About Toshiba

In 2025, the Toshiba Group celebrates its 150th anniversary. As the company looks ahead, it is enhancing its management structure, streamlining operations, and investing in forward-looking businesses to build foundations for new growth. This will allow it to continue to support advances toward a sustainable future with products and services developed by its wide range of businesses in the energy, infrastructure, and electronic devices domains.

Guided by its corporate philosophy, “Committed to People, Committed to the Future.,” Toshiba brings industry-leading capabilities in green transformation (GX) and digital transformation (DX) to solutions for companies addressing the many challenges faced by modern society. By leveraging the power of data derived from its constantly evolving products and solutions, the Group is determined to help to achieve carbon neutrality and a circular economy.

In fiscal year 2024, Toshiba Group recorded annual sales of 3.5 trillion yen and employed 95,000 people worldwide. For more information, visit our website or follow us on LinkedIn.

About naturenix

naturenix is a start-up company that aims to create a world where nature and electronics coexist through the provision of battery longevity technologies and next-generation energy platforms. By collecting dynamic data on batteries in actual use and analyzing it with AI technology, the company promotes open innovation in batteries and ensures long-term use across multiple applications by guaranteeing asset value based on an understanding of battery use and degradation. For more information, please visit https://www.naturenix.co.jp/en/index.html

Telix 2025 Half-Year Results: Strong commercial performance enables investment for long-term growth

MELBOURNE, Australia and INDIANAPOLIS, Aug. 21, 2025 /PRNewswire/ — Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX, “Telix”) today announces its financial results for the half-year ended 30 June 2025. All figures are in USD unless stated otherwise.

H1 2025 key results[1]

Group performance[2]: Reflects strategic investment for long-term value creation

  • Revenue of $390.4 million, up by 63%[3] and on track to meet full year guidance[4].
  • Group gross profit margin of 53% reflects product mix change to include third-party RLS sales. Illuccix® margin remains stable.
  • Adjusted EBITDA[5] of $21.1 million, reflective of increased operating expenditure driven by strategic acquisitions, investment in commercial infrastructure, and research and development (R&D) investment.
  • $81.6 million invested into R&D, a 47% increase year-over-year. Investment was primarily focused on late-stage assets in the therapeutics and precision medicine pipeline. Full year R&D investment guidance is maintained[6].
  • Loss before tax of $4.8 million includes $12.4 million in non-cash finance costs associated with convertible bonds issued in July 2024 and increased amortization cost of $9.5 million (2024 $2.4 million) following RLS acquisition.
  • Positive operating net cash flow of $17.7 million, cash balance $207.2 million following $241. 8 million of strategic merger and acquisition (M&A) investment.

Telix Precision Medicine: Commercial business delivers profitable growth

  • Precision Medicine segment revenue up by 30% compared to H1 2024, driven by continued increase in Illuccix dose volumes.
  • Illuccix gross margin remains stable at 64%.
  • Adjusted EBITDA up by 24% year-over-year to $104.6 million.
  • Selling and marketing expenses of $40.9 million, reflecting incremental investment in commercial infrastructure for new product launches (Illuccix European launches and Gozellix®, Zircaix® and Pixclara®[7]).

Telix Manufacturing Solutions (TMS): Investment in infrastructure to scale operations and meet future demand

  • TMS segment includes RLS Radiopharmacies (RLS, U.S.[8]), IsoTherapeutics (TX, U.S.), and TMS facilities in Sacramento (CA, U.S.), Brussels South (Belgium), North Melbourne (Australia) and Yokohama (Japan), representing a significantly augmented global production and manufacturing footprint to support clinical and commercial operations.
  • Operating expenses of $30.5 million for the segment include $14.9 million for RLS business and $15.6 million to support start-up and integration activities (ex-RLS).
  • RLS – the core revenue driver in TMS – reported $109.5 million of revenue, which includes $79.0 million from third-party PET[9] and SPECT[10] product sales and distribution service fees, and $30.5 million inter-segment revenue.
  • RLS delivered an Adjusted EBITDA loss of $1.1 million.
  • RLS operating loss includes $6.3 million of depreciation and amortization.

Telix Therapeutics: Reinvesting earnings to accelerate late-stage pipeline

Of the total R&D investment, 54% ($43.9 million) was invested in the therapeutics pipeline. Milestones achieved include:

  • TLX591 (177Lu-rosopatamab tetraxetan): Completed target enrollment of 30 patients for Part 1 of the Phase 3 study in advanced metastatic castration resistant prostate cancer (mCRPC). The trial has received regulatory approval to proceed in Australia, China, Canada, New Zealand, Turkey and Japan.
  • TLX592 (225Ac-PSMA-RADmAb): Approval to commence a Phase 1, first-in-human therapeutic study of a targeted alpha therapy in advanced mCRPC.
  • TLX101 (131I-iodofalan, or 131I-IPA): Approval to commence IPAX BrIGHT, an international pivotal trial, to commence at Australian sites initially.
  • TLX090 (153Sm-DOTMP): Investigational New Drug (IND) application approved for a Phase 1 bridging study for Telix’s therapeutic candidate for the palliation of bone pain in patients with osteoblastic metastatic disease to the bone.

Commentary

Managing Director and Group CEO, Dr. Christian Behrenbruch, commented on the result:

“Telix continues to deliver strong revenue growth while building a foundation for the future. The first half of 2025 was a period of rapid transformation as we expanded our global manufacturing operations, invested in launching new products in new markets, and accelerated the development of our therapeutic pipeline. These investments have positioned Telix for sustainable, long-term growth, while our diversified business provides multiple drivers of success. To generate future revenue growth, we are confident in securing product approvals for Pixclara and Zircaix while advancing geographic and indication expansion for the PSMA portfolio.”

Summary Group financial results

H1 2025

H1 2024

US$M

US$M

Revenue

390.4

239.6

Cost of sales

(181.8)

(82.4)

Gross profit

208.6

157.2

Research and development (R&D)

(81.6)

(55.4)

Selling and marketing

(49.0)

(24.6)

Manufacturing and distribution

(18.8)

(8.4)

General and administration

(47.7)

(39.2)

Other losses (net)

(1.1)

(1.9)

Operating profit

10.4

27.7

Finance income

3.6

0.9

Finance costs

(18.8)

(5.7)

(Loss)/profit before tax

(4.8)

22.9

Adjusted EBITDA

21.1

37.1

Cash from operating activities

17.7

23.3

Guidance

  • Telix confirms FY 2025 revenue guidance of US$770 million to US$800 million[11].
  • Guidance reflects revenue from Illuccix sales in jurisdictions with a marketing authorization, and 11 months of revenue contribution from RLS[12].
  • Telix confirms R&D expenditure guidance, expecting a year-over-year increased investment range for FY 2025 of 20% to 25% compared to FY 2024.

lnvestor call

An investor webcast and conference call will be held at 9.30am AEST on Thursday 21 August 2025 (7.30pm EDT Wednesday 20 August 2025).

Participants can register for the webcast by clicking here: https://edge.media-server.com/mmc/p/x4gytx8w/ or the teleconference here: https://s1.c-conf.com/diamondpass/10049152-x745re.html

About Telix Pharmaceuticals Limited

Telix is a biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals and associated medical technologies. Telix is headquartered in Melbourne, Australia, with international operations in the United States, United Kingdom, Canada, Europe (Belgium and Switzerland), Brazil and Japan. Telix is developing a portfolio of clinical and commercial stage products that aims to address significant unmet medical needs in oncology and rare diseases. Telix is listed on the Australian Securities Exchange (ASX: TLX) and the Nasdaq Global Select Market (NASDAQ: TLX).

Visit www.telixpharma.com for further information about Telix, including details of the latest share price, ASX and U.S. Securities and Exchange Commission (SEC) filings, investor and analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on LinkedIn, X and Facebook.

Telix Investor Relations (Global)
Ms. Kyahn Williamson
Telix Pharmaceuticals Limited
SVP Investor Relations and Corporate Communications
Email: kyahn.williamson@telixpharma.com

Telix Investor Relations (U.S.)
Ms. Annie Kasparian
Telix Pharmaceuticals Limited
Director Investor Relations and Corporate Communications
Email: annie.kasparian@telixpharma.com

Guidance Disclaimer

The stated revenue guidance is based on expected global and domestic economic conditions and is subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially. As such, investors are cautioned not to place undue reliance on this guidance and in particular Telix cannot guarantee a particular result. In compiling financial forecasts, a number of key variables that may have a significant impact on guidance have been identified and are listed below.

Key variables that could cause actual results to differ materially include: the success and timing of research and development activities; decisions by regulatory authorities regarding approval of our products as well as their decisions regarding label claims; competitive developments affecting our products; the ability to successfully market new and existing products; difficulties or delays in manufacturing; trade buying patterns and fluctuations in interest and currency exchange rates; legislation or regulations that affect product production, distribution, pricing, reimbursement, access or tax; acquisitions and divestitures; research collaborations; litigation or government investigations; and Telix’s ability to protect its patents and other intellectual property.

This announcement has been authorized for release by the Telix Pharmaceuticals Limited Board of Directors

Legal Notices

Cautionary Statement Regarding Forward-Looking Statements.

You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 20-F filed with the SEC, or on our website.

The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with respect to securities of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. The information and opinions contained in this announcement are subject to change without notification. To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in the course of this announcement.

This announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “outlook”, “forecast” and “guidance”, or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on Telix’s good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect Telix’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress, completion and results of Telix’s preclinical and clinical trials, and Telix’s research and development programs; Telix’s ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals for Telix’s product candidates, manufacturing activities and product marketing activities; Telix’s sales, marketing and distribution and manufacturing capabilities and strategies; the commercialization of Telix’s product candidates, if or when they have been approved; Telix’s ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance; developments relating to Telix’s competitors and industry; the anticipated impact of U.S. and foreign tariffs and other macroeconomic conditions on Telix’s business; and the pricing and reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.

Trademarks and Trade Names. All trademarks and trade names referenced in this press release are the property of Telix Pharmaceuticals Limited (Telix) or, where applicable, the property of their respective owners. For convenience, trademarks and trade names may appear without the ® or ™ symbols. Such omissions are not intended to indicate any waiver of rights by Telix or the respective owners. Trademark registration status may vary from country to country.

Telix does not intend the use or display of any third-party trademarks or trade names to imply any affiliation with, endorsement by, or sponsorship from those third parties.

©2025 Telix Pharmaceuticals Limited. All rights reserved.

[1]. See summary Group financial results table at end of this document.
[2]. Group performance includes Telix Precision Medicine, Telix Therapeutics and Telix Manufacturing Solutions (TMS).
[3]. All comparisons to H1 2024 results.
[4]. FY 2025 revenue guidance of US$770 million to US$800 million.
[5]. Earnings before interest, tax, depreciation and amortization.
[6]. Increased investment range for FY 2025 expected to be 20% to 25% compared to FY 2024.
[7]. Launch and brand names subject to final regulatory approval.
[8]. RLS network is comprised of 28 locations across the U.S.
[9]. Positron emission tomography.
[10]. Single photon emission computed tomography.
[11]. Refer to ASX disclosures 20 February 2025.
[12]. See Guidance Disclaimer for further information.

Solar distributor OSW secures $5.5 million USD to accelerate global expansion

Funding to fuel OSW’s U.S. expansion and tech platform rollout

SYDNEY, Aug. 21, 2025 /PRNewswire/ — OSW (One Stop Warehouse), Australia’s leading solar wholesaler and distributor, has secured $5.5 million USD in strategic funding from SparkEdge Capital, a top-tier venture capital firm based in Shanghai focused on the energy and technology sectors.

The path to global solar adoption

Founded in 2013, OSW has established itself as the market leader in Australia’s solar sector for over a decade, holding the market share for seven consecutive years. Internationally, the company has built a strong presence across Europe, particularly in the Netherlands and Poland, where it has achieved over 20% market penetration in select regions.

The new capital will fuel OSW’s next phase of international growth in key solar markets, including the United States, Mexico, Spain, and Romania. The funding will also accelerate the rollout of OSW’s proprietary technology platform, GreenSketch, which digitises and connects every stage of the clean energy value chain.

OSW Founder Anson Zhang stated, “We’ve led the Australian market for years – this investment marks a major milestone as we expand into new markets and continue developing the infrastructure needed to support the global energy transition. OSW is building an AI-driven distributed energy industry internet platform – our vision is to become the ‘Amazon’ of clean energy, delivering integrated solutions.”

This year, OSW launched GreenSketch – a platform that is set to revolutionise faster solar deployment and rollout. Greensketch is the world’s first end-to-end solar design platform that offers a zero-cost solution, integrating design, procurement, subsidy applications, and project management in one free-to-use interface.

Backing the future of solar

“We were drawn to OSW’s unique ability to combine smart software with deep sector expertise,” said Bin Wang, Partner at SparkEdge Capital. “Tools like GreenSketch are setting a new standard for clean energy delivery – and we believe OSW is positioned to lead the next wave of global solar adoption.”

With the backing of SparkEdge Capital, OSW is focused on integrating AI-powered tools and automation into every layer of the solar journey – from system design and compliance, to credit scoring and carbon tracking. Strategic partnerships in each region will support local deployment and help scale OSW’s clean energy infrastructure worldwide.

For more information on OSW, please visit the website. For those ready to experience GreenSketch, visit the website to sign up and start designing for free.

DigiFT Closes Strategic Round to Scale Institutional-Grade RWA Infrastructure, Securing US$25 Million to Date

SINGAPORE, Aug. 21, 2025 /PRNewswire/ — DigiFT, a licensed exchange purpose-built for institutional-grade, tokenized real-world assets (RWAs), today announced it has raised a total of US$25 million to date—following the close of a new strategic funding round. The latest round was led by SBI Holdings, Japan’s largest financial group, with participation from leading institutional investors including Mirana Ventures, Offchain Labs (Arbitrum), Yunqi Partners, Polygon Labs, and founders and senior leaders of leading global technology and financial firms.

The capital will support DigiFT’s continued expansion as a next-generation RWA infrastructure provider—bridging traditional asset management and onchain finance through compliant, tokenized investment products. As a licensed exchange, DigiFT not only facilitates the trading and distribution of institutional-grade RWAs but also enhances their secondary market liquidity and on-chain utility, driving greater capital efficiency and expanding yield access for both institutional and Web3-native participants.

Leading the round is SBI Holdings—a Japanese financial conglomerate with a broad presence across the digital asset and blockchain sectors. Known for early investments in companies such as Ripple and R3, SBI also operates a wide range of businesses spanning securities, banking, asset management, and crypto infrastructure, with a long-standing track record in fintech and capital markets innovation globally.

“DigiFT has the regulatory discipline, product maturity, and focus on real onchain utility to lead the convergence of traditional finance and Web3,” said Yoshitaka Kitao, Representative Director, Chairman, President & CEO, SBI Holdings. “What sets them apart is their focus on enabling real onchain utility for institutional-grade assets—going beyond tokenization to unlock collateral use cases, embedded yield, and secondary market liquidity. This pragmatic approach to infrastructure aligns with the needs of institutional investors, and we’re proud to support their growth across Asia and globally.”

Strategic Use of Funds

The funding will accelerate DigiFT’s next phase of growth, with key areas of focus including:

  • Product Diversification – Expanding its portfolio of tokenized investment strategies across equities, fixed income, alternatives, and digital assets
  • Innovation & Research – Developing new on-chain use cases for tokenized RWAs to unlock broader utility across digital finance ecosystems—spanning Web3, payments, and other on-chain ecosystems
  • Builder Enablement – Driving greater interoperability and capital efficiency via smart contract-based infrastructure, while ensuring compliance with the standards required by financial institutions and Web3 participants.

“This raise validates the institutional momentum behind tokenized finance—and DigiFT’s unique role in driving it forward,” said Henry Zhang, Founder & Group CEO of DigiFT. “We’re honored to be backed by both leading TradFi players and top-tier Web3 investors. Together, we’re building an open, interoperable capital markets infrastructure for the on-chain economy.”

Real-World Assets, On-Chain Utility

DigiFT enables traditional asset managers to reach new investor bases, while empowering crypto-native users to access institutional-grade investment strategies across money markets, public mutual funds, U.S. Treasuries, and private credit. Leading asset managers on the platform today include Invesco, UBS Asset Management, CMB International Asset Management, and Wellington Management.

The platform has also brought more diversified strategies on-chain, including the Peakwater Volatility Alpha Fund token (pEAK)—the first institutional-grade tokenized volatility strategy targeting cross-asset volatility returns across traditional and alternative markets.

Beyond tokenization, DigiFT has enabled new on-chain utility for institutional-grade RWAs—most notably making them eligible as high-grade collateral on digital asset exchanges for active trading and embedding RWA yield directly within payments cards to bring on-chain returns into everyday transactions.

DigiFT was recently granted Type 1 and Type 4 licenses by the Hong Kong Securities and Futures Commission (SFC)—making it the first regulated platform for institutional-grade, tokenized RWAs to be licensed by both the SFC and the Monetary Authority of Singapore (MAS), two of Asia’s most sophisticated financial regulators.

Media Contact
media@digift.io 

About DigiFT

DigiFT is a next-generation exchange for tokenized real-world assets (RWAs), licensed by the Monetary Authority of Singapore (MAS) and the Hong Kong Securities and Futures Commission (SFC). The platform offers end-to-end digital asset services—including tokenization, issuance, distribution, trading, and instant liquidity provision—purpose-built for institutional RWAs. Trusted by global financial institutions, DigiFT is the on-chain tokenization and distribution partner for leading asset managers such as Invesco, UBS Asset Management, CMB International, and Wellington Management. To learn more, visit www.digift.io.

Disclaimer: DigiFT and/or its affiliates endeavor to ensure the accuracy and reliability of the information provided, but do not guarantee its accuracy and reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracy or omission or from any decision, action or non-action based on or in reliance upon information contained on this article. This is not an advertisement making an offer or calling attention to an offer or intended offer. Before making any investment decision, please seek independent legal and financial advice. This document is distributed in Singapore only to Accredited Investors and Institutional Investors within the meaning of Securities and Futures Act 2001 and is not intended for investors who are not such accredited investors. DigiFT accepts no legal responsibility for the content of this article to other investors, which is not intended for them.  

Manhattan Associates promotes Raghav Sibal to lead APAC region amid continued growth

Expanded leadership follows 49% cloud growth and surging demand for AI-enabled supply chain solutions across Asia-Pacific

SYDNEY, Aug. 21, 2025 /PRNewswire/ — Manhattan Associates Inc. (NASDAQ: MANH) has promoted Raghav Sibal to Vice President, APAC, a newly expanded role that reflects the company’s commitment to supporting rising demand across the region. The move follows a standout year of growth, with cloud subscription revenue in APAC rising 49% year-on-year in 2024 and services revenue up 21%, reflecting the region’s growing appetite for cloud-first, AI-enabled supply chain solutions.

Raghav Sibal, Vice President, APAC, Manhattan Associates
Raghav Sibal, Vice President, APAC, Manhattan Associates

“Over the past 14 years, Raghav has played a pivotal role in establishing Manhattan Associates’ strong foundation and continued growth in Australia and New Zealand. With the APAC region undergoing rapid transformation and expansion, the time is right to elevate his role,” said Eric Clark, President and CEO at Manhattan Associates. “He brings the operational expertise, customer-first mindset and regional insight needed to accelerate our vision for unified supply chain commerce across Asia-Pacific.”

With more than two decades at Manhattan Associates, Sibal brings deep operational experience to the position, having worked across both the US and Australian markets, leading some of the company’s most complex global implementation programs. Since taking on leadership of the Australia and New Zealand business in 2011, he has overseen significant growth, built a high-performing local team, and helped position Manhattan as a trusted technology partner for leading retailers, distributors and logistics providers across the region.

“APAC is an incredibly diverse region, with each market presenting unique challenges and opportunities,” commented Sibal. “As supply chains continue to evolve and digital transformation accelerates, I’m excited to work closely with our teams, partners and customers across the region to help them unlock new levels of efficiency, resilience and customer experience.”

Manhattan Associates’ APAC operations service emerging opportunities in China, Southeast Asia, and India, as well as more established markets in Japan, Australia and New Zealand.

For more information about Manhattan Associates, visit www.manh.com.au. Receive up-to-date product, customer and partner news directly from Manhattan Associates on XLinkedIn and Facebook.

-ends-

ABOUT MANHATTAN ASSOCIATES

Manhattan Associates is a global technology leader in supply chain and omnichannel commerce. We unite information across the enterprise, converging front-end sales with back-end supply chain execution. Our software, platform technology and unmatched experience help drive both top-line growth and bottom-line profitability for our customers.

Manhattan Associates designs, builds, and delivers leading edge cloud and on-premises solutions so that across the store, through your network or from your fulfilment centre, you are ready to reap the rewards of the omnichannel marketplace. For more information, please visit www.manh.com

 

FinVolution Group Reports Second Quarter 2025 Unaudited Financial Results

-H1 Transaction Volume reached RMB106.1 billion, up 9.4% year-over-year-

-H1 International Transaction Volume reached RMB6.2 billion, up 37.8% year-over-year-

-H1 Revenue reached RMB7,059.0 million, up 11.5% year-over-year-

-H1 International Revenues reached RMB1,507.2 million, up 30.2% year-over-year and representing 21.4% of total net revenues-

SHANGHAI, Aug. 21, 2025 /PRNewswire/ — FinVolution Group (“FinVolution” or the “Company”) (NYSE: FINV), a leading fintech platform in China, Indonesia and the Philippines, today announced its unaudited financial results for the second quarter ended June 30, 2025.

For the Three Months Ended/As of

YoY

Change

June 30, 2024

June 30, 2025

Total Transaction Volume (RMB in billions)[1]

48.7

54.0

10.9 %

Transaction Volume (China’s Mainland)[2]

46.4

50.8

9.5 %

Transaction Volume (International)[3]

2.3

3.2

39.1 %

Total Outstanding Loan Balance (RMB in billions)

65.6

77.5

18.1 %

Outstanding Loan Balance (China’s Mainland)[4]

64.2

75.4

17.4 %

Outstanding Loan Balance (International)[5]

1.4

2.1

50.0 %

Second Quarter 2025 China Market Operational Highlights

  • Cumulative registered users[6] reached 180.9 million as of June 30, 2025, an increase of 11.5% compared with June 30, 2024.
  • Cumulative borrowers[7] reached 27.9 million as of June 30, 2025, an increase of 7.7% compared with June 30, 2024.
  • Number of unique borrowers[8] for the second quarter of 2025 was 2.2 million, an increase of 22.2% compared with the same period of 2024.
  • Transaction volume[2] reached RMB50.8 billion for the second quarter of 2025, an increase of 9.5% compared with the same period of 2024.
  • Transaction volume facilitated for repeat individual borrowers[9] for the second quarter of 2025 was RMB43.8 billion, an increase of 8.1% compared with the same period of 2024.
  • Outstanding loan balance[4] reached RMB75.4 billion as of June 30, 2025, an increase of 17.4% compared with June 30, 2024.
  • Average loan size[10] was RMB10,056 for the second quarter of 2025, compared with RMB9,956 for the same period of 2024.
  • Average loan tenure[11] was 8.3 months for the second quarter of 2025, compared with 8.0 months for the same period of 2024.
  • 90 day+ delinquency ratio[12] was 1.92% as of June 30, 2025.

Second Quarter 2025 International Market Operational Highlights

  • Cumulative registered users[13] reached 42.8 million as of June 30, 2025, an increase of 47.1% compared with June 30, 2024.
  • Cumulative borrowers[14] for the international market reached 8.7 million as of June 30, 2025, an increase of 55.4% compared with June 30, 2024.
  • Number of unique borrowers[15] for the second quarter of 2025 was 2.3 million, an increase of 122.2% compared with the same period of 2024.
  • Number of new borrowers[16] for the second quarter of 2025 was 1.1 million, an increase of 126.4% compared with the same period of 2024.
  • Transaction volume[3] reached RMB3.2 billion for the second quarter of 2025, an increase of 39.1% compared with the same period of 2024.
  • Outstanding loan balance[5] reached RMB2.1 billion as of June 30, 2025, an increase of 50.0% compared with June 30, 2024.
  • International business revenue was RMB796.7 million (US$111.2 million) for the second quarter of 2025, an increase of 41.5% compared with the same period of 2024, representing 22.3% of total revenue for the second quarter of 2025.

Second Quarter 2025 Financial Highlights

  • Net revenue was RMB3,578.0 million (US$499.5 million) for the second quarter of 2025, compared with RMB3,168.0 million for the same period of 2024.
  • Net profit was RMB751.3 million (US$104.9 million) for the second quarter of 2025, compared with RMB551.0 million for the same period of 2024.
  • Non-GAAP adjusted operating income[17], which excludes share-based compensation expenses before tax, was RMB854.8 million (US$119.3 million) for the second quarter of 2025, compared with RMB598.6 million for the same period of 2024.
  • Diluted net profit per American depositary share (“ADS”) was RMB2.82 (US$0.39) and diluted net profit per share was RMB0.56 (US$0.08) for the second quarter of 2025, compared with RMB2.07 and RMB0.41 for the same period of 2024, respectively.
  • Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41) and non-GAAP diluted net profit per share was RMB0.59 (US$0.08) for the second quarter of 2025, compared with RMB2.22 and RMB0.44 for the same period of 2024, respectively. Each ADS of the Company represents five Class A ordinary shares of the Company.

[1] Represents the total transaction volume facilitated in China’s Mainland and the international markets on the Company’s platforms during the period presented.

[2] Represents our transaction volume facilitated in China’s Mainland during the period presented. During the second quarter, RMB20.5 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

[3] Represents our transaction volume facilitated in markets outside China’s Mainland during the period presented.

[4] Outstanding loan balance (China’s Mainland) as of any date refers to the balance of outstanding loans in China’s Mainland market excluding loans delinquent for more than 180 days from such date. As of June 30, 2025, RMB36.2 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

[5] Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date.

[6] On a cumulative basis, the total number of users in China’s Mainland market registered on the Company’s platform as of June 30, 2025.

[7] On a cumulative basis, the total number of borrowers in China’s Mainland market registered on the Company’s platform as of June 30, 2025.

[8] Represents the total number of borrowers in China’s Mainland who successfully borrowed on the Company’s platform during the period presented.

[9] Represents the transaction volume facilitated for repeat borrowers in China’s Mainland who successfully completed a transaction on the Company’s platform during the period presented.

[10] Represents the average loan size on the Company’s platform in China’s Mainland during the period presented.

[11] Represents the average loan tenor on the Company’s platform in China’s Mainland during the period presented.

[12] “90 day+ delinquency ratio” refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company’s platform as of a specific date. Loans that originated outside China’s Mainland are not included in the calculation.

[13] On a cumulative basis, the total number of users registered on the Company’s platforms outside China’s Mainland market, as of June 30, 2025.

[14] On a cumulative basis, the total number of borrowers on the Company’s platforms outside China’s Mainland market, as of June 30, 2025.

[15] Represents the total number of borrowers outside China’s Mainland who successfully borrowed on the Company platforms during the period presented.

[16] Represents the total number of new borrowers outside China’s Mainland whose transactions were facilitated on the Company’s platforms during the period presented.

[17] Please refer to “UNAUDITED Reconciliation of GAAP and Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating income.

[18] Change in Presentation of Consolidated Statements of Cash Flows: During the fourth quarter of 2024, the Company elected to change its presentation of the cash flows associated with funds held for customers and funds paid on behalf of customers within its Consolidated Statements of Cash Flows. The balances for the second quarter of 2024 have been adjusted to conform to the current period presentation.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, “We sustained healthy growth momentum in the second quarter of 2025, with total transaction volume reaching RMB54.0 billion, up 10.9% year-over-year. Net revenue rose 12.9% to RMB3.6 billion, while net income grew 36.4% to RMB751.3 million year-over-year. These results reflect our strong execution and the resilience of our ‘Local Excellence, Global Outlook’ strategy amid evolving market conditions.

“We also added 1.6 million new borrowers during the quarter, our fourth consecutive quarter exceeding the one-million mark, thanks to effective data-driven marketing and our expanding global footprint. Supported by pioneering technology, international diversification and rising brand recognition, we remain confident in our ability to capture growth opportunities and create long-term value for all stakeholders,” concluded Mr. Li.

Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, “Our second quarter financial performance remained strong across all key metrics. International transaction volume surged 39.1% year-over-year, with loan balance rising 50.0%. Revenue from international markets increased 41.5% to RMB796.7 million, contributing 22.3% of total net revenue, up from 17.8% a year ago, underscoring our accelerating global traction.

“Meanwhile, we maintained a healthy balance sheet with RMB7.9 billion in cash and short-term investments and a conservative leverage ratio of 2.6x. In addition, we further strengthened our financial position by completing a US$150 million convertible bond offering in June and repurchasing US$63.8 million in shares during the first half of 2025, reaffirming our commitment to capital efficiency and shareholder returns,” concluded Mr. Xu.

Second Quarter 2025 Financial Results

Net revenue for the second quarter of 2025 was RMB3,578.0 million (US$499.5 million), compared with RMB3,168.0 million for the same period of 2024. This increase was primarily due to the increase in loan facilitation service fees and other revenue, partially offset by the decrease in guarantee income.

Loan facilitation service fees were RMB1,515.3 million (US$211.5 million) for the second quarter of 2025, compared with RMB1,110.5 million for the same period of 2024. The increase was primarily due to the increase in the transaction volume and average rate of transaction service fees. 

Post-facilitation service fees were RMB425.6 million (US$59.4 million) for the second quarter of 2025, compared with RMB389.2 million for the same period of 2024. This increase was primarily due to the rolling impact of deferred transaction fees.

Guarantee income was RMB1,046.6 million (US$146.1 million) for the second quarter of 2025, compared with RMB1,298.9 million for the same period of 2024. This decrease was primarily due to the decrease in risk-bearing loans in the China market and was partially offset by an increase in such loans in international markets, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB272.1 million (US$38.0 million) for the second quarter of 2025, compared with RMB218.8 million for the same period of 2024. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in the China market and was partly offset by a decrease in net interest income in international markets due to our strategy of deepening cooperation with local institutional partners.

Other revenue was RMB318.3 million (US$44.4 million) for the second quarter of 2025, compared with RMB150.5 million for the same period of 2024. This increase was primarily due to the increase in the contributions from other revenue streams.

Origination, servicing expenses and other costs of revenue were RMB674.5 million (US$94.2 million) for the second quarter of 2025, compared with RMB575.2 million for the same period of 2024. This increase was primarily due to the increase in facilitation costs and loan collection expenses as a result of higher outstanding loan balances. 

Sales and marketing expenses were RMB606.4 million (US$84.7 million) for the second quarter of 2025, compared with RMB473.3 million for the same period of 2024, as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.

Research and development expenses were RMB129.0 million (US$18.0 million) for the second quarter of 2025, compared with RMB119.3 million for the same period of 2024. This increase was primarily due to the increased investment in technology development.

General and administrative expenses were RMB110.2 million (US$15.4 million) for the second quarter of 2025, compared with RMB101.9 million for the same period of 2024. This increase was primarily due to the increased benefits we provided to our employees.

Provision for accounts receivable and contract assets was RMB106.3 million (US$14.8 million) for the second quarter of 2025, compared with RMB57.2 million for the same period of 2024. The increase was primarily due to higher transaction volume of off-balance sheet loans in the international markets. 

Provision for loans receivable was RMB98.4 million (US$13.7 million) for the second quarter of 2025, compared with RMB92.0 million for the same period of 2024. This increase was primarily due to the increase in the outstanding loan balance in the China market, partially offset by improved credit performance in the international markets.

Credit losses for quality assurance commitment were RMB987.1 million (US$137.8 million) for the second quarter of 2025, compared with RMB1,190.6 million for the same period of 2024. The decrease was primarily due to the decrease in risk-bearing loans in the China market, partially offset by the increase in risk-bearing loans in the international markets.

Impairment of goodwill, intangible assets and other long-lived assets was RMB50.4 million (US$7.0 million) for the second quarter of 2025, compared with nil for the same period of 2024. The increase was primarily due to an impairment of goodwill related to a certain micro-lending company acquired by the Group in 2017, following a performance review during the quarter.

Operating profit was RMB815.5 million (US$113.8 million) for the second quarter of 2025, compared with RMB558.5 million for the same period of 2024.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB854.8 million (US$119.3 million) for the second quarter of 2025, compared with RMB598.6 million for the same period of 2024.

Other income was RMB114.5 million (US$16.0 million) for the second quarter of 2025, compared with RMB67.7 million for the same period of 2024. The increase was mainly due to the increase in government subsidies.

Income tax expense was RMB178.7 million (US$24.9 million) for the second quarter of 2025, compared with RMB75.2 million for the same period of 2024. This increase was mainly due to the increase in pre-tax profit and the increase in effective tax rate.  

Net profit was RMB751.3 million (US$104.9 million) for the second quarter of 2025, compared with RMB551.0 million for the same period of 2024.

Net profit attributable to ordinary shareholders of the Company was RMB747.0 million (US$104.3 million) for the second quarter of 2025, compared with RMB551.1 million for the same period of 2024.

Diluted net profit per ADS was RMB2.82 (US$0.39) and diluted net profit per share was RMB0.56 (US$0.08) for the second quarter of 2025, compared with RMB2.07 and RMB0.41 for the same period of 2024, respectively.

Non-GAAP diluted net profit per ADS was RMB2.97 (US$0.41) and non-GAAP diluted net profit per share was RMB0.59 (US$0.08) for the second quarter of 2025, compared with RMB2.22 and RMB0.44 for the same period of 2024, respectively. Each ADS represents five Class A ordinary shares of the Company.

As of June 30, 2025, the Company had cash and cash equivalents of RMB5,297.3 million (US$739.5 million) and short-term investments, mainly in wealth management products and term deposits, of RMB2,595.0 million (US$362.3 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company’s platform in China’s Mainland as of June 30, 2025. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart. 

Capital Market Update

On June 24, 2025, the Company announced the completion of the offering of the convertible senior notes in an aggregate principal amount of US$150 million due 2030. Concurrently with the pricing of this offering, the Company repurchased approximately 6.4 million ADSs with an aggregate value of approximately US$60.7 million at a price of US$9.51 per ADS (“concurrent repurchase”).

Business Outlook

We achieved strong growth by firmly executing our “Local Excellence, Global Outlook” strategy, driven by effective customer acquisition and product diversification. Amid evolving market dynamics, we remain confident in our ability to navigate market evolution while accelerating our global expansion and international growth trajectory. The Company reiterates its full-year 2025 total revenue guidance to be in the range of approximately RMB14.4 billion to RMB15.0 billion, representing year-over-year growth of approximately 10.0% to 15.0%.

The above forecast is based on the current market conditions and reflects the Company’s current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers’ and institutional partners’ demands, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:30 PM U.S. Eastern Time on August 20, 2025 (8:30 AM Beijing/Hong Kong Time on August 21, 2025).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

Canada (toll free):

+1-855-669-9657

International:

+1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

+852-3018-4992

Mainland, China:

400-120-1203

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group”.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until August 27, 2025, by dialing the following telephone numbers:

United States (toll free):

+1-877-344-7529

Canada (toll free):                

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

6937491

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition in China, Indonesia and the Philippines, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of June 30, 2025, the Company had 223.6 million cumulative registered users across China, Indonesia and the Philippines.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the rate in effect as of June 30, 2025 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: ir@xinye.com 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: finv@tpg-ir.com   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: finv@tpg-ir.com

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of December 31,

As of June 30,

2024

2025

RMB

RMB

USD

Assets

Cash and cash equivalents

4,672,772

5,297,339

739,480

Restricted cash

2,074,300

1,774,995

247,780

Short-term investments

2,832,382

2,595,018

362,251

Investments

1,173,003

1,144,284

159,736

Quality assurance receivable, net of credit loss allowance for

  quality assurance receivable of RMB426,949 and

  RMB471,131 as of December 31, 2024 and June 30, 2025,

  respectively 

1,639,591

1,472,700

205,581

Intangible assets

137,298

147,898

20,646

Property, equipment and software, net

623,792

617,701

86,228

Loans receivable, net of credit loss allowance for loans receivable

  of RMB226,467 and RMB319,957 as of December 31, 2024 and

  June 30, 2025, respectively

4,157,621

5,307,486

740,896

Accounts receivable and contract assets, net of credit loss

  allowance for accounts receivable and contract assets of

  RMB290,267 and RMB326,977 as of December 31, 2024 and

  June 30, 2025, respectively 

2,405,880

2,779,486

388,001

Deferred tax assets

2,513,865

3,111,379

434,332

Right of use assets

36,826

39,620

5,531

Prepaid expenses and other assets

1,289,380

1,359,190

189,736

Goodwill

50,411

Total assets

23,607,121

25,647,096

3,580,198

Liabilities and Shareholders’ Equity

Deferred guarantee income

1,515,950

1,360,750

189,953

Liability from quality assurance commitment

2,964,116

3,183,737

444,433

Payroll and welfare payable

290,389

237,223

33,115

Taxes payable

705,928

412,869

57,634

Short-term borrowings

5,594

67,326

9,398

Funds payable to investors of consolidated trusts

796,122

1,168,407

163,103

Contract liability

10,185

835

117

Deferred tax liabilities

491,213

604,602

84,399

Accrued expenses and other liabilities

1,245,184

1,400,813

195,546

Leasing liabilities

28,765

33,904

4,733

Convertible senior notes

1,034,437

144,402

Total liabilities

8,053,446

9,504,903

1,326,833

Commitments and contingencies

FinVolution Group Shareholders’ equity

Ordinary shares

103

103

14

Additional paid-in capital

5,815,437

5,838,926

815,083

Treasury stock

(1,765,542)

(2,163,698)

(302,041)

Statutory reserves

852,723

852,723

119,036

Accumulated other comprehensive income

92,626

77,058

10,758

Retained earnings

10,208,717

11,191,919

1,562,332

Total FinVolution Group shareholders’ equity

15,204,064

15,797,031

2,205,182

Non-controlling interest

349,611

345,162

48,183

Total shareholders’ equity

15,553,675

16,142,193

2,253,365

Total liabilities and shareholders’ equity

23,607,121

25,647,096

3,580,198

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Operating revenue:

Loan facilitation service fees

1,110,528

1,515,349

211,535

2,096,468

2,993,147

417,827

Post-facilitation service fees

389,236

425,595

59,411

854,428

806,209

112,542

Guarantee income

1,298,927

1,046,615

146,102

2,645,042

2,146,129

299,588

     Net interest income

218,803

272,098

37,983

450,110

513,712

71,711

Other revenue

150,506

318,294

44,432

287,033

599,795

83,728

Net revenue

3,168,000

3,577,951

499,463

6,333,081

7,058,992

985,396

Operating expenses:

     Origination, servicing expenses and other cost of revenue

(575,231)

(674,544)

(94,163)

(1,114,786)

(1,295,009)

(180,776)

Sales and marketing expenses

(473,295)

(606,444)

(84,656)

(922,504)

(1,136,147)

(158,600)

Research and development expenses

(119,252)

(128,974)

(18,004)

(239,747)

(255,015)

(35,599)

General and administrative expenses

(101,892)

(110,196)

(15,383)

(184,219)

(217,090)

(30,305)

Provision for accounts receivable and contract assets

(57,237)

(106,345)

(14,845)

(122,899)

(224,063)

(31,278)

Provision for loans receivable

(91,988)

(98,379)

(13,733)

(173,273)

(183,793)

(25,657)

Credit losses for quality assurance commitment

(1,190,572)

(987,139)

(137,799)

(2,388,671)

(1,998,754)

(279,015)

Impairment of goodwill, intangible assets and other long-lived assets

(50,411)

(7,037)

(50,411)

(7,037)

Total operating expenses

(2,609,467)

(2,762,432)

(385,620)

(5,146,099)

(5,360,282)

(748,267)

Operating profit

558,533

815,519

113,843

1,186,982

1,698,710

237,129

Other income, net

67,657

114,464

15,979

98,661

122,845

17,149

Profit before income tax expense

626,190

929,983

129,822

1,285,643

1,821,555

254,278

Income tax expenses

(75,152)

(178,670)

(24,941)

(202,629)

(332,601)

(46,429)

Net profit

551,038

751,313

104,881

1,083,014

1,488,954

207,849

Less: Net profit/(loss) attributable to non-controlling interest shareholders

(107)

4,316

602

4,168

(4,449)

(621)

Net profit attributable to FinVolution Group

551,145

746,997

104,279

1,078,846

1,493,403

208,470

Foreign currency translation adjustment, net of nil tax

(47,923)

705

98

(36,791)

(15,568)

(2,173)

Total comprehensive income attributable

to FinVolution Group

503,222

747,702

104,377

1,042,055

1,477,835

206,297

Weighted average number of ordinary shares used in                 

        computing net income per share

Basic

1,298,653,314

1,280,035,833

1,280,035,833

1,305,081,766

1,272,937,319

1,272,937,319

Diluted

1,334,219,839

1,322,804,429

1,322,804,429

1,337,706,499

1,319,415,709

1,319,415,709

Net profit per share attributable to FinVolution

        Group’s ordinary shareholders

Basic

0.42

0.58

0.08

0.83

1.17

0.16

Diluted

0.41

0.56

0.08

0.81

1.13

0.16

Net profit per ADS attributable to FinVolution

        Group’s ordinary shareholders (one ADS equal

        five ordinary shares)

Basic

2.12

2.92

0.41

4.13

5.87

0.82

Diluted

2.07

2.82

0.39

4.03

5.66

0.79

 

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS[18]

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

Three Months Ended June 30,

Six Months Ended June 30,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Net cash provided by operating

activities 

977,910

8,627

1,206

1,191,219

530,962

74,121

Net cash used in investing activities

(581,936)

(1,025,083)

(143,097)

343,759

(659,887)

(92,118)

Net cash provided by/(used in)

financing activities

(487,946)

658,029

91,858

(798,088)

459,698

64,172

Effect of exchange rate changes on

cash and cash equivalents

(21,347)

5,754

802

(29,551)

(5,511)

(770)

Net increase in cash, cash equivalent

and restricted cash

(113,319)

(352,673)

(49,231)

707,339

325,262

45,405

Cash, cash equivalent and restricted

cash at beginning of period

7,590,048

7,425,007

1,036,491

6,769,390

6,747,072

941,855

Cash, cash equivalent and restricted

cash at end of period

7,476,729

7,072,334

987,260

7,476,729

7,072,334

987,260

 

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

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

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Net Revenues

3,168,000

3,577,951

499,463

6,333,081

7,058,992

985,396

Less: total operating expenses

(2,609,467)

(2,762,432)

(385,620)

(5,146,099)

(5,360,282)

(748,267)

Operating Income

558,533

815,519

113,843

1,186,982

1,698,710

237,129

Add: share-based compensation expenses

40,100

39,318

5,489

70,389

73,997

10,330

Non-GAAP adjusted operating income

598,633

854,837

119,332

1,257,371

1,772,707

247,459

Operating Margin

17.6 %

22.8 %

22.8 %

18.7 %

24.1 %

24.1 %

Non-GAAP operating margin

18.9 %

23.9 %

23.9 %

19.9 %

25.1 %

25.1 %

Non-GAAP adjusted operating income

598,633

854,837

119,332

1,257,371

1,772,707

247,459

Add: other income, net

67,657

114,464

15,979

98,661

122,845

17,149

Less: income tax expenses

(75,152)

(178,670)

(24,941)

(202,629)

(332,601)

(46,429)

Non-GAAP net profit

591,138

790,631

110,370

1,153,403

1,562,951

218,179

Less: Net profit/(loss) attributable to non-controlling

interest shareholders

(107)

4,316

602

4,168

(4,449)

(621)

Non-GAAP net profit attributable to FinVolution

Group

591,245

786,316

109,768

1,149,235

1,567,400

218,800

Weighted average number of ordinary shares used in

computing net income per share

Basic

1,298,653,314

1,280,035,833

1,280,035,833

1,305,081,766

1,272,937,319

1,272,937,319

Diluted

1,334,219,839

1,322,804,429

1,322,804,429

1,337,706,499

1,319,415,709

1,319,415,709

Non-GAAP net profit per share attributable to

FinVolution Group’s ordinary shareholders

Basic

0.46

0.61

0.09

0.88

1.23

0.17

Diluted

0.44

0.59

0.08

0.86

1.19

0.17

Non-GAAP net profit per ADS attributable to

FinVolution Group’s ordinary shareholders (one ADS

equal five ordinary shares)

Basic

2.28

3.07

0.43

4.40

6.16

0.86

Diluted

2.22

2.97

0.41

4.30

5.94

0.83

 

Angelalign Technology Denies Patent Infringement and Vows Vigorous Defense

SAN CLEMENTE, Calif., Aug. 21, 2025 /PRNewswire/ — Angelalign Technology Inc. (6699.HK) (“Angel”) categorically denies accusations of patent infringement by Align Technology Inc. (ALGN) and promises a vigorous defense.

“Angel has a rich heritage of clinically driven innovation during its 20-plus year history. Accusations by our competitor of patent violations are frivolous and entirely without merit,” said Angel’s Chief Commercial Officer and SVP, Rich Hirschland. “Angel has invested heavily in patent compliance since our founding. We are confident that we will prevail in this case.”

Angel has proudly led the clear-aligner field in innovation for many years. Among its cutting-edge products are the award-winning angelButton™, the angelHook, the A6 mandibular advancement system (now celebrating its ten-year anniversary), the angelKid system, and the Intelligent Root System. The company is committed to bringing fair and healthy competition to the marketplace to benefit doctors and their patients.

Angel’s products regularly receive high doctor-satisfaction scores. Its flexible manufacturing system also has been widely praised for turning complex clinical ideas into workable solutions. These innovations, powered by a corporate culture that focuses on treating employees and customers well, have led to impressive global growth for Angel, which is expected to continue.

“We anticipate that our growth will not be materially affected by the lawsuits,” Hirschland said. “We look forward to using the lawsuits to tell the Angel success story and help attract more customers to Angel around the world.”

About Angelalign Technology Inc.
Founded in 2003 and celebrating 1.5 million smiles, Angelalign Technology Inc. provides digital technology-driven clear aligner products and services to meet the needs of dental professionals and patients worldwide. The Company’s innovative products and technical services have established it as a prominent player in the orthodontics industry. In 2021, Angelalign Technology was listed on the Hong Kong Stock Exchange. In 2023, the Company launched its global expansion strategy, with its products and services now reaching over 50 countries and regions. Learn more at angelaligner.com.

Media Contact:
Sue Kolb
sue.kolb@angelaligner.com

Angel Aligners
Angel Aligners

 

 

Quhuo Announces Plan to Implement ADS Ratio Change

BEIJING, Aug. 21, 2025 /PRNewswire/ — Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company“), a leading gig economy platform focusing on local life services, today announced that it will change the ratio of its American Depositary Shares (“ADSs“) to Class A ordinary shares (the “ADS Ratio“) from the current ADS Ratio of one ADS to ten (10) Class A ordinary shares, par value US$0.0001 per share, of the Company (the “Class A Ordinary Shares“), to a new ADS Ratio of one ADS to nine hundred (900) Class A Ordinary Shares.

A post-effective amendment to the ADS Registration Statement on Form F-6 will be filed with the U.S. Securities and Exchange Commission (the “SEC“) to reflect the change in the ADS Ratio. The Company anticipates that the change in the ADS Ratio will be effective on August 25, 2025 (U.S. Eastern Time), subject to the effectiveness of the post-effective amendment to the ADS Registration Statement on Form F-6 on or before that date. Quhuo’s ADSs will continue to be traded on The Nasdaq Stock Global under the same symbol “QH” under a new CUSIP number – 74841Q308.

For Quhuo’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-90 reverse ADS split and will have no impact on an ADS holder’s proportional equity interest in the Company. Each ADS holder of record at the close of business on the date when the change in ADS Ratio is effective will be required to surrender and exchange every ninety (90) existing ADSs then held for one (1) new ADS. Deutsche Bank Trust Company Americas, as the depositary bank for Quhuo’s ADS program, will arrange for the exchange of the current ADSs for the new ones, if needed.

No fractional ADSs will be allocated in connection with such ADS Ratio change. The aggregate fractions, if any, will be sold and the net proceeds (after deduction of fees, taxes, and expenses) will be distributed to the entitled ADS holders.

As a result of the change in the ADS Ratio, Quhuo’s ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be equal to or greater than 90 times the ADS trading price before the change.

About Quhuo

Quhuo Limited (NASDAQ: QH) is a leading workforce operational solutions platform in China. Quhuo provides tech-enabled, end-to-end operational solutions to blue-chip on-demand consumer service businesses in industries with significant e-commerce exposure, primarily including on-demand food delivery, mobility services, housekeeping and accommodation. Quhuo’s platform helps its industry customers mobilize a large team of workers and utilizes a combination of training, performance monitoring and refinement, and incentives to transform them into skilled workers who can follow industry-specific, standardized and highly efficient service procedures. Within the on-demand consumer service ecosystem, the Company plays a unique and indispensable role as the link between consumer service businesses and end consumers to enable the delivery of goods, services and experiences to consumers.

Safe Harbor Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo’s anticipated timeline for the ADS Ratio change and its expectations regarding the ADS price following the change. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo’s current expectations and involve risks and uncertainties. Quhuo’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo’s abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) remain in its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationships with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares in relation to competitors in existing markets and its success in expansion into new markets. Other risks and uncertainties are included under the caption “Risk Factors” and elsewhere in the Company’s filings with the SEC, including, without limitation, the Company’s latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.