News
Entertainment
Science & Technology
Life
Culture & Art
Hobbies
News
Entertainment
Science & Technology
Culture & Art
Hobbies
Discover Latest #FED News, Articles and Videos with Contenting
July 9, 2019 The Week: On Monday, the Federal Reserve announced that it was cutting interest rates for the first time since the financial crisis. The cut was seen as a response to the economic slowdown that has been seen in the U.S. and around the world. The Fed also indicated that it may cut rates further if needed. The news sent stocks soaring, and the U.S. dollar fell sharply against other major currencies. On Tuesday, the Federal Reserve released its quarterly economic report, which showed that the U.S. economy is slowing. The report showed that consumer spending, business investment, and exports were all weaker than expected. The report also showed that inflation has been running below the Fed's 2% target. On Wednesday, the Federal Reserve released the minutes from its June meeting, which showed that officials were split on the decision to cut interest rates. Some officials argued for a larger cut, while others felt that a smaller cut was sufficient. The minutes also showed that the Fed was divided on what to do next, with some arguing for further rate cuts, while others were hesitant to do so. On Thursday, the Labor Department released its monthly jobs report, which showed that the U.S.
Sunlands Technology Group Announces Unaudited First Quarter 2025 Financial Results - ForexTV
BEIJING, May 22, 2025 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial and Operational Snapshots Net revenues were RMB487.6 million (US$67.2 million), compared to RMB523.2 million in the first quarter of 2024.Gross billings (non-GAAP) were RMB412.3 million (US$56.8 million), compared to RMB398.8 million in the first quarter of 2024.Gross profit was RMB415.3 million (US$57.2 million), compared to RMB446.1 million in the first quarter of 2024.Net income was RMB75.2 million (US$10.4 million), compared to RMB112.7 million in the first quarter of 2024.Net income margin1 was 15.4% in the first quarter of 2025, compared to 21.5% in the first quarter of 2024.New student enrollments2 were 169,083, compared to 175,758 in the first quarter of 2024.As of March 31,2025, the Company’s deferred revenue balance was RMB891.6 million (US$122.9 million), compared to RMB916.5 million as of December 31, 2024. “In the first quarter of 2025, we reported net revenues of RMB487.6 million and net income of RMB75.2 million, marking our sixteenth consecutive profitable quarter—a strong start to the year that reinforces our confidence in delivering sustained growth throughout 2025. We have reshaped our business with clear intent—doubling down on high-potential areas and streamlining for long-term strength. Looking ahead, we will continue to strengthen our core capabilities, expand our course offerings, embrace intelligent technology, and maintain a disciplined focus on value creation. We are confident this approach will deliver sustainable long-term returns for shareholders and meaningful learning outcomes for our students,” said Mr. Tongbo Liu, Chief Executive Officer of Sunlands. Mr. Hangyu Li, Finance Director of Sunlands, commented, “I am pleased to report results for the first quarter of 2025. We maintained gross profit margin of 85.2% and net income margin of 15.4% for the quarter. This solid start is a testament to our prudent financial management and the sustainability of our business. In addition, we celebrated our seventh consecutive quarter of positive operating cash flow, which further strengthens our ability to navigate market uncertainty while making strategic investments. As we look ahead, our focus remains steadfast: strengthening operational efficiencies, prioritizing high margin and high potential areas, and leveraging technology to create superior value for the customers we serve.” Financial Results for the First Quarter of 2025 Net Revenues In the first quarter of 2025, net revenues decreased by 6.8% to RMB487.6 million (US$67.2 million) from RMB523.2 million in the first quarter of 2024. The decrease was primarily driven by the decline in gross billings from post-secondary courses over the recent quarters, resulting in a year-over-year decrease in net revenues from post-secondary courses. Cost of Revenues Cost of revenues decreased by 6.3% to RMB72.3 million (US$10.0 million) in the first quarter of 2025 from RMB77.2 million in the first quarter of 2024. The decrease was mainly due to the declined compensation expenses related to headcount reduction of our teachers and mentors. Gross Profit Gross profit decreased by 6.9% to RMB415.3 million (US$57.2 million) in the first quarter of 2024 from RMB446.1 million in the first quarter of 2024. Operating Expenses In the first quarter of 2025, operating expenses were RMB341.1 million (US$47.0 million), which were the same as the first quarter of 2024. Sales and marketing expenses were RMB300.4 million (US$41.4 million) in the first quarter of 2024, which remained relatively stable as compared to RMB301.6 million in the first quarter of 2024. General and administrative expenses increased by 5.9% to RMB34.5 million (US$4.7 million) in the first quarter of 2025 from RMB32.6 million in the first quarter of 2024. Product development expenses decreased by 11.0% to RMB6.2 million (US$0.9 million) in the first quarter of 2025 from RMB7.0 million in the first quarter of 2024. The decrease was mainly due to declined compensation expenses related to headcount reduction of our product development personnel. Net Income Net income for the first quarter of 2025 was RMB75.2 million (US$10.4 million), as compared to RMB112.7 million in the first quarter of 2024. Basic and Diluted Net Income Per Share Basic and diluted net income per share was RMB11.12 (US$1.53) in the first quarter of 2025. Cash, Cash Equivalents and Short-term Investments As of March 31, 2025, the Company had RMB596.2 million (US$82.2 million) of cash and cash equivalents and RMB200.7 million (US$27.7 million) of short-term investments, as compared to RMB507.2 million of cash and cash equivalents and RMB276.0 million of short-term investments as of December 31, 2024. Deferred Revenue As of March 31, 2025, the Company had a deferred revenue balance of RMB891.6 million (US$122.9 million), as compared to RMB916.5 million as of December 31, 2024. Share Repurchase On December 6, 2021, the Company’s board of directors authorized a share repurchase program, under which the Company may repurchase up to US$15.0 million of Class A ordinary shares in the form of ADSs over the next 24 months. On December 1, 2023, the Company’s board of directors authorized to extend its share repurchase program over the next twenty-four months. As of May 19, 2025, the Company had repurchased an aggregate of 702,045 ADSs for approximately US$3.9 million under the share repurchase program. Outlook For the second quarter of 2025, Sunlands currently expects net revenues to be between RMB500 million to RMB520 million, which would represent an increase of 1.6% to 5.6% year-over-year. The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty. Exchange Rate The Company’s business is primarily conducted in China and all revenues are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2567 to US$1.00, the effective noon buying rate for March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2025, or at any other rate. Conference Call and Webcast Sunlands’ management team will host a conference call at 6:00 AM U.S. Eastern Time, (6:00 PM Beijing/Hong Kong time) on May 22, 2025, following the quarterly results announcement. For participants who wish to join the call, please access the link provided below to complete online registration 15 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call. Registration Link:https://register-conf.media-server.com/register/BIded6865756ca41e7abc06cd064c7c3f0 Additionally, a live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands' website at https://ir.sunlands.com/. About Sunlands Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is a leader in China’s adult online education market and China’s adult personal interest learning market. With a one to many live streaming platform, Sunlands offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills and interest courses. Students can access the Company's services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals. About Non-GAAP Financial Measures We use gross billings, EBITDA, non-GAAP operating cost and expenses, non-GAAP income from operations and non-GAAP net income per share, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, and income tax expenses. We believe that gross billings and EBITDA provide valuable insight into the sales of our course packages and the performance of our business. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, sales and marketing expenses excluding share-based compensation expenses, product development expenses excluding share-based compensation expenses, income from operations excluding share-based compensation expenses, and basic and diluted net income per share excluding share-based compensation expenses have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings and EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Safe Harbor Statement This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands' goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students’ learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands’ corporate structure, business and industry; and general economic and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands' filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law. For investor and media enquiries, please contact: Sunlands Technology GroupInvestor Relations Email: sl-ir@sunlands.comSOURCE: Sunlands Technology Group SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of March 31, 2024 2025 RMB RMB US$ASSETS Current assets Cash and cash equivalents 507,229 596,226 82,162Short-term investments 276,029 200,673 27,653Prepaid expenses and other current assets 96,916 96,230 13,261Deferred costs, current 4,139 18,140 2,500Total current assets 884,313 911,269 125,576Non-current assets Property and equipment, net 758,215 751,304 103,532Intangible assets, net 723 604 83Right-of-use assets 110,154 109,756 15,125Deferred costs, non-current 56,657 39,195 5,401Long-term investments 260,083 256,825 35,391Deferred tax assets 24,699 24,828 3,421Other non-current assets 26,319 25,760 3,550Total non-current assets 1,236,850 1,208,272 166,503TOTAL ASSETS 2,121,163 2,119,541 292,079 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current liabilities Accrued expenses and other current liabilities 404,865 393,944 54,286Deferred revenue, current 382,047 504,303 69,495Lease liabilities, current portion 8,317 8,818 1,215Short-term borrowing - 20,000 2,756Long-term debt, current portion 6,154 - -Total current liabilities 801,383 927,065 127,752 SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued(Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of March 31, 2024 2025 RMB RMB US$Non-current liabilities Deferred revenue, non-current 534,463 387,314 53,373 Lease liabilities, non-current portion 137,040 132,102 18,204 Deferred tax liabilities 5,724 5,608 773 Other non-current liabilities 7,309 7,363 1,015 Long-term debt, non-current portion 35,386 - - Total non-current liabilities 719,922 532,387 73,365 TOTAL LIABILITIES 1,521,305 1,459,452 201,117 SHAREHOLDERS’ EQUITY Class A ordinary shares (par value of US$0.00005, 796,062,195 shares authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2024 and March 31, 2025, respectively; 2,600,779 and 2,599,673 shares outstanding as of December 31, 2024 and March 31, 2025, respectively) 1 1 - Class B ordinary shares (par value of US$0.00005, 826,389 shares authorized; 826,389 and 826,389 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively) - - - Class C ordinary shares (par value of US$0.00005, 203,111,416 shares authorized; 3,332,062 and 3,332,062 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively) 1 1 - Treasury stock - - - Statutory reserves 11,083 11,083 1,527 Accumulated deficit (1,840,285) (1,765,109) (243,239)Additional paid-in capital 2,294,381 2,294,291 316,162 Accumulated other comprehensive income 136,164 121,309 16,717 Total Sunlands Technology Group shareholders’ equity 601,345 661,576 91,167 Non-controlling interest (1,487) (1,487) (205)TOTAL SHAREHOLDERS’ EQUITY 599,858 660,089 90,962 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,121,163 2,119,541 292,079 SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except for share and per share data, or otherwise noted) For the Three Months Ended March 31, 2024 2025 RMB RMB US$Net revenues 523,240 487,625 67,197 Cost of revenues (77,163) (72,336) (9,968)Gross profit 446,077 415,289 57,229 Operating expenses Sales and marketing expenses (301,575) (300,444) (41,402)Product development expenses (7,010) (6,242) (860)General and administrative expenses (32,552) (34,459) (4,749)Total operating expenses (341,137) (341,145) (47,011)Income from operations 104,940 74,144 10,218 Interest income 9,289 5,407 745 Interest expense (1,604) (407) (56)Other income, net 5,780 6,617 912 Income before income tax benefit/(expenses) and loss from equity method investments 118,405 85,761 11,819 Income tax benefit/(expenses) 391 (9,774) (1,347)Loss from equity method investments (6,061) (811) (112)Net income 112,735 75,176 10,360 Less: Net loss attributable to non-controlling interest - - - Net income attributable to Sunlands Technology Group 112,735 75,176 10,360 Net income per share attributable to ordinary shareholders of Sunlands Technology Group: Basic and diluted 16.44 11.12 1.53 Weighted average shares used in calculating net income per ordinary share: Basic and diluted 6,857,016 6,759,187 6,759,187 SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in thousands) For the Three Months Ended March 31, 2024 2025 RMB RMB US$Net income 112,735 75,176 10,360 Other comprehensive income/(loss), net of tax effect of nil: Change in cumulative foreign currency translation adjustments 9,536 (3,596) (496)Unrealized loss on available-for-sale investments, net of tax effect of nil - (11,259) (1,552)Total comprehensive income 122,271 60,321 8,312 Less: comprehensive income attributable to non-controlling interest - - - Comprehensive income attributable to Sunlands Technology Group 122,271 60,321 8,312 SUNLANDS TECHNOLOGY GROUPRECONCILIATION OF GAAP AND NON-GAAP RESULTS(Amounts in thousands) For the Three Months Ended March 31, 2024 2025 RMB RMBNet revenues 523,240 487,625 Less: other revenues (58,874) (58,920)Add: tax and surcharges 16,369 22,290 Add: ending deferred revenue 1,044,866 891,617 Add: ending refund liability 130,840 98,516 Less: beginning deferred revenue (1,113,923) (916,510)Less: beginning refund liability (143,744) (112,342)Gross billings (non-GAAP) 398,774 412,276 Net income 112,735 75,176 Add: income tax (benefit)/expenses (391) 9,774 Add: depreciation and amortization 7,431 7,218 Add: interest expense 1,604 407 Less: interest income (9,289) (5,407)EBITDA (non-GAAP) 112,090 87,168 1 Net income margin is defined as net income as a percentage of net revenues. 2 New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience.
BingEx Limited Announces First Quarter 2025 Financial Results - ForexTV
BEIJING, May 22, 2025 (GLOBE NEWSWIRE) -- BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights: Revenues were RMB960.8 million (US$132.4 million) in the first quarter of 2025, compared to RMB1,107.7 million in the same period of 2024.Gross profit was RMB126.7 million (US$17.5 million) in the first quarter of 2025, compared to RMB130.3 million in the same period of 2024. Gross profit margin reached 13.2%, improving from 11.8% in the same period of 2024.Income from operations was RMB10.0 million (US$1.4 million) in the first quarter of 2025, compared to RMB38.4 million in the same period of 2024.Non-GAAP income from operations1 was RMB26.6 million (US$3.7 million) in the first quarter of 2025, compared to RMB38.4 million in the same period of 2024.Net loss was RMB10.3 million (US$1.4 million) in the first quarter of 2025, compared to a net income of RMB64.6 million in the same period of 2024.Non-GAAP net income1 was RMB49.6 million (US$6.8 million) in the first quarter of 2025, compared to RMB64.6 million in the same period of 2024.The number of orders fulfilled was 58.0 million in the first quarter of 2025. Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer, commented, “We continued to sharpen our strategic focus on core user base and core value, further enhancing our service quality and capabilities. In the first quarter, we adopted user-centric approaches, deepening our understanding of our users’ diverse needs and preferences, while expanding into new service scenarios that meet their needs. Meanwhile, we explored innovative cross-industry collaborations to boost FlashEx’s brand awareness and effectively engage our target audience. These efforts drove a steady expansion of our service footprint, notably by deepening our market penetration in lower-tier cities. Looking ahead, we remain committed to advancing our on-demand, dedicated courier model and the unique value we offer, delivering a more convenient, more reliable experience to a broader user base.” Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “We delivered resilient results in the first quarter. Through continued prudent financial management, we improved our gross profit margin by 1.4 percentage points year-over-year to 13.2% and maintained a strong cash position, ending the quarter with RMB787.2 million. We will continue to focus on unlocking the full potential of our brand and differentiated business model, while enhancing operational efficiency to drive the Company’s long-term, sustainable growth.” First Quarter 2025 Financial Results Revenues were RMB960.8 million (US$132.4 million) in the first quarter of 2025, compared with RMB1,107.7 million in the same period of 2024. The decrease was primarily driven by a decline in order volume amid intensified market competition. Cost of revenues was RMB834.1 million (US$114.9 million), compared with RMB977.4 million in the same period of 2024. The decrease was in line with the decline in revenues. Gross profit was RMB126.7 million (US$17.5 million), compared with RMB130.3 million in the same period of 2024. Gross profit margin was 13.2%, compared with 11.8% in the same period of 2024. Total operating expenses were RMB116.7 million (US$16.1 million), representing an increase of 27.0% from RMB91.9 million in the same period of 2024. Selling and marketing expenses were RMB49.3 million (US$6.8 million), representing a 10.0% increase from RMB44.9 million in the same period of 2024. The increase was primarily attributable to increases in share-based compensation expenses and staff costs, partially offset by a decrease in advertising expenses. General and administrative expenses were RMB37.9 million (US$5.2 million), representing an 46.9% increase from RMB25.8 million in the same period of 2024. The increase was primarily attributable to increases in professional fees and share-based compensation expenses. Research and development expenses were RMB29.5 million (US$4.1 million), representing a 38.8% increase from RMB21.2 million in the same period of 2024. The increase was primarily attributable to an increase in share-based compensation expenses. Income from operations was RMB10.0 million (US$1.4 million), compared with RMB38.4 million in the same period of 2024. Non-GAAP income from operations1 was RMB26.6 million (US$3.7 million), compared with RMB38.4 million in the same period of 2024. Changes in fair value of long-term investments were RMB43.3 million (US$6.0 million), primarily reflecting losses in the fair value measurement of long-term investments. Other income was RMB9.9 million (US$1.4 million), compared with RMB19.0 million in the same period of 2024. The decrease was mainly due to a decrease in the amount of government grants. Net loss was RMB10.3 million (US$1.4 million). Net income was RMB64.6 million in the same period of 2024. Non-GAAP net income1 was RMB49.6 million (US$6.8 million), compared with RMB64.6 million in the same period of 2024. Net loss attributable to ordinary shareholders was RMB10.3 million (US$1.4 million). Net income attributable to ordinary shareholders was RMB27.8 million in the same period of 2024. Basic and diluted net loss per ordinary share was RMB0.05 (US$0.01). As of March 31, 2025, cash and cash equivalents, restricted cash and short-term investments were RMB787.2 million (US$108.5 million). _____________________________1 Non-GAAP income from operations, non-GAAP net income, non-GAAP operating margin and non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.” Conference Call The Company will host an earnings conference call on Thursday, May 22, 2025 at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results. Participants are required to pre-register for the conference call at: https://register-conf.media-server.com/register/BIf746a9c2a4894900be333315bee147bb Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call. A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session. About BingEx Limited BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business. For more information, please visit: http://ir.ishansong.com. Use of Non-GAAP Financial Measures To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income, non-GAAP operating margin and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income (loss) from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income represents net income excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. 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 into key metrics used by our management in its financial and operational decision-making. Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025. Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors 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 duty to update such information, except as required under applicable law. Investor Relations Contact In China:BingEx LimitedInvestor RelationsE-mail: ir@ishansong.com Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677E-mail: FlashEx@thepiacentegroup.com In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: FlashEx@thepiacentegroup.com BINGEX LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for number of shares and per share data) December 31, March 31, 2024 2025 RMB RMB USDASSETS Current assets Cash and cash equivalents 592,358 531,992 73,310Restricted cash 46,735 17,055 2,350Short-term investments 153,910 238,165 32,820Accounts receivable 16,893 21,311 2,937Prepayments and other current assets 48,553 29,856 4,114Total current assets 858,449 838,379 115,531Non-current assets Long-term investments 324,110 280,734 38,686Property and equipment, net 3,687 3,227 445Operating lease right-of-use assets 44,577 41,269 5,687Other non-current assets 4,600 4,602 634Total non-current assets 376,974 329,832 45,452Total assets 1,235,423 1,168,211 160,983 LIABILITIES Current liabilities Accounts payable 223,391 191,489 26,388Deferred revenue 56,768 51,613 7,112Operating lease liabilities, current 13,091 13,154 1,813Accrued expenses and other current liabilities 165,714 133,178 18,352Total current liabilities 458,964 389,434 53,665Non-current liabilities Operating lease liabilities, non-current 29,395 26,459 3,646Total non-current liabilities 29,395 26,459 3,646Total liabilities 488,359 415,893 57,311Shareholders’ equity 747,064 752,318 103,672Total liabilities and shareholders’ equity 1,235,423 1,168,211 160,983 BINGEX LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except for number of shares and per share data) Three months ended March 31, 2024 2025 2025 RMB RMB USDRevenues 1,107,748 960,762 132,397 Cost of revenues (977,421) (834,088) (114,940)Gross Profit 130,327 126,674 17,457 Operating expenses: Selling and marketing expenses (44,864) (49,334) (6,798)General and administrative expenses (25,801) (37,897) (5,222)Research and development expenses (21,234) (29,482) (4,063)Total operating expenses (91,899) (116,713) (16,083)Income from operations 38,428 9,961 1,374 Interest income 6,010 4,291 591 Changes in fair value of long-term investments — (43,258) (5,961)Investment income 1,100 8,912 1,228 Other income 19,030 9,860 1,359 Income (loss) before income taxes 64,568 (10,234) (1,409)Income tax expense — (35) (5)Net income (loss) 64,568 (10,269) (1,414)Accretion of redeemable convertible preferred shares to redemption value (36,775) — — Net income (loss) attributable to ordinary shareholders 27,793 (10,269) (1,414)Net earnings (loss) per ordinary share — Basic and diluted — Class A and B 0.14 (0.05) (0.01)Weighted average number of shares outstanding used in computing net earnings (loss) per ordinary share — Basic and diluted – Class A 26,422,222 162,842,256 162,842,256 — Basic and diluted – Class B 45,577,778 45,577,778 45,577,778 BINGEX LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in thousands, except for number of shares and per share data) Three months ended March 31, 2024 2025 2025 RMB RMB USD Income from operations38,428 9,961 1,374 Add: Share-based compensation expenses— 16,648 2,294 Non-GAAP income from operations38,428 26,609 3,668 Operating margin3.5% 1.0% Add: Share-based compensation expenses as a percentage of revenues— 1.7% Non-GAAP operating margin3.5% 2.7% Net income (loss)64,568 (10,269) (1,414)Add: Changes in fair value of long-term investments— 43,258 5,961 Add: Share-based compensation expenses— 16,648 2,294 Non-GAAP net income64,568 49,637 6,841 Net income (loss) margin5.8% -1.1% Add: Changes in fair value of long-term investments as a percentage of revenues— 4.5% Add: Share-based compensation expenses as a percentage of revenues— 1.7% Non-GAAP net income margin5.8% 5.1%
From Loyal to Fed Up: Tesla Owners Are Selling Fast — Here's Why It Matters
Reports show many Tesla owners are deeply unhappy with the association of their cars to Elon Musk and his recent actions through the Department of Government Efficiency (DOGE). This article explains what sellers can expect in terms of loss of value when selling or trading their Teslas.
Trump Administration Attempts To Block Release Of DOGE Records In An Appeal To Supreme Court - Tesla (NASDAQ:TSLA) - Benzinga
The Trump administration has made an urgent plea to the Supreme Court to prevent Elon Musk's Department of Government Efficiency (DOGE) from disclosing its operational documents to a federal watchdog group.