Foreign currency news, articles, and videos can be found in a variety of sources, including online news sites, financial publications, and other websites. For example, The Wall Street Journal and Reuters both regularly publish stories related to foreign currency markets. There are also numerous blogs and websites devoted to discussing foreign currency trading and the impact of international exchange rates. Additionally, many central banks and finance ministries provide their own websites and resources with up-to-date information and analysis. Finally, YouTube and other video streaming sites are good sources for informational videos, interviews, and tutorials related to foreign currency and forex trading.

ForexTV

29.05.2025

Aurora Mobile Limited Announces First Quarter 2025 Unaudited Financial Results - ForexTV

SHENZHEN, China, May 29, 2025 (GLOBE NEWSWIRE) -- Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ: JG), a leading provider of customer engagement and marketing technology services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights Revenues were RMB89.0 million (US$12.3 million), an increase of 38% year-over-year.Cost of revenues was RMB30.1 million (US$4.2 million), an increase of 66% year-over-year.Gross profit was RMB58.8 million (US$8.1 million), an increase of 27% year-over-year.Total operating expenses were RMB60.6 million (US$8.3 million), an increase of 14% year-over-year.Net loss was RMB1.6 million (US$0.2 million), compared with a net loss of RMB2.6 million for the same quarter last year.Net loss attributable to Aurora Mobile Limited’s shareholders was RMB2.6 million (US$0.4 million), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB2.4 million for the same quarter last year.Adjusted net loss (non-GAAP) was RMB1.2 million (US$0.2 million), compared with a RMB1.3 million adjusted net loss for the same quarter last year.Adjusted EBITDA (non-GAAP) was RMB0.5 million (US$63 thousand), compared with RMB0.2 million for the same quarter last year. Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “We have had a great start to 2025. Our Q1’2025 performance and numbers are very impressive. Firstly, our EngageLab business had a “Monster Quarter” where we closed out more than RMB63 million worth of contract value in just one quarter. This brings the total cumulative EngageLab contract value in excess of RMB110 million by March 31, 2025.Secondly, the Group’s revenue this quarter reached RMB89.0 million, achieving a remarkable 38% growth year-over-year. EngageLab’s recognized revenue also grew by 127% year-over-year.Thirdly, our Financial Risk Management business had its best quarter in history, recording the highest quarterly revenue of RMB22.2 million, revenue grew by 64% year-over-year.Fourthly, gross profit grew strongly by 27% year-over-year, achieving the highest gross profit for the past 9 quarters. Gross margin has also improved 520 basis points quarter-over-quarter!Fifthly, we recorded another Adjusted EBITDA profit in this quarter. This marks the 7th consecutive quarterly positive Adjusted EBITDA we have had. With these numbers above, we are equally excited about 2025. This has no doubt set a great momentum for the rest of the 2025 ! The progress in our performance and our solid financial position enable us to invest more resources into the development of our enterprise AI agent platform and its global expansion.” Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “In Q1’2025, our revenue grew by 38% year-over-year, gross profit grew by 27% whilst operating expenses grew by 14%. Overall, we are pleased to see how the operating expenses have been trending in view of the revenue and gross profit growth. This is a sustainable growth model on a long-term basis.” First Quarter 2025 Financial Results Revenues were RMB89.0 million (US$12.3 million), an increase of 38% from RMB64.5 million in the same quarter of last year, attributable to a 39% increase in revenue from Developer Services and a 35% increase in revenue from Vertical Applications. In particular, the revenues from Value-Added Services within Developer Services increased by 269% compared to the same quarter of last year. Cost of revenues was RMB30.1 million (US$4.2 million), an increase of 66% from RMB18.2 million in the same quarter of last year. The increase was mainly due to a RMB5.6 million increase in media cost, a RMB1.6 million increase in short messaging cost, and a RMB4.7 million increase in other direct costs related to revenue generation. Gross profit was RMB58.8 million (US$8.1 million), an increase of 27% from RMB46.4 million in the same quarter of last year. Total operating expenses were RMB60.6 million (US$8.3 million), an increase of 14% from RMB53.0 million in the same quarter of last year. Research and development expenses were RMB24.6 million (US$3.4 million), an increase of 8% from RMB22.7 million in the same quarter of last year, mainly due to a RMB0.9 million increase in personnel costs and a RMB0.8 million increase in cloud cost.Sales and marketing expenses were RMB23.3 million (US$3.2 million), an increase of 34% from RMB17.4 million in the same quarter of last year, mainly due to a RMB5.2 million increase in personnel costs.General and administrative expenses were RMB12.7 million (US$1.7 million), a decrease of 2% from RMB12.9 million in the same quarter of last year, mainly due to a RMB0.6 million decrease in share-based compensation expenses. Loss from operations was RMB1.5 million (US$0.2 million), compared with RMB5.1 million in the same quarter of last year. Net Loss was RMB1.6 million (US$0.2 million), compared with RMB2.6 million in the same quarter of last year. Adjusted net loss (non-GAAP) was RMB1.2 million (US$0.2 million), compared with RMB1.3 million in the same quarter of last year. Adjusted EBITDA (non-GAAP) was RMB0.5 million (US$63 thousand) compared with RMB0.2 million for the same quarter of last year. The cash and cash equivalents and restricted cash were RMB113.6 million (US$15.7 million) as of March 31, 2025 compared with RMB119.5 million as of December 31, 2024. Business Outlook For the second quarter of 2025, the Company expects the total revenue to be between RMB87.5 million and RMB90.5 million, representing year-over-year growth of approximately 10% to 14%. 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 change. Update on Share Repurchase As of March 31, 2025, the Company had repurchased a total of 295,179 ADS, of which 16,322 ADSs, or around US$170.5 thousand were repurchased during the first quarter in 2025. Conference Call The Company will host an earnings conference call on Thursday, May 29, 2025 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day). All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration. Participant Online Registration: https://register-conf.media-server.com/register/BI47c63565ef284b3784a50da74dc4a38e A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net (loss)/income and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net (loss)/income as net loss excluding share-based compensation. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, income tax expenses/(benefits) and share-based compensation. The Company believes that adjusted net (loss)/income and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss. The Company believes that adjusted net (loss)/income and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net (loss)/income and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports 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. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law. About Aurora Mobile Limited Founded in 2011, Aurora Mobile is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises' digital transformation. For more information, please visit https://ir.jiguang.cn/. For investor and media inquiries, please contact: Aurora Mobile Limited ir@jiguang.cn Christensen In China Ms. Xiaoyan Su Phone: +86-10-5900-1548 E-mail: Xiaoyan.Su@christensencomms.com In U.S. Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: linda.bergkamp@christensencomms.com Footnote: This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025. AURORA MOBILE LIMITEDUNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data) Three months ended March 31, 2024 December 31, 2024 March 31, 2025 RMB RMB RMB US$ Revenues 64,524 93,153 88,961 12,259 Cost of revenues (18,152) (36,468) (30,117) (4,150)Gross profit 46,372 56,685 58,844 8,109 Operating expenses Research and development (22,681) (24,326) (24,607) (3,391)Sales and marketing (17,391) (24,583) (23,303) (3,211)General and administrative (12,932) (11,392) (12,676) (1,747)Total operating expenses (53,004) (60,301) (60,586) (8,349)Other operating income 1,579 3,393 197 27 Loss from operations (5,053) (223) (1,545) (213)Foreign exchange (loss)/gain, net (23) (62) 38 5 Interest income 2,187 288 236 33 Interest expenses (6) (42) (39) (5)Other income/(loss) 15 (805) - - Gains from fair value change 23 45 38 5 Loss before income taxes (2,857) (799) (1,272) (175)Income tax benefits/(expenses) 244 105 (336) (46)Net loss (2,613) (694) (1,608) (221)Less: net (loss)/income attributable to noncontrolling interests (214) 372 944 130 Net loss attributable to Aurora Mobile Limited’s shareholders (2,399) (1,066) (2,552) (351)Net loss per share, for Class A and Class B common shares: Class A and B Common Shares - basic and diluted (0.03) (0.01) (0.03) (0.00)Shares used in net loss per share computation: Class A Common Shares - basic and diluted 62,687,345 63,200,100 63,254,710 63,254,710 Class B Common Shares - basic and diluted 17,000,189 17,000,189 17,000,189 17,000,189 Other comprehensive income/(loss) Foreign currency translation adjustments 78 1,357 (82) (11)Total other comprehensive income/(loss), net of tax 78 1,357 (82) (11)Total comprehensive (loss)/income (2,535) 663 (1,690) (232)Less: comprehensive (loss)/income attributable to noncontrolling interests (214) 372 944 130 Comprehensive (loss)/income attributable to Aurora Mobile Limited’s shareholders (2,321) 291 (2,634) (362) AURORA MOBILE LIMITEDUNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) As of December 31, 2024 March 31, 2025 RMB RMB US$ASSETS Current assets: Cash and cash equivalents 119,171 113,267 15,609 Restricted cash 376 375 52 Accounts receivable 50,804 54,071 7,451 Prepayments and other current assets 14,264 17,354 2,391 Total current assets 184,615 185,067 25,503 Non-current assets: Long-term investments 113,506 113,458 15,635 Property and equipment, net 4,573 4,331 597 Operating lease right-of-use assets 17,146 15,892 2,190 Intangible assets, net 13,767 12,788 1,762 Goodwill 37,785 37,785 5,207 Deferred tax assets 131 167 23 Other non-current assets 6,510 6,503 895 Total non-current assets 193,418 190,924 26,309 Total assets 378,033 375,991 51,812 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term loan 3,000 - - Accounts payable 32,691 34,114 4,701 Deferred revenue and customer deposits 147,111 156,929 21,625 Operating lease liabilities 4,461 4,152 572 Accrued liabilities and other current liabilities 74,370 66,407 9,151 Total current liabilities 261,633 261,602 36,049 Non-current liabilities: Operating lease liabilities 13,376 12,292 1,694 Deferred tax liabilities 3,059 2,891 398 Other non-current liabilities 567 567 78 Total non-current liabilities 17,002 15,750 2,170 Total liabilities 278,635 277,352 38,219 Shareholders’ equity: Common shares 50 51 7 Treasury shares (1,674) (2,898) (399)Additional paid-in capital 1,045,221 1,047,375 144,332 Accumulated deficit (995,715) (998,267) (137,565)Accumulated other comprehensive income 20,040 19,958 2,750 Total Aurora Mobile Limited’s shareholders’ equity 67,922 66,219 9,125 Noncontrolling interests 31,476 32,420 4,468 Total shareholders’ equity 99,398 98,639 13,593 Total liabilities and shareholders’ equity 378,033 375,991 51,812 AURORA MOBILE LIMITEDRECONCILIATION OF GAAP AND NON-GAAP RESULTS(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) Three months ended March 31, 2024 December 31, 2024 March 31, 2025 RMB RMB RMB US$Reconciliation of Net Loss to Adjusted Net (Loss)/Income: Net loss (2,613) (694) (1,608) (221)Add: Share-based compensation 1,268 795 407 56 Adjusted net (loss)/income (1,345) 101 (1,201) (165)Reconciliation of Net Loss to Adjusted EBITDA: Net loss (2,613) (694) (1,608) (221)Add: Income tax (benefits)/expenses (244) (105) 336 46 Interest expenses 6 42 39 5 Depreciation of property and equipment 380 197 266 37 Amortization of intangible assets 1,369 1,052 1,019 140 EBITDA (1,102) 492 52 7 Add: Share-based compensation 1,268 795 407 56 Adjusted EBITDA 166 1,287 459 63 AURORA MOBILE LIMITEDUNAUDITED SAAS BUSINESSES REVENUE(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) Three months ended March 31, 2024 December 31, 2024 March 31, 2025 RMB RMB RMB US$ Developer Services 44,749 70,998 62,322 8,588 Subscription 42,351 54,687 53,467 7,368 Value-Added Services 2,398 16,311 8,855 1,220 Vertical Applications 19,775 22,155 26,639 3,671 Total Revenue 64,524 93,153 88,961 12,259 Gross Profits 46,372 56,685 58,844 8,109 Gross Margin 71.9% 60.9% 66.1% 66.1%

ForexTV

29.05.2025

Li Auto Inc. Announces Unaudited First Quarter 2025 Financial Results - ForexTV

Quarterly total revenues reached RMB25.9 billion (US$3.6 billion)1Quarterly deliveries reached 92,864 vehicles BEIJING, China, May 29, 2025 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended March 31, 2025. Operating Highlights for the First Quarter of 2025 Total deliveries for the first quarter of 2025 were 92,864 vehicles, representing a 15.5% year-over-year increase. 2025 Q1 2024 Q4 2024 Q3 2024 Q2 Deliveries 92,864 158,696 152,831 108,581 2024 Q1 2023 Q4 2023 Q3 2023 Q2 Deliveries 80,400 131,805 105,108 86,533 As of March 31, 2025, in China, the Company had 500 retail stores in 150 cities, 502 servicing centers and Li Auto-authorized body and paint shops operating in 225 cities, and 2,045 super charging stations in operation equipped with 11,038 charging stalls. Financial Highlights for the First Quarter of 2025 Vehicle sales were RMB24.7 billion (US$3.4 billion) in the first quarter of 2025, representing an increase of 1.8% from RMB24.3 billion in the first quarter of 2024 and a decrease of 42.1% from RMB42.6 billion in the fourth quarter of 2024. Vehicle margin2 was 19.8% in the first quarter of 2025, compared with 19.3% in the first quarter of 2024 and 19.7% in the fourth quarter of 2024. Total revenues were RMB25.9 billion (US$3.6 billion) in the first quarter of 2025, representing an increase of 1.1% from RMB25.6 billion in the first quarter of 2024 and a decrease of 41.4% from RMB44.3 billion in the fourth quarter of 2024. Gross profit was RMB5.3 billion (US$732.9 million) in the first quarter of 2025, representing an increase of 0.6% from RMB5.3 billion in the first quarter of 2024 and a decrease of 40.7% from RMB9.0 billion in the fourth quarter of 2024. Gross margin was 20.5% in the first quarter of 2025, compared with 20.6% in the first quarter of 2024 and 20.3% in the fourth quarter of 2024. Operating expenses were RMB5.0 billion (US$695.5 million) in the first quarter of 2025, representing a decrease of 14.0% from RMB5.9 billion in the first quarter of 2024 and a decrease of 4.2% from RMB5.3 billion in the fourth quarter of 2024. Income from operations was RMB271.7 million (US$37.4 million) in the first quarter of 2025, compared with RMB584.9 million loss from operations in the first quarter of 2024 and representing a decrease of 92.7% from RMB3.7 billion income from operations in the fourth quarter of 2024. Operating margin was 1.0% in the first quarter of 2025, compared with negative 2.3% in the first quarter of 2024 and 8.4% in the fourth quarter of 2024. Net income was RMB646.6 million (US$89.1 million) in the first quarter of 2025, representing an increase of 9.4% from RMB591.1 million in the first quarter of 2024 and a decrease of 81.7% from RMB3.5 billion in the fourth quarter of 2024. Non-GAAP net income3 was RMB1.0 billion (US$139.8 million) in the first quarter of 2025, representing a decrease of 20.5% from RMB1.3 billion in the first quarter of 2024 and a decrease of 74.9% from RMB4.0 billion in the fourth quarter of 2024. Diluted net earnings per ADS4 attributable to ordinary shareholders was RMB0.62 (US$0.08) in the first quarter of 2025, compared with RMB0.56 in the first quarter of 2024 and RMB3.31 in the fourth quarter of 2024. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders was RMB0.96 (US$0.13) in the first quarter of 2025, compared with RMB1.21 in the first quarter of 2024 and RMB3.79 in the fourth quarter of 2024. Net cash used in operating activities was RMB1.7 billion (US$234.4 million) in the first quarter of 2025, representing a decrease of 49.1% from RMB3.3 billion net cash used in operating activities in the first quarter of 2024 and compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024. Free cash flow5 was negative RMB2.5 billion (US$348.7 million) in the first quarter of 2025, representing a decrease of 49.9% from negative RMB5.1 billion in the first quarter of 2024 and compared with RMB6.1 billion in the fourth quarter of 2024. Key Financial Results(in millions, except for percentages and per ADS data) For the Three Months Ended % Change6 March 31, 2024 December 31, 2024 March 31, 2025 YoY QoQ RMB RMB RMB Vehicle sales24,251.6 42,643.0 24,678.6 1.8% (42.1)%Vehicle margin19.3% 19.7% 19.8% 0.5pts 0.1pts Total revenues25,633.7 44,273.7 25,926.8 1.1% (41.4)%Gross profit5,284.3 8,970.2 5,318.5 0.6% (40.7)%Gross margin20.6% 20.3% 20.5% (0.1)pts 0.2pts Operating expenses(5,869.2) (5,266.9) (5,046.8) (14.0)% (4.2)%(Loss)/Income from operations(584.9) 3,703.3 271.7 N/A (92.7)%Operating margin(2.3)% 8.4% 1.0% 3.3pts (7.4)pts Net income591.1 3,532.7 646.6 9.4% (81.7)%Non-GAAP net income1,276.4 4,039.7 1,014.3 (20.5)% (74.9)% Diluted net earnings per ADS attributable to ordinary shareholders0.56 3.31 0.62 10.7% (81.3)%Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders1.21 3.79 0.96 (20.7)% (74.7)% Net cash (used in)/provided by operating activities(3,342.4) 8,680.3 (1,701.0) (49.1)% N/AFree cash flow (non-GAAP)(5,055.2) 6,059.3 (2,530.6) (49.9)% N/A Recent Developments Delivery Update In April 2025, the Company delivered 33,939 vehicles, representing an increase of 31.6% from April 2024. As of April 30, 2025, in China, the Company had 500 retail stores in 151 cities, 500 servicing centers and Li Auto-authorized body and paint shops operating in 223 cities, and 2,267 super charging stations in operation equipped with 12,340 charging stalls. Refreshed Product Lineup In April and May 2025, the Company successively launched Li MEGA Home, the new Li MEGA Ultra, and the new Li L Series. Li MEGA Home offers zero-gravity second-row seats that rotate 45°, 90°, and 180°, transforming the vehicle into a versatile and user-friendly space ideal for dining, entertainment, work, and other activities. It also features electrically powered front doors with a quiet-close mechanism, ensuring both seamless accessibility and refined acoustic comfort for passengers. In terms of assisted driving systems, the refresh upgrades all Li AD Max models with a more powerful NVIDIA Thor-U chip and all Li AD Pro models with Horizon Robotics Journey 6M and LiDAR sensors, enhancing both intelligence and safety. Li MEGA Home is priced at RMB559,800, while prices for other refreshed models remain unchanged. Deliveries for all these models began in May. Open-Source Automotive Operating System In April 2025, the Company became the first automaker worldwide to open-source its proprietary smart vehicle operating system, Li Halo OS. This initiative invites industry players and global developers to collaborate on optimizing system performance and advancing ecosystem innovation. 2024 Environmental, Social and Governance Report On April 10, 2025, the Company published its 2024 Environmental, Social and Governance (ESG) report (https://ir.lixiang.com/esg), highlighting the progress it has made toward achieving its sustainability objectives and reflecting its firm commitment to fostering a more sustainable future. CEO and CFO Comments Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “In the first quarter, we maintained our sales leadership position among Chinese automotive brands in the RMB200,000 and above NEV market by consistently delivering products and services with exceptional value for our users. Following the recent refresh of our product lineup, we have seen a robust influx of orders for the new Li L series, demonstrating their compelling product strength. With top-notch configurations, Li MEGA Home is the product that aligns most closely with our mission to ‘Create a Mobile Home, Create Happiness.’ Having garnered widespread market acclaim since its launch, it further reinforced our confidence in our ability to secure a top-tier position within China’s premium BEV market. We also look forward to the July launch of our first battery electric SUV, Li i8, which will further demonstrate our commitment to delivering unparalleled user value. Additionally, our assisted driving solution is evolving rapidly. Our in-house developed VLA Driver as our next-generation ADAS architecture is a Vision-Language-Action large model that integrates spatial, linguistic, and behavioral intelligence to enable seamless vehicle-user interactions. Looking ahead, we will continue to pioneer intelligent technological advancements to refine the user experience.” Mr. Tie Li, chief financial officer of Li Auto, added, “We delivered solid results in the first quarter, achieving a 15.5% year-over-year increase in vehicle deliveries and total revenues of RMB25.9 billion during what is typically a seasonally slow period for auto sales. Despite product iterations, our gross margin remained healthy at 20.5%, and net income reached RMB646.6 million, up 9.4% year-over-year, thanks to our disciplined cost management and growing economies of scale. Our first-quarter results demonstrate our ability to navigate dynamic market conditions effectively while maintaining strong profitability. Building upon this solid financial foundation, we will continue to drive business growth and create additional user value through relentless innovation while enhancing operating efficiency. Supported by our proven execution capabilities, we are confident that these strategic initiatives will position us for long-term success.” Financial Results for the First Quarter of 2025 Revenues Total revenues were RMB25.9 billion (US$3.6 billion) in the first quarter of 2025, representing an increase of 1.1% from RMB25.6 billion in the first quarter of 2024 and a decrease of 41.4% from RMB44.3 billion in the fourth quarter of 2024. Vehicle sales were RMB24.7 billion (US$3.4 billion) in the first quarter of 2025, representing an increase of 1.8% from RMB24.3 billion in the first quarter of 2024 and a decrease of 42.1% from RMB42.6 billion in the fourth quarter of 2024. The increase in revenue from vehicle sales over the first quarter of 2024 was primarily attributable to the increase in vehicle deliveries, partially offset by the lower average selling price mainly due to different product mix. The decrease in revenue from vehicle sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries affected by seasonal factors related to the Chinese New Year holiday. Other sales and services were RMB1.2 billion (US$172.0 million) in the first quarter of 2025, representing a decrease of 9.7% from RMB1.4 billion in the first quarter of 2024 and a decrease of 23.5% from RMB1.6 billion in the fourth quarter of 2024. The revenue from other sales and services remained relatively stable over the first quarter of 2024. The decrease in revenue from other sales and services over the fourth quarter of 2024 was mainly due to decreased embedded products and services offered together with vehicle sales, which is in line with lower quarter-over-quarter vehicle deliveries. Cost of Sales and Gross Margin Cost of sales was RMB20.6 billion (US$2.8 billion) in the first quarter of 2025, representing an increase of 1.3% from RMB20.3 billion in the first quarter of 2024 and a decrease of 41.6% from RMB35.3 billion in the fourth quarter of 2024. The increase in cost of sales over the first quarter of 2024 was primarily attributable to the increase in vehicle deliveries, partially offset by the lower average cost of sales mainly due to different product mix and cost reduction. The decrease in cost of sales over the fourth quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. Gross profit was RMB5.3 billion (US$732.9 million) in the first quarter of 2025, representing an increase of 0.6% from RMB5.3 billion in the first quarter of 2024 and a decrease of 40.7% from RMB9.0 billion in the fourth quarter of 2024. Vehicle margin was 19.8% in the first quarter of 2025, compared with 19.3% in the first quarter of 2024 and 19.7% in the fourth quarter of 2024. The increase in vehicle margin over the first quarter of 2024 was mainly due to cost reduction and pricing strategy changes in the first quarter of 2024 partially offset by different product mix. The vehicle margin remained relatively stable over the fourth quarter of 2024. Gross margin was 20.5% in the first quarter of 2025, compared with 20.6% in the first quarter of 2024 and 20.3% in the fourth quarter of 2024. The gross margin remained relatively stable over the first quarter of 2024 and the fourth quarter of 2024. Operating Expenses Operating expenses were RMB5.0 billion (US$695.5 million) in the first quarter of 2025, representing a decrease of 14.0% from RMB5.9 billion in the first quarter of 2024 and a decrease of 4.2% from RMB5.3 billion in the fourth quarter of 2024. Research and development expenses were RMB2.5 billion (US$346.4 million) in the first quarter of 2025, representing a decrease of 17.5% from RMB3.0 billion in the first quarter of 2024 and an increase of 4.4% from RMB2.4 billion in the fourth quarter of 2024. The decrease in research and development expenses over the first quarter of 2024 was mainly attributable to decreased employee compensation and the impact of the pace of new vehicle programs. The research and development expenses remained relatively stable over the fourth quarter of 2024. Selling, general and administrative expenses were RMB2.5 billion (US$348.8 million) in the first quarter of 2025, representing a decrease of 15.0% from RMB3.0 billion in the first quarter of 2024 and a decrease of 17.7% from RMB3.1 billion in the fourth quarter of 2024. The decrease in selling, general and administrative expenses over the first quarter of 2024 and the fourth quarter of 2024 was primarily due to decreased employee compensation, improved operational efficiency and decreased marketing and promotional activities. Income/(Loss) from Operations Income from operations was RMB271.7 million (US$37.4 million) in the first quarter of 2025, compared with RMB584.9 million loss from operations in the first quarter of 2024 and representing a decrease of 92.7% from RMB3.7 billion income from operations in the fourth quarter of 2024. Operating margin was 1.0% in the first quarter of 2025, compared with negative 2.3% in the first quarter of 2024 and 8.4% in the fourth quarter of 2024. Non-GAAP income from operations was RMB639.3 million (US$88.1 million) in the first quarter of 2025, representing an increase of 537.2% from RMB100.3 million in the first quarter of 2024 and a decrease of 84.8% from RMB4.2 billion in the fourth quarter of 2024. Net Income and Net Earnings Per Share Net income was RMB646.6 million (US$89.1 million) in the first quarter of 2025, representing an increase of 9.4% from RMB591.1 million in the first quarter of 2024 and a decrease of 81.7% from RMB3.5 billion in the fourth quarter of 2024. Non-GAAP net income was RMB1.0 billion (US$139.8 million) in the first quarter of 2025, representing a decrease of 20.5% from RMB1.3 billion in the first quarter of 2024 and a decrease of 74.9% from RMB4.0 billion in the fourth quarter of 2024. Basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB0.65 (US$0.09) and RMB0.62 (US$0.08) in the first quarter of 2025, respectively, compared with RMB0.60 and RMB0.56 in the first quarter of 2024, respectively, and RMB3.52 and RMB3.31 in the fourth quarter of 2024, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB1.01 (US$0.14) and RMB0.96 (US$0.13) in the first quarter of 2025, respectively, compared with RMB1.29 and RMB1.21 in the first quarter of 2024, respectively, and RMB4.03 and RMB3.79 in the fourth quarter of 2024, respectively. Cash Position, Operating Cash Flow and Free Cash Flow Cash position7 was RMB110.7 billion (US$15.3 billion) as of March 31, 2025. Net cash used in operating activities was RMB1.7 billion (US$234.4 million) in the first quarter of 2025, representing a decrease of 49.1% from RMB3.3 billion net cash used in operating activities in the first quarter of 2024 and compared with RMB8.7 billion net cash provided by operating activities in the fourth quarter of 2024. The change in net cash used in operating activities over the first quarter of 2024 was mainly due to the increase in cash received from customers and other changes in working capital. The change in net cash used in operating activities over the fourth quarter of 2024 was mainly due to the decrease in cash received from customers. Free cash flow was negative RMB2.5 billion (US$348.7 million) in the first quarter of 2025, representing a decrease of 49.9% from negative RMB5.1 billion in the first quarter of 2024 and compared with RMB6.1 billion in the fourth quarter of 2024. Business Outlook For the second quarter of 2025, the Company expects: Deliveries of vehicles to be between 123,000 and 128,000 vehicles, representing a year-over-year increase of 13.3% to 17.9%. Total revenues to be between RMB32.5 billion (US$4.5 billion) and RMB33.8 billion (US$4.7 billion), representing a year-over-year increase of 2.5% to 6.7%. This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change. Conference Call Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, May 29, 2025 (8:00 p.m. Beijing/Hong Kong Time on May 29, 2025) to discuss financial results and answer questions from investors and analysts. For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly. Participant Online Registration: https://s1.c-conf.com/diamondpass/10046860-w8fhg.html A replay of the conference call will be accessible through June 5, 2025, by dialing the following numbers: United States:+1-855-883-1031Mainland China:+86-400-1209-216Hong Kong, China:+852-800-930-639International:+61-7-3107-6325Replay PIN:10046860 Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. Exchange Rate Information This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. About Li Auto Inc. Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Create a Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes Li MEGA, a high-tech flagship family MPV, Li L9, a six-seat flagship family SUV, Li L8, a six-seat premium family SUV, Li L7, a five-seat flagship family SUV, and Li L6, a five-seat premium family SUV. The Company will continue to expand its product lineup to target a broader user base. For more information, please visit: https://ir.lixiang.com. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Li Auto Inc.Investor RelationsEmail: ir@lixiang.com Christensen AdvisoryRoger HuTel: +86-10-5900-1548Email: Li@christensencomms.com Li Auto Inc.Unaudited Condensed Consolidated Statements of Comprehensive Income(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) For the Three Months Ended March 31,2024 December 31,2024 March 31,2025 March 31,2025 RMB RMB RMB US$Revenues: Vehicle sales 24,251,553 42,642,978 24,678,585 3,400,800Other sales and services 1,382,107 1,630,694 1,248,229 172,011Total revenues 25,633,660 44,273,672 25,926,814 3,572,811 Cost of sales: Vehicle sales (19,561,658) (34,252,151) (19,801,927) (2,728,779)Other sales and services (787,697) (1,051,303) (806,428) (111,129)Total cost of sales (20,349,355) (35,303,454) (20,608,355) (2,839,908) Gross profit 5,284,305 8,970,218 5,318,459 732,903 Operating expenses: Research and development (3,048,886) (2,408,357) (2,513,854) (346,418)Selling, general and administrative (2,977,585) (3,076,993) (2,531,009) (348,782)Other operating income/(expense), net 157,264 218,446 (1,942) (268)Total operating expenses (5,869,207) (5,266,904) (5,046,805) (695,468) (Loss)/Income from operations (584,902) 3,703,314 271,654 37,435 Other (expense)/income: Interest expense (28,598) (61,759) (48,220) (6,645)Interest income and investment income, net 1,068,888 403,021 516,261 71,143Others, net 220,184 17,128 34,730 4,786Income before income tax 675,572 4,061,704 774,425 106,719 Income tax expense (84,446) (529,010) (127,780) (17,609)Net income 591,126 3,532,694 646,645 89,110 Less: Net (loss)/income attributable to noncontrolling interests (1,432) 9,757 (3,679) (507)Net income attributable to ordinary shareholders of Li Auto Inc. 592,558 3,522,937 650,324 89,617 Net income 591,126 3,532,694 646,645 89,110 Other comprehensive (loss)/income Foreign currency translation adjustment, net of tax (59,936) 236,903 (69,994) (9,645)Total other comprehensive (loss)/income (59,936) 236,903 (69,994) (9,645) Total comprehensive income 531,190 3,769,597 576,651 79,465 Less: Net (loss)/income attributable to noncontrolling interests (1,432) 9,757 (3,679) (507)Comprehensive income attributable to ordinary shareholders of Li Auto Inc. 532,622 3,759,840 580,330 79,972 Weighted average number of ADSs Basic 993,308,654 1,000,250,311 1,004,099,494 1,004,099,494Diluted 1,066,436,872 1,066,897,163 1,069,104,610 1,069,104,610Net earnings per ADS attributable to ordinary shareholders Basic 0.60 3.52 0.65 0.09Diluted 0.56 3.31 0.62 0.08Weighted average number of ordinary shares Basic 1,986,617,307 2,000,500,621 2,008,198,987 2,008,198,987Diluted 2,132,873,744 2,133,794,325 2,138,209,219 2,138,209,219Net earnings per share attributable to ordinary shareholders Basic 0.30 1.76 0.32 0.04Diluted 0.28 1.65 0.31 0.04 Li Auto Inc.Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands) As of December 31,2024 March 31,2025 March 31,2025 RMB RMB US$ASSETS Current assets: Cash and cash equivalents 65,901,123 53,233,352 7,335,752Restricted cash 6,849 4,987 687Time deposits and short-term investments 46,904,548 57,445,104 7,916,147Trade receivable 135,112 68,538 9,445Inventories 8,185,604 10,092,980 1,390,850Prepayments and other current assets 5,176,546 5,329,656 734,446Total current assets 126,309,782 126,174,617 17,387,327 Non-current assets: Long-term investments 922,897 821,563 113,214Property, plant and equipment, net 21,140,933 20,640,105 2,844,283Operating lease right-of-use assets, net 8,323,963 8,378,789 1,154,628Intangible assets, net 914,951 928,846 127,998Goodwill 5,484 5,484 756Deferred tax assets 2,542,180 2,740,944 377,712Other non-current assets 2,188,888 2,164,357 298,256Total non-current assets 36,039,296 35,680,088 4,916,847 Total assets 162,349,078 161,854,705 22,304,174LIABILITIES AND EQUITY Current liabilities: Short-term borrowings 281,102 231,102 31,847Trade and notes payable 53,596,194 51,958,831 7,160,118Amounts due to related parties 11,492 11,003 1,516Deferred revenue, current 1,396,489 1,322,036 182,181Operating lease liabilities, current 1,438,092 1,438,517 198,233Finance lease liabilities, current 95,205 124,881 17,209Accruals and other current liabilities 12,397,322 12,390,444 1,707,449Total current liabilities 69,215,896 67,476,814 9,298,553 Non-current liabilities: Long-term borrowings 8,151,598 8,145,201 1,122,439Deferred revenue, non-current 720,531 683,475 94,185Operating lease liabilities, non-current 5,735,738 5,793,176 798,321Finance lease liabilities, non-current 642,984 622,995 85,851Deferred tax liabilities 864,999 854,972 117,818Other non-current liabilities 5,696,950 5,951,991 820,206Total non-current liabilities 21,812,800 22,051,810 3,038,820 Total liabilities 91,028,696 89,528,624 12,337,373 Total Li Auto Inc. shareholders’ equity 70,874,884 71,824,262 9,897,648 Noncontrolling interests 445,498 501,819 69,153 Total shareholders’ equity 71,320,382 72,326,081 9,966,801 Total liabilities and shareholders’ equity 162,349,078 161,854,705 22,304,174 Li Auto Inc.Unaudited Condensed Consolidated Statements of Cash Flows(All amounts in thousands) For the Three Months Ended March 31,2024 December 31,2024 March 31,2025 March 31,2025 RMB RMB RMB US$Net cash (used in)/provided by operating activities (3,342,386) 8,680,301 (1,700,968) (234,400)Net cash used in investing activities (3,098,206) (19,987,058) (10,959,789) (1,510,299)Net cash provided by/(used in) financing activities 185,257 (734,467) 61,406 8,462Effect of exchange rate changes on cash, cash equivalents and restricted cash 55,813 355,742 (70,282) (9,685)Net change in cash, cash equivalents and restricted cash (6,199,522) (11,685,482) (12,669,633) (1,745,922) Cash, cash equivalents and restricted cash at beginning of period 91,329,509 77,593,454 65,907,972 9,082,361Cash, cash equivalents and restricted cash at end of period 85,129,987 65,907,972 53,238,339 7,336,439 Net cash (used in)/provided by operating activities (3,342,386) 8,680,301 (1,700,968) (234,400)Capital expenditures (1,712,843) (2,620,969) (829,597) (114,322)Free cash flow (non-GAAP) (5,055,229) 6,059,332 (2,530,565) (348,722) Li Auto Inc.Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) For the Three Months Ended March 31,2024 December 31,2024 March 31,2025 March 31,2025 RMB RMB RMB US$ Cost of sales (20,349,355) (35,303,454) (20,608,355) (2,839,908) Share-based compensation expenses 13,469 10,394 7,196 992 Non-GAAP cost of sales (20,335,886) (35,293,060) (20,601,159) (2,838,916) Research and development expenses (3,048,886) (2,408,357) (2,513,854) (346,418) Share-based compensation expenses 433,764 303,047 238,932 32,926 Non-GAAP research and development expenses (2,615,122) (2,105,310) (2,274,922) (313,492) Selling, general and administrative expenses (2,977,585) (3,076,993) (2,531,009) (348,782) Share-based compensation expenses 237,994 199,633 121,511 16,745 Non-GAAP selling, general and administrative expenses (2,739,591) (2,877,360) (2,409,498) (332,037) (Loss)/Income from operations (584,902) 3,703,314 271,654 37,435 Share-based compensation expenses 685,227 513,074 367,639 50,663 Non-GAAP income from operations 100,325 4,216,388 639,293 88,098 Net income 591,126 3,532,694 646,645 89,110 Share-based compensation expenses 685,227 513,074 367,639 50,663 Release of valuation allowance on deferred tax assets — (6,085) — — Non-GAAP net income8 1,276,353 4,039,683 1,014,284 139,773 Net income attributable to ordinary shareholders of Li Auto Inc. 592,558 3,522,937 650,324 89,617 Share-based compensation expenses 685,227 513,074 367,639 50,663 Release of valuation allowance on deferred tax assets — (6,085) — — Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc. 1,277,785 4,029,926 1,017,963 140,280 Weighted average number of ADSs Basic 993,308,654 1,000,250,311 1,004,099,494 1,004,099,494 Diluted 1,066,436,872 1,066,897,163 1,069,104,610 1,069,104,610 Non-GAAP net earnings per ADS attributable to ordinary shareholders Basic 1.29 4.03 1.01 0.14 Diluted 1.21 3.79 0.96 0.13 Weighted average number of ordinary shares Basic 1,986,617,307 2,000,500,621 2,008,198,987 2,008,198,987 Diluted 2,132,873,744 2,133,794,325 2,138,209,219 2,138,209,219 Non-GAAP net earnings per share attributable to ordinary shareholders9 Basic 0.64 2.01 0.51 0.07 Diluted 0.60 1.89 0.48 0.07 ____________________ 1 All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. 2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only. 3 The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. 4 Each ADS represents two Class A ordinary shares. 5 Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure. 6 Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented. 7 Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments. 8 Non-GAAP items have no tax impact for all the periods presented. 9 Non-GAAP basic net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of convertible senior notes as determined under the if-converted method and the dilutive effect of share-based awards as determined under the treasury stock method.

ForexTV

30.05.2025

UP Fintech Holding Limited Reports Unaudited First Quarter 2025 Financial Results - ForexTV

SINGAPORE, May 30, 2025 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2025. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “The macro environment remained dynamic in the first quarter, our total revenues reached US$122.6 million, representing an increase of 55.3% year-over-year. Benefiting from our brand strength and continued investment in R&D, both our GAAP and non-GAAP net income saw impressive growth. Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, up 8.4% quarter over quarter and 146.7% year over year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech reached US$36.0 million, an increase of 18.3% sequentially and 145.0% from the same period last year. In the first quarter, we added 60,900 new customers with deposits, already achieving 40% of our yearly guidance of 150,000 new customers with deposits for 2025, and bringing our total number of customers with deposits at the end of the first quarter to 1,152,900, a 23.5% increase compared to the same quarter last year. Asset inflow remained strong, we saw net asset inflow of US$3.4 billion in the first quarter, of which the majority comes from retail users, combining with a US$776 million mark to market gain, led total account balance rose by 9.9% quarter over quarter and 39.5% year over year to US$45.9 billion, setting another historic high. We also achieved notable growth in Hong Kong, the average net asset inflows of new funded clients in Hong Kong during the first quarter were above US$30,000. In the first quarter, we continued to roll out new features aimed at enhancing the user experience across our platform. In Hong Kong, we introduced additional functionality on top of its existing virtual asset trading service. Retail investors can now deposit and withdraw cryptocurrency, such as Bitcoin and Ethereum, while professional investors are also able to deposit and withdraw USDT. Additionally, Tiger Brokers Hong Kong recently launched Delivery Versus Payment (DVP) functionality, which strengthens our ability to serve institutional and high-net-worth clients. We also introduced equity repo services to further enhance our securities lending and treasury management capabilities. In addition, we remain committed to improving our Tiger AI offering based on user feedback. It now supports portfolio and watchlist analysis, allowing users to more effectively identify investment opportunities, receive risk alerts on their holdings, and access actionable strategy suggestions. In our Corporate business, we underwrote 4 Hong Kong IPOs in the first quarter, including “Chifeng Gold” and “Nanshan Aluminum”, and acted as distributor for “Mixue Group”, the largest Hong Kong IPO in the first quarter. In our ESOP business, we added 20 new clients in the first quarter, bringing the total number of ESOP clients served to 633 as of March 31, 2025.” Financial Highlights for First Quarter 2025 Total revenues were US$122.6 million, an increase of 55.3% year-over-year and a decrease of 1.2% quarter-over-quarter.Total net revenues were US$107.6 million, an increase of 67.7% year-over-year and an increase of 0.2% quarter-over-quarter.Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million compared to a net income of US$12.3 million in the same quarter of last year.Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$36.0 million, compared to a non-GAAP net income of US$14.7 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below. Operating Highlights for First Quarter 2025 Total account balance increased 39.5% year-over-year to US$45.9 billion.Total margin financing and securities lending balance increased 89.4% year-over-year to US$5.2 billion.Total number of customers with deposit increased 23.5% year-over-year to 1,152,900. Selected Operating Data for First Quarter 2025 As of and for the three months ended March 31, December 31, March 31, 2024 2024 2025In 000's Number of customer accounts 2,247.4 2,449.3 2,526.7Number of customers with deposits 933.4 1,092.0 1,152.9Number of options and futures contracts traded 10,850.3 18,926.3 20,400.7In USD millions Trading volume 85,410.6 198,016.9 217,453.6Trading volume of stocks 28,606.3 55,502.6 59,453.4Total account balance 32,872.1 41,725.2 45,861.9 First Quarter 2025 Financial Results REVENUES Total revenues were US$122.6 million, an increase of 55.3% from US$78.9 million in the same quarter of last year. Commissions were US$58.3 million, an increase of 109.8% from US$27.8 million in the same quarter of last year, due to an increase in trading volume. Financing service fees were US$2.6 million, a decrease of 9.6% from US$2.8 million in the same quarter of last year, primarily due to a decrease of the account balance of our fully disclosed account customers. Interest income was US$53.8 million, an increase of 22.7% from US$43.8 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers. Other revenues were US$7.9 million, an increase of 76.8% from US$4.5 million in the same quarter of last year, primarily due to an increase in currency exchange income and wealth management income. Interest expense was US$15.0 million, an increase of 1.7% from US$14.8 million in the same quarter of last year, primarily due to the increase in funding for margin financing activities. OPERATING COSTS AND EXPENSES Total operating costs and expenses were US$67.1 million, an increase of 32.1% from US$50.8 million in the same quarter of last year. Execution and clearing expenses were US$5.3 million, an increase of 139.3% from US$2.2 million in the same quarter of last year due to an increase in our trading volume. Employee compensation and benefits expenses were US$33.8 million, an increase of 21.7% from US$27.8 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion. Occupancy, depreciation and amortization expenses were US$2.1 million, a slight increase of 0.2% from US$2.1 million in the same quarter of last year. Communication and market data expenses were US$9.8 million, an increase of 14.4% from US$8.6 million in the same quarter of last year due to increased IT-related service fees. Marketing and branding expenses were US$10.9 million, an increase of 147.5% from US$4.4 million in the same quarter of last year, primarily due to higher marketing spending this quarter. General and administrative expenses were US$5.1 million, a decrease of 9.4% from US$5.7 million in the same quarter of last year due to a decrease in professional service fees. NET INCOME attributable to ordinary shareholders of UP Fintech Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, as compared to a net income of US$12.3 million in the same quarter of last year. Net income per ADS – diluted was US$0.166, as compared to a net income per ADS – diluted of US$0.077 in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$36.0 million, as compared to a US$14.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.198 as compared to a non-GAAP net income per ADS – diluted of US$0.092 in the same quarter of last year. For the first quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 184,472,928. As of March 31, 2025, the Company had a total of 2,649,914,037 Class A and B ordinary shares outstanding, or the equivalent of 176,660,936 ADSs. CERTAIN OTHER FINANCIAL ITEMS As of March 31, 2025, the Company's cash and cash equivalents, term deposits and long-term deposits were US$406.4 million, compared to US$396 million as of December 31, 2024. As of March 31, 2025, the allowance for doubtful accounts on receivables from customers was US$14.8 million compared to US$15.3 million as of December 31, 2024. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires certain crypto assets to be measured at fair value separately on the balance sheet with changes reported in the statement of operations each reporting period. The Company adopted this guidance from January 1, 2025, and the Company recorded such crypto asset balance in Crypto assets held as of March 31, 2025, with a cumulative-effect adjustment of US$2.3 million to the opening balance of Retained earnings. Updates to Management and Directors Mr. Ming Liao departed from the position of Independent Director at the Company due to personal reasons, effective May 28, 2025. Mr. Liao’s departure was not the result from any disagreement with the Company. Conference Call Information: UP Fintech’s management will hold an earnings conference call at 8:00 AM on May 30, 2025, U.S. Eastern Time (8:00 PM on May 30, 2025, Singapore/Hong Kong Time). All participants wishing to attend the call must preregister online before receiving the dial-in number. Preregistration may take a few minutes to complete. Preregistration Information: Please note that all participants will need to pre-register for the conference call, using the link: https://register-conf.media-server.com/register/BId8a2d4cd09e14653b3533b8d3745dfa0 It will automatically lead to the registration page of "UP Fintech Holding Limited First Quarter 2025 Earnings Conference Call", where details for RSVP are needed. Upon registering, all participants will be provided a confirmation email with a participant dial-in number and personal PIN to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information. Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com Use of Non-GAAP Financial Measures In evaluating our business, we consider and use non-GAAP net income attributable to ordinary shareholders of UP Fintech and non-GAAP net income per ADS - diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net income attributable to ordinary shareholders of UP Fintech as net income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net income per ADS - diluted is non-GAAP net income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors' assessment of our operating performance. These non-GAAP financial measures 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 an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited. These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. About UP Fintech Holding Limited UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses. For more information on the Company, please visit: https://ir.itigerup.com. Safe Harbor Statement This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, 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, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; the cooperation relationships with our business partners and shareholders such as Interactive Brokers LLC and Xiaomi Corporation and its affiliates; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 23, 2025. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC. For investor and media inquiries please contact: Investor Relations Contact UP Fintech Holding Limited Email: ir@itiger.com UP FINTECH HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in U.S. dollars ("US$")) As of December 31, As of March 31, 2024 2025 US$ US$ Assets: Cash and cash equivalents 393,576,874 403,891,218 Cash-segregated for regulatory purpose 2,464,683,625 2,849,477,420 Term deposits 1,075,260 1,101,083 Receivables from customers (net of allowance of US$15,284,002 and US$14,790,668 as of December 31, 2024 and March 31, 2025) 1,052,972,649 1,221,616,295 Receivables from brokers, dealers, and clearing organizations 2,305,740,507 2,556,498,087 Financial instruments held, at fair value 75,547,082 177,479,943 Prepaid expenses and other current assets 17,629,819 19,529,054 Amounts due from related parties 16,720,671 13,821,867 Total current assets 6,327,946,487 7,243,414,967 Non-current assets: Long-term deposits 1,369,994 1,378,037 Right-of-use assets 10,880,673 12,736,333 Property, equipment and intangible assets, net 15,358,528 15,750,823 Crypto assets held — 3,410,986 Goodwill 2,492,668 2,492,668 Long-term investments 7,658,809 7,473,531 Equity method investment 10,203,622 10,305,433 Other non-current assets 6,828,553 8,623,671 Deferred tax assets 8,573,135 9,931,234 Total non-current assets 63,365,982 72,102,716 Total assets 6,391,312,469 7,315,517,683 Current liabilities: Payables to customers 3,574,651,125 4,333,279,026 Payables to brokers, dealers and clearing organizations: 1,914,769,701 1,975,967,952 Accrued expenses and other current liabilities 67,263,254 75,891,783 Lease liabilities-current 4,153,928 4,845,376 Amounts due to related parties 874,331 53,588,763 Total current liabilities 5,561,712,339 6,443,572,900 Convertible bonds 159,505,397 160,158,584 Lease liabilities- non-current 5,902,323 6,992,755 Deferred tax liabilities 2,068,661 2,161,995 Total liabilities 5,729,188,720 6,612,886,234 Mezzanine equity Redeemable non-controlling interest 7,177,668 5,518,571 Total Mezzanine equity 7,177,668 5,518,571 Shareholders’ equity: Class A ordinary shares 25,427 25,523 Class B ordinary shares 976 976 Additional paid-in capital 619,030,730 624,497,561 Statutory reserve 12,425,463 12,425,463 Retained earnings 37,843,547 70,712,884 Treasury stock (2,172,819) (2,172,819)Accumulated other comprehensive loss (11,919,310) (8,090,989)Total UP Fintech shareholders’ equity 655,234,014 697,398,599 Non-controlling interests (287,933) (285,721)Total equity 654,946,081 697,112,878 Total liabilities, mezzanine equity and equity 6,391,312,469 7,315,517,683 UP FINTECH HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (All amounts in U.S. dollars ("US$"), except for number of shares (or ADSs) and per share (or ADS) data) For the three months ended March 31, December 31, March 31, 2024 2024 2025 US$ US$ US$ Revenues: Commissions 27,786,218 55,964,174 58,307,151 Interest related income Financing service fees 2,832,065 2,770,419 2,560,432 Interest income 43,841,220 55,762,091 53,805,393 Other revenues 4,488,989 9,605,165 7,936,987 Total revenues 78,948,492 124,101,849 122,609,963 Interest expense (14,789,835) (16,731,341) (15,041,810)Total Net revenues 64,158,657 107,370,508 107,568,153 Operating costs and expenses: Execution and clearing (2,230,863) (6,095,132) (5,338,917)Employee compensation and benefits (27,787,218) (37,163,110) (33,805,808)Occupancy, depreciation and amortization (2,144,337) (2,137,586) (2,149,308)Communication and market data (8,561,482) (11,787,814) (9,794,869)Marketing and branding (4,390,987) (9,507,918) (10,867,048)General and administrative (5,667,137) (6,432,737) (5,136,346)Total operating costs and expenses (50,782,024) (73,124,297) (67,092,296)Other income (expense): Others, net 3,615,219 3,469,021 (1,340,064)Income before income tax 16,991,852 37,715,232 39,135,793 Income tax expenses (4,528,297) (9,488,084) (8,549,158)Net income 12,463,555 28,227,148 30,586,635 Less: net (loss) income attributable to non-controlling interests (17,914) 12,563 11,527 Accretion of redeemable non-controlling interests to redemption value (151,322) (164,328) (155,983)Net income attributable to ordinary shareholders of UP Fintech 12,330,147 28,050,257 30,419,125 Other comprehensive income (loss), net of tax: Unrealized gain on available-for-sale investments — 343,892 — Changes in cumulative foreign currency translation adjustment (4,791,040) (17,440,809) 3,826,640 Total Comprehensive income 7,672,515 11,130,231 34,413,275 Less: comprehensive (loss) income attributable to non-controlling interests (13,454) 24,226 9,845 Accretion of redeemable non-controlling interests to redemption value (151,322) (164,328) (155,983)Total Comprehensive income attributable to ordinary shareholders of UP Fintech 7,534,647 10,941,677 34,247,447 Net income per ordinary share: Basic 0.005 0.011 0.012 Diluted 0.005 0.011 0.011 Net income per ADS (1 ADS represents 15 Class A ordinary shares): Basic 0.079 0.164 0.173 Diluted 0.077 0.158 0.166 Weighted average number of ordinary shares used in calculating net income per ordinary share: Basic 2,342,468,897 2,557,911,677 2,634,972,699 Diluted 2,452,022,959 2,687,607,158 2,767,093,920 Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures(All amounts in U.S. dollars ("US$"), except for number of ADSs and per ADS data) For the three months ended March 31,2024 For the three months ended December 31,2024 For the three months ended March 31,2025 non-GAAP non-GAAP non-GAAP GAAP Adjustment non-GAAP GAAP Adjustment non-GAAP GAAP Adjustment non-GAAP US$ US$ US$ US$ US$ US$ US$ US$ US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2,380,637 (1) 2,421,342 (1) 5,621,791 (1) Net income attributable to ordinary shareholders of UP Fintech 12,330,147 2,380,637 14,710,784 28,050,257 2,421,342 30,471,599 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Huize Holding Limited Reports First Quarter 2025 Unaudited Financial Results - ForexTV

SHENZHEN, China, June 06, 2025 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia, today announced its unaudited financial results for the quarter ended March 31, 2025. First Quarter 2025 Financial and Operational Highlights Robust growth in insurance premiums: Gross written premiums (“GWP”) reached RMB1,437.3 million for the first quarter of 2025, representing an increase of 37.8% from RMB1,043.0 million in the final quarter of 2024. First year premiums (“FYP”) also rose 30.9% sequentially to RMB730.4 million in the first quarter of 2025. Increases in premiums were driven primarily by our high-quality customer base, sustainably high persistency ratios, and the diverse insurance product offerings that we provide on our platform.Improving operational efficiency: Total operating expenses declined by 28.9% sequentially to RMB82.7 million in the first quarter of 2025. Our expense-to-income ratio improved significantly from 40.7% in the final quarter of 2024 to 29.1% in the first quarter of 2025, reflecting the operational efficiency improvement driven by our recent cost-optimization initiatives and the integration of our proprietary AI into everyday workstreams.The cumulative number of insurance clients served increased to 11.0 million as of March 31, 2025. Huize cooperated with 143 insurer partners in mainland China and internationally, including 83 life and health insurance companies and 60 property and casualty insurance companies, as of March 31, 2025.As of March 31, 2025, cash and cash equivalents were RMB201.7 million (US$27.8 million). Mr. Cunjun Ma, Founder and CEO of Huize, said, “We are pleased to deliver another quarter of resilient business results, with operating revenue exceeded RMB280 million, while gross written premiums and first-year premiums facilitated on our platform increasing 38% and 31% sequentially, reaching RMB1.4 billion and RMB730 million, respectively.” “Throughout the quarter, we remained focused on acquiring and serving high-quality, mass-affluent customers. The average age of customers who purchased long-term insurance products in the quarter was 35.0 years old, among which 66.4% were in higher-tier cities. By the end of February, our 13th and 25th month persistency ratios for long-term life and health insurance products remained at industry-high levels of more than 95%, reflecting the high quality of customers we acquired through various channels.” “We continue to develop and launch differentiated customized products with insurer partners. Market demand for wealth protection solutions has intensified amid a declining interest rate environment. In response, we partnered with New China Life to launch “Bliss No. 3,” a savings product striving to achieve sustainable returns for customers. Additionally, we expanded our portfolio of customized participating products. Building on the “Fu Man Jia” series co-launched with Aviva-COFCO, we partnered with Cathay Lujiazui Life Insurance on “Jin Man Yi Zu No.6”, a participating incremental whole life insurance product. This was followed by the launch of “Xing Hai Hui Xuan”, a participating annuity product co-developed with Pramerica Fosun Life Insurance. These customized products were designed to cater to the industry-wide demand shift from fixed returns to floating-returns, further solidifying our leadership in China’s participating insurance segment.” “Our proprietary AI solutions are increasingly integrated across our operations, enhancing service efficiency and supporting sustainable growth. Notably, our expense-to-income ratio fell by 11.5 percentage points sequentially, reaching 29.1% in the first quarter of 2025. With private large-language model deployments, we are not only realizing meaningful cost savings, but also reinforcing the security and effectiveness of our data capabilities, ensuring regulatory compliance.” “During the quarter, we launched an AI-powered smart portal on Huize’s app, offering 24/7 insurance agent support. Our AI services now cover key customer lifecycle touchpoints including policy inquiries and product matching, serving an average of over 15,000 users daily. We are also revolutionizing after-sales claims processing through Xiao Ma Claim’s AI agents, achieving end-to-end automation of claims reporting, review, and payout. This innovation is expected to reduce processing time on Xiao Ma Flash Claim from one day to one hour upon full rollout. In the first quarter, Xiao Ma Claim facilitated RMB190 million in claims across 36,000 cases, providing customers with efficient and reliable insurance claim services.” First Quarter 2025 Financial Results GWP and operating revenue GWP facilitated on our platform was RMB1,437.3 million (US$198.1 million) in the first quarter of 2025, a decrease of 16.3% from RMB1,718.0 million in the same period of 2024. Within GWP facilitated in the first quarter of 2025, FYP accounted for RMB730.4 million (or 50.8% of total GWP), a decrease of 14.8% year-over-year. Renewal premiums accounted for RMB706.8 million (or 49.2% of total GWP), a decrease of 17.9% year-over-year. Operating revenue was RMB283.8 million (US$39.1 million) in the first quarter of 2025, a decrease of 8.5% from RMB310.3 million in the same period of 2024. The decrease was primarily driven by the decrease in FYP facilitated. Operating costs Operating costs were RMB210.5 million (US$29.0 million) in the first quarter of 2025, a decrease of 4.4% from RMB220.2 million in the same period of 2024, primarily due to a decrease in channel expenses. Operating expenses Selling expenses were RMB47.3 million (US$6.5 million) in the first quarter of 2025, an increase of 7.0% from RMB44.2 million in the same period of 2024, primarily due to an increase in advertising and marketing expenses. General and administrative expenses were RMB21.9 million (US$3.0 million) in the first quarter of 2025, a decrease of 3.2% from RMB22.6 million in the same period of 2024. This decrease was primarily due to a decrease in rental and utilities expenses. Research and development expenses were RMB13.5 million (US$1.9 million) in the first quarter of 2025, a decrease of 6.3% from RMB14.4 million in the same period of 2024, primarily due to a decrease in rental and utilities expenses. Net loss and non-GAAP net loss for the period Net loss attributable to common shareholders was RMB8.6 million (US$1.2 million) in the first quarter of 2025, compared to net profit attributable to common shareholders of RMB6.9 million in the same period of 2024. Non-GAAP net loss attributable to common shareholders1 was RMB10.9 million (US$1.5 million) in the first quarter of 2025, compared to non-GAAP net profit attributable to common shareholders of RMB4.4 million in the same period of 2024. Cash and cash equivalents As of March 31, 2025, the Company’s cash and cash equivalents amounted to RMB201.7 million (US$27.8 million), compared to RMB233.2 million as of December 31, 2024. Conference Call The Company’s management team will hold an earnings conference call at 8:00 A.M. Eastern Time on Friday, June 6, 2025 (8:00 P.M. Beijing/Hong Kong Time on Friday, June 6, 2025). Details for the conference call are as follows: Event Title: Huize Holding Limited’s First Quarter 2025 Earnings Conference CallRegistration Link: https://register-conf.media-server.com/register/BI0fd426b7ca0e4dd38aa44d82b96a9c7e All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call. Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.huize.com. About Huize Holding Limited Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service. For more information, please visit http://ir.huize.com or follow us on social media via LinkedIn (https://www.linkedin.com/company/huize-holding-limited), X(https://x.com/huizeholding) and Webull(https://www.webull.com/quote/nasdaq-huiz). Use of Non-GAAP Financial Measure Statement In evaluating our business, we consider and use non-GAAP net profit/(loss) attributable to common shareholders as a supplemental measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP net profit/(loss) attributable to common shareholders as net profit/(loss) attributable to common shareholders excluding share-based compensation expenses. Such adjustments have no impact on income tax because either the non-GAAP adjustments were recorded at entities located in tax free jurisdictions, such as the Cayman Islands or because the non-GAAP adjustments were recorded at operating entities located in the PRC for which the non-GAAP adjustments were not deductible for tax purposes. We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net profit/(loss) attributable to common shareholders enables our management to assess our operating results without considering the impact of share-based compensation expenses. We also believe that the use of this non-GAAP financial measure facilitates investors’ assessment of our operating performance. This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net profit/(loss) attributable to common shareholders is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP financial measure may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited. The non-GAAP financial measure should not be considered in isolation or construed as an alternative to net profit/(loss) attributable to common shareholders or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP measure, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. 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 and from U.S. dollars to RMB are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, business outlook and quotations from management in this announcement, contain forward-looking statements. Huize may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huize’s goal and strategies; Huize’s expansion plans; Huize’s future business development, financial condition and results of operations; Huize’s expectation regarding the demand for, and market acceptance of, its online insurance products; Huize’s expectations regarding its relationship with insurer partners and insurance clients and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huize’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Huize does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Investor RelationsKenny LoInvestor Relations Managerinvestor@huize.com Media Relationsmediacenter@huize.com Christensen AdvisoryIn ChinaMs. Dee WangPhone: +86-10-5900-1548Email: dee.wang@christensencomms.com In U.S.Ms. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com Huize Holding LimitedUnaudited Condensed Consolidated Balance Sheets(all amounts in thousands, except for share and per share data) As of December 31, As of March 31, 2024 2025 RMB RMB USDAssets Current assets Cash and cash equivalents 233,207 201,708 27,796 Restricted cash 61,708 54,525 7,514 Short-term investments 5,000 3,137 432 Contract assets, net of allowance for doubtful accounts 71,085 60,680 8,362 Accounts receivables, net of allowance for impairment 157,080 191,794 26,430 Insurance premium receivables 1,763 1,640 226 Amounts due from related parties 995 1,204 166 Prepaid expense and other receivables 68,171 68,225 9,402 Total current assets 599,009 582,913 80,328 Non-current assets Restricted cash 29,883 29,883 4,118 Contract assets, net of allowance for expected credit losses 28,435 24,195 3,334 Property, plant and equipment, net 47,083 44,590 6,145 Intangible assets, net 68,840 69,785 9,617 Long-term investments 66,716 69,132 9,527 Operating lease right-of-use assets 20,715 17,126 2,360 Goodwill 14,536 14,536 2,003 Other assets 8,981 8,700 1,199 Total non-current assets 285,189 277,947 38,303 Total assets 884,198 860,860 118,631 Liabilities and Shareholders’ Equity Current liabilities Short-term borrowings 50,000 53,000 7,304 Accounts payable 202,054 202,697 27,932 Insurance premium payables 56,042 47,531 6,550 Other payables and accrued expenses 44,434 33,446 4,606 Payroll and welfare payable 41,005 41,776 5,757 Income taxes payable 2,575 2,575 355 Operating lease liabilities 16,743 14,901 2,053 Amount due to related parties 2,495 - - Total current liabilities 415,348 395,926 54,557 Non-current liabilities Long-term borrowings - 6,990 963 Deferred tax liabilities 14,875 14,848 2,046 Operating lease liabilities 24,082 19,806 2,729 Payroll and welfare payable 649 305 42 Accounts payable - 2,713 374 Total non-current liabilities 39,606 44,662 6,154 Total liabilities 454,954 440,588 60,711 Shareholders’ equity Class A common shares 63 63 9 Class B common shares 10 10 1 Treasury stock (29,513) (29,513) (4,067)Additional paid-in capital 909,930 909,930 125,392 Accumulated other comprehensive loss (12,864) (12,311) (1,697)Accumulated deficits (458,886) (467,473) (64,414)Total shareholders’ equity attributable to Huize Holding Limited shareholders 408,740 400,706 55,224 Non-controlling interests 20,504 19,566 2,696 Total shareholders’ equity 429,244 420,272 57,920 Total liabilities and shareholders’ equity 884,198 860,860 118,631 Huize Holding LimitedUnaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (all amounts in thousands, except for share and per share data) For the Three Months Ended March 31, 2024 2025 RMB RMB USDOperating revenue Brokerage income 301,882 271,850 37,462 Other income 8,430 11,939 1,645 Total operating revenue 310,312 283,789 39,107 Operating costs and expenses Cost of revenue (217,922) (209,012) (28,803)Other cost (2,273) (1,471) (203)Total operating costs (220,195) (210,483) (29,005)Selling expenses (44,205) (47,320) (6,521)General and administrative expenses (22,632) (21,905) (3,019)Research and development expenses (14,380) (13,471) (1,856)Total operating costs and expenses (301,412) (293,179) (40,402)Operating (loss)/profit 8,900 (9,390) (1,295) Other income/(expenses) Interest income 1,224 675 93 Unrealized exchange loss (293) (147) (19)Investment income/(loss) (2,325) 214 30 Others, net 1,950 736 101 (Loss)/profit before income tax, and share of loss of equity method investee 9,456 (7,912) (1,090)Income tax expense - (152) (21)Share of loss of equity method investee (767) (1,460) (201)Net (loss)/profit 8,689 (9,524) (1,312) Net (loss)/profit attributable to non-controlling interests 1,781 (937) (129)Net (loss)/profit attributable to Huize Holding Limited 6,908 (8,587) (1,183) Net (loss)/profit 8,689 (9,524) (1,312)Foreign currency translation adjustment, net of tax 1,499 553 76 Comprehensive (loss)/profit 10,188 (8,971) (1,236)Comprehensive (loss)/income attributable to non-controlling interests 1,781 (937) (129)Comprehensive (loss)/income attributable to Huize Holding Limited 8,407 (8,034) (1,107) Weighted average number of common shares used in computing net profit per share Basic and diluted 988,410,632 1,008,857,623 1,008,857,623 Net (loss)/profit per share attributable to common shareholders Basic and diluted 0.01 (0.01) (0.00) Huize Holding LimitedUnaudited Reconciliations of GAAP and Non-GAAP Results(all amounts in thousands, except for share and per share data) For the Three Months Ended March 31, 2024 2025 RMB RMB USDNet (loss)/profit attributable to common shareholders 6,908 (8,587) (1,183)Share-basedcompensation expenses (2,558) (2,354) (324)Non-GAAP net (loss)/profit attributable to common shareholders 4,350 (10,941) (1,508) ______________________ 1 Non-GAAP net loss attributable to common shareholders is a non-GAAP financial measure. For more information, please see the section of “Use of Non-GAAP Financial Measure Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

ForexTV

06.06.2025

Burning Rock Reports First Quarter 2025 Financial Results - ForexTV

GUANGZHOU, China, June 06, 2025 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (NASDAQ: BNR, the “Company” or “Burning Rock”), a company focused on the application of next generation sequencing (NGS) technology in the field of precision oncology, today reported financial results for the three months ended March 31, 2025. Recent Business Updates Therapy Selection and MRD Personalized Minimal Residual Disease (MRD) product, CanCatch® Custom supports advancement in oesophageal squamous cell carcinoma（OSCC）treatment, with results published in the Molecular Cancer in May 2025. The study is a two-arm, multicenter, randomized, double-blind phase 2 study, comparing the efficacy of systemic treatment combining nCT with immunotherapy against nCT alone for OSCC patients. The study demonstrates that Perioperative Nivolumab plus chemotherapy is a viable and safe option for systemically treating locally advanced resectable OSCC, and monitoring minimal residual disease through ctDNA could be potentially valuable for assessing the effectiveness of adjuvant therapy and for prognostic evaluation in a systemic manner.Presented study results on non-small cell lung cancer and gastrointestinal stromal tumor (GIST) at the ASCO in June 2025. “Personalized tumor-informed ctDNA has the potential to inform recurrence in high-risk locally advanced stage GIST patients, especially for patients with irregular adjuvant therapy” and “MUSETALK-Lung01 (MUltiomics SEquencing Technique AppLication Kick-start) is a prospective, longitudinal, observational study designed to evaluate the clinical utility of a tumor-naïve ctDNA assay in patients with early-stage non-small cell lung cancer (NSCLC).”Presented multiple study results at the 2025 AACR in April, showcasing the clinical utility of the tumor-informed personalized MRD assay (CanCatch® Custom) and the tumor-naïve methylation-based MRD assay. First Quarter 2025 Financial Results Revenues were RMB133.1 million (US$18.3 million) for the three months ended March 31, 2025, representing a 5.9% increase from RMB125.6 million for the same period in 2024. Revenue generated from central laboratory business was RMB38.3 million (US$5.3 million) for the three months ended March 31, 2025, representing a 19.6% decrease from RMB47.6 million for the same period in 2024, primarily attributable to a decrease in the number of tests, as we continued to focus on our in-hospital business.Revenue generated from in-hospital business was RMB57.7 million (US$7.9 million) for the three months ended March 31, 2025, representing a 0.5% increase from RMB57.4 million for the same period in 2024, driven by a continuous growth in sales volume.Revenue generated from pharma research and development services was RMB37.1 million (US$5.1 million) for the three months ended March 31, 2025, representing a 79.9% increase from RMB20.6 million for the same period in 2024, primarily attributable to increased development and testing services performed for our pharma customers, and several milestones of our pharma programs were achieved. Cost of revenues was RMB35.7 million (US$4.9 million) for the three months ended March 31, 2025, representing a 10.6% decrease from RMB39.9 million for the same period in 2024, primarily due to a decrease in cost of central laboratory business, which was in line with the decrease in revenue generated from this business. Gross profit was RMB97.4 million (US$13.4 million) for the three months ended March 31, 2025, representing a 13.7% increase from RMB85.7 million for the same period in 2024. Gross margin was 73.2% for the three months ended March 31, 2025, compared to 68.2% for the same period in 2024. By channel, gross margin of central laboratory business was 84.1% for the three months ended March 31, 2025, compared to 77.7% during the same period in 2024, primarily due to a reduction in material and labor costs resulted from cost optimization and control measures and a decreased depreciation and rental cost in relation to our laboratory of Guangzhou headquarter; gross margin of in-hospital business was 76.1% for the three months ended March 31, 2025, compared to 68.3% during the same period in 2024, primarily due to the same reason; gross margin of pharma research and development services was 57.5% for the three months ended March 31, 2025, compared to 46.1% during the same period of 2024, primarily due to the cost optimization measures and an increase in test volume of higher margin projects. Non-GAAP gross profit, which excludes depreciation and amortization expenses, RMB100.7 million (US$13.9 million) for the three months ended March 31, 2025, representing an 8.3% increase from RMB93.0 million for the same period in 2024. Non-GAAP gross margin was 75.6% for the three months ended March 31, 2025, compared to 74.0% for the same period in 2024. Operating expenses were RMB112.6 million (US$15.5 million) for the three months ended March 31, 2025, representing a 46.8% decrease from RMB211.5 million for the same period in 2024. The decrease was primarily driven by budget control measures and headcount reduction to improve the Company’s operating efficiency. Research and development expenses were RMB40.4 million (US$5.6 million) for the three months ended March 31, 2025, representing a 38.8% decrease from RMB66.0 million for the same period in 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in the expenditure for detection research and (iii) a decrease in depreciation and amortization.Selling and marketing expenses were RMB40.9 million (US$5.6 million) for the three months ended March 31, 2025, representing a 12.7% decrease from RMB46.9 million for the same period in 2024, primarily due to (i) a decrease in staff cost resulted from the reorganization of our sales department to improve operating efficiency and (ii) a decrease in depreciation and amortization.General and administrative expenses were RMB31.3 million (US$4.3 million) for the three months ended March 31, 2025, representing a 68.3% decrease from RMB98.7 million for the same period in 2024, primarily due to (i) a decrease in amortized expense on share-based compensation; (ii) a decrease in depreciation and amortization; (iii) a decrease in staff cost resulted from the reorganization; and (iv) a decrease in operating lease expense for office building. Net loss was RMB13.5 million (US$1.9 million) for the three months ended March 31, 2025, compared to RMB121.5 million for the same period in 2024. Cash, cash equivalents and restricted cash were RMB497.4 million (US$68.5 million) as of March 31, 2025. Exchange Rate Information This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. About Burning Rock Burning Rock Biotech Limited (NASDAQ: BNR), whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage. For more information about Burning Rock, please visit: ir.brbiotech.com. 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. Burning Rock may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Burning Rock’s beliefs and expectations, are forward-looking 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 Burning Rock’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. All information provided in this press release is as of the date of this press release, and Burning Rock 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. Non-GAAP Measures In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP gross profit and non-GAAP gross margin, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The company defines non-GAAP gross profit as gross profit excluding depreciation and amortization. The company defines non-GAAP gross margin as gross margin excluding depreciation and amortization. The company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The company believe non-GAAP gross profit and non-GAAP gross margin excluding non-cash impact of depreciation and amortization reflect the company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. Contact: IR@brbiotech.com Selected Operating Data As of March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025In-hospital Channel: Pipeline partner hospitals(1)28 29 30 29 30Contracted partner hospitals(2)59 59 61 63 63Total number of partner hospitals87 88 91 92 93 (1)Refers to hospitals that are in the process of establishing in-hospital laboratories, laboratory equipment procurement or installation, staff training or pilot testing using the Company’s products.(2)Refers to hospitals that have entered into contracts to purchase the Company’s products for use on a recurring basis in their respective in-hospital laboratories the Company helped them establish. Kit revenue is generated from contracted hospitals. Selected Financial Data For the three months endedRevenuesMarch 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 (RMB in thousands)Central laboratory channel47,614 48,773 39,984 39,278 38,296In-hospital channel57,387 59,872 63,769 43,464 57,687Pharma research and development channel20,622 26,888 24,891 43,280 37,099Total revenues125,623 135,533 128,644 126,022 133,082 For the three months endedGross profitMarch 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands)Central laboratory channel37,002 38,424 33,262 33,153 32,191In-hospital channel39,192 44,058 46,580 29,563 43,895Pharma research and development channel9,500 12,956 12,004 26,706 21,315Total gross profit85,694 95,438 91,846 89,422 97,401 For the three months endedShare-based compensation expensesMarch 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands)Cost of revenues596 464 289 520 308Research and development expenses12,287 12,008 3,180 3,202 1,800Selling and marketing expenses508 1,232 1,917 1,353 1,025General and administrative expenses55,990 54,407 4,732 2,937 1,413Total share-based compensation expenses69,381 68,111 10,118 8,012 4,546 Burning Rock Biotech Limited Unaudited Condensed Statements of Comprehensive Loss (in thousands, except for number of shares and per share data) For the three months ended March 31,2024 June 30,2024 September 30, 2024 December 31,2024 March 31, 2025 March 31, 2025 RMB RMB RMB RMB RMB US$Revenues125,623 135,533 128,644 126,022 133,082 18,340 Cost of revenues(39,929) (40,095) (36,798) (36,600) (35,681) (4,918)Gross profit85,694 95,438 91,846 89,422 97,401 13,422 Operating expenses: Research and development expenses(65,985) (64,952) (49,150) (52,203) (40,389) (5,566)Selling and marketing expenses(46,856) (48,907) (48,411) (46,730) (40,888) (5,635)General and administrative expenses(98,681) (92,794) (32,874) (37,289) (31,303) (4,314)Impairment loss on long-lived assets (35,127) Total operating expenses(211,522) (206,653) (130,435) (171,349) (112,580) (15,515)Loss from operations(125,828) (111,215) (38,589) (81,927) (15,179) (2,093)Interest income4,038 3,187 3,173 1,814 2,581 356 Other income (expense), net434 (82) 1 4,353 (652) (90)Foreign exchange (loss) gain, net(13) 262 (129) (220) (26) (4)Loss before income tax(121,369) (107,848) (35,544) (75,980) (13,276) (1,831)Income tax expenses(180) (190) (201) (5,314) (224) (31)Net loss(121,549) (108,038) (35,745) (81,294) (13,500) (1,862)Net loss attributable to Burning Rock Biotech Limited’s shareholders(121,549) (108,038) (35,745) (81,294) (13,500) (1,862)Net loss attributable to ordinary shareholders(121,549) (108,038) (35,745) (81,294) (13,500) (1,862)Loss per share for class A and class B ordinary shares: Class A ordinary shares - basic and diluted(1.19) (1.05) (0.35) (0.79) (0.13) (0.02)Class B ordinary shares - basic and diluted(1.19) (1.05) (0.35) (0.79) (0.13) (0.02)Weighted average shares outstanding used in loss per share computation: Class A ordinary shares - basic and diluted85,219,188 85,271,858 85,902,670 86,036,286 90,291,658 90,291,658 Class B ordinary shares - basic and diluted17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 17,324,848 Other comprehensive income (loss), net of tax of nil: Foreign currency translation adjustments590 940 (4,054) 6,009 (72) (10)Total comprehensive loss(120,959) (107,098) (39,799) (75,285) (13,572) (1,872)Total comprehensive loss attributable to Burning Rock Biotech Limited’s shareholders(120,959) (107,098) (39,799) (75,285) (13,572) (1,872) Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets(In thousands) As of December 31, 2024 March 31,2025 March 31,2025 RMB RMB US$ASSETS Current assets: Cash and cash equivalents519,849 495,145 68,233Restricted cash2,313 2,261 312Accounts receivable, net152,013 159,463 21,974Contract assets, net13,855 17,178 2,367Inventories, net62,625 65,424 9,016Prepayments and other current assets, net25,963 22,072 3,042Total current assets776,618 761,543 104,944Non-current assets: Property and equipment, net47,152 41,162 5,672Operating right-of-use assets53,188 43,804 6,036Intangible assets, net421 386 53Other non-current assets7,926 7,822 1,078Total non-current assets108,687 93,174 12,839TOTAL ASSETS885,305 854,717 117,783 Burning Rock Biotech LimitedUnaudited Condensed Consolidated Balance Sheets (Continued)(in thousands) As of December 31,2024 March 31,2025 March 31,2025 RMB RMB US$LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable33,747 35,938 4,952 Deferred revenue117,895 117,200 16,151 Accrued liabilities and other current liabilities89,498 76,198 10,501 Customer deposits592 592 82 Current portion of operating lease liabilities24,567 22,524 3,104 Total current liabilities266,299 252,452 34,790 Non-current liabilities: Non-current portion of operating lease liabilities27,754 19,814 2,730 Other non-current liabilities10,425 10,649 1,467 Total non-current liabilities38,179 30,463 4,197 TOTAL LIABILITIES304,478 282,915 38,987 Shareholders’ equity: Class A ordinary shares124 124 17 Class B ordinary shares21 21 3 Additional paid-in capital5,002,255 5,005,991 689,844 Treasury stock(63,264) (62,453) (8,606)Accumulated deficits(4,200,261) (4,213,761) (580,672)Accumulated other comprehensive loss(158,048) (158,120) (21,790)Total shareholders’ equity580,827 571,802 78,796 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY885,305 854,717 117,783 Burning Rock Biotech LimitedUnaudited Condensed Statements of Cash Flows(in thousands) For the three months ended March 31,2024 March 31,2025 March 31,2025 RMB RMB US$Net cash generated from (used in) operating activities19,062 (23,527) (3,242)Net cash used in investing activities(812) (1,531) (211)Net cash used in financing activities(74) - - Effect of exchange rate on cash, cash equivalents and restricted cash5,739 302 43 Net increase in (decrease) cash, cash equivalents and restricted cash23,915 (24,756) (3,410)Cash, cash equivalents and restricted cash at the beginning of period498,247 522,162 71,955 Cash, cash equivalents and restricted cash at the end of period522,162 497,406 68,545 Burning Rock Biotech LimitedReconciliations of GAAP and Non-GAAP Results For the three months ended March 31,2024 June 30,2024 September 30,2024 December 31,2024 March 31,2025 (RMB in thousands)Gross profit: Central laboratory channel37,002 38,424 33,262 33,153 32,191In-hospital channel39,192 44,058 46,580 29,563 43,895Pharma research and development channel9,500 12,956 12,004 26,706 21,315Total gross profit85,694 95,438 91,846 89,422 97,401Add: depreciation and amortization: Central laboratory channel1,919 1,226 1,277 1,010 562In-hospital channel1,524 824 798 623 290Pharma research and development channel3,856 4,417 3,846 2,534 2,412Total depreciation and amortization included in cost of revenues7,299 6,467 5,921 4,167 3,264Non-GAAP gross profit： Central laboratory channel38,921 39,650 34,539 34,163 32,753In-hospital channel40,716 44,882 47,378 30,186 44,185Pharma research and development channel13,356 17,373 15,850 29,240 23,727Total non-GAAP gross profit92,993 101,905 97,767 93,589 100,665Non-GAAP gross margin： Central laboratory channel81.7% 81.3% 86.4% 87.0% 85.5%In-hospital channel70.9% 75.0% 74.3% 69.5% 76.6%Pharma research and development channel64.8% 64.6% 63.7% 67.6% 64.0%Total non-GAAP gross margin74.0% 75.2% 76.0% 74.3% 75.6%

ForexTV

06.06.2025

QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2025 - ForexTV

BEIJING, June 06, 2025 (GLOBE NEWSWIRE) -- QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2025 (the “third quarter of FY 2025”, which refers to the quarter from January 1, 2025 to March 31, 2025). Business and Financial Highlights for the Third Quarter of FY 2025 Revenues for the third quarter of FY 2025 were RMB570.7 million (US$78.6 million), representing a decrease of 21.5% from the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”) and a decrease of 39.6% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”).Gross billings of individual online learning services1 for the third quarter of FY 2025 were RMB515.6 million (US$71.0 million), representing a decrease of 5.6% from the second quarter of FY 2025 and a decrease of 47.5% from the third quarter of FY 2024.Net income for the third quarter of FY 2025 was RMB41.1 million (US$5.7 million), representing a decrease of 67.5% from the second quarter of FY 2025 and an increase of 181.2% from the third quarter of FY 2024.Adjusted net income2 for the third quarter of FY 2025 was RMB37.8 million (US$5.2 million), representing a decrease of 71.3% from the second quarter of FY 2025 and an increase of 18.5% from the third quarter of FY 2024.Total registered users increased by 19.9% to approximately 145.0 million as of March 31, 2025, from 121.0 million as of March 31, 2024.Paying learners was approximately 0.3 million in the third quarter of FY 2025. Company Highlight for the Third Quarter of FY 2025 Completed acquisition of 61% equity interest in Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") on March 31, 2025 for a total cash consideration of RMB235.0 million through a multi-step transaction. Results of operations of Letsvan were included in consolidated financials of the Company beginning April 1, 2025. The acquired assets and liabilities of Letsvan are included at fair value in the Company’s consolidated balance sheet as of March 31, 2025. Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our third quarter results reflect our strategic pivot toward product-driven business models that create long-term value. The acquisition of Letsvan marks a significant milestone in our expansion into the pop toys market, a sector with strong growth potential that perfectly aligns with our brand-first philosophy. The early success of our WAKUKU IP, including the recent Fox and Rabbit collection launch, validates our approach of pairing strong product development capabilities with efficient go-to-market strategies. As we integrate Letsvan's operations, we're applying our test-and-scale methodology to build a global presence in this resilient market segment. We aim to create businesses where brand strength and product excellence drive sustainable growth, rather than simply pursuing traffic-driven metrics.” Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our financial performance this quarter underscores our commitment to disciplined capital allocation during this transformation phase. While revenue moderated to RMB570.7 million as we shifted resources away from traffic-driven businesses, we've maintained strong cash generation across our businesses. Our ROI-focused assessment methodology has allowed us to exit underperforming areas while preserving resources for high-potential opportunities. With our healthy cash position, we have the flexibility to support both our existing operations and our strategic initiatives in the pop toys space. Though we anticipate some near-term profitability fluctuations as we optimize our business mix, our financial foundation remains robust as we execute this strategic evolution.” Financial Results for the Third Quarter of FY 2025 Revenues Revenues were RMB570.7 million (US$78.6 million) in the third quarter of FY 2025, compared to RMB945.6 million in the third quarter of FY 2024. The change reflects the Company's deliberate shift from traffic-driven growth to high-quality growth. Revenues from individual online learning services decreased by 43.6% year over year to RMB467.2 million (US$64.4 million) in the third quarter of FY 2025, from RMB828.1 million in the third quarter of FY 2024. This decrease was primarily due to a decrease of RMB268.3 million (US$37.0 million) in revenues from skills upgrading courses, a decline of RMB74.1 million (US$10.2 million) in revenues from financial literacy courses and a decline of RMB18.5 million (US$2.5 million) in revenues from recreation and leisure courses.Revenues from enterprise services were RMB48.1 million (US$6.6 million) in the third quarter of FY 2025, compared to RMB65.1 million in the third quarter of FY 2024, representing a year-over-year change of 26.1%. The decline was primarily driven by reduced marketing services to enterprise customers.Revenues from consumer business3 were RMB48.7 million (US$6.7 million) in the third quarter of FY 2025, compared to RMB49.4 million in the third quarter of FY 2024. The slight change was primarily attributable to the decline in baijiu revenue, partially offset by the modest increase in wellness products revenue.Revenues from others3 were RMB6.7 million (US$0.9 million) in the third quarter of FY 2025, compared to RMB3.0 million in the third quarter of FY 2024, primarily due to revenue from the Company’s newly initiated business. Cost of revenues Cost of revenues was RMB96.6 million (US$13.3 million) in the third quarter of FY 2025, compared to RMB145.8 million in the third quarter of FY 2024, representing a 33.8% decrease. The decrease was primarily due to reduced labor outsourcing costs of RMB22.1 million (US$3.1 million), decreased procurement costs of RMB9.6 million (US$1.3 million) and lower staff costs of RMB5.1 million (US$0.7 million). Sales and marketing expenses Sales and marketing expenses were RMB395.2 million (US$54.5 million) in the third quarter of FY 2025, compared to RMB729.6 million in the third quarter of FY 2024, representing a decrease of 45.8%. The decrease was mainly due to a reduction in marketing and promotion expenses of RMB265.1 million (US$36.5 million), labor outsourcing costs of RMB46.4 million (US$6.4 million), and staff costs of RMB7.9 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB2.1 million (US$0.3 million). Research and development expenses Research and development expenses were RMB20.9 million (US$2.9 million) in the third quarter of FY 2025, compared to RMB38.8 million in the third quarter of FY 2024, representing a decrease of 46.2%. The decrease was primarily due to lower staff costs of RMB16.0 million (US$2.2 million). General and administrative expenses General and administrative expenses were RMB25.0 million (US$3.5 million) in the third quarter of FY 2025, compared to RMB36.4 million in the third quarter of FY 2024, representing a decrease of 31.2%. The decrease was primarily due to lower staff costs of RMB8.0 million (US$1.1 million), which included a decrease in share-based compensation expenses of RMB5.5 million (US$0.8 million). Remeasurement gain of previously held equity interests in connection with step acquisitions Remeasurement gain of previously held equity interests in connection with step acquisitions were RMB8.1 million (US$1.1 million) in the third quarter of FY 2025, reflecting the fair value adjustment of initial investments in Letsvan before obtaining control. Details of the acquisition can be found in the Recent Developments section of this report. Others, net Others, net were RMB15.4 million (US$2.1 million) in the third quarter of FY 2025, compared to RMB7.7 million in the third quarter of FY 2024, primarily driven by the increased fair value gains in one of the Company’s long-term investments. Net income and adjusted net income Net income was RMB41.1 million (US$5.7 million) in the third quarter of FY 2025, compared to RMB14.6 million in the third quarter of FY 2024. Adjusted net income was RMB37.8 million (US$5.2 million) in the third quarter of FY 2025, compared to RMB31.9 million in the third quarter of FY 2024. Earnings per share and adjusted earnings per share4 Basic and diluted net income per share were both RMB0.25 (US$0.03) in the third quarter of FY 2025, compared to basic and diluted net income per share of RMB0.09 in the third quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.23 (US$0.03), in the third quarter of FY 2025, compared to RMB0.19 in the third quarter of FY 2024. Balance Sheet As of March 31, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,134.9 million (US$156.4 million), compared with RMB1,026.3 million as of June 30, 2024. Recent Developments Investments in Letsvan On March 24, 2025, the Company announced that it entered into definitive agreements to invest in Shenzhen Yiqi Culture Co., Ltd., a PRC-based company specializing in IP incubation, copyright commercialization, and the promotion and sales of pop toys. The transaction marks the Company's strategic entry into the pop toys market and broader consumer goods sector. Upon the completion of the investments in March 2025, Letsvan became a controlled subsidiary of the Company. Letsvan currently operates a number of established IPs, including "WAKUKU", "ZIYULI", "FUNII", "FIILA" and "PIDOL", with distribution channels spanning both online and offline platforms across China and Southeast Asian markets. Letsvan’s current growth strategy encompasses three key areas: strengthening collaborations with major retail partners to enhance IP influence and expand sales, developing self-operated retail locations including a recently opened pop-up store at Chaoyang Joy City in Beijing, and building comprehensive online brand and sales capabilities. International expansion initiatives are underway. Letsvan has already established its footprints in certain Southeast Asian markets and has been exploring opportunities in other overseas markets including the United States. With respect to IPs, Letsvan continues to strengthen internal product incubation and operational capabilities, partner with third-party artists, and collaborate with established IPs to diversify its product portfolio. Recent product launches include the "WAKUKU Fox and Bunny Trick or Treat", which commenced offline distribution on May 17, 2025, followed by online channel availability on May 20, 2025. The Beijing Chaoyang Joy City pop-up store launch has generated favorable user response and increased product visibility in the market. 2024 Share Repurchase Program On June 11, 2024, the Company announced that the Board had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 and ending on June 10, 2025 (the “2024 Share Repurchase Program”). As of March 31, 2025, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program. 2025 Share Repurchase Program On June 6, 2025, the Company announced that the Board had approved a new share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a purchase period beginning from June 11, 2025 and ending on June 30, 2026 (the “2025 Share Repurchase Program”). Repurchases under the 2025 Share Repurchase Program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means. The repurchases will be subject to all applicable rules and regulations, including Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, as well as the Company’s insider trading policy. The number of ADSs repurchased and the timing of repurchases will also depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. The Board will review the 2025 Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund the repurchases from its existing cash balance. Conference Call Information The Company's management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Friday, June 6, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: 1-412-902-4272United States Toll Free: 1-888-346-8982Mainland China Toll Free: 4001-201203Hong Kong Toll Free: 800-905945Conference ID: QuantaSing Group Limited The replay will be accessible through June 13, 2025 by dialing the following numbers: International: 1-412-317-0088United States Toll Free: 1-877-344-7529Replay Access Code: 3611954 A live and archived webcast of the conference call will be available at the Company's investor relations website at https://ir.quantasing.com. Non-GAAP Financial Measures To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income excluding share-based compensation expenses and remeasurement gain of previously held equity interests inconnection with step acquisitions. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income, net income per share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release. Exchange Rate Information This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. Safe Harbor Statements This announcement contains forward-looking statements within the meaning of Section 27A of 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 1955. 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 QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; the expected growth, trends and competition in the markets that the Company operates in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. About QuantaSing Group Limited QuantaSing is a leading lifestyle solution provider that offers engaging, affordable and accessible online and offline services, as well as consumer products in selected areas that address senior users' wellness aspirations. QuantaSing has expanded into the pop toys sector and continues to strategically diversify its portfolio by capturing opportunities in promising consumer sectors while maintaining financial discipline. For more information, please visit: https://ir.quantasing.com. Contact Investor RelationsLeah GuoQuantaSing Group LimitedEmail: ir@quantasing.comTel: +86 (10) 6493-7857 Robin Yang, PartnerICR, LLCEmail: QuantaSing.IR@icrinc.comPhone: +1 (212) 537-0429 _________________________________1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.3 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.4 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below. QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for share and per share data) As of June 30,2024 March 31,2025 March 31,2025 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents779,931 985,677 135,830Restricted cash160 675 93Short-term investments246,195 148,532 20,468Accounts receivable, net16,676 37,392 5,153Amounts due from related parties4,488 489 67Inventory, net6,345 28,120 3,875Prepayments and other current assets275,549 173,582 23,920Total current assets1,329,344 1,374,467 189,406 Non-current assets: Property and equipment, net6,569 11,571 1,595Long-term investments9,010 44,428 6,122Intangible assets, net- 68,973 9,505Operating lease right-of-use assets58,889 29,479 4,062Deferred tax assets847 914 126Goodwill- 187,598 25,852Other non-current assets21,360 5,177 713Total non-current assets96,675 348,140 47,975TOTAL ASSETS1,426,019 1,722,607 237,381 LIABILITIES Current liabilities: Short-term Borrowings- 14,500 1,998Accounts payables62,066 55,219 7,609Accrued expenses and other current liabilities190,508 186,084 25,643Income tax payable20,399 53,565 7,381Contract liabilities, current portion385,227 310,189 42,745Advance from customers162,257 148,332 20,441Operating lease liabilities, current portion49,099 30,837 4,249Total current liabilities869,556 798,726 110,066 Non-current liabilities: Contract liabilities, non-current portion11,365 33,495 4,616Operating lease liabilities, non-current portion16,989 3,123 430Deferred tax liabilities11,625 42,269 5,825Total non-current liabilities39,979 78,887 10,871TOTAL LIABILITIES909,535 877,613 120,937 QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS- continued(Amounts in thousands, except for share and per share data) As of June 30,2024 March 31,2025 March 31,2025 RMB RMB US$ MEZZANINE EQUITY Non-controlling interests with liquidation preferences- 40,999 5,650 SHAREHOLDERS’ EQUITY Class A ordinary shares81 81 11 Class B ordinary shares34 34 5 Treasury stock(109,257) (41,898) (5,774)Additional paid-in capital1,192,474 1,069,620 147,398 Accumulated other comprehensive income17,313 18,491 2,548 Accumulative deficit(584,161) (335,573) (46,243)TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY516,484 710,755 97,945 Non-controlling interests- 93,240 12,849 TOTAL SHAREHOLDERS’ EQUITY516,484 803,995 110,794 TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY1,426,019 1,722,607 237,381 QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Amounts in thousands, except for shares and per share data) For the Three MonthsEnded March 31, For the Nine MonthsEnded March 31, 2024 2025 2025 2024 2025 2025 RMB RMB US$ RMB RMB US$ Revenues945,570 570,706 78,645 2,795,248 2,107,757 290,457 Cost of revenues(145,848) (96,556) (13,306) (409,058) (353,516) (48,716) Gross Profit799,722 474,150 65,339 2,386,190 1,754,241 241,741 Operating expenses: Sales and marketing expenses(729,620) (395,175) (54,457) (2,006,884) (1,317,206) (181,516)Research and development expenses(38,840) (20,891) (2,879) (123,655) (77,325) (10,656)General and administrative expenses(36,390) (25,049) (3,452) (114,211) (86,194) (11,878)Total operating expenses(804,850) (441,115) (60,788) (2,244,750) (1,480,725) (204,050) (Loss)/Income from operations(5,128) 33,035 4,551 141,440 273,516 37,691 Other income: Interest income2,513 880 121 8,369 4,040 557 Remeasurement gain of previously held equity interests in connection with step acquisitions- 8,109 1,117 - 8,109 1,117 Others, net7,685 15,400 2,122 22,163 31,418 4,330 Income before income tax5,070 57,424 7,911 171,972 317,083 43,695 Income tax benefit/(expense)9,560 (16,280) (2,243) 16,948 (68,495) (9,439) Net income14,630 41,144 5,668 188,920 248,588 34,256 Net loss attributable to noncontrolling interests- 1 - - 1 - Net income attributable to QuantaSing Group Limited14,630 41,145 5,668 188,920 248,589 34,256 Other comprehensive income/(loss) Foreign currency translation adjustments, net of nil tax423 (289) (40) (4,954) 1,178 162 Total other comprehensive income/(loss)423 (289) (40) (4,954) 1,178 162 Total comprehensive income15,053 40,855 5,628 183,966 249,766 34,418 Total comprehensive loss attributable to noncontrolling interests- 1 - - 1 - Comprehensive income attributable to QuantaSing Group Limited15,053 40,856 5,628 183,966 249,767 34,418 Net income per ordinary share - Basic0.09 0.25 0.03 1.14 1.55 0.21 - Diluted0.09 0.25 0.03 1.10 1.52 0.21 Weighted average number of ordinary shares used in computing net income per share - Basic164,753,256 162,791,862 162,791,862 166,399,349 160,479,027 160,479,027 - Diluted170,890,581 165,216,173 165,216,173 171,089,530 163,949,787 163,949,787 Share-based compensation expenses included in Cost of revenues(2,878) (1,431) (197) (9,945) (5,214) (719)Sales and marketing expenses(2,779) (642) (88) 8,678 (1,540) (212)Research and development expenses(3,599) (167) (23) (10,611) (2,474) (341)General and administrative expenses(8,039) (2,571) (354) (28,961) (8,073) (1,112) QUANTASING GROUP LIMITEDUNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(Amounts in thousands, except for shares and per share data) The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated: For the Three MonthsEnded March 31, For the Nine MonthsEnded March 31, 2024 2025 2025 2024 2025 2025 RMB RMB US$ RMB RMB US$ Revenues of individual online learning services:828,127 467,247 64,388 2,457,588 1,777,552 244,953 Add: value-added tax52,986 27,919 3,847 147,665 101,969 14,052 Add: ending deferred revenues(1)744,320 461,026 63,531 744,320 461,026 63,531 Less: beginning deferred revenues(1)(643,929) (440,632) (60,721) (661,360) (565,030) (77,863) Gross billings of individual online learning services981,504 515,560 71,045 2,688,213 1,775,517 244,673 (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities”. QUANTASING GROUP LIMITEDUNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS - continued(Amounts in thousands, except for shares and per share data) The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated: For the Three MonthsEnded March 31, For Nine MonthsEnded March 31, 2024 2025 2025 2024 2025 2025 RMB RMB US$ RMB RMB US$ Net income14,630 41,144 5,668 188,920 248,588 34,256 Add: Share-based compensation expenses17,295 4,811 662 40,839 17,301 2,384 Less: Remeasurement gain of previously held equity interests in connection with step acquisitions- (8,109) (1,117) - (8,109) (1,117) Adjusted net income31,925 37,846 5,213 229,759 257,780 35,523 Attributable to noncontrolling interests- 1 - - 1 - Adjusted net income attributable to QuantaSing Group Limited31,925 37,847 5,213 229,759 257,781 35,523 Weighted average number of ordinary shares used in computing net income per share - Basic164,753,256 162,791,862 162,791,862 166,399,349 160,479,027 160,479,027 - Diluted170,890,581 165,216,173 165,216,173 171,089,530 163,949,787 163,949,787 Weighted average number of ordinary shares used in computing adjusted net income per share - Basic164,753,256 162,791,862 162,791,862 166,399,349 160,479,027 160,479,027 - Diluted170,890,581 165,216,173 165,216,173 171,089,530 163,949,787 163,949,787 Net income per ordinary share - Basic0.09 0.25 0.03 1.14 1.55 0.21 - Diluted0.09 0.25 0.03 1.10 1.52 0.21 Non-GAAP adjustments to net income per ordinary share - Basic0.10 (0.02) 0.00 0.24 0.06 0.01 - Diluted0.10 (0.02) 0.00 0.24 0.05 0.01 Adjusted net income per ordinary share - Basic0.19 0.23 0.03 1.38 1.61 0.22 - Diluted0.19 0.23 0.03 1.34 1.57 0.22

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