Latest news with #673
Al Etihad
11-05-2025
- Business
- Al Etihad
How large-scale global events powered DWTC's record economic performance
11 May 2025 20:07 MAYS IBRAHIM (ABU DHABI)Behind the Dubai World Trade Centre's (DWTC) record economic performance in 2024 was a surge in large-scale international events, with the hub hosting 100 such events and drawing more than two million attendees, a senior official of the centre told Aletihad. International participation remained a key growth driver as the 2024 figures jumped 32% from the numbers in 2023, Mahir Julfar, Executive Vice President at DWTC, said in a recent DWTC delivered its strongest economic performance to date in 2024, generating Dh22.35 billion in total economic output, according to its latest Economic Impact Assessment numbers are fully aligned with the Dubai Economic Agenda D33, which aims to position the emirate among the world's top three cities for business and tourism by 2033."We have sharpened our strategic focus to scale impact and enhance global competitiveness," Julfar report found that overseas visitors totalled 936,083, representing 46% of all attendees."This segment had a significant impact, with each international delegate spending nearly six times more per event than local participants – Dh9,833 versus Dh1,673 per event – significantly boosting local businesses."The report also highlighted the cascading economic impact of DWTC events across multiple sectors. Business entertainment spending rose 36%, retail by 34%, and food and beverage by 30%."In total, every Dh1 spent at an event held at DWTC generated Dh7.70 in wider citywide economic output," Julfar said. High-Growth Sectors The healthcare, food and hospitality, and information technology sectors collectively contributed 58% of the total Gross Value Added to Dubai's economy from events held at DWTC, according to noted that the healthcare and MedTech alone generated Dh3.68 billion in GVA from 21 events and 460,858 attendees, 71% of whom were international and hospitality followed with Dh2.35 billion in economic value from nine events and 55% overseas technology contributed Dh1.55 billion in GVA from five events, attracting attendees with the longest average stay of 6.12 days, highlighting Dubai's growing status as a tech innovation noted that the exhibition format continues to demonstrate the highest economic impact, with 72 exhibitions contributing 89% of the total GVA."Mega-events with over 30,000 attendees were particularly impactful, with just 15 such events responsible for 66% of the Gross Value Added.""These patterns indicate that the future of Dubai's MICE industry lies in developing domain specialisation in high-growth sectors while concentrating resources on large-scale international exhibitions," he said. Collaborative Growth Model Julfar stressed that DWTC operates within an integrated ecosystem that brings together government entities and private sector partners to maximise economic impact across multiple include the Dubai Festivals and Retail Establishment, the Department of Economy and Tourism, the Roads and Transport Authority, and the Dubai Police."This includes implementing comprehensive operational and security measures to ensure a smooth and secure citywide experience for exhibitors and visitors during large-scale events," Julfar said."This collaborative model not only ensures operational excellence but also drives meaningful cross-sector impact."The report demonstrates how adjacent industries have benefitted from this approach with significant growth recorded in hotel accommodation (Dh3.41 billion, up 15%), retail trade (Dh2.64 billion, up 34%), restaurants and F&B (Dh2.23 billion, up 30%), and transport (Dh2.86 billion, up 8%)."DWTC's impact lies not just in hosting events, but in creating platforms that connect global businesses, drive trade, and foster innovation, all while reinforcing Dubai's position as a resilient, future-ready economy built on partnership and collaboration," Julfar said. Vision 2033: Dh54 Billion Target Looking ahead, DWTC aims to nearly triple its economic contribution to Dh54 billion annually by 2033, up from Dh18 billion in 2023."Central to this evolution is our Dh10 billion expansion of the Dubai Exhibition Centre (DEC), designed to double our venue capacity and host larger, more complex international events. The expanded infrastructure will allow us to support the growing scale and sophistication of mega-events, while accommodating new demand from emerging markets," Julfar also plans to deepen its international outreach to high-growth markets beyond the MENA region, such as Asia-Pacific, Central Asia, and the Indian subcontinent. "Backed by strong infrastructure, data-led decision-making, and a commitment to innovation, we will continue to enhance our venue capabilities, strengthen international partnerships, and align with Dubai's Economic Agenda, positioning DWTC at the heart of Dubai's ambition to become a leading global destination for business, innovation, and economic opportunity," Julfar added.
TimesLIVE
02-05-2025
- Automotive
- TimesLIVE
Russell says F1 drivers want less talk, more action from FIA boss
George Russell said Formula One drivers wanted more than words from FIA president Mohammed Ben Sulayem in a lukewarm response to a mooted change in the rules concerning punishment for misconduct, including swearing. Ben Sulayem, the Emirati head of the governing body, said on Instagram this week he was considering "improvements" to appendix B of the FIA's International Sporting Code after feedback from drivers across several series. Rally drivers had been up in arms over stiff fines imposed for swearing, as had their F1 contemporaries. Asked at the Miami Grand Prix on Thursday if he saw Ben Sulayem's words as a positive step, Mercedes driver Russell, a director of the Grand Prix Drivers' Association (GPDA), replied: "Conceptually, yes. "But obviously we want to see these things put into action rather than saying 'we're considering things'. We all consider a lot of things. "We're clear we want changes. Once they are implemented, then we'll comment on it. But for the time being it's being considered. The words don't mean anything until the change has been made." Appendix B covers stewards' penalty guidelines, setting out punishments for misconduct including words, deeds or writings that might have caused moral injury to the FIA or motorsport in general. A first offence in Formula One incurs a €40,000 (R836,937) fine, rising to €80,000 (R1,673,874) for the second and €120,000 (R2,510,395) with a one-month suspension and deduction of championship points for a third breach. Ben Sulayem's term in office runs out this year and he is expected to seek renewal. No rival candidate has emerged to date. "It'll be great if changes were made and the drivers were at least heard," said Russell. "I think it's in the best interest for the sport and ensuring some common sense is sort of applied to these situations," he added. " I think all of us can comment on it when we see the action being taken, rather than the consideration." Russell said the GPDA was set up to talk about safety rather than politics. but he was talking more and more about other subjects. "We find ourselves in a time where we're not focused on why we're all here," he said "We're here to go racing, we're here to create the best show for the fans, to have the fastest cars, the safest cars, the best technology, the best engineering, and yet we talk about fines and punishments and swearing."
Khaleej Times
21-03-2025
- Business
- Khaleej Times
UAE forex scam: Fake websites, cold calls 'convince' residents to invest, dupe them out of millions
Do you know how many zeroes are in dirham one-hundred-and-fifty-thousand?' The voice on the phone is mocking, almost amused. 'Did I force you to invest the money?' 'Yes, you did!' 'Then come and take it, you #%&!' The conversation spirals into a barrage of expletives and threats. The once-persuasive broker now sounds menacing, his words thick with hostility. Khaleej Times has an audio recording of the three-minute call, capturing how a man who once promised riches now hounds his client with verbal abuse. But it wasn't always like this. When Imran Zaman, a civil engineer in Dubai, first heard from DuttFX in September 2024, it wasn't threats but charm that filled the airwaves. The 'relationship manager' was friendly, almost familiar. The conversations started with market insights—volatility in the wake of US bank collapses, golden opportunities in commodities, and whispers of massive dividends. Saying no wasn't easy. And so, Imran invested. Then he invested more. Until he had lost Dh180,000. He wasn't alone. Shishir lost Dh80,000; Nalini Dh52,000; Pravin Dh45,000. There are many more. Most of them took bank loans or maxed out their credit cards, lured by the promise of a 'highly secure trading environment'. Yet, none of them had ever set foot in a DuttFX office. Not because they didn't want to—but because no such office exists in the UAE. The same is true for other companies like EVM Prime Support, which operate solely through websites and cold calls. Keralite Mohammed Ayeshan, who lost Dh36,500 to EVM Prime Support, was led to invest purely based on phone conversations. His 'relationship manager' convinced him to make an initial deposit of $1,000 (Dh3,673). Over time, he was pressured into adding more funds, lured by the illusion of smooth trading and small early profits. 'I kept adding funds as instructed, believing I could recover my money.' Ayeshan said he borrowed on credit cards, hoping to recover losses. But the losses only deepened. His relationship manager instructed him to reverse trades, which only made things worse. 'Overall, I have lost everything. I am in severe depression, and my health has suffered.' Nalini, 59, another victim, had a similar experience. For years, she had ignored cold calls from forex brokers, but when a man named Abhimanyu persisted, she decided to test it with Dh1,000. He set up an account for her, providing a login and dashboard where she could monitor trades. 'Even when I travelled to India, he kept in touch, guiding me through trades in euros and dollars. Later, he pressured me to invest in gold and silver. I refused at first, but he is very good at convincing,' recalled Nalini. Abhimanyu assured her withdrawals were possible at any time, which gave her confidence to invest in three instruments—wheat and two currencies. But when her margin dropped, he warned that her account would be wiped out unless she deposited more funds. 'My balance was at -$7,000. Panicked, I deposited another $7,000 and took the opposite trade, believing it would help. But my balance plummeted to -$26,000, and my positions were locked. Now they're telling me to invest even more money to save my account,' she said. Familiar playbook The scam follows a familiar pattern. First comes the cold call—friendly, reassuring, and filled with financial jargon. Victims are persuaded to deposit an initial amount, often around $1,000, just to 'test the waters'. To build trust, brokers allow small withdrawals, reinforcing the illusion of easy access to funds. Then, the pressure starts. 'You're doing great—why stop now?' The so-called relationship manager pushes investors to increase their deposits, steering them toward 'golden opportunities' in forex, commodities, and crypto. They emphasise that withdrawals can be made at any time. But that's the lie. As deposits grow, so does the manipulation. Brokers pressure victims into high-risk trades, claiming it's the only way to 'protect profits'. Soon, they find themselves locked out—unable to withdraw funds, execute trades, or even contact their brokers. Their money is gone. Investigations show that these companies exist in the UAE in name only, leaving defrauded investors with no one to hold accountable. When Khaleej Times called the cellphone of Fatima, the purported relationship manager of EVM Prime Support, a woman named Sanjana answered. She confirmed that they operate from Dubai. However, when asked for a physical address and told that a reporter would visit, the call was immediately disconnected, and no further calls were answered. A similar attempt was made with Abhimanyu, the so-called relationship manager of DuttFX. When called, a man answered claiming he was not Abhimanyu. But when a call was placed from a different number, the next day, the same voice now claimed to be Abhimanyu. When confronted, he backtracked, saying he was just a namesake and had no connection to DuttFX. After that, no calls were answered again. For investors who have lost their savings, recovering money is nearly impossible. Without a registered entity in the UAE, victims have no legal recourse. Complaints to Dubai Police and other authorities have been filed, but with these firms lacking a physical presence, tracing them remains a challenge. And it's a challenge authorities have faced before. In one of the biggest forex frauds to hit the UAE, Sydney Lemos, the owner of Exential Forex, promised high returns through currency trading, luring thousands of expatriates into what was later exposed as a Dh1 billion Ponzi scheme. By the time the scam unravelled in 2017, families had lost their life savings. Lemos was sentenced to over 500 years in prison in Dubai—yet despite this landmark case, fraudulent forex platforms continue to thrive under different names. MMA Forex, operating from Al Nahda, and UT Markets, which relied on WhatsApp to target investors, followed a similar playbook. Like Exential Forex, they enticed victims with guaranteed returns, only to vanish when withdrawals were requested. It's a long list. Alpha Bull, which operated until a few years ago, vanished without a trace, leaving investors stranded with no way to retrieve their money. Despite repeated scams, new firms keep emerging under different names, running the same deception. More recently, Acme Consultancy and BlueChip, both operating from Al Jawhara Building in Bur Dubai, shut down overnight, taking millions of dirhams with them. There's an arrest warrant out for BlueChip owner Ravindra Nath Soni. Today, the names may change, but the scam remains the same. With no refunds in sight, many victims are now banding together to file collective complaints, hoping for legal intervention. Expert warnings But experts warn that recovery is rare—and prevention is the only safeguard. Nigel Sillitoe, CEO of Insight Discovery, warns investors about the risks of dealing with unregulated trading firms: 'It is deeply concerning that numerous unregulated online trading and forex investment companies continue to operate in the UAE. Investors must exercise extreme caution when approached by such firms, as many rely on cold calls and aggressive marketing tactics to lure individuals into fraudulent schemes.' Sillitoe stresses that UAE has over 40 regulated brokerage firms, and there is no reason to take unnecessary risks with companies operating illegally. Even legitimate financial institutions aren't safe from fraudsters. Last year, scammers impersonated Equiti Group, a well-known global fintech firm, to dupe investors. Among them was Dubai celebrity Lojain Omran, who unknowingly became the face of the scam. The UAE's Securities and Commodities Authority (SCA) eventually issued a public warning, clarifying that MRL Investments, operating under was not licensed and had no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC). The real Equiti Group, which even has a Dubai Metro station named after it, was forced to disassociate itself from the fraudulent scheme. 'As financial markets evolve, so do scams,' said Brian Myers, Chief Commercial Officer of Equiti Group. 'Traders should stay vigilant, verify broker legitimacy, and avoid platforms that operate without clear oversight. It always makes sense to undertake some due diligence before investing.' Yet, despite high-profile arrests, public warnings, and repeated scams, the cycle continues. Regulators warn, victims speak out, and yet new firms emerge—offering the same false promises under different names. Until decisive action is taken to shut down these operations before they resurface, investors will continue to fall prey to the same deception—just under different names, say industry experts. For now, vigilance isn't just an option. It's the only defence.
Khaleej Times
21-03-2025
- Business
- Khaleej Times
Cold calls, false promises: The UAE forex scam that won't stop
Do you know how many zeroes are in dirham one-hundred-and-fifty-thousand?' The voice on the phone is mocking, almost amused. 'Did I force you to invest the money?' 'Yes, you did!' 'Then come and take it, you #%&!' The conversation spirals into a barrage of expletives and threats. The once-persuasive broker now sounds menacing, his words thick with hostility. Khaleej Times has an audio recording of the three-minute call, capturing how a man who once promised riches now hounds his client with verbal abuse. But it wasn't always like this. When Imran Zaman, a civil engineer in Dubai, first heard from DuttFX in September 2024, it wasn't threats but charm that filled the airwaves. The 'relationship manager' was friendly, almost familiar. The conversations started with market insights—volatility in the wake of US bank collapses, golden opportunities in commodities, and whispers of massive dividends. Saying no wasn't easy. And so, Imran invested. Then he invested more. Until he had lost Dh180,000. He wasn't alone. Shishir lost Dh80,000, Nalini Dh52,000, Pravin Dh45,000. There are many more. Most of them took bank loans or maxed out their credit cards, lured by the promise of a 'highly secure trading environment'. Yet, none of them had ever set foot in a DuttFX office. Not because they didn't want to—but because no such office exists in the UAE. The same is true for other companies like EVM Prime Support, which operate solely through websites and cold calls. Keralite Mohammed Ayeshan, who lost Dh36,500 to EVM Prime Support, was led to invest purely based on phone conversations. His 'relationship manager' convinced him to make an initial deposit of $1,000 (Dh3,673). Over time, he was pressured into adding more funds, lured by the illusion of smooth trading and small early profits. 'I kept adding funds as instructed, believing I could recover my money.' Ayeshan said he borrowed on credit cards, hoping to recover losses. But the losses only deepened. His relationship manager instructed him to reverse trades, which only made things worse. 'Overall, I have lost everything. I am in severe depression, and my health has suffered.' Nalini, 59, another victim, had a similar experience. For years, she had ignored cold calls from forex brokers, but when a man named Abhimanyu persisted, she decided to test it with Dh1,000. He set up an account for her, providing a login and dashboard where she could monitor trades. 'Even when I travelled to India, he kept in touch, guiding me through trades in euros and dollars. Later, he pressured me to invest in gold and silver. I refused at first, but he is very good at convincing,' recalled Nalini. Abhimanyu assured her withdrawals were possible at any time, which gave her confidence to invest in three instruments—wheat and two currencies. But when her margin dropped, he warned that her account would be wiped out unless she deposited more funds. 'My balance was at -$7,000. Panicked, I deposited another $7,000 and took the opposite trade, believing it would help. But my balance plummeted to -$26,000, and my positions were locked. Now they're telling me to invest even more money to save my account,' she said. Familiar playbook The scam follows a familiar pattern. First comes the cold call—friendly, reassuring, and filled with financial jargon. Victims are persuaded to deposit an initial amount, often around $1,000, just to 'test the waters'. To build trust, brokers allow small withdrawals, reinforcing the illusion of easy access to funds. Then, the pressure starts. 'You're doing great—why stop now?' The so-called relationship manager pushes investors to increase their deposits, steering them toward 'golden opportunities' in forex, commodities, and crypto. They emphasise that withdrawals can be made at any time. But that's the lie. As deposits grow, so does the manipulation. Brokers pressure victims into high-risk trades, claiming it's the only way to 'protect profits'. Soon, they find themselves locked out—unable to withdraw funds, execute trades, or even contact their brokers. Their money is gone. Investigations show that these companies exist in the UAE in name only, leaving defrauded investors with no one to hold accountable. When Khaleej Times called the cellphone of Fatima, the purported relationship manager of EVM Prime Support, a woman named Sanjana answered. She confirmed that they operate from Dubai. However, when asked for a physical address and told that a reporter would visit, the call was immediately disconnected, and no further calls were answered. A similar attempt was made with Abhimanyu, the so-called relationship manager of DuttFX. When called, a man answered claiming he was not Abhimanyu. But when a call was placed from a different number the next day, the same voice now claimed to be Abhimanyu. When confronted, he backtracked, saying he was just a namesake and had no connection to DuttFX. After that, no calls were answered again. For investors who have lost their savings, recovering money is nearly impossible. Without a registered entity in the UAE, victims have no legal recourse. Complaints to Dubai Police and other authorities have been filed, but with these firms lacking a physical presence, tracing them remains a challenge. And it's a challenge authorities have faced before. In one of the biggest forex frauds to hit the UAE, Sydney Lemos, the owner of Exential Forex, promised high returns through currency trading, luring thousands of expatriates into what was later exposed as a Dh1 billion Ponzi scheme. By the time the scam unravelled in 2017, families had lost their life savings. Lemos was sentenced to over 500 years in prison in Dubai—yet despite this landmark case, fraudulent forex platforms continue to thrive under different names. MMA Forex, operating from Al Nahda, and UT Markets, which relied on WhatsApp to target investors, followed a similar playbook. Like Exential Forex, they enticed victims with guaranteed returns, only to vanish when withdrawals were requested. It's a long list. Alpha Bull, which operated until a few years ago, vanished without a trace, leaving investors stranded with no way to retrieve their money. Despite repeated scams, new firms keep emerging under different names, running the same deception. More recently, Acme Consultancy and BlueChip, both operating from Al Jawhara Building in Bur Dubai, shut down overnight, taking millions of dirhams with them. There's an arrest warrant out for BlueChip owner Ravindra Nath Soni. Today, the names may change, but the scam remains the same. With no refunds in sight, many victims are now banding together to file collective complaints, hoping for legal intervention. Expert warnings But experts warn that recovery is rare—and prevention is the only safeguard. Nigel Sillitoe, CEO of Insight Discovery, warns investors about the risks of dealing with unregulated trading firms: 'It is deeply concerning that numerous unregulated online trading and forex investment companies continue to operate in the UAE. Investors must exercise extreme caution when approached by such firms, as many rely on cold calls and aggressive marketing tactics to lure individuals into fraudulent schemes.' Sillitoe stresses that UAE has over 40 regulated brokerage firms, and there is no reason to take unnecessary risks with companies operating illegally. Even legitimate financial institutions aren't safe from fraudsters. Last year, scammers impersonated Equiti Group, a well-known global fintech firm, to dupe investors. Among them was Dubai celebrity Lojain Omran, who unknowingly became the face of the scam. The UAE's Securities and Commodities Authority (SCA) eventually issued a public warning, clarifying that MRL Investments, operating under was not licensed and had no affiliation with Equiti Securities Currencies Brokers LLC (ESCB LLC). The real Equiti Group, which even has a Dubai Metro station named after it, was forced to disassociate itself from the fraudulent scheme. 'As financial markets evolve, so do scams,' said Brian Myers, Chief Commercial Officer of Equiti Group. 'Traders should stay vigilant, verify broker legitimacy, and avoid platforms that operate without clear oversight. It always makes sense to undertake some due diligence before investing.' Yet, despite high-profile arrests, public warnings, and repeated scams, the cycle continues. Regulators warn, victims speak out, and yet new firms emerge—offering the same false promises under different names. Until decisive action is taken to shut down these operations before they resurface, investors will continue to fall prey to the same deception—just under different names, say industry experts. For now, vigilance isn't just an option. It's the only defence.
Yahoo
12-03-2025
- Business
- Yahoo
ATRenew Inc (RERE) Q4 2024 Earnings Call Highlights: Strong Revenue Growth and Strategic Expansion
Total Net Revenues (Q4 2024): RMB 4.85 billion, a 25.2% year-over-year increase. Total Net Revenues (Full Year 2024): RMB 16.3 billion, a 25.9% year-over-year increase. Non-GAAP Income from Operations (Q4 2024): RMB 130 million, a 61% year-over-year increase. Non-GAAP Income from Operations (Full Year 2024): RMB 410 million, a 62.8% year-over-year increase. Non-GAAP Operating Margin (Q4 2024): 2.7%. Non-GAAP Operating Margin (Full Year 2024): 2.5%. Gross Profit Margin (1P Business, Q4 2024): 12.5%. Net Product Revenues (Q4 2024): RMB 4.461 billion, a 26.6% year-over-year increase. Net Service Revenues (Q4 2024): RMB 389 million, a 10.7% year-over-year increase. Retail Revenue as Percentage of Net Product Revenues (Q4 2024): 29%, up by 8 percentage points year-over-year. Transaction Volume (Multi-category Recycling Services, 2024): Increased nearly threefold year-over-year. Cash and Cash Equivalents (As of December 31, 2024): RMB 2.9 billion. Store Locations (2024): Expanded to 673 AHS stores. Share Repurchase (Q4 2024): USD 5.8 million used to repurchase approximately 2.1 million ADSs. Guidance for Q1 2025: Total revenues expected between RMB 4,550 million and RMB 4,650 million, representing a 24.6% to 27.4% year-over-year increase. Warning! GuruFocus has detected 3 Warning Sign with RERE. Release Date: March 11, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ATRenew Inc (NYSE:RERE) reported total net revenues and profits ahead of targets for the fourth quarter and full year 2024, with revenues growing 25.2% year-over-year. The company achieved a significant increase in profitability, with non-GAAP income from operations growing 61% in the fourth quarter and 62.8% for the full year. ATRenew Inc (NYSE:RERE) has successfully expanded its multi-category recycling services, contributing to a threefold increase in transaction volume and a significant rise in service revenue. The company has strengthened its partnership with enhancing its fulfillment services and contributing to over 50% of the total recycling value in JD's recycling program. ATRenew Inc (NYSE:RERE) has made strategic investments in AI applications to improve operational efficiency, particularly in quality inspection and customer service processes. The company faced increased operating expenses, with fulfillment expenses rising by 31.8% and selling and marketing expenses increasing by 18.7% in the fourth quarter. General and administrative expenses saw a significant rise of 146.5% in the fourth quarter, primarily due to increased personnel costs. ATRenew Inc (NYSE:RERE) downsized certain overseas businesses, resulting in a decrease in overseas product revenue. The company anticipates a decrease in the scale of its Apple trading business in the first quarter of 2025, although it expects an improvement in operating profit margin. Despite strong growth, the company faces challenges in further expanding its store network and fulfillment capabilities, requiring careful management of operational investments. Q: Could you kindly share your plans to capture the growth opportunities in 2025 on the back of nationwide consumer electronics trading subsidies? What's the outlook for growth of the top line like for this year? A: (Xuefeng Chen, CEO) We see significant untapped potential in China's pre-owned electronics market. The national trading subsidies are a growth engine for our recycling business. We aim to increase penetration rates in core scenarios as China deploys subsidies for mobile smartphones, tablets, and smartwatches in 2025. We plan to expand our store network and two-door service team, aiming to add 800 stores and 1,000 staff. We will also boost brand investment on platforms like Douyin and Xiaohongshu. We expect accelerated top-line growth in 2025, driven by these initiatives. Q: Do you have plans to optimize your business with AI, considering recent advancements in AI models? A: (Xuefeng Chen, CEO) ATRenew is leveraging AI in various business scenarios, such as automated quality inspection centers using AI image recognition to improve accuracy and reduce costs. We plan to further deploy AI in more departments, focusing on intelligent customer service, quality inspection, and pricing to enhance efficiency. We believe AI presents a significant long-term business opportunity, especially as it becomes more widely deployed on mobile and PC terminals. Q: Can you elaborate on your capital management priorities, particularly regarding reinvesting for growth versus returning capital to shareholders via buybacks? A: (Chen Chen, CFO) We remain optimistic about the industry's growth and have set acceleration as our target for 2025. We will reinvest in enhancing service capabilities and brand perception. Our business model is asset-light but operationally intensive, and we aim to maintain a healthy non-GAAP operating profit margin. We will balance cash use, investing more when opportunities arise, and continue executing our repurchase plan, valid until June 2025, to increase long-term shareholder returns. Q: How do you plan to leverage the national trading subsidies to enhance your recycling business? A: (Xuefeng Chen, CEO) The national trading subsidies are crucial for our growth. We aim to leverage our industry position and capabilities to increase penetration rates. We plan to expand our compliance refurbishment capabilities and high turnover capabilities of PJT Marketplace to drive efficient circulation of pre-owned electronics. We will also expand our user range by offering broader service capabilities and increasing our store and service team presence. Q: What are your expectations for the growth of your multi-category recycling business? A: (Chen Chen, CFO) Our multi-category recycling business has shown significant growth, contributing over $40 million to service revenues in Q4 2024. We expect this trend to continue, driven by our expanded service capabilities and increased store network. We aim to further establish our product catalog and pricing capability, targeting accelerated growth in 2025. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
