Latest news with #RMB1
Yahoo
2 days ago
- Business
- Yahoo
Huize Holding Limited Reports First Quarter 2025 Unaudited Financial Results
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: 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 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 or follow us on social media via LinkedIn ( X( and Webull( 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@ Media Relationsmediacenter@ Christensen AdvisoryIn ChinaMs. Dee WangPhone: +86-10-5900-1548Email: In Linda BergkampPhone: +1-480-614-3004Email: 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 USD Assets 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 884,198 860,860 118,631Huize 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 USD Operating 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 USD Net (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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Jiayin Group Inc. Reports First Quarter 2025 Unaudited Financial Results
-- First Quarter Total Loan Facilitation Volume Grew 58.2% to RMB35.6 billion, compared with the same period of 2024 ---- First Quarter Net Revenue Grew 20.4% to RMB1,775.6 million, compared with the same period of 2024 -- SHANGHAI, China, June 04, 2025 (GLOBE NEWSWIRE) -- Jiayin Group Inc. ('Jiayin' or the 'Company') (NASDAQ: JFIN), a leading fintech platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Operational and Financial Highlights: Loan facilitation volume1 was RMB35.6 billion (US$4.9 billion), representing an increase of 58.2% from the same period of 2024. Average borrowing amount per borrowing was RMB7,987 (US$1,101), representing a decrease of 24.4% from the same period of 2024. Repeat borrower contribution2 of total loan facilitation volume was 71.9%, compared with 78.3% in the same period of 2024. 90 day+ delinquency ratio3 was 1.13% as of March 31, 2025. Net revenue was RMB1,775.6 million (US$244.7 million), representing an increase of 20.4% from the same period of 2024. Income from operations was RMB606.6 million (US$83.6 million), representing an increase of 91.7% from the same period of 2024. Non-GAAP4 income from operation was RMB606.6 million (US$83.6 million), compared with RMB316.6 million in the same period of 2024. Net income was RMB539.5 million (US$74.3 million), representing an increase of 97.5% from RMB273.1 million in the same period of 2024. ____________________ 1 'Loan facilitation volume' refers to the loan volume facilitated in Mainland China during the period presented. 2 'Repeat borrower contribution' for a given period refers to the percentage of loan facilitation volume in Mainland China attributable to repeat borrowers during that period.'Repeat borrowers' during a certain period refers to borrowers who have borrowed in such period and have borrowed at least twice since such borrowers' registration on our platform until the end of such period.3 '90 day+ delinquency ratio' refers to the outstanding principal balance of loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of loans facilitated through the Company's platform as of a specific date. Loans facilitated outside Mainland China are not included in the calculation. 4 Please see the section entitled 'Use of Non-GAAP Financial Measure' below and the table captioned 'Unaudited Reconciliations of GAAP and Non-GAAP Results' set forth at the end of this press release. Mr. Yan Dinggui, the Company's Founder, Director and Chief Executive Officer, commented: 'We sustained our strong growth momentum in the first quarter of 2025 and delivered solid financial results in line with our expectations as we navigated through a dynamic macroeconomic environment. In the first quarter, loan facilitation volume amounted to RMB35.6 billion, representing a year-over-year increase of 58.2%, while net income totaled RMB539.5 million, reflecting disciplined execution of our strategic priorities. We continued to accelerate our high-quality growth strategy by focusing on our loan facilitation business, expanding institutional partnerships, and improving credit performance. These initiatives position us well for long-term growth. At the same time, we advanced the application of AI-driven tools across our core business and continue to work on expanding technological capabilities that drive essential value. Looking ahead, we remain committed to our strategic path forward and are confident in our ability to sustain improvements and growth throughout 2025.' First Quarter 2025 Financial Results Net revenue was RMB1,775.6 million (US$244.7 million), representing an increase of 20.4% from the same period of 2024. Revenue from loan facilitation services was RMB1,478.6 million (US$203.8 million), representing an increase of 77.9% from the same period of 2024. The increase was primarily due to the increased volume facilitated by the Company. Revenue from releasing of guarantee liabilities was RMB170.6 million (US$23.5 million), compared to RMB524.5 million in the same period of 2024. The year-over-year decrease was primarily due to the decrease in average outstanding loan balances for which the Company provided guarantee services. Other revenue was RMB126.4 million (US$17.4 million), compared with RMB119.8 million in the same period of 2024. Facilitation and servicing expense was RMB336.0 million (US$46.3 million), representing a decrease of 49.6% from the same period of 2024. This was primarily due to decreased expenses related to financial guarantee services. Allowance for uncollectible assets, loans receivable and others was RMB17.5 million (US$2.4 million), compared with RMB2.6 million in the first quarter of 2024, primarily due to the additional oversea guarantees the Company provided in the first quarter of 2025. Sales and marketing expense was RMB674.5 million (US$92.9 million), representing an increase of 87.5% from the same period of 2024, primarily due to an increase in borrower acquisition expenses. General and administrative expense was RMB52.8 million (US$7.3 million), representing an increase of 14.2% from the same period of 2024, primarily due to increased professional service fees. Research and development expense was RMB88.1 million (US$12.1 million), compared with RMB83.3 million in the same period of 2024. Income from operations was RMB606.6 million (US$83.6 million), representing an increase of 91.7% from the same period of 2024. Non-GAAP income from operation was RMB606.6 million (US$83.6 million), compared with RMB316.6 million in the same period of 2024. Net income was RMB539.5 million (US$74.3 million), representing an increase of 97.5% from RMB273.1 million in the same period of 2024. Basic and diluted net income per share was RMB2.53 (US$0.35), compared to RMB1.29 in the first quarter of 2024. Basic and diluted net income per ADS was RMB10.12 (US$1.40), compared to RMB5.16 in the first quarter of 2024. Each ADS represents four Class A ordinary shares of the Company. Cash and cash equivalents were RMB190.3 million (US$26.2 million) as of March 31, 2025, compared with RMB540.5 million as of December 31, 2024. The following chart and table display the historical cumulative M3+ Delinquency Rate by Vintage for loan products facilitated through the Company's platform in Mainland Outlook The Company expects its loan facilitation volume for the full year of 2025 to be in the range of RMB137 billion to RMB142 billion and its loan facilitation volume for the second quarter of 2025 to be in the range of RMB37 billion to RMB39 billion. The Company expects its non-GAAP income from operation for the second quarter of 2025 to be in the range of RMB0.66 billion to RMB0.73 billion. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Recent DevelopmentOn May 20, 2025, the Board of Directors of the Company (the 'Board') approved the declaration and payment of cash dividends of US$0.20 per ordinary share, or US$0.80 per American depositary share in the fiscal year 2025. The remaining details of such cash dividends, including the record date and dividend payment date, are subject to the Board's further June 4, 2025, the Board approved to extend the share repurchase plan for another period of 12 months, commencing on June 13, 2025 and ending on June 12, 2026. Pursuant to the extended share repurchase plan, the Company may repurchase its ordinary shares through June 12, 2026 with an aggregate value not exceeding the remaining balance under the share repurchase plan. As of June 4, 2025, the Company had repurchased approximately 3.8 million of its American depositary shares for approximately US$16.8 million, and the remaining balance under the share repurchase plan was US$13.2 million. Conference Call The Company will conduct a conference call to discuss its financial results on Wednesday, June 4, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day). To join the conference call, all participants must use the following link to complete the online registration process in advance. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. Participant Online Registration: live and archived webcast of the conference call will be available on the Company's investors relations website at About Jiayin Group Inc. Jiayin Group Inc. is a leading fintech platform in China committed to facilitating effective, transparent, secure and fast connections between underserved individual borrowers and financial institutions. The origin of the business of the Company can be traced back to 2011. The Company operates a highly secure and open platform with a comprehensive risk management system and a proprietary and effective risk assessment model which employs advanced big data analytics and sophisticated algorithms to accurately assess the risk profiles of potential borrowers. For more information, please visit Use of Non-GAAP Financial Measure We use non-GAAP income from operation, which is a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that the non-GAAP financial measure helps identify underlying trends in our business by excluding the impact of share-based compensation expenses. We believe that non-GAAP financial measure provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Such adjustment has no impact on income tax. Non-GAAP income from operation 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 analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for income from operation, net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure. For more information on this non-GAAP financial measure, please see the table captioned 'Unaudited Reconciliations of GAAP and Non-GAAP results' set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ('US$') at a 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$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor / Forward-Looking Statements This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the United States 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' and similar statements. The Company 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 the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to the Company's ability to retain existing investors and borrowers and attract new investors and borrowers in an effective and cost-efficient way, the Company's ability to increase the investment volume and loan facilitation of loans volume facilitated through its marketplace, effectiveness of the Company's credit assessment model and risk management system, PRC laws and regulations relating to the online individual finance industry in China, and general economic conditions in China. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. For investor and media inquiries, please contact: Jiayin Group Ms. Emily LuEmail: ir@ JIAYIN GROUP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) As ofDecember 31, As ofMarch 31, 2024 2025 RMB RMB US$ ASSETS Cash and cash equivalents 540,523 190,251 26,217 Restricted cash 137,332 158,289 21,813 Accounts receivable and contract assets, net 2,991,166 3,511,218 483,859 Financial assets receivables, net 293,483 274,627 37,845 Prepaid expenses and other current assets, net 377,978 510,938 70,409 Deferred tax assets, net 72,405 90,951 12,533 Property and equipment, net 44,397 1,366,869 188,360 Right-of-use assets 52,759 47,068 6,486 Long-term investments 162,267 222,838 30,708 Other non-current assets 737,583 21,053 2,901 TOTAL ASSETS 5,409,893 6,394,102 881,131 LIABILITIES AND EQUITY Deferred guarantee income 229,503 204,507 28,182 Contingent guarantee liabilities 213,644 246,512 33,970 Payroll and welfare payable 144,065 72,321 9,966 Tax payables 687,034 842,215 116,060 Accrued expenses and other liabilities 956,356 1,315,100 181,226 Lease liabilities 51,677 47,134 6,495 TOTAL LIABILITIES 2,282,279 2,727,789 375,899 TOTAL SHAREHOLDERS' EQUITY 3,127,614 3,666,313 505,232 TOTAL LIABILITIES AND EQUITY 5,409,893 6,394,102 881,131 JIAYIN GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in thousands, except for share and per share data) For the Three Months EndedMarch 31, 2024 2025 RMB RMB US$ Net revenue 1,475,340 1,775,576 244,681 Operating costs and expenses: Facilitation and servicing (666,974 ) (336,011 ) (46,304 ) Allowance for uncollectible assets, loans receivable and others (2,617 ) (17,541 ) (2,417 ) Sales and marketing (359,818 ) (674,494 ) (92,948 ) General and administrative (46,215 ) (52,795 ) (7,275 ) Research and development (83,270 ) (88,088 ) (12,139 ) Total operating costs and expenses (1,158,894 ) (1,168,929 ) (161,083 ) Income from operation 316,446 606,647 83,598 Interest income, net 1,916 4,175 575 Other income, net 587 52,389 7,219 Income before income taxes 318,949 663,211 91,392 Income tax expense (45,882 ) (123,729 ) (17,050 ) Net income 273,067 539,482 74,342 Less: net loss attributable to noncontrolling interest shareholders (3 ) (2 ) 0 Net income attributable to Jiayin Group Inc. 273,070 539,484 74,342 Weighted average shares used in calculating net income per share: - Basic and diluted 212,129,944 213,478,184 213,478,184 Net income per share: - Basic and diluted 1.29 2.53 0.35 Net income per ADS: - Basic and diluted 5.16 10.12 1.40 Net income 273,067 539,482 74,342 Other comprehensive income, net of tax of nil: Foreign currency translation adjustments (3,140 ) (783 ) (108 ) Comprehensive income 269,927 538,699 74,234 Comprehensive income attributable to noncontrolling interest 14 46 6 Total comprehensive income attributable to Jiayin Group Inc. 269,913 538,653 74,228 JIAYIN GROUP INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in thousands, except for share and per share data) For the Three Months EndedMarch 31, 2024 2025 RMB RMB US$ Reconciliation of Non-GAAP income from operation to Income from operation Income from operation: 316,446 606,647 83,598 Add: share-based compensation expenses 181 - - Non-GAAP income from operation 316,627 606,647 83,598 A chart accompanying this announcement is available at in to access your portfolio
Yahoo
29-05-2025
- Business
- Yahoo
Jefferies Trims Kingsoft Cloud (KC) Price Target, Keeps Buy Rating
Jefferies analyst Thomas Chong lowered the price target for Kingsoft Cloud Holdings Ltd (NASDAQ:KC) to $16 from $18 on May 28 and maintained a Buy rating. The adjustment came only hours after the company's Q1 2025 results were released. A computer engineer seated in front of several connected consoles, illustrating the depth of cloud services offered by the company. Kingsoft Cloud's quarterly revenue reached RMB1,970.0 million ($271.5 million), a 10.9% increase year-over-year but an 11.7% decrease quarter-over-quarter. Management attributed the sequential decline to seasonal factors and timing issues related to product deliveries in the enterprise cloud segment. But, despite the challenges, Tao Zou, the company's CEO, is confident that the future of their cloud business is robust. He stated that 'the importance for cloud services as infrastructure in the AI-era is gaining greater traction.' As such, the company is 'fully committed into our AI related investment and high-quality and sustainable business development.' Chong also touched on this aspect in his research note. He emphasized the strong demand for Kingsoft Cloud's AI services despite trimming the price target. Notably, the company's gross billing of AI business increased by 228% year-over-year to RMB525 million ($72.975 million). He also noted that the Kingsoft Cloud's new approach to leasing could potentially reduce gross profit margins but would also decrease reliance on cash reserves. With the current price target set at $16, Jefferies' valuation reflects Kingsoft Cloud's financial standing and evolving market conditions. Kingsoft Cloud Holdings Limited (NASDAQ:KC) is a leading cloud service provider in China. The company offers products like infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and enterprise cloud services. These products incorporate advanced technologies such as AI, big data, IoT, and edge computing. While we acknowledge the potential of Kingsoft Cloud Holdings Ltd (NASDAQ:KC) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than KC and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
Kingsoft Cloud Announces Unaudited First Quarter 2025 Financial Results
BEIJING, May 28, 2025 /PRNewswire/ -- Kingsoft Cloud Holdings Limited ("Kingsoft Cloud" or the "Company") (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced its unaudited financial results for the first quarter ended March 31,2025. Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented, "Despite uncertainties in global supply chain, we believe the importance for cloud services as infrastructure in the AI-era is gaining greater traction. This quarter, our gross billing of AI business increased by 228% year- over-year to RMB525 million, accounting for 39% of our public cloud services. We are confident and fully committed into our AI related investment and high-quality and sustainable business development." Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added, "Our revenue increased by 10.9% year-over-year, achieving RMB1,970.0 million for the first quarter; however sequentially we experienced seasonal decrease. Our adjusted gross profit was RMB327.7 million, increased by 9.6% year-over-year and decreased by 23.4% quarter-over-quarter. Adjusted gross margin was 16.6% in this quarter, compared with 16.8% in the first quarter 2024 and 19.2% in the fourth quarter last year. Our adjusted operating loss was RMB55.8 million, narrowed by 56% from RMB127.0 million in the same period last year. Our adjusted EBITDA profit achieved RMB318.5 million, representing an adjusted EBITDA margin of 16.2%" First Quarter 2025 Financial Results Total Revenues reached RMB1,970.0 million (US$271.5[1] million), increased by 10.9% year-over-year from RMB1,775.7 million in the same quarter of 2024 and decreased by 11.7% quarter-over-quarter from RMB2,232.1million in the fourth quarter of 2024. The year-over-year increase was mainly due to the expanded revenue from Xiaomi and Kingsoft Ecosystem and AI related customers and our further penetration into enterprise cloud customers. The quarter-over-quarter decrease was mainly due to the seasonality impact for enterprise cloud. Revenues from public cloud services were RMB1,353.5 million (US$186.5 million), increased by 14.0% from RMB1,187.4 million in the same quarter of 2024 and decreased by 4.0% from RMB1,409.8 million last quarter. The year-over-year increase was mainly due to the growth of AI demands. Revenues from enterprise cloud services were RMB616.5 million (US$85.0 million), representing an increase of 4.8% from RMB588.2 million in the same quarter of 2024 and a decrease of 25.0% from RMB822.3 million last quarter. The sequential decrease was mainly due to the Chinese New Year impact and differentiated delivery schedules for various projects. Other revenues were nil this quarter. Cost of revenues was RMB1,651.7 million (US$227.6 million), representing an increase of 11.4% from RMB1,482.4 million in the same quarter of 2024, which was mainly due to our investment into AI computing resources. IDC costs decreased by 6.0% year-over-year from RMB768.5 million to RMB722.8 million (US$99.6 million) this quarter. The decrease was mainly due to our strict control over procurement costs. Depreciation and amortization costs increased from RMB183.5 million in the same quarter of 2024 to RMB378.5 million (US$52.2 million) this quarter. The increase was mainly due to the depreciation of newly acquired servers which were allocated to AI business. Solution development and services costs increased by 13.3% year-over-year from RMB446.0 million in the same quarter of 2024 to RMB505.2 million (US$69.6 million) this quarter. The increase was mainly due to the solution personnel expansion of Camelot. Fulfillment costs and other costs were RMB3.1 million (US$0.4 million) and RMB42.1 million (US$5.8 million) this quarter. Gross profit was RMB318.3 million (US$43.9 million), representing an increase of 8.5% from RMB293.3 million in the same quarter of 2024, demonstrating our improvements in revenue quality and structure. Gross margin was 16.2%, remaining stable compared with 16.5% in the same period in 2024. Non-GAAP gross profit[2] was RMB327.7 million (US$45.2 million), compared with RMB299.1 million in the same period in 2024. Non-GAAP gross margin[2] was 16.6%, compared with 16.8% in the same period in 2024. The improvement of our gross profit was mainly due to the decrease of procurement costs. The sequential decrease of gross margin was mainly due to the growing investment into AI and the delay of high-margin profile enterprise cloud projects in first quarter. Total operating expenses were RMB552.5 million (US$76.1 million), decreased by 2.6% from RMB567.4 million in the same quarter last year and increased by 17.7% from RMB469.5 million last quarter. Among which: Selling and marketing expenses were RMB144.3 million (US$19.9 million), increased by 23.6% from RMB116.8 million in the same period in 2024 and increased by 24.7% from RMB115.8 million last quarter. The increase was due to the increase of one-time-off bonus of share based compensation. General and administrative expenses were RMB182.0million (US$25.1million), decreased by 16.8% from RMB218.7 million in the same period in 2024 and slightly increased by 1.4% from RMB179.5 million last quarter. The year-over-year decrease was mainly due to the decrease of credit loss expense, which was partially offset by the increase of share based compensation. Research and development expenses were RMB226.2 million (US$31.2 million), decreased by 2.5% from RMB232.0 million in the same period in 2024 and increased by 29.9% from RMB174.2 million last quarter. The increase was mainly due to our continuous investment into research and development personnel to enhance our technology competitiveness and increase of share based compensation. Operating loss was RMB234.2 million (US$32.3 million), compared with operating loss of RMB274.2 million in the same quarter of 2024 and RMB43.5 million last quarter. The year-over-year improvement was mainly due to the increase of gross profit and our strict expenses control, while the sequential increase was mainly due to the impact of gross profit and increase of shared based compensation. Non-GAAP operating loss[3] was RMB55.8 million (US$7.7 million), compared with operating loss of RMB127.0 million in the same quarter last year and operating profit of RMB24.4 million last quarter. Net loss was RMB316.1 million (US$43.6 million), compared with net loss of RMB363.6 million in the same quarter of 2024 and RMB200.6 million last quarter. Non-GAAP net loss[4] was RMB190.6 million (US$26.3 million), compared with RMB217.3 million in the same quarter of 2024 and RMB70.3 million last quarter. The year-over-year improvement was mainly due to the revenue quality increase, revenue mix adjustment, strict costs control and expenses control. The quarter-over-quarter decrease was mainly due to the seasonality impact. Non-GAAP EBITDA[5] was RMB318.5 million (US$43.9 million), compared with RMB33.2 million in the same quarter of 2024 and RMB359.7 million last quarter. Non-GAAP EBITDA margin was 16.2%, compared with 1.9% in the same quarter of 2024 and 16.1% in the previous quarter. The increase was mainly due to the expansion of AI businesses with higher margin. Basic and diluted net loss per share was RMB0.08 (US$0.01), compared with RMB0.10 in the same quarter of 2024 and RMB0.05 last quarter. Cash and cash equivalents were RMB2,322.7 million (US$320.1 million) as of March 31, 2025, compared with RMB2,648.8 million as of December 31, 2024. The decrease was mainly due to the investment into operation and the investment into the procurement of computing power equipment. Outstanding ordinary shares were 3,703,014,637 as of March 31, 2025, equivalent to about 246,867,642 ADSs. [1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025 as certified for customs purposes by the Federal Reserve Bank of New York. [2] Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release. [3] Non-GAAP operating (loss) profit is defined as operating loss excluding share-based compensation and amortization of intangible assets and we define Non-GAAP operating (loss) profit margin as Non-GAAP operating (loss) profit as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release. [4] Non-GAAP net loss is defined as net loss excluding share-based compensation and foreign exchange loss (gain), and we define Non-GAAP net loss margin as adjusted net loss as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release. [5] Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income, interest expense, income tax (benefit) expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. See "Use of Non-GAAP Financial Measures" set forth at the end of this press release. Conference Call Information Kingsoft Cloud's management will host an earnings conference call on Wednesday, May 28, 2025 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Time on the same day). Participants can register for the conference call by navigating to Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN. To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly. Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at Use of Non-GAAP Financial Measures The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating (loss) profit, Non-GAAP operating (loss) profit margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our 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. We define Non-GAAP gross profit as gross profit excluding share-based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. We define Non-GAAP operating (loss) profit as operating loss excluding share-based compensation and amortization of intangible assets and we define Non-GAAP operating (loss) profit margin as Non-GAAP operating (loss) profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation and foreign exchange loss (gain), and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax (benefit) expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP 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 analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure. Exchange Rate Information This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025 as certified for customs purposes by the Federal Reserve Bank of New York. 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" and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud's strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud'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: Kingsoft Cloud's goals and strategies; Kingsoft Cloud's future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud 's business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud's ability to monetize the customer base; fluctuations in general economic and business conditions in China; and the economy in China and elsewhere generally; China's political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Kingsoft Cloud Holdings Limited Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals. For more information, please visit: For investor and media inquiries, please contact: Kingsoft Cloud Holdings Limited Nicole ShanTel: +86 (10) 6292-7777 Ext. 6300Email: ksc-ir@ KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands)Dec 31,2024 Mar 31,2025 Mar 31,2025RMB RMB US$ ASSETSCurrent assets:Cash and cash equivalents 2,648,764 2,322,674 320,073 Restricted cash 81,337 63,670 8,774 Accounts receivable, net 1,468,663 1,807,011 249,013 Short-term investments 90,422 60,245 8,302 Prepayments and other assets 2,233,074 2,254,813 310,722 Amounts due from related parties 318,526 629,876 86,799 Total current assets 6,840,786 7,138,289 983,683 Non-current assets:Property and equipment, net 4,630,052 6,514,205 897,681 Intangible assets, net 694,880 660,926 91,078 Goodwill 4,605,724 4,605,724 634,686 Prepayments and other assets 449,983 444,555 61,261 Equity investments 234,182 232,790 32,079 Operating lease right-of-use assets 137,047 124,585 17,168 Total non-current assets 10,751,868 12,582,785 1,733,953 Total assets 17,592,654 19,721,074 2,717,636 LIABILITIES, NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable 1,877,004 2,040,574 281,199 Accrued expenses and other current liabilities 3,341,990 3,616,908 498,423 Short-term borrowings 2,225,765 2,550,970 351,533 Income tax payable 69,219 75,532 10,409 Amounts due to related parties 1,584,199 1,471,400 202,764 Current operating lease liabilities 61,258 42,459 5,851 Total current liabilities 9,159,435 9,797,843 1,350,179 Non-current liabilities:Long-term borrowings 1,660,584 1,997,371 275,245 Amounts due to related parties 309,612 494,982 68,210 Deferred tax liabilities 101,677 89,725 12,364 Other liabilities 790,271 1,932,576 266,316 Non-current operating lease liabilities 65,755 63,932 8,810 Total non-current liabilities 2,927,899 4,578,586 630,945 Total liabilities 12,087,334 14,376,429 1,981,124 Shareholders' equity:Ordinary shares 25,689 25,689 3,540 Treasury stock (105,478) (88,114) (12,142) Additional paid-in capital 18,940,885 19,071,212 2,628,083 Statutory reserves funds 32,001 32,001 4,410 Accumulated deficit (14,291,957) (14,605,883) (2,012,744) Accumulated other comprehensive income 566,900 574,660 79,190 Total Kingsoft Cloud Holdings Limited shareholders' equity 5,168,040 5,009,565 690,337 Non-controlling interests 337,280 335,080 46,175 Total equity 5,505,320 5,344,645 736,512 Total liabilities, non-controlling interests and shareholders' equity 17,592,654 19,721,074 2,717,636 KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for share and per share data)Three Months EndedMar 31,2024 Dec 31,2024 Mar 31,2025 Mar 31,2025RMB RMB RMB US$ Revenues: Public cloud services 1,187,370 1,409,804 1,353,479 186,514 Enterprise cloud services 588,162 822,338 616,498 84,956 Others 152 - - - Total revenues 1,775,684 2,232,142 1,969,977 271,470 Cost of revenues (1,482,431) (1,806,170) (1,651,671) (227,606) Gross profit 293,253 425,972 318,306 43,864 Operating expenses: Selling and marketing expenses (116,752) (115,792) (144,338) (19,890) General and administrative expenses (218,695) (179,536) (181,999) (25,080) Research and development expenses (231,963) (174,155) (226,170) (31,167) Total operating expenses (567,410) (469,483) (552,507) (76,137) Operating loss (274,157) (43,511) (234,201) (32,273) Interest income 8,370 4,176 4,946 682 Interest expense (51,066) (61,821) (82,897) (11,424) Foreign exchange (loss) gain (42,737) (105,572) 9,051 1,247 Other (loss) gain, net (8,207) (2,956) 3,244 447 Other (expense) income, net (11,190) 5,336 (7,012) (966) Loss before income taxes (378,987) (204,348) (306,869) (42,287) Income tax benefit (expense) 15,371 3,706 (9,241) (1,273) Net loss (363,616) (200,642) (316,110) (43,560) Less: net loss attributable to non-controlling interests (4,206) (3,683) (2,184) (301) Net loss attributable to Kingsoft Cloud Holdings Limited (359,410) (196,959) (313,926) (43,259)Net loss per share: Basic and diluted (0.10) (0.05) (0.08) (0.01) Shares used in the net loss per share computation: Basic and diluted 3,614,662,846 3,710,632,202 3,728,092,123 3,728,092,123 Other comprehensive income, net of tax of nil: Foreign currency translation adjustments 20,704 103,658 7,744 1,067 Comprehensive loss (342,912) (96,984) (308,366) (42,493) Less: Comprehensive loss attributable to non-controlling interests (4,247) (3,667) (2,200) (303) Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders (338,665) (93,317) (306,166) (42,190) KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)Three Months EndedMar 31,2024 Dec 31,2024 Mar 31,2025 Mar 31,2025RMB RMB RMB US$ Gross profit 293,253 425,972 318,306 43,864 Adjustments: – Share-based compensation expenses (allocated in cost of revenues) 5,814 1,726 9,365 1,291 Adjusted gross profit (Non-GAAP Financial Measure) 299,067 427,698 327,671 45,155 KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)Three Months EndedMar 31,2024 Dec 31,2024 Mar 31,2025 Gross margin 16.5 % 19.1 % 16.2 % Adjusted gross margin (Non-GAAP Financial Measure) 16.8 % 19.2 % 16.6 % KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)Three Months EndedMar 31,2024 Dec 31,2024 Mar 31,2025 Mar 31,2025RMB RMB RMB US$ Net Loss (363,616) (200,642) (316,110) (43,560) Adjustments: – Share-based compensation expenses 103,595 24,774 134,611 18,550 – Foreign exchange loss (gain) 42,737 105,572 (9,051) (1,247) Adjusted net loss (Non-GAAP Financial Measure) (217,284) (70,296) (190,550) (26,257) Adjustments: – Interest income (8,370) (4,176) (4,946) (682) – Interest expense 51,066 61,821 82,897 11,424 – Income tax (benefit) expense (15,371) (3,706) 9,241 1,273 – Depreciation and amortization 223,146 376,100 421,901 58,140 Adjusted EBITDA (Non-GAAP Financial Measure) 33,187 359,743 318,543 43,898 – Gain on disposal of property and equipment (23,821) (10,137) (2,110) (291) Excluding gain on disposal of property and equipment, normalized Adjusted EBITDA 9,366 349,606 316,433 43,607 KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)Three Months EndedMar 31,2024 Dec 31,2024 Mar 31,2025 Mar 31,2025RMB RMB RMB US$ Operating loss (274,157) (43,511) (234,201) (32,273) Adjustments: – Share-based compensation expenses 103,595 24,774 134,611 18,550 – Amortization of intangible assets 43,517 43,104 43,781 6,033 Adjusted operating (loss) profit (Non-GAAP Financial Measure) (127,045) 24,367 (55,809) (7,690) – Gain on disposal of property and equipment (23,821) (10,137) (2,110) (291) Excluding gain on disposal of property and equipment, normalized Adjusted operating (loss) profit (150,866) 14,230 (57,919) (7,981) KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)Three Months EndedMar 31,2024 Dec 31,2024 Mar 31,2025 Net loss margin -20.5 % -9.0 % -16.0 % Adjusted net loss margin (Non-GAAP Financial Measure) -12.2 % -3.1 % -9.7 % Adjusted EBITDA margin (Non-GAAP Financial Measure) 1.9 % 16.1 % 16.2 % Normalized Adjusted EBITDA margin 0.5 % 15.7 % 16.1 % Adjusted operating (loss) profit margin (Non-GAAP Financial Measure) -7.2 % 1.1 % -2.8 % Normalized Adjusted operating (loss) profit margin -8.5 % 0.6 % -2.9 % KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (All amounts in thousands)Three Months EndedMar 31,2024 Dec 31,2024 Mar 31,2025 Mar 31,2025RMB RMB RMB US$ Net cash (used in) generated from operating activities (321,336) 570,222 (418,390) (57,656) Net cash used in investing activities (1,169,017) (1,337,978) (490,393) (67,578) Net cash generated from financing activities 1,112,096 1,802,762 549,998 75,792 Effect of exchange rate changes on cash, cash equivalents and restricted cash (20,464) (15,294) 15,028 2,071 Net (decrease) increase in cash, cash equivalents and restricted cash (398,721) 1,019,712 (343,757) (47,371) Cash, cash equivalents and restricted cash at beginning of period 2,489,481 1,710,389 2,730,101 376,218 Cash, cash equivalents and restricted cash at end of period 2,090,760 2,730,101 2,386,344 328,847 View original content: SOURCE Kingsoft Cloud Holdings Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
Xiaomi Corp (XIACF) Q1 2025 Earnings Call Highlights: Record Revenue and Strategic Growth ...
Total Revenue: RMB111.3 billion, up 47% year-on-year. Adjusted Net Profit: RMB10.7 billion, up 64% year-on-year. Gross Margin: 22.8%, up 0.5 percentage points year-on-year. Smartphone Revenue: RMB50.6 billion, with global shipments of 41.8 million units. Smartphone ASP: RMB1,211, up 5.8% year-on-year. AIoT Revenue: RMB32.3 billion, up 59% year-on-year. Internet Service Revenue: RMB9.1 billion, up 12.8% year-on-year. Smart EV and AI Innovative Business Revenue: RMB18.6 billion. R&D Expenses: RMB6.7 billion, up 30% year-on-year. Operating Expenses: RMB15.4 billion, with core business operating expenses at RMB10.6 billion. Smartphone Market Share in Mainland China: 18.8%, with a 40% year-on-year growth in shipments. Global MAU: 719 million, up 9.2% year-on-year. Smart EV Deliveries: 76,000 units in Q1. Warning! GuruFocus has detected 6 Warning Signs with XIACF. Release Date: May 27, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Xiaomi Corp (XIACF) achieved record high total revenue of RMB111.3 billion in Q1 2025, marking a 47% year-on-year increase. The company returned to the number one position in smartphone shipments in Mainland China, with a market share increase to 18.8%. Xiaomi's AIoT revenue reached RMB32.3 billion, with a strong year-on-year growth of 59%, driven by advancements in technology and favorable national policies. The company's R&D investment is set to reach RMB30 billion in 2025, with a focus on core technologies like AI and chips. Xiaomi's gross margin reached a historical high of 22.8%, with a significant improvement in AIoT business gross margin to 25.2%. Despite strong performance, Xiaomi faces intense competition in the AIoT sector, with peers formulating strategies to target the company. Concerns were raised about potential price reductions in the EV segment to maintain sales momentum, which could impact profitability. The smartphone market in some regions, such as India, experienced a decline, affecting Xiaomi's market share. The company faces challenges in scaling its large home appliance business, with ongoing discussions about building new factories. Xiaomi's new business segment, including Smart EV and AI, reported an operating loss of RMB500 million, indicating ongoing financial challenges. Q: What strategies will Xiaomi implement to address the competitive landscape in the AIoT sector, and how will these differ between China and overseas markets? A: Lu Weibing, Partner and President, stated that Xiaomi is in a high growth stage with many products out of stock, indicating minimal impact from competitors. The company aims to be a value creator and promoter of industry improvement. For overseas markets, strategies will not differ significantly from those in China, although the competitive landscape may vary. Q: How will Xiaomi's smart factories and AIoT plans enhance efficiency and profitability, and what impact will standard configurations like LiDAR have on pricing and profitability? A: Lu Weibing explained that Xiaomi's smart manufacturing platform supports various factories, enhancing supply chain efficiency. The company focuses on strong product capabilities, which should ensure profitability despite standard configurations. Profit is seen as a result of strong products rather than a direct target. Q: What is Xiaomi's outlook for smartphone shipments and pricing in 2025, and how will the EV and AI new business segments impact gross margins and losses? A: Lu Weibing noted that while global smartphone growth may be slower than expected, Xiaomi will focus on improving product structure rather than volume. The EV segment's gross margin has steadily improved, driven by strong product capabilities and efficient management. The new business segment's operating loss is narrowing, with a current loss of around RMB500 million. Q: What are Xiaomi's plans for smartphone premiumization and AI integration, and how will these strategies evolve over the next five years? A: Lu Weibing highlighted Xiaomi's commitment to premiumization, focusing on high-end products and expanding from China to overseas markets. The company plans to integrate AI deeply into its products, leveraging its large user base and data to enhance user experience. Q: How will Xiaomi's self-developed XRING chips impact its smartphone business and overall gross margins, and what is the competitive landscape in overseas markets like India and Africa? A: Lu Weibing stated that the XRING chips are part of a long-term strategy for high-end growth, with initial focus on flagship products. In overseas markets, Xiaomi is adjusting strategies based on local conditions, with a focus on improving product structure in India and expanding market share in Africa. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
