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The Sun
4 days ago
- Business
- The Sun
China Tower (788.HK) Announces 2025 Interim Results
Steady Improvement in Business Quality Continuously Enhancing Shareholder Returns HONG KONG SAR - Media OutReach Newswire - 5 August 2025 - The world's largest telecommunications infrastructure service provider China Tower Corporation Limited ('China Tower', or the 'Company') (Stock Code: is pleased to announce its interim results for the six months ended 30 June 2025. In the first half of 2025, the Company's operating revenue maintained steady growth, reaching RMB49,601 million, an increase of 2.8% year-on-year. EBITDA reached RMB34,227 million, an increase of 3.6% year-on-year, with an EBITDA margin[3] of 69.0%. Profit attributable to the owners of the Company reached RMB5,757 million, an increase of 8.0% year-on-year, with a net profit margin of 11.6%, demonstrating a continuous improvement in profitability. Net cash generated from operating activities amounted to RMB28,679 million, a decrease of RMB4,151 million year-on-year. Capital expenditures stood at RMB12,392 million, with free cash flow[4] reaching RMB16,287 million, down by RMB2,814 million year-on-year. As at 30 June 2025, our total assets amounted to RMB331,127 million, with interest-bearing liabilities of RMB92,639 million and a gearing ratio[5] of 29.5%, representing a decrease of 1.5 percentage points from the end of 2024. Financial position remains healthy and stable. The Company attaches great importance to shareholder returns. After considering our profitability, cash flow and future development needs, the board of directors of the Company has resolved to distribute an interim dividend of RMB0.13250 per share (pre-tax). We will work towards realizing healthy growth in annual dividend payment per share and creating greater value for shareholders. Strong foundation helped maintain stable performance in TSP business The Company fully delivered on its role as part of a nationwide consortium of telecommunication infrastructure developers and as the leading force in new 5G infrastructure construction. We further overcame challenges in the Dual-Gigabit network joint-entry, as well as implementing special projects such as upgrading signal strength and extending broadband coverage to all border areas. We were able to capture opportunities presented by the continuous expansion of 5G network penetration and coverage in China. By working to improve resource coordination and sharing, and enhancing our professional operations, we were able to fully satisfy customer network construction needs and maintain stable growth in the TSP business. In the first half of 2025, our TSP business recorded revenues of RMB42,461 million, an increase of 0.8% year-on-year. Tower business. We implemented an embedded service mechanism to strengthen customer communications and engagement with a focus on TSPs' network construction planning. By doing so we were able to acquire orders by customer types and by network standards/frequency bands. Based on site resource data, we proactively conducted network coverage analysis to identify weak coverage areas, enabling the development of comprehensive solutions and regional products to meet customer needs. We focused on resolving customer pain points, continuously tackling difficult sites to gain customer recognition while fully acquiring and addressing customer demands. By adhering to a customer-oriented philosophy, we constantly optimized our business processes, standardized business management, and improved the efficiency of order acquisition and delivery as well as billing and payment collection, in order to enhance service capabilities and customer satisfaction. In the first half of 2025, our Tower business revenue reached RMB37,797 million, maintaining at about the same level year-on-year. As of 30 June 2025, the Company managed a total of 2.119 million tower sites, an increase of 25,000 sites compared to the end of 2024. We gained 35,000 new TSP tenants since the end of 2024, bringing the total number of TSP tenants to 3.579 million. Our TSP tenancy ratio was 1.72. DAS business. Maintaining a clear focus on high-value scenarios, the Company continued to strengthen its resource coordination and sharing capabilities for key sites such as large transportation hubs, subways, large venues, Grade 3A hospitals, tertiary institutions, and landmark buildings. We collaborated with TSPs to accelerate 5G network upgrades on high-speed railways, achieving a larger share of high-value scenario orders. By furthering joint construction and shared development, we have improved coverage efficiency and unleashed our advantages in coordinated site entry and construction. We supported TSPs in swiftly and economically expanding network coverage to improve people's livelihoods through scale deployment of shared repeaters in elevators, underground parking lots, highway tunnels, residential properties and other sites. We accelerated 5G upgrades and continuously optimized active and passive DAS sharing solutions to enhance product competitiveness. We piloted shared frequency-shifting solutions during the 5G upgrades of existing DAS to ensure that the network quality improves in line with customer requirements. In the first half of 2025, our revenue from DAS business reached RMB4,664 million, an increase of 12.0% compared to the same period last year, maintaining relatively high growth. As of 30 June 2025, we had covered buildings with a cumulative area of 13.85 billion square meters, up by 20.0% year-on-year, while the coverage in high-speed railway tunnels and subways reached a cumulative length of 30,878 kilometers, representing an increase of 17.0% year-on-year. Refined operations to boost rapid development of Two Wings business We continued to strengthen product innovation and optimized business planning to improve our core competencies and promote further development of our Two Wings business, realizing rapid revenue and scale expansion. In the first half of 2025, revenues from our Two Wings business reached RMB6,935 million, accounting for 14.0% of our overall operating revenue and representing an increase of 1.6 percentage points over the same period last year. Smart Tower business. Focusing on spatial digital intelligence governance, we leveraged our rich resources and capabilities to transform 'telecommunication towers' to 'digital towers', which supported national strategies and major projects while improving the quality of our Smart Tower business. In terms of identifying customer demands, we further developed the Smart Tower business across vertical sectors and promoted strategic cooperation with a list-based approach. Our market share expanded and leadership consolidated across key scenarios such as farmland protection, fisheries law enforcement, bushfire prevention, disaster alert, and emergency rescue. In terms of refining our products, we advanced the construction and operations of the distributed platform and optimized our distinctive algorithm warehouse for mid-to-high points. We developed high-quality data sets for digital intelligent governance, further improving the competitiveness of products in key service scenarios. In terms of upgrading service delivery, we continued to elevate the service quality for customers in key industries, centering around the development of high-standard service systems. We reinforced service process management and advanced service upgrades for major projects and key service scenarios. We reinforced our local support and service teams to ensure swift response to customers' incremental development requirements, continuously enhancing our 'companion' service capabilities. In terms of strengthening security, we solidified measures by deepening closed-loop management of network information security risks and improving the technical protection system. We carried out special initiatives to comprehensively enhance technical protection capabilities for network information security across data, terminals, platforms, and cloud networks. In the first half of 2025, our Smart Tower business achieved revenue of RMB4,726 million, a year-on-year increase of 18.7%. Of which, RMB2,822 million was generated from Tower Monitoring business, accounting for 59.7% of our Smart Tower business. Energy business. We focused on key business segments such as battery exchange and power backup, leveraging core competitiveness in product, service, and platform. We carried out refined operation and turned our Energy business into a specialized business stream. For the battery exchange business, we strengthened our presence in the consumer food delivery market while accelerating expansion among corporate customers. We established a VIP user management system to improve service capabilities and customer retention, driving rapid growth in our user base. As of 30 June 2025, we had approximately 1.470 million battery exchange users, an increase of 166,000 from the end of 2024, further maintaining our leading position in battery exchange for low-speed electric vehicles. Drawing on effective resource allocations, we accelerated the construction of a community charging infrastructure network system, improved operation and management capabilities, provided safe charging services for low-speed electric vehicles to the community, and continuously expanded the scale of service users. For the power backup business, we tapped into pivotal industries such as telecommunications and finance, along with key scenarios, to expand our premium customer base, analyze customer needs, strengthen capabilities, promot a comprehensive 'power backup +' industry solution and forge China Tower 'energy butler' brand. In the first half of 2025, our Energy business achieved revenue of RMB2,209 million, a year-on-year increase of 9.2%. Of which, the battery exchange business accounted for RMB1,323 million, contributing to 59.9% of the Energy business revenue. Technological innovation steadily generated positive impact In the first half of the year, we continued to strengthen technological innovation, building robust momentum for sustainable development. We intensified R&D efforts in critical technologies, including next-generation mobile communications, AI, edge computing, 5G + BeiDou integration, 5G shared DAS, new energy solutions and Internet of Things. We focused on establishing major projects and technical standards with international and industrial impact. By releasing a series of achievement lists, smoothing transformation channels, conducting scientific and technological achievement evaluations, and promoting transformation through categorized measures, we accelerated the channeling of technological achievements into production. We further promoted the management of the 'four lists', namely competencies and capabilities, task and project planning, resource allocation, and the commercialization of research outcomes, to steadily improve the efficiency and performance of innovation. In the first half of 2025, our R&D team size increased by 29%, compared to the same period last year, while the cumulative number of patent authorizations rose by 16% since the end of 2024. Mr. Zhang Zhiyong, Chairman of China Tower said, 'During the first half of 2025, we continued to optimize resource allocation, deepen reform and innovation, promote stable and high-quality operations and development, and improve corporate efficiency, further enhancing our core competitiveness. Looking ahead, we will continue to uphold the philosophy of resource sharing and adhere to the 'One Core and Two Wings' strategy to further enhance our core competitiveness, promote high-quality development, and maximize value for shareholders, customers, and society.' [1] EBITDA is calculated by operating profit plus depreciation and amortization. [2] The Company's share consolidation and capital reduction took effect on 20 February 2025. The Company's total issued share capital was reduced from 176,008,471,024 shares to 17,600,847,102 shares. Taking into account the aforementioned change in total issued share capital, the growth rate is calculated based on the total amount of dividends. [3] EBITDA margin is calculated by dividing EBITDA by operating revenue, and multiplying the resulting value by 100%. [4] Free cash flow is the net cash generated from operating activities minus the capital expenditures. [5] Gearing ratio is calculated as net debt (Interest-bearing liabilities minus the amount of cash and cash equivalents) divided by the sum of total equity and net debt, then multiplied by 100%. About China Tower (Stock Code: China Tower is the world's largest telecommunications tower infrastructure service provider, and the Company always adheres to the philosophy of shared development and implements the 'One Core and Two Wings' strategy. The Company is principally engaged in the construction, maintenance and operation of base station ancillary facilities such as telecommunications towers, public network coverage in high-speed railways and subways, and large-scale indoor Distributed Antenna Systems (DAS). Meanwhile, relying on unique resources to provide energy application services such as information application and intelligent battery exchange and power backup to the society, the Company strives to build itself into a world-class integrated digital infrastructure service provider, and a highly competitive information and new energy applications provider. As of the end of June 2025, the Company's total assets amounted to RMB331,127 million. China Tower operated and managed 2.119 million tower sites across 31 provinces, municipalities and autonomous regions in the PRC, and served over 3.844 million tenants with the tenancy ratio of 1.81.
Arabian Post
4 days ago
- Business
- Arabian Post
China Tower (788.HK) Announces 2025 Interim Results
Deepening 'One Core and Two Wings' Strategic Layout Steady Improvement in Business Quality Continuously Enhancing Shareholder Returns HONG KONG SAR – Media OutReach Newswire – 5 August 2025 – The world's largest telecommunications infrastructure service provider China Tower Corporation Limited ('China Tower', or the 'Company') (Stock Code: is pleased to announce its interim results for the six months ended 30 June 2025. ADVERTISEMENT Performance Highlights RMB Million 1H 2025 1H 2024 Change Operating revenue 49,601 48,247 2.8% EBITDA[1] 34,227 33,045 3.6% Profit attributable to owners of the Company 5,757 5,330 8.0% Basic earnings per share (RMB yuan) (Re-presented) 0.3293 0.3049 8.0% Dividend per share (RMB yuan) 0.13250 0.01090 21.6%[2] Key operating data Number of tower sites (thousand) 2,119 2,070 2.4% Number of tower tenants (thousand) 3,844 3,731 3.0% Tenancy ratio (tenants / tower site) 1.81 1.80 0.6% In the first half of 2025, the Company's operating revenue maintained steady growth, reaching RMB49,601 million, an increase of 2.8% year-on-year. EBITDA reached RMB34,227 million, an increase of 3.6% year-on-year, with an EBITDA margin[3] of 69.0%. Profit attributable to the owners of the Company reached RMB5,757 million, an increase of 8.0% year-on-year, with a net profit margin of 11.6%, demonstrating a continuous improvement in profitability. Net cash generated from operating activities amounted to RMB28,679 million, a decrease of RMB4,151 million year-on-year. Capital expenditures stood at RMB12,392 million, with free cash flow[4] reaching RMB16,287 million, down by RMB2,814 million year-on-year. As at 30 June 2025, our total assets amounted to RMB331,127 million, with interest-bearing liabilities of RMB92,639 million and a gearing ratio[5] of 29.5%, representing a decrease of 1.5 percentage points from the end of 2024. Financial position remains healthy and stable. The Company attaches great importance to shareholder returns. After considering our profitability, cash flow and future development needs, the board of directors of the Company has resolved to distribute an interim dividend of RMB0.13250 per share (pre-tax). We will work towards realizing healthy growth in annual dividend payment per share and creating greater value for shareholders. Strong foundation helped maintain stable performance in TSP business ADVERTISEMENT The Company fully delivered on its role as part of a nationwide consortium of telecommunication infrastructure developers and as the leading force in new 5G infrastructure construction. We further overcame challenges in the Dual-Gigabit network joint-entry, as well as implementing special projects such as upgrading signal strength and extending broadband coverage to all border areas. We were able to capture opportunities presented by the continuous expansion of 5G network penetration and coverage in China. By working to improve resource coordination and sharing, and enhancing our professional operations, we were able to fully satisfy customer network construction needs and maintain stable growth in the TSP business. In the first half of 2025, our TSP business recorded revenues of RMB42,461 million, an increase of 0.8% year-on-year. Tower business. We implemented an embedded service mechanism to strengthen customer communications and engagement with a focus on TSPs' network construction planning. By doing so we were able to acquire orders by customer types and by network standards/frequency bands. Based on site resource data, we proactively conducted network coverage analysis to identify weak coverage areas, enabling the development of comprehensive solutions and regional products to meet customer needs. We focused on resolving customer pain points, continuously tackling difficult sites to gain customer recognition while fully acquiring and addressing customer demands. By adhering to a customer-oriented philosophy, we constantly optimized our business processes, standardized business management, and improved the efficiency of order acquisition and delivery as well as billing and payment collection, in order to enhance service capabilities and customer satisfaction. In the first half of 2025, our Tower business revenue reached RMB37,797 million, maintaining at about the same level year-on-year. As of 30 June 2025, the Company managed a total of 2.119 million tower sites, an increase of 25,000 sites compared to the end of 2024. We gained 35,000 new TSP tenants since the end of 2024, bringing the total number of TSP tenants to 3.579 million. Our TSP tenancy ratio was 1.72. DAS business. Maintaining a clear focus on high-value scenarios, the Company continued to strengthen its resource coordination and sharing capabilities for key sites such as large transportation hubs, subways, large venues, Grade 3A hospitals, tertiary institutions, and landmark buildings. We collaborated with TSPs to accelerate 5G network upgrades on high-speed railways, achieving a larger share of high-value scenario orders. By furthering joint construction and shared development, we have improved coverage efficiency and unleashed our advantages in coordinated site entry and construction. We supported TSPs in swiftly and economically expanding network coverage to improve people's livelihoods through scale deployment of shared repeaters in elevators, underground parking lots, highway tunnels, residential properties and other sites. We accelerated 5G upgrades and continuously optimized active and passive DAS sharing solutions to enhance product competitiveness. We piloted shared frequency-shifting solutions during the 5G upgrades of existing DAS to ensure that the network quality improves in line with customer requirements. In the first half of 2025, our revenue from DAS business reached RMB4,664 million, an increase of 12.0% compared to the same period last year, maintaining relatively high growth. As of 30 June 2025, we had covered buildings with a cumulative area of 13.85 billion square meters, up by 20.0% year-on-year, while the coverage in high-speed railway tunnels and subways reached a cumulative length of 30,878 kilometers, representing an increase of 17.0% year-on-year. Refined operations to boost rapid development of Two Wings business We continued to strengthen product innovation and optimized business planning to improve our core competencies and promote further development of our Two Wings business, realizing rapid revenue and scale expansion. In the first half of 2025, revenues from our Two Wings business reached RMB6,935 million, accounting for 14.0% of our overall operating revenue and representing an increase of 1.6 percentage points over the same period last year. Smart Tower business. Focusing on spatial digital intelligence governance, we leveraged our rich resources and capabilities to transform 'telecommunication towers' to 'digital towers', which supported national strategies and major projects while improving the quality of our Smart Tower business. In terms of identifying customer demands, we further developed the Smart Tower business across vertical sectors and promoted strategic cooperation with a list-based approach. Our market share expanded and leadership consolidated across key scenarios such as farmland protection, fisheries law enforcement, bushfire prevention, disaster alert, and emergency rescue. In terms of refining our products, we advanced the construction and operations of the distributed platform and optimized our distinctive algorithm warehouse for mid-to-high points. We developed high-quality data sets for digital intelligent governance, further improving the competitiveness of products in key service scenarios. In terms of upgrading service delivery, we continued to elevate the service quality for customers in key industries, centering around the development of high-standard service systems. We reinforced service process management and advanced service upgrades for major projects and key service scenarios. We reinforced our local support and service teams to ensure swift response to customers' incremental development requirements, continuously enhancing our 'companion' service capabilities. In terms of strengthening security, we solidified measures by deepening closed-loop management of network information security risks and improving the technical protection system. We carried out special initiatives to comprehensively enhance technical protection capabilities for network information security across data, terminals, platforms, and cloud networks. In the first half of 2025, our Smart Tower business achieved revenue of RMB4,726 million, a year-on-year increase of 18.7%. Of which, RMB2,822 million was generated from Tower Monitoring business, accounting for 59.7% of our Smart Tower business. Energy business. We focused on key business segments such as battery exchange and power backup, leveraging core competitiveness in product, service, and platform. We carried out refined operation and turned our Energy business into a specialized business stream. For the battery exchange business, we strengthened our presence in the consumer food delivery market while accelerating expansion among corporate customers. We established a VIP user management system to improve service capabilities and customer retention, driving rapid growth in our user base. As of 30 June 2025, we had approximately 1.470 million battery exchange users, an increase of 166,000 from the end of 2024, further maintaining our leading position in battery exchange for low-speed electric vehicles. Drawing on effective resource allocations, we accelerated the construction of a community charging infrastructure network system, improved operation and management capabilities, provided safe charging services for low-speed electric vehicles to the community, and continuously expanded the scale of service users. For the power backup business, we tapped into pivotal industries such as telecommunications and finance, along with key scenarios, to expand our premium customer base, analyze customer needs, strengthen capabilities, promot a comprehensive 'power backup +' industry solution and forge China Tower 'energy butler' brand. In the first half of 2025, our Energy business achieved revenue of RMB2,209 million, a year-on-year increase of 9.2%. Of which, the battery exchange business accounted for RMB1,323 million, contributing to 59.9% of the Energy business revenue. Technological innovation steadily generated positive impact In the first half of the year, we continued to strengthen technological innovation, building robust momentum for sustainable development. We intensified R&D efforts in critical technologies, including next-generation mobile communications, AI, edge computing, 5G + BeiDou integration, 5G shared DAS, new energy solutions and Internet of Things. We focused on establishing major projects and technical standards with international and industrial impact. By releasing a series of achievement lists, smoothing transformation channels, conducting scientific and technological achievement evaluations, and promoting transformation through categorized measures, we accelerated the channeling of technological achievements into production. We further promoted the management of the 'four lists', namely competencies and capabilities, task and project planning, resource allocation, and the commercialization of research outcomes, to steadily improve the efficiency and performance of innovation. In the first half of 2025, our R&D team size increased by 29%, compared to the same period last year, while the cumulative number of patent authorizations rose by 16% since the end of 2024. Mr. Zhang Zhiyong, Chairman of China Tower said, 'During the first half of 2025, we continued to optimize resource allocation, deepen reform and innovation, promote stable and high-quality operations and development, and improve corporate efficiency, further enhancing our core competitiveness. Looking ahead, we will continue to uphold the philosophy of resource sharing and adhere to the 'One Core and Two Wings' strategy to further enhance our core competitiveness, promote high-quality development, and maximize value for shareholders, customers, and society.' [1] EBITDA is calculated by operating profit plus depreciation and amortization. [2] The Company's share consolidation and capital reduction took effect on 20 February 2025. The Company's total issued share capital was reduced from 176,008,471,024 shares to 17,600,847,102 shares. Taking into account the aforementioned change in total issued share capital, the growth rate is calculated based on the total amount of dividends. [3] EBITDA margin is calculated by dividing EBITDA by operating revenue, and multiplying the resulting value by 100%. [4] Free cash flow is the net cash generated from operating activities minus the capital expenditures. [5] Gearing ratio is calculated as net debt (Interest-bearing liabilities minus the amount of cash and cash equivalents) divided by the sum of total equity and net debt, then multiplied by 100%. Hashtag: #ChinaTower The issuer is solely responsible for the content of this announcement. About China Tower (Stock Code: China Tower is the world's largest telecommunications tower infrastructure service provider, and the Company always adheres to the philosophy of shared development and implements the 'One Core and Two Wings' strategy. The Company is principally engaged in the construction, maintenance and operation of base station ancillary facilities such as telecommunications towers, public network coverage in high-speed railways and subways, and large-scale indoor Distributed Antenna Systems (DAS). Meanwhile, relying on unique resources to provide energy application services such as information application and intelligent battery exchange and power backup to the society, the Company strives to build itself into a world-class integrated digital infrastructure service provider, and a highly competitive information and new energy applications provider. As of the end of June 2025, the Company's total assets amounted to RMB331,127 million. China Tower operated and managed 2.119 million tower sites across 31 provinces, municipalities and autonomous regions in the PRC, and served over 3.844 million tenants with the tenancy ratio of 1.81.
Yahoo
28-05-2025
- Business
- Yahoo
Perennial Holdings Signs Agreement with Guangzhou Metro to Establish the First Wholly Foreign-Owned Tertiary General Hospital in Guangzhou and Southern China
SINGAPORE, May 28, 2025 /PRNewswire/ -- Perennial Holdings Private Limited ("Perennial Holdings") entered into an agreement with Guangzhou Metro Group Co. Ltd ("Guangzhou Metro"), where Perennial Holdings will lease approximately 105,000 square metres of space and invest approximately RMB1 billion to establish a tertiary general hospital and a specialist hospital at the Southeast Tower of Yuesheng Plaza, which is adjacent to the Baiyun High Speed Railway ("HSR") station in Guangzhou. The general hospital will be the first wholly foreign-owned tertiary general hospital in Guangzhou and Southern China. The two medical facilities will have a total planned capacity of over 600 beds. The signing ceremony was witnessed by government officials, including Mr Lai Zhihong, Vice Mayor of Guangzhou Municipal People's Government, Ms Cindy Wee, Consul-General of the Singapore Consulate-General in Guangzhou, and guests from various sectors. At the two hospitals, a shared medical facilities and services concept ("Shared Medical Platform") will be implemented. This Singapore-modelled Shared Medical Platform will allow doctors and medical groups to operate on an asset-light basis, where they focus solely on providing medical consultations and treatments without investing in medical facilities and services. Instead, they will leverage on the Shared Medical Platform provided and managed by Perennial Holdings, including advanced operating theatres, cutting-edge diagnostic imaging equipment and an extensive clinical laboratory. This model has been successfully implemented in Perennial Holdings' general hospital in Tianjin, China's first wholly foreign-owned tertiary general hospital, which commenced operations earlier this year. The model has been proven to offer convenience and cost efficiency to doctors and medical groups, allowing them to grow and scale their practices across Perennial Holdings' healthcare-centric HSR transit-oriented developments ("TODs"). Works are expected to commence in July 2025 and completed within one year. These two hospitals form the first phase of the Perennial Baiyun International Healthcare City, which is expected to span over 1.18 square kilometres and conceptualised under the strategic partnership agreement signed between Perennial Holdings and the Guangzhou Baiyun District Government in end-2024. To be developed at an estimated total investment cost of RMB5 billion, Perennial Holdings will work closely with the Guangzhou Baiyun District Government to jointly attract investments and high-quality local and international medical resources and institutions, as well as promote resource sharing to accelerate the successful implementation of the landmark precinct. The Perennial Baiyun International Healthcare City is envisioned to be a medical and wellness precinct integrating medical, wellness, research, training, commercial and residential components. The medical component, encompassing high-end hospitals and biomedical facilities across diverse disciplines, is poised to become an international healthcare service hub for Southeast Asia and Asia-Pacific. Supported by telemedicine capabilities and smart medical devices, this comprehensive medical component is expected to offer medical treatment and care across all life stages, including preventive, acute, chronic and end-of-life care. Mr Pua Seck Guan, Executive Chairman and Chief Executive Officer of Perennial Holdings, said, "We are pleased to establish the first wholly foreign-owned tertiary general hospital in Guangzhou and Southern China, as well as a specialist hospital at Guangzhou Metro's Yuesheng Plaza. The RMB1 billion investment aligns with our strategic focus on healthcare-centric HSR TODs, which serve as enablers of our healthcare business, and marks our maiden healthcare business foray into the Guangdong-Hong Kong-Macao Greater Bay Area. We are also excited with the inking of our next milestone, with the establishment of our second wholly foreign-owned tertiary general hospital in China, following our first in Tianjin." Mr Pua added, "Guangzhou is a destination of choice for medical care. Our hospitals' strategic location in Guangzhou Baiyun's city centre and their proximity to the Baiyun HSR station provide access to a population catchment of over 100 million across the Greater Bay Area. Our asset-light Shared Medical Platform for doctors and medical groups, coupled with Guangzhou's international aviation hub status, facilitates global partnerships with renowned overseas doctors and medical groups. Additionally, the city's abundant medical resources, renowned western and traditional Chinese medicine hospitals, top academic institutions and skilled local talent, combined with its conducive business environment and efficient government system, provide crucial support for our hospitals' successful execution. Guangzhou's comfortable climate and diverse cuisine are also ideal for local and international patients seeking treatments and post-operative recuperation." Mr Pua Seck Guan, further added, "With a professional team of international medical practitioners, advanced medical equipment and high standards of personalised care, our general and specialist hospitals will establish Guangzhou as a top medical tourism destination, attracting high-net-worth clients from the Asia Pacific region. Over time, as we work in unison with the Guangzhou Baiyun District Government to develop the wider Perennial Baiyun International Healthcare City to bring in internationally-renowned medical players in precision medicine, smart health services, advanced medical technology and management systems, it will further raise Guangzhou's standing as a premier medical hub and inject new momentum into the development of the healthcare industry of the Greater Bay Area." Separately, Perennial Holdings is also developing an integrated eldercare project in Guangzhou's Huangpu District. The project will feature a rehabilitation hospital, nursing home and an eldercare home, ensuring a seamless continuum of care that addresses the diverse needs across the Greater Bay Area for quality eldercare, professional rehabilitation and nursing care. In China, Perennial Holdings has five healthcare-centric TODs which are connected to HSR stations, located in Tianjin, Chengdu, Kunming, Xi'an and Chongqing. The company owns, manages and operates over 25,000 beds in medical and eldercare facilities, comprising about 16,000 operational beds and over 9,000 beds in the pipeline, across 14 cities in China and Singapore. – END – For media enquiries, please contact: Ms Tong Ka-Pin Chief Corporate Officer DID: (65) 6602 6828 HP : (65) 9862 2435 Email: Ms Crystal Tan Assistant Manager, Investor Relations, Corporate Communications & Marketing DID: (65) 6602 0994 HP : (65) 8128 8268 Email: About Perennial Holdings Private Limited ( Perennial Holdings Private Limited ("Perennial Holdings") is an established integrated healthcare and real estate company headquartered in Singapore. The company owns, manages and operates over 25,000 beds in medical and eldercare facilities, comprising about 16,000 operational beds and over 9,000 beds in the pipeline, across 14 cities in China and Singapore. In China, Perennial Holdings owns and operates the country's first private integrated healthcare ecosystem, which combines a unique medical platform centred on partnerships with doctors and one of the largest private eldercare platforms in the country. Its comprehensive medical care facilities encompass general, rehabilitation, specialist and nursing hospitals, while its eldercare facilities include independent living, assisted living, nursing homes and dementia care. In Singapore, the Company will operate the nation's first private assisted living development and is set to launch the country's first-of-its-kind private integrated rehabilitation and traditional Chinese medicine sanctuary. Perennial Holdings' quality real estate portfolio spans over 84 million square feet in total gross floor area across China, Singapore, Malaysia and Indonesia. The company focuses strategically on large-scale transit-oriented developments ("TODs"), serving as enablers of its healthcare portfolio, and landmark integrated developments. It has six TODs in China which are connected to high-speed railway ("HSR") stations, of which five located in Tianjin, Chengdu, Kunming, Xi'an and Chongqing, are healthcare-centric, and one commercial-centric HSR TOD is in Hangzhou. Issued by Perennial Holdings Private Limited (Company Registration: 200210338M) View original content to download multimedia: SOURCE Perennial Holdings Private Limited
Yahoo
06-03-2025
- Business
- Yahoo
Dingdong (Cayman) Limited Announces Fourth Quarter 2024 Financial Results
SHANGHAI, March 6, 2025 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended December 31, 2024. Fourth Quarter 2024 Highlights: GMV for the fourth quarter of 2024 increased by 18.4% year over year to RMB6,546.6 million (US$896.9 million) from RMB5,530.3 million in the same quarter of 2023. It has increased on a year-over-year basis for four straight quarters. Non-GAAP net income for the fourth quarter of 2024 increased by 617.9% year over year to RMB116.7 million (US$16.0 million), the ninth consecutive quarter of non-GAAP profitability, compared with non-GAAP net income of RMB16.3 million in the same quarter of 2023. Net income for the fourth quarter of 2024 was RMB91.6 million (US$12.5 million), the fourth consecutive quarter of profitability, compared with a net loss of RMB4.4 million in the same quarter of 2023. Net cash provided by operating activities for the fourth quarter of 2024 was RMB190.9 million (US$26.2 million), the sixth consecutive quarter of net operating cash inflow. Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "As of the fourth quarter of 2024, we achieved non-GAAP profitability for the ninth consecutive quarter and GAAP profitability for the fourth consecutive quarter. Additionally, we have recorded positive year-over-year revenue growth for four straight quarters. The rapid performance growth is mainly fueled by the increasing user penetration rate, improved user conversion rates, higher user ARPU. We also accelerated the development of our forward warehouse network in Jiangsu, Zhejiang, and Shanghai regions. Over the past year, we have developed a variety of products, including our popular crabs and Dingdong's customized pumpkin raw milk. Looking ahead, we are committed to expanding our mission of creating high-quality products that are also reasonably priced. Better products, better service to the clients are our mission and original aspiration." Mr. Song Wang, Chief Financial Officer of Dingdong, stated, "In the fourth quarter of 2024, our revenue reached 5.91 billion RMB, an increase of 18.3% compared to the previous year. Meanwhile, GMV totaled 6.55 billion RMB, an 18.4% year-over-year rise. Non-GAAP net profit margin was 2%, resulting in a net profit of 116.7 million RMB. GAAP net profit margin was 1.6%, which amounted to a net profit of 91.6 million RMB. Additionally, the operating net cash inflow was 190.9 million RMB, resulting in positive net inflow for six consecutive quarters. Through high-quality growth and sustained profitability, Dingdong will continue to tackle challenging tasks with a pragmatic approach, aiming to satisfy consumers with excellent products and services while establishing our own differentiated path through stable quality and supply capabilities." Fourth Quarter 2024 Financial Results Total revenues were RMB5,905.0 million (US$809.0million) compared with total revenues of RMB4,993.5 million in the same quarter of 2023, increased by 18.3% year over year, primarily attributed to the increased numbers of transacting users, improved user conversion rates, higher user ARPU, increased frequency of monthly purchases and expanding our station network in Jiangsu, Zhejiang, and Shanghai this year. Product Revenues were RMB5,822.5 million (US$797.7 million) compared with product revenues of RMB4,922.4 million in the same quarter of 2023. Service Revenues were RMB82.5 million (US$11.3 million) compared with service revenues of RMB71.0 million in the same quarter of 2023, primarily driven by the increase of customers subscribing to Dingdong's membership program. Total operating costs and expenses were RMB5,848.0 million (US$801.2 million) compared with RMB5,029.8 million in the same quarter of 2023, with a detailed breakdown as below: Cost of goods sold was RMB4,120.8 million (US$564.5 million), an increase of 18.8% from RMB3,467.8 million in the same quarter of 2023. Cost of goods sold as a percentage of revenues increased slightly to 69.8% from 69.4% in the same quarter of 2023. Fulfillment expenses were RMB1,278.9 million (US$175.2 million), an increase of 9.1% from RMB1,171.7 million in the same quarter of 2023. Fulfillment expenses as a percentage of total revenues decreased to 21.7% from 23.5% in the same quarter of 2023. This was mainly due to the increased order volume boosted operational efficiency. In addition, we optimized the layout of the regional processing centers in the second half of 2023, which will continue to improve their operation efficiency this year. Sales and marketing expenses were RMB137.5 million (US$18.8 million), an increase of 30.8% from RMB105.2 million in the same quarter of 2023. Sales and marketing expenses as a percentage of total revenues increased to 2.3% from 2.1% in the same quarter of 2023, mainly due to the increased spending on sales and marketing activities and more sale and marketing staffs. General and administrative expenses were RMB109.2 million (US$15.0 million), an increase of 16.4% from RMB93.9 million in the same quarter of 2023, mainly due to the increase of professional service fees. Product development expenses were RMB201.6 million (US$27.6 million), a slightly increase of 5.4% from RMB191.2 million in the same quarter of 2023. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure, to further enhance our competitiveness. Income from operations was RMB61.5 million (US$8.4 million), compared with operating loss of RMB21.9 million in the same quarter of 2023. Non-GAAP income from operations, which is a non-GAAP measure for income from operations that excludes share-based compensation expenses, was RMB86.6 million (US$11.9 million), compared with non-GAAP loss from operations of RMB1.2 million in the same quarter of 2023. Net income was RMB91.6 million (US$12.5 million), compared with net loss of RMB4.4 million in the same quarter of 2023. Net margin was 1.6% compared with negative 0.1% in the same quarter of 2023. Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB116.7 million (US$16.0 million), increased by 617.9% year over year, compared with non-GAAP net income of RMB16.3 million in the same quarter of 2023. In addition, non-GAAP net income margin, which is the Company's non-GAAP net income as a percentage of total revenues, was 2.0% compared with 0.3% in the same quarter of 2023. Basic and diluted net income per share was RMB0.27 (US$0.04) and RMB0.26 (US$0.04), respectively, compared with net loss per share of RMB0.02 and RMB0.02 in the same quarter of 2023. Non-GAAP net income per share, basic and diluted, was RMB0.35 (US$0.05) and RMB0.33 (US$0.05), respectively, compared with RMB0.04 and RMB0.04 in the same quarter of 2023. Cash and cash equivalents, restricted cash and short-term investments were RMB4,452.2 million (US$609.9 million) as of December 31, 2024, compared with RMB5,309.7 million as of December 31, 2023. We have been working diligently to optimize our capital usage and financing structure. The total balance of cash and cash equivalents, restricted cash and short-term investments deducting the balance of short-term borrowings, is RMB2.85 billion, a net increase for the sixth consecutive quarter. Guidance The Company is looking to sustain year-over-year growth in scale and achieve non-GAAP profits in the first quarter of 2025. Conference Call The Company's management will hold an earnings conference call at 7:00 A.M. Eastern Time on Thursday, March 6, 2025 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers: International:1-412-317-6061 United States Toll Free:1-888-317-6003 Mainland China Toll Free:4001-206115 Hong Kong Toll Free:800-963976 Conference ID:4474666 The replay will be accessible through March 13, 2025 by dialing the following numbers: International:1-412-317-0088 United States:1-877-344-7529 Access Code:7865911 A live and archived webcast of the conference call will also be available at the Company's investor relations website at About Dingdong (Cayman) Limited We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers' evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping. For more information, please visit: Use of Non-GAAP Financial Measures The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, non-GAAP net income attributable to ordinary shareholders and non-GAAP net income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor 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," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue," or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong's strategic and operational plans, contain forward-looking statements. Dingdong 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 interim and annual reports 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 Dingdong'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: Dingdong's goals and strategies; Dingdong's future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong's expectations regarding demand for and market acceptance of its products and services; Dingdong's expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong's industry; and relevant government policies and regulations relating to Dingdong's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law. DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of RMB and US$) As of December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB US$(Unaudited)ASSETS Current assets: Cash and cash equivalents 1,209,225 887,427 121,577Restricted cash 480 2,788 382Short-term investments 4,099,977 3,561,977 487,989Accounts receivable, net 107,879 125,896 17,248Inventories, net 471,872 553,601 75,843Advance to suppliers 73,732 62,730 8,594Prepayments and other current assets 187,486 170,753 23,393Total current assets 6,150,651 5,365,172 735,026 Non-current assets: Property and equipment, net 189,084 176,290 24,152Operating lease right-of-use assets 1,262,134 1,464,791 200,676Other non-current assets 96,687 111,395 15,260Total non-current assets 1,547,905 1,752,476 240,088 TOTAL ASSETS 7,698,556 7,117,648 975,114 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITYCurrent liabilities: Accounts payable 1,422,183 1,660,472 227,484Customer advances and deferred revenue 240,280 279,276 38,261Accrued expenses and other current liabilities 656,408 767,082 105,090Salary and welfare payable 233,073 317,152 43,450Operating lease liabilities, current 653,529 640,245 87,713Short-term borrowings 3,300,214 1,606,253 220,056Total current liabilities 6,505,687 5,270,480 722,054 Non-current liabilities: Operating lease liabilities, non-current 568,039 780,036 106,864Other non-current liabilities 126,206 143,118 19,607Total non-current liabilities 694,245 923,154 126,471 TOTAL LIABILITIES 7,199,932 6,193,634 848,525 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in thousands of RMB and US$) As of December 31, 2023 December 31, 2024 December 31, 2024 RMB RMB US$(Unaudited)LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY (CONTINUED)Mezzanine Equity: Redeemable noncontrolling interests 116,090 125,403 17,180 TOTAL MEZZANINE EQUITY 116,090 125,403 17,180 Shareholders' equity: Ordinary shares 4 4 1Additional paid-in capital 14,061,991 14,181,030 1,942,793Treasury stock (20,666) (51,176) (7,011)Accumulated deficit (13,679,964) (13,384,881) (1,833,721)Accumulated other comprehensive loss 21,169 53,634 7,347 TOTAL SHAREHOLDERS' EQUITY 382,534 798,611 109,409 TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY 7,698,556 7,117,648 975,114 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands of RMB and US$, except for number of shares and per share data) For the three months ended December 31, 2023 2024 2024 RMB RMB US$ (Unaudited)Revenues: Product revenues 4,922,419 5,822,527 797,683Service revenues 71,035 82,495 11,302Total revenues 4,993,454 5,905,022 808,985Operating costs and expenses: Cost of goods sold (3,467,818) (4,120,793) (564,546)Fulfillment expenses (1,171,734) (1,278,904) (175,209)Sales and marketing expenses (105,168) (137,513) (18,839)Product development expenses (191,218) (201,632) (27,623)General and administrative expenses (93,850) (109,195) (14,961) Total operating costs and expenses (5,029,788) (5,848,037) (801,178)Other operating income, net 14,452 4,534 621(Loss) /income from operations (21,882) 61,519 8,428Interest income 42,292 37,879 5,189Interest expenses (21,241) (6,852) (939)Other (expenses)/income, net (724) 2,875 394 (Loss)/Income before income tax (1,555) 95,421 13,072Income tax expenses (2,833) (3,830) (524)Net (loss)/income (4,388) 91,591 12,548Accretion of redeemable noncontrolling interests (2,230) (2,409) (330)Net (loss) /income attributable to ordinary shareholders (6,618) 89,182 12,218 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED) (Amounts in thousands of RMB and US$, except for number of shares and per share data)For the three months ended December 31, 2023 2024 2024 RMB RMB US$ (Unaudited)Net (loss) /income per Class A and Class B ordinary share: Basic (0.02) 0.27 0.04Diluted (0.02) 0.26 0.04Shares used in net (loss) /income per Class A and Class B ordinary share computation: Basic 324,976,237 324,500,919 324,500,919Diluted 324,976,237 337,933,639 337,933,639Other comprehensive income, net of tax of nil: Foreign currency translation adjustments (26,288) 55,517 7,606Comprehensive (loss) /income (30,676) 147,108 20,154Accretion of redeemable noncontrolling interests (2,231) (2,409) (330)Comprehensive (loss) /income attributable to ordinary shareholders (32,907) 144,699 19,824 DINGDONG (CAYMAN) LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of RMB and US$) For the three months ended December 31, 2023 2024 2024 RMB RMB US$ (Unaudited) Net cash generated from operating activities 119,835 190,878 26,150 Net cash generated/(used in) investing activities 186,761 (158,850) (21,762) Net cash used in financing activities (393,781) (49,678) (6,806)Effect of exchange rate changes on cash and cash equivalents and restricted cash (818) 3,425 469Net decrease in cash and cash equivalents and restricted cash (88,003) (14,225) (1,949) Cash and cash equivalents and restricted cash at the beginning of the period 1,297,708 904,440 123,908Cash and cash equivalents and restricted cash at the end of the period 1,209,705 890,215 121,959 DINGDONG (CAYMAN) LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of RMB and US$, except for number of shares and per share data) For the three months endedDecember 31, 2023 2024 2024 RMB RMB US$ (Unaudited)(Loss) /income from operations (21,882) 61,519 8,428Add: share-based compensation expenses (1) 20,639 25,073 3,434 Non-GAAP (loss)/income from operations (1,243) 86,592 11,862Operating margin (0.4 %) 1.1 % 1.1 %Add: share-based compensation expenses 0.4 % 0.4 % 0.4 %Non-GAAP operating margin 0.0 % 1.5 % 1.5 % Net (loss)/income (4,388) 91,591 12,548Add: share-based compensation expenses (1) 20,639 25,073 3,434 Non-GAAP net income 16,251 116,664 15,982Net (loss)/income margin (0.1 %) 1.6 % 1.6 %Add: share-based compensation expenses 0.4 % 0.4 % 0.4 %Non-GAAP net income margin 0.3 % 2.0 % 2.0 % Net (loss) /income attributable to ordinary shareholders (6,618) 89,182 12,218 Add: share-based compensation expenses (1) 20,639 25,073 3,434 Non-GAAP net income attributable to ordinary shareholders 14,021 114,255 15,652 Net (loss) /income per Class A and Class B ordinary share: Basic (0.02) 0.27 0.04Diluted (0.02) 0.26 0.04Add: share-based compensation expenses Basic 0.06 0.08 0.01Diluted 0.06 0.07 0.01Non-GAAP net income per Class A and Class B ordinary share:Basic 0.04 0.35 0.05Diluted 0.04 0.33 0.05(1) Share-based compensation expenses are recognized as follows: For the three months endedDecember 31, 20232024 2024 RMB RMB US$ (Unaudited)Fulfillment expenses 3,5514,148 568Sales and marketing expenses (341)1,520 208Product development expenses 12,36112,468 1,708General and administrative expenses 5,0686,937 950Total 20,63925,073 3,434 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