Market Newsdesk

November 26, 2025 4:03 am

Cheetah Mobile Announces Third Quarter 2025 Unaudited Consolidated Financial Results

PR Newswire

BEIJING
, Nov. 26, 2025 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the quarter ended September 30, 2025.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “We are pleased to see continued momentum in our turnaround journey. In the third quarter of 2025, we delivered our first quarterly operating profit in six years—reaching this milestone ahead of expectations. Total revenue grew 49.6% year over year, with the AI and others segment increasing 150.8% and contributing half of total revenue, reflecting the emergence of our next growth engine. Within the AI and others segment, our AI robot business continued to perform well, supported by solid demand for our voice-enabled wheel robots and robotic arms. In parallel, we are developing AI-native tools across PC and mobile, while enhancing existing products with new AI features. Looking ahead, we remain focused on driving growth by building new growth engines through continued investment in AI robots and AI tools.”

Mr. Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: “Our consistent improvement on bottom-line reflects our disciplined execution and operational improvements. Operating profit was about RMB3.9 million, increasing from an operating loss of RMB72.0 million in the year ago quarter and an operating loss of RMB11.1 million in the previous quarter. Non-GAAP operating profit reached RMB15.1 million, compared with a non-GAAP operating loss of RMB60.5 million in the same period last year and RMB2.1 million in Q2. Our Internet business segment generated RMB68.2 million in adjusted operating profit in the first nine months of 2025, exceeding full-year 2024 levels and growing 86.2% year over year. Meanwhile, adjusted operating loss in our AI and others segment narrowed meaningfully in this quarter. In addition, our balance sheet remains healthy.“

Third Quarter 2025 Financial Highlight

Total revenues grew by 49.6% year-over-year to RMB287.4 million (US$40.4 million) in the third quarter of 2025, driven by the 150.8% year-over-year increase in AI and others revenues, whichalready accounted for 50.4% of Cheetah Mobile’s third quarter revenues, up from 30.1% in the same period last year.
Gross profit increased by 64.4% year-over-year to RMB214.4 million (US$30.1 million) in the third quarter of 2025. Non-GAAP gross profit rose by 64.3% year-over-year to RMB214.4 million (US$30.1 million) in the third quarter of 2025. Gross margin was 74.6% in the third quarter of 2025, up from 67.9% in the year-ago quarter. Non-GAAP gross margin was 74.6% in the third quarter of 2025, up from 67.9% in the year-ago quarter.
Operating profit was RMB3.9 million (US$0.6 million) in the third quarter of 2025, improving from operating loss of RMB72.0 million in the same period last year. Non-GAAP operating profit was RMB15.1 million (US$2.1 million) in the third quarter of 2025, improving from non-GAAP operating loss of RMB60.5 million in the same period last year.
Net loss attributable to Cheetah Mobile Shareholders was RMB11.0 million (US$1.5 million) in the third quarter of 2025, improving from net loss attributable to Cheetah Mobile Shareholders of RMB 46.9 million in the year ago quarter. Non-GAAP net income attributable to Cheetah Mobile Shareholders was RMB0.2 million (US$0.03 million) in the third quarter of 2025, improving from non-GAAP net loss attributable to Cheetah Mobile Shareholders of RMB35.4 million in the same period last year.
As of September 30, 2025, the Company had cash and cash equivalents of RMB1,597.3 million (US$224.4 million), ensuring strong liquidity.
As of September 30, 2025, the Company had long-term investments of RMB761.4 million (US$107.0 million).

Conference Call Information

The Company will hold a conference call on November 26, 2025, at 6:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: +86-4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 4896015

English Translation:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: +86-4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 4165222

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as AI service robots and robotic arms to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under 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. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to:

Non-GAAP cost of revenues excludes share-based compensation expenses;
Non-GAAP gross profit excludes share-based compensation expenses;
Non-GAAP gross margin excludes share-based compensation expenses;
Total non-GAAP operating expenses exclude share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;
Non-GAAP research and development expenses exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions;
Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;
Non-GAAP general and administrative expenses exclude share-based compensation expenses;
Non-GAAP operating profit/loss excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;
Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;
Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results”.

Investor Relations Contact

Helen Jing Zhu

Cheetah Mobile Inc.
Tel: +86 10 6292 7779
Email: [email protected]

CHEETAH MOBILE INC.
Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of
	December 31, 2024	September 30, 2025
	RMB	RMB	USD
ASSETS
Current assets:
Cash and cash equivalents	1,833,031	1,597,311	224,373
Short-term investments	335	863	121
Accounts receivable, net	473,619	443,459	62,292
Prepayments and other current assets, net	1,365,761	1,115,204	156,653
Due from related parties, net	106,934	126,801	17,812
Total current assets	3,779,680	3,283,638	461,251

Non-current assets:
Property and equipment, net	51,564	40,797	5,731
Operating lease right-of-use assets	26,323	19,067	2,678
Intangible assets, net	190,665	205,660	28,889
Goodwill	424,099	460,034	64,621
Long-term investments	817,330	761,408	106,954
Deferred tax assets	128,581	119,725	16,818
Other non-current assets	86,059	90,317	12,687
Total non-current assets	1,724,621	1,697,008	238,378

Total assets	5,504,301	4,980,646	699,629

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	219,566	207,356	29,127
Accrued expenses and other current liabilities	2,756,805	2,309,513	324,415
Due to related parties	69,606	18,011	2,530
Income tax payable	35,804	50,748	7,129
Total current liabilities	3,081,781	2,585,628	363,201

Non-current liabilities:
Deferred tax liabilities	43,046	44,635	6,270
Other non-current liabilities	172,348	165,010	23,179
Total non-current liabilities	215,394	209,645	29,449

Total liabilities	3,297,175	2,795,273	392,650

Mezzanine equity:
Redeemable noncontrolling interests	189,725	196,191	27,559

Shareholders’ equity:
Ordinary shares	248	254	36
Additional paid-in capital	2,722,504	2,724,880	382,762
Accumulated deficit	(1,232,577)	(1,299,551)	(182,547)
Accumulated other comprehensive income	410,423	391,343	54,972
Total Cheetah Mobile Inc. shareholders’ equity	1,900,598	1,816,926	255,223
Noncontrolling interests	116,803	172,256	24,197

Total shareholders’ equity	2,017,401	1,989,182	279,420

Total liabilities, mezzanine equity and shareholders’ equity	5,504,301	4,980,646	699,629

CHEETAH MOBILE INC.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per
share (or ADS) data)

	For The Three Months Ended			For The Nine Months Ended
	September 30, 2024	September 30, 2025	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2025
	RMB	RMB	USD	RMB	RMB	USD
Revenues	192,083	287,369	40,367	569,788	841,593	118,217
Internet business	134,287	142,407	20,004	357,036	459,385	64,529
AI and others	57,796	144,962	20,363	212,752	382,208	53,688
Cost of revenues (a)	(61,714)	(73,005)	(10,255)	(197,365)	(212,936)	(29,911)
Gross profit	130,369	214,364	30,112	372,423	628,657	88,306

Operating income and expenses:
Research and development (a)	(66,269)	(67,962)	(9,547)	(177,885)	(196,289)	(27,573)
Selling and marketing (a)	(89,038)	(82,806)	(11,632)	(237,570)	(290,078)	(40,747)
General and administrative (a)	(47,349)	(60,170)	(8,452)	(188,104)	(179,421)	(25,203)
Other operating income, net	278	506	71	1,014	3,465	487
Total operating income and expenses	(202,378)	(210,432)	(29,560)	(602,545)	(662,323)	(93,036)

Operating (loss)/income	(72,009)	3,932	552	(230,122)	(33,666)	(4,730)
Other income/(expenses):
Interest income, net	9,471	9,560	1,343	34,560	25,145	3,532
Foreign exchange gains	21,351	8,628	1,212	10,510	16,627	2,336
Other income/(expense), net	1,738	(12,318)	(1,730)	(57,469)	(34,171)	(4,800)

(Loss)/income before income taxes	(39,449)	9,802	1,377	(242,521)	(26,065)	(3,662)
Income tax (expenses)/benefits	(2,387)	(13,506)	(1,897)	3,806	(22,191)	(3,117)
Net loss	(41,836)	(3,704)	(520)	(238,715)	(48,256)	(6,779)
Less: net income attributable to noncontrolling interests	5,061	7,270	1,021	12,058	18,718	2,629
Net loss attributable to Cheetah Mobile shareholders	(46,897)	(10,974)	(1,541)	(250,773)	(66,974)	(9,408)

Net loss per share
Basic	(0.0323)	(0.0085)	(0.0012)	(0.1711)	(0.0480)	(0.0067)
Diluted	(0.0323)	(0.0086)	(0.0012)	(0.1711)	(0.0483)	(0.0067)

Net loss per ADS
Basic	(1.6150)	(0.4236)	(0.0600)	(8.5542)	(2.4019)	(0.3350)
Diluted	(1.6150)	(0.4296)	(0.0600)	(8.5569)	(2.4130)	(0.3350)

Weighted average number of shares outstanding
Basic	1,509,057,830	1,548,248,444	1,548,248,444	1,499,799,151	1,527,699,928	1,527,699,928
Diluted	1,509,057,830	1,548,248,444	1,548,248,444	1,499,799,151	1,527,699,928	1,527,699,928
Weighted average number of ADSs outstanding
Basic	30,181,157	30,964,969	30,964,969	29,995,983	30,553,999	30,553,999
Diluted	30,181,157	30,964,969	30,964,969	29,995,983	30,553,999	30,553,999

Other comprehensive income/(loss) , net of tax of nil
Foreign currency translation adjustments	(32,036)	(16,996)	(2,387)	(2,622)	(24,911)	(3,499)
Unrealized gains/(losses) on available-for-sale securities, net	2,799	3,814	536	(4,635)	6,662	936
Other comprehensive loss	(29,237)	(13,182)	(1,851)	(7,257)	(18,249)	(2,563)
Total comprehensive loss	(71,073)	(16,886)	(2,371)	(245,972)	(66,505)	(9,342)
Less: Total comprehensive income attributable to noncontrolling interests	7,346	5,774	811	11,890	19,549	2,746
Total comprehensive loss attributable to Cheetah Mobile shareholders	(78,419)	(22,660)	(3,182)	(257,862)	(86,054)	(12,088)



	For The Three Months Ended			For The Nine Months Ended
	September 30, 2024	September 30, 2025	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2025
(a) Share-based compensation expenses	RMB	RMB	USD	RMB	RMB	USD
Cost of revenues	92	4	1	541	14	2
Research and development	236	(172)	(24)	644	186	26
Selling and marketing	(277)	183	26	(167)	483	68
General and administrative	4,863	2,714	381	19,939	9,991	1,403
Total	4,914	2,729	384	20,957	10,674	1,499

CHEETAH MOBILE INC.
Reconciliation of GAAP and Non-GAAP Results
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for per share data)

	For The Three Months Ended September 30, 2025					For The Nine Months Ended September 30, 2025
	GAAP	Share-based	Amortization of	Non-GAAP		GAAP	Share-based	Amortization of	Non-GAAP
	Result	Compensation	intangible assets*	Result		Result	Compensation	intangible assets*	Result
	RMB	RMB	RMB	RMB	USD	RMB	RMB	RMB	RMB	USD
Revenues	287,369	–	–	287,369	40,367	841,593	–	–	841,593	118,217
Cost of revenues	(73,005)	4	–	(73,001)	(10,254)	(212,936)	14	–	(212,922)	(29,909)
Gross profit	214,364	4	–	214,368	30,113	628,657	14	–	628,671	88,308

Research and development	(67,962)	(172)	6,388	(61,746)	(8,674)	(196,289)	186	18,700	(177,403)	(24,920)
Selling and marketing	(82,806)	183	2,070	(80,553)	(11,315)	(290,078)	483	3,008	(286,587)	(40,257)
General and administrative	(60,170)	2,714	–	(57,456)	(8,071)	(179,421)	9,991	–	(169,430)	(23,800)
Other operating income, net	506	–	–	506	71	3,465	–	–	3,465	487
Total operating income and expenses	(210,432)	2,725	8,458	(199,249)	(27,989)	(662,323)	10,660	21,708	(629,955)	(88,490)

Operating income/(loss)	3,932	2,729	8,458	15,119	2,124	(33,666)	10,674	21,708	(1,284)	(182)
Net (loss)/income attributable to Cheetah Mobile shareholders	(10,974)	2,729	8,458	213	31	(66,974)	10,674	21,708	(34,592)	(4,860)

Diluted losses per ordinary share (RMB)	(0.0086)	0.0018	0.0054	(0.0014)		(0.0483)	0.0070	0.0141	(0.0272)
Diluted losses per ADS (RMB)	(0.4296)	0.0900	0.2696	(0.0700)		(2.4130)	0.3500	0.7030	(1.3600)
Diluted losses per ADS (USD)	(0.0600)	0.0126	0.0376	(0.0098)		(0.3350)	0.0492	0.0948	(0.1910)

	For The Three Months Ended September 30, 2024				For The Nine Months Ended September 30, 2024
	GAAP	Share-based	Amortization of	Non-GAAP	GAAP	Share-based	Amortization of	Non-GAAP
	Result	Compensation	intangible assets*	Result	Result	Compensation	intangible assets*	Result
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Revenues	192,083	–	–	192,083	569,788	–	–	569,788
Cost of revenues	(61,714)	92	–	(61,622)	(197,365)	541	–	(196,824)
Gross profit	130,369	92	–	130,461	372,423	541	–	372,964

Research and development	(66,269)	236	6,156	(59,877)	(177,885)	644	18,468	(158,773)
Selling and marketing	(89,038)	(277)	469	(88,846)	(237,570)	(167)	1,407	(236,330)
General and administrative	(47,349)	4,863	–	(42,486)	(188,104)	19,939	–	(168,165)
Other operating income, net	278	–	–	278	1,014	–	–	1,014
Total operating income and expenses	(202,378)	4,822	6,625	(190,931)	(602,545)	20,416	19,875	(562,254)

Operating loss	(72,009)	4,914	6,625	(60,470)	(230,122)	20,957	19,875	(189,290)
Net loss attributable to Cheetah Mobile shareholders	(46,897)	4,914	6,625	(35,358)	(250,773)	20,957	19,875	(209,941)

Diluted losses per ordinary share (RMB)	(0.0323)	0.0033	0.0044	(0.0246)	(0.1711)	0.0140	0.0132	(0.1439)
Diluted losses per ADS (RMB)	(1.6150)	0.1650	0.2200	(1.2300)	(8.5569)	0.7000	0.6619	(7.1950)

* This represents amortization of intangible assets resulting from business acquisitions.

CHEETAH MOBILE INC.
Information about Segment
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for percentage)

	For The Three Months Ended September 30, 2025				For The Nine Months Ended September 30, 2025
	Internet Business	AI and others	Consolidated		Internet Business	AI and others	Consolidated
	RMB	RMB	RMB	USD	RMB	RMB	RMB	USD
Revenues	142,407	144,962	287,369	40,367	459,385	382,208	841,593	118,217
Operating Costs and expenses
Cost of revenues⁽ⁱ⁾	25,999	47,002	73,001	10,254	75,306	137,616	212,922	29,909
Selling and marketing⁽ⁱ⁾	45,371	37,252	82,623	11,606	174,986	114,609	289,595	40,679
Research and development⁽ⁱ⁾	33,441	34,693	68,134	9,571	99,693	96,410	196,103	27,547
Other segment items⁽ⁱ⁾	16,252	40,698	56,950	8,000	41,199	124,766	165,965	23,313
Adjusted operating income/(loss)	21,344	(14,683)	6,661	936	68,201	(91,193)	(22,992)	(3,231)
Unallocated amounts-share based compensations			(2,729)	(384)			(10,674)	(1,499)
Operating income/(loss)			3,932	552			(33,666)	(4,730)
Reconciliation of segment profit/(loss)
Interest income, net			9,560	1,343			25,145	3,532
Foreign exchange gains, net			8,628	1,212			16,627	2,336
Other expense , net			(12,318)	(1,730)			(34,171)	(4,800)
Income/(loss) before income taxes			9,802	1,377			(26,065)	(3,662)

	For The Three Months Ended September 30, 2024			For The Nine Months Ended September 30, 2024
	Internet Business	AI and others	Consolidated	Internet Business	AI and others	Consolidated
	RMB	RMB	RMB	RMB	RMB	RMB
Revenues	134,287	57,796	192,083	357,036	212,752	569,788
Operating Costs and expenses
Cost of revenues⁽ⁱ⁾	19,687	41,935	61,622	58,638	138,186	196,824
Selling and marketing⁽ⁱ⁾	53,113	36,202	89,315	130,702	107,035	237,737
Research and development⁽ⁱ⁾	32,594	33,439	66,033	84,825	92,416	177,241
Other segment items⁽ⁱ⁾	15,088	27,120	42,208	46,245	120,906	167,151
Adjusted operating income/(losses)	13,805	(80,900)	(67,095)	36,626	(245,791)	(209,165)
Unallocated amounts-share based compensations			(4,914)			(20,957)
Operating loss			(72,009)			(230,122)
Reconciliation of segment profit/(loss)
Interest income, net			9,471			34,560
Foreign exchange gains, net			21,351			10,510
Other income/(expense), net			1,738			(57,469)
Loss before income taxes			(39,449)			(242,521)

(i) Share-based compensations were not allocated to segments. Other segment items include general and administrative expenses and other operating expenses allocated to the respective segments.

CHEETAH MOBILE INC.
Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	For The Three Months Ended			For The Nine Months Ended
	September 30, 2024	September 30, 2025	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2025
	RMB	RMB	USD	RMB	RMB	USD
Net loss attributable to Cheetah Mobile shareholders	(46,897)	(10,974)	(1,541)	(250,773)	(66,974)	(9,408)
Add:
Income tax expenses/(benefits)	2,387	13,506	1,897	(3,806)	22,191	3,117
Interest income, net	(9,471)	(9,560)	(1,343)	(34,560)	(25,145)	(3,532)
Depreciation and other amortization	12,205	12,270	1,724	36,834	32,809	4,609
Net income attributable to noncontrolling interests	5,061	7,270	1,021	12,058	18,718	2,629
Other (income)/ expense, net	(23,089)	3,690	518	46,959	17,544	2,464
Share-based compensation	4,914	2,729	384	20,957	10,674	1,499
Adjusted EBITDA	(54,890)	18,931	2,660	(172,331)	9,817	1,378

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SOURCE Cheetah Mobile

November 26, 2025 4:03 am

Huize Holding Limited to Hold Annual General Meeting on December 17, 2025

SHENZHEN, China, Nov. 26, 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 that it will hold its annual general meeting of shareholders at Suite 3904-3905, Tower 6, The Gateway, Harbour City, Tsim Sha Tsui, Hong Kong Special Administrative Region of the People’s Republic of China, on December 17, 2025 at 10:00 AM (Hong Kong time).

No proposal will be submitted for shareholder approval at the annual general meeting. Instead, the annual general meeting will serve as an open forum for shareholders and beneficial owners of the Company’s American depositary shares to discuss Company affairs with management.

The board of directors of the Company has fixed the close of business on December 5, 2025 as the record date (the “Record Date”). Holders of record of the Company’s common shares at the close of business on the Record Date are entitled to notice of the annual general meeting and any adjournment or postponement thereof. The notice of the annual general meeting is available on the Investor Relations section of the Company’s website at http://ir.huize.com. The Company has filed its annual report on Form 20-F (the “Annual Report”), which includes the Company’s audited financial statements for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s Annual Report can be accessed on its website at http://ir.huize.com, as well as on the SEC’s website at http://www.sec.gov.

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 investor and media inquiries, please contact:

Investor Relations

[email protected]

Media Relations

[email protected]

Christensen

In China
Ms. Dolly Zhang
Phone: +852 6996 4179
Email: [email protected]

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

November 26, 2025 4:03 am

8×8 Engage Wins Gold at 2025 London Design Awards for Outstanding User Experience

8×8 Engage Wins Gold at 2025 London Design Awards for Outstanding User Experience

Recognition highlights 8×8’s continued innovation in intuitive, customer-first communication design

LONDON–(BUSINESS WIRE)–8×8, Inc. (NASDAQ: EGHT), a leading global business communications platform provider, wins Gold in the User Experience Design (UX) – Business category at the 2025 London Design Awards for 8×8 Engage.

The London User Experience (UX) Design Awards honours design that puts users first – celebrating digital experiences that are intuitive, purposeful, and engaging. This category recognises outstanding UX design across mobile apps, websites, digital platforms, wearable technology, smart home systems, healthcare tools, mobility services, and lifestyle products. It highlights work that enhances usability, accessibility, and user satisfaction across every touchpoint.

Modern customer-facing teams lose time and context every day because their communication tools don’t work the way they do. They move fast, jump between channels, and collaborate across functions, yet they’re forced to manage disconnected apps that slow response times and create inconsistent service.

That’s the problem 8×8 Engage solves, and it’s why the London Design Awards recognised it for delivering a mobile-first, unified workspace purpose-built for frontline and expert teams. 8×8 Engage brings every customer interaction – voice, video, SMS, RCS, WhatsApp, Messenger, and Viber – into one intelligent workflow powered by context and AI.

It’s designed for how teams actually work – on the move and collaborating across teams – so the impact is simple: faster responses, fewer dropped handoffs, and teams who stay focused on customers instead of chasing information. It gives organisations a clearer, more consistent customer experience without adding complexity.

“User experience is a business differentiator, and winning Gold validates our commitment to delivering technology that reduces operational effort for every knowledge worker,” said Dhwani Soni, Global Vice President of Product Design and User Experience at 8×8, Inc. “8×8 Engage is intentionally designed for the experts behind the scenes – billing, IT, HR, and finance, to name a few – as well as the field teams working on the move. By streamlining their communication and information flow, we help organisations improve resolution time, collaboration efficiency, and overall customer satisfaction. When technology empowers specialists to work smarter with less cognitive load, the business feels the impact immediately in performance, quality, and loyalty.”

A Cornerstone of the 8×8 Platform for CX

8×8 Engage is part of the 8×8 Platform for CX, which unifies contact centre, unified communications, and API solutions into one intelligent, scalable solution. 8×8 Engage is purpose-built to extend the platform to every customer-facing role, so organisations can standardise on one architecture, speed adoption, and deliver consistent, connected experiences, without adding operational overhead.

To learn more about 8×8 Engage and the 8×8 Platform for CX, visit 8×8.com.

About 8×8 Inc.

8×8, Inc. (NASDAQ: EGHT) connects people and organizations through seamless communication on the industry’s most integrated platform for Customer Experience—combining Contact Center, Unified Communication, and CPaaS solutions. The 8×8® Platform for CX integrates AI at every level to enable personalized customer journeys, drive operational excellence and insights, and facilitate team collaboration. We help customer experience and IT leaders around the world become the heartbeat of their organizations, empowering them to unlock the potential of every interaction. For additional information, visit www.8×8.com, or follow 8×8 on LinkedIn, X, and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251126160994/en/

8×8, Inc. Contacts:

Media:

8×[email protected]

Investor Relations:

Investor.Relations@8×8.com

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: VoIP Technology Telecommunications Artificial Intelligence Software

MEDIA:

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November 26, 2025 3:48 am

Li Auto Inc. Announces Unaudited Third Quarter 2025 Financial Results

Quarterly total revenues reached RMB27.4 billion (US$3.8 billion)¹
Quarterly deliveries reached 93,211 vehicles

BEIJING, China, Nov. 26, 2025 (GLOBE NEWSWIRE) — Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended September 30, 2025.

Operating Highlights for the Third Quarter of 2025

Total deliveries for the third quarter of 2025 were 93,211 vehicles, representing a 39.0% year-over-year decrease.

	2025 Q3	2025 Q2	2025 Q1	2024 Q4
Deliveries	93,211	111,074	92,864	158,696

	2024 Q3	2024 Q2	2024 Q1	2023 Q4
Deliveries	152,831	108,581	80,400	131,805

As of September 30, 2025, in China, the Company had 542 retail stores in 157 cities, 546 servicing centers and Li Auto-authorized body and paint shops operating in 225 cities, and 3,420 super charging stations in operation equipped with 18,897 charging stalls.

Financial Highlights for the Third Quarter of 2025

Vehicle sales were RMB25.9 billion (US$3.6 billion) in the third quarter of 2025, representing a decrease of 37.4% from RMB41.3 billion in the third quarter of 2024 and a decrease of 10.4% from RMB28.9 billion in the second quarter of 2025.
Vehicle margin
² was 15.5% in the third quarter of 2025, compared with 20.9% in the third quarter of 2024 and 19.4% in the second quarter of 2025. Excluding the impact of estimated costs related to the recall of Li MEGA, vehicle margin would have been 19.8% in the third quarter of 2025.
Total revenues were RMB27.4 billion (US$3.8 billion) in the third quarter of 2025, representing a decrease of 36.2% from RMB42.9 billion in the third quarter of 2024 and a decrease of 9.5% from RMB30.2 billion in the second quarter of 2025.
Gross profit was RMB4.5 billion (US$627.8 million) in the third quarter of 2025, representing a decrease of 51.6% from RMB9.2 billion in the third quarter of 2024 and a decrease of 26.3% from RMB6.1 billion in the second quarter of 2025.
Gross margin was 16.3% in the third quarter of 2025, compared with 21.5% in the third quarter of 2024 and 20.1% in the second quarter of 2025. Excluding the impact of estimated costs related to the recall of Li MEGA, gross margin would have been 20.4% in the third quarter of 2025.
Operating expenses were RMB5.6 billion (US$793.1 million) in the third quarter of 2025, representing a decrease of 2.5% from RMB5.8 billion in the third quarter of 2024 and an increase of 7.8% from RMB5.2 billion in the second quarter of 2025.
Loss from operations was RMB1.2 billion (US$165.4 million) in the third quarter of 2025, compared with RMB3.4 billion income from operations in the third quarter of 2024 and RMB827.0 million income from operations in the second quarter of 2025.
Operating margin was negative 4.3% in the third quarter of 2025, compared with 8.0% in the third quarter of 2024 and 2.7% in the second quarter of 2025.
Net loss was RMB624.4 million (US$87.7 million) in the third quarter of 2025, compared with net income of RMB2.8 billion in the third quarter of 2024 and RMB1.1 billion in the second quarter of 2025. Non-GAAP net loss³ was RMB359.7 million (US$50.5 million) in the third quarter of 2025, compared with non-GAAP net income of RMB3.9 billion in the third quarter of 2024 and RMB1.5 billion in the second quarter of 2025.
Diluted net loss per ADS
⁴
attributable to ordinary shareholders was RMB0.62 (US$0.09) in the third quarter of 2025, compared with diluted net earnings per ADS attributable to ordinary shareholders of RMB2.66 in the third quarter of 2024 and RMB1.03 in the second quarter of 2025. Non-GAAP diluted net loss per ADS attributable to ordinary shareholders was RMB0.36 (US$0.05) in the third quarter of 2025, compared with non-GAAP diluted net earnings per ADS attributable to ordinary shareholders of RMB3.63 in the third quarter of 2024 and RMB1.37 in the second quarter of 2025.
Net cash used in operating activities was RMB7.4 billion (US$1.0 billion) in the third quarter of 2025, compared with RMB11.0 billion net cash provided by operating activities in the third quarter of 2024 and RMB3.0 billion net cash used in operating activities in the second quarter of 2025.
Free cash flow
⁵ was negative RMB8.9 billion (US$1.3 billion) in the third quarter of 2025, compared with RMB9.1 billion in the third quarter of 2024 and negative RMB3.8 billion in the second quarter of 2025.

Key Financial Results

(in millions, except for percentages and per ADS data)

	For the Three Months Ended			% Change ⁶
	September 30, 2024	June 30, 2025	September 30, 2025	YoY	QoQ
	RMB	RMB	RMB
Vehicle sales	41,323.8	28,885.1	25,867.1	(37.4)%	(10.4)%
Vehicle margin	20.9%	19.4%	15.5%	(5.4)pts	(3.9)pts

Total revenues	42,874.2	30,245.6	27,364.7	(36.2)%	(9.5)%
Gross profit	9,224.7	6,067.0	4,469.0	(51.6)%	(26.3)%
Gross margin	21.5%	20.1%	16.3%	(5.2)pts	(3.8)pts

Operating expenses	(5,792.0)	(5,240.0)	(5,646.2)	(2.5)%	7.8%
Income/(Loss) from operations	3,432.7	827.0	(1,177.2)	N/A	N/A
Operating margin	8.0%	2.7%	(4.3)%	(12.3)pts	(7.0)pts

Net income/(loss)	2,820.5	1,096.9	(624.4)	N/A	N/A
Non-GAAP net income/(loss)	3,851.0	1,468.2	(359.7)	N/A	N/A

Diluted net earnings/(loss) per ADS attributable to ordinary shareholders	2.66	1.03	(0.62)	N/A	N/A
Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders	3.63	1.37	(0.36)	N/A	N/A

Net cash provided by/(used in) operating activities	11,024.6	(3,036.2)	(7,395.6)	N/A	143.6%
Free cash flow (non-GAAP)	9,051.8	(3,841.8)	(8,912.2)	N/A	132.0%

Recent Developments

Delivery Update

In October 2025, the Company delivered 31,767 vehicles. As of October 31, 2025, in China, the Company had 551 retail stores in 157 cities, 554 servicing centers and Li Auto-authorized body and paint shops operating in 225 cities, and 3,508 super charging stations in operation equipped with 19,417 charging stalls.

Li i6

In September 2025, the Company launched Li i6, a pioneering five-seat battery electric SUV. Li i6 features a groundbreaking shark-inspired, low-drag design and native, high-voltage BEV architecture with 5C batteries, enabling it to maximize energy efficiency and achieve a CLTC driving range of 720 kilometers. The vehicle comes standard with the Company’s proprietary VLA Driver large model and Li Xiang Tong Xue Agent, delivering an industry-leading smart user experience. Li i6’s spacious interior and premium configurations offer exceptional comfort beyond its class, while its flagship chassis and low center of gravity ensure superior handling dynamism. Li i6 in standard configuration is priced at RMB249,800, with deliveries having started on September 27, 2025.

Overseas Authorized Retail Store

In October 2025, the Company officially opened its first overseas authorized retail store in Tashkent, Uzbekistan, which mainly sells extended-range electric vehicles, including the Li L9, Li L7, and Li L6, to the local market. This entry into Central Asia marks a key milestone in the Company’s execution of its global expansion strategy.

Health Assessment Results

In November 2025, Li i8 achieved the highest overall score of the year in the China-Automobile Health Index (C-AHI) assessment conducted by China Automotive Engineering Research Institute Co., Ltd. Li i8 also received the highest ratings across all three categories assessed: the Clean Air Index, the Health Protection Index, and the Energy Efficiency and Emission Index.

CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “Our BEV portfolio gained strong momentum during the third quarter, demonstrating our top-tier product-definition capabilities and solid product strength. Orders for Li i8 and Li i6 have exceeded 100,000 in aggregate. On the AI front, our VLA Driver large model, empowered by world model and reinforcement learning, has achieved industry-leading user adoption with monthly usage rate reaching 91% in October. With our user-centric product philosophy and robust R&D capabilities, we are confident in achieving our long-term vision and strategic objectives.”

Mr. Tie Li, chief financial officer of Li Auto, added, “While navigating intensifying market competition, we faced headwinds in the third quarter from supply chain bottlenecks and costs related to the recall of Li MEGA. We have been proactively working with our supply chain partners to fulfill the demand of our users for Li i8 and Li i6. Excluding estimated Li MEGA recall costs, our gross margin came in at 20.4%, demonstrating our continued operational resilience. Looking ahead, we will maintain our commitment to product and technology innovation, delivering exceptional user experiences while driving sustainable growth.”

Financial Results for the Third Quarter of 2025

Revenues

Total revenues were RMB27.4 billion (US$3.8 billion) in the third quarter of 2025, representing a decrease of 36.2% from RMB42.9 billion in the third quarter of 2024 and a decrease of 9.5% from RMB30.2 billion in the second quarter of 2025.
Vehicle sales were RMB25.9 billion (US$3.6 billion) in the third quarter of 2025, representing a decrease of 37.4% from RMB41.3 billion in the third quarter of 2024 and a decrease of 10.4% from RMB28.9 billion in the second quarter of 2025. The decrease in revenue from vehicle sales over the third quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. The decrease in revenue from vehicle sales over the second quarter of 2025 was primarily attributable to the decrease in vehicle deliveries, partially offset by higher average selling price due to different product mix.
Other sales and services were RMB1.5 billion (US$210.4 million) in the third quarter of 2025, representing a decrease of 3.4% from RMB1.6 billion in the third quarter of 2024 and an increase of 10.1% from RMB1.4 billion in the second quarter of 2025. The revenue from other sales and services remained relatively stable over the third quarter of 2024 and the second quarter of 2025.

Cost of Sales and Gross Margin

Cost of sales was RMB22.9 billion (US$3.2 billion) in the third quarter of 2025, representing a decrease of 32.0% from RMB33.6 billion in the third quarter of 2024 and a decrease of 5.3% from RMB24.2 billion in the second quarter of 2025. The decrease in cost of sales over the third quarter of 2024 was primarily attributable to the decrease in vehicle deliveries. The decrease in cost of sales over the second quarter of 2025 was primarily attributable to the decrease in vehicle deliveries, partially offset by higher average cost of sales due to different product mix and the estimated costs related to the recall of Li MEGA in the third quarter of 2025.
Gross profit was RMB4.5 billion (US$627.8 million) in the third quarter of 2025, representing a decrease of 51.6% from RMB9.2 billion in the third quarter of 2024 and a decrease of 26.3% from RMB6.1 billion in the second quarter of 2025.
Vehicle margin was 15.5% in the third quarter of 2025, compared with 20.9% in the third quarter of 2024 and 19.4% in the second quarter of 2025. The decrease in vehicle margin over the third quarter of 2024 was mainly attributable to the estimated costs related to the recall of Li MEGA in the third quarter of 2025 and higher manufacturing cost per unit as a result of decreased production volume. The decrease in vehicle margin over the second quarter of 2025 was mainly attributable to the estimated costs related to the recall of Li MEGA in the third quarter of 2025. Excluding the impact of estimated costs related to the recall of Li MEGA, vehicle margin would have been 19.8% in the third quarter of 2025.
Gross margin was 16.3% in the third quarter of 2025, compared with 21.5% in the third quarter of 2024 and 20.1% in the second quarter of 2025. The decrease in gross margin over the third quarter of 2024 and second quarter of 2025 was mainly due to the decrease in vehicle margin. Excluding the impact of estimated costs related to the recall of Li MEGA, gross margin would have been 20.4% in the third quarter of 2025.

Operating Expenses

Operating expenses were RMB5.6 billion (US$793.1 million) in the third quarter of 2025, representing a decrease of 2.5% from RMB5.8 billion in the third quarter of 2024 and an increase of 7.8% from RMB5.2 billion in the second quarter of 2025.
Research and development expenses were RMB3.0 billion (US$417.8 million) in the third quarter of 2025, representing an increase of 15.0% from RMB2.6 billion in the third quarter of 2024 and an increase of 5.8% from RMB2.8 billion in the second quarter of 2025. The increase in research and development expenses over the third quarter of 2024 was mainly attributable to impact of pace of new vehicle programs and increased expenses to support our expanding product portfolios and technologies, and expenditures in connection with product configuration adjustment. The increase in research and development expenses over the second quarter of 2025 was mainly attributable to expenditures in connection with product configuration adjustment.
Selling, general and administrative expenses were RMB2.8 billion (US$389.0 million) in the third quarter of 2025, representing a decrease of 17.6% from RMB3.4 billion in the third quarter of 2024 and an increase of 1.9% from RMB2.7 billion in the second quarter of 2025. The decrease in selling, general and administrative expenses over the third quarter of 2024 was primarily associated with the recognition of share-based compensation expenses regarding the chief executive officer’s performance-based awards in the third quarter of 2024. The selling, general and administrative expenses remained relatively stable over the second quarter of 2025.

Income/(Loss) from Operations

Loss from operations was RMB1.2 billion (US$165.4 million) in the third quarter of 2025, compared with RMB3.4 billion income from operations in the third quarter of 2024 and RMB827.0 million income from operations in the second quarter of 2025. Operating margin was negative 4.3% in the third quarter of 2025, compared with 8.0% in the third quarter of 2024 and 2.7% in the second quarter of 2025. Non-GAAP loss from operations was RMB912.5 million (US$128.2 million) in the third quarter of 2025, compared with RMB4.5 billion non-GAAP income from operations in the third quarter of 2024 and RMB1.2 billion non-GAAP income from operations in the second quarter of 2025.

Net Income/(Loss) and Net Earnings/(Loss) Per Share

Net loss was RMB624.4 million (US$87.7 million) in the third quarter of 2025, compared with RMB2.8 billion net income in the third quarter of 2024 and RMB1.1 billion net income in the second quarter of 2025. Non-GAAP net loss was RMB359.7 million (US$50.5 million) in the third quarter of 2025, compared with RMB3.9 billion non-GAAP net income in the third quarter of 2024 and RMB1.5 billion non-GAAP net income in the second quarter of 2025.
Basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB0.62 (US$0.09) in the third quarter of 2025, compared with RMB2.82 and RMB2.66 basic and diluted net earnings per ADS attributable to ordinary shareholders in the third quarter of 2024, respectively, and RMB1.09 and RMB1.03 basic and diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025, respectively. Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB0.36 (US$0.05) in the third quarter of 2025, compared with RMB3.85 and RMB3.63 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the third quarter of 2024, respectively, and RMB1.46 and RMB1.37 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025, respectively.

Cash Position, Operating Cash Flow and Free Cash Flow

Cash position
⁷was RMB98.9 billion (US$13.9 billion) as of September 30, 2025.
Net cash used in operating activities was RMB7.4 billion (US$1.0 billion) in the third quarter of 2025, compared with RMB11.0 billion net cash provided by operating activities in the third quarter of 2024 and RMB3.0 billion net cash used in operating activities in the second quarter of 2025. The change in net cash used in operating activities over the third quarter of 2024 and second quarter of 2025 was mainly due to decrease in cash received from customers and increased payment related to inventory purchase.
Free cash flow was negative RMB8.9 billion (US$1.3 billion) in the third quarter of 2025, compared with RMB9.1 billion in the third quarter of 2024 and negative RMB3.8 billion in the second quarter of 2025.

Business Outlook

For the fourth quarter of 2025, the Company expects:

Deliveries of vehicles to be between 100,000 and 110,000 vehicles, representing a year-over-year decrease of 37.0% to 30.7%.
Total revenues to be between RMB26.5 billion (US$3.7 billion) and RMB29.2 billion (US$4.1 billion), representing a year–over-year decrease of 40.1% to 34.2%.

This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 7:00 a.m. U.S. Eastern Time on Wednesday, November 26, 2025 (8:00 p.m. Beijing/Hong Kong Time on November 26, 2025) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10051194-g5x3ws.html

A replay of the conference call will be accessible through December 3, 2025, by dialing the following numbers:

United States:	+1-855-883-1031
Mainland China:	+86-400-1209-216
Hong Kong, China:	+852-800-930-639
International:	+61-7-3107-6325
Replay PIN:	10051194

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Create a Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]

Li Auto Inc.

Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	For the Three Months Ended
	September 30, 2024	June 30, 2025	September 30, 2025	September 30, 2025
	RMB	RMB	RMB	US$
Revenues:
Vehicle sales	41,323,833	28,885,133	25,867,091	3,633,529
Other sales and services	1,550,385	1,360,480	1,497,571	210,363
Total revenues	42,874,218	30,245,613	27,364,662	3,843,892
Cost of sales:
Vehicle sales	(32,671,723)	(23,273,292)	(21,846,962)	(3,068,825)
Other sales and services	(977,822)	(905,352)	(1,048,699)	(147,310)
Total cost of sales	(33,649,545)	(24,178,644)	(22,895,661)	(3,216,135)
Gross profit	9,224,673	6,066,969	4,469,001	627,757
Operating expenses:
Research and development	(2,586,534)	(2,810,170)	(2,974,338)	(417,803)
Selling, general and administrative	(3,359,640)	(2,717,761)	(2,769,019)	(388,962)
Other operating income, net	154,174	287,980	97,155	13,647
Total operating expenses	(5,792,000)	(5,239,951)	(5,646,202)	(793,118)
Income/(Loss) from operations	3,432,673	827,018	(1,177,201)	(165,361)
Other (expense)/income:
Interest expense	(54,167)	(49,776)	(32,663)	(4,588)
Interest income and investment income, net	(21,979)	496,454	475,435	66,784
Others, net	43,752	15,288	(4,501)	(632)
Income/(Loss) before income tax	3,400,279	1,288,984	(738,930)	(103,797)
Income tax (expense)/benefit	(579,789)	(192,048)	114,534	16,088
Net income/(loss)	2,820,490	1,096,936	(624,396)	(87,709)
Less: Net income attributable to noncontrolling interests	6,228	4,365	580	81
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.	2,814,262	1,092,571	(624,976)	(87,790)

Net income/(loss)	2,820,490	1,096,936	(624,396)	(87,709)
Other comprehensive loss, net of tax
Foreign currency translation adjustment, net of nil tax	(136,283)	(173,612)	(71,876)	(10,096)
Total other comprehensive loss, net of tax	(136,283)	(173,612)	(71,876)	(10,096)
Total comprehensive income/(loss)	2,684,207	923,324	(696,272)	(97,805)
Less: Net income attributable to noncontrolling interests	6,228	4,365	580	81
Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc.	2,677,979	918,959	(696,852)	(97,886)
Weighted average number of ADSs
Basic	997,934,606	1,005,986,033	1,009,414,942	1,009,414,942
Diluted	1,062,727,888	1,071,261,046	1,009,414,942	1,009,414,942
Net earnings/(loss) per ADS attributable to ordinary shareholders
Basic	2.82	1.09	(0.62)	(0.09)
Diluted	2.66	1.03	(0.62)	(0.09)
Weighted average number of ordinary shares
Basic	1,995,869,212	2,011,972,066	2,018,829,884	2,018,829,884
Diluted	2,125,455,776	2,142,522,091	2,018,829,884	2,018,829,884
Net earnings/(loss) per share attributable to ordinary shareholders
Basic	1.41	0.54	(0.31)	(0.04)
Diluted	1.33	0.51	(0.31)	(0.04)

Li Auto Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

		As of
	December 31, 2024	September 30, 2025	September 30, 2025
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	65,901,123	51,107,522	7,179,031
Restricted cash	6,849	215,864	30,322
Time deposits and short-term investments	46,904,548	47,570,461	6,682,183
Trade receivable	135,112	100,867	14,169
Inventories	8,185,604	8,225,261	1,155,396
Prepayments and other current assets	5,176,546	5,526,261	776,269
Total current assets	126,309,782	112,746,236	15,837,370
Non-current assets:
Long-term investments	922,897	832,582	116,952
Property, plant and equipment, net	21,140,933	24,187,347	3,397,576
Operating lease right-of-use assets, net	8,323,963	9,268,455	1,301,932
Intangible assets, net	914,951	937,775	131,728
Goodwill	5,484	5,484	770
Deferred tax assets	2,542,180	3,220,893	452,436
Other non-current assets	2,188,888	1,916,923	269,269
Total non-current assets	36,039,296	40,369,459	5,670,663
Total assets	162,349,078	153,115,695	21,508,033
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	281,102	6,319,492	887,694
Trade and notes payable	53,596,194	37,765,707	5,304,917
Amounts due to related parties	11,492	16,569	2,327
Deferred revenue, current	1,396,489	1,580,997	222,081
Operating lease liabilities, current	1,438,092	1,626,141	228,423
Finance lease liabilities, current	95,205	–	–
Accruals and other current liabilities	12,397,322	15,229,914	2,139,332
Total current liabilities	69,215,896	62,538,820	8,784,774
Non-current liabilities:
Long-term borrowings	8,151,598	3,141,894	441,339
Deferred revenue, non-current	720,531	624,987	87,791
Operating lease liabilities, non-current	5,735,738	6,456,159	906,891
Finance lease liabilities, non-current	642,984	348,103	48,898
Deferred tax liabilities	864,999	675,345	94,865
Other non-current liabilities	5,696,950	6,132,776	861,466
Total non-current liabilities	21,812,800	17,379,264	2,441,250
Total liabilities	91,028,696	79,918,084	11,226,024
Total Li Auto Inc. shareholders’ equity	70,874,884	72,690,847	10,210,824
Noncontrolling interests	445,498	506,764	71,185
Total shareholders’ equity	71,320,382	73,197,611	10,282,009
Total liabilities and shareholders’ equity	162,349,078	153,115,695	21,508,033

Li Auto Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(All amounts in thousands)

	For the Three Months Ended
	September 30, 2024	June 30, 2025	September 30, 2025	September 30, 2025
	RMB	RMB	RMB	US$
Net cash provided by/(used in) operating activities	11,024,642	(3,036,219)	(7,395,580)	(1,038,851)
Net cash (used in)/provided by investing activities	(14,212,597)	(226,724)	8,373,137	1,176,168
Net cash provided by/(used in) financing activities	238,305	(70,037)	597,470	83,926
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(245,692)	(108,393)	(48,607)	(6,828)
Net change in cash, cash equivalents and restricted cash	(3,195,342)	(3,441,373)	1,526,420	214,415
Cash, cash equivalents and restricted cash at beginning of period	80,788,796	53,238,339	49,796,966	6,994,938
Cash, cash equivalents and restricted cash at end of period	77,593,454	49,796,966	51,323,386	7,209,353

Net cash provided by/(used in) operating activities	11,024,642	(3,036,219)	(7,395,580)	(1,038,851)
Capital expenditures	(1,972,878)	(805,544)	(1,516,607)	(213,037)
Free cash flow (non-GAAP)	9,051,764	(3,841,763)	(8,912,187)	(1,251,888)

Li Auto Inc.

Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	For the Three Months Ended
	September 30, 2024	June 30, 2025	September 30, 2025	September 30, 2025
	RMB	RMB	RMB	US$
Cost of sales	(33,649,545)	(24,178,644)	(22,895,661)	(3,216,135)
Share-based compensation expenses	8,213	8,135	10,260	1,441
Non-GAAP cost of sales	(33,641,332)	(24,170,509)	(22,885,401)	(3,214,694)

Research and development expenses	(2,586,534)	(2,810,170)	(2,974,338)	(417,803)
Share-based compensation expenses	296,778	236,668	164,014	23,039
Non-GAAP research and development expenses	(2,289,756)	(2,573,502)	(2,810,324)	(394,764)

Selling, general and administrative expenses	(3,359,640)	(2,717,761)	(2,769,019)	(388,962)
Share-based compensation expenses	725,500	126,413	90,425	12,702
Non-GAAP selling, general and administrative expenses	(2,634,140)	(2,591,348)	(2,678,594)	(376,260)

Income/(Loss) from operations	3,432,673	827,018	(1,177,201)	(165,361)
Share-based compensation expenses	1,030,491	371,216	264,699	37,182
Non-GAAP income/(loss) from operations	4,463,164	1,198,234	(912,502)	(128,179)

Net income/(loss)	2,820,490	1,096,936	(624,396)	(87,709)
Share-based compensation expenses	1,030,491	371,216	264,699	37,182
Non-GAAP net income/(loss) ⁸	3,850,981	1,468,152	(359,697)	(50,527)

Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.	2,814,262	1,092,571	(624,976)	(87,790)
Share-based compensation expenses	1,030,491	371,216	264,699	37,182
Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc.	3,844,753	1,463,787	(360,277)	(50,608)

Weighted average number of ADSs
Basic	997,934,606	1,005,986,033	1,009,414,942	1,009,414,942
Diluted	1,062,727,888	1,071,261,046	1,009,414,942	1,009,414,942
Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders
Basic	3.85	1.46	(0.36)	(0.05)
Diluted	3.63	1.37	(0.36)	(0.05)
Weighted average number of ordinary shares
Basic	1,995,869,212	2,011,972,066	2,018,829,884	2,018,829,884
Diluted	2,125,455,776	2,142,522,091	2,018,829,884	2,018,829,884
Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders
Basic	1.93	0.73	(0.18)	(0.03)
Diluted	1.81	0.69	(0.18)	(0.03)

^{___________________}

¹
All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

²
Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

³
The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

⁴
Each ADS represents two Class A ordinary shares.

⁵
Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

⁶
Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

⁷
Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits
and
financial instruments included in long-term investments.

⁸
Non-GAAP items have no tax impact for all the periods presented.

November 26, 2025 3:03 am

Nasdaq AxiomSL Expands RegTech Deployment with Revolut, Accelerating Global Growth

Integrated regulatory reporting and risk platform to support Revolut’s expanding global footprint

LONDON and NEW YORK, Nov. 26, 2025 (GLOBE NEWSWIRE) — Nasdaq today announced a significant expansion of its strategic regulatory technology partnership with global fintech Revolut. The partnership centers on the deployment of Nasdaq AxiomSL, a regulatory reporting and risk platform used by 90% of global systemically important banks (G-SIBs) to comply with domestic and international regulatory obligations.

Revolut has consolidated the majority of its regulatory reporting infrastructure across Europe, having most recently integrated all workflows in the United Kingdom. The growing partnership will see Nasdaq support Revolut’s global expansion helping to ensure rapid and scalable compliance with new requirements.

“As we expand our global footprint, we are committed to ensuring our underlying infrastructure scales with us and strengthens our ability to operate. Our partnership with Nasdaq offers the flexibility, transparency and control to meet regulatory expectations across jurisdictions – without slowing down innovation and growth,” commented Murray Laister, Head of Group Regulatory Reporting at Revolut.

“Revolut is at the forefront of digital banking transformation, and we’re excited to support their journey,” said Ed Probst, Head of Regulatory Technology at Nasdaq. “Our partnership reflects a shared commitment to responsible innovation and scalable compliance. By deploying Nasdaq AxiomSL, Revolut is building a future-ready infrastructure that adapts to regulatory evolution.”

Revolut has embedded Nasdaq AxiomSL to streamline reporting across multiple jurisdictions, reducing the complexity of maintaining separate reporting frameworks for each country. All relevant data points are brought together across Revolut into a centralized platform, helping to enable the integrity of underlying data and provide flexibility for future reporting requirements.

The platform works as a ready-to-use managed service that runs in the cloud. Working in partnership, Nasdaq’s team of experts manage and maintain the underlying infrastructure, from keeping up with changing regulations across different countries to ensuring the system runs smoothly day-to-day. This approach means companies can focus on their core business while staying compliant with global rules as the platform automatically incorporates regulatory changes and provides ongoing support.

Nasdaq’s technology is used by over 135 market infrastructure providers around the world, 35 central banks and regulatory authorities, and 3,800+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industry-wide modernization.

Notes to editors

About Revolut

Revolut is a global fintech, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 65 million customers around the world use dozens of Revolut’s innovative products to make more than a billion transactions a month.

Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Media Contacts:

[email protected]

Andrew Hughes; +44 (0)7443 100896; [email protected]

-NDAQG-

Cautionary Note Regarding Forward-Looking Statements

:

Information set forth in this press release contains “forward-looking statements” that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “enables” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the availability, features, benefits and capabilities of Nasdaq AxiomSL. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

November 26, 2025 2:03 am

WeRide and Uber Launch Middle East’s First Fully Driverless Robotaxi Commercial Operations in Abu Dhabi, UAE

WeRide and Uber Launch Middle East’s First Fully Driverless Robotaxi Commercial Operations in Abu Dhabi, UAE

The launch was supported by the world’s first city-level fully driverless Robotaxi permit outside the United States (U.S.)
Abu Dhabi is the first city outside the U.S. to host fully driverless Robotaxi operations on the Uber platform.
Public commercial operations commenced today, starting with routes on Yas Island.
Initiative endorsed by Abu Dhabi’s Integrated Transport Centre, marking a major milestone in the UAE’s smart mobility vision.

ABU DHABI, United Arab Emirates–(BUSINESS WIRE)–
WeRide (NASDAQ: WRD, HKEX: 0800.HK), a global leader in autonomous driving technology, and Uber Technologies, Inc. (NYSE: UBER) today announced the launch of Level 4 fully driverless Robotaxi commercial operations in Abu Dhabi. This marks the first driverless deploymentin the Middle East, as well as the first city outside the United States to host fully driverless operations on the Uber platform. The launch was supported by the world’s first city-level fully driverless Robotaxi permit outside the U.S.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251125876018/en/

WeRide Robotaxi GXR fleet in Abu Dhabi

This milestone represents a major step toward the large-scale deployment of self-driving mobility solutions in the UAE, made possible through WeRide and Uber’s continued partnership with the Integrated Transport Centre (ITC) and fleet operator Tawasul.

Public commercial operations commenced today without a vehicle specialist inside the AV, starting with Yas Island. Passengers can now be matched with a WeRide Robotaxi through Uber Comfort or UberX, and can also book a WeRide Robotaxi through the new “Autonomous” category, Uber’s first dedicated autonomous ride option globally. In October 2025, WeRide’s Robotaxi secured a federal permit to conduct fully driverless Robotaxi commercial operations.

Following this, the ITC granted WeRide and Tawasul the first operational license for a fully driverless commercial Robotaxi service in Abu Dhabi. The initial phase will be operated jointly by WeRide and Tawasul on the Uber platform.

With the fully driverless commercial launch, latest permit, and ongoing improvements in vehicle utilization, the WeRide-Uber Robotaxi services in Abu Dhabi are on track to achieve breakeven unit economics.

This milestone supports WeRide and Uber’s broader plan to expand their Middle East operations, scaling to thousands of Robotaxis over the coming years.

WeRide maintains a 4-year first mover advantage in autonomous vehicle deployment in Abu Dhabi, having operated Robotaxis in Abu Dhabi since 2021. In 2023, it became the first company in the UAE to receive a national license covering all types of self-driving vehicles, authorizing autonomous testing and operation on public roads across the country, subject to emirate-level approvals.

In December 2024, WeRide and Uber launched their Robotaxi ride-hailing partnership in Abu Dhabi – the largest commercial Robotaxi service outside the U.S. and China. The partnership expanded in July 2025 to cover about half of Abu Dhabi’s core areas, including Al Reem and Al Maryah. By the end of 2025, WeRide and Uber plan to extend services to cover additional areas in Abu Dhabi city core. WeRide currently has over 100 Robotaxis in the Middle East.

About WeRide

WeRide is a global leader and a first mover in the autonomous driving industry, as well as the first publicly traded Robotaxi company. Our autonomous vehicles have been tested or operated in over 30 cities across 11 countries. We are also the first and only technology company whose products have received autonomous driving permits in eight markets: China, the UAE, Singapore, Switzerland, France, Saudi Arabia, Belgium, and the US. Empowered by the smart, versatile, cost-effective, and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services from L2 to L4, addressing transportation needs in the mobility, logistics, and sanitation industries. WeRide was named to Fortune’s 2025 Change the World and 2025 Future 50 lists.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 68 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Safe Harbor Statement

View source version on businesswire.com: https://www.businesswire.com/news/home/20251125876018/en/

Media Contact

[email protected]

KEYWORDS: California United States United Arab Emirates North America Middle East

INDUSTRY KEYWORDS: Technology Automotive Transportation Travel Other Transport Public Transport Robotics Vehicle Technology Transport Apps/Applications Automotive Manufacturing Manufacturing Software Internet Hardware Autonomous Driving/Vehicles Fleet Management

MEDIA:

Photo

WeRide Robotaxi GXR fleet in Abu Dhabi

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November 26, 2025 1:48 am

Nyxoah’s Genio® Therapy Receives Significant 2026 Medicare Reimbursement Increases Under Final CMS Rule

Nyxoah’s Genio® Therapy Receives Significant 2026 Medicare Reimbursement Increases Under Final CMS Rule

Assignment to New Technology APC 1580 is positive news for Nyxoah’s U.S. commercial rollout by strengthening hospital and ASC economics

Mont-Saint-Guibert, Belgium – November 26, 2025, 7:45 am CET / 1:45 am ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company that develops breakthrough treatment alternatives for Obstructive Sleep Apnea (OSA) through neuromodulation, today announced that the U.S. Centers for Medicare & Medicaid Services (CMS) has finalized its CY2026 Hospital Outpatient Prospective Payment System (HOPPS) and Ambulatory Surgery Center (ASC) Rule. Within the final rule, CMS assigned CPT Code 64568, the code used for all Genio hypoglossal nerve stimulation (HGNS) implants, to New Technology Ambulatory Payment Classification (APC) 1580.

Effective January 1, 2026, Hospital Outpatient Department (HOPD) reimbursement for CPT 64568 will increase to approximately $45,000, a 48% rise compared to 2025. In addition, Ambulatory Surgery Centers (ASC) facility reimbursement will increase to $42,373, reflecting a 58% increase compared to 2025.

These updates apply uniformly to all procedures billed under CPT 64568, including Genio®, and strengthen the economic foundation supporting therapy adoption across U.S. hospital outpatient departments and ambulatory surgical centers. With CMS’ decision, Genio® enters 2026 with a stronger reimbursement framework that is expected to support broader adoption, increased procedural throughput, and expansion across Medicare-heavy institutions.

Genio®’s single-incision procedure is well suited for the ASC environment, and the significant increase in ASC facility payment creates new opportunities for therapy expansion and site-of-service diversification.

“CMS’ decision to significantly increase reimbursement for CPT 64568 reinforces the growing recognition of hypoglossal nerve stimulation as a high-value therapy for obstructive sleep apnea,” commented Olivier Taelman, Nyxoah’s Chief Executive Officer.“ The new rates create a more favorable environment for expanding access to our Genio therapy across both outpatient hospitals and ASCs.”

About Nyxoah

Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat OSA. Nyxoah’s lead solution is the Genio system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study and receipt of approval from the FDA for a subset of adult patients with moderate to severe OSA with an AHI of greater than or equal to 15 and less than or equal to 65.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. FDA approved in August 2025 as prescription-only device.

Forward-looking statements

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio system; the potential advantages of the Genio system; Nyxoah’s goals with respect to the potential use of the Genio system; the Company’s commercialization strategy and entrance to the U.S. market; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025 and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward- looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:

Nyxoah

John Landry, CFO
[email protected]

Rémi Renard
Chief Investor Relations & Corporate Communication Officer
[email protected]

Attachment

ENGLISH_2026 CMS Final Payment Rule_FINAL

November 26, 2025 1:16 am

Gaotu Techedu Announces Third Quarter 2025 Unaudited Financial Results

PR Newswire

BEIJING
, Nov. 26, 2025 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights
^[1]

Net revenues were RMB1,579.0 million, increased by 30.7% from RMB1,208.3 million in the same period of 2024.
Gross billings^[2]were RMB1,188.9 million, increased by 11.2% from RMB1,069.2 million in the same period of 2024.
Loss from operations was RMB178.0 million, compared with loss from operations of RMB490.1 million in the same period of 2024.
Net loss was RMB147.1 million, compared with net loss of RMB471.3 million in the same period of 2024.
Non-GAAP net loss was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the same period of 2024.
Net operating cash outflow was RMB660.2 million, compared with net operating cash outflow of RMB714.4 million in the same period of 2024.

Third Quarter 2025 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

	For the three months ended September 30,
		2024	2025	Pct. Change
Net revenues		1,208,253	1,579,026	30.7 %
Gross billings		1,069,159	1,188,909	11.2 %
Loss from operations		(490,107)	(178,025)	(63.7) %
Net loss		(471,273)	(147,121)	(68.8) %
Non-GAAP net loss		(457,195)	(137,745)	(69.9) %
Net operating cash outflow		(714,385)	(660,230)	(7.6) %

^[1] For a reconciliation of non-GAAP numbers, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

^[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See “About Non-GAAP Financial Measures” and “Reconciliations of non-GAAP measures to the most comparable GAAP measures” elsewhere in this press release.

Nine Months Ended September 30, 2025 Highlights

Net revenues were RMB4,461.5 million, increased by 41.0% from RMB3,164.9 million in the same period of 2024.
Gross billings were RMB4,330.0 million, increased by 25.4% from RMB3,452.2 million in the same period of 2024.
Loss from operations was RMB385.1 million, compared with loss from operations of RMB1,032.6 million in the same period of 2024.
Net loss was RMB239.1 million, compared with net loss of RMB913.1 million in the same period of 2024.
Non-GAAP net loss was RMB207.3 million, compared with non-GAAP net loss of RMB872.2 million in the same period of 2024.
Net operating cash outflow was RMB548.7 million, compared with net operating outflow of RMB525.6 million in the same period of 2024.

First Nine Months 2025 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

	For the nine months ended September 30,
		2024	2025	Pct. Change
Net revenues		3,164,935	4,461,457	41.0 %
Gross billings		3,452,211	4,330,021	25.4 %
Loss from operations		(1,032,559)	(385,117)	(62.7) %
Net loss		(913,120)	(239,124)	(73.8) %
Non-GAAP net loss		(872,196)	(207,255)	(76.2) %
Net operating cash outflow		(525,636)	(548,670)	4.4 %

Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, “With a profound focus on user needs, Gaotu continues to provide end-to-end educational products and solutions across the full learning lifecycle. We have deeply integrated online and offline formats and accelerated full-stack AI integration across our teaching, services, and operations to provide users with increasingly differentiated and personalized services. In the third quarter, we achieved sustained growth momentum and enhanced profitability. Our revenue grew by 30.7% year over year to nearly RMB1.6 billion, while on a non-GAAP basis, both loss from operations and net loss narrowed significantly by 64.6% and 69.9%, respectively. Excluding the impact of share repurchases, our cash position improved year over year, strengthening our balance sheet and demonstrating our disciplined financial management. We also remained committed to delivering shareholder returns, completing our US$80 million share repurchase program initially launched in November 2022 this quarter and initiating the new US$100 million program approved in May. “

“Going forward, Gaotu will continue to pursue sustainable growth by strengthening our pipeline of high-quality teachers, enhancing execution and leveraging data-driven operations, delivering enduring, long-term value to all our stakeholders.”

Shannon Shen, CFO of the Company, added, “In the third quarter, we sustained solid revenue growth while elevating our overall operational quality and efficiency. Operating expenses as a percentage of net revenues decreased significantly, improving by 27.6 percentage points year-over-year. Additionally, our user acquisition efficiency improved 12.8% year over year, and net operating cash outflow narrowed by approximately RMB54.2 million year over year, reflecting the early benefits of structured efficiency gains across our operations. Deferred revenue grew robustly to nearly RMB1.8 billion, up 23.2% year-over-year, providing greater visibility of revenue for the upcoming quarters. We will remain focused on driving high-quality, sustainable growth by optimizing unit economics, while enhancing our operational quality and resilience through continued product refinement, systematic teacher development and brand building.”

Financial Results for the Third Quarter of 2025

Net Revenues

Net revenues increased by 30.7% to RMB1,579.0 million from RMB1,208.3 million in the third quarter of 2024, which was mainly due to the continued year-over-year growth in gross billings as a result of our sufficient and effective response to strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

Cost of Revenues

Cost of revenues increased by 24.6% to RMB535.5 million from RMB429.8 million in the third quarter of 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, and increased depreciation and amortization cost.

Gross Profit and Gross Margin

Gross profit increased by 34.0% to RMB1,043.5 million from RMB778.5 million in the third quarter of 2024. Gross profit margin increased to 66.1% from 64.4% in the same period of 2024.

Non-GAAP gross profit increased by 33.8% to RMB1,044.5 million from RMB780.7 million in the third quarter of 2024. Non-GAAP gross profit margin increased to 66.1% from 64.6% in the same period of 2024.

Operating Expenses

Operating expenses decreased by 3.7% to RMB1,221.5 million from RMB1,268.6 million in the third quarter of 2024. The decrease was primarily due to our precise efficiency management and implementation of cost reduction, which resulted in year-over-year decreases in personnel expenses of selling, general and administrative, as well as research and development function.

Selling expenses decreased to RMB873.4 million from RMB885.8 million in the third quarter of 2024.
Research and development expenses decreased to RMB162.9 million from RMB189.3 million in the third quarter of 2024.
General and administrative expenses decreased to RMB185.2 million from RMB193.5 million in the third quarter of 2024.

Loss from Operations

Loss from operations was RMB178.0 million, compared with loss from operations of RMB490.1 million in the third quarter of 2024.

Non-GAAP loss from operations was RMB168.6 million, compared with non-GAAP loss from operations of RMB476.0 million in the third quarter of 2024.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB14.9 million, compared with a total of RMB21.7 million in the third quarter of 2024.

Other Income, net

Other income, net was RMB14.6 million, compared with other income, net of RMB4.0 million in the third quarter of 2024.

Net Loss

Net loss was RMB147.1 million, compared with net loss of RMB471.3 million in the third quarter of 2024.

Non-GAAP net loss was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the third quarter of 2024.

Cash Flow

Net operating cash outflow in the third quarter of 2025 was RMB660.2 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB0.61 in the third quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB0.57 in the third quarter of 2025.

Share Outstanding

As of September 30, 2025, the Company had 161,367,979 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,040.4 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.

Acquisition of Property

In November 2025, the Company entered into an agreement to acquire 100% of equity interest of Zhengzhou You’ai Culture Technology Co., Ltd. (“Zhengzhou You’ai”) for a consideration of RMB206.6 million. The underlying assets of Zhengzhou You’ai are four buildings currently under construction, which have been topped out in November 2025. The Company intends to utilize the buildings as a campus premise upon completion. The transaction is a related party transaction and has been approved by both the Company’s board of directors and the audit committee of the board.

Share Repurchase

In November 2022, the Company’s board of directors authorized a share repurchase program (“2022 Share Repurchase Program”), under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company’s board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of September 22, 2025, the Company’s repurchase amount had reached US$80 million and the 2022 Share Repurchase Program was completed.

In May 2025, the Company’s board of directors authorized a new share repurchase program (“2025 Share Repurchase Program”), under which the Company may repurchase up to an aggregate value of US$100 million of its shares during the three-year period beginning upon the completion of the Company’s 2022 Share Repurchase Program.

As of November 25, 2025, the Company had cumulatively repurchased approximately 27.5 million ADSs for approximately US$85.6 million under aforesaid two share repurchase programs.

Business Outlook

Based on the Company’s current estimates, total net revenues for the fourth quarter of 2025 are expected to be between RMB1,628 million and RMB1,648 million, representing an increase of 17.2% to 18.7% on a year-over-year basis. These estimates reflect the Company’s current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, November 26, 2025 (9:00 PM Beijing/Hong Kong Time on Wednesday, November 26, 2025). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 5199067

A telephone replay will be available two hours after the conclusion of the conference call through December 3, 2025. The dial-in details are:

International: 1-412-317-0088
United States: 1-855-669-9658
Passcode: 2149536

Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home.

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, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual 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 statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions that cultivate interest and drive continuous growth. The Company provides AI-powered, product-led learning solutions for learners from pre-school to adulthood. By combining rare, high-caliber teaching resources with AI-enhanced tools and content, Gaotu creates engaging and effective learning experiences delivered through both online and offline channels. AI and data analytics permeate throughout the Company’s operations to adapt content and teaching methods to individual learner needs, enhance efficiency and drive sustained learning progress.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company’s management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company’s business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“USD”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.1190 to USD1.0000, the effective noon buying rate for September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on September 30, 2025, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: [email protected]

Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
E-mail: [email protected]

Gaotu Techedu Inc.
Unaudited condensed consolidated balance sheets
(In thousands of RMB and USD, except for share, per share and per ADS data)

	As of December 31,		As of September 30,
	2024		2025		2025
	RMB		RMB		USD
ASSETS
Current assets
Cash and cash equivalents		1,321,118		318,731		44,772
Restricted cash		5,222		125,272		17,597
Short-term investments		1,845,242		2,095,986		294,421
Inventory, net		36,401		53,401		7,501
Prepaid expenses and other current assets, net		431,829		526,989		74,026
Total current assets		3,639,812		3,120,379		438,317

Non-current assets
Operating lease right-of-use assets		503,601		506,882		71,201
Property, equipment and software, net		670,237		834,745		117,256
Land use rights, net		25,762		45,424		6,381
Long-term investments		922,740		500,401		70,291
Rental deposit		45,834		49,271		6,921
Other non-current assets		20,091		57,636		8,096
TOTAL ASSETS		5,828,077		5,114,738		718,463

LIABILITIES

Current liabilities
Short-term borrowings of the consolidated VIE without recourse to the Group		–		48,544		6,819
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIE without recourse to the Group of RMB811,879 and RMB944,484 as of December 31, 2024 and September 30, 2025, respectively)		1,245,207		1,320,853		185,539
Deferred revenue, current portion (including current portion of deferred revenue of the consolidated VIE without recourse to the Group of RMB1,867,096 and RMB1,534,148 as of December 31, 2024 and September 30, 2025, respectively)		1,867,096		1,534,246		215,515
Operating lease liabilities, current portion (including current portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB114,471 and RMB132,281 as of December 31, 2024 and September 30, 2025, respectively)		147,635		140,337		19,713
Income tax payable (including income tax payable of the consolidated VIE without recourse to the Group of RMB606 and RMB39 as of December 31, 2024 and September 30, 2025, respectively)		665		88		12
Total current liabilities		3,260,603		3,044,068		427,598

Gaotu Techedu Inc.
Unaudited condensed consolidated balance sheets
(In thousands of RMB and USD, except for share, per share and per ADS data)

	As of December 31,		As of September 30,
	2024		2025		2025
	RMB		RMB		USD
Non-current liabilities
Deferred revenue, non-current portion of the consolidated VIE without recourse to the Group		218,797		238,924		33,561
Operating lease liabilities, non-current portion (including non-current portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB337,258 and RMB332,307 as of December 31, 2024 and September 30, 2025, respectively)		344,609		343,158		48,203
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIE without recourse to the Group of RMB70,316 and RMB76,056 as of December 31, 2024 and September 30, 2025, respectively)		70,604		76,073		10,686
TOTAL LIABILITIES		3,894,613		3,702,223		520,048

SHAREHOLDERS’ EQUITY
Ordinary shares		116		116		16
Treasury stock, at cost		(242,866)		(461,340)		(64,804)
Additional paid-in capital		7,991,421		7,950,976		1,116,867
Accumulated other comprehensive loss		(2,832)		(25,738)		(3,615)
Statutory reserve		66,042		66,042		9,277
Accumulated deficit		(5,878,417)		(6,117,541)		(859,326)
TOTAL SHAREHOLDERS’ EQUITY		1,933,464		1,412,515		198,415

TOTAL LIABILITIES AND TOTAL SHAREHOLDERS’ EQUITY		5,828,077		5,114,738		718,463

Gaotu Techedu Inc.
Unaudited condensed consolidated statements of operations
(In thousands of RMB and USD, except for share, per share and per ADS data)

	For the three months ended September 30,						For the nine months ended September 30,
	2024		2025		2025		2024		2025		2025
	RMB		RMB		USD		RMB		RMB		USD
Net revenues		1,208,253		1,579,026		221,804		3,164,935		4,461,457		626,697
Cost of revenues		(429,791)		(535,528)		(75,225)		(1,014,638)		(1,460,829)		(205,201)
Gross profit		778,462		1,043,498		146,579		2,150,297		3,000,628		421,496
Operating expenses:
Selling expenses		(885,769)		(873,399)		(122,686)		(2,227,547)		(2,403,766)		(337,655)
Research and development expenses		(189,305)		(162,912)		(22,884)		(503,013)		(461,562)		(64,835)
General and administrative expenses		(193,495)		(185,212)		(26,017)		(452,296)		(520,417)		(73,103)
Total operating expenses		(1,268,569)		(1,221,523)		(171,587)		(3,182,856)		(3,385,745)		(475,593)
Loss from operations		(490,107)		(178,025)		(25,008)		(1,032,559)		(385,117)		(54,097)
Interest income		15,661		8,577		1,205		55,608		31,553		4,432
Realized gains from investments		6,001		6,346		891		20,285		19,566		2,748
Other income, net		3,964		14,621		2,054		52,220		91,822		12,898
Loss before provision for income tax and share of results of equity investees		(464,481)		(148,481)		(20,858)		(904,446)		(242,176)		(34,019)
Income tax (expenses)/benefits		(6,792)		1,360		191		(8,674)		3,052		429
Net loss		(471,273)		(147,121)		(20,667)		(913,120)		(239,124)		(33,590)
Net loss attributable to Gaotu Techedu Inc.’s ordinary shareholders		(471,273)		(147,121)		(20,667)		(913,120)		(239,124)		(33,590)
Net loss per ordinary share
Basic		(2.75)		(0.91)		(0.13)		(5.30)		(1.46)		(0.20)
Diluted		(2.75)		(0.91)		(0.13)		(5.30)		(1.46)		(0.20)
Net loss per ADS
Basic		(1.83)		(0.61)		(0.09)		(3.54)		(0.97)		(0.14)
Diluted		(1.83)		(0.61)		(0.09)		(3.54)		(0.97)		(0.14)
Weighted average shares used in net loss per share
Basic		171,135,287		161,927,833		161,927,833		172,165,794		163,986,613		163,986,613
Diluted		171,135,287		161,927,833		161,927,833		172,165,794		163,986,613		163,986,613

Note: Three ADSs represent two ordinary shares.

Gaotu Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended September 30,

For the nine months ended September 30,

2024

2025

2024

2025

RMB

USD

RMB

USD

Net revenues

1,208,253

1,579,026

221,804

3,164,935

4,461,457

626,697

Less: other revenues⁽¹⁾

60,581

41,708

5,859

117,081

78,624

11,044

Add: VAT and surcharges

72,056

98,101

13,780

192,049

277,259

38,946

Add: ending deferred revenue

1,439,217

1,773,170

249,076

1,439,217

1,773,170

249,076

Add: ending refund liability

77,869

110,621

15,539

77,869

110,621

15,539

Less: beginning deferred revenue

1,582,135

2,196,993

308,610

1,237,621

2,085,893

293,004

Less: beginning refund liability

85,520

133,308

18,726

67,157

127,969

17,976

Gross billings

1,069,159

1,188,909

167,004

3,452,211

4,330,021

608,234

Note (1): Include miscellaneous revenues generated from services other than courses.

For the three months ended September 30,

For the nine months ended September 30,

2024

2025

2024

2025

RMB

USD

RMB

USD

Gross profit

778,462

1,043,498

146,579

2,150,297

3,000,628

421,496

Share-based compensation expenses⁽¹⁾ in
cost of revenues

2,265

1,017

143

4,543

4,480

629

Non-GAAP gross profit

780,727

1,044,515

146,722

2,154,840

3,005,108

422,125

Loss from operations

(490,107)

(178,025)

(25,008)

(1,032,559)

(385,117)

(54,097)

Share-based compensation expenses⁽¹⁾

14,078

9,376

1,317

40,924

31,869

4,477

Non-GAAP loss from operations

(476,029)

(168,649)

(23,691)

(991,635)

(353,248)

(49,620)

Net loss

(471,273)

(147,121)

(20,667)

(913,120)

(239,124)

(33,590)

Share-based compensation expenses⁽¹⁾

14,078

9,376

1,317

40,924

31,869

4,477

Non-GAAP net loss

(457,195)

(137,745)

(19,350)

(872,196)

(207,255)

(29,113)

Note (1): The tax effects of share-based compensation expenses adjustments were nil.

View original content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-third-quarter-2025-unaudited-financial-results-302626466.html

SOURCE Gaotu Techedu Inc.

November 26, 2025 1:08 am

CMB.TECH announces Q3 2025 results

CMB.TECH ANNOUNCES Q3 2025 RESULTS

SOFT SUMMER, FOLLOWED BY
ROARING TANKER AND DRY BULK MARKETS

ANTWERP, Belgium, 26 November 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO)
reported its unaudited financial results today for the third quarter ended 30 September 2025.

HIGHLIGHTS

Financial highlights:

Profit for the period of 17.3 million USD in Q3 2025. EBITDA for the same period was USD 238.4 million.
CMB.TECH’s contract backlog stands at 2.95 billion USD.
Proposal to declare an interim dividend of USD 0.05 per share which is expected to be paid on or about 15 January 2026.

Fleet highlights:

Delivery of 7 newbuilding vessels (Q3 – Quarter to date):
- Super-Eco Newcastlemax: Mineral Slovensko and Mineral Slovenija
- VLCC: Atrebates
- Chemical tanker: Bochem Santos
- CSOV: Windcat Rotterdam
- CTV: Windcat 58, Windcat 61

Sale of the VLCC Dalma (2007, 306,543 dwt) & the capesize Battersea (2009, 169,390 dwt).
The time charter of the VLCC Donoussa (2016, 299,999 dwt) was extended for another 11 months, until October 2026.
Windcat has ordered one Multi-Purpose Accommodation Service Vessel (MP-ASV) (CSOV XL) with an option of five more.

Corporate highlights:

Supervisory Board changes: resignation of Mr. Marc Saverys & Mrs. Julie De Nul and cooptation of Mr. Carl Steen & Mrs. Gudrun Janssens.

For the third quarter of 2025, the Company realised a profit for the period of USD 17.3 million or USD 0.07 per share (third quarter 2024: a profit for the period of 98.1 USD million or USD 0.49 per share). EBITDA (a non-IFRS measure) for the same period was USD 238.4 million (third quarter 2024: USD 177.1 million).

Commenting on the Q3 results, Alexander Saverys (CEO) said:

“After a relatively quiet summer and seasonally lower rates, tanker and dry bulk markets came roaring back and are at multi-year highs. Results in Q3 reflected the softer market but stronger bookings in Q4 will significantly improve the result going forward. We have sold another two older vessels and taken delivery of seven ships as we continue to rejuvenate and decarbonise our fleet.”

Key figures


The most important key figures (unaudited) are:

(in thousands of USD)	Third Quarter 2025	Third Quarter 2024	YTD 2025	YTD 2024

Revenue	454,248	221,840	1,077,100	714,217
Other operating income	8,097	4,161	28,252	42,406

Raw materials and consumables	(1,368)	(481)	(6,496)	(2,159)
Voyage expenses and commissions	(110,244)	(45,715)	(233,986)	(131,618)
Vessel operating expenses	(116,869)	(46,816)	(292,342)	(146,829)
Charter hire expenses	(1,089)	(118)	(2,709)	(135)
General and administrative expenses	(34,076)	(16,863)	(90,471)	(53,150)
Net gain (loss) on disposal of tangible assets	39,284	61,356	143,075	563,903
Depreciation and amortisation	(109,073)	(40,241)	(273,442)	(122,118)
Impairment losses	300	—	(3,273)	—

Net finance expenses	(111,193)	(37,575)	(293,633)	(83,554)
Share of profit (loss) of equity accounted investees	146	(232)	1,717	2,338
Result before taxation	18,163	99,316	53,792	783,301

Income tax benefit (expense)	(868)	(1,238)	(3,708)	(5,602)
Profit (loss) for the period	17,295	98,079	50,084	777,699

Attributable to:
Owners of the Company	19,872	98,079	71,638	777,699
Non-controlling interest	(2,577)	—	(21,554)	—


Earnings per share:

(in USD per share)	Third Quarter 2025	Third Quarter 2024	YTD 2025	YTD 2024

Weighted average number of shares (basic) *	238,021,435	201,912,942	208,978,825	196,654,266
Basic earnings per share	0.07	0.49	0.24	3.95

The number of shares issued on 30 September 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 30 September 2025 is 290,169,769.


EBITDA reconciliation (unaudited):

(in thousands of USD)	Third Quarter 2025	Third Quarter 2024	YTD 2025	YTD 2024

Profit (loss) for the period	17,295	98,079	50,084	777,699
+ Net finance expenses	111,193	37,575	293,633	83,554
+ Depreciation and amortisation	109,073	40,241	273,442	122,118
+ Income tax expense (benefit)	868	1,238	3,708	5,602
EBITDA (unaudited)	238,429	177,133	620,867	988,973


EBITDA per share:

(in USD per share)	Third Quarter 2025	Third Quarter 2024	YTD 2025	YTD 2024

Weighted average number of shares (basic)	238,021,435	201,912,942	208,978,825	196,654,266
EBITDA	1.00	0.83	2.97	5.03

All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.

Interim dividend

CMB.TECH intends to propose an interim dividend of USD 0.05 per share, which is expected to be paid on or about 15 January 2026, subject to completion of the required statutory procedures.

Subject to completion of the required statutory procedures and final approval, the timing of the distribution of this Interim Dividend is as follows:

COUPON 44	Ex-dividend date	Record date	Payment date
Euronext	6 January 2026	7 January 2026	15 January 2026
NYSE	7 January 2026	7 January 2026	15 January 2026
OSE	6 January 2026	7 January 2026	on or about 20 January 2026

TCE

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:

	Q3 2025	Q3 2024	Quarter-to-Date Q4 2025
	USD/day	USD/day	USD/day	Fixed %
DRY BULK VESSELS
Newcastlemax average spot rate⁽¹⁾	29,423	31,271	33,685	83.0%
Newcastlemax average time charter rate	21,329
Capesize average rate⁽¹⁾	20,537		26,284	87.0%
Panamax/Kamsarmax average spot rate⁽¹⁾	13,467		17,042	77.0%
Panamax/Kamsarmax average time charter rate	13,364
TANKERS
VLCC average spot rate ⁽²⁾	30,486	39,700	68,048	78.0%
VLCC average time charter rate⁽³⁾	45,725	46,700
Suezmax average spot rate^{(1) (}³⁾	48,210	37,200	59,910	73.0%
Suezmax average time charter rate	33,455	30,750
CONTAINER VESSELS
Average time charter rate	29,378	29,378
CHEMICAL TANKERS
Average spot rate⁽¹⁾⁽²⁾	20,675	25,489	22,578	N/A
Average time charter rate	19,306	19,306

OFFSHORE WIND
CSOV Average time charter rate	27,272		118,870	83.7%
CTV Average time charter rate	3,470	3,075	2,836	77.7%

¹⁾
Reporting load-to-discharge, in line with IFRS 15
, net of commission

⁽
²
⁾
CMB.TECH owned ships in
TI Pool or Stolt Pool
(excluding technical off hire days)

⁽
³
⁾
Including profit share where applicable

CORPORATE UPDATE

Supervisory Board changes

As already announced, Mr. Marc Saverys and Mrs. Julie De Nul have decided to resign as members of the Supervisory Board of CMB.TECH in Q3 2025. Mr. Marc Saverys has also resigned as Chairman of the Supervisory Board. Mr. Patrick de Brabandere, as representative of Debemar BV was appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board.

The Supervisory Board has further decided to co-opt Mrs. Gudrun Janssens and Mr. Carl Steen as independent members within the Supervisory Board. Mr. Carl Steen has been appointed to succeed Mrs. Julie de Nul as chairman of the Remuneration committee. The reviewed composition of the committees of the Supervisory Board can be found on our website.

CMB.TECH FLEET DEVELOPMENTS

Orders

Windcat

Windcat has ordered one Multi-Purpose Accommodation Service Vessel (MP-ASV) (CSOV XL) with an option of five more. This new type of vessel is based on the proven concept of Windcat’s CSOVs. The vessels will be built by Damen Shipyards and delivered from 2028.

Sales

Bocimar

CMB.TECH has sold the capesize Battersea (2009, 169.390 dwt). The sale will generate a total capital gain of 2.4 million USD. The vessel will be delivered to its new owner during Q4 2025.

The capesize Golden Zhoushan (2011, 175,834) was delivered to its new owner during Q4 2025. No capital gain will be generated by the sale.

Euronav

On 25 August 2025, the Company entered into an agreement to sell the Suezmax Sofia (2010, 165,000 dwt) for a net sale price of USD 40.1 million. The sale will generate a gain of approximately USD 20.4 million and is expected to be delivered to its new owner in the fourth quarter of 2025.

CMB.TECH has sold the VLCC Dalma (2007, 306,543 dwt). The sale will generate a capital gain of 26.7 million USD. The vessel will be delivered to its new owner during Q4 2025.

The time charter of the VLCC Donoussa (2016, 299,999 dwt) was extended for another 11 months, until October 2026.

Hakata (2010, 302,550 dwt) & Hakone (2010, 302,624 dwt) were delivered to their new owners in Q3 2025, generating a total capital gain of approx. 39.3 million USD in Q3 2025.

Newbuilding deliveries

On 2 July 2025, the Company took delivery of the CTV Windcat 58.

On 24 July 2025, the Company took delivery of the CSOV Windcat Rotterdam.

On 8 August 2025, the Company took delivery of Newcastlemax Mineral Slovensko (2025, 210,000 dwt).

On 18 September 2025, the Company took delivery of Chemical tanker Bochem Santos (2025, 25,000 dwt).

On 26 September 2025, the Company took delivery of Newcastlemax Mineral Slovenija (2025, 210,000 dwt).

On 10 November 2025, the Company took delivery of VLCC Atrebates (2025, 319,000 dwt).

On 12 November 2025, the Company took delivery of the CTV Windcat 61.

MARKET & OUTLOOK

Bocimar – Dry-Bulk Market
¹

Despite China’s steel output slipping into a year-on-year contraction (-0.7%), iron ore imports have surged to record levels — reaching an all-time high of 116.3 mt in September (+11.7% y-o-y) — while China’s port inventories of iron ore declined (-7.2% y-o-y). Although Chinese steel production has decreased, iron ore imports have risen due to the gradual depletion of domestic mines, with Chinese iron ore self-sufficiency year-to-date 2025 standing at only 7%. Moreover, there is mounting evidence that the average quality of globally traded iron ore (in terms of Fe content and impurities) has been gradually deteriorating. Flagship Australian blends that once comfortably sat at 62% Fe have slipped closer to 60.8%, and mid-grade fines in the 60–61% Fe band now dominate Chinese seaborne and portside trade. When the quality of the average tonne falls, the volume of tonnes needed to keep the furnaces going does not fall one-for-one with crude steel. In addition, in today’s environment of heightened global instability, it is expected that nations will increasingly prioritise importing and stockpiling key commodities. This reinforces the bullish outlook for the seaborne dry bulk market. Historically, China’s iron ore imports have been more closely linked to global supply dynamics than to domestic steel output trends — a pattern reaffirmed by recent data. Vale has confirmed a solid Q3 production performance, with iron ore output 6% above consensus, marking its highest production since the Brumadinho dam failure in 2018. Guidance remains at the upper end of expectations (2026: 340–360 mt, up from 325–335 mt in 2025). Rio Tinto is largely on track to meet its FY25 guidance across major divisions, however, the key update was that Simandou has loaded its first cargo for transport to rail and port, with the first shipment still expected in November. Rio Tinto continues to guide to a 30-month ramp-up to the design capacity of 120 mtpa (100% basis). The 11,350 nm Guinea–China route is over 3 times the sailing distance of the 3,500 nm Australia–China leg, implying a significant boost to tonne-mile demand and fleet utilisation.

Over the next few years, new iron ore supply from projects such as Simandou and Brazilian expansions could outpace demand growth, particularly if China’s steel production remains subdued. In such a scenario, the additional tonnage may not be fully absorbed by the market, leading to lower iron ore prices and potential production cutbacks at high-cost mines. If the market becomes oversupplied by around 100 million tonnes, roughly 40% of the high-cost output would likely be in Australia, 40% in China, 7% in Brazil, and 12% elsewhere. These at-risk volumes are primarily short-haul trades, meaning their removal would reduce short-distance supply while leaving longer-haul high iron ore quality routes—such as Brazil–China and the emerging Guinea–China corridor—intact. As a result, even though total seaborne volumes could fall, the average sailing distance would increase, supporting tonne-mile demand and Capesize vessel utilisation. If oversupply deepens to 200 million tonnes, the effect would be amplified, as more short-haul production exits the market and a greater share of trade shifts toward long-haul flows. Overall, the seaborne iron ore market is set to be a key growth driver for the Capesize dry bulk segment: seaborne iron ore demand forecast of 2026e +2.8% and 2027e +2.7%, whilst the Capesize fleet growth stands only at 2026e +2.2% and 2027e +2.6%.

Bauxite has become an increasingly important cargo stream for Capesize vessels, offsetting weakness in coal volumes. A shortened monsoon season in Guinea allowed mining and loading operations to resume earlier than usual, triggering a wave of Capesize ballasting toward West Africa to capture fresh export opportunities. During the first three quarters of 2025, China imported 130 million tonnes of bauxite via Capesize vessels — a robust +26.6% y-o-y increase. Of this, approximately 120 million tonnes originated from Guinea, equivalent to around 626 Capesize voyages on the Guinea–China route. This uptrend reflects both strong Chinese aluminium sector demand, driven by advanced manufacturing and clean energy industries, and favourable operational conditions in West Africa. For Panamax and Supramax vessels, bauxite’s growth has tightened regional availability, as Capesize repositioning absorbs tonnage previously competing for mid-size cargoes. In addition, the Guinean bauxite trade is reducing some of the inherent seasonality of the Capesize trade as the ‘bad weather’ seasonality is complementary: Brazil (rain season Nov-Apr), Australia (cyclone season Jan-Mar), and Guinea (rain season Jul-Oct). Long term seaborne bauxite transportation is expected to grow with 2026e 12.4% and 2027e 11.0%.

While bauxite and iron ore continue to be positive contributors to the dry bulk market, the coal trade is trending in the opposite direction. Seaborne coal trade peaked in 2024, driven by high import demand in Asia, particularly China. However, in 2025, this trend has reversed due to lower seaborne coal demand, robust domestic production, and high stockpiles in China and India, reducing import needs. The IEA projects a continued decline in global coal trade in 2026, marking the first two-year decline this century, primarily due to China’s decreasing demand. Panamax vessels will bear the brunt of declining coal volumes. Short term fluctuations are still to be expected enabling short term import arbitrage – e.g. impact of temporary subdued quantities of rain on hydroelectric generation capacity, or temporary Chinese coal mine output curbs due to safety inspections.

The global grain market in 2025 started slowly, with seaborne trade down 5% year-over-year in Q1 due to weaker Black Sea exports amid ongoing conflict. However, volumes rebounded as of Q2, driven by strong U.S. and South American harvests. Soybeans remain central to the grain story. China, the world’s largest importer, purchased 12.28 million tonnes in August 2025 – the highest volume ever recorded for the month – shoring up domestic supplies ahead of the US harvest. Most of the cargoes came from Brazil, leaving Chinese crushers well-prepared for a winter potentially constrained by trade frictions. China is estimated to have accounted for approximately 93 percent of Brazil’s total soybean exports in September, a historically high and disproportionate share and a direct result of the ongoing trade tensions and tariffs from the US. Although recent negotiations between China and USA have been fruitful, delaying both US and Chinese port fees by 12 months, a continued tit-for-tat trajectory remains a possibility as both sides continuously recalibrate their negotiation leverage. Overall, seaborne grain trade is projected to grow 2% for FY 2025, with a stronger second half fuelled by record U.S. corn and Brazilian soybean harvests. Long term seaborne grain transportation is expected to grow with 2026e 5.3% and 2027e 3.5%.

The Capesize and Newcastlemax orderbook currently stands at 9.3% of the active fleet. 32% or 518 vessels are over 15 years old and are increasingly uneconomical to operate amid rising environmental compliance costs. The Panamax and Kamsarmax orderbook currently stands at 13.6% – with 31% or 863 vessels over 15 years old. In addition, new vessel contracting remains subdued, constrained by limited shipyard availability (~4year contract cover), elevated construction costs and persistent uncertainty regarding future propulsion technologies. The market remains relatively balanced, though growth drivers are strongly skewed in favour of Capesizes: 2026e demand growth of 3.9%, net fleet growth of 3.7%, and utilisation of 86.4%. Improving further in 2027e: demand growth of 3.6%, net fleet growth of 3.2%, and utilization of 86.8%.

Bocimar has 36 (+10NB) Newcastlemaxes on the water (average age 2.5y), 39 Capesize vessels on the water (average age 10.6y), and 30 Kamsarmax/Panamax vessels on the water (average age 5.9y).

Q3 2025 Performance Highlights:

Newcastlemax: actual Q3 2025 spot TCE actuals at 29,423 USD/day. CMB.TECH Newcastlemax fleet outperformed Q3 5TC Baltic Capesize Index by 25.5% (23,450 USD /day basis net-net). Q4 TCE quarter to date rates at 33,685 USD/day (83% fixed)
Capesize: actual Q3 2025 TCE actuals at 20,537 USD/day. Q4 TCE quarter to date rates at 26,284 USD/day (87% fixed) – outperforming the Q4 qtd 5TC Baltic Capesize Index by 10.2% (23,861 USD /day basis net-net)
Kamsarmax/Panamax: actual Q3 2025 TCE actuals at 13,467 USD/day. Q4 TCE quarter to date rates at 17,042 USD/day (77% fixed) – outperforming the Q4 qtd 4TC Baltic Panamax BPI-74 Index by 19.2% (14,288 USD/day basis net-net)

Euronav – Tanker Markets
²

Global oil market fundamentals remained heavily supply-driven during the third quarter of 2025, underscoring a rapidly evolving environment for crude transportation demand. Global oil supply in September was up by a massive 5.6 mb/d compared with a year ago. OPEC+ accounted for 3.1 mb/d of this increase, as the Group of Eight unwound 2 mb/d of production cuts and as Libya, Venezuela, and Nigeria all posted strong gains. Based on the latest OPEC+ agreement, output is on track to rise by an average of 1.4 mb/d in 2025 and potentially a further 1.2 mb/d in 2026. Non-OPEC+ producers are also set to expand supply by 1.6 mb/d and 1.2 mb/d, respectively, led by the United States, Brazil, Canada, Guyana, and Argentina. Risks to the forecast persist, with sanctions on Russia and Iran adding layers of geopolitical complexity and uncertainty.

On the demand side, global oil consumption rose by a modest 750 kb/d y-o-y in Q3 25, marking a rebound from Q2 25’s tariff-affected 420 kb/d growth pace. Nevertheless, oil use is expected to remain subdued through the remainder of 2025 and into 2026, with annual gains projected at around 700 kb/d in both years. This remains well below historical trends, reflecting a tougher macroeconomic backdrop and ongoing structural headwinds from amongst others transport electrification.

Balancing these dynamics highlights that the oil market has been in surplus since the start of 2025. Stock builds have been concentrated in crude inventories in China – driven by regulatory requirements, competitive oil prices, increased availability of new storage capacity, and a desire to boost inventories in an increasingly uncertain world with higher risk of supply disruptions. By September, a surge in Middle East production, combined with seasonally weaker regional crude demand, lifted exports to their highest levels in two and a half years. Alongside robust flows from the Americas, this drove an increase in oil on water, i.e. the largest rise since the Covid-19 pandemic. Next to the demand/supply and seasonal factors, the increase in oil on the water is also a direct result of the set-up in sanctions. Oil with origin Russia, Iran or Venezuela increased by 100m barrels between August and October. Overall, it is clear that it is not about sentiment, but about real cargo growth and longer voyage patterns, reinforced by new-policy related disruptions that continue to absorb effective capacity. Hence, for the tanker market, these conditions have provided strong support for fleet utilisation and freight rates in Q3 2025 (VLCC 10-year historic long-term earnings Q3: 23,654 USD/day, VLCC Q3 2025 average: 50,109 USD/day) – and freight rates have clearly further improved into Q4 2025.

These dynamics point to a potential market of crude and condensate balance surplus of 2.9 mb/d for FY 2026, underscoring growing imbalances that may eventually require market adjustments – in the end, something needs to give. Should the modelled 1H26 surplus result in sustained lower oil prices, it could help moderate inflation, support global economic activity, and eventually stimulate oil demand – gradually balancing the market again by 2027. If demand does not follow, supply will eventually need to be curbed. It is hard to predict at this moment which scenario will materialise.

Additionally, newly announced sanctions on major Russian oil companies introduce further uncertainty into global supply and trading patterns. OPEC’s readiness to stabilise markets, including statements from Kuwait’s Oil Minister suggesting the group could increase production if necessary, provides further support to the compliant tanker rate outlook.

From a vessel supply side perspective, ordering activity has picked up further, pushing the VLCC orderbook-to-fleet (OB/F) ratio to 15.4% and the Suezmax OB/F ratio to 20.8%. While these figures may appear substantial at first glance, they are insufficient when viewed against the backdrop of an aging global tanker fleet. Currently, 18% of the VLCC fleet and 19% of the Suezmax fleet are over 20 years old — thresholds typically associated with phase-out or reduced commercial viability. The replacement challenge becomes even more pronounced when looking further ahead. By 2030, 40% of the VLCC fleet and 40% of the Suezmax fleet will be over 20 years old, indicating a steep increase in fleet obsolescence. This accelerated aging underscores the need for fleet renewal, particularly as environmental regulations tighten and charterers favour younger, more efficient tonnage.

Euronav has 10 (+4NB) VLCCs (average age 8.4y) and 17 (+2NB) Suezmaxes (average age 6.9y) on the water. Q3 2025 Performance Highlights:

VLCC: actual Q3 TCE for VLCC of 30,486 USD/day and actual Q4 quarter-to-date of 68,048 USD/day (78% fixed)
Suezmax: actual Q3 TCE for Suezmax of 48,210 USD/day and actual Q4 quarter-to-date of 59,910 USD/day (73% fixed)

Delphis – Container Markets³

Freight rates began the third quarter at higher levels but gradually declined, ending the period around breakeven, as weak trade into the U.S. and moderating global volumes put pressure on spot rates and a muted U.S. peak season created excess vessel capacity. After a period of inventory building in the U.S. during 2024 and early 2025, imports have declined noticeably in recent months, leading to an uneventful Q3 peak season and pressure on global spot rates.

Looking ahead, the outlook for the fourth quarter remains mixed, reflecting a balance of both supportive and challenging factors. On the positive side, there are signs of improving U.S.–China trade relations, which could bolster market sentiment and trade activity. However, potential reopening of the Red Sea corridor and a substantial new vessel orderbook (OB/F 32.4%) may exert downward pressure on freight rates and overall market conditions in the container shipping sector.

CMB.TECH’s 4 x 6,000 TEU (average age 1.25y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contracts.

Bochem – Chemical Markets
⁴

The chemical tanker markets have shown signs of gradual easing in recent months, albeit from a robust starting point earlier in 2025. The market has faced headwinds from slower volume growth, weaker clean petroleum products (CPP) sector conditions, and moderate fleet expansion in certain chemical tanker segments. Nonetheless, freight rates remain healthy across several regions, and time-charter rates continue to trade above historical averages (+12.5% above 5-year historic mean). For the remainder of the year, rates are expected to remain stable as we enter seasonally stronger winter months, further aided by strong sentiment in the adjacent crude and product tanker markets.

Forecasts for 2026 point to a modest recovery in volume growth, supported by expectations of broader macroeconomic improvement, though sentiment remains cautious. Current projections suggest seaborne chemicals trade could increase by around ~0.8-0.9% year-on-year on both a volume and tonne-mile basis. In addition, the orderbook remained stable this quarter, a factor that underpins a more balanced outlook over the longer term. As of the latest data, the chemical tanker orderbook (10,000–54,999 dwt) stands at 22.6% of the existing fleet, while approximately 26% of the fleet is over 20 years old.

Bochem’s 25,000 DWT chemical tankers fleet comprises out of 7 delivered vessels, and 9 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels), and in the spot pool (2 vessels). Q3 2025 performance highlights:

Actual TCE Q3 2025 of USD 20,675 per day USD/day (spot pool)
Q4 2025 spot rates to-date: USD 22,578 USD/day per day

Windcat – Offshore (Wind) Markets
⁵

The underlying offshore wind market remains challenging, with a continued disconnect between auction awards (secured offtake) and final investment decisions (FIDs). The year has also been marked by several zero-bid auctions, underscoring margin pressure and cost inflation across the supply chain. Government responses will be pivotal going forward — particularly whether they follow the UK’s example of raising maximum CfD prices or scale back capacity targets to restore project viability.

In the CSOV segment, fleet utilisation was near full capacity in Q2 2025, though Q3 has seen some vessels redelivered from summer campaigns without confirmed winter employment. The typical autumn uptick in W2W activity observed in prior years has not materialised to the same extent for the 2025/26 winter season, leaving a handful of Tier 1 assets⁶ still open in the near term. However, a significant share of the European CSOV fleet already holds commitments for 2026, with additional charter awards expected in Q4 2025.

Regionally, oil and gas-related demand—particularly in Brazil—has strengthened further, with more CSOV tonnage expected to be absorbed outside the typical European offshore wind projects. In Taiwan, vessel demand remains strong, and local tonnage availability tight, prompting the import of a European CSOV to meet regional W2W requirements for a medium-term campaign.

In general, we see orders for offshore wind vessels reducing, including CSOVs: 2024 #20 NB orders, and 2025 #6 NB orders. Tier 1 CSOV fleet stands today at 43 units versus an orderbook of 28 units (OB/F 65.1%)

The Q3 2025 CTV market was relatively inactive on both chartering and S&P activity. Nevertheless, the majority of vessels were employed on summer campaigns for most of the season, with many contracts extended into Q4 2025. Charter rates remained healthy, reflecting sustained demand, although a limited number of 24-pax CTVs and older 12-pax vessels experienced restricted employment over the summer. Looking ahead, utilisation levels are expected to decline entering the traditional slower winter season in Q4, consistent with historical seasonal patterns.

CTV fleet stands at 695 units versus an orderbook of 56 units (OB/F 8.1%) – with a slowly increasing average age of 9.5 years. As newbuilding levels are relatively modest, it is not expected that supply will exceed demand and hence market conditions are likely to remain familiar (including the typical seasonal patterns). In addition, the growing SOV segment has not yet cannibalised the CTV market – as SOV rates remain ~8 times the CTV rates.

Windcat has 1 (+5NB) CSOVs, and 54 (+7NB) CTVs (average age 9.5y). Q3 2025 performance highlights:

CSOVs: achieved TCE Q3 2025 of USD 27,272 per day . CSOV Q4 2025 spot rates to-date: so far 83.7% fixed at USD 118,870 per day
CTVs: achieved TCE Q3 2025 of USD 3,470 per day (utilisation 93.8%). CTV Q4 2025 spot rates to-date: so far 77.7% fixed at USD 2,836 per day

CONFERENCE CALL

The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page.

Webcast Information
Event Type:	Audio webcast with user-controlled slide presentation
Event Date:	26 November 2025
Event Time:	8 a.m. EST / 2 p.m. CET
Event Title:	“Q3 2025 Earnings Conference Call”
Event Site/URL:	https://events.teams.microsoft.com/event/c0e3e44b-69f5-4d83-aeb0-7ffa0ce4b5a5@d0b2b045-83aa-4027-8cf2-ea360b91d5e4

To attend this conference call, please register via the following link.

Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 520 663 159#

Announcement Q4 2025 results – 26 February 2025

About CMB.TECH

CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore energy vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs.

Condensed consolidated interim statement of financial position (unaudited)

(in thousands of USD)


	September 30, 2025	December 31, 2024
ASSETS

*Non-current assets*
Vessels	6,590,617	2,617,484
Assets under construction	742,464	628,405
Right-of-use assets	5,412	1,910
Other tangible assets	23,815	21,628
Prepayments	1,083	1,657
Intangible assets	14,632	16,187
Goodwill	177,022	—
Receivables	89,124	75,076
Investments	116,175	61,806
Deferred tax assets	7,896	10,074

Total non-current assets	7,768,240	3,434,227

*Current assets*
Inventory	94,895	26,500
Trade and other receivables	332,173	235,883
Current tax assets	4,528	3,984
Cash and cash equivalents	81,864	38,869
	513,460	305,236

Non-current assets held for sale	83,733	165,583

Total current assets	597,193	470,819

TOTAL ASSETS	8,365,433	3,905,046


EQUITY and LIABILITIES

*Equity*
Share capital	343,440	239,148
Share premium	1,817,557	460,486
Translation reserve	8,396	(2,045)
Hedging reserve	160	2,145
Treasury shares	(284,508)	(284,508)
Retained earnings	662,722	777,098

Equity attributable to owners of the Company	2,547,767	1,192,324

*Non-current liabilities*
Bank loans	4,040,518	1,450,869
Other notes	—	198,887
Other borrowings	948,772	667,361
Lease liabilities	3,729	1,451
Other payables	148	—
Employee benefits	1,073	1,060
Deferred tax liabilities	485	438

Total non-current liabilities	4,994,725	2,320,066

*Current liabilities*
Trade and other payables	193,047	79,591
Current tax liabilities	7,303	9,104
Bank loans	322,416	201,937
Other notes	199,994	3,733
Other borrowings	98,294	95,724
Lease liabilities	1,887	2,293
Provisions	—	274

Total current liabilities	822,941	392,656

TOTAL EQUITY and LIABILITIES	8,365,433	3,905,046

Condensed consolidated interim statement of profit or loss (unaudited)

(in thousands of USD except per share amounts)


	2025	2024
	Jan. 1 – Sep. 30, 2025	Jan. 1 – Sep. 30, 2024
*Shipping income*
Revenue	1,077,100	714,217
Gains on disposal of vessels/other tangible assets	143,075	563,905
Other operating income	28,252	42,406
Total shipping income	1,248,427	1,320,528

*Operating expenses*
Raw materials and consumables	(6,496)	(2,159)
Voyage expenses and commissions	(233,986)	(131,618)
Vessel operating expenses	(292,342)	(146,829)
Charter hire expenses	(2,709)	(135)
Loss on disposal of vessels/other tangible assets	—	(2)
Depreciation tangible assets	(270,999)	(120,011)
Amortisation intangible assets	(2,443)	(2,107)
Impairment losses	(3,273)	—
General and administrative expenses	(90,471)	(53,150)
Total operating expenses	(902,719)	(456,011)

RESULT FROM OPERATING ACTIVITIES	345,708	864,517

Finance income	24,867	30,518
Finance expenses	(318,500)	(114,072)
Net finance expenses	(293,633)	(83,554)

Share of profit (loss) of equity accounted investees (net of income tax)	1,717	2,338

PROFIT (LOSS) BEFORE INCOME TAX	53,792	783,301

Income tax benefit (expense)	(3,708)	(5,602)

PROFIT (LOSS) FOR THE PERIOD	50,084	777,699

*Attributable to:*
Owners of the company	71,638	777,699
Non-controlling interest	(21,554)	—

Basic earnings per share	0.34	3.95
Diluted earnings per share	0.34	3.95

Weighted average number of shares (basic)	208,978,825	196,654,266
Weighted average number of shares (diluted)	208,978,825	196,654,266

Condensed consolidated interim statement of comprehensive income (unaudited)

(in thousands of USD)


	2025	2024
	Jan. 1 – Sep. 30, 2025	Jan. 1 – Sep. 30, 2024

Profit/(loss) for the period	50,084	777,699

*Other comprehensive income (expense), net of tax*
Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability (asset)	—	181

Items that are or may be reclassified to profit or loss:
Foreign currency translation differences	10,441	2,536
Cash flow hedges – effective portion of changes in fair value	(1,985)	(1,087)

Other comprehensive income (expense), net of tax	8,456	1,630

Total comprehensive income (expense) for the period	58,540	779,329

*Attributable to:*
Owners of the company	80,094	779,329
Non-controlling interest	(21,554)	—

Condensed consolidated interim statement of changes in equity (unaudited)

(In thousands of USD)

	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Equity attributable to owners of the Company	Non-controlling interest	Total equity

Balance at January 1, 2024	239,148	1,466,529	235	1,140	(157,595)	807,916	2,357,373	—	2,357,373

Profit (loss) for the period	—	—	—	—	—	777,699	777,699	—	777,699
Total other comprehensive income (expense)	—	—	2,536	(1,087)	—	181	1,630	—	1,630
Total comprehensive income (expense)	—	—	2,536	(1,087)	—	777,880	779,329	—	779,329
Transactions with owners of the company
Business Combination	—	—	—	—	—	(796,970)	(796,970)	—	(796,970)
Dividends to equity holders	—	(1,006,043)	—	—	—	(104,877)	(1,110,920)		(1,110,920)
Treasury shares acquired	—	—	—	—	(126,913)	—	(126,913)	—	(126,913)
Total transactions with owners	—	(1,006,043)	—	—	(126,913)	(901,847)	(2,034,803)	—	(2,034,803)

Balance at September 30, 2024	239,148	460,486	2,771	53	(284,508)	683,949	1,101,899	—	1,101,899


	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Equity attributable to owners of the Company	Non-controlling interest	Total equity

Balance at January 1, 2025	239,148	460,486	(2,045)	2,145	(284,508)	777,098	1,192,324	—	1,192,324

Profit (loss) for the period	—	—	—	—	—	71,638	71,638	(21,554)	50,084
Total other comprehensive income (expense)	—	—	10,441	(1,985)	—	—	8,456	—	8,456
Total comprehensive income (expense)	—	—	10,441	(1,985)	—	71,638	80,094	(21,554)	58,540
Transactions with owners of the company
Business Combination – Initial purchase	—	—	—	—	—	—	—	1,453,573	1,453,573
Business Combination – Subsequent purchases	—	—	—	—	—	73,705	73,705	(210,771)	(137,066)
Merger	104,292	1,357,071	—	—	—	(240,115)	1,221,248	(1,216,153)	5,095
Dividends to equity holders	—	—	—	—	—	(19,604)	(19,604)	—	(19,604)
Dividends to non-controlling interest	—	—	—	—	—	—	—	(5,095)	(5,095)
Total transactions with owners	104,292	1,357,071	—	—	—	(186,014)	1,275,349	21,554	1,296,903

Balance at September 30, 2025	343,440	1,817,557	8,396	160	(284,508)	662,722	2,547,767	–	2,547,767

Condensed consolidated interim statement of cash flows (unaudited)

(in thousands of USD)


	2025	2024
	Jan. 1 – Sep. 30, 2025	Jan. 1 – Sep. 30, 2024
Cash flows from operating activities
Profit (loss) for the period	50,083	777,699

Adjustments for:	428,990	(374,920)
Depreciation of tangible assets	270,999	120,011
Amortisation of intangible assets	2,443	2,107
Impairment losses (reversals)	3,273	—
Provisions	(274)	(244)
Income tax (benefits)/expenses	3,708	5,602
Share of profit of equity-accounted investees, net of tax	(1,717)	(2,338)
Net finance expense	293,633	83,554
(Gain)/loss on disposal of assets	(143,075)	(563,905)
(Gain)/loss on disposal of subsidiaries	—	(19,707)

Changes in working capital requirements	(39,384)	9,734
Change in cash guarantees	(2,898)	(50,959)
Change in inventory	(38,089)	3,405
Change in receivables from contracts with customers	11,134	75,708
Change in accrued income	(2,910)	(6,200)
Change in deferred charges	(445)	(3,846)
Change in other receivables	12,577	(5,497)
Change in trade payables	8,355	3,917
Change in accrued payroll	1,292	(834)
Change in accrued expenses	(11,448)	(15,996)
Change in deferred income	13,469	3,580
Change in other payables	(30,421)	6,456

Income taxes paid during the period	(3,828)	(5,042)
Interest paid	(231,229)	(96,938)
Interest received	4,188	15,632
Dividends received from other investments	7,076	1,050

Net cash from (used in) operating activities	215,896	327,215

Acquisition of vessels and vessels under construction	(822,500)	(687,219)
Proceeds from the sale of vessels	376,413	1,599,372
Acquisition of other tangible assets and prepayments	(2,136)	(4,454)
Acquisition of intangible assets	(1,852)	(619)
Proceeds from the sale of other (in)tangible assets	—	1,178
Net cash on deconsolidation / sale of subsidiaries	—	822
Investments in other companies	—	(45,000)
Loans from (to) related parties	(2,056)	(870)
Acquisition of a subsidiary, net of cash acquired	(1,098,897)	(1,149,886)
Repayment of loans from related parties	—	(79,930)
Lease payments received from finance leases	1,263	1,184

Net cash from (used in) investing activities	(1,549,765)	(364,600)

(Purchase of) Proceeds from sale of treasury shares	—	(126,913)
Proceeds from new borrowings	4,574,736	1,986,318
Repayment of borrowings	(2,354,905)	(736,622)
Repayment of lease liabilities	(124,962)	(33,051)
Repayment of commercial paper	(190,083)	(307,623)
Repayment of sale and leaseback	(337,051)	(14,490)
Transaction costs related to issue of loans and borrowings	(50,631)	(10,754)
Dividends paid	(5,526)	(1,109,175)
Acquisition of non-controlling interest	(137,066)	—

Net cash from (used in) financing activities	1,374,513	(352,310)


Net increase (decrease) in cash and cash equivalents	40,644	(389,694)

Net cash and cash equivalents at the beginning of the period	38,869	429,370
Effect of changes in exchange rates	2,351	8,102

Net cash and cash equivalents at the end of the period	81,864	47,778

¹

Source: AXS Marine, Clarksons SIN, Clarksons, Breakwave Advisors, Morgan Stanley, BRS, Vale, Rio Tinto, Doric, IEEFA, Intermodal
² Source: AXS Marine, Clarksons SIN, IEA, Morgan Stanley, Goldman Sachs
³ Source: Clarksons SIN, Jefferies
⁴ Source: Clarksons SIN, Stolt Pool
⁵ Source: Clarksons Offshore, Hagland
6 Tier 1 vessels are purpose built offshore DP2 vessels with motion compensated gangways and 3D cranes. All new building vessels are currently Tier 1 vessels. Tier 2 vessels are generally converted oil & gas (M)PSVs with a permanently installed walk-to-work system and crane.

Attachment

CMBT_Q3_Earnings_release_

November 25, 2025 11:13 pm

Jayud Global Logistics Limited Securities Fraud Class Action Result of Massive Stock Decline – Investors may Contact Lewis Kahn, Esq, @ KSF

NEW YORK and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until January 19, 2026 to file lead plaintiff applications in a securities class action lawsuit against Jayud Global Logistics Limited (“Jayud” or the “Company”) (NasdaqCM: JYD), if they purchased or otherwise acquired the Company’s securities between April 21, 2023 and April 30, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

What You May Do

If you purchased securities of Jayud and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqcm-jyd/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 19, 2026.

About the Lawsuit

Jayud and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company was the subject of a fraudulent stock promotion “pump-and-dump” scheme involving social media-based misinformation and impersonated financial professionals; (ii) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (iii) the Company’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity elevating the stock price; and (iv) as a result of the foregoing, defendants’ positive statements about Jayud’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

The case is Lindstrom v. Jayud Global Logistics Limited, et al., Case No. 25-cv-09662.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms – According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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