Market Newsdesk

November 20, 2025 5:33 am

Bright Scholar Sets Record Date for Dissemination of Transaction Statement for “Going Private” Transaction

PR Newswire

CAMBRIDGE, England and FOSHAN, China, Nov. 20, 2025 /PRNewswire/ — Bright Scholar Education Holdings Limited (“Bright Scholar” or the “Company”) (NYSE: BEDU), a global premier education service company, today announced that it has set November 18, 2025 as the record date for the dissemination of Rule 13e-3 Transaction Statement on Schedule 13E-3 (as amended, the “Schedule 13E-3”) in connection with a previously announced “going private” transaction contemplated under an Agreement and Plan of Merger (the “Merger Agreement”) the Company entered into with Excellence Education Investment Limited (“Parent”) and Bright Education Mergersub Limited (“Merger Sub”), a wholly owned subsidiary of Parent, on October 13, 2025.

Record holders of the Company’s Class A ordinary shares (including Class A ordinary shares represented by American depositary shares of the Company (each, an “ADS”)) and Class B ordinary shares will each receive a copy of the Schedule 13E-3 and the final form of the Plan of Merger (the “Plan of Merger”) with respect to the merger contemplated by the Merger Agreement. The Schedule 13E-3 and the Merger Agreement are available on the Company’s website at https://ir.brightscholar.com and on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov. The Company will also post the final form of the Plan of Merger on its website at https://ir.brightscholar.com.

The Company will also inform each record holder that, if it wishes to exercise its dissent right, it must, among other requirements set out in the Schedule 13E-3 and the Companies Act (As Revised) of the Cayman Islands, give its written objection to the Company within seven days of the date on which a copy of the Plan of Merger is given to such holder in accordance with Sections 238(2) and (3) of the Companies Act (As Revised) of the Cayman Islands.

The Merger is currently expected to close in 2025 pursuant to the terms and conditions set forth in the Merger Agreement. If completed, the Merger will result in the Company becoming a privately held company, and its ADSs will no longer be listed on The New York Stock Exchange, and the Company’s ADS program will be terminated.

About Bright Scholar Education Holdings Limited

Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.

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

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “future,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Bright Scholar may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Bright Scholar’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: the possibility that competing offers will be made; the possibility that financing may not be available; the possibility that various closing conditions for the transaction may not be satisfied or waived; and other risks and uncertainties discussed in documents filed with the SEC by the Company, including the Schedule 13E-3 transaction statement filed by the Company; the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; its ability to provide efficient services and compete effectively; its ability to maintain and enhance the recognition and reputation of its brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company 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.

For investor inquiries, please contact:

IR Contact:
Email: [email protected]
Phone: +86 (10) 6508-0677/ +1-212-481-2050

Media Contact:
Email: [email protected]

View original content:https://www.prnewswire.com/news-releases/bright-scholar-sets-record-date-for-dissemination-of-transaction-statement-for-going-private-transaction-302621580.html

SOURCE Bright Scholar Education Holdings Limited

November 20, 2025 5:03 am

Vipshop Reports Unaudited Third Quarter 2025 Financial Results

PR Newswire

Conference Call to Be Held at 7:00 A.M. U.S. Eastern Time on November 20, 2025

GUANGZHOU, China
, Nov. 20, 2025 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter ended September 30, 2025.

Third Quarter 2025 Highlights

Total net revenues for the third quarter of 2025 increased by 3.4% year over year to RMB21.4 billion (US$3.0 billion) from RMB20.7 billion in the prior year period.
GMV^[1]for the third quarter of 2025 increased by 7.5% year over year to RMB43.1 billion from RMB40.1 billion in the prior year period.
Gross profit for the third quarter of 2025 was RMB4.9 billion (US$689.6 million), compared with RMB5.0 billion in the prior year period.
Net income attributable to Vipshop’s shareholders for the third quarter of 2025 increased by 16.8% year over year to RMB1.2 billion (US$171.5 million) from RMB1.0 billion in the prior year period.
Non-GAAP net income attributable to Vipshop’s shareholders^{^[2]} for the third quarter of 2025 increased by 14.6% year over year to RMB1.5 billion (US$210.9 million) from RMB1.3 billion in the prior year period.
The number of active customers^[3] for the third quarter of 2025 increased by 1.3% year over year to 40.1 million from 39.6 million in the prior year period.
Total orders^[4] for the third quarter of 2025 increased by 1.5% year over year to 166.4 million from 163.9 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “We successfully regained business growth in the third quarter, driven by positive customer momentum, especially double-digit growth in Super VIP members, and broad-based strength across core categories. We have seen encouraging results since we strategically realigned the organization and reinforced the flywheel from merchandising, customer engagement to operations. Meanwhile, technology and AI are playing an increasingly vital role in unlocking growth potential and driving efficiency. Building on our unique position as an off-price retailer for brands, we are leaning into the opportunities ahead and firmly pursuing our long-term path to sustainable and profitable growth.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “In the third quarter, we are pleased to achieve better-than-expected top-line expansion and strong bottom-line growth. Our strategic yet disciplined investment in the business have effectively fueled customer and sales momentum. We are confident that this balanced approach drives long-term, sustainable value creation, and we are confidently on track to deliver on our shareholder return commitment.”

Third Quarter 2025 Financial Results

REVENUES

Total net revenues for the third quarter of 2025 increased by 3.4% year over year to RMB21.4 billion (US$3.0 billion) from RMB20.7 billion in the prior year period.

GROSS PROFIT

Gross profit for the third quarter of 2025 was RMB4.9 billion (US$689.6 million), compared with RMB5.0 billion in the prior year period. Gross margin for the third quarter of 2025 was 23.0%, compared with 24.0% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the third quarter of 2025 were RMB3.9 billion (US$554.2 million), compared with RMB3.8 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the third quarter of 2025 were 18.5%, compared with 18.2% in the prior year period.

Fulfillment expenses
for the third quarter of 2025 were RMB1.9 billion (US$260.6 million), compared with RMB1.7 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the third quarter of 2025 were 8.7%, compared with 8.4% in the prior year period.
Marketing expenses
for the third quarter of 2025 were RMB667.2 million (US$93.7 million), compared with RMB617.8 million in the prior year period. As a percentage of total net revenues, marketing expenses for the third quarter of 2025 were 3.1%, compared with 3.0% in the prior year period.
Technology and content expenses
for the third quarter of 2025 were RMB438.6 million (US$61.6 million), compared with RMB454.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the third quarter of 2025 were 2.1%, compared with 2.2% in the prior year period.
General and administrative expenses
for the third quarter of 2025 were RMB984.6 million (US$138.3 million), compared with RMB957.8 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the third quarter of 2025 were 4.6%, which remained stable as compared with that in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the third quarter of 2025 was RMB1.26 billion (US$177.3 million), compared with RMB1.33 billion in the prior year period. Operating margin for the third quarter of 2025 was 5.9%, compared with 6.4% in the prior year period.

Non-GAAP income from operations^[5] for the third quarter of 2025, which excluded share-based compensation expenses, was RMB1.6 billion (US$226.0 million), compared with RMB1.7 billion in the prior year period. Non-GAAP operating margin^[6] for the third quarter of 2025 was 7.5%, compared with 8.2% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the third quarter of 2025 increased by 16.8% year over year to RMB1.2 billion (US$171.5 million) from RMB1.0 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the third quarter of 2025 increased to 5.7% from 5.1% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS^[7] for the third quarter of 2025 increased to RMB2.42(US$0.34) from RMB1.97 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the third quarter of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, increased by 14.6% year over year to RMB1.5 billion (US$210.9 million) from RMB1.3 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders^[8] for the third quarter of 2025 increased to 7.0% from 6.3% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS^[9] for the third quarter of 2025 increased to RMB2.98(US$0.42) from RMB2.47 in the prior year period.

For the quarter ended September 30, 2025, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 504,590,639.

BALANCE SHEET AND CASH FLOW

As of September 30, 2025, the Company had cash and cash equivalents and restricted cash of RMB25.1 billion (US$3.5 billion) and short term investments of RMB5.9 billion (US$831.7 million).

For the quarter ended September 30, 2025, net cash generated from operating activities was RMB1.7 billion (US$241.0 million), and free cash flow^[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended
	Sept 30, 2024 RMB’000	Sept 30, 2025 RMB’000	Sept 30, 2025 US$’000
Net cash generated from operating activities	508,890	1,715,561	240,983
Reconciling items:
Net impact from internet financing activities^[11]	(15,603)	(26,732)	(3,755)
Capital expenditures	(1,083,596)	(333,464)	(46,841)
Free cash (outflow) inflow	(590,309)	1,355,365	190,387


For the trailing twelve months ended
	Sept 30, 2024 RMB’000	Sept 30, 2025 RMB’000	Sept 30, 2025 US$’000
Net cash generated from operating activities	8,931,635	10,880,061	1,528,313
Reconciling items:
Net impact from internet financing activities	2,152	62,308	8,752
Capital expenditures	(4,372,251)	(2,158,372)	(303,185)
Free cash inflow	4,561,536	8,783,997	1,233,880

Share Repurchase Program

During the quarter ended September 30, 2025, the Company repurchased US$24.6 million of its ADSs under its current US$1.0 billion share repurchase program, which is effective through February 2027. As of September 30, 2025, the Company had an unutilized amount of US$621.4 million under this program.

Recent Development

In September 2025, the Company listed a closed-end infrastructure securities investment fund in relation to certain outlet (the “Vipshop Outlet REIT”) on the Shanghai Stock Exchange (fund code: 508082.SH). The listing of the Vipshop Outlet REIT raised approximately RMB3.48 billion.

Business Outlook

For the fourth quarter of 2025, the Company expects its total net revenues to be between RMB33.2 billion and RMB34.9 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the effective noon buying rate on September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on September 30, 2025 or at any other rate.

Conference Call Information

The Company will hold a conference call on Thursday, November 20, 2025 at 7:00 am U.S. Eastern Time, 8:00 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link:
https://register-conf.media-server.com/register/BIa4c765227cd84d4fb940f017c5724abc

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/o3vfr3h5. An archived webcast will be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop’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: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that comparative consolidated statements of income and cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting (“ASC270”) have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these 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 (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses 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 similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

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 U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: [email protected]

^[1] “Gross merchandise value (GMV)” is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, Shan Shan Outlets, and other offline stores during the given period, including the Company’s websites and mobile apps, third-party websites and mobile apps, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

^[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments.

^[3] “Active customers” is defined as registered members who have purchased from the Company’s self-operated online sales business or the Company’s online marketplace platforms, excluding those who made their purchases from the Company’s online stores operated at third-party platforms, at least once during the relevant period.

^[4] “Total orders” is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company’s online sales business and on the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

^[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses.

^[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

^[7] “ADS” means American depositary share, each of which represents 0.2 Class A ordinary share.

^[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

^[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.

^[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights.

^[11] Net impact from internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

Vipshop Holdings Limited
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
(In thousands, except for share and per share data)

	Three Months Ended
	September 30, 2024	September 30, 2025	September 30, 2025
	RMB’000	RMB’000	USD’000

Product revenues	18,920,273	19,363,150	2,719,926
Other revenues⁽¹⁾	1,755,668	2,007,715	282,022
Total net revenues	20,675,941	21,370,865	3,001,948
Cost of revenues	(15,720,539)	(16,461,954)	(2,312,397)
Gross profit	4,955,402	4,908,911	689,551
Operating expenses:
Fulfillment expenses⁽²⁾	(1,735,673)	(1,854,945)	(260,563)
Marketing expenses	(617,815)	(667,234)	(93,726)
Technology and content expenses	(454,154)	(438,552)	(61,603)
General and administrative expenses	(957,798)	(984,634)	(138,311)
Total operating expenses	(3,765,440)	(3,945,365)	(554,203)
Other operating income	139,939	298,854	41,980
Income from operations	1,329,901	1,262,400	177,328
Investment gain and revaluation of investments	96,934	121,921	17,126
Impairment loss of investments	(43,555)	(15,450)	(2,170)
Interest expense	(15,895)	(26,434)	(3,713)
Interest income	174,651	190,822	26,805
Exchange loss	(86,182)	(13,169)	(1,850)
Income before income tax expense and share of income of equity method investees	1,455,854	1,520,090	213,526
Income tax expenses	(474,220)	(301,065)	(42,290)
Share of income of equity method investees	79,043	41,115	5,775
Net income	1,060,677	1,260,140	177,011
Net income attributable to non-controlling interests	(15,338)	(39,463)	(5,543)
Net income attributable to Vipshop’s shareholders	1,045,339	1,220,677	171,468

Shares used in calculating earnings per share⁽³⁾:
Weighted average number of Class A and Class B ordinary shares:
—Basic	104,496,269	98,613,509	98,613,509
—Diluted	106,037,715	100,918,128	100,918,128

Net earnings per Class A and Class B ordinary share
Net income attributable to Vipshop’s shareholders——Basic	10.00	12.38	1.74
Net income attributable to Vipshop’s shareholders——Diluted	9.86	12.10	1.70

Net earnings per ADS (1 ordinary share equals to 5 ADSs)
Net income attributable to Vipshop’s shareholders——Basic	2.00	2.48	0.35
Net income attributable to Vipshop’s shareholders——Diluted	1.97	2.42	0.34
⁽¹⁾ Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income.
⁽²⁾ Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.2 billion and RMB 1.3 billion in the three month periods ended September 30,2024 and September 30,2025, respectively.
⁽³⁾ Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote.


	Three Months Ended
	September 30, 2024	September 30, 2025	September 30, 2025
	RMB’000	RMB’000	USD’000
Share-based compensation expenses are included in the operating expenses as follows:
Fulfillment expenses	20,241	16,208	2,277
Marketing expenses	7,584	14,522	2,040
Technology and content expenses	94,101	73,337	10,302
General and administrative expenses	249,179	242,285	34,034
Total	371,105	346,352	48,653


Vipshop Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)

	December 31, 2024	September 30, 2025	September 30, 2025
	RMB’000	RMB’000	USD’000
ASSETS
CURRENT ASSETS
Cash and cash equivalents	26,352,161	24,567,750	3,451,011
Restricted cash	602,342	533,816	74,985
Short term investments	1,872,756	5,921,020	831,721
Accounts receivable, net	915,158	1,079,373	151,619
Amounts due from related parties,net	548,145	631,833	88,753
Other receivables and prepayments,net	2,473,050	2,810,353	394,768
Loan receivables,net	6,878	12,747	1,791
Inventories	5,032,069	4,714,870	662,294
Total current assets	37,802,559	40,271,762	5,656,942
NON-CURRENT ASSETS
Property and equipment, net	18,292,771	18,560,946	2,607,241
Deposits for property and equipment	164,955	10,651	1,496
Land use rights, net	10,686,400	10,478,843	1,471,954
Intangible assets, net	327,844	325,011	45,654
Investment in equity method investees	2,002,043	3,021,354	424,407
Other investments	3,355,489	3,425,638	481,197
Other long-term assets	434,206	277,166	38,933
Goodwill	755,213	755,213	106,084
Deferred tax assets, net	681,029	769,846	108,140
Operating lease right-of-use assets	433,617	431,980	60,680
Total non-current assets	37,133,567	38,056,648	5,345,786
TOTAL ASSETS	74,936,126	78,328,410	11,002,728

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short term loans	2,399,629	7,869,800	1,105,464
Accounts payable	15,190,560	11,673,573	1,639,777
Advance from customers	2,035,184	1,695,026	238,099
Accrued expenses and other current liabilities	9,663,421	9,171,620	1,288,330
Amounts due to related parties	104,187	98,180	13,791
Deferred income	476,796	484,699	68,085
Operating lease liabilities	57,224	60,323	8,474
Total current liabilities	29,927,001	31,053,221	4,362,020
NON-CURRENT LIABILITIES
Deferred tax liability	783,863	651,457	91,510
Deferred income-non current	2,084,038	2,249,810	316,029
Operating lease liabilities	591,995	584,779	82,143
Total non-current liabilities	3,459,896	3,486,046	489,682
TOTAL LIABILITIES	33,386,897	34,539,267	4,851,702

EQUITY:
Total shareholders’ equity (US$0.0001 par value, 500 million shares authorized, 115.6 million shares issued, and 98.6 million shares outstanding as of September 30, 2025)⁽⁴⁾	39,968,813	40,412,899	5,676,768
Non-controlling interests	1,580,416	3,376,244	474,258
Total shareholders’ equity	41,549,229	43,789,143	6,151,026
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	74,936,126	78,328,410	11,002,728
⁽⁴⁾ The number of treasury stock as of September 30, 2025 was 17.0 million, of which 17.0 million are Class A ordinary shares repurchased under the share repurchase program.


Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results

	Three Months Ended
	September 30, 2024	September 30, 2025	September 30, 2025
	RMB’000	RMB’000	USD’000
Income from operations	1,329,901	1,262,400	177,328
Share-based compensation expenses	371,105	346,352	48,653
Non-GAAP income from operations	1,701,006	1,608,752	225,981


Net income attributable to Vipshop’s shareholders	1,045,339	1,220,677	171,468
Share-based compensation expenses	371,105	346,352	48,653
Impairment loss of investments	43,555	15,450	2,170
Investment gain and revaluation of investments excluding dividends	(96,934)	(121,454)	(17,061)
Reconciling items on the share of equity method investments(5)	(41,078)	71,360	10,024
Tax effects on non-GAAP adjustments	(11,242)	(30,896)	(4,340)
Non-GAAP net income attributable to Vipshop’s shareholders	1,310,745	1,501,489	210,914
(5) To exclude the GAAP to non-GAAP reconciling items relating to investment (gain) loss and revaluation of investments on the share of equity method investments.

Shares used in calculating earnings per share:
Weighted average number of Class A and Class B ordinary shares:
—Basic	104,496,269	98,613,509	98,613,509
—Diluted	106,037,715	100,918,128	100,918,128

Non-GAAP net income per Class A and Class B ordinary share
Non-GAAP net income attributable to Vipshop’s shareholders——Basic	12.54	15.23	2.14
Non-GAAP net income attributable to Vipshop’s shareholders——Diluted	12.36	14.88	2.09


Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs)
Non-GAAP net income attributable to Vipshop’s shareholders——Basic	2.51	3.05	0.43
Non-GAAP net income attributable to Vipshop’s shareholders——Diluted	2.47	2.98	0.42

View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-third-quarter-2025-financial-results-302621494.html

SOURCE Vipshop Holdings Limited

November 20, 2025 5:03 am

ZKH Group Limited Announces Third Quarter 2025 Unaudited Financial Results

PR Newswire

SHANGHAI
, Nov. 20, 2025 /PRNewswire/ — ZKH Group Limited (“ZKH” or the “Company”) (NYSE: ZKH), a leading maintenance, repair and operations (“MRO”) procurement service platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Operational and Financial Highlights

in thousand RMB, except for number of customers, percentage and basis points (“bps”)	Third Quarter
	2024	2025	Change
GMV^[1]	2,685,996	2,622,901	-2.3 %
*GMV by Platform*
ZKH Platform	2,422,649	2,354,585	-2.8 %
GBB Platform	263,347	268,316	1.9 %
*GMV by Business Model*
Product Sales (1P)	2,228,234	2,294,239	3.0 %
Marketplace (3P)^[2]	457,762	328,662	-28.2 %
Number of Customers^[3]	47,800	70,800	48.0 %
Net Revenues	2,280,690	2,328,354	2.1 %
Gross Profit	388,406	390,177	0.5 %
% of Net Revenues	17.0 %	16.8 %	-27.3bps
Operating Loss	(105,355)	(32,338)	-69.3 %
% of Net Revenues	-4.6 %	-1.4 %	323.1bps
Non-GAAP EBITDA^[4]	(62,812)	(8,450)	-86.5 %
% of Net Revenues	-2.8 %	-0.4 %	239.1bps
Net Loss	(81,751)	(24,307)	-70.3 %
% of Net Revenues	-3.6 %	-1.0 %	254.1bps
Non-GAAP Adjusted Net Loss^[5]	(66,178)	(14,074)	-78.7 %
% of Net Revenues	-2.9 %	-0.6 %	229.7bps

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, “In the third quarter, we drove strengthening momentum in our business. Our GMV and revenues returned to approximately prior-year levels, while higher-margin private-label GMV grew in the mid-teens year over year, further enhancing our profit mix. We expanded our customer base across both large corporations and SME customers, reflecting deeper customer penetration and share gains. This broader and diversified customer base, underpinned by strengthened partnerships with leading suppliers that enhance our SKU assortment, supply reliability, and pricing competitiveness, provides a solid foundation for future growth. We also further embedded AI and data capabilities across various aspects of operations to lift efficiency and control costs, enhancing operating margins. Looking ahead, we will remain committed to advancing our AI development and application, further scale our overseas business, and stay focused on growth to compound long-term value for our shareholders.”

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “We delivered a resilient financial performance in the third quarter, bringing revenue back to a growth trajectory and maintaining efficiency gains that underpin our path to profitability. Disciplined execution drove meaningful margin improvement, with operating loss margin and net loss margin narrowing by 323.1 bps and 254.1 bps, respectively. Supported by a robust RMB105.5 million of operating cash inflow this quarter, we are well-positioned to fund our strategic priorities while optimizing our revenue mix and operating efficiency to deliver quality growth in the quarters ahead.”

[1] GMV is the total transaction value of orders placed on the Company’s platform and shipped to customers, excluding taxes, net of the returned amount.

[2] The proportion of GMV generated by the marketplace model was 17.0% and 12.5% for the third quarter of 2024 and 2025, respectively.

[3] Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries. The total number of customers is rounded to the nearest hundred.

[4] Non-GAAP EBITDA is defined as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.

[5] Non-GAAP adjusted net loss is defined as net loss excluding share-based compensation expenses.

Third Quarter 2025 Business Highlights

Business Momentum. The Company’s business entered a clear recovery trajectory in the third quarter, following nearly four quarters of strategic optimization. GMV increased across both large corporations and SME customers. Although GMV from central SOE customers still declined modestly year over year, it recorded two consecutive quarters of double-digit sequential growth.
Product Capabilities. The Company added more than 2.3 million sellable SKUs during the quarter, bringing the total to over 19 million. This expansion was complemented by an advancement in profitability mix, driven by approximately 16.7% year-over-year growth in higher-margin private-label product GMV, which now accounts for approximately 8.2% of total GMV. The Company newly launched more than 600 private-label products during the quarter.
Fulfillment Network. As part of ongoing efforts to optimize warehousing network and enhance operating efficiency, the Company completed the consolidation of the Wuxi (无锡) and Shanghai (上海) central warehouses, which is expected to generate annualized savings in rent, inventory, and freight. In the third quarter, the through-warehouse fulfillment fee declined by about 13% year over year, marking the seventh consecutive quarter of year-over-year improvement.
AI Capabilities. The Company leveraged AI capabilities across various aspects of operations, including material standardization and management, product recommendations, sales conversion, data governance, and process automation. One of the key outcomes of this strategy was the ProductRecom Agent (AI推品大脑), which has generated over RMB100 million in incremental revenue from launch in the fourth quarter of 2024 through the end of September 2025 by recommending more than 20 million material line items.
International Expansion. The Company broadened its U.S. distribution channels beyond the independent Northsky site to include platforms such as Amazon.

Third Quarter 2025 Financial Results

Net Revenues.
Net revenues were RMB2,328.4 million (US$327.1 million), representing an increase of 2.1% from RMB2,280.7 million in the same period of 2024.

in thousand RMB, except for percentage	Third Quarter
in thousand RMB, except for percentage	2024	2025	Change
Net Revenues	2,280,690	2,328,354	2.1 %
Net Product Revenues	2,207,277	2,274,027	3.0 %
From ZKH Platform	1,943,742	2,012,358	3.5 %
From GBB Platform	263,535	261,669	-0.7 %
Net Service Revenues	57,666	42,963	-25.5 %
Other Revenues	15,747	11,364	-27.8 %

Cost of Revenues.
Cost of revenues was RMB1,938.2 million (US$272.3 million), representing an increase of 2.4% from RMB1,892.3 million in the same period of 2024. The increase was outpaced by the growth in product revenues, mainly due to the effectiveness of the Company’s initiatives to reduce overall product procurement costs.

Gross Profit and Gross Margin.
Gross profit was RMB390.2 million (US$54.8 million), representing an increase of 0.5% from RMB388.4 million in the same period of 2024. Gross margin was 16.8%, compared with 17.0% in the same period of 2024. The decrease was mainly due to lower revenue contribution from the marketplace model, which yields a 100% gross margin under the net revenue recognition basis. Nevertheless, gross profit as a percentage of GMV was 14.9%, compared with 14.5% in the same period of 2024. Both the gross margin of the product sales model and the take rate of the marketplace model increased, driven by optimized procurement costs and a higher proportion of GMV from higher-margin private label products.

in thousand RMB, except for percentage and basis points (“bps”)	Third Quarter
	2024	2025	Change
Gross Profit	388,406	390,177	0.5 %
% of Net Revenues	17.0 %	16.8 %	-27.3bps
% of GMV	14.5 %	14.9 %	41.5bps
Under Product Sales (1P)
ZKH Platform	311,947	325,209	4.3 %
% of Net Product Revenues from ZKH Platform	16.0 %	16.2 %	11.2bps
GBB Platform	14,522	20,276	39.6 %
% of Net Product Revenues from GBB Platform	5.5 %	7.7 %	223.8bps
Under Marketplace (3P)	57,666	42,963	-25.5 %
% of Net Service Revenues	100.0 %	100.0 %	–
% of GMV from the Marketplace Model (Take Rate^[6])	12.6 %	13.1 %	47.5bps
Others	4,271	1,729	-59.5 %
% of Other Revenues	27.1 %	15.2 %	-1,190.8bps

Operating Expenses.
Operating expenses were RMB422.5 million (US$59.4 million), a decrease of 14.4% from RMB493.8 million in the same period of 2024. Operating expenses as a percentage of net revenues were 18.1%, compared with 21.6% in the same period of 2024.

Fulfillment Expenses.
Fulfillment expenses were RMB90.4 million (US$12.7 million), a decrease of 9.8% from RMB100.2 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and warehouse rental costs. Fulfillment expenses as a percentage of net revenues were 3.9%, compared with 4.4% in the same period of 2024.
Sales and Marketing Expenses.
Sales and marketing expenses were RMB145.9 million (US$20.5 million), a decrease of 13.2% from RMB168.2 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses and travel expenses. Sales and marketing expenses as a percentage of net revenues were 6.3%, compared with 7.4% in the same period of 2024.
Research and Development Expenses
. Research and development expenses were RMB40.3 million (US$5.7 million), a decrease of 19.0% from RMB49.8 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses. Research and development expenses as a percentage of net revenues were 1.7%, compared with 2.2% in the same period of 2024.
General and Administrative Expenses.
General and administrative expenses were RMB145.8 million (US$20.5 million), a decrease of 17.0% from RMB175.6 million in the same period of 2024. The decrease was primarily attributable to lower employee benefit expenses, share-based compensation expenses and credit loss allowances. General and administrative expenses as a percentage of net revenues were 6.3%, compared with 7.7% in the same period of 2024.

Loss from Operations.
Loss from operations was RMB32.3 million (US$4.5 million), compared with RMB105.4 million in the same period of 2024. Operating loss margin was 1.4%, compared with 4.6% in the same period of 2024.

Non-GAAP EBITDA.
Non-GAAP EBITDA was negative RMB8.5 million (US$1.2 million), compared with negative RMB62.8 million in the same period of 2024. Non-GAAP EBITDA margin was negative 0.4%, compared with negative 2.8% in the same period of 2024.

Net Loss.
Net loss was RMB24.3 million (US$3.4 million), compared with RMB81.8 million in the same period of 2024. Net loss margin was 1.0%, compared with 3.6% in the same period of 2024.

Non-GAAP Adjusted Net Loss.
Non-GAAP adjusted net loss was RMB14.1 million (US$2.0 million), compared with RMB66.2 million in the same period of 2024. Non-GAAP adjusted net loss margin was 0.6%, compared with 2.9% in the same period of 2024.

Basic and Diluted Net Loss per ADS

^[7]

and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS

^[8]

.
Basic and diluted net loss per ADS were RMB0.15(US$0.02), compared with RMB0.50 in the same period of 2024. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.09(US$0.01), compared with RMB0.40 in the same period of 2024.

[6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.

[7] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.

[8] Non-GAAP adjusted basic and diluted net loss per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ADSs.

Balance Sheet and Cash Flow

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.90 billion (US$267.2 million), compared with RMB2.06 billion as of December 31, 2024.

Net cash generated from operating activities was RMB105.5 million (US$14.8 million) in the third quarter of 2025, compared with net cash generated from operating activities of RMB160.5 million in the same period of 2024.

Share Repurchase Update

Pursuant to the Company’s share repurchase program of up to US$50 million adopted on June 13, 2025 and effective through June 13, 2026, the Company had repurchased an aggregate of approximately 0.63 million ADSs for approximately US$1.92million from the open market as of October 31, 2025.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call Information

The Company’s management will hold a conference call on Thursday, November 20, 2025, at 7:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the third quarter of 2025.

United States (toll free):	+1-888-317-6003
International:	+1-412-317-6061
Mainland China (toll free):	400-120-6115
Hong Kong (toll free):	800-963-976
Hong Kong:	+852-5808-1995
Access Code:	1976591

The replay will be accessible through November 27, 2025 by dialing the following numbers:

United States:						+1-855-669-9658
International:						+1-412-317-0088
Replay Access Code:						9206894

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

About ZKH Group Limited

ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.

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

Use of Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP adjusted net loss, non-GAAP adjusted net loss per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures.

The Company defines non-GAAP adjusted net loss for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net loss per ADS is calculated by dividing adjusted net loss attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods and then multiplied by 35.

The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company’s operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors’ assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.

The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

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

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made 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 “may,” “will,” “expects,” “anticipates,” “aim,” “estimates,” “intends,” “plans,” “believes,” “is/are likely to,” “potential,” “continue,” and similar statements. Among other things, the quotations from management in this press release and ZKH’s strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press release 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 ZKH’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: ZKH’s mission, goals and strategies; ZKH’s future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH’s expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH’s expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company’s industry; government policies and regulations relating to ZKH’s industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH’s filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

ZKH Group Limited
IR Department
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share and per ADS data)

	As of December 31,	As of September 30,
	2024	2025
	RMB	RMB	US$
Assets
Current assets:
Cash and cash equivalents	1,423,943	905,814	127,239
Restricted cash	92,939	79,362	11,148
Short-term investments	543,978	917,002	128,811
Accounts receivable (net of allowance for credit losses of RMB145,789 and RMB162,420 as of December 31, 2024 and September 30, 2025, respectively)	3,090,323	2,993,104	420,439
Notes receivable	234,213	188,424	26,468
Inventories	625,390	738,363	103,717
Prepayments and other current assets	179,387	174,762	24,549
Total current assets	6,190,173	5,996,831	842,371

Non-current assets:
Property and equipment, net	183,572	187,929	26,398
Land use right	10,808	10,639	1,494
Operating lease right-of-use assets, net	179,945	143,230	20,119
Intangible assets, net	15,931	17,246	2,423
Goodwill	30,807	30,807	4,327
Total non-current assets	421,063	389,851	54,761
Total assets	6,611,236	6,386,682	897,132

Liabilities
Current liabilities:
Short-term borrowings	311,000	300,000	42,141
Current portion of long-term borrowings	997	2,305	324
Accounts and notes payable	2,553,396	2,514,533	353,214
Operating lease liabilities	81,379	42,338	5,947
Advance from customers	27,433	31,223	4,386
Accrued expenses and other current liabilities	365,333	350,623	49,252
Derivatives	–	5,565	782
Total current liabilities	3,339,538	3,246,587	456,046

Non-current liabilities:
Long-term borrowings	38,887	43,803	6,153
Non-current operating lease liabilities	109,096	108,623	15,258
Other non-current liabilities	25,224	30,342	4,262
Total non-current liabilities	173,207	182,768	25,673
Total liabilities	3,512,745	3,429,355	481,719

ZKH Group Limited shareholders’ equity:
Ordinary shares (USD0.0000001 par value; 500,000,000,000 and 500,000,000,000 shares authorized; 5,658,952,794 and 5,679,694,214 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively)	4	4	1
Additional paid-in capital	8,305,304	8,359,497	1,174,252
Statutory reserves	6,303	6,303	885
Accumulated other comprehensive income/(loss)	4,764	(17,012)	(2,390)
Accumulated deficit	(5,177,126)	(5,321,665)	(747,530)
Treasury stock	(40,758)	(69,800)	(9,805)
Total ZKH Group Limited shareholders’ equity	3,098,491	2,957,327	415,413
Total liabilities and shareholders’ deficit	6,611,236	6,386,682	897,132

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(All amounts in thousands, except share, ADS, per share and per ADS data)

	For the three months ended			For the nine months ended
	September 30, 2024	September 30, 2025		September 30, 2024	September 30, 2025
	RMB	RMB	US$	RMB	RMB	US$
Net revenues
Net product revenues	2,207,277	2,274,027	319,431	6,146,017	6,272,857	881,143
Net service revenues	57,666	42,963	6,035	193,481	121,564	17,076
Other revenues	15,747	11,364	1,596	51,597	36,079	5,068
Total net revenues	2,280,690	2,328,354	327,062	6,391,095	6,430,500	903,287
Cost of revenues	(1,892,284)	(1,938,177)	(272,254)	(5,285,622)	(5,351,218)	(751,681)
Operating expenses
Fulfillment	(100,176)	(90,408)	(12,700)	(296,621)	(274,526)	(38,562)
Sales and marketing	(168,161)	(145,923)	(20,498)	(489,963)	(432,088)	(60,695)
Research and development	(49,785)	(40,339)	(5,666)	(128,052)	(121,423)	(17,056)
General and administrative	(175,639)	(145,845)	(20,487)	(497,019)	(436,353)	(61,294)
Loss from operations	(105,355)	(32,338)	(4,543)	(306,182)	(185,108)	(26,001)
Interest and investment income	17,279	12,822	1,801	49,779	38,688	5,434
Interest expense	(4,967)	(3,346)	(470)	(16,184)	(8,733)	(1,227)
Others, net	11,883	(1,438)	(202)	34,391	10,816	1,519
Loss before income tax	(81,160)	(24,300)	(3,414)	(238,196)	(144,337)	(20,275)
Income tax expenses	(591)	(7)	(1)	(745)	(202)	(28)
Net loss	(81,751)	(24,307)	(3,415)	(238,941)	(144,539)	(20,303)
Less: net income attributable to non- controlling interests	–	–	–	–	–	–
Less: net loss attributable to redeemable non-controlling interests	–	–	–	–	–	–
Net loss attributable to ZKH Group Limited	(81,751)	(24,307)	(3,415)	(238,941)	(144,539)	(20,303)
Accretion on preferred shares to redemption value	–	–	–	–	–	–
Net loss attributable to ZKH Group Limited’s ordinary shareholders	(81,751)	(24,307)	(3,415)	(238,941)	(144,539)	(20,303)


Net loss	(81,751)	(24,307)	(3,415)	(238,941)	(144,539)	(20,303)
Other comprehensive loss:
Foreign currency translation adjustments	34,122	(14,192)	(1,994)	21,651	(21,776)	(3,059)
Total comprehensive loss	(47,629)	(38,499)	(5,409)	(217,290)	(166,315)	(23,362)
Less: comprehensive income attributable to non-controlling interests	–	–	–	–	–	–
Less: comprehensive loss attributable to redeemable non-controlling interests	–	–	–	–	–	–
Comprehensive loss attributable to ZKH Group Limited	(47,629)	(38,499)	(5,409)	(217,290)	(166,315)	(23,362)
Accretion on Preferred Shares to redemption value	–	–	–	–	–	–
Total comprehensive loss attributable to ZKH Group Limited’s ordinary shareholders	(47,629)	(38,499)	(5,409)	(217,290)	(166,315)	(23,362)

Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted	(0.01)	(0.00)	(0.00)	(0.04)	(0.03)	(0.00)
Weighted average number of shares
Basic and diluted	5,743,094,981	5,667,874,386	5,667,874,386	5,744,351,364	5,680,656,034	5,680,656,034

Net loss per ADS attributable to ordinary shareholders
Basic and diluted	(0.50)	(0.15)	(0.02)	(1.46)	(0.89)	(0.13)
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)
Basic and diluted	164,088,428	161,939,268	161,939,268	164,124,325	162,304,458	162,304,458

ZKH GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)

	For the three months ended			For the nine months ended
	September 30, 2024	September 30, 2025		September 30, 2024	September 30, 2025
	RMB	RMB	US$	RMB	RMB	US$
Net loss	(81,751)	(24,307)	(3,415)	(238,941)	(144,539)	(20,303)
Income tax expenses	591	7	1	745	202	28
Interest expenses	4,967	3,346	470	16,184	8,733	1,227
Depreciation and amortization expense	13,381	12,504	1,756	42,084	36,532	5,132
Non-GAAP EBITDA	(62,812)	(8,450)	(1,188)	(179,928)	(99,072)	(13,916)

	For the three months ended			For the nine months ended
	September 30, 2024	September 30, 2025		September 30, 2024	September 30, 2025
	RMB	RMB	US$	RMB	RMB	US$
Net loss	(81,751)	(24,307)	(3,415)	(238,941)	(144,539)	(20,303)
Add:
Share-based compensation expenses	15,573	10,233	1,437	94,447	43,756	6,146
Non-GAAP adjusted net loss	(66,178)	(14,074)	(1,977)	(144,494)	(100,783)	(14,157)

Non-GAAP adjusted net loss attributable to ordinary shareholders per share
Basic and diluted	(0.01)	(0.00)	(0.00)	(0.03)	(0.02)	(0.00)
Weighted average number of ordinary shares
Basic and diluted	5,743,094,981	5,667,874,386	5,667,874,386	5,744,351,364	5,680,656,034	5,680,656,034
Non-GAAP adjusted net loss attributable to ordinary shareholders per ADS
Basic and diluted	(0.40)	(0.09)	(0.01)	(0.88)	(0.62)	(0.09)
Weighted average number of ADS (35 Class A ordinary shares equal to 1 ADS)
Basic and diluted	164,088,428	161,939,268	161,939,268	164,124,325	162,304,458	162,304,458

View original content:https://www.prnewswire.com/news-releases/zkh-group-limited-announces-third-quarter-2025-unaudited-financial-results-302621337.html

SOURCE ZKH Group Limited

November 20, 2025 4:33 am

WeRide’s Robotaxi Receives Driverless Permit in Switzerland; Autonomous Vehicles Now Licensed in 8 Countries

ZURICH, Nov. 20, 2025 (GLOBE NEWSWIRE) — WeRide (NASDAQ: WRD, HKEX: 0800.HK), a global leader in autonomous driving technology, today announced that its Robotaxi has received a driverless permit from Switzerland’s Federal Roads Office (FEDRO), authorizing it to operate autonomously on public roads in the Furttal region. This is the first driverless Robotaxi permit (for passengers) issued in Switzerland.

With this approval, WeRide becomes the world’s only company with vehicles holding autonomous driving permits in eight countries – Switzerland, China, the UAE, Saudi Arabia, Singapore, France, Belgium, and the United States – marking a major milestone in its global expansion.

Under this permit, WeRide Robotaxis may conduct fully driverless commercial operations as part of the “iamo” (Intelligent Automated Mobility) pilot once testing is complete. Led by the Swiss Transit Lab (STL) in collaboration with the Cantons of Zurich and Aargau and Swiss Federal Railways (SBB), “iamo” aims to explore how autonomous vehicles (AVs) could be integrated into public transport systems to improve local mobility, strengthen last-mile connectivity, and promote more efficient, sustainable transport. The vehicles will serve a 110-kilometer operating area with around 460 stops at speeds of up to 80 km/h.

WeRide and its partners have begun AVtesting with an on-board safety driver, in partnership with a local driving school, after completing extensive field preparations. Testing is underway across multiple locations in Furttal, including Boppelsen, Otelfingen, Buchs, Dänikon, Würenlos, Killwangen, Hüttikon, Dällikon, and Regensdorf. During this phase, the Robotaxis will complete adaptive driving sessions under varying traffic and weather conditions to ensure full compliance with Swiss road regulations.

Upon successful testing in cooperation with FEDRO, WeRide will begin fully driverless testing, with vehicles remotely monitored from a central support center operated by Eurobus, Switzerland’s largest private bus company.

After achieving the necessary requirements, including mileage benchmarks, WeRide expects to launch fully driverlesspublic passenger service in the first half of 2026, and subsequently expand the fleet to include Robobuses – establishing Switzerland’s first mixed AV fleet of Robotaxis and Robobuses.

This development builds on WeRide’s growing presence in Switzerland. Since June 2025, Zurich Airport employees have been commuting between the airport head (Gate 101) and maintenance yard (Gate 103) using WeRide’s Robobus shuttle service. In October 2025, WeRide and Zurich Airport began training personnel for both rear-seat and remote Robobus cockpit operations, in preparation for fully driverless operations in the near future.

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, Switzerland, the UAE, Singapore, 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.

Media Contact

[email protected]

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,” “likely to,” and similar statements. Statements that are not historical facts, including statements about WeRide’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in WeRide’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release. WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77829003-ce82-4033-b6d0-357695ce8381

November 20, 2025 4:33 am

BROAD ARROW ANNOUNCES, “GLOBAL ICONS,” AN ONLINE COLLECTOR CAR AND MEMORABILIA SALE SCHEDULED FOR JANUARY 2026

NOVEL THREE-PART ONLINE AUCTION TO INCLUDE EUROPE AND UK-BASED COLLECTOR CARS ALONGSIDE MOTORSPORT MEMORABILIA | HIGHLY ORIGINAL 1971 LAMBORGHINI MIURA P400 S LEADS EARLY COLLECTOR CAR HIGHLIGHTS | LIVE PREVIEW OPPORTUNITIES ACROSS MULTIPLE COUNTRIES TO BE ANNOUNCED | BIDDING OPENS JANUARY 23, 2026

Grosse Pointe, Michigan, Nov. 20, 2025 (GLOBE NEWSWIRE) — Broad Arrow Auctions, a Hagerty company (NYSE: HGTY), is thrilled to announce Global Icons, a multi-location online auction of motor cars and memorabilia set for January 2026, with live preview displays at multiple locations throughout the UK and Europe. A new auction concept for Broad Arrow, Global Icons will comprise three parts, including two collector car auctions—Global Icons: Europe Online and Global Icons: UK Online—along with Global Icons: Memorabilia Online, featuring a motorsport memorabilia offering.

“Global Icons introduces an exciting new auction format to our clients,” says Joe Twyman, VP of Sales for Broad Arrow’s EMEA Region. “The expansion of our footprint across the UK and Europe over the last two years allows us to present an online collector car auction experience to consignors and bidders, one that will both attract a very wide network of collectors and offer the unique opportunity to preview and inspect many of the cars on offer alongside a Broad Arrow car specialist at multiple convenient hub locations across Europe and the UK. We look forward to sharing more information about these exciting events soon.”

Consignors and bidders can expect a diverse selection of high-quality pre-war, post-war, and modern collector cars offered in Global Icons: Europe Online for cars located in Europe, and Global Icons: UK Online for cars located in the UK. The cars on offer will be considered ‘iconic’ based on their historical significance, contribution to pop or collector car culture, or importance to the DNA of their respective marque.

Broad Arrow has already secured a number of exciting early consignments for Global Icons: Europe Online and Global Icons:UK Online, led by a fantastic example of none other than the seminal supercar, a 1971 Lamborghini Miura P400 S, chassis no. 4809(Estimate: €1.600.000 – €1.800.000). This late-production example is one of approximately 338 built and was delivered new to Tenerife dealer, Vela Murillo, equipped with the desirable vented discs and factory air conditioning. The car enjoyed a glamorous early life in the Canary Islands, eventually landing with a Swiss caretaker in 1998.

Carefully restored under Swiss ownership between 2006 and 2011 in period-correct Giallo Miura over Nero leather, the Miura is offered next January in highly original condition, retaining its matching-numbers V12 engine, upgraded with desirable SV-type split-sump lubrication. Fresh from a major service amounting to over CHF 15’000 completed in 2025, and presented with a detailed history file, chassis 4809 is a superlative example of Lamborghini’s most iconic creation.

Clients can also expect an exciting selection of approximately 100 sought-after motorsport memorabilia lots to be offered in Global Icons: Memorabilia Online. Items already consigned include those used by such legendary drivers as Ayrton Senna, Michael Schumacher, Sir Stirling Moss, and Sir John Surtees.

Information on all lots will be available at broadarrowauctions.com, and bidding will open from January 23, 2026. Bidding for Global Icons: Europe Online and UK Online will close on Friday, January 30, and bidding for Global Icons: Memorabilia Online will close on Sunday, February 1.

With Broad Arrow’s presence and reach across the UK and continental Europe, along with its global team of knowledgeable car specialists, the company will host in-person previews of many of the lots on offer in the Global Icons Online Auction series at several locations across Europe and at Broad Arrow’s UK headquarters at Bicester Motion. Details of these exciting events will be released in the coming weeks.

Consignments are now invited. Interested consignors are invited to connect with a Broad Arrow car specialist at broadarrowauctions.com or by contacting [email protected]. Buyer’s premium for collector vehicles offered in Global Icons: Europe Online and Global Icons: UK Online will be 10% of the final hammer price plus VAT. Buyer’s premium for all lots offered in Global Icons: Memorabilia Online will be 25% of the final hammer price, inclusive of VAT. Learn more about Global Icons and Broad Arrow’s 2026 calendar of events at broadarrowauctions.com.

Editor’s Notes

Photo Caption/Credit – 1971 Lamborghini Miura P400 S set for Broad Arrow’s Global Icons: Europe Online Auction by Urs Schmid / Courtesy of Broad Arrow Auctions.

About Broad Arrow Auctions
Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is a leading global collector car auction house. Founded in 2021 by highly experienced industry veterans, Broad Arrow offers exceptional quality cars to collectors and enthusiasts around the world. As the fastest growing auction house in its segment, Broad Arrow’s flagship annual events include The Monterey Jet Center Auction, in conjunction with Motorlux in California, The Amelia Auction, as the official auction of The Amelia (Concours d’Elegance) in Florida, and The Porsche Auction, in conjunction with Air | Water by Luftgekühlt in California. Broad Arrow expanded its global footprint in 2023, with renowned car specialists joining the team in the UK and Europe. Broad Arrow launched its first auction in Europe in May 2025 as the new official auction house of the Concorso d’Eleganza Villa d’Este in Italy in partnership with BMW AG. Broad Arrow expanded its global auction footprint with three new auctions in 2025 held in collaboration with Zoute Grand Prix, Concours at Wynn Las Vegas, and Auto Zürich. Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and Twitter.

About Hagerty, Inc. (NYSE: HGTY)
Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 875,000 who can’t get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, X and LinkedIn.

Forward-Looking Statements – This press release contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty’s future operating results and financial position, Hagerty’s business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty’s objectives for future operations. The words “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “ongoing,” “contemplate,” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.

Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty’s ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club (“HDC”) subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims, and (viii) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters.

The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in Hagerty’s other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty’s reported financial results and its business outlook for future periods.

Attachments

Ian Kelleher
Broad Arrow Auctions
+1 917-971-4008
[email protected]

Meghan McGrail
Broad Arrow Auctions
+1 519 365 8750
[email protected]

Paul Garlick
Broad Arrow Auctions
+44 7789 480 555
[email protected]

November 20, 2025 4:20 am

Omdia: Middle East Smartphone Market up 23% in 3Q25; Supply Issues to Rein in 2026 Growth to 1%

Omdia: Middle East Smartphone Market up 23% in 3Q25; Supply Issues to Rein in 2026 Growth to 1%

LONDON–(BUSINESS WIRE)–
New data from Omdia reveals a strong rebound in the Middle East smartphone market (excluding Turkey) in 3Q25, with shipments rising 23% year on year to 15.1 million units. The growth was primarily driven by rising demand in key mass-market segments, where consumers are upgrading from older or entry-level devices to more capable mid-tier 4G and affordable 5G smartphones. Vendors capitalized on this momentum by focusing on value-for-money portfolios and expanding their presence in emerging markets, where affordable 4G models continue to drive high-volume adoption.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251120498379/en/

Middle east (excluding Turkey) smartphone market shipment, 1Q22 to 3Q25

Market performance varied across the region. Saudi Arabia, the Middle East’s largest market, recorded a modest 2% decline as prolonged summer holidays softened retail activity and delayed upgrade cycles. The UAE grew 13% year on year, supported by strong promotional activity from major retailers such as Sharaf DG, Carrefour and Emax, along with seasonal demand from Dubai Summer Surprises and a series of high-profile product launches. Iraq and the Rest of Middle East maintained strong momentum with 41% and 70% growth respectively. This was due to intensified vendor activity, stronger channel incentives and improved coordination with distributors, alongside steady replacement demand in entry-level segments.

“Although the region posted strong growth, ASP softness persisted as vendors prioritized volume through expanded entry-level portfolios,” said Manish Pravinkumar, Principal Analyst at Omdia. “Samsung retained its leadership with 22% growth, supported by the early push behind its Galaxy A17 4G/5G lineup and sustained contributions from high-volume A-series models. TRANSSION recorded a notable 47% rebound, driven by TECNO’s expanding footprint in lower-ASP markets and its strong resonance among Asian and African expatriate communities across key Gulf hubs.”

“Xiaomi delivered 35% growth as it restructured its channel relationships and deepened regional investments. The opening of its first flagship store at Dubai’s Ibn Battuta Mall marks its increasing shift toward direct-to-consumer engagement. HONOR posted the highest year-on-year growth at 128%, supported by portfolio expansion, stronger operator and retail partnerships, and broader ecosystem positioning. Apple returned to double-digit growth at 14%, following six quarters of uneven performance, with early sell-through of the iPhone 17 series reinforcing its premium leadership.”

“Omdia expects the Middle East smartphone market growth to slow to a modest 1% in 2026, down from 13% in 2025, as 1H26 faces headwinds from rising component costs and supply constraints,” said Pravinkumar. “These challenges will be felt most in lower-ASP markets, where strengthening channel engagement and deploying focused incentives across mass-market tiers will be essential to maintaining momentum. Meanwhile, the mid-to-premium segment is expected to remain resilient, with upgrade activity led by Apple and Samsung, supported by stronger ecosystem value and brand stickiness. To sustain demand, channels will need to expand financing options, trade-in schemes and targeted promotions, while vendors who balance cost discipline, portfolio optimization and service-led differentiation will be best positioned to capture the region’s gradual return to growth.”

*Middle East smartphone shipment and annual growth**
Omdia Smartphone Market Pulse: 3Q25
Vendor	3Q25	3Q25	3Q24	3Q24	Annual
	shipments	market	shipments	market	growth
	(million)	share	(million)	share
Samsung	5.2	34%	4.2	35%	22%
TRANSSION	2.7	18%	1.8	15%	47%
Xiaomi	2.3	15%	1.7	14%	35%
HONOR	1.6	10%	0.7	6%	128%
Apple	1.4	9%	1.2	10%	14%
Others	1.9	13%	2.5	21%	-23%
Total	15.1	100%	12.2	100%	23%

Note: OPPO includes OnePlus. Vivo includes iQOO. Xiaomi includes POCO
Percentages may not add up to 100% due to rounding. *Excluding Turkey
Source: Omdia Smartphone Horizon Service (sell-in shipments), November 2025

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets, grounded in real conversations with industry leaders and hundreds of thousands of data points, make our market intelligence our clients’ strategic advantage. From R&D to ROI, we identify the greatest opportunities and move the industry forward.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251120498379/en/

Fasiha Khan – [email protected]

KEYWORDS: Europe United Kingdom Middle East Asia Pacific

INDUSTRY KEYWORDS: 5G Consumer Electronics Mobile/Wireless Technology Telecommunications

MEDIA:

Photo

Middle east (excluding Turkey) smartphone market shipment, 1Q22 to 3Q25

Photo

Middle East (excluding Turkey) smartphone shipment market share, top vendors, 1Q24 to 3Q25

Logo

November 20, 2025 4:09 am

DouYu International Holdings Limited Reports Third Quarter 2025 Unaudited Financial Results

PR Newswire

WUHAN, China, Nov. 20, 2025 /PRNewswire/ — DouYu International Holdings Limited (“DouYu” or the “Company”) (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

Total net revenues in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared with RMB1,063.1 million in the same period of 2024.
Gross profit in the third quarter of 2025 was RMB116.1 million (US$16.3 million), an increase of 90.9% from RMB60.8 million in the same period of 2024.
Income from operations in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a loss from operations of RMB94.2 million in the same period of 2024.
Net income in the third quarter of 2025 was RMB11.3 million (US$1.6 million), an increase of 232.8% from RMB3.4 million in the same period of 2024.
Adjusted net income (non-GAAP)^{^[1]} in the third quarter of 2025 was RMB23.1 million (US$3.3 million), compared with an adjusted net loss (non-GAAP) of RMB39.8 million in the same period of 2024.

Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, “In the third quarter of 2025, we refined our strategy amid shifting market dynamics and user demand, placing greater focus on value chain integration and synergy. We further optimized our operational model and strategies to enhance our agility and responsiveness, allowing us to meet the players’ needs and capture business opportunities more effectively. During the quarter, we continued to upgrade our content and products ecosystem by enriching select premium offerings, such as e-sports tournaments, and launching AI-powered bullet comment features that make it easier for our users to enjoy our premium content and engage with our vibrant communities. Meanwhile, our profitability continued to improve, with gross profit and net income both achieving year-over-year growth while income from operations returning to positive territory in the third quarter. In an increasingly complex and fast-changing environment, we are shoring up our foundational strengths and remain committed to delivering long-term value to our users and shareholders.”

Mr. Hao Cao, Vice President of DouYu, commented, “Our third quarter 2025 results demonstrate our ongoing resilience and improving profitability. During the quarter, our income from operations reached RMB11.9 million, and GAAP net income grew 232.8% year over year to RMB11.3 million. In addition, our adjusted net income (non-GAAP) was RMB23.1 million, compared with a loss in the same period last year. By continuing to enhance our content supply and further refining our operating model, we have steadily improved our operational efficiency and optimized costs and expenses. These results reflect our growing sustainable development capabilities. Looking ahead, as the market conditions remain challenging, we will continue to focus on further optimizing our resource allocation, enhancing operational efficiency, and bolstering financial resilience to create long-term value.”

Third Quarter 2025 Operational Highlights

In the third quarter, average mobile MAUs^{^[2]} were 30.5 million, down 27.5% year over year from 42.1 million in the same period of 2024. The decline was mainly due to the lagging effects of our content supply adjustments and cost-structure optimization, which led to lower user engagement and activity.
In the third quarter, the number of quarterly average paying users^{^[3]} for livestreaming-related business was 2.7 million with a quarterly ARPPU of RMB205. Compared with 2.8 million paying users in the second quarter, the slight sequential decrease in paying users was mainly attributable to reduced consumer spending amid the prevailing macroeconomic environment as well as fewer promotional activities resulting from adjustments in our platform’s operational strategy and seasonal factors during the quarter.
In the third quarter, revenues from our voice-based social networking business reached RMB275.9 million. Our average MAUs for the voice-based social networking business for the third quarter were 368,600, with monthly average paying users^{^[4]} of 71,700. During the quarter, we focused on optimizing the traffic distribution mechanism and resource allocation efficiency for this business. These efforts enhanced the business’s profitability while maintaining a healthy community ecosystem.

Third Quarter 2025 Financial Results

Total net revenues in the third quarter of 2025 were RMB899.1 million (US$126.3 million), compared with RMB1,063.1 million in the same period of 2024.

Livestreaming revenues in the third quarter of 2025 decreased by 30.6% to RMB522.1 million (US$73.3 million) from RMB752.1 million in the same period of 2024. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of fewer promotional activities in the quarter and continued moderation in the operating environment.

Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the third quarter of 2025 increased by 21.2% to RMB377.0 million (US$53.0 million) from RMB311.0 million in the same period of 2024.The increase was attributed to higher revenues from our voice-based social networking service, driven by the year-over-year growth of both paying users and ARPPU of the service.

Cost of revenues in the third quarter of 2025 decreased by 21.9% to RMB783.0 million (US$110.0 million) from RMB1,002.3 million in the same period of 2024.

Revenue-sharing fees and content costs in the third quarter of 2025 decreased by 20.7% to RMB689.8 million (US$96.9 million) from RMB869.6 million in the same period of 2024, primarily driven by a significant reduction in content costs as part of our cost optimization efforts, and a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our voice-based social networking service.

Bandwidth costs in the third quarter of 2025 decreased by 34.2 % to RMB47.5 million (US$6.7 million) from RMB72.2 million in the same period of 2024, primarily attributable to our bandwidth allocation advancement and a year-over-year decrease in peak bandwidth usage.

Gross profit in the third quarter of 2025 increased by 90.9% to RMB116.1 million (US$16.3 million) from RMB60.8 million in the same period of 2024, primarily driven by a decline in our content costs and bandwidth costs. Gross margin in the third quarter of 2025 was 12.9%, increasing from 5.7% in the same period of 2024.

Sales and marketing expenses in the third quarter of 2025 decreased by 34.0% to RMB52.3 million (US$7.4 million) from RMB79.3 million in the same period of 2024, primarily attributable to reductions in staff-related expenses.

Research and development expenses in the third quarter of 2025 decreased by 37.8% to RMB26.9 million (US$3.8 million) from RMB43.2 million in the same period of 2024, primarily attributable to a decrease in staff-related expenses.

General and administrative expenses in the third quarter of 2025 decreased by 14.9% to RMB35.3million (US$5.0 million) from RMB41.5 million in the same period of 2024, primarily attributable to reductions in staff-related expenses and professional fees.

Income from operations in the third quarter of 2025 was RMB11.9 million (US$1.7 million), compared with a loss from operations of RMB94.2 million in the same period of 2024.

Net income in the third quarter of 2025 was RMB11.3 million (US$1.6 million), compared with RMB3.4 million in the same period of 2024, representing an improvement of 232.8% year-over-year.

Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB23.1 million (US$3.3 million) in the third quarter of 2025, compared with an adjusted net loss (non-GAAP) of RMB39.8 million in the same period of 2024.

Basic and diluted net
income per ADS5 in the third quarter of 2025 were both RMB0.38 (US$0.05).

Adjusted basic and diluted net
income
per ADS
(non-GAAP) in the third quarter of 2025 were both RMB0.77 (US$0.11).

Cash and cash equivalents, restricted cash and bank deposits

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,221.6 million (US$312.1 million), compared with RMB4,467.8 million as of December 31, 2024. The decrease was primarily due to a special cash dividend distribution of US$300 million in February 2025.

[1]”Adjusted net income (non-GAAP)” is defined as net income excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. For more information, please refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[2] “MAUs” refers to the number of active mobile users (exclusive of innovative business unless the context otherwise indicates) in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period.

[3] “Quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. “Paying user” refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

[4] “Monthly average paying users” refers to the monthly average number of paying users during a given period of time calculated by dividing (i) the sum of paying users in each month of such period, by (ii) the number of months in such period. “Paying user” refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

[5] Each ADS represents one ordinary share for the relevant period and calendar year.

About DouYu International Holdings Limited

Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.

Use of Non-GAAP Financial Measures

Adjusted net (loss) income is calculated as net income (loss) adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted net (loss) income attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments, and (ii) impairment losses and fair value adjustments on investments to understand and evaluate the Company’s core operating performance. The non-GAAP financial measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated 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 measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” near the end of this release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on September 30, 2025, or at any other rate.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties, and 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 results of operations and financial condition; the Company’s business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:

Chenyang Yan

DouYu International Holdings Limited

Email: [email protected]

Tel: +86 (10) 6508-0677

Andrea Guo

Piacente Financial Communications

Email: [email protected]

Tel: +86 (10) 6508-0677

In the United States:

Brandi Piacente

Piacente Financial Communications

Email: [email protected]

Tel: +1-212-481-2050

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS, per share and per ADS data)

	As of December 31	As of September 30
	2024	2025	2025
ASSETS	RMB	RMB	US$ ⁽¹⁾
Current assets:
Cash and cash equivalents	1,017,148	1,551,938	217,999
Restricted cash	83	163	23
Short-term bank deposits	3,070,374	547,296	76,878
Accounts receivable, net	49,057	60,376	8,481
Prepayments	26,885	18,871	2,651
Amounts due from related parties	74,175	85,193	11,967
Other current assets, net	231,354	225,761	31,712
Total current assets	4,469,076	2,489,598	349,711

Property and equipment, net	7,093	5,251	738
Intangible assets, net	60,917	40,121	5,636
Long-term bank deposits	360,000	100,000	14,047
Investments	456,815	396,728	55,728
Right-of-use assets, net	15,816	10,348	1,454
Other non-current assets	76,616	64,371	9,042
Total non-current assets	977,257	616,819	86,645
TOTAL ASSETS	5,446,333	3,106,417	436,356
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable	498,667	510,475	71,706
Advances from customers	4,444	3,102	436
Deferred revenue	252,346	242,749	34,099
Accrued expenses and other current liabilities	242,517	191,220	26,861
Amounts due to related parties	222,589	145,149	20,389
Lease liabilities due within one year	11,458	7,796	1,095
Total current liabilities	1,232,021	1,100,491	154,586

Non-current liabilities:
Lease liabilities	4,223	1,954	274
Total non-current liabilities	4,223	1,954	274
TOTAL LIABILITIES	1,236,244	1,102,445	154,860

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data)

	As of December 31	As of September 30
	2024	2025	2025
	RMB	RMB	US$ ⁽¹⁾
SHAREHOLDERS’ EQUITY
Ordinary shares	20	20	3
Additional paid-in capital	7,514,498	5,363,717	753,437
Accumulated deficit	(3,791,817)	(3,822,271)	(536,911)
Accumulated other comprehensive income	487,388	462,506	64,967
Total DouYu Shareholders’ Equity	4,210,089	2,003,972	281,496
Total Shareholders’ Equity	4,210,089	2,003,972	281,496
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	5,446,333	3,106,417	436,356

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (All amounts in thousands, except share, ADS, per share and per ADS data)

	Three Months Ended				Nine Months Ended
	Sep 30, 202 4	Jun 30, 2025	Sep 30, 2025	Sep 30, 2025	Sep 30, 202 4	Sep 30, 2025	Sep 30, 2025
	RMB	RMB	RMB	US$ ⁽¹⁾	RMB	RMB	US$ ⁽¹⁾
Net revenues	1,063,101	1,053,915	899,111	126,297	3,134,826	2,900,077	407,371
Cost of revenues	(1,002,282)	(911,975)	(783,022)	(109,990)	(2,880,784)	(2,528,541)	(355,182)
Gross profit	60,819	141,940	116,089	16,307	254,042	371,536	52,189
Operating expenses
Sales and marketing expenses	(79,260)	(61,585)	(52,331)	(7,351)	(231,793)	(186,845)	(26,246)
General and administrative expenses	(41,462)	(39,816)	(35,274)	(4,955)	(132,754)	(110,877)	(15,575)
Research and development expenses	(43,243)	(27,611)	(26,888)	(3,777)	(147,526)	(87,248)	(12,256)
Other operating income (expenses), net	8,964	1,318	10,334	1,452	(122,655)	13,468	1,892
Total operating expenses	(155,001)	(127,694)	(104,159)	(14,631)	(634,728)	(371,502)	(52,185)
( Loss ) income from operations	(94,182)	14,246	11,930	1,676	(380,686)	34	4
Other income (expenses), net	44,242	9,463	(10,124)	(1,422)	43,299	(59,215)	(8,318)
Interest Income	60,840	19,200	18,105	2,543	217,906	47,446	6,665
Foreign exchange (expenses) income	(70)	(17)	(232)	(33)	688	9	1
Income (loss) before income taxes and share of loss in equity method investments	10,830	42,892	19,679	2,764	(118,793)	(11,726)	(1,648)
Income tax expense	(6,432)	(8,151)	(6,662)	(936)	(8,943)	(19,946)	(2,802)
Share of (loss) income in equity method investments	(994)	3,088	(1,688)	(237)	(5,982)	1,218	171
Net i ncome (loss)	3,404	37,829	11,329	1,591	(133,718)	(30,454)	(4,279)
Net income (loss) attributable to ordinary shareholders of the Company	3,404	37,829	11,329	1,591	(133,718)	(30,454)	(4,279)
Net income (loss) per ordinary share
Basic	0.11	1.25	0.38	0.05	(4.31)	(1.01)	(0.14)
Diluted	0.11	1.25	0.38	0.05	(4.31)	(1.01)	(0.14)
Net income (loss) per ADS⁽ ² ⁾
Basic	0.11	1.25	0.38	0.05	(4.31)	(1.01)	(0.14)
Diluted	0.11	1.25	0.38	0.05	(4.31)	(1.01)	(0.14)
Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share
Basic	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859
Diluted	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859
Weighted average number of ADS used in calculating net income (loss) per ADS
Basic	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859
Diluted	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board. ⁽²⁾Every one ADS represents one ordinary share.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data)

	Three Months Ended				Nine Months Ended
	Sep 30, 202 4	Jun 30, 202 5	Sep 30, 2025	Sep 30, 202 5	Sep 30, 202 4	Sep 30, 202 5	Sep 30, 202 5
	RMB	RMB	RMB	US$ ⁽¹⁾	RMB	RMB	US$ ⁽¹⁾
( Loss ) income from operations	(94,182)	14,246	11,930	1,676	(380,686)	34	4
Adjusted Operating ( loss ) income (non-GAAP)	(94,182)	14,246	11,930	1,676	(380,686)	34	4

Net i ncome ( l oss)	3,404	37,829	11,329	1,591	(133,718)	(30,454)	(4,279)
Add/(Reversal of):
Share of loss (income) in equity method investments	994	(3,088)	1,688	237	5,982	(1,218)	(171)
Impairment losses and fair value adjustments on investments⁽²⁾	(44,242)	(9,463)	10,124	1,422	(43,299)	59,215	8,318
Adjusted net (loss) income (non-GAAP)	(39,844)	25,278	23,141	3,250	(171,035)	27,543	3,868

Net income ( loss ) attributable to DouYu	3,404	37,829	11,329	1,591	(133,718)	(30,454)	(4,279)
Add/(Reversal of):
Share of loss (income) in equity method investments	994	(3,088)	1,688	237	5,982	(1,218)	(171)
Impairment losses and fair value adjustments on investments	(44,242)	(9,463)	10,124	1,422	(43,299)	59,215	8,318
Adjusted net (loss) income attributable to DouYu	(39,844)	25,278	23,141	3,250	(171,035)	27,543	3,868

Adjusted net (loss) income per ordinary share (non-GAAP)
Basic	(1.32)	0.84	0.77	0.11	(5.51)	0.91	0.13
Diluted	(1.32)	0.84	0.77	0.11	(5.51)	0.91	0.13

Adjusted net (loss) income per ADS⁽³⁾ (non-GAAP)
Basic	(1.32)	0.84	0.77	0.11	(5.51)	0.91	0.13
Diluted	(1.32)	0.84	0.77	0.11	(5.51)	0.91	0.13

Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share
Basic	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859
Diluted	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859

Weighted average number of ADS used in calculating net (loss) income per ADS⁽²⁾
Basic	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859
Diluted	30,228,317	30,178,859	30,178,859	30,178,859	31,051,664	30,178,859	30,178,859

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on Sep 30, 2025, in the H.10 statistical release of the Federal Reserve Board. ⁽²⁾Impairment losses and fair value adjustments on investments was included in line item “Other income (expenses), net” of condensed consolidated statements of income (loss). ⁽ ³ ⁾Every one ADS represents one ordinary share.

View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-third-quarter-2025-unaudited-financial-results-302621425.html

SOURCE DouYu International Holdings Limited

November 20, 2025 4:07 am

Cognizant selected by CEPI to transform enterprise architecture and core ERP operations

PR Newswire

OSLO, Norway
, Nov. 20, 2025 /PRNewswire/ — Cognizant (Nasdaq: CTSH), a leading global professional services company, today announced that it has been selected by the Coalition for Epidemic Preparedness Innovations (CEPI) to deliver a comprehensive digital transformation program which covers implementation of a new core HR and Expense Management System (EMS) and consolidation of support for CEPI’s Salesforce platform, a key component of CEPI’s overall Enterprise Architecture.

The multi-year engagement marks a key milestone in CEPI’s digital transformation strategy to establish an enterprise architecture partner capable not only of strengthening its core platforms but also of introducing AI-enabled insights, automation and scalable solutions that aim to improve the organization’s efficiency and reduce operational costs. Cognizant’s depth in platform implementation, operating-model transformation and enterprise architecture made it the partner of choice.

“CEPI is an organization whose values of collaboration, impact and resilience closely mirror our own. We are honored that CEPI has placed its trust in us for this vital initiative,” said Knut Inge Buset, Country Head, Cognizant Norway. “Our team demonstrated not only technical competence on the HR and Salesforce platforms, but also a deep cultural alignment with CEPI. Together we will accelerate the adoption of Salesforce & SAP platforms, contributing to organizational efficiency and delivering value towards the business.”

After a competitive procurement process at CEPI, Cognizant was selected as the preferred partner.

Under the project scope, Cognizant will support the evolution of CEPI’s Salesforce platform, ensuring that the solution remains robust, scalable and aligned with CEPI’s organizational goals. Beyond platform delivery, the partnership will also establish a roadmap for enterprise architecture.

“Choosing the right partner matters—not just for technology, but for values, culture, and long-term ambition,” commented Navjot Kalra, Director of CEPI Digital. Mads Høgholen, Director of Finance and Interim COO, added, “Cognizant’s alignment with our mission and its proven delivery experience will support CEPI in delivering its vital work with greater efficiency and agility.”

About Cognizant

Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.

For more information contact: [email protected]

About CEPI

CEPI is an innovative partnership between public, private, philanthropic, and civil organisations. Its mission is to accelerate the development of vaccines and other biologic countermeasures against epidemic and pandemic threats so they can be accessible to all people in need. CEPI has supported the development of more than 70 vaccine candidates or platform technologies against multiple known high-risk pathogens or a future Disease X. Central to CEPI’s pandemic-beating plan is the ‘100 Days Mission’ to accelerate the time taken to develop safe, effective and accessible vaccines against new threats to just 100 days. Learn more at CEPI.net.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cognizant-selected-by-cepi-to-transform-enterprise-architecture-and-core-erp-operations-302620411.html

SOURCE Cognizant Technology Solutions

November 20, 2025 4:05 am

Alvotech and Advanz Pharma Receive Marketing Approval Across the European Economic Area for Gobivaz®, a First-in-Market Biosimilar to Simponi® (golimumab)

REYKJAVIK, Iceland and LONDON, Nov. 20, 2025 (GLOBE NEWSWIRE) — Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide and Advanz Pharma Holdco Limited (“Advanz Pharma”), a UK headquartered global pharmaceutical company with a strategic focus on specialty, hospital, and rare disease medicines in Europe, today announced that the European Commission (EC) has granted marketing authorizations in the European Economic Area (EEA) for Gobivaz^®, Alvotech’s biosimilar to Simponi^® (golimumab).

The authorizations cover Gobivaz^® 50 mg/0.5 mL and 100mg/mL in both pre-filled syringe with passive needle safety guard and autoinjector formats, for the treatment of adults with rheumatoid arthritis in combination with methotrexate, psoriatic arthritis with or without methotrexate, axial spondyloarthritis, ulcerative colitis and for the treatment of juvenile idiopathic arthritis in children 2 years of age and older in combination with methotrexate. The approvals apply across the European Economic Area. The EC approval follows the positive opinion issued in September by the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP).

“This milestone marks the second biosimilar to receive approval through our partnership with Advanz Pharma and further strengthens the commercial presence we are building in Europe. As the first biosimilar to Simponi^® (golimumab) to gain approval in the European market, we are committed to expanding access to high quality biologic medicines for people living with immune-mediated diseases while providing value to healthcare systems throughout the region,” said Robert Wessman, Chairman and Chief Executive Officer of Alvotech.

“We welcome the EC approval of Gobivaz^®, an important milestone in our partnership with Alvotech. Expanding access to high-quality biosimilars is central to Advanz Pharma’s mission, and this approval enables us to offer patients across Europe a valuable new treatment option for immune-mediated diseases,” said Steffen Wagner, Chief Executive Officer, Advanz Pharma.

Under the partnership between Alvotech and Advanz Pharma, Alvotech is responsible for the development and commercial supply of Gobivaz^®, while Advanz Pharma holds the registration and exclusive commercialization rights in the EEA and the UK.

The EC approval of Gobivaz^® was based on a totality of evidence, including analytical and clinical data. In April 2024, Alvotech announced positive top-line results from a confirmatory clinical study comparing efficacy, safety, and immunogenicity between its biosimilar candidate AVT05 and the reference product Simponi® in patients with moderate to severe rheumatoid arthritis (clintrials.gov/study/NCT05842213). In November 2023, Alvotech announced positive topline results from a pharmacokinetic study which assessed the pharmacokinetics, safety, and tolerability of AVT05 compared to Simponi^® in healthy adult participants (clintrials.gov/study/NCT05632211).

About AVT05

AVT05 (golimumab) has been approved as Golimumab BS (golimumab) in Japan and as Gobivaz (golimumab) in the European Economic Area. Dossiers are under review in multiple countries globally. Golimumab is a monoclonal antibody that inhibits tumor necrosis factor alpha (TNF alpha). Elevated TNF alpha levels have been implicated in several chronic inflammatory diseases such as rheumatoid arthritis [1].

Sources

[1] Simponi product information

Use of Trademarks

Simponi^® is a registered trademark of Johnson & Johnson. Gobivaz^® is a trademark of Advanz Pharma.

About Alvotech

Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline includes eight disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has established a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.

About Advanz Pharma

Partner of choice in specialty, hospital, and rare disease medicines. Advanz Pharma is a global pharmaceutical company with the purpose to improve patients’ lives by providing and enhancing the specialty, hospital, and rare disease medicines they depend on. Our headquarters are in London, UK. We have commercial sales in more than 90 countries globally and have a direct commercial presence in more than 20 countries, including key countries in Europe, the US, Canada, and Australia, a Centre of Excellence in Mumbai, India, as well as an established global distribution and commercialization partner network. Advanz Pharma’s product portfolio and pipeline comprises innovative medicines, biosimilars & specialty generics, and originator brands. Our products cover a broad range of therapeutic areas, including hepatology, rheumatology, gastroenterology, anti-infectives, critical care, endocrinology, oncology, CNS, and, more broadly, rare disease medicines. Our ambition is to be a partner of choice for the commercialization of specialty, hospital, and rare disease medicines in Europe, Canada, and Australia. In line with our ambition, we are partnering with biopharma and development companies to bring medicines to patients. We can only achieve this due to our dedicated and highly qualified employees, acting in line with our company values of entrepreneurship, speed, and integrity.

Alvotech Forward Looking Statements

Certain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, market launches and financial projections. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to factors set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time-to-time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, assurance, prediction or definitive statement of a fact or probability. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed.

Advanz Pharma Forward Looking Statements

Certain statements in this press release are forward-looking statements. These statements may be identified by words such as “anticipate”, “expectation”, “belief’, “estimate”, “plan”, “target”, “project”, “will”, “may”, “should” or “forecast” and similar expressions, or by their context. Although Advanz Pharma believes that these assumptions were reasonable when made, by their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the industry, intense competition in the markets in which Advanz Pharma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Advanz Pharma’s markets, and other factors beyond the control of Advanz Pharma. Neither Advanz Pharma nor any of its directors, officers, employees, advisors, or any other person is under any obligation to update or keep current the information contained in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. No obligation is assumed to update any forward-looking statements. The information contained in this press release is provided as at the date of this document and is subject to change without notice.

MEDIA CONTACTS

Alvotech Global Communications and Investor Relations

Benedikt Stefansson
[email protected]

Advanz Pharma Global Corporate Communications

Courtney Baines
[email protected]

November 20, 2025 4:03 am

From Air to Plastics: Norsk e-Fuel and Braskem Partner to Turn Captured Carbon into Long-Lasting Products

OSLO, Norway & ROTTERDAM, Netherlands–(BUSINESS WIRE)–Norsk e-Fuel AS, a pioneer in Power-to-Liquid (PtL) technology, and Braskem, a global leader in polymers and biopolymers, have announced a strategic collaboration to explore the possible integration of e-Naphtha into the plastics value chain. This partnership aims to accelerate the development of plastics derived from carbon that would otherwise be released into the atmosphere, reinforcing both companies’ commitment to a circular future.

Norsk e-Fuel is driving the industrial rollout of PtL technology by building large-scale facilities that convert fossil-free electricity, water, and captured CO₂ into synthetic fuels and feedstocks. The company’s plan foresees at least three plants in operation by 2032, with a combined annual capacity of more than 200,000 tons of e-Fuels. Around a quarter of this output could be supplied as e-Naphtha – a versatile feedstock used to produce plastics.

Braskem’s sustainability strategy, “Keeping Carbon in the Loop”, focuses on retaining carbon within products and the economy through renewable, circular, and carbon-optimized solutions. The company already produces I’m green™ bio-based polyethylene at an industrial scale—a renewable plastic made from sugarcane ethanol—and offers mass balance certified solutions for markets where segregated routes are not yet feasible. By potentially processing e-Naphtha into polypropylene and other essential materials, Braskem aims to expand its portfolio with innovative plastics that could have a significantly reduced climate footprint.

“e-Naphtha is more than a by-product; it is a valuable feedstock for creating long-lasting, circular products,” said Lars Bjørn Larsen, CCO of Norsk e-Fuel. “By capturing carbon and embedding it into durable, recyclable materials, we keep carbon in use and out of the atmosphere.”

“Plastics are essential to modern life, and by producing them with captured carbon, we keep that carbon in the economy—not in the air,” said Walmir Soller, Vice President for North America, Europe, and Asia (NAMEA) and CEO of Braskem BV. “This collaboration reflects our commitment to innovation and to building value chains that enable circularity and carbon neutrality.”

The collaboration will focus on developing a framework for integrating e-Naphtha into plastic production, assessing market opportunities, and engaging with customers seeking circular solutions. It also highlights the role of carbon capture utilization (CCU) in creating new value chains for the plastics industry, circulating carbon through products, not emissions.

Norsk e-Fuel in brief

Norsk e-Fuel was founded in 2019 to drive the transition to renewable aviation by establishing the industrial production of sustainable fuels based on CO₂ and water. As project developer, the company is establishing large-scale production sites to deliver synthetic fuels to the aviation industry. Supported by strategic investors and carefully selected partners, Norsk e-Fuel is set to bring Power-to-Liquid production to industrial scale and determined to develop a new value chain for sustainable fuels.

For more information, visit www.norsk-e-fuel.com

Braskem in brief

With a global vision of the future oriented towards people and sustainability, Braskem is committed to contributing to the value chain for strengthening the Circular Economy. The petrochemical company’s almost 8,000 team members dedicate themselves every day to improving people’s lives through sustainable chemicals and plastics solutions. Braskem has an innovative DNA and a comprehensive portfolio of thermoplastic resins and chemical products for diverse segments, such as food packaging, construction, manufacturing, automotive, agribusiness, healthcare, and hygiene, among others. With 40 industrial units in Brazil, the United States, Mexico, and Germany, Braskem markets its products to clients in more than 70 countries. For more information, visit www.braskem.com.

Braskem on social media:

www.facebook.com/BraskemGlobal

www.linkedin.com/company/braskem

View source version on businesswire.com: https://www.businesswire.com/news/home/20251120095928/en/

For press information, please contact:

Braskem North America, Europe, and Asia

Stacy Torpey

Communications Director

[email protected]

Norsk e-Fuel

Luisa Biesold

Head of Communications & Corp. Development

[email protected]

KEYWORDS: Europe Norway Netherlands

INDUSTRY KEYWORDS: Environmental Policy Environmental Issues Sustainability Recycling Environmental Health Alternative Energy Energy Environment Other Manufacturing Green Technology Chemicals/Plastics Manufacturing

MEDIA:

Logo