Technology
Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
Published
8 months agoon
By
GUIYANG, China, March 7, 2024 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter and Fiscal Year 2023 Financial and Operational Highlights
Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million (US$339.2 million), an increase of 25.3% from RMB1,922.5 million in the same period of 2022. Total net revenues in 2023 were RMB8,436.2 million (US$1,188.2 million), an increase of 25.3% from RMB6,733.6 million in 2022.
Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9 million), an increase of 200.6% from RMB195.7 million in the same period of 2022. Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022.
Non-GAAP adjusted net income[1] in the fourth quarter of 2023 was RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8 million in the same period of 2022. Non-GAAP adjusted net income in 2023 was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from RMB1,395.4 million in 2022.
Fulfilled orders[2] in the fourth quarter of 2023 reached 45.8 million, an increase of 40.4% from 32.6 million in the same period of 2022. Fulfilled orders in 2023 reached 158.8 million, an increase of 33.4% from 119.1 million in 2022.
Average shipper MAUs[3] in the fourth quarter of 2023 reached 2.24 million, an increase of 18.7% from 1.88 million in the same period of 2022. Average shipper MAUs in 2023 reached 2.03 million, an increase of 21.3% from 1.67 million in 2022.
Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “In 2023, we continued to confront external challenges while ushering in opportunities. Amid a modest economic recovery, the continued growth of our network effect and our platform’s unmatched value proposition accelerated user penetration and drove a strong full-year performance. We achieved four consecutive quarters of growth in fulfilled orders and average shipper MAUs, underscoring the vitality of China’s freight market, the trend of freight digitalization, and the vast potential of the small and medium-sized direct shipper market. For 2024, we will leverage our keen market insight to capitalize on opportunities and remain committed to long-term development, which we believe will pave the way for our sustainable growth.”
Mr. Simon Cai, Chief Financial Officer of FTA, added, “We ended 2023 with strong fourth quarter revenue and profit growth in a disruptive external environment. Fueled by a rapidly growing user base and order volume, we continued to provide more efficient and intelligent freight solutions to our shipper and trucker users. Our total net revenue exceeded the high end of our guidance, surging by 25.3% year over year to RMB2.41 billion, while our non-GAAP adjusted net income of RMB733.0 million was once again well ahead of market expectations. Notably, we achieved 44.0% year-over-year growth in transaction commission, driven by increased order volume on our platform. Moving through 2024, we will take a more active stance toward user acquisition to broaden our high-quality user base. Concurrently, we will further enrich our products and services to address users’ evolving needs and improve our freight matching efficiency. We are confident that we will create long-term sustainable value for our stakeholders as we continue to foster a healthy platform ecosystem.”
[1] Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[2] Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices as there are substantial uncertainties as to whether the shipping orders are fulfilled.
[3] Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.
Fourth Quarter 2023 Financial Results
Net Revenues (including value added taxes, or “VAT,” of RMB998.5 million and RMB1,197.4 million for the three months ended December 31, 2022, and 2023, respectively). Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million (US$339.2 million), representing an increase of 25.3% from RMB1,922.5 million in the same period of 2022, primarily attributable to an increase in revenues from freight matching services.
Freight matching services. Revenues from freight matching services in the fourth quarter of 2023 were RMB2,015.8 million (US$283.9 million), representing an increase of 24.9% from RMB1,614.4 million in the same period of 2022. The increase was mainly due to the steady growth in revenues from freight brokerage service, as well as continued expansion in transaction commissions.
Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2023 were RMB1,124.7 million (US$158.4 million), an increase of 19.2% from RMB943.6 million in the same period of 2022, primarily attributable to an increase in transaction volume due to robust user demand.
Freight listing service. Revenues from freight listing service in the fourth quarter of 2023 were RMB246.2 million (US$34.7 million), an increase of 10.4% from RMB223.1 million in the same period of 2022, primarily due to a growing number of total paying members.
Transaction commission. Revenues from transaction commissions amounted to RMB644.8 million (US$90.8 million) in the fourth quarter of 2023, an increase of 44.0% from RMB447.8 million in the same period of 2022, primarily driven by strong order volume growth as well as higher per-order transaction commission.
Value-added services. Revenues from value-added services in the fourth quarter of 2023 were RMB392.2 million (US$55.2 million), an increase of 27.3% from RMB308.1 million in the same period of 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.
Cost of Revenues (including VAT net of refund of VAT of RMB675.4 million and RMB864.7 million for the three months ended December 31, 2022, and 2023, respectively). Cost of revenues in the fourth quarter of 2023 was RMB1,152.3 million (US$162.3 million), compared with RMB951.8 million in the same period of 2022. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB1,015.3 million, representing an increase of 18.4% from RMB857.4 million in the same period of 2022, primarily due to the continued growth in transaction activities involving our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2023 were RMB421.0 million (US$59.3 million), compared with RMB281.1 million in the same period of 2022. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.
General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2023 were RMB266.0 million (US$37.5 million), compared with RMB408.2 million in the same period of 2022. The decrease was primarily due to lower share-based compensation expenses and professional service fees.
Research and Development Expenses. Research and development expenses in the fourth quarter of 2023 were RMB255.3 million (US$36.0 million), compared with RMB250.2 million in the same period of 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure, partially offset by a decrease in salary and benefits expenses.
Income/(Loss) from Operations. Income from operations in the fourth quarter of 2023 was RMB250.8 million (US$35.3 million), compared with loss from operations of RMB5.3 million in the same period of 2022.
Non-GAAP Adjusted Operating Income.[4] Non-GAAP adjusted operating income in the fourth quarter of 2023 was RMB398.8 million (US$56.2 million), an increase of 60.6% from RMB248.4 million in the same period of 2022.
Net Income. Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9 million), an increase of 200.6% from RMB195.7 million in the same period of 2022.
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2023 was RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8 million in the same period of 2022.
Basic and Diluted Net Income per ADS[5] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[6] Basic and diluted net income per ADS were RMB0.56 (US$0.08) in the fourth quarter of 2023, compared with RMB0.18 in the same period of 2022. Non-GAAP adjusted basic net income per ADS was RMB0.70 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022. Non-GAAP adjusted diluted net income per ADS was RMB0.69 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022.
Balance Sheet and Cash Flow
As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products of RMB27.6 billion (US$3.9 billion) in total, compared with RMB26.3 billion as of December 31, 2022.
As of December 31, 2023, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests (net of provisions) of the loans funded through our small loan company, was RMB3,521.1 million (US$495.9 million), compared with RMB2,648.4 million as of December 31, 2022. The total non-performing loan ratio[7] for these loans was 2.0% as of December 31, 2023, which remained flat with that of December 31, 2022.
In the fourth quarter of 2023, net cash provided by operating activities was RMB758.1 million (US$106.8 million).
[4] Non-GAAP adjusted operating income is defined as income/(loss) from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions and (iv) settlement in principle of U.S. securities class action, which is non-recurring. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[5] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.
[6] Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[7] Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) as of a specified date.
Fiscal Year 2023 Financial Results
Net Revenues (including value added taxes, or “VAT,” of RMB3,550.9 million and RMB4,172.7 million for the years ended December 31, 2022, and 2023, respectively). Total net revenues in 2023 were RMB8,436.2 million (US$1,188.2 million), representing an increase of 25.3% from RMB6,733.6 million in 2022, primarily attributable to an increase in revenues from freight matching services.
Freight matching services. Revenues from freight matching services in 2023 were RMB7,048.8 million (US$992.8 million), representing an increase of 24.6% from RMB5,656.7 million in 2022. The increase was primarily due to the rapid growth in transaction commissions as well as the growing revenues from our freight brokerage service.
Freight brokerage service. Revenues from freight brokerage service in 2023 were RMB3,916.4 million (US$551.6 million), an increase of 16.5% from RMB3,360.3 million in 2022, primarily driven by an increase in transaction volume as a result of improved user penetration.
Freight listing service. Revenues from freight listing service in 2023 were RMB929.4 million (US$130.9 million), an increase of 9.0% from RMB852.4 million in 2022, primarily attributable to a growing number of total paying members.
Transaction commission. Revenues from transaction commissions amounted to RMB2,203.1million (US$310.3 million) in 2023, an increase of 52.6% from RMB1,444.0 million in 2022, primarily driven by an increased order volume as well as higher per-order transaction commission.
Value-added services. Revenues from value-added services in 2023 were RMB1,387.3 million (US$195.4 million), an increase of 28.8% from RMB1,077.0 million in 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.
Cost of Revenues (including VAT net of refund of VAT of RMB2,539.3 million and RMB3,121.0 million for the years ended December 31, 2022, and 2023, respectively). Cost of revenues in 2023 was RMB4,119.0 million (US$580.2 million), compared with RMB3,514.6 million in 2022. The increase was primarily attributable to an increase in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB3,693.5 million, representing an increase of 16.6% from RMB3,167.8 million in 2022, primarily due to an increase in transaction activities involving our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing expenses in 2023 were RMB1,239.2 million (US$174.5 million), compared with RMB902.3 million in 2022. The increase was primarily due to increased expenses in advertising and marketing activities for user acquisitions.
General and Administrative Expenses. General and administrative expenses in 2023 were RMB937.7 million (US$132.1 million), compared with RMB1,417.9 million in 2022. The decrease was primarily due to lower share-based compensation expenses and a decrease in professional service fees, partially offset by settlement in principle of certain U.S. securities class action, which was disclosed in the Form 6-K filed on September 18, 2023.
Research and Development Expenses. Research and development expenses in 2023 were RMB946.6 million (US$133.3 million), compared with RMB914.2 million in 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure.
Income/(Loss) from Operations. Income from operations in 2023 was RMB997.4 million (US$140.5 million), compared with loss from operations of RMB162.0 million in 2022.
Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2023 was RMB1,580.4 million (US$222.6 million), an increase of 89.1% from RMB835.7 million in 2022.
Net Income. Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022.
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2023 was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from RMB1,395.4 million in 2022.
Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.10 (US$0.30) in 2023, compared with RMB0.38 in 2022. Diluted net income per ADS was RMB2.09 (US$0.29) in 2023, compared with RMB0.38 in 2022. Non-GAAP adjusted basic net income per ADS was RMB2.64 (US$0.37) in 2023, compared with RMB1.29 in 2022. Non-GAAP adjusted diluted net income per ADS was RMB2.63 (US$0.37) in 2023, compared with RMB1.29 in 2022.
Business Outlook
The Company expects its total net revenues to be between RMB2.11 billion and RMB2.16 billion for the first quarter of 2024, representing a year-over-year growth rate of approximately 23.9% to 27.1%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.
Share Repurchase Update
On March 3, 2023, the Company’s Board of Directors authorized a share repurchase program, under which the Company may repurchase up to US$500 million of the Company’s ADSs during a period of up to 12 months starting from March 13, 2023. As of March 6, 2024, the Company had repurchased an aggregate of approximately 30.7 million ADSs for approximately US$200.0 million from the open market under the share repurchase program.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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
The Company’s management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 7, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2023.
Dial-in details for the earnings conference call are as follows:
United States (toll free):
+1-888-317-6003
International:
+1-412-317-6061
Mainland China (toll free):
400-120-6115
Hong Kong, SAR (toll free):
800-963-976
Hong Kong, SAR:
+852-5808-1995
United Kingdom (toll free):
08082389063
Singapore (toll free):
800-120-5863
Access Code:
9049178
The replay will be accessible through March 14, 2024, by dialing the following numbers:
United States:
+1-877-344-7529
International:
+1-412-317-0088
Replay Access Code:
5149135
A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.
The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions and (iv) settlement in principle of U.S. securities class action. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to continuing service terms in business acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.
The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income/(loss), net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements which 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,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’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: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of COVID-19 outbreaks, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this 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, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share and per ADS data)
As of
December 31,
December 31,
December 31,
2022
2023
2023
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
5,137,312
6,770,895
953,661
Restricted cash – current
83,759
115,513
16,270
Short-term investments
21,087,089
11,516,304
1,622,037
Accounts receivable, net
13,015
23,418
3,298
Loans receivable, net
2,648,449
3,521,072
495,933
Prepayments and other current assets
2,034,427
2,049,780
288,705
Total current assets
31,004,051
23,996,982
3,379,904
Restricted cash – non-current
—
10,000
1,408
Long-term investments1
1,774,270
11,075,739
1,559,985
Property and equipment, net
108,824
194,576
27,405
Intangible assets, net
502,421
449,904
63,368
Goodwill
3,124,828
3,124,828
440,123
Deferred tax assets
41,490
149,081
20,998
Operating lease right-of-use assets and land use rights
132,000
134,867
18,996
Other non-current assets
8,427
211,670
29,813
Total non-current assets
5,692,260
15,350,665
2,162,096
TOTAL ASSETS
36,696,311
39,347,647
5,542,000
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
27,953
25,220
3,552
Amount due to related parties
122,152
—
—
Prepaid for freight listing fees and other service fees
462,080
548,917
77,313
Income tax payable
52,233
154,916
21,819
Other tax payable
721,597
784,617
110,511
Operating lease liabilities – current
44,590
37,758
5,318
Accrued expenses and other current liabilities
1,301,160
1,723,245
242,714
Total current liabilities
2,731,765
3,274,673
461,227
Deferred tax liabilities
121,611
108,591
15,295
Operating lease liabilities – non-current
35,931
46,709
6,579
Other non-current liabilities
—
22,950
3,232
Total non-current liabilities
157,542
178,250
25,106
TOTAL LIABILITIES
2,889,307
3,452,923
486,333
MEZZANINE EQUITY
Redeemable non-controlling interests
149,771
277,420
39,074
SHAREHOLDERS’ EQUITY
Ordinary shares
1,377
1,371
193
Treasury stock
—
(608,117)
(85,651)
Additional paid-in capital
47,758,178
47,713,985
6,720,374
Accumulated other comprehensive income
2,511,170
2,897,871
408,157
Accumulated deficit
(16,613,492)
(14,400,604)
(2,028,283)
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY
33,657,233
35,604,506
5,014,790
Non-controlling interests
—
12,798
1,803
TOTAL SHAREHOLDERS’ EQUITY
33,657,233
35,617,304
5,016,593
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
36,696,311
39,347,647
5,542,000
1. The Group’s long-term investments consist of RMB8,540 million long-term time deposits, RMB678 million wealth management products with maturities
over one year, RMB831 million investments in debt securities, RMB318 million equity method investments, and RMB708 million equity investments without
readily determinable fair value as of December 31, 2023.
FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2022
2023
2023
2023
2022
2023
2023
RMB
RMB
RMB
US$
RMB
RMB
US$
Net revenues (including value added taxes,
“VAT”, of RMB998.5 million and
RMB1,197.4 million for the three months
ended December 31, 2022 and 2023,
RMB3,550.9 million and
RMB4,172.7 million for the year ended
December 31, 2022 and 2023,
respectively)
1,922,473
2,263,917
2,407,957
339,154
6,733,644
8,436,159
1,188,210
Operating expenses:
Cost of revenues (including VAT net of
refund of VAT of RMB675.4 million
and RMB864.7 million for the three
months ended December 31, 2022
and 2023, RMB2,539.3 million and
RMB3,121.0 million for the year
ended December 31, 2022 and
2023, respectively)(1)
(951,779)
(1,142,057)
(1,152,317)
(162,300)
(3,514,551)
(4,119,016)
(580,151)
Sales and marketing expenses(1)
(281,129)
(290,782)
(420,960)
(59,291)
(902,269)
(1,239,191)
(174,536)
General and administrative expenses(1)
(408,181)
(290,443)
(266,016)
(37,468)
(1,417,933)
(937,677)
(132,069)
Research and development expenses(1)
(250,207)
(237,716)
(255,344)
(35,964)
(914,151)
(946,635)
(133,331)
Provision for loans receivable
(53,900)
(62,948)
(67,627)
(9,525)
(194,272)
(234,599)
(33,043)
Total operating expenses
(1,945,196)
(2,023,946)
(2,162,264)
(304,548)
(6,943,176)
(7,477,118)
(1,053,130)
Other operating income
17,453
7,089
5,123
722
47,530
38,388
5,407
(Loss) income from operations
(5,270)
247,060
250,816
35,328
(162,002)
997,429
140,487
Other income (expense)
Interest income
202,324
297,249
313,037
44,090
483,658
1,141,861
160,828
Interest expenses
—
—
—
—
(175)
—
—
Foreign exchange gain (loss)
1,531
585
(2,909)
(410)
15,048
(2,149)
(303)
Investment income
1,212
22,605
25,832
3,638
5,411
55,621
7,834
Unrealized gain (loss) from fair value
changes of trading securities and
derivative assets
4,986
(12,124)
6,833
962
(63,390)
12,938
1,822
Other income, net
5,085
116,885
2,457
346
230,631
130,264
18,347
Share of loss in equity method investees
(73)
(236)
(825)
(116)
(1,246)
(2,067)
(291)
Total other income
215,065
424,964
344,425
48,510
669,937
1,336,468
188,237
Net income before income tax
209,795
672,024
595,241
83,838
507,935
2,333,897
328,724
Income tax expense
(14,110)
(53,601)
(6,991)
(985)
(96,035)
(106,804)
(15,043)
Net income
195,685
618,423
588,250
82,853
411,900
2,227,093
313,681
Less: net (loss) income attributable to
non-controlling interests
—
(675)
(591)
(83)
539
(1,252)
(176)
Less: measurement adjustment
attributable to redeemable non-
controlling interest
1,845
4,745
4,752
669
4,599
15,457
2,177
Net income attributable to
ordinary shareholders
193,840
614,353
584,089
82,267
406,762
2,212,888
311,680
FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2022
2023
2023
2023
2022
2023
2023
RMB
RMB
RMB
US$
RMB
RMB
US$
Net income per ordinary
share
—Basic
0.01
0.03
0.03
0.00
0.02
0.10
0.01
—Diluted
0.01
0.03
0.03
0.00
0.02
0.10
0.01
Net income per ADS*
—Basic
0.18
0.58
0.56
0.08
0.38
2.10
0.30
—Diluted
0.18
0.58
0.56
0.08
0.38
2.09
0.29
Weighted average number
of ordinary shares used
in computing net
income per share
—Basic
21,246,855,688
21,025,267,682
20,949,011,129
20,949,011,129
21,517,856,981
21,111,924,886
21,111,924,886
—Diluted(2)
21,305,376,233
21,059,252,652
21,016,273,541
21,016,273,541
21,579,616,389
21,162,351,461
21,162,351,461
Weighted average number
of ADS used in
computing net
income per ADS
—Basic
1,062,342,784
1,051,263,384
1,047,450,556
1,047,450,556
1,075,892,849
1,055,596,244
1,055,596,244
—Diluted(2)
1,065,268,812
1,052,962,633
1,050,813,677
1,050,813,677
1,078,980,819
1,058,117,573
1,058,117,573
* Each ADS represents 20 ordinary shares.
(1) Share-based compensation expense in operating expenses are as follows:
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2022
2023
2023
2023
2022
2023
2023
RMB
RMB
RMB
US$
RMB
RMB
US$
Cost of revenues
1,812
2,796
2,593
365
6,406
8,576
1,208
Sales and marketing
expenses
12,163
15,217
16,014
2,256
39,771
55,503
7,817
General and administrative
expenses
201,514
81,249
89,255
12,571
809,194
297,469
41,898
Research and development
expenses
19,749
22,938
22,813
3,213
63,884
80,279
11,307
Total
235,238
122,200
130,675
18,405
919,255
441,827
62,230
(2) Weighted average number of ordinary shares/ADS used in computing diluted net income per share/ADS are adjusted by
the potentially dilutive effects of ordinary shares/ADS issuable upon the exercise of outstanding share options.
FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2022
2023
2023
2023
2022
2023
2023
RMB
RMB
RMB
US$
RMB
RMB
US$
(Loss) income from
operations
(5,270)
247,060
250,816
35,328
(162,002)
997,429
140,487
Add:
Share-based
compensation
expense
235,238
122,200
130,675
18,405
919,255
441,827
62,230
Amortization of
intangible assets
resulting from
business acquisitions
14,121
13,021
13,021
1,834
56,484
52,084
7,336
Compensation cost
incurred in relation
to acquisitions
4,281
4,281
4,281
603
21,914
17,124
2,412
Settlement in principle
of U.S. securities
class action
—
71,900
—
—
—
71,900
10,127
Non-GAAP adjusted
operating income
248,370
458,462
398,793
56,170
835,651
1,580,364
222,592
Net income
195,685
618,423
588,250
82,853
411,900
2,227,093
313,681
Add:
Share-based
compensation
expense
235,238
122,200
130,675
18,405
919,255
441,827
62,230
Amortization of
intangible assets
resulting from
business acquisitions
14,121
13,021
13,021
1,834
56,484
52,084
7,336
Compensation cost
incurred in relation
to acquisitions
4,281
4,281
4,281
603
21,914
17,124
2,412
Settlement in principle
of U.S. securities
class action
—
71,900
—
—
—
71,900
10,127
Tax effects of
non-GAAP
adjustments
(3,530)
(3,255)
(3,255)
(459)
(14,120)
(13,021)
(1,834)
Non-GAAP adjusted net
income
445,795
826,570
732,972
103,236
1,395,433
2,797,007
393,952
FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2022
2023
2023
2023
2022
2023
2023
RMB
RMB
RMB
US$
RMB
RMB
US$
Net income attributable
to ordinary
shareholders
193,840
614,353
584,089
82,267
406,762
2,212,888
311,680
Add:
Share-based
compensation
expense
235,238
122,200
130,675
18,405
919,255
441,827
62,230
Amortization of
intangible assets
resulting from
business acquisitions
14,121
13,021
13,021
1,834
56,484
52,084
7,336
Compensation cost
incurred in relation
to acquisitions
4,281
4,281
4,281
603
21,914
17,124
2,412
Settlement in principle
of U.S. securities
class action
—
71,900
—
—
—
71,900
10,127
Tax effects of
non-GAAP
adjustments
(3,530)
(3,255)
(3,255)
(459)
(14,120)
(13,021)
(1,834)
Non-GAAP adjusted net
income attributable to
ordinary shareholders
443,950
822,500
728,811
102,650
1,390,295
2,782,802
391,951
Non-GAAP adjusted net
income per ordinary
share
—Basic
0.02
0.04
0.03
0.00
0.06
0.13
0.02
—Diluted
0.02
0.04
0.03
0.00
0.06
0.13
0.02
Non-GAAP adjusted net
income per ADS
—Basic
0.42
0.78
0.70
0.10
1.29
2.64
0.37
—Diluted
0.42
0.78
0.69
0.10
1.29
2.63
0.37
View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-fourth-quarter-and-fiscal-year-2023-unaudited-financial-results-302082633.html
SOURCE Full Truck Alliance Co. Ltd.
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TCL 50 PRO NXTPAPER 5G Smartphone Named CES 2025 Innovation Award Honoree
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November 15, 2024By
IRVINE, Calif., Nov. 14, 2024 /PRNewswire/ — TCL, a pioneer in display technology across feature-rich smartphones, tablets, and connected devices, is proud to announce its TCL 50 PRO NXTPAPER 5G smartphone has been honored with a CES 2025 Innovation Award for Mobile Devices. The recognition exemplifies TCL’s commitment to humanize technology and deliver innovative products optimized for the user experience.
This marks the second year in a row TCL has been recognized by the CTA for its mobile products. Last year, the TCL 40 NXTPAPER smartphone was also named a CES 2024 Innovation Award honoree in the Mobile Devices category. Emboldened by the positive feedback and results, TCL is committed to further pushing the boundaries of innovation with even more advanced and humanized technology for all users.
“At TCL, we’re not only keeping our finger on the pulse of the industry; we dig deep into every aspect of the user journey to help inform the devices that we craft,” said Jefferson Li, General Manager of TCL Mobile Phone Business Unit. “Integrating the pioneering NXTPAPER technology with cutting-edge AI capabilities, the TCL 50 PRO NXTPAPER 5G phone represents a significant upgrade in how we experience our digital world, providing users a clearer, more comfortable way to watch, create, and read wherever they go – all at an affordable price.”
The launch of the TCL 50 PRO NXTPAPER 5G at IFA 2024 in September has been a major highlight in TCL’s journey towards excellence this year. Leveraging AI functionalities powered by TCL’s partnership with Microsoft, and the distinct advantages of the latest NXTPAPER technology, the device is tailored to enrich reading and viewing experiences with enhanced productivity and unparalleled eye comfort. Representing a harmonious integration of technology and daily life, it empowers users with the freedom to effortlessly access and enjoy content in any setting.
The CES Innovation Awards program, organized by the Consumer Technology Association (CTA), is an annual competition honoring outstanding design and engineering in a multitude of consumer technology product categories. An elite panel of industry expert judges review and select the highest-scoring submissions based on innovation, engineering and functionality, aesthetics, and design.
The TCL 50 PRO NXTPAPER 5G boasts an exceptionally clear display that can minimize glare and reduce eye strain in any lighting condition, emulating the look and feel of paper that is gentle on the eyes. Adaptive screen settings optimize brightness and automatically adjust color temperature based on the time of day for a comfortable and natural viewing experience. A switch of the NXTPAPER Key instantly activates Max Ink Mode, promoting focused and immersive reading and minimizing eye fatigue. Combined with the Eye Care Assistant, the smartphone accommodates a contemporary digital lifestyle by prioritizing visual comfort. With sleek basalt cover and infinite pool design, it seamlessly blends both form and function.
About TCL Mobile
TCL Mobile specializes in the research, development and manufacturing of smartphones, tablets and connected devices. On a mission to deliver 5G for all, TCL Mobile helps its customers ‘Inspire Greatness’ in their lives through industry leading technology and solutions. For more information on TCL mobile devices, please visit: https://www.tcl.com/global/en/mobile.
About TCL
TCL Electronics specializes in the research, development and manufacturing of consumer electronics including TVs, mobile phones, audio devices, smart home products and appliances. Combining thoughtful design and innovative technology to inspire greatness, our lineup delivers must-have features and meaningful experiences. As one of the world’s largest consumer electronics brands, our vertically integrated supply chain, and state-of-the-art display panel factory help TCL deliver innovation for all. For more information, please visit: https://www.tcl.com
TCL is a registered trademark of TCL Corporation. All other trademarks are the property of their respective owners.
View original content to download multimedia:https://www.prnewswire.com/news-releases/tcl-50-pro-nxtpaper-5g-smartphone-named-ces-2025-innovation-award-honoree-302306530.html
SOURCE TCL Communication Technology Holdings Ltd.
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Deepak Chem Tech Limited to invest Rs 5000 Crores to acquire Polycarbonate Assets of Trinseo at Germany
Published
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November 15, 2024By
The Board approves Rs 5000 Crore investmentIncludes Greenfield infrastructure capex and Technology LicenseTo manufacture 165000 Metric Tonnes Polycarbonate Resin at DahejDeepak Chem Tech Limited is a wholly owned subsidiary of Deepak Nitrite Ltd.
VADODARA, India, Nov. 15, 2024 /PRNewswire/ — Deepak Chem Tech Limited plans to invest Rs 5000 Crores in Polycarbonate Project. Deepak Chem Tech Limited (DCTL) – a wholly owned subsidiary of Deepak Nitrite Limited, has approved to undertake a project for manufacturing Polycarbonate resins, proposed to be setup at the greenfield site located at Dahej, Gujarat, to produce 165,000 Metric Tonnes. The plant is expected to be commissioned by the fourth quarter of FY 2028. For this, Deepak Chem Tech Ltd. has entered into an agreement with Trinseo to acquire its Polycarbonate assets located at Stade, Germany along with technology license. The agreement also provides access to Trinseo’s globally recognized CALIBRETM resins and trademark.
Polycarbonate is amongst the most versatile emerging polymer finding extensive applications in automotive segments including electric mobility, electronics and electrical, construction, appliances, medical devices and other sunrise sectors such as aerospace, aviation, drones etc.
Commenting on the development, Shri Deepak C Mehta, Chairman and Managing Director of Deepak Nitrite Limited said, “This is historic collaboration between DCTL and Trinseo opens strategic opportunities for both the companies to explore partnerships in downstream compounds as well as complimentary technology tie-ups to service India’s burgeoning appetite for high quality engineering polymers. The tagline ‘Made in India‘ coupled with world scale capacities and formidable brand credibility, opens a new horizon of opportunities in the Advanced Materials front.”
Trinseo is a major manufacturer of engineering polymers and compounds with reported net sales of approximately $3.7 billion in 2023. Its engineering compound portfolio finds application with global, marque brands across industries.
About Deepak Nitrite Limited:
Deepak Nitrite Limited (NSE: DEEPAKNTR, BSE: 506401), India’s fastest growing Chemical Intermediates company, has a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home, and personal care segments and Petro derivates intermediates -phenolics, acetone and IPA in India, and overseas. Its products are manufactured across seven locations, which are all accredited by Responsible Care. It is certified by Ecovadis, TfS and is part of the Nicer Globe Alliance. Focusing on a Triple Bottomline principle of People, Planet, Profit, Deepak Nitrite Ltd. deploys globally benchmarked standards & systems, we are now accredited ‘Silver Rating’ by EcoVadis in 2022, for sustainability initiatives.
View original content:https://www.prnewswire.com/in/news-releases/deepak-chem-tech-limited-to-invest-rs-5000-crores-to-acquire-polycarbonate-assets-of-trinseo-at-germany-302306049.html
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Global Times: Illuminate roof of ‘Beautiful China’: Solar-powered rooftops transform countryside environments, boost rural revitalization efforts
Published
40 minutes agoon
November 15, 2024By
BEIJING, Nov. 14, 2024 /PRNewswire/ — The upper part of the Chinese character “home” resembles a roof, symbolizing a home can only exist with a roof over it.
Today, an increasing number of Chinese people are creating environmentally friendly landscapes on the roofs they cherish most, showcasing a tangible “Beautiful China” through their homes.
In early winter, at the foot of the Helan Mountains, the sun still brightly shines over the vast Gobi Desert. When people enter Yuanlong village of Minning town, Northwest China’s Ningxia Hui Autonomous Region, one can find rows of newly constructed agricultural residences with red tiles and white walls lining the road. From above, the blue photovoltaic panels glimmering on each red roof create a colorful mosaic under the sunlight.
Chinese people have aspired to convey their vision of harmony between heaven, earth, and humanity through architecture. Regarding the decision to install photovoltaic panels on the roof of her house, villager Zhang Hui told the Global Times that by installing photovoltaic panels on their roofs, they earn extra money, and the clean energy generated by the panels also gives them a channel to make their contribution to the country’s emissions reduction and energy conservation efforts.
“We want to further emphasize the harmonious coexistence of humanity and nature, embodying a characteristic of Chinese modernization through our roofs,” she said.
In recent years, China’s solar photovoltaic technology is emerging as a key component of China’s strategy to achieve its “dual carbon” goals, which aimed at achieving peak carbon emissions by 2030, and carbon neutrality by 2060.
The creation of this elevated landscape is a vivid representation of the Chinese people’s efforts in building a “Beautiful China” in all respects. In this revolutionary transformation that involving production methods, lifestyles, and values, countless individuals have keenly perceived that China is keeping pace with the times, making a sound, inclusive ecological environment for the well-being of the people.
Cash in on the sun
For the residents of the village, installing rooftop solar systems and earning money from sunlight has now become a source of joy. “Because when you look up, you can see your own roof, and it reminds you of the abundant harvest you have,” Zhang said.
Since 2016, Yuanlong village has successively built a 5-megawatt rooftop photovoltaic power station, supplied by photovoltaic panels on the roofs of over 1,635 immigrant households, accounting for nearly 96 of the village’s total households. As of March 2024, this initiative had earned a total of 40.22 million yuan ($ 5.5 million) in photovoltaic revenue for the village.
Since 2018, Zhang’s family has been renting the 54-square-meter rooftop to the power company, and the annual rental fee has increased from 300 yuan to 480 yuan as the power station has gradually entered a stable operating phase.
Beyond the tangible rental income, Zhang has also witnessed the thriving changes brought to her village by the rooftop photovoltaic power station program.
In 2020, the photovoltaic power station in Yuanlong village generated 850,000 yuan in revenue for the village collective. A portion of this revenue is distributed to villagers as rental fees, while another part is used as dividends for the village collective’s shares, funding various public welfare expenditures such as environmental sanitation improvements, major illness assistance for villagers, and education support.
The Global Times has learned how the rooftop solar systems program in Yuanlong village was operated: the local government attracts external investment to bid for the construction of a photovoltaic power station, guarantees a 100 percent buyback of the project’s output, ensuring that the village and its residents will receive 100 percent of profits during the 20-year operational period of the power station.
“Turning green, clean energy advantages into economic development advantages is a new concept for us,” said Ha Manpeng, 44, a villager from Yuanlong
Ha and many other villagers learned that the area they live has a high altitude, flat terrain and long sunlight hours, making it suitable for the installing of clean and efficient solar photovoltaic systems
“Simply retrofit the vacant roof, there will be a stable and long-term additional benefit. The manufacturers cooperating with the government will regularly send personnel to maintain, and regularly update the equipment, thus we have nothing to worry about,” Ha said.
Comfort life out of mountains
Zhang jokingly remarked that rooftop solar power generation has allowed the Yuanlong’s villagers to truly transition from a weather-dependent life to “making money from the weather.”
The over 10,000 villagers in Yuanlong were moved from another village – Xihaigu in 2012, which is a largely mountainous region that was labeled the “most unfit place for human settlement” by the United Nations in the 1970s due to land reclamation, drought, and a fragile ecological environment.
Ha recalled his childhood living in the village hidden in the folds of the mountains, where every household was plunged into darkness at night.
Over the past 40 years, Ningxia launched six large-scale resettlement schemes, moving some 1.23 million people from Xihaigu to more habitable areas. The relocation was part of the poverty alleviation drive, fulfilling many villagers’ desire for a comfortable life out of the mountains.
Having escaped the vicious cycle of ecological and survival crises, what kind of life and development path did the villagers of Xihaigu choose in their new homes?
Yuanlong village is one of the villages that has benefited early from the income generated by photovoltaic power stations. Ha was among the first residents to install solar panels on roof.
Initially, Ha’s personal experience with the five photovoltaic panels installed on his roof was simply that they provided shade on sunny days, and made the roof less prone to leaks on rainy days. As more households in the village adopted the solar rooftops, Ha witnessed a profound improvement in the living conditions of the villagers, along with an increase in their income.
As of November 2020, China had achieved the feat of delisting all 832 poverty-stricken counties. The development of photovoltaic power stations, as a typical model of industrial poverty alleviation, has contributed to this historic achievement.
According to China’s National Energy Administration, by the end of 2020, China had built photovoltaic power stations with a combined capacity of 26.36 million kilowatts, generating approximately 18 billion yuan in annual electricity revenue, and creating 1.25 million public welfare jobs.
When this clean, low-carbon, safe, and efficient energy enters the homes of ordinary people, it not only provides shelter through new types of rooftops for families, but also supports more Chinese people in achieving a moderately prosperous life. Many residents have come to realize that their choices contribute to the country’s energy conservation and emission reduction efforts.
They want to do even more.
“When I was a child, there was no electricity in my home, but now we can even produce electricity at home. In our village, people prefers to buy new energy vehicles. Waste sorting has become a habit for the villagers,” Ha said.
“When we go out traveling, the children can immediately ‘capture’ solar panels everywhere. They are also very happy to see that more and more villages began to install solar rooftops just like us,” Zhang added.
Green electricity town
Facing the changes in life, as an official of the Yuanlong village, Zhang’s focus has gradually shifted from the land owned by villagers to the cattle and sheep they raise, and the job opportunities available to them. Now, she is also gradually learning to consider all these key aspects within the context of the new era of development she is in.
Whenever representatives from enterprises and communities visit Yuanlong village, Zhang highlights the embroidery skills of the local women and the solar roofs they have.
One of Zhang’s proudest achievements this year has been helping to showcase and sell the village women’s embroidered crafts to a power supply company in Fuzhou, East China’s Fujian Province. She is very proud that this “green collaboration” has broken through regional limitations, built more bridges for communication between her village and the outside world, and empowered the development of local women.
With the official launch of the “green electricity town” project in Minning town in August 2023, which aims to create a new type of system demonstration area powered entirely by clean energy 24 hours a day, the project is expected to reduce carbon emissions by 48,000 tons annually once completed.
Zhang believes that the villagers in Yuanlong will have more opportunities to showcase their talents and felt gratified that she is living in a country that pays more attention to protecting the ecological environment.
At a national conference on ecological and environmental protection held in July 2023, Chinese President Xi Jinping has stressed efforts to promote the building of a Beautiful China in all respects and accelerate the advancement of modernization featuring harmony between human and nature.
The next five years is a crucial period for building a Beautiful China, which should be placed in a prominent position in building a great modern socialist country in all respects and advancing national rejuvenation, Xi said.
The country should support high-quality development with a high-quality ecological environment and promote the modernization featuring the harmonious co-existence between human and nature, he noted.
Looking up at her rooftop, Zhang eagerly awaits the completion of the “green electricity town.” She hopes it will build a stronger bridge connecting the common people’s dream of a better life with the country’s plans for emission reduction and energy conservation, leading to a more “Beautiful China.”
https://www.globaltimes.cn/page/202411/1323101.shtml
View original content:https://www.prnewswire.com/news-releases/global-times-illuminate-roof-of-beautiful-china-solar-powered-rooftops-transform-countryside-environments-boost-rural-revitalization-efforts-302306546.html
SOURCE Global Times
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