Technology
Zhihu Inc. Reports Unaudited Second Quarter 2024 Financial Results
Published
1 month agoon
By
BEIJING, Aug. 22, 2024 /PRNewswire/ — Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended June 30, 2024.
Second Quarter 2024 Highlights
Total revenues were RMB933.8 million (US$128.5 million) in the second quarter of 2024, compared with RMB1,044.2 million in the same period of 2023.Gross margin expanded to 59.6% in the second quarter of 2024 from 53.8% in the same period of 2023.Net loss was RMB80.6 million (US$11.1 million) in the second quarter of 2024, narrowed by 71.1% from the same period of 2023.Adjusted net loss (non-GAAP)[1] was RMB44.6 million (US$6.1 million) in the second quarter of 2024, narrowed by 79.9% from the same period of 2023.Average monthly active users (MAUs)[2] were 80.6 million in the second quarter of 2024. Average monthly subscribing members[3] were 14.7 million in the second quarter of 2024.
“Our strategic decisions and effective execution yielded impressive financial results in the second quarter of 2024,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “At the same time, we made substantial strides in enhancing our core user experience, evidenced by the continued growth in user retention and DAU time spent. Building on our community’s enhanced trustworthiness, we launched Zhihu Zhida (知乎直答) in late June, marking a major advancement in our AI search initiatives. Further improvements in user retention and the positive user feedback Zhihu Zhida has received demonstrate our unique advantages and ability to capture the tremendous opportunities in this field.”
Mr. Han Wang, chief financial officer of Zhihu, added, “The second quarter marked our lowest quarterly loss since our U.S. IPO. During the quarter, we maintained disciplined spending while achieving a high ROI across all business lines. Additionally, we are committed to enhancing shareholder returns through various means. Moving forward, we will continue to emphasize strong strategic execution as we pursue long-term sustainable profitability.”
Second Quarter 2024 Financial Results
Total revenues were RMB933.8 million (US$128.5 million) in the second quarter of 2024, compared with RMB1,044.2 million in the same period of 2023.
Marketing services revenue was RMB344.0 million (US$47.3 million), compared with RMB412.7 million in the same period of 2023. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement.
Paid membership revenue was RMB432.7 million (US$59.5 million), compared with RMB449.1 million in the same period of 2023. The slight decrease was primarily attributable to a marginal decline in our average revenue per subscribing member.
Vocational training revenue was RMB133.6 million (US$18.4 million), compared with RMB144.5 million in the same period of 2023. The decrease was primarily driven by lower revenue contributions from our acquired businesses.
Other revenues were RMB23.5 million (US$3.2 million), compared with RMB37.9 million in the same period of 2023.
Cost of revenues decreased by 21.8% to RMB377.3 million (US$51.9 million) from RMB482.1 million in the same period of 2023. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues.
Gross profit was RMB556.5 million (US$76.6 million), compared with RMB562.1 million in the same period of 2023. Gross margin expanded to 59.6% from 53.8% in the same period of 2023, primarily attributable to our monetization enhancements and improvements in our operating efficiency.
Total operating expenses decreased by 16.7% to RMB740.4 million (US$101.9 million) from RMB889.3 million in the same period of 2023.
Selling and marketing expenses decreased by 22.9% to RMB417.0 million (US$57.4 million) from RMB540.6 million in the same period of 2023. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.
Research and development expenses decreased by 11.4% to RMB209.3 million (US$28.8 million) from RMB236.2 million in the same period of 2023. The decrease was primarily attributable to more efficient spending on technology innovation.
General and administrative expenses were RMB114.1 million (US$15.7 million), compared with RMB112.5 million in the same period of 2023.
Loss from operations narrowed by 43.8% to RMB183.9 million (US$25.3 million) from RMB327.2 million in the same period of 2023.
Adjusted loss from operations (non-GAAP)[1] narrowed by 45.4% to RMB147.1 million (US$20.2 million) from RMB269.4 million in the same period of 2023.
Net loss narrowed by 71.1% to RMB80.6 million (US$11.1 million) from RMB279.1 million in the same period of 2023.
Adjusted net loss (non-GAAP)[1] narrowed by 79.9% to RMB44.6 million (US$6.1 million) from RMB222.3 million in the same period of 2023.
Diluted net loss per American depositary share (“ADS”) [4] was RMB0.89 (US$0.12), compared with RMB2.76 in the same period of 2023.
Cash and cash equivalents, term deposits, restricted cash and short-term investments
As of June 30, 2024, the Company had cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB5,061.5 million (US$696.5 million), compared with RMB5,462.9 million as of December 31, 2023.
Share Repurchase Programs
As of June 30, 2024, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company’s existing US$100 million share repurchase program (the “2022 Repurchase Program”), established in May 2022 and extended until June 26, 2025. In addition, a concurrent share repurchase program (the “2024 Repurchase Program”) was established in June 2024, effective until June 26, 2025. The maximum number of shares (including shares underlying the ADSs) that can be repurchased under the 2024 Repurchase Program, together with the remaining number of shares (including shares underlying the ADSs) that can be repurchased under the 2022 Repurchase Program, will not exceed 10% of the total number of issued shares of the Company (excluding any treasury shares) as of June 26, 2024, the date of the resolution granting the general unconditional mandate to purchase the Company’s own shares approved by shareholders.
[1] Adjusted loss from operations and adjusted net loss are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
[2] MAUs refers to the sum of the number of mobile devices that launch our mobile apps at least once in a given month, or mobile MAUs, and the number of logged-in users who visit our PC or mobile website at least once in a given month, after eliminating duplicates.
[3] Monthly subscribing members refers to the number of our Yan Selection members in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period.
[4] On May 10, 2024, we effected a change in the ratio of our ADSs to Class A ordinary shares from two ADSs representing one Class A ordinary share to a new ratio of one ADS representing three Class A ordinary shares. Basic and diluted net loss per ADS have been retrospectively adjusted to reflect this ADS ratio change for all periods presented.
Conference Call
The Company’s management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on August 22, 2024 (8:00 a.m. Beijing/Hong Kong time on August 23, 2024).
All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers, a passcode, and a unique registrant ID which can be used to join the conference call. Participants may pre-register at any time, including up to and after the call start time.
Participant Online Registration: https://dpregister.com/sreg/10191716/fd413a8bd8
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.zhihu.com.
A replay of the conference call will be accessible approximately one hour after the conclusion of the live call, until August 29, 2024, by dialing the following telephone numbers:
United States (toll free):
+1-877-344-7529
International:
+1-412-317-0088
Replay Access Code:
4215305
About Zhihu Inc.
Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive online content communities and the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted loss from operations and adjusted net loss, to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company’s management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as they help the Company’s management.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider it in isolation from, or as a substitute for analysis of, our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Zhihu Inc.
Email: ir@zhihu.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
Email: zhihu@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Phone: +1-212-481-2050
Email: zhihu@tpg-ir.com
ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2023
June 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Revenues:
Marketing services
412,740
330,542
343,979
47,333
804,877
674,521
92,817
Paid membership
449,098
449,724
432,652
59,535
903,867
882,376
121,419
Vocational training
144,520
145,436
133,633
18,389
251,518
279,069
38,401
Others
37,851
35,161
23,546
3,240
78,167
58,707
8,078
Total revenues
1,044,209
960,863
933,810
128,497
2,038,429
1,894,673
260,715
Cost of revenues
(482,131)
(417,384)
(377,266)
(51,914)
(964,132)
(794,650)
(109,347)
Gross profit
562,078
543,479
556,544
76,583
1,074,297
1,100,023
151,368
Selling and marketing expenses
(540,593)
(477,954)
(416,985)
(57,379)
(986,158)
(894,939)
(123,148)
Research and development expenses
(236,245)
(197,356)
(209,323)
(28,804)
(419,205)
(406,679)
(55,961)
General and administrative expenses
(112,460)
(92,917)
(114,107)
(15,702)
(212,898)
(207,024)
(28,487)
Total operating expenses
(889,298)
(768,227)
(740,415)
(101,885)
(1,618,261)
(1,508,642)
(207,596)
Loss from operations
(327,220)
(224,748)
(183,871)
(25,302)
(543,964)
(408,619)
(56,228)
Other income/(expenses):
Investment income
11,793
16,902
21,811
3,001
17,799
38,713
5,327
Interest income
39,987
30,763
26,754
3,681
79,480
57,517
7,915
Fair value change of financial instruments
(9,016)
9,408
31,412
4,322
(12,598)
40,820
5,617
Exchange gains
7,076
120
289
40
1,427
409
56
Others, net
644
3,043
15,947
2,194
6,977
18,990
2,613
Loss before income tax
(276,736)
(164,512)
(87,658)
(12,064)
(450,879)
(252,170)
(34,700)
Income tax (expenses)/benefits
(2,330)
(1,284)
7,063
972
(7,159)
5,779
795
Net loss
(279,066)
(165,796)
(80,595)
(11,092)
(458,038)
(246,391)
(33,905)
Net (income)/loss attributable to
noncontrolling interests
(775)
950
(2,144)
(295)
(3,158)
(1,194)
(164)
Net loss attributable to Zhihu Inc.’s
shareholders
(279,841)
(164,846)
(82,739)
(11,387)
(461,196)
(247,585)
(34,069)
Net loss per share
Basic
(0.92)
(0.59)
(0.30)
(0.04)
(1.52)
(0.88)
(0.12)
Diluted
(0.92)
(0.59)
(0.30)
(0.04)
(1.52)
(0.88)
(0.12)
Net loss per ADS (One ADS represents
three Class A ordinary shares)
Basic
(2.76)
(1.76)
(0.89)
(0.12)
(4.55)
(2.65)
(0.36)
Diluted
(2.76)
(1.76)
(0.89)
(0.12)
(4.55)
(2.65)
(0.36)
Weighted average number of ordinary
shares outstanding
Basic
304,068,362
281,549,707
279,241,647
279,241,647
304,052,681
280,403,026
280,403,026
Diluted
304,068,362
281,549,707
279,241,647
279,241,647
304,052,681
280,403,026
280,403,026
ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2023
June 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Share-based compensation expenses included in:
Cost of revenues
2,146
2,497
750
103
6,546
3,247
447
Selling and marketing expenses
6,384
3,272
(6,063)
(834)
15,142
(2,791)
(384)
Research and development expenses
14,941
3,680
4,439
611
36,146
8,119
1,117
General and administrative expenses
28,976
16,363
33,515
4,612
50,531
49,878
6,863
ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
As of December 31,
2023
As of June 30,
2024
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
2,106,639
3,159,325
434,738
Term deposits
1,586,469
1,204,062
165,684
Short-term investments
1,769,822
646,321
88,937
Restricted cash
–
51,774
7,124
Trade receivables
664,615
532,929
73,333
Amounts due from related parties
18,319
41,236
5,674
Prepayments and other current assets
232,016
201,338
27,705
Total current assets
6,377,880
5,836,985
803,195
Non-current assets:
Property and equipment, net
10,849
9,670
1,331
Intangible assets, net
122,645
61,698
8,490
Goodwill
191,077
126,344
17,386
Long-term investments, net
44,621
51,176
7,042
Right-of-use assets
40,211
21,959
3,022
Other non-current assets
7,989
372
51
Total non-current assets
417,392
271,219
37,322
Total assets
6,795,272
6,108,204
840,517
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities
1,038,531
913,225
125,664
Salary and welfare payables
342,125
219,681
30,229
Taxes payables
21,394
16,967
2,335
Contract liabilities
303,574
283,465
39,006
Amounts due to related parties
26,032
10,685
1,470
Short-term lease liabilities
42,089
24,834
3,417
Short-term borrowings
–
51,774
7,124
Other current liabilities
171,743
159,014
21,881
Total current liabilities
1,945,488
1,679,645
231,126
Non-current liabilities
Long-term lease liabilities
3,642
2,071
285
Deferred tax liabilities
22,574
8,030
1,105
Other non-current liabilities
121,958
18,253
2,512
Total non-current liabilities
148,174
28,354
3,902
Total liabilities
2,093,662
1,707,999
235,028
Total Zhihu Inc.’s shareholders’ equity
4,599,810
4,312,294
593,392
Noncontrolling interests
101,800
87,911
12,097
Total shareholders’ equity
4,701,610
4,400,205
605,489
Total liabilities and shareholders’ equity
6,795,272
6,108,204
840,517
ZHIHU INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2023
June 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Loss from operations
(327,220)
(224,748)
(183,871)
(25,302)
(543,964)
(408,619)
(56,228)
Add:
Share-based compensation expenses
52,447
25,812
32,641
4,492
108,365
58,453
8,043
Amortization of intangible assets resulting from
business acquisitions
5,365
5,365
4,115
566
8,855
9,480
1,304
Adjusted loss from operations
(269,408)
(193,571)
(147,115)
(20,244)
(426,744)
(340,686)
(46,881)
Net loss
(279,066)
(165,796)
(80,595)
(11,092)
(458,038)
(246,391)
(33,905)
Add:
Share-based compensation expenses
52,447
25,812
32,641
4,492
108,365
58,453
8,043
Amortization of intangible assets resulting
from business acquisitions
5,365
5,365
4,115
566
8,855
9,480
1,304
Tax effects on non-GAAP adjustments
(1,069)
(1,069)
(756)
(104)
(1,669)
(1,825)
(251)
Adjusted net loss
(222,323)
(135,688)
(44,595)
(6,138)
(342,487)
(180,283)
(24,809)
View original content:https://www.prnewswire.com/news-releases/zhihu-inc-reports-unaudited-second-quarter-2024-financial-results-302229121.html
SOURCE Zhihu Inc.
You may like
Technology
Siemon Announces Optical Patching Solutions for GenAI Networks Using NVIDIA Accelerated Computing
Published
5 hours agoon
September 22, 2024By
Siemon announces it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks.
WATERTOWN, Conn., Sept. 22, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, today announced it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks. Large complex GPU clusters can benefit from using structured cabling patch panels versus point-to-point cabling. Siemon acts as a trusted advisor to customers by providing expert advice and best practice recommendations for design & deployment of NVIDIA AI Infrastructure.
As part of the solution integration, Siemon has joined the NVIDIA Partner Network (NPN) as a Solution Advisor Consultant. NPN Solution Advisor Consultants provide consultation services and expert advice to customers looking to implement NVIDIA-based solutions or technologies. Siemon joins the network to offer its expertise in addressing the unique infrastructure and cabling challenges presented by accelerated computing.
NVIDIA optical reach specifications are calculated assuming two optical patch panels are used in the link and assuming each employ two optical connectors, which makes for a total allowance of four optical connectors in the link. The Siemon optical patching solutions meet NVIDIA requirements and provide customers with flexibility and ease of management.
Media Contact
Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com
View original content:https://www.prweb.com/releases/siemon-announces-optical-patching-solutions-for-genai-networks-using-nvidia-accelerated-computing-302254640.html
SOURCE Siemon
Technology
AMSimpkins & Associates Awarded Wisconsin Technical Purchasing Consortium Contract RFB 25-002TP – for Identity Verification Solutions
Published
6 hours agoon
September 22, 2024By
AMSimpkins & Associates has been awarded the Wisconsin Technical Colleges Purchasing Consortium (WTC-PC) contract for Identity Verification Solutions. This partnership includes providing their advanced S.A.F.E. (Student Application Fraudulent Examination) platform to 16 Wisconsin technical colleges, enhancing security and safeguarding against fraudulent student applications. With a focus on higher education, AMSA aims to support these institutions in maintaining the integrity of their admissions processes and preventing identity fraud. This collaboration underscores AMSA’s commitment to delivering innovative solutions tailored for the education sector.
ATLANTA, Sept. 22, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates is proud to announce its selection by the Wisconsin Technical College System Purchasing Consortium (WTC-PC) to provide Identity Verification Solutions through the S.A.F.E. platform. The WTC-PC comprises 16 independent, publicly funded two-year technical colleges across Wisconsin, including Blackhawk Technical College, Chippewa Valley Technical College, Fox Valley Technical College, and Milwaukee Area Technical College, among others.
With a focus on preventing identity fraud, AMSimpkins & Associates’ comprehensive solutions will strengthen the security measures across admissions, enrollment, and financial aid processes, ensuring secure verification and compliance with federal and state regulations. S.A.F.E. will now support Wisconsin’s higher education system, offering its cutting-edge technology to streamline operations and safeguard student data.
“We are honored by the Wisconsin Technical College Consortium’s trust in AMSimpkins & Associates,” said Maurice Simpkins, President and Founder. “This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”
As part of this agreement, AMSimpkins & Associates will deliver comprehensive services, including system integration, training, and ongoing support to ensure seamless implementation. S.A.F.E.’s capabilities are designed to evolve with growing threats of fraudulent activities, keeping institutions one step ahead in securing student identities.
Institutions in the Wisconsin Technical College System:
Blackhawk Technical CollegeChippewa Valley Technical CollegeFox Valley Technical CollegeGateway Technical CollegeLakeshore Technical CollegeMadison Area Technical CollegeMid-State Technical CollegeMilwaukee Area Technical CollegeMoraine Park Technical CollegeNicolet Area Technical CollegeNorthcentral Technical CollegeNortheast Wisconsin Technical CollegeNorthwood Technical CollegeSouthwest Wisconsin Technical CollegeWaukesha County Technical CollegeWestern Technical College
The S.A.F.E. platform’s advanced identity verification services will play a pivotal role in securing sensitive data and ensuring a safe and fraud-free environment for Wisconsin’s technical colleges and their students.
For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com.
Media Contact
LAQWACIA SIMPKINS, AMSimpkins & Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, amsa-highered.com
View original content:https://www.prweb.com/releases/amsimpkins–associates-awarded-wisconsin-technical-purchasing-consortium-contract-rfb-25-002tp—for-identity-verification-solutions-302253867.html
SOURCE AMSimpkins & Associates
Technology
Shijingshan: Committed to High-Level Openness
Published
11 hours agoon
September 22, 2024By
BEIJING, Sept. 22, 2024 /PRNewswire/ — Following the third plenary session of the 20th Central Committee of the Communist Party of China, China successfully hosted its first national-level international large-scale fair—the China International Fair for Trade in Services (CIFTIS) 2024, which concluded on September 16. The event featured exhibitors from 85 countries and international organizations, participating under their national governments or headquarters, with over 450 Fortune Global 500 companies and industry leaders showcasing their offerings both online and offline.
Adhering to the open, cooperative and mutually beneficial principle, the CIFTIS injects new momentum into global economic development through concrete actions. As one of the “dual venues” for the fair, Shijingshan District hosted a variety of business activities, including exhibitions, negotiations, and conferences. While providing meeting organization services, it showcased the achievements of Shijingshan in fostering openness and development. By leveraging the Fair’s platform, Shijingshan seeks to promote its developmental advantages globally and aims to attract more partners to this welcoming district for mutually beneficial and win-win cooperation.
Presenting Achievements in Open Cooperation and Development in Multiple Dimensions
This CIFTIS’s Shougang Park venue is composed of nine thematic exhibitions, including telecommunications, computer and information services; financial services; culture & tourism services; education services; sports services; supply chain & business services; engineering consulting & construction services; health services; and environmental services. It circles around cultivating new quality productive forces while showcasing the latest achievements, technologies, and applications in the digitalization, intelligentization, and greening of services trade, creating a “debut stage” for global services trade.
Shijingshan leverages its strengths by organizing five thematic exhibitions and four promotional booths on-site. The culture & tourism services exhibition promoted Shijingshan’s rich culture and tourism resources, while also building a support area for paired assistance to highlight its revitalization efforts to a global audience. The financial services exhibition showcased its achievements in economic development across five sectors, that is, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The exhibition of telecommunications, computer and information services highlighted the growth of Shijingshan’s the artificial intelligence large model industry cluster and key humanoid robot enterprises. In addition, the primary and secondary school science education experimental zone invited participation from six national-level science education centers, including Shijingshan District, to display their accomplishments. Four schools, including the Beijing National Day School Shijingshan, showcased their scientific research and learning outcomes through visual presentations and videos, while also engaging visitors in interactive science experiments.
The AIES Beijing Open is made up of four competition areas, virtual cycling, virtual rowing, virtual dance, and virtual table tennis. The event welcomed international competitors, domestic professional athletes, high-level amateurs, and university students, while showing the achievements of the “digital + sports” industry. Besides, four promotional booths focused on taxation, justice, investment, and commerce showcases Shijingshan’s tax and judicial policies, offering one-stop policy guidance for participating businesses and visitors. These booths also clarified investment promotion policies, creating a unique event that integrates commerce, tourism, culture, and sports.
Working Together for Global Open Cooperation and Development
The Open Cooperation Forum 2024 was held on the afternoon of September 13. Experts, scholars, government representatives, and business leaders from both domestic and international backgrounds gathered at the Shougang Park to engage in in-depth discussions on promoting high-level open cooperation and supporting regional economic development. Shijingshan District is committed to taking industrial transformation as the strategic foundation for its initiatives, establishing several distinctive industrial parks, including the Intelligent Technology Park, Industrial Internet Park, Virtual Reality Park, Science Fiction Industry Cluster, and Artificial Intelligence Large Model Cluster. What’s more, the district is focusing on new opportunities in future information, future health, future manufacturing, and future space, continually enhancing its innovation capacity, development vitality, economic strength, and overall competitiveness.
It is dedicated to expanding openness as a key driver for integrating into the capital’s new development pattern. The district capitalizes on a range of policy opportunities, including the construction of Beijing’s two zones, effectively leveraging the role of expanding services and deepening economic reforms. It continues to optimize the business environment, actively participates in organizing the CIFTIS, and develops high-standard international cooperation zones to provide a broad platform and efficient services for enterprises to settle and cluster. Shijingshan aims to implement high-level openness to promote high-quality development, enhance mechanisms for foreign openness, innovate and elevate services trade, and align with international economic and trade standards, creating a premier business environment characterized by marketization, rule of law, and internationalization.
Three parallel forums took place during this CIFTIS. With the theme of “Leveraging Overseas Strength for Development • Pursuing Broad Horizons Through Innovation”, the Dream Incubator of Overseas Chinese Beijing Forum set up ten sub-venues abroad, aiming to enhance the involvement of overseas Chinese’s capital and expertise in Beijing’s high-quality development. The Artificial General Intelligence Computility Forum focused on “Releasing New Quality Productive Forces with Unbounded Intelligence and Computational Foundations”, where industry experts and scholars explored new possibilities in artificial general intelligence computility. The Digital Energy Development Forum 2024, themed as “Energizing the Future with Digital Innovation”, showcased a range of quality development achievements and finalized partnerships for several high-quality projects, uniting all parties to advance digital innovation and development.
The rich array of side events is one of the highlights of this CIFTIS. The International Open Cooperation Promotion Conference circled around developing the international open cooperation zone, drawing representatives from international organizations, leading global companies, and prospective businesses seeking to establish a presence in these areas. It centered on the advantages of Shijingshan’s key industries to attract target enterprises. Furthermore, the Roundtable Discussion of Foreign-Funded Enterprises engaged representatives from international organizations, business associations, and foreign-funded companies from countries like Malaysia, Singapore, and France to explore collaboration in aligning with high-standard international economic and trade rules, as well as market access in the service sector, sharing the successes of modernization with Chinese characteristics.
To enhance the consumer experience for attendees of the CIFTIS, Shijingshan has expanded its comprehensive service offerings in areas such as food, accommodation, transportation, tourism, entertainment and shopping. The Second “Here I Am for CIFTIS” Shijingshan Culture and Tourism Carnival has been significantly upgraded, evidenced by the “Divine Beasts Ascend to Immortal Mountain”: Enchanting Night Tour in Shijing Mountain. The “Surprises Await in Shijingshan. Hey There, CIFTIS!” promotional event was held during the 14th Shijingshan Consumption Festival. This included online surprise announcements and a consumption map showcasing quality shopping venues. Special surprise floats were on display, with oversized themed shopping bags distributed. Shopping centers like Joy City, Xirondo Plaza, Modern Plaza, and Chang’an Mills in Shijingshan also launched supporting promotional activities. Business tours in Shijingshan offered three dedicated routes, inviting exhibitors from digital technology, finance and insurance, culture and tourism, and sports related industries to explore relevant industrial parks and attractions for in-depth exchanges.
The China International Fair for Trade in Services 2024 has successfully concluded. Utilizing this platform, Shijingshan has once again showed its high-quality development achievements and favorable business environment to a global audience. We look forward to collaborating with more partners in an open and inclusive manner to create a win-win future.
View original content:https://www.prnewswire.com/news-releases/shijingshan-committed-to-high-level-openness-302254872.html
SOURCE Open Cooperation Forum
Bitcoin price strength extends to AVAX, SUI, TAO and AAVE — Are altcoins back?
Kamala Harris leading in 4 of 6 swing states on Polymarket
Siemon Announces Optical Patching Solutions for GenAI Networks Using NVIDIA Accelerated Computing
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market3 days ago
Feds end Bitcoin bandits’ luxury life fueled by $230M crypto scam
-
Near Videos3 days ago
[REDACTED] online hackathon workshop workshop with Calimero Network
-
Technology1 day ago
Summit of Whose Future? Girls Have the Answers: Leaders Must Listen
-
Coin Market1 day ago
Indian Supreme Court recovers YouTube account from XRP scammers
-
Coin Market5 days ago
Australia’s central bank launches 3-year program for wholesale CBDC
-
Coin Market4 days ago
Borderless Capital announces $100M for third DePIN fund
-
Coin Market4 days ago
Bitcoin price attempts to turn the tide after Fed’s 0.5% rate cut
-
Coin Market4 days ago
US lawmaker accuses SEC of ‘enforcement abuse’ against crypto firms