Technology

ZKH Group Limited Announces Second Quarter 2024 Unaudited Financial Results

Published

3 months ago

August 22, 2024

SHANGHAI, Aug. 22, 2024 /PRNewswire/ — ZKH Group Limited (“ZKH” or the “Company”) (NYSE: ZKH), a leading maintenance, repair and operations (“MRO”) procurement service platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Operational and Financial Highlights

in thousand RMB, except for number of
customers, percentage and basis points (“bps”)

Second Quarter

2023

2024

Change

GMV[1]

2,608,851

2,754,591

5.6 %

GMV by Platform

ZKH Platform

2,375,584

2,479,915

4.4 %

GBB Platform

233,267

274,676

17.8 %

GMV by Business Model

Product Sales (1P)

1,995,108

2,185,351

9.5 %

Marketplace (3P)

613,743

569,240

-7.3 %

Number of Customers[2]

38,980

48,766

25.1 %

ZKH Platform

28,909

34,360

18.9 %

GBB Platform

10,071

14,406

43.0 %

Net Revenues[3]

2,073,453

2,249,996

8.5 %

Gross Profit

335,071

382,991

14.3 %

% of Net Revenues

16.2 %

17.0 %

86.2bps

Operating Loss

(123,093)

(71,213)

-42.1 %

% of Net Revenues

-5.9 %

-3.2 %

277.2bps

Non-GAAP EBITDA[4]

(107,851)

(47,068)

-56.4 %

% of Net Revenues

-5.2 %

-2.1 %

311.0bps

Net Loss

(129,580)

(66,289)

-48.8 %

% of Net Revenues

-6.2 %

-2.9 %

330.3bps

Non-GAAP Adjusted Net Loss[5]

(129,498)

(34,857)

-73.1 %

% of Net Revenues

-6.2 %

-1.5 %

469.6bps

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, “Bolstered by our leadership position in the MRO industry, we achieved solid performance in the second quarter of 2024, driving further profitability improvement despite macroeconomic headwinds. Specifically, we continued to invest in strengthening our supply chain capabilities, enabling us to offer better value-for-money product offerings. Concurrently, we enhanced our customer coverage and service capabilities by optimizing the sales team structure to foster closer customer engagement. In parallel, we redoubled our efforts to advance our digitalization and artificial intelligence capabilities by promoting digital and intelligent applications across various business areas. Looking ahead, we remain steadfast in our commitment to doing what is right for the long-term success of our business. Our unique value proposition of providing digitalized and one-stop MRO procurement solutions to our customers serves as the foundation for our continued growth. Leveraging this strong market positioning, we are well-poised to seize the vast opportunities in the MRO market and deliver sustainable revenue growth.”

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “We are pleased with the solid growth in the second quarter, with GMV and net revenue increasing by 5.6% and 8.5% year over year, respectively. This performance was underpinned by a 25.1% year-over-year increase in customer numbers and continued strong demand in the MRO market. While delivering continued topline growth, our profitability strengthened further with an improvement in the gross margin and a narrowing of the net loss. Our gross profit increased by 14.3% with gross margin expanding by 86.2 basis points year over year and adjusted net loss narrowed by 73.1%, with a corresponding margin improvement of 469.6 basis points year over year, marking our ninth consecutive quarter of year-over-year improvement. Moving forward, we will continue our share repurchase program initiated earlier this year and remain focused on sustaining growth and delivering long-term value to all our stakeholders.”

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

[2] Customers are customers that transacted with the Company during the period of time, which mainly include enterprise customers in various industries.

[3] The proportion of GMV generated by the marketplace model was 23.5% and 20.7% for the second quarter of 2023 and 2024, respectively.

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

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

Second Quarter 2024 Financial Results

Net Revenues. Net revenues were RMB2,250.0 million (US$309.6 million), representing an increase of 8.5% from RMB2,073.5 million in the same period of 2023, mainly due to the strong increase in customer numbers and continued growth in MRO market demand.

in thousand RMB, except for percentage

Second Quarter

2023

2024

Change

Net Revenues

2,073,453

2,249,996

8.5 %

Net Product Revenues

1,986,555

2,163,721

8.9 %

From ZKH Platform

1,756,114

1,893,447

7.8 %

From GBB Platform

230,441

270,274

17.3 %

Net Service Revenues

69,865

69,161

-1.0 %

Other Revenues

17,033

17,114

0.5 %

Net Product Revenues. Net product revenues were RMB2,163.7 million (US$297.7 million), representing an increase of 8.9% from RMB1,986.6 million in the same period of 2023. The increase was mainly due to higher net product revenues generated from both the ZKH and GBB platforms, primarily driven by the strong increase in customer numbers.

Net Service Revenues. Net service revenues were RMB69.2 million (US$9.5 million), a decrease of 1.0% from RMB69.9 million in the same period of 2023, primarily due to lower proportion of GMV generated by the marketplace model on the ZKH platform.

Other Revenues. Other revenues were RMB17.1 million (US$2.4 million), compared with RMB17.0 million in the same period of 2023.

Cost of Revenues. Cost of revenues was RMB1,867.0 million (US$256.9 million), representing an increase of 7.4% from RMB1,738.4 million in the same period of 2023, which was lower than the growth in product revenues, mainly attributable to the payoff of the Company’s measures to reduce the overall product procurement costs.

Gross Profit and Gross Margin. Gross profit was RMB383.0 million (US$52.7 million), an increase of 14.3% from RMB335.1 million in the same period of 2023. Gross margin was 17.0%, compared with 16.2% in the same period of 2023. The increase in gross margin was driven by higher gross margin of product sales model (1P) and increased take-rate of marketplace model (3P) on the ZKH platform, partially offset by lower gross margin of the GBB platform.

in thousand RMB, except for percentage and
basis points (“bps”)

Second Quarter

2023

2024

Change

Gross Profit

335,071

382,991

14.3 %

% of Net Revenues

16.2 %

17.0 %

86.2bps

Under Product Sales (1P)

ZKH Platform

240,896

294,022

22.1 %

% of Net Product Revenues from ZKH Platform

13.7 %

15.5 %

181.1bps

GBB Platform

13,565

15,133

11.6 %

% of Net Product Revenues from GBB Platform

5.9 %

5.6 %

-28.7bps

Under Marketplace (3P)[6]

69,865

69,161

-1.0 %

% of Net Service Revenues

100.0 %

–

Others

10,745

4,675

-56.5 %

% of Other Revenues

63.1 %

27.3 %

-3,576.7bps

[6] Take rate of marketplace model was 12.2% and 11.4% for the second quarter of 2024 and 2023, respectively. Take rate of market place model represents gross profit from marketplace model divided by GMV from marketplace model.

Operating Expenses. Operating expenses were RMB454.2 million (US$62.5 million), a decrease of 0.9% from RMB458.2 million in the same period of 2023. Operating expenses as a percentage of net revenues were 20.2%, compared with 22.1% in the same period of 2023, demonstrating the Company’s improved operational efficiency.

Fulfillment Expenses. Fulfillment expenses were RMB99.1 million (US$13.6 million), a decrease of 7.1% from RMB106.7 million in the same period of 2023. The decrease was primarily attributable to lower employee benefit costs and warehouse rental costs, partially offset by higher distribution expenses. Fulfillment expenses as a percentage of net revenues were 4.4%, compared with 5.1% in the same period of 2023.

Sales and Marketing Expenses. Sales and marketing expenses were RMB157.7 million (US$21.7 million), a decrease of 6.5% from RMB168.6 million in the same period of 2023. The decrease was primarily attributable to lower travel expenses and employee benefit costs. Sales and marketing expenses as a percentage of net revenues were 7.0%, compared with 8.1% in the same period of 2023.

Research and Development Expenses. Research and development expenses were RMB38.4 million (US$5.3 million), a decrease of 16.4% from RMB46.0 million in the same period of 2023. The decrease was primarily attributable to lower employee benefit costs. Research and development expenses as a percentage of net revenues were 1.7%, compared with 2.2% in the same period of 2023.

General and Administrative Expenses. General and administrative expenses were RMB159.0 million (US$21.9 million), an increase of 16.1% from RMB136.9 million in the same period of 2023. The increase was primarily attributable to higher share-based compensation expenses, partially offset by the decrease in employee benefit costs. General and administrative expenses as a percentage of net revenues were 7.1%, compared with 6.6% in the same period of 2023.

Loss from Operations. Loss from operations was RMB71.2 million (US$9.8 million), compared with RMB123.1 million in the same period of 2023. Operating loss margin was 3.2%, compared with 5.9% in the same period of 2023.

Non-GAAP EBITDA. Non-GAAP EBITDA was negative RMB47.1 million (US$6.5 million), compared with negative RMB107.9 million in the same period of 2023. Non-GAAP EBITDA margin was negative 2.1%, compared with negative 5.2% in the same period of 2023.

Net Loss. Net loss was RMB66.3 million (US$9.1 million), compared with RMB129.6 million in the same period of 2023. Net loss margin was 2.9%, compared with 6.2% in the same period of 2023.

Non-GAAP Adjusted Net Loss. Non-GAAP adjusted net loss was RMB34.9 million (US$4.8 million), compared with RMB129.5 million in the same period of 2023. Non-GAAP adjusted net loss margin was 1.5%, compared with 6.2% in the same period of 2023.

Basic and Diluted Net Loss per ADS[7] and Non-GAAP Adjusted Basic and Diluted Net Loss per ADS[8]. Basic and diluted net loss per ADS were RMB0.40 (US$0.06), compared with RMB14.52 in the same period of 2023. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.21 (US$0.03), compared with RMB3.43 in the same period of 2023.

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

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

Balance Sheet and Cash Flow

As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB2.04 billion (US$280.8 million), compared with RMB2.12 billion as of December 31, 2023.

Net cash generated from operating activities was RMB122.1 million (US$16.8 million) in the second quarter of 2024, compared with net cash used in operating activities of RMB236.2 million in the same period of 2023.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call Information

The Company’s management will hold a conference call on Thursday, August 22, 2024, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2024.

United States (toll free):

+1-888-317-6003

International:

+1-412-317-6061

Mainland China (toll free):

400-120-6115

Hong Kong (toll free):

800-963-976

Hong Kong:

+852-5808-1995

Access Code:

7845776

The replay will be accessible through August 29, 2024, by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

2271132

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

About ZKH Group Limited

ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, dedicated to propelling the MRO industry’s digital transformation to drive cost reduction and efficiency improvement industry-wide. Leveraging its outstanding product selection and recommendation capabilities, ZKH provides digitalized, one-stop MRO procurement solutions that enable its customers to transparently and efficiently access a wide selection of quality products at competitive prices. The Company also facilitates timely and reliable product delivery with professional fulfillment services. By catering specifically to the needs of MRO suppliers and customers through its unmatched digital infrastructure, the Company empowers all participants in the value chain to achieve more.

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

Use of Non-GAAP Financial Measures

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

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

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

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

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

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aim,” “estimates,” “intends,” “plans,” “believes,” “is/are likely to,” “potential,” “continue,” and similar statements. Among other things, the quotations from management in this press release and ZKH’s strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH’s mission, goals and strategies; ZKH’s future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH’s expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH’s expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company’s industry; government policies and regulations relating to ZKH’s industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH’s filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

ZKH Group Limited
IR Department
E-mail: IR@zkh.com

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: zkh@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: zkh@thepiacentegroup.com

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of
December 31,

As of
June 30,

2023

2024

RMB

US$

Assets

Current assets:

Cash and cash equivalents

1,090,621

1,308,972

180,121

Restricted cash

159,751

150,305

20,683

Short-term investments

874,210

581,203

79,976

Accounts receivable (net of allowance
   for credit losses of RMB107,032 and
   RMB127,007 as of December 31,
   2023 and June 30, 2024,
   respectively)

3,639,794

3,398,738

467,682

Notes receivable

352,997

274,726

37,804

Inventories

668,984

672,534

92,544

Prepayments and other current assets

168,117

182,692

25,138

Total current assets

6,954,474

6,569,170

903,948

Non-current assets:

Property and equipment, net

145,288

173,586

23,886

Land use right

11,033

10,920

1,503

Operating lease right-of-use assets, net

224,930

196,811

27,082

Intangible assets, net

20,096

17,918

2,466

Goodwill

30,807

4,239

Total non-current assets

432,154

430,042

59,176

Total assets

7,386,628

6,999,212

963,124

Liabilities

Current liabilities:

Short-term borrowings

585,000

591,000

81,324

Accounts and notes payable

2,883,370

2,599,001

357,634

Operating lease liabilities

91,230

86,940

11,963

Advance from customers

19,907

19,095

2,628

Accrued expenses and other current
liabilities

448,225

362,294

49,854

Total current liabilities

4,027,732

3,658,330

503,403

Non-current liabilities:

Long-term borrowings

–

19,813

2,726

Non-current operating lease liabilities

146,970

122,024

16,791

Other non-current liabilities

507

441

Total non-current liabilities

147,477

142,278

19,578

Total liabilities

4,175,209

3,800,608

522,981

ZKH Group Limited shareholders’
equity:

Ordinary shares (USD0.0000001 par value;
   500,000,000,000 and 500,000,000,000 shares
   authorized; 5,621,490,964 and 5,652,210,884 shares
   issued and outstanding as of December 31, 2023
   and June 30, 2024, respectively)

Additional paid-in capital

8,139,349

8,274,123

1,138,557

Statutory reserves

6,013

827

Accumulated other comprehensive loss

(25,154)

(12,683)

(1,745)

Accumulated deficit

(4,908,793)

(5,065,983)

(697,102)

Treasury stock

–

(2,870)

(395)

Total ZKH Group Limited
shareholders’ equity

3,211,419

3,198,604

440,143

Non-controlling interests

–

Total shareholders’ equity

3,211,419

3,198,604

440,143

Total liabilities and shareholders’ deficit

7,386,628

6,999,212

963,124

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

For the three months ended

For the six months ended

June 30, 2023

June 30, 2024

June 30, 2023

June 30, 2024

RMB

US$

RMB

US$

Net revenues

Net product revenues

1,986,555

2,163,721

297,738

3,853,214

3,938,740

541,989

Net service revenues

69,865

69,161

9,517

128,933

135,815

18,689

Other revenues

17,033

17,114

2,355

30,066

35,850

4,933

Total net revenues

2,073,453

2,249,996

309,610

4,012,213

4,110,405

565,611

Cost of revenues

(1,738,382)

(1,867,005)

(256,908)

(3,346,344)

(3,393,338)

(466,939)

Operating expenses

Fulfillment

(106,674)

(99,097)

(13,636)

(217,582)

(196,445)

(27,032)

Sales and marketing

(168,620)

(157,689)

(21,699)

(348,496)

(321,802)

(44,281)

Research and development

(45,977)

(38,431)

(5,288)

(93,718)

(78,267)

(10,770)

General and administrative

(136,893)

(158,987)

(21,877)

(276,584)

(321,380)

(44,223)

Loss from operations

(123,093)

(71,213)

(9,798)

(270,511)

(200,827)

(27,634)

Interest and investment income

17,606

14,446

1,988

29,417

32,500

4,472

Interest expense

(4,507)

(5,522)

(760)

(7,600)

(11,217)

(1,544)

Others, net

(19,537)

(3,934)

(541)

21,432

22,508

3,097

Loss before income tax

(129,531)

(66,223)

(9,111)

(227,262)

(157,036)

(21,609)

Income tax expenses

(49)

(66)

(9)

(181)

(154)

(21)

Net loss

(129,580)

(66,289)

(9,120)

(227,443)

(157,190)

(21,630)

Less: net income attributable to non-
controlling interests

(33)

–

238

–

Less: net income attributable to redeemable
non-controlling interests

(7)

–

(193)

–

Net loss attributable to ZKH Group
Limited

(129,540)

(66,289)

(9,120)

(227,488)

(157,190)

(21,630)

Accretion on preferred shares to
redemption value

(419,425)

–

(475,803)

–

Net loss attributable to ZKH Group
Limited’s ordinary shareholders

(548,965)

(66,289)

(9,120)

(703,291)

(157,190)

(21,630)

Net loss

(129,580)

(66,289)

(9,120)

(227,443)

(157,190)

(21,630)

Other comprehensive loss:

Foreign currency translation adjustments

(81,370)

(9,121)

(1,255)

(60,220)

(12,471)

(1,716)

Total comprehensive loss

(210,950)

(75,410)

(10,375)

(287,663)

(169,661)

(23,346)

Less: comprehensive income attributable
to non-controlling interests

(33)

–

238

–

Less: comprehensive loss attributable to
redeemable non-controlling interests

(7)

–

(193)

–

Comprehensive loss attributable to ZKH
Group Limited

(210,910)

(75,410)

(10,375)

(287,708)

(169,661)

(23,346)

Accretion on Preferred Shares to
redemption value

(419,425)

–

(475,803)

–

Total comprehensive loss attributable to
ZKH Group Limited’s ordinary
shareholders

(630,335)

(75,410)

(10,375)

(763,511)

(169,661)

(23,346)

Net loss per ordinary share attributable
to ordinary shareholders

Basic and diluted

(0.41)

(0.01)

(0.00)

(0.53)

(0.03)

(0.00)

Weighted average number of shares

Basic and diluted

1,322,841,307

5,747,591,752

1,322,841,307

5,745,856,349

Net loss per ADS attributable to
ordinary shareholders

Basic and diluted

(14.52)

(0.40)

(0.06)

(18.61)

(0.96)

(0.13)

Weighted average number of ADS (35
Class A ordinary shares equal to 1
ADS)

Basic and diluted

37,795,466

164,216,907

37,795,466

164,167,324

ZKH GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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

For the three months ended

For the six months ended

June 30, 2023

June 30, 2024

June 30, 2023

June 30, 2024

RMB

US$

RMB

US$

Net loss

(129,580)

(66,289)

(9,120)

(227,443)

(157,190)

(21,630)

Income tax expenses

181

154

Interest expense

4,507

5,522

760

7,600

11,217

1,544

Depreciation and amortization expense

17,173

13,633

1,876

40,586

28,703

3,950

Non-GAAP EBITDA

(107,851)

(47,068)

(6,475)

(179,076)

(117,116)

(16,124)

For the three months ended

For the six months ended

June 30, 2023

June 30, 2024

June 30, 2023

June 30, 2024

RMB

US$

RMB

US$

Net loss

(129,580)

(66,289)

(9,120)

(227,443)

(157,190)

(21,630)

Add:

Share-based compensation expenses

31,432

4,325

11,072

78,874

10,853

Non-GAAP adjusted net loss

(129,498)

(34,857)

(4,796)

(216,371)

(78,316)

(10,777)

Non-GAAP adjusted net loss
attributable to ordinary shareholders
per share

Basic and diluted

(0.10)

(0.01)

(0.00)

(0.16)

(0.01)

(0.00)

Weighted average number of ordinary
shares

Basic and diluted

1,322,841,307

5,747,591,752

1,322,841,307

5,745,856,349

Non-GAAP adjusted net loss
attributable to ordinary shareholders
per ADS

Basic and diluted

(3.43)

(0.21)

(0.03)

(5.72)

(0.48)

(0.07)

Weighted average number of ADS (35
Class A ordinary shares equal to 1
ADS)

Basic and diluted

37,795,466

164,216,907

37,795,466

164,167,324

View original content:https://www.prnewswire.com/news-releases/zkh-group-limited-announces-second-quarter-2024-unaudited-financial-results-302228436.html

SOURCE ZKH Group Limited

Technology

RLX Technology Announces Unaudited Third Quarter 2024 Financial Results

Published

20 minutes ago

November 15, 2024

SHENZHEN, China, Nov. 15, 2024 /PRNEWSWIRE/ – RLX Technology Inc. (“RLX Technology” or the “Company”) (NYSE: RLX), a leading global branded e-vapor company, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Net revenues were RMB756.3 million (US$107.8 million) in the third quarter of 2024, compared with RMB498.9 million in the same period of 2023.Gross margin was 27.2% in the third quarter of 2024, compared with 24.1% in the same period of 2023.U.S. GAAP net income was RMB169.4 million (US$24.1 million) in the third quarter of 2024, compared with RMB176.6 million in the same period of 2023.Non-GAAP net income[1] was RMB261.9 million (US$37.3 million) in the third quarter of 2024, compared with RMB201.4 million in the same period of 2023.

“We delivered another strong performance in the third quarter of 2024, showcasing our ability to consistently excel in diverse markets despite rapidly evolving trends and regulations,” commented Ms. Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors, and Chief Executive Officer of RLX Technology. “Our efficient, adaptable localization strategies have empowered us to establish market leadership in multiple countries by cultivating strong product-market alignment and building solid relationships with local distributors and retailers. Furthermore, our broad offering of premium, reliable cartridge-based products and growing selection of disposables and open-system products have earned the loyalty of adult smokers worldwide. As a trusted e-vapor brand for adult smokers, we remain committed to creating innovative, high-quality products in line with shifting trends and regulations, meeting users’ needs while driving RLX’s long-term growth.”

Mr. Chao Lu, Chief Financial Officer of RLX Technology, added, “Our robust third quarter results were led by a 51.6% year-over-year increase in net revenues to RMB756.3 million, underscoring the success of our internationalization efforts. Our gross margin also improved year over year, expanding 3.1 percentage points to 27.2%, thanks to a favorable shift in our revenue mix and our effective cost optimization initiatives. Notably, we maintained stable non-GAAP operating expenses while rapidly growing revenue, highlighting our operational leverage. We are also excited to continue returning value to our shareholders with our second cash dividend since our IPO while also executing our share repurchase program. Going forward, we will remain dedicated to pursuing development opportunities that deliver sustainable, growing profits and enhance returns for our shareholders.”

Third Quarter 2024 Financial Results

Net revenues were RMB756.3 million (US$107.8 million) in the third quarter of 2024, compared with RMB498.9 million in the same period of 2023. The increase was primarily due to our international expansion.

Gross profit was RMB206.0 million (US$29.4 million) in the third quarter of 2024, compared with RMB120.0 million in the same period of 2023.

Gross margin was 27.2% in the third quarter of 2024, compared with 24.1% in the same period of 2023. The increase was primarily due to a favorable change in the revenue mix and the cost optimization efforts.

Operating expenses were RMB216.6 million (US$30.9 million) in the third quarter of 2024, compared with RMB154.4 million in the same period of 2023. The increase was primarily due to the fluctuation of share-based compensation expenses, from RMB24.8 million in the third quarter of 2023 to RMB92.5 million (US$13.2 million) in the third quarter of 2024. The changes in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees in line with the fluctuations in the Company’s share price.

Selling expenses were RMB69.0 million (US$9.8 million) in the third quarter of 2024, compared with RMB44.8 million in the same period of 2023, primarily due to an increase in share-based compensation expenses and branding expenses.

General and administrative expenses were RMB123.2 million (US$17.6 million) in the third quarter of 2024, compared with RMB78.8 million in the same period of 2023, primarily due to an increase in share-based compensation expenses.

Research and development expenses were RMB24.4 million (US$3.5 million) in the third quarter of 2024, compared with RMB30.8 million in the same period of 2023, primarily due to a decrease in salaries, welfare benefits and depreciation and amortization expenses, slightly offset by an increase in share-based compensation expenses.

Loss from operations was RMB10.7 million (US$1.5 million) in the third quarter of 2024, compared with RMB34.3 million in the same period of 2023.

Income tax expense was RMB30.4 million (US$4.3 million) in the third quarter of 2024, compared with RMB1.7 million in the same period of 2023.

U.S. GAAP net income was RMB169.4 million (US$24.1 million) in the third quarter of 2024, compared with RMB176.6 million in the same period of 2023.

Non-GAAP net income was RMB261.9 million (US$37.3 million) in the third quarter of 2024, compared with RMB201.4 million in the same period of 2023.

U.S. GAAP basic and diluted net income per American depositary share (“ADS”) were RMB0.135 (US$0.019) and RMB0.129 (US$0.018), respectively, in the third quarter of 2024, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.133 and RMB0.130, respectively, in the same period of 2023.

Non-GAAP basic and diluted net income per ADS[2] were RMB0.211 (US$0.030) and RMB0.200 (US$0.029), respectively, in the third quarter of 2024, compared with non-GAAP basic and diluted net income per ADS of RMB0.152 and RMB0.149, respectively, in the same period of 2023.

Balance Sheet and Cash Flow

As of September 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, net, long-term bank deposits, net and long-term investment securities, net of RMB15,361.7 million (US$2,189.0 million), compared with RMB14,930.8 million as of June 30, 2024. In the third quarter of 2024, net cash generated from operating activities was RMB156.6 million (US$22.3 million).

Dividend Payment

The Company announced that its Board of Directors approved a cash dividend of US$0.01 per ordinary share, or US$0.01 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on December 6, 2024 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The payment date is expected to be on or around December 13, 2024 and on or around December 20, 2024 for holders of ordinary shares and holders of ADSs, respectively.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 15, 2024 (8:00 PM Beijing/Hong Kong Time on November 15, 2024).

Dial-in details for the earnings conference call are as follows:

United States (toll-free):

+1-888-317-6003

International:

+1-412-317-6061

Hong Kong, China (toll-free):

+800-963-976

Hong Kong, China:

+852-5808-1995

Mainland China:

400-120-6115

Participant Code:

6222824

Participants should dial in 10 minutes before the scheduled start time and ask to be connected to the call for “RLX Technology Inc.” with the Participant Code as set forth above.

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

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until November 22, 2024, by dialing the following telephone numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

7489030

[1] Non-GAAP net income is a non-GAAP financial measure. For more information on the Company’s non-GAAP financial measures, please see the section “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

[2] Non-GAAP basic and diluted net income per ADS is a non-GAAP financial measure. For more information on the Company’s non-GAAP financial measures, please see the section “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

About RLX Technology Inc.

RLX Technology Inc. (NYSE: RLX) is a leading global branded e-vapor company. The Company leverages its strong in-house technology, product development capabilities and in-depth insights into adult smokers’ needs to develop superior e-vapor products.

For more information, please visit: http://ir.relxtech.com.

Non-GAAP Financial Measures

The Company uses non-GAAP net income and non-GAAP basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP basic and diluted net income per ADS is computed using non-GAAP net income attributable to RLX Technology Inc. and the same number of ADSs used in U.S. GAAP basic and diluted net income per ADS calculation.

The Company presents these non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company believes that they help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net income. The Company also believes that the use of the non-GAAP measures facilitates investors’ assessment of its operating performance, as they could provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical non-GAAP financial measures to the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

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

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward- looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; trends and competition in global e-vapor market; changes in its revenues and certain cost or expense items; governmental policies, laws and regulations across various jurisdictions relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:

RLX Technology Inc.
Head of Capital Markets
Sam Tsang
Email: ir@relxtech.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com

RLX TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands)

As of

December 31,

September 30,

2023

2024

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

2,390,298

3,255,500

463,905

Restricted cash

29,760

58,265

8,303

Short-term bank deposits, net

2,631,256

2,602,887

370,908

Receivables from online payment platforms

6,893

5,357

763

Short-term investments

3,093,133

2,199,658

313,449

Accounts and notes receivable, net

60,482

121,939

17,376

Inventories

144,850

81,432

11,604

Amounts due from related parties

118,736

248,762

35,448

Prepayments and other current assets, net

508,435

299,409

42,666

Total current assets

8,983,843

8,873,209

1,264,422

Non-current assets:

Property, equipment and leasehold improvement, net

77,358

56,998

8,122

Intangible assets, net

69,778

59,156

8,430

Long-term investments, net

8,000

1,140

Deferred tax assets, net

58,263

58,262

8,302

Right-of-use assets, net

52,562

31,304

4,461

Long-term bank deposits, net

1,757,804

1,022,279

145,674

Long-term investment securities, net

5,236,109

6,223,159

886,791

Goodwill

66,506

64,528

9,195

Other non-current assets, net

4,874

5,632

803

Total non-current assets

7,331,254

7,529,318

1,072,918

Total assets

16,315,097

16,402,527

2,337,340

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts and notes payable

266,426

352,403

50,217

Contract liabilities

49,586

24,508

3,492

Salary and welfare benefits payable

39,256

75,047

10,694

Taxes payable

77,164

127,526

18,172

Accrued expenses and other current liabilities

103,996

107,771

15,357

Amounts due to related parties

101,927

10,380

1,479

Dividend payable

881

–

Lease liabilities – current portion

29,435

16,710

2,381

Total current liabilities

668,671

714,345

101,792

Non-current liabilities:

Deferred tax liabilities

23,591

21,757

3,100

Lease liabilities – non-current portion

24,419

7,136

1,017

Total non-current liabilities

48,010

28,893

4,117

Total liabilities

716,681

743,238

105,909

Shareholders’ Equity:

Total RLX Technology Inc. shareholders’ equity

15,609,393

15,662,993

2,231,959

Noncontrolling interests

(10,977)

(3,704)

(528)

Total shareholders’ equity

15,598,416

15,659,289

2,231,431

Total liabilities and shareholders’ equity

16,315,097

16,402,527

2,337,340

RLX TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

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

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

2023

(As adjusted) (a)

2024

2023

(As adjusted) (a)

2024

RMB

US$

RMB

US$

Net revenues

498,929

627,176

756,288

107,770

1,065,929

1,935,087

275,748

Cost of revenues

(278,578)

(400,712)

(473,379)

(67,456)

(529,004)

(1,201,701)

(171,241)

Excise tax on products

(100,313)

(68,602)

(76,933)

(10,963)

(272,624)

(226,775)

(32,315)

Gross profit

120,038

157,862

205,976

29,351

264,301

506,611

72,192

Operating expenses:

Selling expenses

(44,751)

(62,235)

(68,975)

(9,829)

(175,738)

(184,097)

(26,234)

General and administrative expenses

(78,849)

(128,997)

(123,226)

(17,560)

(293,985)

(362,177)

(51,610)

Research and development expenses

(30,783)

(24,435)

(3,482)

(150,782)

(55,935)

(7,971)

Total operating expenses

(154,383)

(191,192)

(216,636)

(30,871)

(620,505)

(602,209)

(85,815)

Loss from operations

(34,345)

(33,330)

(10,660)

(1,520)

(356,204)

(95,598)

(13,623)

Other income：

Interest income, net

158,260

154,207

156,659

22,324

469,951

469,724

66,935

Investment income

21,028

12,718

13,070

1,862

63,001

38,564

5,495

Others, net

33,412

22,739

40,745

5,806

183,949

92,427

13,171

Income before income tax

178,355

156,334

199,814

28,472

360,697

505,117

71,978

Income tax expense

(1,746)

(21,389)

(30,423)

(4,335)

(35,677)

(68,156)

(9,712)

Net income

176,609

134,945

169,391

24,137

325,020

436,961

62,266

Less: net income attributable to noncontrolling interests

1,579

2,631

3,737

532

4,169

7,085

1,010

Net income attributable to RLX Technology Inc.

175,030

132,314

165,654

23,605

320,851

429,876

61,256

Other comprehensive (loss)/income:

Foreign currency translation adjustments

(83,978)

44,174

(181,148)

(25,813)

331,004

(124,268)

(17,708)

Unrealized income on long-term investment securities

3,508

705

5,292

754

11,920

5,984

853

Total other comprehensive (loss)/income

(80,470)

44,879

(175,856)

(25,059)

342,924

(118,284)

(16,855)

Total comprehensive income/(loss)

96,139

179,824

(6,465)

(922)

667,944

318,677

45,411

Less: total comprehensive income attributable to noncontrolling
interests

1,579

2,618

3,730

531

4,169

7,078

1,010

Total comprehensive income/(loss) attributable to RLX
Technology Inc.

94,560

177,206

(10,195)

(1,453)

663,775

311,599

44,401

Net income per ordinary share/ADS

Basic

0.133

0.108

0.135

0.019

0.244

0.348

0.050

Diluted

0.130

0.103

0.129

0.018

0.239

0.333

0.047

Weighted average number of ordinary shares/ADSs

Basic

1,316,452,743

1,228,869,526

1,225,417,517

1,317,292,081

1,234,501,619

Diluted

1,344,359,144

1,284,388,803

1,287,927,444

1,344,018,578

1,289,831,349

Note (a): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statements of comprehensive income/(loss) in the prior quarter and prior nine months period.

RLX TECHNOLOGY INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share and per share data, or otherwise noted)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

2023

(As adjusted) (b)

2024

2023

(As adjusted) (b)

2024

RMB

US$

RMB

US$

Net income

176,609

134,945

169,391

24,137

325,020

436,961

62,266

Add: share-based compensation expenses

Selling expenses

(4,045)

9,172

5,768

822

4,571

19,543

2,785

General and administrative expenses

29,771

93,026

85,295

12,154

140,190

244,735

34,874

Research and development expenses

(936)

(24,074)

1,446

206

1,490

(18,747)

(2,671)

Non-GAAP net income

201,399

213,069

261,900

37,319

471,271

682,492

97,254

Net income attributable to RLX Technology Inc.

175,030

132,314

165,654

23,605

320,851

429,876

61,256

Add: share-based compensation expenses

24,790

78,124

92,509

13,182

146,251

245,531

34,988

Non-GAAP net income attributable to RLX Technology Inc.

199,820

210,438

258,163

36,787

467,102

675,407

96,244

Non-GAAP net income per ordinary share/ADS

– Basic

0.152

0.171

0.211

0.030

0.355

0.547

0.078

– Diluted

0.149

0.164

0.200

0.029

0.348

0.524

0.075

Weighted average number of ordinary shares/ADSs

– Basic

1,316,452,743

1,228,869,526

1,225,417,517

1,317,292,081

1,234,501,619

– Diluted

1,344,359,144

1,284,388,803

1,287,927,444

1,344,018,578

1,289,831,349

Note (b): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above unaudited reconciliation of GAAP and Non-GAAP results in the prior quarter and prior nine months period.

RLX TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

2023

(As adjusted) (c)

2024

2023

(As adjusted) (c)

2024

RMB

US$

RMB

US$

Net cash generated from/(used in) operating
activities

82,853

196,764

156,554

22,309

(106,494)

357,338

50,920

Net cash generated from investing activities

967,234

557,132

139,120

19,824

1,780,871

1,116,917

159,159

Net cash used in financing activities

(206,577)

–

(74,780)

(10,656)

(401,311)

(547,665)

(78,042)

Effect of foreign exchange rate changes on cash,
cash equivalents and restricted cash

(5,918)

10,032

(45,818)

(6,529)

52,884

(32,883)

(4,685)

Net increase in cash and cash equivalents and
restricted cash

837,592

763,928

175,076

24,948

1,325,950

893,707

127,352

Cash, cash equivalents and restricted cash at
the beginning of the period

1,777,444

2,374,761

3,138,689

447,260

1,289,086

2,420,058

344,856

Cash, cash equivalents and restricted cash at
the end of the period

2,615,036

3,138,689

3,313,765

472,208

2,615,036

3,313,765

472,208

Note (c): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statements of cash flows in the prior quarter and prior nine months period.

View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-third-quarter-2024-financial-results-302305299.html

SOURCE RLX Technology Inc.

Technology

ACKO Drive Launches Seamless End-to-End Digital Car Buying Experience with Financing Options

Published

20 minutes ago

November 15, 2024

NEW DELHI, Nov. 15, 2024 /PRNewswire/ — ACKO Drive is changing how people buy cars in India by introducing a fully digital, end-to-end car buying experience. This latest development by ACKO Drive allows customers to finance and purchase their next vehicle online without needing to step into a dealership.

The new digital platform, ACKO Drive, caters to modern buyers seeking convenience, speed, and security. As online shopping becomes increasingly popular across sectors, ACKO Drive brings the same simplicity to the automotive industry, making the car-buying journey effortless and transparent for today’s consumers.

An Online Platform Tailored for Hassle-Free Car Shopping

ACKO Drive offers customers a one-stop shop to browse a wide selection of cars like Maruti Suzuki Baleno, access detailed specifications, and even get expert guidance on the right choice. The platform’s user-friendly interface allows buyers to make well-informed decisions from the comfort of their homes. No longer are buyers tied to traditional dealership visits; ACKO Drive’s virtual experience simplifies the car-buying process, providing instant access to essential information and support at every step.

According to Nitin Chadha (Senior Vice President – ACKO Drive), the platform addresses pain points faced by car buyers in India, including cumbersome financing options. “Our mission with ACKO Drive is to make the car-buying process as seamless as possible. We understand the value of time for today’s customers, and our platform ensures that they don’t have to compromise on convenience or quality,” Nitin Chadha said.

Simplified Financing Options with Transparent Terms

One of the standout features of ACKO Drive is its integrated financing options, allowing buyers to apply for a loan and receive approval without the lengthy paperwork or extended wait times often associated with car loans. Through partnerships with some of India’s leading banks and financial institutions, ACKO Drive offers a variety of financing solutions tailored to different budget levels and preferences. Customers can access competitive interest rates, flexible repayment terms, and, in some cases, pre-approved loan offers based on their profiles.

The process is designed to be quick and stress-free, with online loan applications enabling potential buyers to check their eligibility and secure financing within minutes. First-time buyers who may feel overwhelmed by the financial aspects of purchasing a car can also benefit from ACKO Drive’s personalised financing recommendations. These recommendations help streamline the car-buying journey and provide customers with clear, transparent choices that best suit their needs.

Setting a New Standard in Digital Car Buying

ACKO Drive sets a new standard for car purchases in India, bridging the gap between traditional dealership experiences and the modern buyer’s preference for digital solutions. The platform’s fully online setup, with financing and expert assistance at every turn, has redefined car buying, making it accessible and efficient.

In addition to its core services, ACKO Drive’s platform includes valuable add-ons like test drives, vehicle trade-ins, and expert automotive advice, ensuring the buying experience remains complete and user-centric. This holistic approach aims to meet the varied needs of car buyers, from browsing to financing to post-purchase support.

About ACKO Drive

ACKO Drive is a digital platform dedicated to transforming the car-buying experience in India. Committed to transparency, convenience, and customer satisfaction, ACKO Drive offers a comprehensive range of vehicles, fast delivery services, and after-sales support. The platform’s unique features, such as transparent pricing and a wide selection of cars, make it the ideal choice for anyone purchasing their next vehicle.

For more information, please visit ACKO Drive’s official website – https://ackodrive.com/

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Technology

HKUST Welcomes Four Nobel Laureates at the Molecular Frontiers Symposium

Published

20 minutes ago

November 15, 2024

Sparking Passion for Science and Innovation Among Young Minds

HONG KONG, Nov. 15, 2024 /PRNewswire/ — The Hong Kong University of Science and Technology (HKUST) is excited to kick off a prestigious three-day “Molecular Frontiers Symposium” at Shaw Auditorium on campus today. The high-level event showcases a lineup of internationally renowned scientists including four Nobel laureates, serving as a dynamic thought-leadership platform for exchanging ideas among brilliant and young minds.

Around 40 leading molecular scientists, including Nobel laureates Prof. Stefan HELL, Sir Tim HUNT, Prof. K. Barry SHARPLESS, and Sir Gregory WINTER, will share their knowledge and insights spanning the latest development in genome editing, fluorescence microscopy and protein engineering in this inaugural symposium in Greater China entitled “Frontiers of New Knowledge in Science”.

Over 1,500 participants have signed up for the Symposium. Hundreds of students from Hong Kong and other cities in the Greater Bay Area (GBA) as well as scholars and industrial representatives from the biotech and biomed fields, seized this invaluable opportunity to engage with top global scientists. In a vibrant exchange during the forum, students actively posed questions to the prestigious speakers about the challenges and rewards they have encountered throughout their career, while the scholars shared heartfelt advice and valuable insights for those considering a path in science and innovation.

Prof. Bengt NORDEN, Founding Chairman of the event’s organizer Molecular Frontiers Foundation, said, “The Molecular Frontiers Symposium is designed to inspire the next generation’s passion for science, promote innovative research in molecular science, and foster meaningful interactions between leading scientists and the general public. We are thrilled to host this prestigious event in Hong Kong for the first time—a vibrant international hub for education that is home to five universities ranked among the world’s top 100. By bringing together distinguished scholars at HKUST – a university committed to innovation and research, we look forward to stimulating fruitful discussions and fostering cross-regional collaborations that can help shape the future of molecular science.”

Prof. Nancy IP, HKUST President and world-renowned neuroscientist, said that HKUST is deeply grateful for the opportunity to co-host the prestigious event. “Given Hong Kong’s status as an international hub for higher education and knowledge sharing, hosting this Symposium represents a significant milestone for both HKUST and the local science community. It is also heartening to see the remarkable interest and enthusiasm from high school and university students in Hong Kong and the GBA. Our youth are the innovators and leaders of tomorrow; by nurturing their curiosity and providing them with the right tools and opportunities, we can empower them to unlock their full potential. I hope this symposium ignites their imagination and deepens their interest in science and technology, inspiring them to pursue further studies in these fields. Over the next three days, we anticipate a wealth of stimulating dialogues, enlightening presentations, and unparalleled networking opportunities.”

Today, Sir Winter of the University of Cambridge and a 2018 Nobel laureate in Chemistry, gave a speech on “The Thrill of Antibodies and Their Applications”, while Prof. Hell of the Max Planck Institute and a 2014 Nobel laureate in Chemistry, gave a lecture on “Molecular Resolution and Dynamics in Fluorescence Microscopy”.

Tomorrow, Sir Hunt of the Royal Society and a 2001 Nobel laureate in Physiology or Medicine, will speak on the topic “Lessons from a Life in Science”, while Prof. Sharpless, of the Scripps Research Institute and a 2001 Nobel laureate in Chemistry, will speak on “The Click Chemistry”. Prof. Sharpless is also an honorary Doctor of Science of HKUST.

Other speakers include top scientists from renowned universities and research institutions worldwide such as the Brown University, the Chinese Academy of Sciences, KTH Royal Institute of Technology, Massachusetts Institute of Technology, the Royal Swedish Academy of Sciences, the Scripps Research Institute, and the University of Cambridge.

Traditionally held in Europe, North America, and certain Asian countries including Japan, Singapore, and South Korea, the symposium is organized by the Molecular Frontiers Foundation – established by the Royal Swedish Academy of Sciences – and sponsored by Ausvic Capital. Recognized as one of the most influential scientific organizations in the world, the Foundation plays a pivotal role in advancing scientific dialogues and collaboration.

Download photos here: https://geco.ust.hk/download/press_release/1115%20Molecular/

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SOURCE Hong Kong University of Science and Technology