Technology
Autohome Inc. Announces Unaudited Second Quarter and Interim 2024 Financial Results
Published
2 months agoon
By
BEIJING, July 31, 2024 /PRNewswire/ — Autohome Inc. (NYSE: ATHM; HKEX: 2518) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the three months and six months ended June 30, 2024.
Second Quarter 2024 Highlights[1]
Net revenues in the second quarter of 2024 were RMB1,872.6 million (US$257.7 million), compared to RMB1,833.0 million in the corresponding period of 2023.Net income attributable to Autohome in the second quarter of 2024 was RMB524.8 million (US$72.2 million), compared to RMB504.7 million in the corresponding period of 2023, while net income attributable to ordinary shareholders in the second quarter of 2024 was RMB509.7 million (US$70.1 million), compared to RMB491.2 million in the corresponding period of 2023.Adjusted net income attributable to Autohome (Non-GAAP)[2] in the second quarter of 2024 was RMB572.4 million (US$78.8 million), compared to RMB569.5 million in the corresponding period of 2023.
Mr. Tao Wu, Chief Executive Officer of Autohome, stated, “We are pleased to deliver another solid quarter, highlighted by sustained growth in net revenues, a substantial increase in user traffic, and remarkable progress made in our innovative business initiatives. On content, our diverse and high-quality offerings, bolstered by our strong IP content matrix, has worked to consistently expand our user base and enhance user engagement. According to QuestMobile, our number of average mobile daily active users grew by 8.3% year-over-year, reaching 67.91 million in June, underscoring our leading position in the automotive media vertical. For our innovative businesses, we launched our Satellite Plan in May, a strategic initiative to establish satellite stores in lower-tier cities adjacent to flagship Autohome Space stores. This initiative will accelerate our network expansion, facilitating deeper penetration into broader geographical markets. Looking ahead, we remain committed to exploring new business areas and leveraging Ping An’s resources to enhance our long-term industry competitiveness.”
Mr. Craig Yan Zeng, Chief Financial Officer of Autohome, added, “Our focus on innovative businesses has led to robust growth in our data products and new energy vehicle (“NEV”) business, with double-digit year-over-year increases in quarterly revenues. We have maintained a healthy balance sheet while driving the development of our businesses and fulfilling our commitment to provide stable shareholder returns. Moving forward, we will continue to focus on areas of emerging growth while maintaining stringent cost controls to ensure long-term shareholder value.”
Unaudited Second Quarter 2024 Financial Results
Net Revenues
Net revenues in the second quarter of 2024 were RMB1,872.6 million (US$257.7 million), compared to RMB1,833.0 million in the corresponding period of 2023.
Media services revenues were RMB432.9 million (US$59.6 million) in the second quarter of 2024, compared to RMB532.0 million in the corresponding period of 2023.Leads generation services revenues were RMB820.3 million (US$112.9 million) in the second quarter of 2024, compared to RMB759.6 million in the corresponding period of 2023.Online marketplace and others revenues were RMB619.4 million (US$85.2 million) in the second quarter of 2024, compared to RMB541.4 million in the corresponding period of 2023.
Cost of Revenues
Cost of revenues was RMB346.1 million (US$47.6 million) in the second quarter of 2024, compared to RMB330.2 million in the corresponding period of 2023. Share-based compensation expense included in cost of revenues in the second quarter of 2024 was RMB1.9 million (US$0.3 million), compared to RMB1.8 million in the corresponding period of 2023.
Operating Expenses
Operating expenses were RMB1,185.3 million (US$163.1 million) in the second quarter of 2024, compared to RMB1,228.1 million in the corresponding period of 2023.
Sales and marketing expenses were RMB752.5 million (US$103.6 million) in the second quarter of 2024, compared to RMB824.1 million in the corresponding period of 2023, due primarily to a decrease in marketing and promotional expenses. Share-based compensation expenses included in sales and marketing expenses in the second quarter of 2024 were RMB10.1 million (US$1.4 million), compared to RMB12.3 million in the corresponding period of 2023.General and administrative expenses were RMB117.6 million (US$16.2 million) in the second quarter of 2024, compared to RMB91.0 million in the corresponding period of 2023. Share-based compensation expenses included in general and administrative expenses in the second quarter of 2024 were RMB10.4 million (US$1.4 million), compared to RMB8.9 million in the corresponding period of 2023.Product development expenses were RMB315.2 million (US$43.4 million) in the second quarter of 2024, compared to RMB313.0 million in the corresponding period of 2023. Share-based compensation expenses included in product development expenses in the second quarter of 2024 were RMB18.8 million (US$2.6 million), compared to RMB18.7 million in the corresponding period of 2023.
Operating Profit
Operating profit was RMB412.4 million (US$56.7 million) in the second quarter of 2024, compared to RMB341.5 million in the corresponding period of 2023.
Income Tax Expense
Income tax expense was RMB102.2 million (US$14.1 million) in the second quarter of 2024, compared to RMB35.8 million in the corresponding period of 2023. The increase in income tax expense was primarily attributable to a withholding tax related to the declared cash dividend plan for 2024 and beyond, and the tax filing adjustments of the previous year.
Net Income Attributable to Autohome
Net income attributable to Autohome was RMB524.8 million (US$72.2 million) in the second quarter of 2024, compared to RMB504.7 million in the corresponding period of 2023.
Net Income Attributable to Ordinary Shareholders and Earnings per Share/ADS
Net income attributable to ordinary shareholders was RMB509.7 million (US$70.1 million) in the second quarter of 2024, compared to RMB491.2 million in the corresponding period of 2023. Basic and diluted earnings per share (“EPS”) were RMB1.05 (US$0.14) and RMB1.05 (US$0.14), respectively, in the second quarter of 2024, compared to basic and diluted EPS of RMB1.00 and RMB1.00, respectively, in the corresponding period of 2023. Basic and diluted earnings per ADS were RMB4.20 (US$0.58) and RMB4.19 (US$0.58), respectively, in the second quarter of 2024, compared to basic and diluted earnings per ADS of RMB3.99 and RMB3.98, respectively, in the corresponding period of 2023.
Adjusted Net Income Attributable to Autohome (Non-GAAP) and Non-GAAP EPS/ADS
Adjusted net income attributable to Autohome (Non-GAAP) was RMB572.4 million (US$78.8 million) in the second quarter of 2024, compared to RMB569.5 million in the corresponding period of 2023. Non-GAAP basic and diluted EPS were RMB1.18 (US$0.16) and RMB1.18 (US$0.16), respectively, in the second quarter of 2024, compared to non-GAAP basic and diluted EPS of RMB1.16 and RMB1.15, respectively, in the corresponding period of 2023. Non-GAAP basic and diluted earnings per ADS were RMB4.72 (US$0.65) and RMB4.71 (US$0.65), respectively, in the second quarter of 2024, compared to non-GAAP basic and diluted earnings per ADS of RMB4.62 and RMB4.61, respectively, in the corresponding period of 2023.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of RMB23.47 billion (US$3.23 billion). Net cash provided by operating activities in the second quarter of 2024 was RMB452.0 million (US$62.2 million).
Employees
The Company had 5,078 employees as of June 30, 2024, including 1,755 employees from TTP Car, Inc.
Conference Call Information
The Company will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on Wednesday, July 31, 2024 (8:00 p.m. Beijing Time on the same day).
Please register in advance of the conference call using the registration link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.
Registration Link: https://register.vevent.com/register/BIfd7c475745884d119c4c12c24ed8f0f5
Please use the conference access information to join the call 10 minutes before the call is scheduled to begin.
Additionally, a live and archived webcast of the conference call will be available at https://ir.autohome.com.cn and a replay of the webcast will be available following the session.
About Autohome
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn/.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome’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: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; relevant government policies and regulatory environment of China; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome, Non-GAAP basic and diluted EPS and earnings per ADS, Adjusted net margin and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome as net income attributable to Autohome excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition, investment loss relating to non-operating impact of a write-down of the initial investment in a financial product, and loss/(gain) pickup of equity method investments, with all the reconciliation items adjusted for related income tax effects. We define non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ordinary shares. We define non-GAAP basic and diluted earnings per ADS as Adjusted Net Income attributable to Autohome divided by the basic and diluted weighted average number of ADSs. We define Adjusted net margin as Adjusted Net Income attributable to Autohome divided by total net revenues. We define Adjusted EBITDA as net income attributable to Autohome before income tax expense, depreciation expenses of property and equipment, amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain non-cash charges or items that are non-operating in nature. The use of the above non-GAAP financial measures has certain limitations as they excluded certain items that have been and will continue to be incurred in the future, but such items should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of non-GAAP and GAAP Results” set forth at the end of this press release.
For investor and media inquiries, please contact:
Autohome Inc.
Investor Relations
Sterling Song
Investor Relations Director
Tel: +86-10-5985-7483
E-mail: ir@autohome.com.cn
Christensen China Limited
Suri Cheng
Tel: +86-185-0060-8364
E-mail: suri.cheng@christensencomms.com
AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amount in thousands, except per share / per ADS data)
For three months ended June 30,
For six months ended June 30,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net revenues:
Media services
532,005
432,858
59,563
893,473
760,289
104,619
Leads generation services
759,635
820,271
112,873
1,440,269
1,546,694
212,832
Online marketplace and others
541,394
619,425
85,236
1,032,921
1,174,636
161,635
Total net revenues
1,833,034
1,872,554
257,672
3,366,663
3,481,619
479,086
Cost of revenues
(330,227)
(346,102)
(47,625)
(670,441)
(646,994)
(89,029)
Gross profit
1,502,807
1,526,452
210,047
2,696,222
2,834,625
390,057
Operating expenses:
Sales and marketing expenses
(824,081)
(752,543)
(103,553)
(1,347,197)
(1,393,819)
(191,796)
General and administrative
expenses
(90,979)
(117,564)
(16,177)
(240,135)
(267,109)
(36,755)
Product development expenses
(313,010)
(315,230)
(43,377)
(637,376)
(651,297)
(89,621)
Total operating expenses
(1,228,070)
(1,185,337)
(163,107)
(2,224,708)
(2,312,225)
(318,172)
Other operating income, net
66,772
71,279
9,808
133,160
166,072
22,852
Operating profit
341,509
412,394
56,748
604,674
688,472
94,737
Interest and investment income,
net
202,813
189,053
26,015
427,828
409,027
56,284
(Loss)/income from equity method
investments
(1,690)
4,640
638
(33,125)
(44,493)
(6,122)
Income before income taxes
542,632
606,087
83,401
999,377
1,053,006
144,899
Income tax expense
(35,796)
(102,165)
(14,058)
(90,477)
(170,566)
(23,471)
Net income
506,836
503,922
69,343
908,900
882,440
121,428
Net (income)/loss attributable to
noncontrolling interests
(2,102)
20,839
2,868
1,336
36,820
5,067
Net income attributable to
Autohome
504,734
524,761
72,211
910,236
919,260
126,495
Accretion of mezzanine equity
(38,686)
(42,687)
(5,874)
(75,185)
(84,358)
(11,608)
Accretion attributable to
noncontrolling interests
25,164
27,599
3,798
48,913
54,547
7,506
Net income attributable to
ordinary shareholders
491,212
509,673
70,135
883,964
889,449
122,393
Earnings per share attributable to
ordinary shareholders
Basic
1.00
1.05
0.14
1.79
1.84
0.25
Diluted
1.00
1.05
0.14
1.79
1.83
0.25
Earnings per ADS attributable
to ordinary shareholders (one
ADS equals for four ordinary
shares)
Basic
3.99
4.20
0.58
7.17
7.34
1.01
Diluted
3.98
4.19
0.58
7.15
7.32
1.01
Weighted average shares used to compute
earnings per share attributable to ordinary
shareholders:
Basic
492,534,428
484,860,625
484,860,625
492,927,049
484,569,763
484,569,763
Diluted
493,624,704
486,591,693
486,591,693
494,261,429
486,029,303
486,029,303
AUTOHOME INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except per share / per ADS data)
For three months ended June 30,
For six months ended June 30,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net income attributable to
Autohome
504,734
524,761
72,211
910,236
919,260
126,495
Plus: income tax expense
37,136
103,505
14,243
93,157
173,247
23,840
Plus: depreciation of property and
equipment
42,259
31,750
4,369
90,197
65,284
8,983
Plus: amortization of intangible
assets
10,798
9,650
1,328
21,638
19,300
2,656
EBITDA
594,927
669,666
92,151
1,115,228
1,177,091
161,974
Plus: share-based compensation
expenses
41,628
41,188
5,668
87,813
89,495
12,315
Adjusted EBITDA
636,555
710,854
97,819
1,203,041
1,266,586
174,289
Net income attributable to
Autohome
504,734
524,761
72,211
910,236
919,260
126,495
Plus: amortization of intangible assets
resulting from business acquisition
10,722
9,583
1,319
21,444
19,166
2,637
Plus: share-based compensation
expenses
41,628
41,188
5,668
87,813
89,495
12,315
Plus: investment loss arising from one of
financial products[3]
14,532
2,906
400
8,719
2,906
400
Plus: loss/(gain) on equity method
investments, net
1,690
(4,640)
(638)
33,125
44,493
6,122
Plus: tax effects of the adjustments
(3,840)
(1,360)
(187)
(8,360)
(8,954)
(1,232)
Adjusted net income attributable
to Autohome
569,466
572,438
78,773
1,052,977
1,066,366
146,737
Net income attributable to
Autohome
504,734
524,761
72,211
910,236
919,260
126,495
Net margin
27.5 %
28.0 %
28.0 %
27.0 %
26.4 %
26.4 %
Adjusted net income attributable
to Autohome
569,466
572,438
78,773
1,052,977
1,066,366
146,737
Adjusted net margin
31.1 %
30.6 %
30.6 %
31.3 %
30.6 %
30.6 %
Non-GAAP earnings per share
Basic
1.16
1.18
0.16
2.14
2.20
0.30
Diluted
1.15
1.18
0.16
2.13
2.19
0.30
Non-GAAP earnings per ADS
(one ADS equals for four ordinary
shares)
Basic
4.62
4.72
0.65
8.54
8.80
1.21
Diluted
4.61
4.71
0.65
8.52
8.78
1.21
Weighted average shares used to
compute non-GAAP earnings
per share:
Basic
492,534,428
484,860,625
484,860,625
492,927,049
484,569,763
484,569,763
Diluted
493,624,704
486,591,693
486,591,693
494,261,429
486,029,303
486,029,303
AUTOHOME INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(Amount in thousands, except as noted)
As of
December 31,
As of June 30,
2023
2024
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
4,996,353
3,881,952
534,174
Restricted cash
126,794
107,964
14,856
Short-term investments
18,552,354
19,593,011
2,696,088
Accounts receivable, net
1,472,489
1,350,567
185,844
Amounts due from related parties, current
16,439
30,233
4,160
Prepaid expenses and other current assets
360,559
423,411
58,263
Total current assets
25,524,988
25,387,138
3,493,385
Non-current assets
Restricted cash, non-current
5,000
5,000
688
Property and equipment, net
200,860
194,067
26,705
Goodwill and intangible assets, net
4,143,968
4,106,799
565,114
Long-term investments
448,341
403,848
55,571
Deferred tax assets
295,598
295,598
40,676
Amounts due from related parties, non-current
16,048
13,839
1,904
Other non-current assets
200,928
157,102
21,619
Total non-current assets
5,310,743
5,176,253
712,277
Total assets
30,835,731
30,563,391
4,205,662
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables
2,932,227
2,227,929
306,573
Advance from customers
105,379
102,623
14,121
Deferred revenue
801,581
1,156,160
159,093
Income tax payable
227,260
338,306
46,552
Amounts due to related parties
24,572
31,878
4,387
Dividends payable
984,332
493,881
67,960
Total current liabilities
5,075,351
4,350,777
598,686
Non-current liabilities
Other liabilities
89,187
58,622
8,067
Deferred tax liabilities
497,955
472,481
65,016
Total non-current liabilities
587,142
531,103
73,083
Total liabilities
5,662,493
4,881,880
671,769
MEZZANINE EQUITY
Convertible redeemable noncontrolling interests
1,758,933
1,843,291
253,645
EQUITY
Total Autohome shareholders’ equity
23,928,187
24,443,437
3,363,529
Noncontrolling interests
(513,882)
(605,217)
(83,281)
Total equity
23,414,305
23,838,220
3,280,248
Total liabilities, mezzanine equity and equity
30,835,731
30,563,391
4,205,662
UNAUDITED RECONCILIATION BETWEEN U.S. GAAP AND IFRS
The unaudited condensed consolidated statements of income for the six month ended June 30, 2024 and the unaudited condensed consolidated balance sheets as of June 30, 2024 (collectively, the “Unaudited Interim Financial Statements”) of Autohome Inc., its subsidiaries,the variable interest entities, and the subsidiaries of the variable interest entities (collectively, the “Company”) are prepared in accordance with the accounting principles generally accepted in the United States of America (the “U.S. GAAP”), and the differences between U.S. GAAP and the International Financial Reporting Standards (the “IFRS”) issued by the International Accounting Standards Board (together, the “Reconciliation Statement”) have been disclosed in the Appendix — Unaudited Reconciliation Between U.S. GAAP and IFRS attached herein.
PricewaterhouseCoopers, the auditor of the Company in Hong Kong, has performed a limited assurance engagement on the Reconciliation Statement in accordance with International Standards on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” issued by the International Auditing and Assurance Standards Board.
Appendix
The Unaudited Interim Financial Statements of the Company are prepared in accordance with U.S. GAAP, which differ in certain respects from IFRS. The effects of material differences between the Unaudited Interim Financial Statements prepared under U.S. GAAP and IFRS are as follows:
Reconciliation of unaudited condensed consolidated statements of income:
For six months ended June 30,
2023
2024
RMB
RMB
Reconciliation of net income in the consolidated statements of income
(in thousands)
Net income as reported under U.S. GAAP
908,900
882,440
IFRS adjustments:
Preferred shares (Note a)
(64,555)
126,264
Leases (Note b)
(521)
(285)
Share-based compensations (Note c)
(36,304)
(16,419)
Net income as reported under IFRS
807,520
992,000
Reconciliation of unaudited condensed consolidated balance sheets:
As of
December 31,
As of
June 30,
2023
2024
RMB
RMB
Reconciliation of total equity in the consolidated balance sheets
(in thousands)
Total equity as reported under U.S. GAAP
23,414,305
23,838,220
IFRS adjustments:
Preferred shares (Note a)
1,182,018
1,409,285
Leases (Note b)
(9,536)
(9,821)
Total equity as reported under IFRS
24,586,787
25,237,684
Notes:
Basis of Preparation
The Directors of the Company are responsible for preparation of the Reconciliation Statement in accordance with the relevant requirements of the Hong Kong Listing Rules. The Reconciliation Statement was prepared based on the Company’s unaudited interim condensed consolidated financial information for the six months ended June 30, 2024 prepared under U.S. GAAP, with adjustments made (if any) thereto in arriving at the unaudited financial information of the Company prepared under IFRS. The adjustments reflect the differences between the Company’s accounting policies under U.S. GAAP and IFRS.
(a) Preferred Shares
Under U.S. GAAP, the preferred shares of the Company are accounted for as mezzanine equity, which is subsequently accreted to the amount which equals to redemption value of each series of preferred shares.
Under IFRS, the preferred shares, which are redeemable at the option of the holder, represent a financial liability. And the financial liability is measured at fair value and changes in the fair value are reflected in the consolidated statements of comprehensive income. The amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of the liability shall be presented in the consolidated balance sheets as accumulated other comprehensive income; the remaining amount of change in the fair value of the liability shall be presented in the consolidated statements of comprehensive income.
Accordingly, the reconciliation includes a fair value profit change of RMB64.56 million (negative) and RMB126.26 million recognized in the consolidated statements of comprehensive income for each of the six months ended June 30, 2023 and 2024, respectively. The reconciliation also includes the difference between mezzanine equity under U.S. GAAP and financial liabilities under IFRS of RMB1,182.02 million and RMB1,409.29 million as at December 31, 2023 and June 30, 2024, respectively.
(b) Leases
For operating leases under U.S. GAAP, the subsequent measurement of the lease liability is based on the present value of the remaining lease payments using the discount rate determined at lease commencement, while the right-of-use asset is remeasured at the amount of the lease liability, adjusted for the remaining balance of any lease incentives received, cumulative prepaid or accrued rents, unamortized initial direct costs and any impairment. This treatment under U.S. GAAP results in straight line expense being incurred over the lease term, as opposed to IFRS which generally yields a “front-loaded” expense with more expense recognized in earlier years of the lease.
Accordingly, the reconciliation includes an expenses difference recognized in the consolidated statements of comprehensive income of RMB0.52 million and RMB0.29 million for each of the six months ended June 30, 2023 and 2024, respectively. The reconciliation also includes a difference in total equity of RMB9.54 million and RMB9.82 million as at December 31, 2023 and June 30, 2024, respectively.
(c) Share-based Compensation
Under U.S. GAAP, the Company has elected to recognize compensation expense using the straight-line method for all share-based awards granted with service conditions that have a graded vesting schedule. For awards with performance condition and multiple service dates, if the performance conditions are all set at inception and independent for each year, each tranche is accounted for as a separate award with its own requisite service period. Compensation cost is recognized over the respective requisite service period separately for each separately-vesting tranche as though each tranche of the award is, in substance, a separate award.
Under IFRS, the accelerated method is required to recognize compensation expense for all employee equity awards granted with graded vesting.
Accordingly, the reconciliation includes an expense recognition difference in the consolidated statements of comprehensive income of RMB36.30 million and RMB16.42 million for each of the six months ended June 30, 2023 and 2024, respectively.
[1] The reporting currency of the Company is Renminbi (“RMB”). For readers’ convenience, certain amounts throughout the release are presented in US dollars (“US$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB7.2672 on June 28, 2024 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
[2] For more information on this and other non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this release.
[3] It represented the loss of an investment with fair value below its initial investment, which was recognized at “interest and investment income, net”. The impact was considered to be not directly related to the Company’s operating activities.
View original content:https://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-second-quarter-and-interim-2024-financial-results-302210891.html
SOURCE Autohome Inc.
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Technology
Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain
Published
21 mins agoon
September 20, 2024By
HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.
“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”
Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.
“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”
Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.
About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.
Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
For media inquiries, please use the contact information below:
Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com
Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com
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SOURCE McDermott International, Ltd
Technology
Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style
Published
21 mins agoon
September 20, 2024By
BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.
The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide. According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists. However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.
“Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc. This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.
Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.
Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.
“Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.
The Halal Route application is free to download on both iOS and Android systems.
Read the full article at https://www.chula.ac.th/en/highlight/185916/
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/halal-route-application—eat-travel-around-thailand-safe-and-sound-halal-style-302251312.html
SOURCE Chulalongkorn University
Technology
QR Code Labels Market Size to Grow USD 1339.1 Million by 2030 at a CAGR of 5.6% | Valuates Reports
Published
21 mins agoon
September 20, 2024By
BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — QR Code Labels Market is Segmented by Type (Flexographic Printing, Digital Printing, Offset Gravure), by Application (Inventory Management, Marketing & Advertisement, Mobile Payments, Personal Use): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global QR Code Labels Market was valued at US$ 889.2 million in 2023 and is anticipated to reach US$ 1339.1 million by 2030, witnessing a CAGR of 5.6% during the forecast period 2024-2030.
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Major Factors Driving the Growth of QR Code Labels Market:
The QR code labels market is experiencing robust growth due to the increasing adoption across sectors like retail, logistics, marketing, and payments. The convenience, versatility, and cost-effectiveness of QR code labels, combined with the rise in mobile phone usage and the shift toward contactless technologies, are key drivers of this growth. Industries are leveraging QR codes for diverse applications such as inventory management, mobile payments, and marketing campaigns. However, concerns about data privacy and security may limit widespread adoption in certain regions.
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TRENDS INFLUENCING THE GROWTH OF THE QR CODE LABELS MARKET:
Flexographic printing holds the largest share in the QR code labels market due to its high-speed production capabilities and cost-effectiveness for large print runs. Flexographic printing is particularly popular in sectors like retail and logistics, where large quantities of QR code labels are required for packaging and inventory management. Its ability to print on a wide range of substrates, including paper, plastic, and metallic foils, makes flexographic printing the preferred choice for high-volume, cost-efficient QR code label production, driving its dominance in the market.
Digital printing is the second-largest segment, known for its flexibility, quick turnaround times, and ability to produce short print runs cost-effectively. This technology is widely adopted in the marketing and advertising sectors where businesses need customized QR code labels for targeted campaigns and promotions. Digital printing offers high-quality, precise printing for small batches, allowing companies to personalize QR codes for specific audiences or events. The growing trend of personalization in marketing is significantly driving the demand for digital printing in the QR code labels market.
Inventory management is the largest application segment, as QR code labels simplify tracking and monitoring products in warehouses, retail stores, and logistics chains. QR codes allow for real-time updates and easy access to product details, making inventory management more efficient. Businesses, especially in e-commerce and logistics, rely on QR codes to reduce human errors, improve accuracy, and streamline operations. As global trade and e-commerce continue to grow, inventory management remains the largest driver of the QR code labels market.
QR codes in marketing and advertising are increasingly popular as brands use them to engage customers directly through digital content. By scanning a QR code, consumers can access websites, videos, promotions, and other interactive media, enhancing brand interaction. This trend is particularly strong in retail and consumer goods sectors, where QR codes are used in packaging, billboards, and digital campaigns. With more consumers using smartphones, QR codes have become a key tool in marketing strategies, driving growth in this application.
The use of QR code labels for mobile payments is rapidly expanding, especially in regions like Asia-Pacific, where cashless transactions are becoming the norm. QR codes provide a secure, contactless payment solution, and their integration with mobile wallets makes them convenient for both consumers and businesses. The pandemic accelerated the shift to contactless payments, and the trend is expected to continue as more businesses adopt QR code-enabled payment systems. This rising trend is a significant factor contributing to the growth of the QR code labels market.
QR code labels are also being increasingly adopted for personal use, particularly in the context of social networking, personal branding, and event management. Individuals are using QR codes to share contact information, social media profiles, or event details. The ease of generating and sharing QR codes through mobile apps has made this technology accessible for personal use. As digital interaction becomes more integrated into daily life, personal use of QR code labels is expected to grow, further expanding the market.
The production of QR code labels, particularly in large quantities, is increasingly being scrutinized for its environmental impact. Companies are looking for sustainable printing solutions, such as eco-friendly inks and biodegradable materials, to reduce the environmental footprint of label production. Flexographic and digital printing technologies are evolving to meet these demands, with manufacturers investing in greener alternatives. The shift towards sustainability in label production is expected to shape the future of the QR code labels market.
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QR CODE LABELS MARKET SHARE
The Asia-Pacific region dominates the QR code labels market, driven by the widespread use of QR codes for mobile payments and inventory management, particularly in China and Japan. North America follows, with increasing adoption in retail, marketing, and healthcare. Europe is also a key market, driven by the rising demand for contactless payment solutions and digital marketing initiatives. The Middle East and Africa are emerging markets, especially in mobile payments and product traceability applications.
Key Companies:
Lintec CorporationCCL IndustriesPacktica SDNLabel LogicHibiscusData LabelAdvanced LabelsCoast Label CompanyLabel ImpressionsConsolidated LabelAvery
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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain
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QR Code Labels Market Size to Grow USD 1339.1 Million by 2030 at a CAGR of 5.6% | Valuates Reports
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