Technology
Hello Group Inc. Announces Unaudited Financial Results for the Second Quarter of 2024
Published
1 week agoon
By
BEIJING, Sept. 3, 2024 /PRNewswire/ — Hello Group Inc. (NASDAQ: MOMO) (“Hello Group” or the “Company”), a leading player in mainland China’s online social networking space, today announced its unaudited financial results for the second quarter of 2024.
Second Quarter of 2024 Highlights
Net revenues decreased by 14.2% year over year to RMB2,691.4 million (US$370.3 million*) in the second quarter of 2024.Net income attributable to Hello Group Inc. decreased to RMB397.8 million (US$54.7 million) in the second quarter of 2024, from RMB568.4 million in the same period of 2023.Non-GAAP net income attributable to Hello Group Inc. (note 1) decreased to RMB449.2 million (US$61.8 million) in the second quarter of 2024, from RMB632.1 million in the same period of 2023.Diluted net income per American Depositary Share (“ADS”) was RMB2.11 (US$0.29) in the second quarter of 2024, compared to RMB2.82 in the same period of 2023.Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the second quarter of 2024, compared to RMB3.14 in the same period of 2023.Monthly Active Users (“MAU”) on Tantan app were 12.9 million in June 2024, compared to 17.3 million in June 2023.For the Momo app total paying users was 7.2 million for the second quarter of 2024, compared to 7.9 million for the same period last year. Tantan had 1.0 million paying users for the second quarter of 2024 compared to 1.4 million from the year ago period.
First Half of 2024 Highlights
Net revenues decreased by 11.8% year over year to RMB5,251.8 million (US$722.7 million) for the first half of 2024.Net income attributable to Hello Group Inc. was RMB403.0 million (US$55.5 million) for the first half of 2024, compared to RMB958.7 million during the same period of 2023.Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB509.1 million (US$70.1 million) for the first half of 2024, compared to RMB1,104.1 million during the same period of 2023.Diluted net income per ADS was RMB2.10 (US$0.29) for the first half of 2024, compared to RMB4.78 during the same period of 2023.Non-GAAP diluted net income per ADS (note 1) was RMB2.65 (US$0.37) for the first half of 2024, compared to RMB5.49 during the same period of 2023.
“Q2 was a good quarter. I am pleased to see that our team has maintained the spirit of innovation and adaptation in a challenging environment,” commented Yan Tang, Chairman and CEO of Hello Group. “Momo’s cash cow business continued to be productive in a healthy community ecosystem. Regarding new endeavors, while strengthening the localization progress, we are more convinced of the revenue growth opportunities in overseas market.”
* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.2672 to US$1.00, the effective noon buying rate for June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.
Second Quarter of 2024 Financial Results
Net revenues
Total net revenues were RMB2,691.4 million (US$370.3 million) in the second quarter of 2024, a decrease of 14.2% from RMB3,137.7 million in the second quarter of 2023.
Live video service revenues were RMB1,303.0 million (US$179.3 million) in the second quarter of 2024, a decrease of 18.0% from RMB1,588.8 million during the same period of 2023. The decrease was primarily attributable to our proactive operational adjustments to de-emphasis large scale competition events in the Momo app and a soft consumer sentiment in the current macro environment, and to a lesser degree, Tantan pivoting away from the less dating-centric live video service.
Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,345.3 million (US$185.1 million) in the second quarter of 2024, a decrease of 10.3% from RMB1,499.5 million during the same period of 2023. The decrease was primarily due to our product adjustments to improve Momo app’s ecosystem as well as the impact of the macro economy on consumer sentiment, and to a lesser extent, the decline in Tantan’s paying users which was in turn due to the decrease in its user base, the recent product upgrade as well as adjustments in its membership auto renewal policy. The decrease was partially offset by the revenue growth from the new standalone apps.
Mobile marketing revenues were RMB42.0 million (US$5.8 million) in the second quarter of 2024, an increase of 13.5% from RMB37.0 million during the same period of 2023.
Net revenues from the Momo segment decreased from RMB2,816.6 million in the second quarter of 2023 to RMB2,457.2 million (US$338.1 million) in the second quarter of 2024, primarily due to the decrease in net revenues from value-added service and live video service on Momo app. The decrease was partially offset by the revenue growth of the new standalone apps. Net revenues from the Tantan segment decreased from RMB320.7 million in the second quarter of 2023 to RMB233.7 million (US$32.2 million) in the second quarter of 2024, mainly due to the decrease in net revenues from live video service and value-added service.
Cost and expenses
Cost and expenses were RMB2,275.2 million (US$313.1 million) in the second quarter of 2024, a decrease of 9.6% from RMB2,515.5 million in the second quarter of 2023. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to live video service on Momo app and Tantan app, and a decrease in revenue sharing with virtual gift recipients of virtual gift service on Momo app. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for new standalone apps; (b) a decrease in salary expenses and share-based compensation expenses, due to our continuous optimization in personnel costs and the newly granted share options which had lower fair value. The decrease was partially offset by an increase in sales and marketing expenses due to more marketing spend in connection with the annual gala event of Momo’s live streaming service.
Non-GAAP cost and expenses (note 1) were RMB2,223.8 million (US$306.0 million) in the second quarter of 2024, a decrease of 9.3% from RMB2,451.8 million during the same period of 2023.
Income from operations
Income from operations was RMB425.0 million (US$58.5 million) in the second quarter of 2024, compared to RMB645.1 million during the same period of 2023. Income from operations of the Momo segment was RMB409.4 million (US$56.3 million) in the second quarter of 2024, which decreased from RMB618.8 million in the second quarter of 2023. Income from operations of the Tantan segment was RMB16.4 million (US$2.3 million) in the second quarter of 2024, which decreased from RMB30.2 million in the second quarter of 2023.
Non-GAAP income from operations (note 1) was RMB476.5 million (US$65.6 million) in the second quarter of 2024, compared to RMB708.8 million during the same period of 2023. Non-GAAP income from operations of the Momo segment was RMB456.7 million (US$62.8 million) in the second quarter of 2024, which decreased from RMB680.8 million in the second quarter of 2023. Non-GAAP income from operations of the Tantan segment was RMB20.6 million (US$2.8 million) in the second quarter of 2024, compared to RMB31.9 million in the second quarter of 2023.
Income tax expenses
Income tax expenses were RMB102.6 million (US$14.1 million) in the second quarter of 2024, compared to RMB166.0 million in the second quarter of 2023. The decrease in income tax expenses was primarily due to the lower profit in the second quarter of 2024, and to a lesser extent, lower withholding tax rate due to our eligibility for a preferential tax rate since the beginning of the year.
Net income
Net income was RMB397.8 million (US$54.7 million) in the second quarter of 2024, compared to RMB567.6 million during the same period of 2023. Net income from the Momo segment was RMB382.8 million (US$52.7 million) in the second quarter of 2024, compared to RMB542.4 million in the same period of 2023. Net income from the Tantan segment was RMB15.8 million (US$2.2 million) in the second quarter of 2024, compared to RMB29.1 million in the second quarter of 2023.
Non-GAAP net income (note 1) was RMB449.2 million (US$61.8 million) in the second quarter of 2024, compared to RMB631.3 million during the same period of 2023. Non-GAAP net income from the Momo segment was RMB430.0 million (US$59.2 million) in the second quarter of 2024, which decreased from RMB604.4 million in the second quarter of 2023. Non-GAAP net income of the Tantan segment was RMB20.0 million (US$2.8 million) in the second quarter of 2024, compared to RMB30.8 million in the second quarter of 2023.
Net income attributable to Hello Group Inc.
Net income attributable to Hello Group Inc. was RMB397.8 million (US$54.7 million) in the second quarter of 2024, compared to RMB568.4 million during the same period of 2023.
Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB449.2 million (US$61.8 million) in the second quarter of 2024, compared to RMB632.1 million during the same period of 2023.
Net income per ADS
Diluted net income per ADS was RMB2.11 (US$0.29) in the second quarter of 2024, compared to RMB2.82 in the second quarter of 2023.
Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the second quarter of 2024, compared to RMB3.14 in the second quarter of 2023.
Cash and cash flow
As of June 30, 2024, the Company’s cash, cash equivalents, short-term deposits, long-term deposits, short-term restricted cash and long-term restricted cash totaled RMB14,316.4 million (US$1,970.0 million), compared to RMB13,478.5 million as of December 31, 2023.
Net cash provided by operating activities in the second quarter of 2024 was RMB475.2 million (US$65.4 million), compared to RMB827.7 million in the second quarter of 2023.
First Half of 2024 Financial Results
Net revenues for the first half of 2024 were RMB5,251.8 million (US$722.7 million), a decrease of 11.8% from RMB5,956.5 million in the same period of 2023.
Net income attributable to Hello Group Inc. was RMB403.0 million (US$55.5 million) for the first half of 2024, compared to RMB958.7 million during the same period of 2023.
Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB509.1 million (US$70.1 million) for the first half of 2024, compared to RMB1,104.1 million during the same period of 2023.
Diluted net income per ADS was RMB2.10 (US$0.29) during the first half of 2024, compared to RMB4.78 in the same period of 2023.
Non-GAAP diluted net income per ADS (note 1) was RMB2.65 (US$0.37) during the first half of 2024, compared to RMB5.49 in the same period of 2023.
Net cash provided by operating activities was RMB875.4 million (US$120.5 million) during the first half of 2024, compared to RMB1,278.8 million in the same period of 2023.
Recent Development
Share repurchase program
On June 7, 2022, Hello Group’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its shares up to June 6, 2024 (the “Share Repurchase Program”). On March 14, 2024, Hello Group’s board of directors approved to amend the Share Repurchase Program to (i) extend the term of the Share Repurchase Program up to June 30, 2026, and (ii) upsize the Share Repurchase Program so that the Company is authorized to, from time to time, acquire up to an aggregate of US$286.1 million worth of its shares in the form of ADSs and/or the ordinary shares of the Company in the open market and through privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.
As of September 3, the Company has repurchased 30.9 million ADSs for US$174.6 million on the open market under Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024, at an average purchase price of US$5.63 per ADS.
Business Outlook
For the third quarter of 2024, the Company expects total net revenues to be between RMB2.58 billion to RMB2.68 billion, representing a decrease of 15.2% to 11.9% year over year. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.
Note 1: Non-GAAP measures
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation and such adjustment has no impact on income tax.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP cost and operating expenses, income (loss) from operations, net income (loss), net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation and such adjustment has no impact on income tax. A limitation of using these non-GAAP financial measures is that share-based compensation has been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.
Conference Call
Hello Group’s management will host an earnings conference call on Tuesday, September 3, 2024, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on September 3, 2024).
Participants can register for the conference call by navigating to:
https://s1.c-conf.com/diamondpass/10041441-w8sbhf.html.
Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.
A telephone replay of the call will be available after the conclusion of the conference call through September 10, 2024. The dial-in details for the replay are as follows:
U.S. / Canada: 1-855-883-1031
Hong Kong: 800-930-639
Passcode: 10041441
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group’s website at https://ir.hellogroup.com.
About Hello Group Inc.
We are a leading player in mainland China’s online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, Duidui and Tietie, which target more niche markets and more selective demographics.
For investor and media inquiries, please contact:
Hello Group Inc.
Investor Relations
Phone: +86-10-5731-0538
Email: ir@hellogroup.com
Christensen
In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
Safe Harbor Statement
This news release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the third quarter of 2024, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.
Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the second quarter of 2024 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the third quarter of 2024 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, general economic conditions, and other factors. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.
All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.
Hello Group Inc.
Unaudited Condensed Consolidated Statement of Operations
(All amounts in thousands, except share and per share data)
Three months
First half year
Ended June 30
Ended June 30
2023
2024
2024
2023
2024
2024
RMB
RMB
US$
RMB
RMB
US$
Net revenues:
Live video service
1,588,849
1,303,020
179,302
3,018,189
2,541,561
349,730
Value-added service
1,499,482
1,345,316
185,121
2,860,951
2,639,692
363,234
Mobile marketing
36,986
41,990
5,778
58,057
68,585
9,438
Mobile games
2,606
–
–
6,305
432
59
Other services
9,763
1,065
147
13,042
1,541
212
Total net revenues
3,137,686
2,691,391
370,348
5,956,544
5,251,811
722,673
Cost and expenses:
Cost of revenues
(1,819,559)
(1,595,789)
(219,588)
(3,483,747)
(3,098,797)
(426,409)
Research and development
(214,649)
(193,168)
(26,581)
(451,452)
(385,359)
(53,027)
Sales and marketing
(356,525)
(364,769)
(50,194)
(736,311)
(658,200)
(90,571)
General and administrative
(124,787)
(121,482)
(16,716)
(263,085)
(252,863)
(34,795)
Total cost and expenses
(2,515,520)
(2,275,208)
(313,079)
(4,934,595)
(4,395,219)
(604,802)
Other operating income, net
22,919
8,861
1,219
59,313
28,767
3,958
Income from operations
645,085
425,044
58,488
1,081,262
885,359
121,829
Interest income
115,321
130,937
18,018
215,108
252,044
34,682
Interest expense
(11,963)
(32,493)
(4,471)
(22,378)
(56,191)
(7,732)
Other gain or loss, net
4,565
(34,625)
(4,765)
4,565
(43,870)
(6,037)
Income before income tax and share of (loss) income on equity method
investments
753,008
488,863
67,270
1,278,557
1,037,342
142,742
Income tax expenses
(165,969)
(102,614)
(14,120)
(288,582)
(660,227)
(90,850)
Income before share of (loss) income on equity method investments
587,039
386,249
53,150
989,975
377,115
51,892
Share of (loss) income on equity method investments
(19,439)
11,536
1,587
(32,914)
25,854
3,558
Net income
567,600
397,785
54,737
957,061
402,969
55,450
Less: net loss attributable to non-controlling interest
(795)
–
–
(1,623)
–
–
Net income attributable to the shareholders of Hello Group Inc.
568,395
397,785
54,737
958,684
402,969
55,450
Net income per share attributable to ordinary shareholders
Basic
1.50
1.10
0.15
2.54
1.09
0.15
Diluted
1.41
1.05
0.14
2.39
1.05
0.14
Weighted average shares used in calculating net income per ordinary share
Basic
377,920,901
362,394,762
362,394,762
377,471,487
368,522,705
368,522,705
Diluted
409,201,815
377,903,589
377,903,589
409,151,850
383,528,002
383,528,002
Hello Group Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in thousands, except share and per share data)
Three months
First half year
Ended June 30
Ended June 30
2023
2024
2024
2023
2024
2024
RMB
RMB
US$
RMB
RMB
US$
Net income
567,600
397,785
54,737
957,061
402,969
55,450
Other comprehensive income, net of tax:
Foreign currency translation adjustment
107,975
41,569
5,720
110,156
96,463
13,274
Comprehensive income
675,575
439,354
60,457
1,067,217
499,432
68,724
Less: comprehensive income attributed to the non-controlling interest
10,188
1,202
165
8,518
4,286
590
Comprehensive income attributable to Hello Group Inc.
665,387
438,152
60,292
1,058,699
495,146
68,134
Hello Group Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except share and per share data)
December 31
June 30
June 30
2023
2024
2024
RMB
RMB
US$
Assets
Current assets
Cash and cash equivalents
5,620,466
5,958,586
819,929
Short-term deposits
1,270,626
350,000
48,162
Restricted cash
10,147
1,513,894
208,319
Accounts receivable, net of allowance for doubtful accounts of RMB12,780 and
RMB12,615 as of December 31, 2023 and June 30, 2024, respectively
201,517
184,840
25,435
Amounts due from related parties
7,258
–
–
Prepaid expenses and other current assets
723,364
776,812
106,893
Total current assets
7,833,378
8,784,132
1,208,738
Long-term deposits
3,924,975
3,816,800
525,209
Long-term restricted cash
2,652,299
2,677,110
368,383
Right-of-use assets, net
109,572
304,301
41,873
Property and equipment, net
659,033
889,309
122,373
Intangible assets, net
17,086
14,527
1,999
Rental deposits
12,962
13,770
1,895
Long-term investments
786,911
726,981
100,036
Amounts due from RPT-non current
20,000
–
–
Other non-current assets
180,052
211,744
29,137
Deferred tax assets
31,741
35,820
4,929
Total assets
16,228,009
17,474,494
2,404,572
Liabilities and equity
Current liabilities
Accounts payable
616,681
607,035
83,532
Deferred revenue
442,805
444,657
61,187
Accrued expenses and other current liabilities
630,617
607,062
83,535
Amounts due to related parties
4,314
–
–
Lease liabilities due within one year
60,008
153,979
21,188
Income tax payable
94,719
58,224
8,012
Deferred consideration in connection with business acquisitions
27,261
27,904
3,840
Long-term borrowings, current portion
215,615
215,615
29,670
Short-term borrowings
–
1,331,635
183,239
Total current liabilities
2,092,020
3,446,111
474,203
Deferred tax liabilities
24,987
408,451
56,205
Convertible Senior Notes
19,571
20,067
2,761
Long-term borrowings
1,938,385
1,938,169
266,701
Lease liabilities
52,171
158,821
21,854
Other non-current liabilities
114,085
137,811
18,963
Total liabilities
4,241,219
6,109,430
840,687
Shareholder’s equity (i)
11,986,790
11,365,064
1,563,885
Total liabilities and shareholder’s equity
16,228,009
17,474,494
2,404,572
(i): As of June 30, 2024, the number of ordinary shares outstanding was 352,650,980.
Hello Group Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in thousands, except share and per share data)
Three months
First half year
Ended June 30
Ended June 30
2023
2024
2024
2023
2024
2024
RMB
RMB
US$
RMB
RMB
US$
Cash flows from operating activities:
Net income
567,600
397,785
54,737
957,061
402,969
55,450
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment
18,787
13,525
1,861
41,631
27,835
3,830
Amortization of intangible assets
1,279
1,279
176
2,558
2,558
352
Share-based compensation
63,748
51,458
7,081
145,405
106,128
14,604
Share of loss (income) on equity method investments
19,439
(11,536)
(1,587)
32,914
(25,854)
(3,558)
Gain on repurchase of convertible senior notes
(4,565)
–
–
(4,565)
–
–
Cash received on distributions from equity method investments
1,349
1,197
165
1,349
1,197
165
Loss on long-term investments
–
34,625
4,765
–
43,870
6,037
Gain or loss on disposal of property and equipment
(527)
(178)
(24)
(460)
80
11
Provision of loss on receivable and other assets
1,022
145
20
10,204
1,921
264
Changes in operating assets and liabilities:
Accounts receivable
(20,117)
4,848
667
(20,665)
15,828
2,178
Prepaid expenses and other current assets
170,514
15,043
2,070
194,866
5,366
738
Amounts due from related parties
–
–
–
55
–
–
Rental deposits
951
–
–
951
(802)
(110)
Deferred tax assets
17
(1,580)
(217)
457
(4,078)
(561)
Other non-current assets
30,424
(198,746)
(27,348)
22,939
(206,343)
(28,394)
Accounts payable
11,459
(14,292)
(1,967)
31,838
(31,746)
(4,368)
Income tax payable
2,674
(42,533)
(5,853)
(3,719)
(36,497)
(5,022)
Deferred revenue
(14,062)
(15,268)
(2,101)
(22,873)
1,406
193
Accrued expenses and other current liabilities
(54,827)
121,547
16,725
(187,560)
64,747
8,909
Amount due to related parties
(272)
–
–
2,897
–
–
Deferred tax liabilities
48,397
14,410
1,983
82,517
379,421
52,210
Other non-current liabilities
(15,548)
103,500
14,242
(8,984)
127,393
17,530
Net cash provided by operating activities
827,742
475,229
65,395
1,278,816
875,399
120,458
Cash flows from investing activities:
Purchase of property and equipment
(11,010)
(199,842)
(27,499)
(21,244)
(244,018)
(33,578)
Payment for long-term investments
(9,000)
(5,250)
(722)
(9,000)
(5,250)
(722)
Purchase of short-term deposits
–
–
–
(497,342)
–
–
Cash received on maturity of short-term deposits
2,609,820
781,016
107,471
3,509,820
1,081,016
148,753
Cash received on investment income distribution
1,517
–
–
1,517
–
–
Purchase of long-term deposits
(1,350,000)
–
–
(1,350,000)
(718,860)
(98,918)
Cash received on maturity of long-term deposits
–
–
–
–
718,860
98,918
Cash received from sales of long-term investment
–
–
–
–
2,000
275
Other investing activities
947
298
41
1,685
683
94
Net cash provided by investing activities
1,242,274
576,222
79,291
1,635,436
834,431
114,822
Cash flows from financing activities:
Proceeds from exercise of share options
16
2
–
19
13
2
Payment in relation to the share repurchase program
–
(394,561)
(54,293)
(3,237)
(506,822)
(69,741)
Repurchase of subsidiary’s share options
(2,557)
–
–
(4,096)
–
–
Dividends payment
(937,249)
(716,302)
(98,566)
(937,249)
(716,302)
(98,566)
Proceeds from short-term borrowings
–
–
–
–
1,331,635
183,239
Repayment of long-term borrowings
–
–
–
–
(215)
(30)
Payment for redemption of convertible bonds
(2,114,224)
–
–
(2,593,010)
–
–
Net cash (used in) provided by financing activities
(3,054,014)
(1,110,861)
(152,859)
(3,537,573)
108,309
14,904
Effect of exchange rate changes
145,860
27,725
3,814
136,434
48,539
6,680
Net (decrease) increase in cash and cash equivalents
(838,138)
(31,685)
(4,359)
(486,887)
1,866,678
256,864
Cash, cash equivalents and restricted cash at the beginning of period
5,549,852
10,181,275
1,400,990
5,198,601
8,282,912
1,139,767
Cash, cash equivalents and restricted cash at the end of period
4,711,714
10,149,590
1,396,631
4,711,714
10,149,590
1,396,631
Hello Group Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1.
Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures.
Three months
Three months
Three months
Ended June 30, 2023
Ended June 30, 2024
Ended June 30, 2024
GAAP
Share-based
compensation
Non-GAAP
GAAP
Share-based
compensation
Non-GAAP
GAAP
Share-based
compensation
Non-GAAP
RMB
RMB
RMB
RMB
RMB
RMB
US$
US$
US$
Cost of revenues
(1,819,559)
1,552
(1,818,007)
(1,595,789)
1,796
(1,593,993)
(219,588)
247
(219,341)
Research and development
(214,649)
13,821
(200,828)
(193,168)
13,512
(179,656)
(26,581)
1,860
(24,721)
Sales and marketing
(356,525)
6,813
(349,712)
(364,769)
4,149
(360,620)
(50,194)
571
(49,623)
General and administrative
(124,787)
41,562
(83,225)
(121,482)
32,001
(89,481)
(16,716)
4,403
(12,313)
Cost and operating expenses
(2,515,520)
63,748
(2,451,772)
(2,275,208)
51,458
(2,223,750)
(313,079)
7,081
(305,998)
Income from operations
645,085
63,748
708,833
425,044
51,458
476,502
58,488
7,081
65,569
Net income attributable to Hello Group Inc.
568,395
63,748
632,143
397,785
51,458
449,243
54,737
7,081
61,818
Hello Group Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1.
Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures-continued.
First half year
First half year
First half year
Ended June 30, 2023
Ended June 30, 2024
Ended June 30, 2024
GAAP
Share-based
compensation
Non-GAAP
GAAP
Share-based
compensation
Non-GAAP
GAAP
Share-based
compensation
Non-GAAP
RMB
RMB
RMB
RMB
RMB
RMB
US$
US$
US$
Cost of revenues
(3,483,747)
3,187
(3,480,560)
(3,098,797)
3,678
(3,095,119)
(426,409)
506
(425,903)
Research and development
(451,452)
36,193
(415,259)
(385,359)
22,298
(363,061)
(53,027)
3,068
(49,959)
Sales and marketing
(736,311)
14,559
(721,752)
(658,200)
10,266
(647,934)
(90,571)
1,413
(89,158)
General and administrative
(263,085)
91,466
(171,619)
(252,863)
69,886
(182,977)
(34,795)
9,617
(25,178)
Cost and operating expenses
(4,934,595)
145,405
(4,789,190)
(4,395,219)
106,128
(4,289,091)
(604,802)
14,604
(590,198)
Income from operations
1,081,262
145,405
1,226,667
885,359
106,128
991,487
121,829
14,604
136,433
Net income attributable to Hello Group Inc.
958,684
145,405
1,104,089
402,969
106,128
509,097
55,450
14,604
70,054
Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
Three months
Ended June 30, 2024
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Net revenues:
Live video service
1,220,013
83,007
–
1,303,020
179,302
Value-added service
1,205,460
139,856
–
1,345,316
185,121
Mobile marketing
31,136
10,854
–
41,990
5,778
Other services
582
–
483
1,065
147
Total net revenues
2,457,191
233,717
483
2,691,391
370,348
Cost and expenses (ii):
Cost of revenues
(1,491,925)
(103,862)
(2)
(1,595,789)
(219,588)
Research and development
(151,180)
(41,988)
–
(193,168)
(26,581)
Sales and marketing
(301,121)
(62,473)
(1,175)
(364,769)
(50,194)
General and administrative
(112,387)
(8,978)
(117)
(121,482)
(16,716)
Total cost and expenses
(2,056,613)
(217,301)
(1,294)
(2,275,208)
(313,079)
Other operating income
8,858
1
2
8,861
1,219
Income (loss) from operations
409,436
16,417
(809)
425,044
58,488
Interest income
130,777
158
2
130,937
18,018
Interest expense
(32,493)
–
–
(32,493)
(4,471)
Other gain or loss, net
(34,625)
–
–
(34,625)
(4,765)
Income (loss) before income tax and share of income on equity method investments
473,095
16,575
(807)
488,863
67,270
Income tax expenses
(101,865)
(749)
–
(102,614)
(14,120)
Income (loss) before share of income on equity method investments
371,230
15,826
(807)
386,249
53,150
Share of income on equity method investments
11,536
–
–
11,536
1,587
Net income (loss)
382,766
15,826
(807)
397,785
54,737
(ii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three months
Ended June 30, 2024
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Cost of revenues
1,796
–
–
1,796
247
Research and development
9,325
4,187
–
13,512
1,860
Sales and marketing
4,149
–
–
4,149
571
General and administrative
31,998
3
–
32,001
4,403
Total cost and expenses
47,268
4,190
–
51,458
7,081
Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
Three months
Ended June 30, 2024
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Income (loss) from operations
409,436
16,417
(809)
425,044
58,488
Share-based compensation
47,268
4,190
–
51,458
7,081
Non-GAAP income (loss) from operations
456,704
20,607
(809)
476,502
65,569
Net income (loss)
382,766
15,826
(807)
397,785
54,737
Share-based compensation
47,268
4,190
–
51,458
7,081
Non-GAAP net income (loss)
430,034
20,016
(807)
449,243
61,818
Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
Three months
Ended June 30, 2023
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$[1]
Net revenues:
Live video service
1,443,602
145,247
–
1,588,849
219,112
Value-added service
1,329,310
170,172
–
1,499,482
206,788
Mobile marketing
31,670
5,316
–
36,986
5,101
Mobile games
2,606
–
–
2,606
359
Other services
9,459
–
304
9,763
1,347
Total net revenues
2,816,647
320,735
304
3,137,686
432,707
Cost and expenses (iii):
Cost of revenues
(1,658,335)
(160,651)
(573)
(1,819,559)
(250,929)
Research and development
(163,040)
(51,609)
–
(214,649)
(29,601)
Sales and marketing
(282,903)
(72,378)
(1,244)
(356,525)
(49,167)
General and administrative
(116,197)
(6,198)
(2,392)
(124,787)
(17,209)
Total cost and expenses
(2,220,475)
(290,836)
(4,209)
(2,515,520)
(346,906)
Other operating income, net
22,648
271
–
22,919
3,161
Income (loss) from operations
618,820
30,170
(3,905)
645,085
88,962
Interest income
114,946
358
17
115,321
15,903
Interest expense
(11,963)
–
–
(11,963)
(1,650)
Other gain or loss, net
4,565
–
–
4,565
630
Income (loss) before income tax and share of loss on equity method
investments
726,368
30,528
(3,888)
753,008
103,845
Income tax expenses
(164,541)
(1,428)
–
(165,969)
(22,888)
Income (loss) before share of loss on equity method investments
561,827
29,100
(3,888)
587,039
80,957
Share of loss on equity method investments
(19,439)
–
–
(19,439)
(2,681)
Net income (loss)
542,388
29,100
(3,888)
567,600
78,276
(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three months
Ended June 30, 2023
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Cost of revenues
1,437
115
–
1,552
214
Research and development
12,222
1,599
–
13,821
1,906
Sales and marketing
6,813
–
–
6,813
940
General and administrative
41,554
8
–
41,562
5,732
Total cost and expenses
62,026
1,722
–
63,748
8,792
[1] All translations from RMB to U.S. dollars are made at a rate of RMB7.2513 to US$1.00, the effective noon buying rate for June 30, 2023 as set forth in the H.10 statistical release of the
Federal Reserve Board.
Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
Three months
Ended June 30, 2023
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Income (loss) from operations
618,820
30,170
(3,905)
645,085
88,962
Share-based compensation
62,026
1,722
–
63,748
8,792
Non-GAAP income (loss) from operations
680,846
31,892
(3,905)
708,833
97,754
Net income (loss)
542,388
29,100
(3,888)
567,600
78,276
Share-based compensation
62,026
1,722
–
63,748
8,792
Non-GAAP net income (loss)
604,414
30,822
(3,888)
631,348
87,068
Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
First half year
Ended June 30, 2024
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Net revenues:
Live video service
2,370,857
170,704
–
2,541,561
349,730
Value-added service
2,354,745
284,947
–
2,639,692
363,234
Mobile marketing
49,029
19,556
–
68,585
9,438
Mobile games
432
–
–
432
59
Other services
1,016
–
525
1,541
212
Total net revenues
4,776,079
475,207
525
5,251,811
722,673
Cost and expenses (iv):
Cost of revenues
(2,884,749)
(214,046)
(2)
(3,098,797)
(426,409)
Research and development
(302,041)
(83,318)
–
(385,359)
(53,027)
Sales and marketing
(537,780)
(116,955)
(3,465)
(658,200)
(90,571)
General and administrative
(236,139)
(16,569)
(155)
(252,863)
(34,795)
Total cost and expenses
(3,960,709)
(430,888)
(3,622)
(4,395,219)
(604,802)
Other operating income
28,016
725
26
28,767
3,958
Income (loss) from operations
843,386
45,044
(3,071)
885,359
121,829
Interest income
251,735
305
4
252,044
34,682
Interest expense
(56,191)
–
–
(56,191)
(7,732)
Other gain or loss, net
(43,870)
–
–
(43,870)
(6,037)
Income (loss) before income tax and share of income on equity method investments
995,060
45,349
(3,067)
1,037,342
142,742
Income tax expenses
(658,944)
(1,283)
–
(660,227)
(90,850)
Income (loss) before share of income on equity method investments
336,116
44,066
(3,067)
377,115
51,892
Share of income on equity method investments
25,854
–
–
25,854
3,558
Net income (loss)
361,970
44,066
(3,067)
402,969
55,450
(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
First half year
Ended June 30, 2024
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Cost of revenues
3,674
4
–
3,678
506
Research and development
17,963
4,335
–
22,298
3,068
Sales and marketing
10,266
–
–
10,266
1,413
General and administrative
69,872
14
–
69,886
9,617
Total cost and expenses
101,775
4,353
–
106,128
14,604
Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
First half year
Ended June 30, 2024
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Income (loss) from operations
843,386
45,044
(3,071)
885,359
121,829
Share-based compensation
101,775
4,353
–
106,128
14,604
Non-GAAP income (loss) from operations
945,161
49,397
(3,071)
991,487
136,433
Net income (loss)
361,970
44,066
(3,067)
402,969
55,450
Share-based compensation
101,775
4,353
–
106,128
14,604
Non-GAAP net income (loss)
463,745
48,419
(3,067)
509,097
70,054
Hello Group Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
First half year
Ended June 30, 2023
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Net revenues:
Live video service
2,733,320
284,869
–
3,018,189
416,227
Value-added service
2,522,854
338,097
–
2,860,951
394,543
Mobile marketing
51,691
6,366
–
58,057
8,006
Mobile games
6,305
–
–
6,305
869
Other services
12,596
–
446
13,042
1,800
Total net revenues
5,326,766
629,332
446
5,956,544
821,445
Cost and expenses (v):
Cost of revenues
(3,158,866)
(323,765)
(1,116)
(3,483,747)
(480,431)
Research and development
(332,348)
(119,104)
–
(451,452)
(62,258)
Sales and marketing
(595,543)
(138,230)
(2,538)
(736,311)
(101,542)
General and administrative
(244,275)
(13,944)
(4,866)
(263,085)
(36,281)
Total cost and expenses
(4,331,032)
(595,043)
(8,520)
(4,934,595)
(680,512)
Other operating income
58,126
1,125
62
59,313
8,180
Income (loss) from operations
1,053,860
35,414
(8,012)
1,081,262
149,113
Interest income
214,477
562
69
215,108
29,665
Interest expense
(22,378)
–
–
(22,378)
(3,086)
Other gain or loss, net
4,565
–
–
4,565
630
Income (loss) before income tax and share of loss on equity method investments
1,250,524
35,976
(7,943)
1,278,557
176,322
Income tax expenses
(286,183)
(2,399)
–
(288,582)
(39,797)
Income (loss) before share of loss on equity method investments
964,341
33,577
(7,943)
989,975
136,525
Share of loss on equity method investments
(32,914)
–
–
(32,914)
(4,539)
Net income (loss)
931,427
33,577
(7,943)
957,061
131,986
(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
First half year
Ended June 30, 2023
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Cost of revenues
3,055
132
–
3,187
440
Research and development
25,392
10,801
–
36,193
4,991
Sales and marketing
14,554
5
–
14,559
2,008
General and administrative
91,450
16
–
91,466
12,614
Total cost and expenses
134,451
10,954
–
145,405
20,053
Hello Group Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
First half year
ended June 30, 2023
Momo
Tantan
QOOL
Total
Total
RMB
RMB
RMB
RMB
US$
Operating income (loss)
1,053,860
35,414
(8,012)
1,081,262
149,113
Share-based compensation
134,451
10,954
–
145,405
20,053
Non-GAAP operating income (loss)
1,188,311
46,368
(8,012)
1,226,667
169,166
Net income (loss)
931,427
33,577
(7,943)
957,061
131,986
Share-based compensation
134,451
10,954
–
145,405
20,053
Non-GAAP net income (loss)
1,065,878
44,531
(7,943)
1,102,466
152,039
View original content:https://www.prnewswire.com/news-releases/hello-group-inc-announces-unaudited-financial-results-for-the-second-quarter-of-2024-302236454.html
SOURCE Hello Group Inc.
You may like
Technology
Runergy Passes Synesgy ESG Assessment with Good Level of Sustainability
Published
46 mins agoon
September 11, 2024By
SHANGHAI, Sept. 11, 2024 /PRNewswire/ — Runergy, a leading solar energy company and a BNEF Tier 1 PV module manufacturer, has passed Synesgy’s Environmental, Social and Governance (ESG) assessment with a Good Level of Sustainability overall and Excellent Level rating within the scope of business, which marks a key milestone for Runergy as a company with a good level of compliance with ESG principles, in line with national and international best practices.
Synesgy is a global digital platform for ESG sustainability assessment within the supply chain developed by CRIF Ratings, a credit rating agency operating under ESMA supervision. Its ESG assessment methodology follows generally accepted international sustainability standards, including the Global Reporting Initiative (GRI) and the Sustainable Development Goals (SDGs).
CRIF specializes in credit bureau reporting & business information systems, analytics, outsourcing, and processing services, as well as advanced digital solutions for business development and open banking. More than 82,000 companies, 10,000 banks and financial institutions, and 600 insurance companies are using CRIF’s services in more than 40 countries. The Synesgy ESG assessment is now a key reference for assessing companies of all sizes and sectors in Italy and Europe, with good ratings demonstrating a company’s solid performance, financial strength, and the ability to innovate, and to be a reliable partner of sustainable development.
Synesgy’s ESG score is an assessment of the level of compliance of a company with ESG factors with considerations of its sector and geographical area. Being certified by Synesgy is a testament of Runergy’s excellent performance in ESG and its commitment to sustainable development and high standards of social responsibility in daily operations.
“From an environmental perspective, we are unwavering in our commitment to sustainable practices. We leverage eco-friendly materials and production processes to minimize our carbon footprint and promote responsible operations,” said Yu Bing, global marketing director of Runergy. “Our dedication to sustainability is further evidenced by our impressive ESG rankings, which have earned us recognition from Dun & Bradstreet, EcoVadis and Achilles.”
Runergy has received multiple ESG awards, including the highest rating of Very Good by Dun & Bradstreet; the Bronze Medal in Sustainability Rating by EcoVadis with top 35 percent ranking; and being ESG certified at the highest level by Achilles.
Since June 2023, Runergy has been a member of the United Nations Global Compact, a voluntary initiative promoting responsible business conduct. As a global photovoltaic enterprise, Runergy continues to integrate its vision of sustainable development into its business strategy and operations, and provide customers with efficient, sustainable products and services.
“In the future, Runergy will continue to pursue sustainable development and collaborate with our partners to shape a sustainable green future,” said Yu.
View original content:https://www.prnewswire.co.uk/news-releases/runergy-passes-synesgy-esg-assessment-with-good-level-of-sustainability-302244568.html
Technology
Skyworth Hits An Extraordinary Milestone: Over 36 Million Google TVs™ and other Android TV™ OS Devices Shipped Worldwide
Published
46 mins agoon
September 11, 2024By
SHENZHEN, China, Sept. 10, 2024 /PRNewswire/ — Skyworth celebrates a huge win! It surpassed 36 million shipments of Google TVs and other Android TV OS devices globally this year. This incredible achievement not only affirms Skyworth as a global leader in the industry but also highlights its growth in the global market share.
Why is it significant?
With Google TV and Android TV recognized as popular TV platforms, Skyworth is proud of the success it has shared throughout its partnership. Its collaborative efforts in developing first-class TVs and streaming devices – including its range of Portable TVs, Outdoor TVs, Frame+ TVs, and more – will continue to deliver exceptional entertainment experiences worldwide. As of June 30, 2024, they have shipped over 36 million Google TV and Android TV OS devices, making Skyworth one of the leading contributors in this market.
Engineering for users’ lifestyle
Skyworth is all about pushing boundaries. They’ve rolled out a lineup of Google TVs, Android TVs, set-top boxes, and various streaming devices that aren’t just cutting-edge-they’re game-changing. These products are designed with users in mind, delivering top-notch tech and a variety of options to meet the diverse needs of consumers around the globe.
What’s Next?
They‘re not stopping here! They are growing gracefully! Skyworth is committed to continuing their streak of innovation and creating even more Google TV and other Android TV OS devices for users’ home. Expect more exciting launches that will redefine their entertainment experience.
Stay Tuned
In upcoming events such as IFA 2024 Berlin, IBC 2024 Amsterdam and Google APAC TV Summit 2024 Bangkok, Skyworth Group shall unveil an exciting new range of AI-powered features on its next gen eco-smart devices for new revenue streams.
Lookout for the world’s first AI Karaoke TV, gaming TV with exceptional sound effects, and best-selling QLED+ 100-inch TV. Their Lifestyle series will feature portable TVs and the Frame+ TV, while the Magic Sound series promises an immersive audiovisual experience.
*Google TV is the name of this device’s software experience and a trademark of Google LLC.
Google, YouTube, Android TV, YouTube Music, and other marks are trademarks of Google LLC.*
View original content to download multimedia:https://www.prnewswire.com/news-releases/skyworth-hits-an-extraordinary-milestone-over-36-million-google-tvs-and-other-android-tv-os-devices-shipped-worldwide-302244570.html
SOURCE SKYWORTH Group
Technology
Sungrow Host Successful 2024 Photovoltaic and Energy Storage Technology Seminar in Dubai, in partnership with AMEA Power
Published
46 mins agoon
September 11, 2024By
DUBAI, UAE, Sept. 11, 2024 /PRNewswire/ — Sungrow, the global leading PV inverter and energy storage system provider, in collaboration with AMEA Power, one of the fastest-growing renewable energy companies in the region, recently hosted the 2024 Photovoltaic and Energy Storage Technology Seminar (Sungrow OSKA Day – PV&ESS Technical Seminar 2024) in Dubai, UAE. During the event, a long-term service agreement (LTSA) was signed for renewable energy projects for AMEA Power’s 500MW Abydos Solar PV Project in Egypt and the 70MW Sheikh Mohamed Bin Zayed Solar PV Project in Togo. The seminar brought together numerous technical experts and engineers from AMEA Power, Danway, and Sungrow to discuss cutting-edge technologies and challenges in the PV and ESS sectors.
In-depth BESS Technical Exchange: Participants engaged in detailed discussions on safety design for energy storage systems, large-scale combustion testing, and the latest innovations in grid simulation technology. These technical insights were shared by experts from Sungrow OSKA, the Energy Storage Technology Platform, and the Central Research Institute, offering valuable real-world applications for battery energy storage systems (BESS). The session engaged attendees in a lively Q&A, enhancing their understanding of the technology.
Innovative PV Products Demonstrations: Attendees witnessed live demonstrations of the 1+X operation and maintenance model, which highlighted Sungrow’s latest advancements in inverter efficiency and reliability.
Key Signing Ceremony: A long-term service agreement (LTSA) was signed for renewable energy projects for AMEA Power’s 500MW Abydos Solar PV Project in Egypt and the 70MW Sheikh Mohamed Bin Zayed Solar PV Project in Togo, marking a pivotal milestone in Sungrow and AMEA Power’s ongoing collaboration. This agreement strengthens their commitment to advancing clean energy initiatives and underscores their dedication to driving renewable energy development across the Middle East and Africa.
Sungrow has built a robust local service network across the Middle East and North Africa, including one dedicated customer service center and a network of over 15 certified service partners. To support this, Sungrow operates a global warehousing hub in Dubai, alongside five regional warehousing centers, ensuring 24/7 remote support, and spare parts delivery within one business day. To further improve service quality and efficiency, Sungrow has established six regional training centers in the region, with over 100 certified service engineers, providing comprehensive, professional services aimed at maximizing customer value.
“At AMEA Power, we are committed to advancing renewable energy solutions and ensuring the highest standards of technical excellence across all our projects. Partnering with Sungrow for this training session on cutting-edge solar photovoltaic and energy storage technologies, reinforces our commitment to innovation. The signing of the long-term service agreements for our 500MW Abydos Solar PV Project in Egypt and the 70MW Sheikh Mohamed Bin Zayed Solar PV Project in Togo further strengthens our focus on operational efficiency and sustainable growth,” stated Mahabir Sharma, Chief Technical Officer of AMEA Power.
“Sungrow will rely on its advanced technology, exceptional quality, and premium service to continue its commitment to the Middle East and African markets, contributing more to the global development of clean energy. The Sungrow OSKA Day series will continue, bringing more innovative ideas and solutions to promote the widespread application of clean energy globally,” commented by Lynn Xia, Director of Sungrow OSKA team II.
About AMEA Power
Headquartered in Dubai, AMEA Power is a developer, investor, owner and operator of renewable energy projects. As one of the fastest-growing renewable energy companies in the region, AMEA Power has assembled a world-class team of industry experts to deliver projects across Africa, the Middle East, and emerging Asia. With projects in 20 countries, a 6GW+ project pipeline, and 1,600MW+ in operation and under/near construction, the company is rapidly expanding its investments in wind, solar, energy storage, and green hydrogen, demonstrating its long-term commitment to the global energy transition. For more information, please visit www.ameapower.com.
About Sungrow
Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com.
Photo – https://mma.prnewswire.com/media/2502440/DSC02427.jpg
Logo – https://mma.prnewswire.com/media/1344575/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sungrow-host-successful-2024-photovoltaic-and-energy-storage-technology-seminar-in-dubai-in-partnership-with-amea-power-302244577.html
Runergy Passes Synesgy ESG Assessment with Good Level of Sustainability
Skyworth Hits An Extraordinary Milestone: Over 36 Million Google TVs™ and other Android TV™ OS Devices Shipped Worldwide
Sungrow Host Successful 2024 Photovoltaic and Energy Storage Technology Seminar in Dubai, in partnership with AMEA Power
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology4 days agoThe algorithmic trading market is projected to grow by USD 15.33 billion from 2024 to 2028, driven by rising demand for AI-powered market surveillance- Technavio
-
Technology4 days agoMidea’s New ECOMASTER Energy-Saving Solution Shines at IFA Berlin 2024
-
Near Videos2 days agoNEAR AI Office Hours #17 with Cerbo AI – Permissionless AI Brain Model
-
Coin Market4 days agoOpenAI business users top 1M, targets premium ChatGPT subscriptions
-
Coin Market5 days agoWatch these 3 BTC price levels if Bitcoin breaks below $55K
-
Technology3 days agoGAIMIN GLADIATORS ANNOUNCE NEW PARTNERSHIP WITH STEELSERIES
-
Coin Market5 days agoBitcoin traders brush off September blues, say closing price may ‘surprise the bears’
-
Coin Market5 days agoJapan’s major banks back new stablecoin project for global trade