Technology
TENCENT ANNOUNCES 2024 THIRD QUARTER RESULTS
Published
2 years agoon
By
HONG KONG, Nov. 13, 2024 /PRNewswire/ — Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), “Tencent” or the “Company”), a world-leading Internet and technology company in China, today announced the unaudited consolidated results for the third quarter (“3Q2024”) ended Sep 30, 2024.
Mr. Ma Huateng, Chairman and CEO of Tencent, said, “During the third quarter of 2024, we delivered robust revenue growth in our games business, underpinned by consistent performance of evergreen games globally and contributions from new games with evergreen potential. We upgraded our eCommerce strategy around Mini Shops, to create a unified and trustworthy transaction experience spanning the entire Weixin ecosystem. We are increasingly seeing tangible benefits of deploying AI across our products and operations including marketing services and cloud, and will continue investing in AI technology, tools and solutions that assist users and partners.”
3Q2024 Financial Highlights
Revenues: +8% YoY; gross profit: +16% YoY; non-IFRS[1] operating profit*: +19% YoY
Total revenues were RMB167.2 billion (USD23.9 billion[2]), up 8% over the third quarter of 2023 (“YoY”).Gross profit was RMB88.8 billion (USD12.7 billion), up 16% YoY.On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:Operating profit* was RMB61.3 billion (USD8.7 billion), up 19% YoY. Operating margin* increased to 37% from 33% last year.Profit for the period was RMB60.9 billion (USD8.7 billion), up 33% YoY.Profit attributable to equity holders of the Company for the quarter was RMB59.8 billion (USD8.5 billion), up 33% YoY.Basic earnings per share were RMB6.475. Diluted earnings per share were RMB6.340.On an IFRS basis:Operating profit* was RMB53.3 billion (USD7.6 billion), up 20% YoY. Operating margin* increased to 32% from 29% last year.Profit for the period was RMB54.0 billion (USD7.7 billion), up 47% YoY.Profit attributable to equity holders of the Company for the quarter was RMB53.2 billion (USD7.6 billion), up 47% YoY.Basic earnings per share were RMB5.762. Diluted earnings per share were RMB5.644.Total cash was RMB425.5 billion (USD60.7 billion) and free cash flow was RMB58.5 billion (USD8.3 billion), +14% YoY. Net cash position totalled RMB95.5 billion (USD13.6 billion).Fair value of our shareholdings[3] in listed investee companies (excluding subsidiaries) totalled RMB612.5 billion (USD87.4 billion) and the carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB327.7 billion (USD46.8 billion).During the third quarter of 2024, the Company repurchased approximately 94.9 million shares on the Hong Kong Stock Exchange for a consideration of approximately HKD35.9 billion.
[1] Non-IFRS adjustments excludes share-based compensation, M&A related impact such as net (gains)/losses from investee companies, amortisation of intangible assets, impairment provisions/(reversals), SSV & CPP, income tax effects and others
[2] Figures stated in USD are based on USD1 to RMB7.0074
[3] Including those held via special purpose vehicles, on an attributable basis
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
3Q24 Business Review and Outlook
Mini Programs’ GMV grew at a high teens year-on-year rate to over RMB 2 trillion in the third quarter of 2024, benefitting from better coverage and solutions for use cases such as food ordering, electric vehicle charging and medical services.We provided merchants with more traffic and transaction support through Mini Shops, a platform where merchants operate storefronts with indexed and standardised merchandise. Leveraging Weixin’s social interactions, content platforms and payment capabilities, Mini Shops help merchants to effectively reach customers and drive sales conversions.Utilising large language model capabilities, Weixin Search facilitated its understanding of complex queries and content, enhancing the relevance of search results. Weixin Search grew commercial queries and click-through rates year-on-year.The QQ team has comprehensively upgraded the platform’s back end infrastructure, and added and popularised new functionalities such as Tencent Channels, resulting in QQ mobile device MAU returning to year-on-year growth in the third quarter of 2024.Music subscriptions increased 16% year-on-year to 119 million[4], benefitting from enhanced recommendation algorithms, enriched content offerings and upgraded audio quality.Long-form video subscriptions increased 6% year-on-year to 116 million[5], benefitting from popular animated series and drama series.Our flagship evergreen games in domestic markets, Honour of Kings and Peacekeeper Elite, delivered healthy year-on-year growth in gross receipts. Other evergreen games, Naruto Mobile and VALORANT, reached new highs in quarterly average DAU. We released Delta Force, our first multi-platform first person shooter, which achieved high average user daily time spent and retention rates, demonstrating evergreen potential.In international markets, VALORANT expanded from PC to PlayStation and Xbox with the launch of its console version in five key international markets, contributing to the game growing gross receipts by over 30% year-on-year during the third quarter of 2024.We released Tencent Hunyuan Turbo, an upgraded foundation model utilising a heterogeneous Mixture-of-Experts (MoE) architecture, which doubled training and inference efficiency, and halved inference cost, versus its predecessor Tencent Hunyuan Pro.
[4] The average number of subscriptions as of the last day of each month during the third quarter of 2024
[5] The average daily number of subscriptions for the third quarter of 2024; year-on-year growth rate was calculated based on restated comparative figure
Operating Metrics
As at
30 September
2024
As at
30 September
2023
Year-
on-year
change
As at
30 June
2024
Quarter-on-
quarter
change
(in millions, unless specified)
Combined MAU of Weixin
and WeChat
1,382
1,336
3 %
1,371
0.8 %
Mobile device MAU of QQ
562
558
0.7 %
571
-2 %
Fee-based VAS registered
subscriptions#
265
243
9 %
263
0.8 %
# Adjusted to report the average daily number of subscriptions during the quarter, since the first quarter of 2024
3Q24 Management Discussion and Analysis
Revenues from VAS increased by 9% year-on-year to RMB82.7 billion for the third quarter of 2024. International Games revenues were RMB14.5 billion, up 9% year-on-year (or up 11% on a constant currency basis), due to robust performances from games including PUBG MOBILE and Brawl Stars. Revenue growth for International Games substantially lagged gross receipts growth, as improved retention rates for certain titles led to us elongating revenue deferral periods. Domestic Games revenues increased by 14% year-on-year to RMB37.3 billion, driven by games including VALORANT, Honour of Kings, Peacekeeper Elite and DnF Mobile. Social Networks revenues rose by 4% year-on-year to RMB30.9 billion, supported by growth in app-based game virtual item sales, music subscription revenues and Mini Games platform service fees, partially offset by a decline in music-related and games-related live streaming revenues.
Revenues from Marketing Services[6] were RMB30.0 billion for the third quarter of 2024, up 17% year-on-year, driven by robust advertiser demand for Video Accounts, Mini Programs and Weixin Search inventories and, to a lesser extent, contributions from Paris Olympics-related brand advertising. Advertising spending from the games and eCommerce categories increased year-on-year, which outweighed reduced spending from the real estate and food & beverage categories.
Revenues from FinTech and Business Services rose by 2% year-on-year to RMB53.1 billion for the third quarter of 2024. FinTech Services revenues in aggregate remained largely stable compared to the same quarter last year, within which wealth management services revenues increased year-on-year due to more users and higher aggregated customer assets while payment services revenues declined due to subdued consumption spending. Business Services revenues were up year-on-year, driven by growth in cloud services revenues and eCommerce technology service fees.
For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.htmlhttp://www.tencent.com/ir, or follow us via Weixin Official Account (Weixin ID: Tencent_IR).
[6] Starting this quarter, we have renamed this revenue segment from ‘Online Advertising’ to ‘Marketing Services’ to better represent the breadth of our marketing solutions and accompanying technology services across our online marketing properties
About Tencent
Tencent uses technology to enrich the lives of Internet users.
Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted advertising service helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners’ business growth and assist their digital upgrade.
Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004.
Investor contact: IR@tencent.com
Media contact: GC@tencent.com
Non-IFRS Financial Measures
To supplement the consolidated results of the Group (“the Company and its subsidiaries”) prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.
The Company’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group’s major associates based on available published financials of the relevant major associates, or estimates made by the Company’s management based on available information, certain expectations, assumptions and premises.
Forward-Looking Statements
This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.
CONDENSED CONSOLIDATED INCOME STATEMENT
RMB in millions, unless specified
Unaudited
Unaudited
3Q2024
3Q2023
Restated*
3Q2024
2Q2024
Revenues
167,193
154,625
167,193
161,117
VAS
82,695
75,748
82,695
78,822
Marketing Services
29,993
25,721
29,993
29,871
FinTech and Business Services
53,089
52,048
53,089
50,440
Others
1,416
1,108
1,416
1,984
Cost of revenues
(78,365)
(78,102)
(78,365)
(75,222)
Gross profit
88,828
76,523
88,828
85,895
Gross margin
53 %
49 %
53 %
53 %
Selling and marketing expenses
(9,411)
(7,912)
(9,411)
(9,156)
General and administrative expenses
(29,058)
(26,289)
(29,058)
(27,491)
Other gains/(losses), net
2,974
2,026*
2,974
1,484
Operating profit
53,333
44,348*
53,333
50,732
Operating margin
32 %
29 %*
32 %
31 %
Net gains/(losses) from investments
and others
3,066
618*
3,066
(654)
Interest income
3,996
3,509*
3,996
3,850
Finance costs
(3,531)
(2,784)
(3,531)
(3,112)
Share of profit/(loss) of associates and
joint ventures, net
6,019
2,098
6,019
7,718
Profit before income tax
62,883
47,789
62,883
58,534
Income tax expense
(8,900)
(11,008)
(8,900)
(10,168)
Profit for the period
53,983
36,781
53,983
48,366
Attributable to:
Equity holders of the Company
53,230
36,182
53,230
47,630
Non-controlling interests
753
599
753
736
Non-IFRS operating profit
61,274
51,668*
61,274
58,443
Non-IFRS profit attributable to equity
holders of the Company
59,813
44,921
59,813
57,313
Earnings per share for profit
attributable to equity holders of
the Company
(in RMB per share)
– basic
5.762
3.828
5.762
5.112
– diluted
5.644
3.752
5.644
4.994
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
RMB in millions, unless specified
Unaudited
3Q2024
3Q2023
Profit for the period
53,983
36,781
Other comprehensive income, net of tax:
Items that may be subsequently reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures
155
278
Transfer to profit or loss upon disposal of financial assets at fair value through
other comprehensive income
–
1
Net gains/(losses) from changes in fair value of financial assets at fair value
through other comprehensive income
20
(3)
Currency translation differences
(2,909)
(7,303)
Net movement in reserves for hedges
(880)
(897)
Items that will not be subsequently reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures
52
564
Net gains/(losses) from changes in fair value of financial assets at fair value
through other comprehensive income
33,578
(25,417)
Currency translation differences
(153)
(720)
Net movement in reserves for hedges
19
–
29,882
(33,497)
Total comprehensive income for the period
83,865
3,284
Attributable to:
Equity holders of the Company
82,179
3,526
Non-controlling interests
1,686
(242)
OTHER FINANCIAL INFORMATION
RMB in millions, unless specified
Unaudited
3Q2024
2Q2024
3Q2023
EBITDA (a)
64,397
62,902
55,824
Adjusted EBITDA (a)
69,656
68,518
61,301
Adjusted EBITDA margin (b)
42 %
43 %
40 %
Interest and related expenses
3,145
2,918
3,061
Net cash/(debt) (c)
95,462
71,757
36,431
Capital expenditures (d)
17,094
8,729
8,005
Note:
(a) EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses.
(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.
(c) Net cash/(debt) represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable.
(d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding long-form video and music content, game licences and other content).
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
RMB in millions, unless specified
Unaudited
Audited
As at
September 30, 2024
As at
December 31, 2023
ASSETS
Non-current assets
Property, plant and equipment
69,583
53,232
Land use rights
23,310
17,179
Right-of-use assets
17,793
20,464
Construction in progress
12,801
13,583
Investment properties
738
570
Intangible assets
178,773
177,727
Investments in associates
266,057
253,696
Investments in joint ventures
7,113
7,969
Financial assets at fair value through profit or loss
209,200
211,145
Financial assets at fair value through other
comprehensive income
283,632
213,951
Prepayments, deposits and other assets
27,995
28,439
Other financial assets
848
2,527
Deferred income tax assets
31,214
29,017
Term deposits
70,134
29,301
1,199,191
1,058,800
Current assets
Inventories
9,823
456
Accounts receivable
47,336
46,606
Prepayments, deposits and other assets
103,135
88,411
Other financial assets
4,950
5,949
Financial assets at fair value through profit or loss
9,773
14,903
Financial assets at fair value through other
comprehensive income
2,132
–
Term deposits
197,995
185,983
Restricted cash
3,554
3,818
Cash and cash equivalents
145,468
172,320
524,166
518,446
Total assets
1,723,357
1,577,246
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
RMB in millions, unless specified
Unaudited
Audited
As at
September 30, 2024
As at
December 31, 2023
EQUITY
Equity attributable to equity holders of the Company
Share capital
–
–
Share premium
37,201
37,989
Treasury shares
(2,571)
(4,740)
Shares held for share award schemes
(4,976)
(5,350)
Other reserves
21,113
(33,219)
Retained earnings
861,819
813,911
912,586
808,591
Non-controlling interests
67,921
65,090
Total equity
980,507
873,681
LIABILITIES
Non-current liabilities
Borrowings
151,600
155,819
Notes payable
127,285
137,101
Long-term payables
12,227
12,169
Other financial liabilities
7,904
8,781
Deferred income tax liabilities
15,561
17,635
Lease liabilities
14,023
16,468
Deferred revenue
6,473
3,435
335,073
351,408
Current liabilities
Accounts payable
142,665
100,948
Other payables and accruals
73,036
76,595
Borrowings
42,767
41,537
Notes payable
8,403
14,161
Current income tax liabilities
19,044
17,664
Other tax liabilities
4,873
4,372
Other financial liabilities
4,823
4,558
Lease liabilities
5,583
6,154
Deferred revenue
106,583
86,168
407,777
352,157
Total liabilities
742,850
703,565
Total equity and liabilities
1,723,357
1,577,246
RECONCILIATIONS OF THE GROUP’S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS
As
reported
Adjustments
Non-IFRS
RMB in millions,
unless specified
Share-based
compensation
(a)
Net
(gains)/losses
from investee
companies (b)
Amortisation of
intangible assets (c)
Impairment
provisions/
(reversals) (d)
SSV & CPP
(e)
Others
(f)
Income
tax effects
(g)
Unaudited three months ended 30 September 2024
Operating profit
53,333
6,377
–
1,324
–
240
–
–
61,274
Share of profit/(loss) of associates
and joint ventures, net
6,019
985
60
1,433
12
–
–
–
8,509
Profit for the period
53,983
7,362
(6,610)
2,757
3,788
304
–
(653)
60,931
Profit attributable to
equity holders
53,230
7,180
(6,664)
2,591
3,766
304
–
(594)
59,813
Operating margin
32 %
37 %
Unaudited three months ended 30 June 2024
Operating profit
50,732
6,213
–
1,305
–
190
3
–
58,443
Share of profit/(loss) of associates and
joint ventures, net
7,718
926
(91)
1,313
20
–
–
–
9,886
Profit for the period
48,366
7,139
(3,672)
2,618
3,526
1,025
3
(561)
58,444
Profit attributable to
equity holders
47,630
6,981
(3,726)
2,418
3,492
1,025
3
(510)
57,313
Operating margin
31 %
36 %
Unaudited three months ended 30 September 2023
Operating profit (Restated) *
44,348
5,655
–
1,434
–
231
–
–
51,668
Share of profit/(loss) of associates and
joint ventures, net
2,098
1,293
138
1,232
25
–
–
–
4,786
Profit for the period
36,781
6,948
(565)
2,666
346
301
–
(640)
45,837
Profit attributable to
equity holders
36,182
6,833
(583)
2,458
309
301
–
(579)
44,921
Operating margin (Restated) *
29 %
33 %
Note:
(a) Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies’ share-based incentive plans which can be acquired by the Group, and other incentives
(b) Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies
(c) Amortisation of intangible assets resulting from acquisitions
(d) Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions
(e) Mainly including donations and expenses incurred for the Group’s Sustainable Social Value and Common Prosperity Programme (“SSV & CPP”) initiatives
(f) Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies
(g) Income tax effects of non-IFRS adjustments
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
View original content:https://www.prnewswire.com/apac/news-releases/tencent-announces-2024-third-quarter-results-302303956.html
SOURCE Tencent
You may like
Technology
NAVER Partners with Brookfield and NVIDIA to Expand Korea’s National AI Factory Infrastructure Buildout
Published
48 minutes agoon
July 25, 2026By
SAN FRANCISCO, July 25, 2026 /PRNewswire/ — NAVER, Brookfield and NVIDIA announced an expansion of Korea’s sovereign AI factory infrastructure. New investments will increase the initial NVIDIA DSX™ AI factory deployment from 55 megawatts to 200 megawatts.
Announced during Korea President Jae Myung Lee’s AI Summit visit to San Francisco, the planned 200-megawatt expansion will be built with the NVIDIA DSX platform at NAVER’s GAK Sejong hyperscale data center in Sejong, South Korea. The expanded infrastructure will provide Korea- and U.S.- based AI innovators with access to production-scale AI compute for building next-generation models, agents and AI-powered services.
Under the terms of the agreements, Brookfield will fund up to $9 billion as the exclusive capital partner, NVIDIA will invest $1 billion and NAVER will fund the remaining amount to finance the $10 billion project.
This builds on NAVER’s June announcement to extend its GAK Sejong data center with NVIDIA DSX, with a long-term path to gigawatt-scale sovereign AI infrastructure serving Korea’s enterprises, industries, government organizations and global AI cloud customers. Combining Brookfield’s capital with NVIDIA’s computing platform, the investment supports NAVER’s AI factory deployment.
“NVIDIA’s strategic investment and our infrastructure supply agreement with Brookfield have propelled NAVER’s vision for the AI Factory business into a robust execution phase,” said Haejin Lee, Founder and Chairman of NAVER. “Leveraging the solid partnerships with our global partners, we will drive technological innovation, foster a sovereign AI ecosystem, and spearhead efforts to strengthen South Korea’s AI competitiveness.”
AI Factory Expansion and Open Model Collaboration to Fuel AI Innovators
NAVER, as an NVIDIA Cloud Partner, provides deep expertise in operating hyperscale infrastructure powered by the full-stack NVIDIA AI platform. The 200-megawatt AI factory, featuring NVIDIA Vera Rubin and Blackwell platforms, will establish a dedicated resource pool for emerging AI companies, providing the compute, software and support needed to develop and deploy competitive AI models and applications at scale.
This expanded infrastructure also builds on NAVER and NVIDIA’s collaboration on open model development for agentic and physical AI. NAVER is advancing its HyperCLOVA X models to be based on NVIDIA Nemotron™ 3 Ultra open models with its proprietary data and training expertise. NAVER is also the first Korean company to join the NVIDIA Nemotron Coalition, contributing to open model development across pretraining, post-training and reinforcement learning.
NAVER plans to launch an AI agent platform in Korea in the second half of the year, powered by NVIDIA Agent Toolkit software including NVIDIA NemoClaw™ blueprints. NAVER is also developing a Seoul World Model using proprietary urban street-view and spatial modeling data, built on NVIDIA Cosmos™ world foundation models.
About NAVER
Founded in 1999, NAVER is Korea’s largest Internet company and one of the world’s top tech companies. Leading cutting-edge technologies, NAVER operates the No.1 search engine in Korea and holds various business portfolios encompassing commerce, fintech, cloud, AI and robotics.
NAVER recorded sales of KRW 12.04 trillion (USD 8.18 billion) in 2025. TEAM NAVER continues to enhance its business portfolio and expand its global presence across Japan, North America, and Europe, while pursuing innovation through continuous research and development in future technologies.
View original content:https://www.prnewswire.com/news-releases/naver-partners-with-brookfield-and-nvidia-to-expand-koreas-national-ai-factory-infrastructure-buildout-302834577.html
SOURCE NAVER
Technology
Beijing Review: Walking Through Time: China and U.S. Youths Explore Dali’s Past and Future
Published
48 minutes agoon
July 25, 2026By
BEIJING, July 24, 2026 /PRNewswire/ — On July 17, a China-U.S. youth delegation came to Dali of Yunnan Province. By examining how Dali’s rich history intersects with modern development, the delegates explored new pathways for rural development.
They visited Dali Old Town, tried their hand at making the Bai people’s Three-Course Tea and also explored the ancient town of Xizhou, where they learned how modern tourism and indigenous life coexist.
In Yunnanyi Village, they explored its history as a stop along the Tea Horse Road and learned about the role it played during the Second World War (WWII).
Tyler James Smith
“I think it’s a very underappreciated part of World War II history. Hearing these stories of different countries working together despite cultural differences is incredibly inspiring.
I also think there are many stories like these that haven’t been widely told, simply because World War II is such a complex period in history. That’s why I think it’s so meaningful to visit museums like this and experience these stories firsthand.”
At Xiangyun Economic and Technological Development Zone, they visited a local new energy company to see how green, low-carbon development is driving regional growth.
Valerie Marie
“I recently started studying energy transitions. I know China has been really big in the renewable energy sector. So actually getting to hear more about [China’s] 2060 [pledge], learning more about carbon neutrality [goals], as well as other zero-carbon goals, was cool.”
During their stay in Dali, they also strolled along the Erhai Lake Ecological Corridor.
Bai Yiwen
“I’d describe this journey as “to be continued,” because my own connection with Yunnan is far from over. For the U.S. delegates, this was only their first visit, so they’ve only had a glimpse of what Yunnan has to offer. I hope they will have more opportunities to come back to China, explore other cities in Yunnan, and discover even more of its people, culture and traditions.”
After Dali, the delegates will visit Beijing for more tours and exchanges. The event was co-hosted by China International Communications Group (CICG) Center for the Americas and the U.S.-based International Student Conferences.
https://x.com/beijingreview/status/2080104404552663067?s=46&t=yfVMVdMyE2zKAFrYaLoV-g
https://www.facebook.com/share/v/1EtGCCKzy4/?mibextid=wwXIfr
https://youtu.be/jGONWTqwduc?is=KfL-Zn3HyVYE-KEm
Contact: Jiaweibellapeng@163.com
View original content:https://www.prnewswire.com/news-releases/beijing-review-walking-through-time-china-and-us-youths-explore-dalis-past-and-future-302834587.html
SOURCE Beijing Review
Technology
Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit
Published
2 hours agoon
July 25, 2026By
Hyundai Motor Group shares roadmap for realizing its Physical AI vision and collaboration strategy with global tech leaders at the San Francisco AI SummitExecutive Chair Euisun Chung presented, “Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing to become a Physical AI solution company,” adding, “The ultimate Physical AI vision we pursue is the realization of integrated intelligence at the city level”The Group to leverage manufacturing competitiveness and leading robotics capabilities centered on Boston Dynamics, while establishing a data flywheel system connecting real-world operational data with continuous AI model advancementThe Group to leverage strategic partnerships with global technology leaders, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMindThe Group to collaborate with NVIDIA to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities
… The initiative to support Korea’s Physical AI industry through an open ecosystem
The Group to cultivate strategic domestic hubs through investments in Saemangeum AI Valley and future advanced industries in Korea’s Yeongnam region
SAN FRANCISCO, July 25, 2026 /PRNewswire/ — Hyundai Motor Group (the Group) Executive Chair Euisun Chung today outlined the Group’s vision and strategy for Physical AI at the San Francisco AI Summit held in San Francisco, California.
The event brought together approximately 150 attendees, including Executive Chair Chung, business leaders from major Korean companies, executives from leading U.S. technology firms, startup representatives and students.
At the summit, Executive Chair Chung presented the Group’s roadmap for advancing Physical AI and outlined strategic collaboration plans with global technology leaders.
“Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing by expanding into autonomous driving, robotics and AI Defined Factories, accelerating our transformation into a Physical AI solution company.” — Hyundai Motor Group Executive Chair Euisun Chung
Accelerating the Transition to a Physical AI Solution Company
Hyundai Motor Group’s Physical AI vision extends beyond intelligent devices such as vehicles and robots to intelligent spaces, including AI factories where AI seamlessly connects and optimizes entire operations. Ultimately, the Group envisions integrated intelligence at the city level, where urban infrastructure is organically connected and operated through AI.
A key differentiator for the Group is its ability to create a data flywheel that continuously connects real-world operations with AI advancement. Drawing on extensive experience in large-scale manufacturing, mobility, robotics and service operations, the Group is positioned to deploy, refine and scale Physical AI technologies in real industrial environments.
Executive Chair Chung also outlined strategic partnerships with leading technology companies, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind, to further advance Physical AI capabilities.
By combining Hyundai Motor Group’s manufacturing competitiveness, mobility and robotics technologies and extensive operational data with the AI infrastructure and algorithm capabilities of global technology leaders, the Group aims to help foster a new innovation ecosystem for the Physical AI era.
Executive Chair Chung also introduced initiatives designed to support the growth of Korea’s robotics and AI ecosystem, including the development of a Robot Reference Platform with NVIDIA that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities, as well as investments in initiatives such as the Saemangeum AI Valley.
Physical AI Vision: From Intelligent Devices to Integrated Intelligence at the City Level
During the summit, Executive Chair Chung presented Hyundai Motor Group’s Physical AI vision.
“The ultimate Physical AI vision Hyundai Motor Group pursues begins with intelligent devices such as vehicles and robots, expands to intelligent spaces such as AI factories, and ultimately realizes integrated intelligence at the city level, where urban infrastructure is seamlessly connected and operated.” — Hyundai Motor Group Executive Chair Chung
The Group’s vision begins with intelligent devices, where AI capabilities enhance vehicles and robots. It then expands to intelligent spaces, including AI factories where AI autonomously integrates logistics, production and quality management across entire operations.
Ultimately, Hyundai Motor Group envisions city-level intelligence, where critical infrastructure and assets — including energy, mobility and robotics systems — are connected and optimized in real time.
Executive Chair Chung also highlighted the Group’s key strengths in realizing its Physical AI vision:
World-class manufacturing competitiveness: Hyundai Motor Group has built extensive expertise through decades of operating global manufacturing facilities, managing quality systems and optimizing supply chains. This foundation enables the Group to apply AI technologies to products, processes and services while rapidly validating and scaling innovations in real-world environments.Leading robotics capabilities: Hyundai Motor Group has established robotics as a key pillar of its future business portfolio. Boston Dynamics’ quadruped robot Spot®, logistics robot Stretch®, and Hyundai Motor Group Robotics LAB’s next-generation mobile robot platform MobED are recognized for combining technological competitiveness with real-world applicability.
In particular, the humanoid robot Atlas® is emerging as a representative example of Physical AI, supporting and collaborating with people across manufacturing, logistics and mobility environments.
Establishing a data flywheel system: Hyundai Motor Group is establishing a data flywheel system that leverages data generated across manufacturing operations, vehicles, logistics systems and robotics demonstrations to continuously advance AI models. Enhanced algorithms are then reapplied to real-world operations, creating a virtuous cycle that improves performance and strengthens Physical AI capabilities.
Accelerating the Future of Physical AI Through Partnerships with Global Tech Leaders
Executive Chair Chung also outlined concrete initiatives to position Hyundai Motor Group as a leader in human-centered Physical AI through strategic collaborations with NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind.
“By combining Hyundai Motor Group’s strengths in manufacturing, robotics and data with the capabilities of global technology leaders, we can help create a new innovation ecosystem for the Physical AI era.” — Hyundai Motor Group Executive Chair Euisun Chung
NVIDIA – Advancing Physical AI infrastructure and talent development
Hyundai Motor Group is expanding collaboration with NVIDIA to strengthen Physical AI infrastructure and cultivate AI talent. Building on a supply agreement for 50,000 NVIDIA Blackwell GPUs and a memorandum of understanding signed last year to advance Korea’s Physical AI capabilities, the Group is pursuing a range of initiatives, including the establishment of Hyundai Motor Group Robot Application Center, as well as various collaborations aimed at strengthening Korea’s Physical AI infrastructure and AI talent ecosystem, including the NVIDIA’s AI Technology Center.
In manufacturing, the Group is leveraging NVIDIA’s platform to create more sophisticated digital twins of production facilities, enhancing process design, operational optimization and validation efficiency. The collaboration also includes the integration of NVIDIA’s autonomous driving solutions, including automotive semiconductors, sensors and architecture, with Hyundai Motor Group vehicle platforms.
Waymo – Strengthening autonomous driving collaboration
Hyundai Motor Group continues to strengthen its strategic partnership with Waymo in the autonomous driving sector to support the development of a safe and innovative autonomous driving ecosystem. Autonomous driving vehicles require a wide range of specialized capabilities, including redundant systems for steering, braking, power and communications, dedicated features such as power-operated doors, as well as enhanced functional safety and cybersecurity technologies.
Hyundai Motor Group plans to produce IONIQ 5 vehicles with specific autonomous-ready modifications at Hyundai Motor Group Metaplant America (HMGMA) in Georgia.
Google DeepMind – Accelerating next-generation humanoid robotics
Boston Dynamics has established a strategic partnership with Google DeepMind to accelerate the development of next-generation humanoid robots. Advanced AI models and training systems are essential for robots to perform complex tasks in real-world environments and collaborate effectively with people. Through this partnership, Boston Dynamics robots are expected to achieve greater autonomy and adapt more effectively to complex operating environments.
Hyundai Motor Group plans to establish a robot production facility in the U.S. with an annual capacity of up to 30,000 units by 2028. The Atlas humanoid robot will first be deployed at production facilities including HMGMA before broader deployment is expanded through phased validation.
Building an Open Ecosystem Through the Robot Reference Platform and Continued Investment in Korea’s Physical AI Future
Executive Chair Chung also outlined initiatives aimed at supporting the growth of Korea’s Physical AI ecosystem through open collaboration and continued investment.
“The outcomes of collaboration with global technology leaders should contribute to the growth of Korea’s Physical AI industry. To that end, Hyundai Motor Group plans to foster an open ecosystem that supports innovation in robotics and AI technologies.” — Hyundai Motor Group Executive Chair Euisun Chung
Key initiatives to build an open ecosystem for robotics and AI innovation include:
Robot Reference Platform: Hyundai Motor Group and NVIDIA are collaborating to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities.
The platform will provide research robot models to universities, research institutes and startups, helping foster an open ecosystem that supports technological innovation and the development of Physical AI talent while contributing to the broader growth of Korea’s robotics and AI industries.
Supporting universities, research institutes and startups: The Robot Reference Platform is expected to provide universities, research institutes and startups with a standardized hardware and software environment, enabling them to more easily develop and validate Physical AI technologies. The initiative aims to help address challenges faced by organizations with innovative ideas but limited access to commercialization opportunities and validation infrastructure.
Hyundai Motor Group is also continuing large-scale investments aimed at driving the next leap forward in Korea’s industrial and technology ecosystem. Continued investments in Korea’s industrial and technology ecosystem include:
Saemangeum AI Valley: In the Saemangeum region of Jeonbuk State, the Group is developing Saemangeum AI Valley, which includes an approximate KRW 9 trillion investment in AI data centers, robotics manufacturing clusters, electrolyzer plants and AI hydrogen city infrastructure.
In particular, the robotics manufacturing cluster will serve not only as a production base for the Group’s own robotics products, but also as a robotics foundry that provides manufacturing services for small and medium-sized enterprises that lack manufacturing expertise.
Advanced industrial hubs in the Yeongnam region: Hyundai Motor Group plans to invest a total of KRW 42 trillion over the next decade to foster advanced industrial hubs focused on AI-driven manufacturing, future aerospace industries and sustainable energy infrastructure.
Through these initiatives, Hyundai Motor Group aims to strengthen key foundations for the Physical AI era, including data and energy infrastructure, robotics production capabilities and real-world validation capabilities. The Group also expects these investments to contribute to enhanced industrial competitiveness, balanced regional development, job creation and broader economic vitality in Korea.
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication, and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Newsroom, Genesis Newsroom
View original content to download multimedia:https://www.prnewswire.com/news-releases/hyundai-motor-group-executive-chair-euisun-chung-announces-physical-ai-vision-at-san-francisco-ai-summit-302834557.html
SOURCE Hyundai Motor Company
NAVER Partners with Brookfield and NVIDIA to Expand Korea’s National AI Factory Infrastructure Buildout
Beijing Review: Walking Through Time: China and U.S. Youths Explore Dali’s Past and Future
Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
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
-
Technology5 days agoTrakka Systems to Demonstrate Advanced ISR Capabilities at Farnborough International Airshow 2026
-
Technology5 days agoSigneasy expands beyond eSignatures with Intelligent Contract Management for growing businesses
-
Technology5 days agoTrainPal and Partners Help ‘Trips Change Lives’ With Railway 200 Charity Micro-Donations
-
Technology5 days agoBOC Group Releases ADONIS 19.0 LTS to Bring Smarter Support into Everyday BPM Work
-
Technology5 days agoCNPC launches China’s first full-chain green, low-carbon ethylene project
-
Technology4 days agoRTX’s Pratt & Whitney Valox™ 1500 Engine Completes Key Design Milestone
-
Coin Market5 days agoZilliqa asks exchanges to pause ZIL transfers after suspected cold wallet theft
-
Technology5 days agoBain & Company named an OpenAI Elite Partner
