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111, Inc. Announces Third Quarter 2024 Unaudited Financial Results

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2 years ago

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Maintained Operational Profitability for the Third Consecutive QuarterOperating Expenses as a Percentage of Revenues Decreased 160 Basis Points YoYHeld Positive Operating Cash Flow for Three Consecutive Quarters

SHANGHAI, Nov. 27, 2024 /PRNewswire/ — 111, Inc. (“111” or the “Company”) (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

Net revenues were RMB3.6 billion (US$513.1 million), remaining relatively flat compared to the same quarter last year.Gross segment profit (1) was RMB 210.6 million (US$ 30.0 million) increased by 10.5% year-over-year.Total operating expenses were RMB208.2 million (US$29.7 million), an improvement of 23.2% compared to RMB271.0 million in the same quarter of last year. As a percentage of net revenues, total operating expenses decreased by 160 basis points to 5.8% from 7.4% in the same quarter of last year, demonstrating continuous improvement in the Company’s operational efficiency.Income from operations was RMB2.4 million (US$0.3 million), compared to loss from operations of RMB80.4 million in the same quarter of last year. 111 maintained operational profitability for the third consecutive quarter.Non-GAAP income from operations (2) was RMB7.1 million (US$1.0 million), compared to Non-GAAP loss from operations of RMB54.0 million in the same quarter of last year.Net cash from operating activities was RMB109.9 million (US$15.7 million). The Company has achieved positive operating cash flow for three consecutive quarters.

(1) Gross segment profit represents net revenues less cost of goods sold.

(2) Non-GAAP income from operations represents income from operations excluding share-based compensation expenses.

Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, “While the macroeconomic environment in China continues to present challenges, we are proud of our ability to maintain operational profitability for the third consecutive quarter. This achievement is a testament to the strength of our business model as a one-stop shopping platform that offers the most comprehensive selection of pharmaceutical products at competitive prices. It also highlights our commitment to operational efficiency across the organization. As a result, income from operations in Q3 reached RMB2.4 million, a significant improvement from an operational loss of RMB80.4 million in the prior year.”

Mr. Liu added, “We gained greater operational efficiency through diligent cost management, ongoing infrastructure investments, and effective staffing arrangements, all of which has enabled us to navigate an unfavorable consumer spending environment while delivering solid performance results. Operating expenses were 5.8% of revenues, a reduction of 160 basis points compared to the previous year, while non-GAAP operating expenses as a percentage of revenues decreased by 100 basis points to 5.7%. We aim to lead the pharmaceutical e-commerce sector in efficiency and sharpen our competitive advantages. As we scale and optimize operations, we expect further cost savings, which will be reinvested into growth initiatives, including technological advancements, market expansion, and client base growth, driving future profitability.”

“We are strengthening our core competitiveness in digitalization through advancements across multiple areas, laying a strong foundation for an agile, highly efficient, and customer-centric business that can swiftly adapt to evolving industry needs. Additionally, we’ve bolstered our supply chain with an expanded transshipment network and new fulfillment centers, further enhancing our service capabilities.”

“Despite challenges, we are still confident in the long-term opportunities ahead. Our investments in AI and digital technologies are not only providing industry-leading efficiency and reshaping the healthcare value chain, but also positioning us to capture significant shifts in the pharmaceutical industry—particularly the unstoppable trend of digital transformation, the growing demand for out-of-hospital drug distribution, and the expansion of the silver economy. By deepening our partnerships with pharmaceutical companies, expanding our fulfillment network, refining our digital platforms, and prioritizing new growth engines, we are well-positioned to engage more industry stakeholders, meet the needs of a broad customer base, and generate sustained growth.”

Third Quarter 2024 Financial Results

Net revenues were RMB3.6 billion (US$513.1 million), representing a decrease of 1.8% from RMB3.7 billion in the same quarter of last year.

(In thousands RMB)

For the three months ended September 30,

2023

2024

YoY

B2B Net Revenue

Product

3,556,749

3,514,298

-1.2 %

Service

20,671

21,731

5.1 %

Sub-Total

3,577,420

3,536,029

-1.2 %

Cost of Products Sold(3)

3,406,320

3,340,998

-1.9 %

Segment Profit

171,100

195,031

14.0 %

Segment Profit %

4.8 %

5.5 %

 

(In thousands RMB)

For the three months ended September 30,

2023

2024

YoY

B2C Net Revenue

Product

82,538

61,031

-26.1 %

Service

5,287

3,615

-31.6 %

Sub-Total

87,825

64,646

-26.4 %

Cost of Products Sold    

68,301

49,061

-28.2 %

Segment Profit

19,524

15,585

-20.2 %

Segment Profit %

22.2 %

24.1 %

 

(3) For segment reporting purposes, purchase rebates are allocated to the B2B segment and B2C segments primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses. Cost of service revenue is recorded in the operating expense.

Operating costs and expenses were RMB3.6 billion (US$512.8 million), representing a decrease of 3.9% from RMB3.7 billion in the same quarter of last year.

Cost of products sold was RMB3.4 billion (US$483.1 million), representing a decrease of 2.4% from RMB3.5 billion in the same quarter of last year.Fulfillment expenses were RMB100.0 million (US$14.2 million), representing a decrease of 1.6% from RMB101.6 million in the same quarter of last year. Fulfillment expenses accounted for 2.8% of net revenues this quarter, maintaining the same as last year.Selling and marketing expenses were RMB77.0 million (US$11.0 million), representing a decrease of 19.4% from RMB95.5 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.6 million for the quarter and RMB5.1 million for the same quarter last year, respectively, selling and marketing expenses as a percentage of net revenues accounted for 2.1% in the quarter as compared to 2.5% in the same quarter of last year.General and administrative expenses were RMB14.4 million (US$2.0 million), representing a decrease of 68.7% from RMB45.8 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB2.3 million for the quarter and RMB16.8 million for the same quarter last year, respectively, general and administrative expenses as a percentage of net revenues accounted for 0.3% in the quarter as compared to 0.8% in the same quarter of last year.Technology expenses were RMB17.5 million (US$2.5 million), representing a decrease of 30.9% from RMB25.4 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB0.9 million for the quarter and RMB4.5 million for the same quarter last year, respectively, technology expenses as a percentage of net revenues accounted for 0.5% in the quarter as compared to 0.6% in the same quarter of last year.

Income from operations was RMB2.4 million (US$0.3 million), compared to loss from operations of RMB80.4 million in the same quarter of last year.

Non-GAAP income from operations was RMB7.1 million (US$1.0 million), compared to non-GAAP loss from operations of RMB54.0 million in the same quarter of last year.

Net loss was RMB3.5 million (US$0.5 million), representing an improvement of 96% from RMB83.5 million in the same quarter of last year. As a percentage of net revenues, net loss amounted to 0.1% in the quarter, down from 2.3% in the same quarter of last year.

Non-GAAP net income (4) was RMB1.3 million (US$0.2 million), compared to non-GAAP net loss of RMB57.1 million in the same quarter of last year.

Net loss attributable to ordinary shareholders was RMB17.1 million (US$2.4 million), representing an improvement of 82% from RMB93.3 million in the same quarter of last year. As a percentage of net revenues, net loss attributable to ordinary shareholders accounted for 0.5% in the quarter, down from 2.5% in the same quarter of last year.

Non-GAAP net loss attributable to ordinary shareholders (5) was RMB12.4 million (US$1.8 million), representing an improvement of 82% from RMB66.9 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders, accounted for 0.3% in the quarter, down from 1.8% in the same quarter of last year.

(4) Non-GAAP net income represents net income excluding share-based compensation expenses, net of tax. Considering the impact of accretion of redeemable non-controlling interest for the third quarter 2024, non-GAAP net income is used as a meaningful measurement of the operation performance of the Company.

(5) Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax.

As of September 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB614.4 million (US$87.6 million), compared to RMB673.7 million as of December 31, 2023. To date, the Company has a total outstanding amount of RMB1.1 billion, which has been included in the balances of redeemable non-controlling interests and accrued expenses and other current liabilities, owed to a group of investors of 1 Pharmacy Technology pursuant to their equity investments made in 2020 as previously disclosed. 111 received redemption requests from certain of such investors in accordance with the terms of their initial investments in 1 Pharmacy Technology. Following communication and negotiation, the Company has reached agreements and/or commitment letters with investors representing approximately 90% of the total amount to reschedule the repayments, allowing for phased repayments at extended periods, if the holders exercise their redemption right. The Company has paid a portion of the repurchase funds upon signing of the agreements. Additionally, the Company is in ongoing discussions with investors holding the remaining approximately 10% of the total amount. For more information about the terms of 111’s arrangements with these investors, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources” in the Company’s annual report for the fiscal year ended December 31, 2023.

Conference Call

111’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Wednesday, November 27, 2024 (8:30 PM Beijing Time on the same day).

Details for the conference call are as follows:

Event Title: 111, Inc. Third Quarter 2024 Unaudited Financial Results
Registration Link: https://s1.c-conf.com/diamondpass/10042738-te7sgd.html 

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique Registration ID, which can be used to join the conference call.

Please dial in 15 minutes before the call is scheduled to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call.

A telephone replay of the call will be available after the conclusion of the conference call until December 4, 2024 via:

China: 4001 209 216
United States: +1 855 883 1031
International: +61 7 3107 6325
Conference ID: 10042738

A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/3nkscjv6.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding share-based compensation expenses. The Company defines non-GAAP net income (loss) as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The Company believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income (loss) from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company’s core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024.

Forward-Looking Statements

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111’s strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About 111, Inc.

111, Inc. (NASDAQ: YI) (“111” or the “Company”) is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company’s online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.

For more information on 111, please visit: http://ir.111.com.cn/.

For more information, please contact:

111, Inc.
Investor Relations
Email: ir@111.com.cn 

111, Inc.
Media Relations
Email: press@111.com.cn
Phone: +86-021-2053 6666 (China)

 

111, Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

As of

As of

December 31, 2023

September 30, 2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

603,523

531,981

75,807

Restricted cash

20,025

32,430

4,621

Short-term investments

50,143

50,000

7,125

Accounts receivable, net 

536,823

425,159

60,585

Notes receivable

77,598

80,853

11,521

Inventories

1,419,396

1,532,170

218,332

Prepayments and other current assets

225,823

234,295

33,388

Total current assets

2,933,331

2,886,888

411,379

Property and equipment, net

34,340

25,558

3,642

Intangible assets, net

2,256

1,643

234

Long-term investments

2,000

1,000

142

Other non-current assets

13,310

15,684

2,235

Operating lease right-of-use asset

103,799

98,909

14,094

Total assets

3,089,036

3,029,682

431,726

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current liabilities:

Short-term borrowings

338,075

168,517

24,013

Accounts payable

1,588,693

1,912,109

272,474

Accrued expense and other current liabilities 

818,295

569,246

81,116

Total current liabilities

2,745,063

2,649,872

377,603

Long-term operating lease liabilities

62,624

63,969

9,116

Other non-current liabilities

5,245

8,331

1,187

Total liabilities

2,812,932

2,722,172

387,906

MEZZANINE EQUITY

Redeemable non-controlling interests

870,825

943,774

134,487

SHAREHOLDERS’ DEFICIT

Ordinary shares Class A 

32

33

5

Ordinary shares Class B 

25

25

3

Treasury shares 

(5,887)

(5,887)

(839)

Additional paid-in capital

3,169,114

3,167,794

451,407

Accumulated deficit

(3,819,249)

(3,864,151)

(550,637)

Accumulated other comprehensive income

72,514

72,602

10,346

Total shareholders’ deficit

(583,451)

(629,584)

(89,715)

Non-controlling interest

(11,270)

(6,680)

(952)

Total deficit

(594,721)

(636,264)

(90,667)

Total liabilities, mezzanine equity and deficit

3,089,036

3,029,682

431,726

 

 

111, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 (In thousands, except for share and per share data)

For the three months ended September 30,

For the nine months ended September 30,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

Net revenues

3,665,245

3,600,675

513,092

10,839,503

10,553,474

1,503,858

Operating costs and expenses:

 Cost of products sold

(3,474,621)

(3,390,059)

(483,080)

(10,204,779)

(9,926,727)

(1,414,547)

 Fulfillment expenses

(101,602)

(99,977)

(14,247)

(299,202)

(276,559)

(39,409)

 Selling and marketing expenses

(95,523)

(76,954)

(10,966)

(274,880)

(237,724)

(33,875)

 General and administrative expenses

(45,839)

(14,367)

(2,047)

(126,235)

(50,747)

(7,231)

 Technology expenses

(25,386)

(17,549)

(2,501)

(75,243)

(54,225)

(7,727)

 Other operating (expenses) income, net

(2,696)

602

86

(2,723)

1,941

277

Total operating costs and expenses

(3,745,667)

(3,598,304)

(512,755)

(10,983,062)

(10,544,041)

(1,502,512)

(Loss) Income from operations

(80,422)

2,371

337

(143,559)

9,433

1,346

 Interest income

2,362

1,533

218

6,517

5,574

794

 Interest expense

(5,433)

(7,810)

(1,113)

(14,525)

(23,067)

(3,287)

 Foreign exchange gain (loss)

79

642

91

(1,095)

40

6

 Other income (loss), net

38

(193)

(28)

4,552

(116)

(17)

Loss before income taxes

(83,376)

(3,457)

(495)

(148,110)

(8,136)

(1,158)

 Income tax expense

(102)

(5)

(1)

(102)

(93)

(13)

Net loss

(83,478)

(3,462)

(496)

(148,212)

(8,229)

(1,171)

Net loss attributable to non-controlling interest

4,315

848

121

7,837

(431)

(61)

Net loss attributable to redeemable non-controlling interest

7,253

438

62

12,529

1,168

166

Adjustment attributable to redeemable non-controlling interest

(21,391)

(14,931)

(2,128)

(54,481)

(37,410)

(5,331)

Net loss attributable to ordinary shareholders

(93,301)

(17,107)

(2,441)

(182,327)

(44,902)

(6,397)

Other comprehensive loss

 Unrealized gains of available-for-sale securities,

1,013

(407)

(58)

3,936

(753)

(107)

 Realized gains of available-for-sale debt securities

(841)

407

58

(3,558)

896

128

 Foreign currency translation adjustments

(1,690)

(1,184)

(169)

4,234

(55)

(8)

Comprehensive loss

(94,819)

(18,291)

(2,610)

(177,715)

(44,814)

(6,384)

Loss per ADS:

 Basic and diluted

(1.10)

(0.20)

(0.02)

(2.16)

(0.52)

(0.08)

Weighted average number of shares used in computation of loss per share

 Basic and diluted

169,088,015

171,938,537

171,938,537

168,179,779

171,526,062

171,526,062

 

 

 

111, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (In thousands)

For the three months ended September 30,

For the nine months ended September 30,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

Net cash provided by (used in) operating activities 

35,208

109,865

15,656

(250,230)

311,563

44,397

Net cash provided by (used in) investing activities 

5,163

49,845

7,103

91,913

(141)

(20)

Net cash provided by (used in) financing activities

110,452

(110,510)

(15,748)

204,230

(370,453)

(52,789)

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

2,621

(313)

(45)

3,514

(106)

(15)

Net increase (decrease) in cash and cash equivalents, and restricted cash

153,444

48,887

6,966

49,427

(59,137)

(8,427)

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

612,774

515,524

73,462

716,791

623,548

88,855

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

766,218

564,411

80,428

766,218

564,411

80,428

 

 

 

 111, Inc.

Unaudited Reconciliation of GAAP and Non-GAAP Results

 (In thousands, except for share and per share data)

For the three months ended September 30,

For the nine months ended September 30,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

(Loss) Income from operations

(80,422)

2,371

337

(143,559)

9,433

1,346

Add: Share-based compensation expenses

26,402

4,756

678

74,818

15,122

2,155

Non-GAAP (loss) income from operations

(54,020)

7,127

1,015

(68,741)

24,555

3,501

Net loss

(83,478)

(3,462)

(496)

(148,212)

(8,229)

(1,171)

Add: Share-based compensation expenses, net of tax

26,402

4,756

678

74,818

15,122

2,155

Non-GAAP net (loss) income

(57,076)

1,294

182

(73,394)

6,893

984

Net loss attributable to ordinary shareholders

(93,301)

(17,107)

(2,441)

(182,327)

(44,902)

(6,397)

Add: Share-based compensation expenses, net of tax

26,402

4,756

678

74,818

15,122

2,155

Non-GAAP net loss attributable to ordinary shareholders

(66,899)

(12,351)

(1,763)

(107,509)

(29,780)

(4,242)

Loss per ADS(6): Basic and diluted

(1.10)

(0.20)

(0.02)

(2.16)

(0.52)

(0.08)

Add: Share-based compensation expenses per ADS(6), net of tax

0.32

0.06

0.00

0.88

0.18

0.02

Non-GAAP loss per ADS(6)

(0.78)

(0.14)

(0.02)

(1.28)

(0.34)

(0.06)

(6) Every one ADS represents two Class A ordinary shares.

 

 

 

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SOURCE 111, Inc.

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Technology

Sungrow Opens Australia’s New Solar & Battery Experience Hub, Bringing the Future of Clean Energy Closer to Home

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July 21, 2026

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SUNSHINE COAST, Australia, July 21, 2026 /PRNewswire/ — Sungrow, the globally leading PV inverter and energy storage system provider, officially opened its brand new Solar & Battery Experience Hub, marking a significant milestone in the company’s long-term investment in the Australian renewable energy market.

Located on the Sunshine Coast, one of Australia’s most sustainability-focused regions, the Hub is Sungrow’s first solar and battery experience centre in the country. Visitors can explore advanced renewable technologies, see real-time demonstrations, and receive tailored home and commercial energy advice. Serving as an essential bridge to the region, the Hub is dedicated to establishing broad and deep connections with the local community. By partnering with residents, businesses, and non-profit organizations to deliver technical training, sustainability education, and diverse community events, it will work hand in hand to drive the sustainable prosperity of the local community. Meanwhile, powered entirely by Sungrow’s inverter and battery system, the centre serves as a working example of how commercial buildings can operate efficiently and sustainably.

The opening ceremony was attended by Sunshine Coast Mayor Rosanna Natoli, Queensland Government representative Kendall Hatcher MP, local community organisation leaders, prominent figures from the Australian renewable energy industry, and Sungrow Australia executives, highlighting a shared commitment to accelerating the clean energy transition through strong local collaboration.

In the opening addresses, the Mayor affirmed the vital role of the Experience Hub in helping the Sunshine Coast region embrace technological innovation for sustainability. The State Government representative also highly praised the Hub’s outstanding sense of community spirit and the significant, positive impact it brings to local development.

Bringing Renewable Energy to Life 

With more than 600,000 residential and commercial installations across Australia and over 14 years of local market presence, Sungrow has become one of the country’s most trusted and bankable solar brands.

The centre features three immersive experience zones:

Sungrow Journey – showcasing its global innovation, local milestones and long-term commitment to Australia.

Live Experience Area – interacting with Sungrow’s latest residential solar, battery storage and EV charging solutions through live product demonstrations and real-time system management.

Smart Hub Experience – presenting the next generation intelligent home energy management, including battery optimisation, energy monitoring and future-ready smart energy technologies that help households maximise energy independence.

Built with the Community, for the Community

Meanwhile, Sungrow also donated two sets of energy storage systems to local charities, reinforcing its commitment to supporting the Sunshine Coast community.

The Hub will collaborate closely with local elite installers, ensuring visitors receive professional guidance, trusted installation support, and personalised energy solutions. Furthermore, the Hub will continuously host renewable energy event series and specialised workshops tailored for homeowners, first-time homebuyers, commercial developers, corporate partners, educational institutions (including schools, TAFEs, and universities), as well as government and community representatives.

“Sungrow Australia has been a trusted part of everyday life for families, installers, and industry partners across the country. Today, we take an important step forward. More than a physical space, it is a place where people can experience clean energy firsthand, learn from industry experts, and gain the confidence to make smarter energy decisions,” said Neil Yang, Channel Sales Manager at Sungrow Australia. “Following 14 years of continuous support from the local community, we made the significant decision to establish this experience hub on the Sunshine Coast. Our long-term vision is to replicate this model across major towns and cities in Australia, creating more opportunities for renewable energy education, community engagement, local employment, and sustainable infrastructure.”

A New Era of Home Energy Future

The Sungrow Solar & Battery Experience Hub represents a new way for Australians to engage with renewable energy. As Australia continues its transition towards a low-carbon future, Sungrow remains committed to investing in local innovation, strengthening industry partnerships and creating meaningful connections with communities. By bringing clean energy closer to people, the Experience Hub transforms renewable technology from something customers simply purchase into something they can experience, understand and trust.

To learn more about the Sungrow Solar & Battery Experience Hub, visit: www.sungrowpower.com/au/en/aus-sungrow-solar-battery-experience-hub

To book an appointment, please call 0472 787 829 or email hello@sungrowpower.com.au.

Luly Wang
luly.wang@sungrow-hq.com

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SOURCE Sungrow Power

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Technology

Tencent Cloud Unveils a Major Upgrade to Its Agent Development Platform, Launching an Enterprise-Grade AgentOps Platform to Bring AI Agents into Production at Scale

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36 minutes ago

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July 21, 2026

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SHANGHAI, July 21, 2026 /PRNewswire/ — Tencent Cloud, the cloud business of global technology company Tencent, today announced a major enhancement to its Agent Development Platform (ADP) International Edition, evolving it into a comprehensive, enterprise-grade AgentOps platform designed to help enterprises move AI agents from experimentation into production at scale. The enhancement was unveiled at the 2026 World Artificial Intelligence Conference (WAIC) in Shanghai and is now available to customers worldwide.

Delivered in ADP’s 4.0 international release, the update introduces two headline capabilities — the Smart Desk and Claw Mode, powered by the Agentic Loop. Together with Connector, Skills, Knowledge Base, MCP and Agent Portal, ADP 4.0 now connects the entire enterprise agent lifecycle — from building and connecting, to distribution and governance — giving enterprises a single foundation to develop, deploy and manage AI agents reliably and at scale.

Today, enterprises seeking to rebuild their operations with AI Agents often face three critical challenges:

Individual pilots are easy to initiate but difficult to scale;Powerful models are challenging to integrate with existing legacy systems;Deployed Agents present difficulties in security governance and cost control.

Tencent Cloud ADP 4.0 addresses these challenges systematically by unlocking long-horizon, self-coding capabilities for complex tasks through Claw Mode, connecting enterprise systems and capability assets through nearly 40 Connectors and over 150 Skills, while moving security governance upstream to the very source of development. This enables enterprises to rapidly develop Agents while keeping them running in real business environments in a stable, secure, and controllable way.

To date, Tencent Cloud ADP has been deployed across retail, finance, government, manufacturing, and other industries, where teams have used AI Agents to support on tasks such as intelligent Q&A, customer service, marketing content generation and business analysis.

How Smart Desk Serves as a Unified Agent Entry Point

The newly launched Smart Desk serves as the unified, user-facing entry point of Tencent Cloud ADP 4.0, addressing two needs at once: enterprises can build Agents at scale, while employees can complete everyday tasks with a single sentence. Within the same workspace, users can build scalable Agents for their organization using natural language, or handle personal tasks just as they would with an everyday office assistant. Agent capabilities can also be integrated into existing enterprise systems—office software, ERP, CRM, customer service, and more—so that Agents “grow” on top of existing workflows without tearing anything down.

Smart Desk dramatically cuts the cost of building. Setting up a knowledge-based intelligent Q&A assistant once required manually configuring more than a dozen parameters. Now a single sentence can complete the entire configuration automatically, enabling it to go live within minutes. For more complex workflows such as multi-intent customer service, users simply describe the logic, and the system automatically generates a complete flow—intent routing, knowledge-base Q&A, human handoff, and more—packaged and ready to import. When a single Agent isn’t enough, users can orchestrate a collaborative team of Agents with a single command, with the system automatically assigning responsibilities, prompts, and task handoffs. The Smart Desk also integrates with the Skills Marketplace, packaging mature capabilities—such as contract review, financial analysis, and invoice entry—into reusable enterprise-grade Skills that can be shared and continuously refined across the organization. In doing so, Smart Desk brings “usable by everyone” and “enterprise-grade control” together in a single entry point.

How Upgraded Claw Mode Resolves Complex, Long-Horizon Tasks

For complex tasks that lack fixed rules, span long chains, and resist form-based configuration, Tencent Cloud Agent Development Platform (ADP) 4.0 adds a fourth building mode—Claw Mode. It can create Agents that autonomously write and run code in a cloud sandbox, call enterprise Skills, and execute long-running tasks. Once created, these Agents can be integrated into business systems via API/Web interfaces and reach employees and customers through channels such as LINE and Telegram. Creators do not need to fill out any forms; they simply describe their needs in natural language, and the platform automatically generates prompts, mounts knowledge bases, configures tools, and orchestrates workflows.

ADP 4.0 also supports two-way invocation between Agents and Workflows: Workflows handle steps with clear-cut rules, balancing stability with predictable token consumption. When unstructured judgment or open-ended tasks arise, they invoke a Claw Mode Agent to fully leverage the model’s capabilities. This gives enterprises the flexibility to integrate deterministic processes with intelligent decision-making.

Connecting Enterprise Systems, Knowledge, and Tools to Embed Agents into Workflows

To address the pain point of “powerful models that cannot reach enterprise production systems,” ADP 4.0 uses Connector, Skills, plugins, Knowledge Base, and MCP to turn an enterprise’s scattered business resources into callable and reusable AI assets.

The Connector framework offers nearly 40 curated Connectors in the first batch, supporting integration with high-frequency systems such as CRM, ERP, ticketing, customer service, knowledge bases, and document systems, and covering mainstream international SaaS applications like Google Workspace, Confluence, and Jira. Agents can directly read, retrieve, and perform operations such as querying, analysis, generation, and routing.

The upgraded Skills Marketplace now supports 150+ Skills. Business teams can package custom Skills into shared enterprise plugins that enter the enterprise zone for use only after passing security checks and approval.

More than 50 scenario-based templates and industry-curated applications shorten the path from zero to one. The upgraded Model Marketplace enables enterprises to select leading international models alongside their own self-hosted models, with native compatibility for the OpenAI standard protocol.

In addition, ADP 4.0 supports multiple entry points—platform, browser, Office, Chat channels, and API/SDK—embedding Agents into employees’ daily work scenarios.

End-to-End Governance from Development to Launch: Clearing the “Security Gate” Before Production

To tackle the challenge of “Agents that run but whose security and cost cannot be controlled,” ADP 4.0 moves governance upstream to the source of development, building a security control system that spans the full Agent lifecycle around permission management, Skills governance, runtime observability, and deployment compliance.

For permission management, ADP 4.0 supports a layered architecture at the enterprise, workspace, and application levels, combined with a Role-Based Access Control (RBAC) role-permission matrix to achieve dual-dimension isolation of functional and data permissions. For Skills governance, custom Skills must pass security checks—static code scanning, data-access review, outbound-network review, dependency allowlisting—and multi-level approval before entering the enterprise zone to become shareable and schedulable enterprise assets. For observability and governance, enterprises can use Agent Portal to centrally manage Agents across platforms and scenarios, and use business and resource dashboards to monitor key metrics such as call volume, response quality, operating cost, and errors in real time, enabling rapid issue identification and optimization.

Wu Yunsheng, Vice President of Tencent Cloud and Head of the Tencent Cloud Agent Development Platform, emphasized that enterprise-grade Agents are not merely about who can build them the fastest, but rather about who can keep Agents operating on the front lines of business in a stable, secure, and sustainable manner. ADP aims to provide enterprises with a production-ready AgentOps foundation—one that enables them to build Agents quickly, connect these Agents to systems and distribute them to the front lines, and operate them continuously under a framework of permissions, security, evaluation, and observability, truly unlocking productivity value.

Learn more about Tencent Cloud ADP: Build AI Agents with RAG+LLM, Workflow & Multi-Agent Capabilities

###

About Tencent Cloud:

Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and cybersecurity. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, real estate, retail, travel, and transportation.

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SOURCE Tencent Cloud

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Technology

Coda Launches Playbook on Turning Linkouts into a Growth Channel

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36 minutes ago

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July 21, 2026

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SINGAPORE, July 21, 2026 /PRNewswire/ — Coda, a global leader in digital monetization and distribution, launched Beyond the App Store: A Publisher’s Guide to Direct Linkouts and Out-of-App Monetization, a new white paper showing mobile game publishers how to turn linkouts into a scalable revenue channel.

For years, anti-steering restrictions limited publishers’ ability to direct players from inside their games to external purchasing options. Legal and regulatory changes in the United States and Japan have opened that channel, giving publishers more control over where transactions happen, what value players receive and how recovered margin is reinvested.

The opportunity is significant. Publishers can use the improved economics of out-of-app payments to offer better prices, bonus currency, exclusive items or loyalty rewards, while investing more in content, acquisition and retention.

However, designing the journey from the app to the web requires precision. The right audience, offer and checkout experience determine whether a linkout converts and creates incremental value.

Drawing on Coda’s experience supporting more than 300 publishers, including gaming giants like Activision Blizzard and Electronic Arts, the white paper sets out a practical framework built around these core questions:

Who should see the linkout?When should they see the linkout?What should they be offered?How should the choice be presented?

“Publishers can now take greater control of the purchase journey and decide how recovered margin is put back to work,” said Zac Liew, Chief Commercial Officer at Coda.

“The real opportunity is not simply moving a payment outside the app. It is using linkouts to create better player value, improve conversion and grow the economics of a game.”

The paper recommends starting with engaged players, repeat buyers and higher-value spenders, while ensuring every linkout offer provides a clear advantage over its in-app equivalent.

It also highlights the infrastructure required behind the link, including payment routing, local payment methods, tax, fraud, compliance and reconciliation.

Coda Links gives publishers the infrastructure to put that strategy into action. It intelligently routes players from the app to the most relevant payment experience, while Coda manages the payments, tax, fraud and compliance required to operate at scale.

Linkouts are already delivering significant results:

In one Coda Links deployment for a major US publisher, intelligent routing increased webstore revenue by 17% and first-time purchase rates by 78%.In another Coda Links deployment, providing players with direct webstore access increased transactions by 25%.

For publishers, the priority now is to apply the right strategy at scale and capture more value from every player transaction.

Beyond the App Store: A Publisher’s Guide to Direct Linkouts and Out-of-App Monetization is available at: https://www.coda.co/resources/out-of-app-monetization-guide/

Learn more about Coda at: coda.co

About Coda

Coda is a global leader in monetization, distribution, and commerce, trusted by the biggest names in gaming, entertainment, and technology, including Activision, Electronic Arts, Riot Games, Ubisoft, and Moonton. Founded in 2011 and headquartered in Singapore, Coda operates with 600+ employees worldwide, with core hubs in Asia and Europe. Coda combines payments, commerce, distribution, and rewards to drive global revenue growth for brands and publishers.

Coda’s products include Codapay, which provides access to 400+ payment methods across 80+ markets through a single API integration; Coda Webstore, which powers fully customised direct-to-consumer storefronts; Coda Consumer Platforms including Codashop, Recharge.com, and Startselect.com; Coda Distribution, which extends reach through a network of commerce partners; and Giftcloud, a UK-based rewards business serving enterprise customers across Europe.

Coda is backed by Apis Partners, Insight Partners, Smash Capital and GIC, and has been named an APAC High Growth Company (2023) by Financial Times, one of Granite Asia’s NextGenTech 30 (2024), a payments leader on Fortune’s Fintech Innovation Asia list (2024), and listed among The Straits Times Fastest Growing Fintechs (2024). For more on Coda, visit coda.co.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/coda-launches-playbook-on-turning-linkouts-into-a-growth-channel-302830354.html

SOURCE Coda

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