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SOHU.COM REPORTS FIRST QUARTER 2025 UNAUDITED FINANCIAL RESULTS

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BEIJING, May 19, 2025 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the first quarter ended March 31, 2025.

First Quarter Highlights

Total revenues were US$136 million, down 3% year-over-year and up 1% quarter-over-quarter.Marketing services[1] revenues were US$14 million, down 15% year-over-year and 27% quarter-over-quarter.Online game revenues were US$117 million, flat year-over-year and up 7% quarter-over-quarter.GAAP net income[2] attributable to Sohu.com Limited was US$182 million, compared with a net loss of US$25 million in the first quarter of 2024 and a net loss of US$21 million in the fourth quarter of 2024.Non-GAAP[3] net loss attributable to Sohu.com Limited was US$16 million, compared with a net loss of US$22 million in the first quarter of 2024 and a net loss of US$15 million in the fourth quarter of 2024.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the first quarter of 2025, both our marketing services revenues and non-GAAP bottom line performance reached the high end of our previous guidance, while our online game revenues were well above our expectations. For the Sohu media platform, in addition to devoting efforts in product refinements and technology improvements, we continued to concentrate on strengthening the distinctive social features of our platform. Through various unique events, we were able to engage with more users, while promoting vigorous social interactions and distributions on our platform and generating massive premium content at the same time. Leveraging our competitive advantage as a mainstream media platform and our unique IPs, we proactively explored greater monetization opportunities. Our online games business also achieved a satisfactory performance, thanks to the high-quality content updates and continual improvements to our games.”

[1] Starting in the first quarter of 2025, the Company has changed the name of its “brand advertising business,” as described in its previous annual and other reports with the U.S. Securities and Exchange Commission (the “SEC”), to the “marketing services business.” This change is intended to more accurately reflect the nature of the business, which consists primarily of advertising and other marketing-related services. The Company will also update the names of related financial measures and disclosures to align with this updated terminology.  

[2] In the first quarter of 2025, due to the expiration during the quarter of the statutory period for the U.S. Internal Revenue Service to conduct an examination of the Company’s filing in connection with a one-time transition tax (the “Toll Charge”) imposed by the U.S. Tax Cuts and Jobs Act, the Company fully reversed a tax expense that it had recognized as an uncertain tax position in the fourth quarter of 2018 upon the Company’s re-evaluation and adjustment of a tax expense initially recognized in the fourth quarter of 2017 with respect to the Toll Charge. This reversal resulted in recognition during the first quarter of 2025 of a previously unrecognized income tax benefit and reversal of related accrued interest in a total amount of approximately $199 million.

[3] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and the income tax benefit in connection with the Toll Charge and related accrued interest expense. Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

First Quarter Financial Results 

Revenues

Total revenues were US$136 million, down 3% year-over-year and up 1% quarter-over-quarter.

Marketing services revenues were US$14 million, down 15% year-over-year and 27% quarter-over-quarter.

Online game revenues were US$117 million, flat year-over-year and up 7% quarter-over-quarter.

Gross Margin

Both GAAP and non-GAAP gross margin were 76%, compared with 77% in the first quarter of 2024 and 73% in the fourth quarter of 2024.

Both GAAP and non-GAAP gross margin for the marketing services business were 10%, compared with 1% in the first quarter of 2024 and 6% in the fourth quarter of 2024.

Both GAAP and non-GAAP gross margin for online games were 85%, compared with 88% in the first quarter of 2024 and 83% in the fourth quarter of 2024.

Operating Expenses

GAAP operating expenses were US$122 million, down 9% year-over-year and 1% quarter-over-quarter. Non-GAAP operating expenses were US$121 million, down 9% year-over-year and 1% quarter-over-quarter.

Operating Loss

Both GAAP and non-GAAP operating loss were US$19 million, compared with an operating loss of US$27 million in the first quarter of 2024 and an operating loss of US$25 million in the fourth quarter of 2024.

Income Tax Expense/(Benefit)

GAAP income tax benefit was US$189 million, compared with income tax expense of US$14 million in the first quarter of 2024 and income tax expense of US$14 million in the fourth quarter of 2024. In the first quarter of 2025, the Company reversed a tax expense that had been recognized as an uncertain tax position in previous years, and related accrued interest expense, in a total amount of approximately $199 million.

Non-GAAP income tax expense was US$10 million, compared with income tax expense of US$10 million in the first quarter of 2024 and income tax expense of US$10 million in the fourth quarter of 2024.

Net Income/(Loss)

GAAP net income attributable to Sohu.com Limited was US$182 million, or net income of US$6.07 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$25 million in the first quarter of 2024 and a net loss of US$21 million in the fourth quarter of 2024.

Non-GAAP net loss attributable to Sohu.com Limited was US$16 million, or a net loss of US$0.55 per fully-diluted ADS, compared with a net loss of US$22 million in the first quarter of 2024 and a net loss of US$15 million in the fourth quarter of 2024.

Liquidity and Capital Resources

As of March 31, 2025, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Supplementary Information for Changyou Results[4]

First Quarter 2025 Operating Results

For PC games, total average monthly active user accounts[5] (MAU) were 2.3 million, an increase of 3% year-over-year and flat quarter-over-quarter. Total quarterly aggregate active paying accounts[6] (APA) were 1.0 million, an increase of 2% year-over-year and a decrease of 3% quarter-over-quarter.

For mobile games, total average MAU were 2.1 million, a decrease of 22% year-over-year and 17% quarter-over-quarter. Total quarterly APA were 0.4 million, an increase of 6% year-over-year and a decrease of 16% quarter-over-quarter. The year-over-year decrease in MAU was mainly due to the natural decline of Haikyu!!FLY HIGH, which was launched in Japan and South Korea during the first quarter of 2024. The year-over-year increase in APA was mainly from New Westward Journey and its international version Journey Renewed: Fate Fantasy, which were launched during recent quarters. The quarter-over-quarter decreases in MAU and APA were mainly due to the natural decline of Journey Renewed: Fate Fantasy.

[4] “Changyou Results” consist of the results of Changyou’s online games business and its 17173.com Website.

[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

First Quarter 2025 Unaudited Financial Results

Total revenues were US$118 million, a decrease of 1% year-over-year and an increase of 7% quarter-over-quarter. Online game revenues were US$117 million, flat year-over-year and an increase of 7% quarter-over-quarter.

Both GAAP and non-GAAP gross profit were US$99 million, compared with US$104 million for the first quarter of 2024 and US$92 million for the fourth quarter of 2024.

GAAP operating expenses were US$45 million, a decrease of 8% year-over-year and an increase of 1% quarter-over-quarter.

Non-GAAP operating expenses were US$45 million, a decrease of 9% year-over-year and an increase of 1% quarter-over-quarter.

GAAP operating profit was US$54 million, compared with US$55 million for the first quarter of 2024 and US$48 million for the fourth quarter of 2024.

Non-GAAP operating profit was US$55 million, compared with US$55 million for the first quarter of 2024 and US$48 million for the fourth quarter of 2024.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 5,484,160 ADSs for an aggregate cost of approximately US$67 million as of May 15, 2025.

Business Outlook

For the second quarter of 2025, Sohu estimates:

Marketing services revenues to be between US$16 million and US$17 million; this implies an annual decrease of 14% to 19%, and a sequential increase of 17% to 24%.Online game revenues to be between US$96 million and US$106 million; this implies an annual decrease of 28% to 35%, and a sequential decrease of 10% to 18%. Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$20 million and US$30 million.

For the second quarter 2025 guidance, the Company has adopted a presumed exchange rate of RMB7.20=US$1.00, as compared with the actual exchange rate of approximately RMB7.11=US$1.00 for the second quarter of 2024, and RMB7.18=US$1.00 for the first quarter of 2025.

This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and the income tax benefit in connection with the Toll Charge and related accrued interest expense. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and the income tax benefit in connection with the Toll Charge and related accrued interest expense from the Company’s non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; and the income tax benefit in connection with the Toll Charge and related accrued interest expense could not be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense, and changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments do not involve subsequent cash outflow or are reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense and changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and also exclude the income tax benefit in connection with the Toll Charge and related accrued interest expense.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense is that this expense has been and can be expected to continue to recur in Sohu’s business. It is also possible that changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.

Notes to Financial Information

Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; and Sohu’s reliance on marketing services and online games for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2024, and other filings with and information furnished to the SEC.

Conference Call and Webcast 

Sohu’s management team will host a conference call at 7:30 a.m. U.S. Eastern Time, May 19, 2025 (7:30 p.m. Beijing/Hong Kong time, May 19, 2025) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/.

About Sohu

Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online games business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.

As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content such as news, information, text, picture, video, and live broadcasting. Sohu also attracts users to be highly engaged in content generation and distribution, and actively interact with each other on the platform. Sohu’s online games business is conducted by its subsidiary Changyou which develops and operates a diverse portfolio of PC and mobile games, such as the well-known Tian Long Ba Bu (“TLBB”) PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

In China:

Ms. Pu Huang
Sohu.com Limited
Tel: +86 (10) 6272-6645
E-mail: ir@contact.sohu.com

In the United States:

Ms. Linda Bergkamp
Christensen
Tel: +1 (480) 614-3004
E-mail:  linda.bergkamp@christensencomms.com

 

 

 

SOHU.COM LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

 

 

Three Months Ended

 

 

Mar. 31, 2025

 
 

Dec. 31, 2024

 
 

Mar. 31, 2024

 

Revenues:

    Marketing services[7]

$

13,725

$

18,865

$

16,070

    Online games

117,347

109,859

117,812

    Others

4,573

5,960

5,508

Total revenues

135,645

134,684

139,390

Cost of revenues:

Marketing services

12,341

17,787

15,848

Online games

18,136

18,133

14,482

Others 

2,669

1,113

2,389

Total cost of revenues

33,146

37,033

32,719

Gross profit

102,499

97,651

106,671

Operating expenses:

Product development (includes share-based
compensation expense of nil, nil, and $3, respectively) 

62,972

61,584

66,209

Sales and marketing (includes share-based compensation
expense of $1, $-1, and $4, respectively) 

45,586

48,588

54,806

General and administrative (includes share-based
compensation expense of $391, $243, and $77,
respectively)

12,969

12,672

12,534

Total operating expenses

121,527

122,844

133,549

Operating loss

(19,028)

(25,193)

(26,878)

Other income, net

4,199

8,448

4,489

Interest income

7,708

8,632

11,358

Exchange difference

(119)

1,240

(19)

Loss before income tax expense

(7,240)

(6,873)

(11,050)

Income tax expense/(benefit)[8]

(189,391)

14,387

13,924

Net income/(loss)

182,151

(21,260)

(24,974)

Less: Net income/(loss) attributable to the
noncontrolling interest shareholders

(9)

31

Net income/(loss) attributable to Sohu.com Limited

182,160

(21,291)

(24,974)

Basic net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

6.07

$

(0.69)

$

(0.76)

Shares/ADSs used in computing basic net income/(loss)
per share/ADS attributable to Sohu.com Limited[9]

30,008

30,799

33,033

Diluted net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

6.07

$

(0.69)

$

(0.76)

Shares/ADSs used in computing diluted net income/(loss)
per share/ADS attributable to Sohu.com Limited

30,008

30,799

33,033

[7] See footnote 1.
[8] See footnote 2.
[9] Each ADS represents one ordinary share.

 

 

SOHU.COM LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)

 

 

As of Mar. 31, 2025

 
 

As of Dec. 31, 2024

  

ASSETS

 

Current assets:

           Cash and cash equivalents

$

130,026

$

159,927

           Restricted cash

79

           Short-term investments

745,696

744,498

           Accounts receivable, net

49,402

53,762

           Prepaid and other current assets 

87,258

83,575

Total current assets

1,012,461

1,041,762

Fixed assets, net

250,148

252,860

Goodwill 

46,965

46,944

Long-term investments, net

43,105

43,120

Intangible assets, net

6,472

7,695

Long-term time deposits

333,836

331,290

Other assets

10,494

10,995

Total assets

$

1,703,481

$

1,734,666

 

LIABILITIES 

 

Current liabilities:

           Accounts payable 

$

37,678

$

36,043

           Accrued liabilities

94,838

97,138

           Receipts in advance and deferred revenue

50,111

51,007

           Accrued salary and benefits

35,627

47,232

           Taxes payables

17,189

14,225

           Other short-term liabilities

79,009

76,322

Total current liabilities

$

314,452

$

321,967

Long-term other payables

2,863

2,807

Long-term tax liabilities

290,707

485,545

Other long-term liabilities

1,289

1,659

Total long-term liabilities

$

294,859

$

490,011

                              Total liabilities

$

609,311

$

811,978

 

SHAREHOLDERS’ EQUITY:

 

          Sohu.com Limited shareholders’ equity

1,093,826

922,335

          Noncontrolling interest

344

353

                     Total shareholders’ equity

$

1,094,170

$

922,688

Total liabilities and shareholders’ equity  

$

1,703,481

$

1,734,666

 

 

SOHU.COM LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended Mar. 31, 2025

Three Months Ended Dec. 31, 2024

Three Months Ended Mar. 31, 2024

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

(a)

(a)

0

(a)

Marketing services gross profit

$

1,384

$

$

1,384

$

1,078

$

$

1,078

$

222

$

0

$

222

Marketing services gross margin

10 %

10 %

6 %

6 %

1 %

1 %

(a)

(a)

0

(a)

Online games gross profit 

$

99,211

$

$

99,211

$

91,726

$

$

91,726

$

103,330

$

0

$

103,330

Online games gross margin

85 %

85 %

83 %

83 %

88 %

88 %

(a)

(a)

(a)

Others gross profit 

$

1,904

$

$

1,904

$

4,847

$

$

4,847

$

3,119

$

$

3,119

Others gross margin

42 %

42 %

81 %

81 %

57 %

57 %

(a)

(a)

0

(a)

Gross profit

$

102,499

$

$

102,499

$

97,651

$

$

97,651

$

106,671

$

0

$

106,671

Gross margin

76 %

76 %

73 %

73 %

77 %

77 %

Operating expenses

$

121,527

$

(392)

(a) $

121,135

$

122,844

$

(242)

(a) $

122,602

$

133,549

$

(84)

(a) $

133,465

392

(a)

242

(a)

84

(a)

Operating loss

$

(19,028)

$

392

$

(18,636)

$

(25,193)

$

242

$

(24,951)

$

(26,878)

$

84

$

(26,794)

Operating margin

-14 %

-14 %

-19 %

-19 %

-19 %

-19 %

Income tax expense/(benefit)

$

(189,391)

$

199,018

(c)$

9,627

$

14,387

$

(3,961)

(c)$

10,426

$

13,924

$

(3,691)

(c)$

10,233

392

(a)

242

(a)

84

(a)

2,087

(b)

(398)

(b)

(199,018)

(c)

3,961

(c)

3,691

(c)

Net income/(loss) before non-
controlling interest

$

182,151

$

(198,626)

$

(16,475)

$

(21,260)

$

6,290

$

(14,970)

$

(24,974)

$

3,377

$

(21,597)

392

(a)

242

(a)

84

(a)

2,087

(b)

(398)

(b)

(199,018)

(c)

3,961

(c)

3,691

(c)

Net income/( loss) attributable to
Sohu.com Limited for diluted net loss
per share/ADS

$

182,160

$

(198,626)

$

(16,466)

$

(21,291)

6,290

(15,001)

$

(24,974)

3,377

(21,597)

Diluted net income/( loss) per
share/ADS attributable to Sohu.com
Limited

$

6.07

(0.55)

$

(0.69)

(0.49)

$

(0.76)

(0.65)

Shares/ADSs used in computing
diluted net income/( loss) per
share/ADS attributable to Sohu.com
Limited

30,008

30,008

30,799

30,799

33,033

33,033

Note:
(a) Share-based compensation expense
(b) Change in the fair value of the Company’s investments
(c) Reversal of the tax expense in connection with the Toll Charge and related accrued interest expense

 

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SOURCE Sohu.com Limited

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NAVER Partners with Brookfield and NVIDIA to Expand Korea’s National AI Factory Infrastructure Buildout

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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.

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SOURCE NAVER

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Beijing Review: Walking Through Time: China and U.S. Youths Explore Dali’s Past and Future

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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://www.tiktok.com/@cachinachic/video/7665536913532587294?is_from_webapp=1&sender_device=pc&web_id=7227134149436605995

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

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Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit

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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

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SOURCE Hyundai Motor Company

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