MIL-OSI: CLIK announces to collaborate with an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device service for senior citizens in Hong Kong; and also announces change to board composition

Source: GlobeNewswire (MIL-OSI)

–	CLIK will collaborate with Flash Mutual, an advanced technology company under the Tencent SSV initiatives, to jointly promote 24-hour instant device services for senior citizens in Hong Kong

–	Tencent SSV is an initiative launched by Tencent, a world leading internet and technology company, aiming to leverage its unique digital platform and technology to drive Sustainable Social Value (SSV) globally

–	CLIK also announces the appointment of Mr. Lam Kai Yuen, Gabi as the new independent director

Hong Kong, May 15, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), signed a cooperation agreement with Flash Mutual Technology (International) Company Limited (“Flash Mutual”) in which both parties agreed to jointly promote 24-hour instant device service for senior citizens in Hong Kong.

Flash Mutual is a national high-tech enterprise headquartered in Guangdong, China. Being an advanced technology partner under the Tencent Sustainable Social Value (“Tencent SSV”) initiatives, Flash Mutual aims to provide integrated digital solutions for the elderly, students, and the disabled by the use of artificial intelligence.

Tencent SSV is an initiative under Tencent, a world leading internet and technology company, aiming to use its unique digital platform and technology to drive sustainable social value globally and to improve lives of billions of people every day.

By leveraging the use of AI, instant device service offers round-the-clock smart monitoring for senior citizens to enhance their safety and to provide timely assistance when necessary.

Together with the government-sponsored Community Care Service Voucher scheme for elderly (CCSV scheme) recently entered into, CLIK expects the partnership to generate significant cross-selling synergies and boost revenue.

CLIK considers the collaboration as an opportunity to further strengthen its elderly service business, aiming to offer a comprehensive one-stop solution for senior citizens in Hong Kong.

Change in board composition

CLIK today announced the appointment of Mr. Lam Kai Yuen as an independent director, a member of the audit committee, compensation committee, nominating committee and corporate governance committee of the Company’s board of directors (the “Board”), following the resignation of Mr. Moy Yee Wo Matthew as an independent director, the chairman of the audit committee, a member of the compensation committee and nominating and corporate governance committee of the Board, effective 14 May 2025. Due to personal commitments, Mr. Moy will be re-designated as a consultant, focusing on investor relations, to continue serving the Company and confirmed that there was no disagreement with the Board, the Company or any of its affiliates on any matter relating to the Company’s operations, policies or practices.

The Board has also approved that Mr. Tse Wah Ping, who has served as an independent director of CLIK since October 2024, will replace Mr. Moy as the chairman of the audit committee of the Board, effective 14 May 2025.

“We are delighted to welcome Mr. Lam on Board and believe his wealth of experience in management can bring invaluable insights to help guiding the Company ahead.” stated Mr. Chan Chun Sing, Chairman and Chief Executive Officer of CLIK. “We are also grateful to Mr. Moy for his services throughout his tenure and look forward to his further contribution in the new role,” continued Mr. Chan.

Following the aforementioned changes, the Board now consists of four directors, including three independent directors. The audit committee of the Board is comprised of Mr. Tse Wah Ping, Ms. Chik Wai Chun and Mr. Lam Kai Yuen.

About Click Holdings Limited

We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

For more information, please visit https://clicksc.com.hk.

Safe Harbor Statement

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

For enquiry, please contact:

Click Holdings Limited
Unit 709, 7/F., Ocean Centre
5 Canton Road
Tsim Sha Tsui, Kowloon
Hong Kong
Email: jack.wong@jfy.hk
Phone: +852 2691 8900

The MIL Network –

May 15, 2025

MIL-OSI: Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.

Q1 2025 Financial Highlights
All amounts compared to Q1 2024 unless otherwise noted

Total revenue was US$70.1 million vs. US$119.5 million.
Cost of revenue was US$73.4 million vs. US$85.4 million.
Gross profit was negative US$3.2 million vs. positive US$34.1 million.
Net income was US$409.5 million vs. US$0.6 million.
Adjusted EBITDA¹ was negative US$56.1 million, vs. positive US$27.3² million.
Cash and cash equivalents were US$215.6 million as of March 31, 2025.
Crypto balance: US$131.1 million as of March 31, 2025.

Management Commentary

“This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong, Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.”

Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.”

Operational Summary

Metrics	Three Months Ended Mar 31
	2025	2024
Total hash rate under management (EH/s)	24.2	22.5
– Proprietary hash rate	12.1	8.4
– Self-mining	11.5	6.7
– Cloud Hash Rate	–	1.7
– Delivered but not yet hashing	0.6	–
– Hosting	12.1	14.1
Mining rigs under management	175,000	226,000
– Self-owned	97,000	86,000
– Hosted	78,000	140,000
Bitcoin mined (self-mining only)	350	911
Bitcoins held	1,156	58
Total power usage (MWh)	881,000	1,361,000
Average cost of electricity ($/MWh)	48	43
Average miner efficiency (J/TH)	29.0	31.7

Power Infrastructure Summary (as of April 30, 2025)

Site / Location	Capacity (MW)	Status	Timing³
Electrical capacity
– Rockdale, Texas	563	Online	Completed
– Knoxville, Tennessee	86	Online	Completed
– Wenatchee, Washington	13	Online	Completed
– Molde, Norway	84	Online	Completed
– Tydal, Norway	120	Online	Completed
– Gedu, Bhutan	100	Online	Completed
– Jigmeling, Bhutan	132	Online	Completed
Total electrical capacity	1,098
Pipeline capacity
– Tydal, Norway Phase 2	105	In progress	Q2 2025
– Massillon, Ohio	221	In progress	Q3-Q4 2025
– Clarington, Ohio Phase 1	266	Paused	TBD
– Clarington, Ohio Phase 2	304	Pending approval	TBD
– Jigmeling, Bhutan	368	In progress	Q2 2025
– Rockdale, Texas	179	In planning	Estimate 2026
– Alberta, Canada	99	In planning	Q4 2026
– Oromia Region, Ethiopia	50	In planning	Q4 2025
Total pipeline capacity	1,592
Total global electrical capacity	2,690

Financial MD&A
All variances are current quarter compared to the same quarter last year. All figures in this section are rounded⁴.

Q1 2025 High-Level P&L and Disaggregated Revenue Details:

US $ in millions	Three Months Ended
	March 31, 2025	Dec 31, 2024	March 31, 2024
Total revenue	70.1	69.0	119.5
Cost of revenue	(73.4)	(63.9)	(85.4)
Gross profit/(loss)	(3.2)	5.1	34.1
Net profit/(loss)	409.5	(531.9)	0.6
Adjusted EBITDA	(56.1)	(3.8)	27.3²
Cash and cash equivalents	215.6	476.3	118.5

US $ in millions	Three Months Ended Mar 31, 2025
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting	Sales of SEALMINERs
Revenue	37.2	0.1	9.6	16.3	4.1
Cost of revenue
– Electricity cost in operating mining rigs	(24.0)	–	(6.8)	(11.4)	–
– Depreciation and SBC expenses	(13.7)	(0.1)	(1.5)	(2.6)	–
– Cost of products sold	–	–	–	–	(3.3)
– Other cash costs	(3.4)	–	(0.9)	(1.5)	–
Total cost of revenue	(41.0)	(0.1)	(9.1)	(15.4)	(3.3)
Gross profit/(loss)	(3.8)	–	0.5	0.9	0.8

US $ in millions	Three Months Ended Mar 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting	Sales of SEALMINERs
Revenue	48.4	18.1	29.0	19.5	–
Cost of revenue
– Electricity cost in operating mining rigs	(26.2)	(5.3)	(14.0)	(13.1)	–
– Depreciation and SBC expenses	(8.7)	(3.2)	(3.0)	(2.0)	–
– Other cash costs	(2.7)	(1.0)	(1.6)	(1.1)	–
Total cost of revenue	(37.6)	(9.6)	(18.6)	(16.2)	–
Gross profit	10.8	8.5	10.3	3.2	–

Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024)

Revenue

Total revenue was US$70.1 million vs. US$119.5 million.
Self-mining revenue was US$37.2 million vs. US$48.4 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices.
Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
General Hosting revenue was US$9.6 million vs. US$29.0 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
Membership Hosting revenue was US$16.3 million vs. US$19.5 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
SEALMINER sales revenue was US$4.1 million.

Cost of Revenue

Cost of revenue was US$73.4 million vs US$85.4 million. The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025.

Gross Profit and Margin

Gross profit was negative US$3.2 million vs. positive US$34.1 million.
Gross margin was -4.6% vs. 28.6%.

Operating Expenses

The sum of the operating expenses below was US$75.8 million vs. US$37.8 million.
- Selling expenses were US$1.4 million vs. US$1.7 million, about flat year-over-year.
- General and administrative expenses were US$15.4 million vs. US$15.0 million, about flat year-over-year.
- Research and development expenses were US$59.0 million vs. US$21.2 million, primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

Other Net Gain

Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants.

Net Income

Net income was US$409.5 million vs. US$0.6 million.

Adjusted Profit / (Loss) (Non-IFRS)⁵

Adjusted loss was US$89.8 million vs. adjusted profit of US$9.7² million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above.

Adjusted EBITDA (Non-IFRS)

Adjusted EBITDA was negative US$56.1 million vs. positive US$27.3² million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above.

Cash Flows

Net cash used in operating activities was US$284.0 million, primarily driven by working capital payments to suppliers for SEALMINER mass production.
Net cash used in investing activities was US$73.6 million, which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta, and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business.
Net cash generated from financing activities was US$94.9 million, primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases.

Capex

2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1.

Balance Sheet
As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)

US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing.
US$381.7 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production.
US$153.7 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024.

Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of March 31,		As of December 31,
(US $ in thousands)	2025		2024
ASSETS
Current assets
Cash and cash equivalents	215,642		476,270
Restricted cash	12,107		9,144
Cryptocurrencies	131,144		77,537
Trade receivables	10,263		9,627
Amounts due from a related party	15,810		15,512
Prepayments and other assets	335,071		291,929
Inventories	153,740		64,888
Financial assets at fair value through profit or loss	4,540		4,540
Total current assets	878,317		949,447

Non-current assets
Restricted cash	5,906		8,212
Prepayments and other assets	46,652		18,244
Financial assets at fair value through profit or loss	35,428		37,981
Mining rigs	101,581		67,324
Right-of-use assets	75,338		69,273
Property, plant and equipment	302,210		251,377
Investment properties	30,529		30,723
Intangible assets	78,303		83,235
Goodwill	35,818		35,818
Deferred tax assets	8,543		6,220
Total non-current assets	720,308		608,407
TOTAL ASSETS	1,598,625		1,557,854

LIABILITIES
Current liabilities
Trade payables	50,729		31,471
Other payables and accruals	38,098		40,617
Amounts due to a related party	7,788		8,747
Income tax payables	2,437		2,729
Derivative liabilities	256,775		763,939
Deferred revenue	61,016		39,029
Borrowings	215,436		208,127
Lease liabilities	6,895		5,460
Total current liabilities	639,174		1,100,119

Non-current liabilities
Other payables and accruals	1,786		1,650
Deferred revenue	68,449		90,200
Lease liabilities	78,846		72,673
Deferred tax liabilities	15,721		16,614
Total non-current liabilities	164,802		181,137
TOTAL LIABILITIES	803,976		1,281,256

NET ASSETS	794,649		276,598

EQUITY
Share capital	*		*
Treasury equity	(181,065	)	(160,926	)
Accumulated deficit	(239,531	)	(649,004	)
Reserves	1,215,245		1,086,528
TOTAL EQUITY	794,649		276,598

* Amount less than US$1,000

BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME

	Three months ended March 31,
(US $ in thousands)	2025		2024

Revenue	70,128		119,506
Cost of revenue	(73,353	)	(85,375	)
Gross profit / (loss)	(3,225	)	34,131
Selling expenses	(1,393	)	(1,690	)
General and administrative expenses	(15,389	)	(14,969	)
Research and development expenses	(59,014	)	(21,164	)
Other operating income / (expenses)	(7,789	)	1,746
Other net gain	503,050		2,447
Profit from operations	416,240		501
Finance income / (expenses)	(9,343	)	151
Profit before taxation	406,897		652
Income tax benefit / (expenses)	2,576		(46	)
Profit for the period	409,473		606
Other comprehensive income
Income for the period	409,473		606
Other comprehensive income for the period
Item that may be reclassified to profit or loss
Exchange differences on translation of financial statements	166		32
Other comprehensive income for the period, net of tax	166		32
Total comprehensive income for the period	409,639		638

Earnings / (loss) per share (in US$)
Basic	2.15		0.01
Diluted	(0.37	)	0.01
Weighted average number of shares outstanding (thousand shares)
Basic	190,199		114,843
Diluted	228,561		117,041

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended March 31,
(US $ in thousands)	2025		2024

Cash flows from operating activities
Cash used in operating activities:	(280,889	)	(132,867	)
Interest paid on leases	(702	)	(652	)
Interest paid on borrowings	(4,493	)	(465	)
Interest received	2,724		1,813
Income tax paid	(628	)	–
Net cash used in operating activities	(283,988	)	(132,171	)

Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets	(44,770	)	(29,615	)
Purchase of mining rigs	(955	)	(1,560	)
Purchase of financial assets at fair value through profit or loss	(132	)	(992	)
Purchase of cryptocurrencies	(18,159	)	–
Proceeds from disposal of cryptocurrencies	12,283		90,380
Cash paid for the site and gas-fired power project in Alberta, Canada	(21,870	)	–
Net cash generated from / (used in) investing activities	(73,603	)	58,213

Cash flows from financing activities
Capital element of lease rentals paid	(1,942	)	(1,338	)
Proceeds from issuance of shares for exercise of share rewards	530		37
Proceeds from issuance of ordinary shares, net of transaction costs	118,403		49,931
Payment for the future issuance cost	–		(303	)
Acquisition of treasury shares	(21,010	)	–
Payment for transaction costs in connection with convertible senior notes	(1,119	)	–
Net cash generated from financing activities	94,862		48,327

Net decrease in cash and cash equivalents	(262,729	)	(25,631	)
Cash and cash equivalents at the beginning of the period	476,270		144,729
Effect of movements in exchange rates on cash and cash equivalents held	2,101		(637	)
Cash and cash equivalents at the end of the period	215,642		118,461

Use of Non-IFRS Financial Measures
In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.

BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION

	Three months ended March 31,
(US $ in thousands)	2025		2024
Adjusted EBITDA
Profit for the period	409,473		606
*Add*：
Depreciation and amortization	25,387		18,187
Income tax (benefit) / expenses	(2,576	)	46
Interest (income) / expense, net	10,880		(608	)
Share-based payment expenses	10,404		7,803
Changes in fair value of derivative liabilities	(507,162	)	–
Changes in fair value of cryptocurrency-settled receivables and payables	(2,551	)	1,305
Total of Adjusted EBITDA	(56,145	)	27,339²

Adjusted Profit / (loss)
Profit for the period	409,473		606
*Add*：
Share-based payment expenses	10,404		7,803
Changes in fair value of derivative liabilities	(507,162	)	–
Changes in fair value of cryptocurrency-settled receivables and payables	(2,551	)	1,305
Total of Adjusted Profit / (loss)	(89,836	)	9,714²

For investor and media inquiries, please contact:

Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com

Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com

____________________________¹ “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
² During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
³ Indicative timing. All timing references are to calendar quarters and years.
⁴ Figures may not add due to rounding.
⁵ “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

The MIL Network –

May 15, 2025

MIL-OSI: Sumanth Channabasappa Brings Industry-Defining Technology Expertise to Vetty

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) — Vetty, the one-stop shop hiring acceleration platform, announced that Sumanth Channabasappa has joined the company effective May 5, 2025.

An entrepreneur, growth strategist, product and technology leader and venture capitalist, Channabasappa brings deep expertise in emerging technologies, including real-time communications, cybersecurity, cloud computing, AI and frontier platforms to Vetty. With over 50 patents and international publications to his credit, Channabasappa is known for driving innovation and reshaping global markets through his work.

As a venture investor, Channabasappa evaluated over 800 scale-ups annually to identify breakthrough technologies and high-impact opportunities for seed to Series A/B investments. In addition, he has advised numerous growth-stage companies and mentored hundreds of startups and entrepreneurs across North America, Europe and Asia, helping boards and CEOs navigate disruption, leverage frontier technologies and effectively scale businesses while building an enduring competitive advantage.

“Sumanth’s background speaks for itself. Between his work on the product side and his understanding of market needs, he is able to take technologies and turn them into industry-leading solutions with global reach,” said Vetty CEO Jason Putnam. “Along with his expertise, Sumanth brings energy, inspiration and innovation to the Vetty team as we continue to charge forward.”

Channabasappa commented, “Having spent much of my career building technologies at national and global scales, I know an interesting opportunity when I see one, and that’s Vetty. There’s real excitement here – smart people, bold ideas and the ambition to keep growing. It’s a great time to join this exceptional team and draw on my own experience as Vetty scales.”

ABOUT VETTY
Vetty is a one-stop shop hiring acceleration platform where companies can expeditiously complete their screening, credentialing, hiring and onboarding of prospective candidates. Companies count on Vetty to accelerate the time from offer to active and deliver clearly measurable ROI. Learn more at https://vetty.co.

Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners.

Media Contact:
Kate Achille
The Devon Group for Vetty
kate@devonpr.com

The MIL Network –

May 15, 2025

MIL-OSI Economics: Deputy Secretary-General of ASEAN for ASEAN Socio-Cultural Community meets with Ambassador of Cuba to ASEAN

Source: ASEAN

H.E. San Lwin, Deputy Secretary-General of ASEAN for ASEAN Socio-Cultural Community received H.E. Ambassador Dagmar González Grau, today for a courtesy visit. Their discussions explored potential cooperation within the socio-cultural sphere, encompassing health, labour, education, disaster management, and the environment.

MIL OSI Economics –

May 15, 2025

MIL-OSI Economics: Deputy Secretary-General of ASEAN for Community and Corporate Affairs meets with Australia’s Ambassador for Cyber Affairs and Critical Technology

Source: ASEAN

Deputy Secretary-General of ASEAN for Community and Corporate Affairs, H.E. Nararya Sanggramawijaya Soeprapto, received H.E. Brendan Dowling, Australia’s Ambassador for Cyber Affairs and Critical Technology, at the ASEAN Headquarters/ASEAN Secretariat today. They exchanged views on ways to advance cooperation between ASEAN and Australia on cyber and artificial intelligence (AI) policies, including combatting cybercrime, strengthening regional cyber assistance, and use of AI, as well as potential collaboration to support efforts in building institutional capacity on cybersecurity.

MIL OSI Economics –

May 15, 2025

MIL-OSI Economics: 615th Meeting of Central Board of the Reserve Bank of India

Source: Reserve Bank of India

The 615^th meeting of the Central Board of Directors of Reserve Bank of India was held today in Mumbai under the Chairmanship of Shri Sanjay Malhotra, Governor. As part of the agenda, inter alia, the Board reviewed the Economic Capital Framework (ECF) of the Reserve Bank of India.

Deputy Governors Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, Shri Swaminathan J., Dr. Poonam Gupta and other Directors of the Central Board – Shri Ajay Seth, Secretary, Department of Economic Affairs, Shri Nagaraju Maddirala, Secretary, Department of Financial Services, Shri Satish K. Marathe, Shri S. Gurumurthy, Smt. Revathy Iyer, Prof. Sachin Chaturvedi, Shri Venu Srinivasan, Shri Pankaj Ramanbhai Patel and Dr. Ravindra H. Dholakia – attended the meeting.

(Puneet Pancholy)
Chief General Manager

Press Release: 2025-2026/329

MIL OSI Economics –

May 15, 2025

MIL-OSI Economics: Samsung ‘Galaxy empowered’ launches Immersive Programme for Bhutan’s Teaching Community

Source: Samsung

The ‘Galaxy empowered’ Community from Bhutan

Samsung, India’s largest consumer electronics brand, is welcoming passionate educators from remote corners of Bhutan into its growing community, ‘Galaxy empowered’, a one-of-a-kind community-led programme designed to transform education by empowering teachers, principals, and administrators in the education sector.

‘Galaxy empowered’, which aims to prepare teachers for the classrooms of tomorrow through recurring on-ground and online learning events, was launched in India in December 2024. Now, through immersive workshops and collaborative learning, Bhutanese teachers are also part of the movement that is redefining classrooms with technology and innovation.

Samsung organised a ‘Galaxy empowered’ immersion programme for these educators, many of whom serve in remote and underserved communities in Bhutan, at its Executive Business Centre (EBC) in Gurugram. During the immersion programme, teachers gained hands-on experience with the Galaxy ecosystem, including Galaxy smartphones, Galaxy Books, Tablets, flipboards, and displays.

In addition, they were introduced to Samsung’s latest innovations in education, including Galaxy devices and Galaxy AI applications tailored for modern, inclusive teaching. This was facilitated in partnership with the Teacher and Educational Leadership Division (TELD), Department of School Education, Ministry of Education and Skills Development, Bhutan.

“I had never used an interactive whiteboard before. Seeing it in action gave me so many ideas for making lessons more engaging for my students,” said Khandu, teacher at Wangdue Primary School.

Innovation spreading smiles across

The Immersion Programme at Samsung Regional Headquarter witnessed the participation of educators from various schools across Bhutan, including Khandothang Primary School (Samtse), Pelrithang Higher Secondary School (Gelephu, Sarpang), Lobesa Lower Secondary School (Punakha Dzongkhag), Yoechen Central School (Pema Gatshel), Phuentsholing Primary School (Phuentsholing Thromde), and Chhukha Dzongkhag, among others.

“The technology we saw today showed how classrooms can become more exciting and student-friendly. I am thinking about how we can try small changes in our own schools,” said Ghana Shyam Dhungana, Academic Head at Pelrithang Higher Secondary School (Gelephu, Sarpang).

As a global leader in technology, Samsung is dedicated to transforming the future of education by developing future-ready classrooms that empower teachers to integrate the latest technology and modern teaching methodologies. Through initiatives such as ‘Galaxy empowered’, Samsung not only supports educators but also helps schools emerge as leaders in educational innovation.

Taking a glance into the future

“At Samsung, we understand that empowering a teacher is about inspiring a transformation that turns classrooms into vibrant spaces of curiosity, creativity, and connection. Through ‘Galaxy empowered’, we aim to ignite a spark that shapes the minds of future generations. We are proud to see this programme expand its reach beyond India, evolving into a global platform for learning and collaboration,” said a Samsung India spokesperson.

The ‘Galaxy empowered’ programme is offered free of charge to both teachers and schools, ensuring that valuable resources for educational advancement are accessible without financial constraints. It offers no-cost online training, self-paced courses on the Galaxy empowered site, and physical boot camps.

“This visit reminded me that technology is not only for big cities. With the right support, even remote schools can benefit from these innovations,” said Pema Dorji, Officiating Principal at Jigmeling Primary School (Tang, Bumthang).

In India, under the umbrella of ‘Galaxy empowered’, over 4,800 teachers from more than 250 schools have been awarded certificates since December 2024. The programme aims to empower 20,000 teachers across 600 schools of India by 2025.

MIL OSI Economics –

May 15, 2025

MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on May 15, 2025: Cut-Offs

Source: Reserve Bank of India

Security	7.10% GS 2029	7.26% GS 2032	7.50% GS 2034	6.67% GS 2035	7.41% GS 2036
Total amount notified	Aggregate amount of ₹25,000 crore (no security-wise notified amount)
Total amount (face value) accepted by RBI (₹ in crore)	4,965	1,205	5,571	8,361	4,898
Cut off yield (%)	6.0304	6.2556	6.3414	6.3644	6.4269
Cut off price (₹)	103.68	105.78	107.99	102.32	107.94
Detailed results will be issued shortly.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/328

MIL OSI Economics –

May 15, 2025

MIL-OSI New Zealand: EIT staff and students take icy plunge for mental health

Source: Eastern Institute of Technology – Tairāwhiti

39 minutes ago

EIT staff and students embraced the cold, plunging into an ice bath at the Hawke’s Bay campus as part of an initiative to raise awareness for mental health.

Held on Tuesday, the challenge saw Head of the School of Trades Todd Rogers, Dean Helen Ryan-Stewart, Mental Health Lecturer Chris Malcolm, and Ira White from Human Resources take turns submerging themselves in freezing water alongside three student volunteers.

The initiative was part of a global resurgence of cold-water challenges, revived in the United States nearly a decade after the ALS Ice Bucket Challenge, using the hashtag #SpeakYourMIND to raise mental health awareness.

Dean Helen Ryan-Stewart, Ira White from Human Resources, Mental Health Lecturer Chris Malcolm and Head of the School of Trades Todd Rogers took turns submerging themselves in freezing water to raise funds and awareness for mental health.

A crowd of supporters gathered with cheers, laughter, and plenty of encouragement as each “dipper” stepped up to the tub. The event combined light-hearted fun with a serious message, promoting open conversations around mental health and showing solidarity with those facing mental health challenges. Funds raised went to the Jolly Good Chaps Charitable Trust.

Ira showed particular resilience, taking a full bucket of ice-cold water over the head with a smile.

All four staff members embraced the challenge with good humour and were met with enthusiastic applause.

“Hopping into a bucket of ice is never easy,” Todd said.

Chris said mental health was an important focus. “One of the key things was resilience, so we wanted to test the resilience of some of these people hopping in the ice.”

Leanne Harkness, who helped coordinate the event, said the turnout and energy on the day reflected strong support for student mental health. “It’s been quite a warm day, so it was lucky for our dippers.”

Watch the video of the challenge here.

MIL OSI New Zealand News –

May 15, 2025

MIL-OSI United Kingdom: Joint trade statement between New Zealand and United Kingdom

Source: United Kingdom – Executive Government & Departments

News story

Joint trade statement between New Zealand and United Kingdom

Summary of a Joint Statement following the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade.

This Joint Statement follows the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade of the United Kingdom on 12 May 2025.

At their meeting, the Ministers celebrated the successful trading relationship between the UK and New Zealand, which reached a record £3.7bn1 or $7.3bn of trade in goods and services in 2024.

At the meeting, the Ministers opened the second Joint Committee of the New Zealand-United Kingdom Free Trade Agreement (FTA).

Significant progress has been made under the FTA, including amongst other things, the commencement of an artists’ resale royalty scheme, the inclusion of further wine making (oenological) practices, the establishment of a legal services regulatory dialogue, the renewal of the engineers’ Admissions Pathways Agreement, a sustainable finance dialogue, a women in STEM event, and a visit to the UK by a delegation of Māori women technology entrepreneurs.

Ministers commended the significant uptake of the Agreement.

Since entry into force, £752.3m ($1,588m NZD) of traded goods successfully used preferential tariffs; i.e. around 82.2% of goods traded between the UK and New Zealand made use of preferences where one was available.

The strong uptake of the Agreement’s benefits is resulting in real savings with the potential to benefit both businesses and consumers.

Between June 2023 and Dec 2024:

£164.2m or $344.5m NZD (80.7%) of goods imports into New Zealand from the UK used preferential tariffs4. Had these occurred at standard Most Favoured Nation (MFN) tariff rates, they could have encountered an additional £9.3m ($19.5m NZD) in duties.
£588.1m or $1,243m NZD (82.6%) of goods imports into the UK from New Zealand used preferential tariffs6. Had these occurred at standard MFN tariff rates, they could have encountered an additional £67.4m ($141.8m NZD) in duties.5

The Ministers noted that free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.

The Ministers agreed to work together to strengthen the role that free trade, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to), plays in increasing prosperity and reinforcing resilience against economic turbulence.

This includes growing the agreement ambitiously through further accessions, modernising the agreement through the ongoing General Review, and working with partners to defend the rules-based trading system upon which we rely.

Note to editors:

Sources: Trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

Source: Source: Statistics New Zealand, publicly accessible through New Zealand Trade Dashboard

Trade asymmetries exist between the UK and New Zealand official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

Based on data from New Zealand Ministry of Foreign Affairs & Trade, Statistics New Zealand, Customs import utilisation data, April 2025

Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data (footnotes 4 and 6). For UK imports, these are all calculated used the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June-December 2023, and 2024) was used to convert from GBP to NZD.

The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, February 2025 data. This data is provided on a country of origin basis.

The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

Published 15 May 2025

MIL OSI United Kingdom –

May 15, 2025

MIL-OSI Asia-Pac: Second meeting of Hong Kong/Guangdong Expert Group on Co-developing a Smart City Cluster held (with photos)

Source: Hong Kong Government special administrative region

Second meeting of Hong Kong/Guangdong Expert Group on Co-developing a Smart City Cluster held Mr Wong said in the meeting that following the inaugural meeting of the EGSCC in Guangzhou last year, members of the Expert Group had dedicated themselves to advancing the related work items. They successfully promoted key initiatives such as Hong Kong/Guangdong unified identity authentication, Cross-boundary Public Services, cultural tourism, transportation interconnection, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) 5G infrastructure deployment and large-scale commercialisation as well as the cross-boundary flow of data elements. These efforts made significant achievements for the Hong Kong/Guangdong smart city cluster. He expressed hope that the Digital Policy Office (DPO) and the Guangdong Provincial Administration of Government Service and Data could continue to maintain close co-operation to promote the synergistic digital development of the GBA city cluster, and contribute even greater efforts to the joint construction of a world-class city cluster.

Officials from relevant bureaux and departments, including the Innovation, Technology and Industry Bureau, the Culture, Sports and Tourism Bureau, the Development Bureau, the DPO, and the Transport Department, attended the meeting on behalf of the HKSAR Government. Mainland representatives who attended the meeting included officials from the Guangdong Provincial Administration of Government Service and Data, the Guangdong Provincial Public Security Department, the Department of Transport of Guangdong Province, and the Department of Natural Resources of Guangdong Province.Issued at HKT 18:55

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MIL OSI Asia Pacific News –

May 15, 2025

MIL-OSI Asia-Pac: Interest in building project sought

Source: Hong Kong Information Services

The Development Bureau today invited the market to submit expressions of interest (EOI) for the development of the Advanced Construction Industry Building at a site of about three hectares in Tsing Yi until June 19.

As announced in the 2023-24 Budget, the Government had earmarked $30 million for conducting a study on the construction of the first advanced construction industry building at a site in Tsing Yi, carrying out planning and preliminary design work as well as advising on its mode of operation.

The building will be the first dedicated facility for the construction industry in Hong Kong, featuring a multistorey design to house steel rebar prefabrication yards, processing sites for Multi-trade integrated Mechanical, Electrical & Plumbing (MiMEP) , and other advanced manufacturing facilities.

It aims to promote the adoption of advanced construction technologies and uplift productivity and efficiency of the construction industry.

It also enables better use of land and contributes to the sustainable development of the construction industry through productivity gains achieved from synergy.

The bureau said that following the initial market sounding exercise conducted by the consultant, the Government is of the view that the project can be developed using the Build-Operate-Transfer (BOT) approach with a 30-year contract period to leverage market financing.

Taking into account the required floor height, floor loading capacity and mode of operation of the building, and preliminary feedback from the industry, the Government expects the project to provide a two to four-storey building with a total floor area of around 30,000 to 60,000 sq m, and around 5,000 to 10,000 sq m of open space for loading/unloading and storage.

The successful bidder will be responsible for constructing the building and operating the advanced manufacturing facilities related to the construction industry, including not less than 20,000 sq m of the floor area for steel rebar prefabrication yards and not less than 5,000 sq m of the floor area for MiMEP processing sites. Under the current plan, the developer is required to lease not less than 5,000 sq m of the floor area for industry use.

The Government welcomes the market to submit EOIs, and offer innovative and practicable suggestions for setting up additional advanced facilities related to the construction industry in the building. The views and suggestions collected will facilitate the Government in formulating the details of the open tender.

The tendering process, using a two-envelope approach that assesses both non-price and price proposals, is targeted to launch in the second half of 2025, enabling the successful bidder to commence the works by mid-next year.

The bureau will hold a briefing session on the EOI invitation on May 28.

The brochure of the invitation for EOI and the briefing details are available on the bureau’s website.

Interested parties must deposit their EOI in the designated drop-in box of the bureau situated at 2/F Entrance, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar by noon on June 19.

MIL OSI Asia Pacific News –

May 15, 2025

MIL-OSI China: China’s service trade fair to open in September

Source: People’s Republic of China – State Council News

BEIJING, May 15 — The 2025 China International Fair for Trade in Services (CIFTIS) is scheduled to open on Sept. 10 in Beijing, with Australia invited as the guest country of honor.

Starting this year, the fair will adopt a fixed schedule, opening on the second Wednesday of September every year, Zhao Qizhou, an official with the Beijing Municipal Commerce Bureau, told a press conference on Thursday.

It will be held at Shougang Park, a 3-square-kilometer industrial heritage site and a previous venue of the Beijing 2022 Winter Olympics.

The fair consists of sectors including finance, culture and tourism, education, sports, supply chain and healthcare services.

The event will run for five days — the first three days designated for professional visitors and the last two for public access.

The Global Trade in Services Summit, co-hosted by the United Nations Conference on Trade and Development, China’s Ministry of Commerce and the Beijing municipal government, will be held on Sept. 10.

Since its inception in 2012, CIFTIS has brought together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services.

Last year’s edition attracted over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as participants from 85 countries and international organizations.

MIL OSI China News –

May 15, 2025

MIL-OSI Global: Where do cuts to USAID leave the future of foreign aid in Africa? Podcast

Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

Three months after the Trump administration made drastic cuts to its aid agency, USAID, the effects are being felt across the world, particularly in Africa.

Donald Trump has long been a critic of foreign aid, arguing that it’s not aligned with American interests. But he is by no means the first person to criticise the aid industry. Debates about the effectiveness of foreign aid have rumbled on for decades, taking in everything from the way development assistance is distributed, to what happens to countries which become dependent on it.

In this episode of The Conversation Weekly podcast, we speak to Bright Simons, an African aid expert and visiting senior fellow at ODI Global, about where the decimation of USAID leaves the debate about the future of development assistance.

Bright Simons tells The Conversation that in broad terms, USAID spending in Africa is pretty small: “It’s about US$12 billion (£9 billion) roughly, so you’re talking about less than 0.5% of GDP in Africa.”

A lot of the aid spending on the continent was targeted at life-saving programmes in specific programmes, for example HIV programmes in Nigeria and Uganda. At the same time, some countries such as South Sudan or Rwanda rely heavily on aid. “ It’s not the same picture all across the continent, but there were specific spots that were very badly hit,” says Simons.

The USAID cuts come amid a general reduction in overseas development assistance by 7% in 2024 compared to 2023, the first fall in five years. The UK government has also announced its intention to reduce the percentage of gross national income it spends on aid from 0.5% to 0.3% from 2027.

No learning curve

Simons believes the crisis in aid is bigger than Trump. He’s critical of the lack of accountability in the way aid is spent both through the western model of development spending and through the more transactional approach of countries such as Russia, India or the United Arab Emirates. He argues that policies and programmes are often put in place and promoted with little scrutiny on the ground, and weak oversight on the way they’re delivered.

“ You don’t have a learning curve to get out of aid because you don’t know enough about what is working, what is not working, why it’s working, why it’s not working to chart a path that gets you away from that dependency,” says Simons.

Simons suggests that aid delivered through multilateral institutions does have advantages over bilateral agreements between countries. “ In theory, there is room for that kind of accountability. Whether or not you are allowed to actually exercise it as a different matter,” he says.

However, Simons suggests one response to the current reduction in foreign aid could be for multilateral institutions to borrow more money from capital markets and lend it on to low-income countries.

Listen to Simons talk about the history and future of aid on The Conversation Weekly podcast. The episode also includes an introduction with Adejuwon Soyinka, West Africa editor at The Conversation Africa.

This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware. Mixing and sound design by Eloise Stevens and theme music by Neeta Sarl.

Newsclips in this episode from CBS News, CBS Evening News and DW News.

Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here. A transcript of this episode is available on Apple Podcasts.

Bright Simons is Honorary Vice-President at IMANI, a think tank in Ghana. He is President of mPedigree, a technology social enterprise.

– ref. Where do cuts to USAID leave the future of foreign aid in Africa? Podcast – https://theconversation.com/where-do-cuts-to-usaid-leave-the-future-of-foreign-aid-in-africa-podcast-256608

MIL OSI – Global Reports –

May 15, 2025

MIL-OSI New Zealand: Return to EIT for new Head of Research

Source: Eastern Institute of Technology – Tairāwhiti

2 days ago

Dr Sally Rye (Ngāti Kahungunu, Ngāti Porou) has been appointed as Head of Research at EIT, marking a return to the institution where her academic journey began.

She brings more than a decade of experience across education, health, and social development, with a strong focus on kaupapa Māori and community-led research.

Sally returns to Hawke’s Bay after holding national roles in the tertiary and public sectors, most recently at Te Wānanga o Aotearoa.

Dr Sally Rye (Ngāti Kahungunu, Ngāti Porou) has been appointed Head of Research at EIT.

Her interdisciplinary background includes business development, social work, youth development, mental health, addictions, and teaching.

She is widely recognised for her innovative approach to research centred on wellbeing, equity, and mātauranga Māori.

She says the decision to take on the role was grounded in a desire to contribute to her own community and invest in the future of her mokopuna.

“EIT is deeply embedded in this region. For me, this role is about returning home — not just geographically, but to a place that shaped who I am. I’m here to support a research culture that reflects our people, our priorities and our potential,” she says.

Her vision includes strengthening communities of practice, where staff and external partners can collaborate on shared kaupapa, and making research more visible, vibrant, and relevant to everyday life.

“I want to shift the perception of research from something isolated or academic to something aspirational, creative and community driven. Whether it’s improving local health outcomes, celebrating cultural knowledge, or informing how we teach, research should be part of everything we do.”

Sally also brings a deeply personal connection to her research practice. Her doctoral work explored the relationship between gut health, brain function and wellbeing — a journey inspired by her own health challenges. This work evolved into a holistic, kaupapa Māori programme that helped hundreds of wāhine Māori reclaim their hauora through nutrition, spirituality, connection, and movement.

She remains active in both national and international research spaces and recently presented at the Eru Pōmare Centre at Otago University in Wellington.

Sally was formally welcomed onto the Taradale campus at a pōwhiri in February and officially began her role in March. She is currently connecting with staff across all EIT campuses and welcomes interest from those keen to collaborate or join a community of research practice.

Dr Helen Ryan-Stewart, EIT’s Executive Dean, Education, Humanities and Health Science, said: “We are delighted to welcome Sally to EIT”.

“Her experience across various disciplines combined with her passion for research and rangahau provide a perfect fit for our institution. Sally’s vision aligns with EIT’s goals and values, and her leadership will drive our research and innovation space forward.”

MIL OSI New Zealand News –

May 15, 2025

MIL-OSI Asia-Pac: Company director sentenced to community service order for contravening Employment Ordinance

Source: Hong Kong Government special administrative region

Company director sentenced to community service order for contravening Employment Ordinance
The company wilfully and without reasonable excuse contravened requirements of the EO, failing to pay two employees’ wages and payment in lieu of notice within seven days after the expiry of the wage periods and termination of employment contracts of about $306,000, and also failing to pay the awarded sums of about $439,000 within 14 days after the date set by the Labour Tribunal (LT). The former director concerned was prosecuted and convicted for his consent, connivance or neglect in the above offences.

“The ruling will disseminate a strong message to all employers, directors and responsible officers of companies that they have personal liability to ensure payment of wages and sums awarded by the LT or the Minor Employment Claims Adjudication Board to employees within the statutory time limit stipulated in the EO,” a spokesman for the LD said.

???”The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees’ statutory rights,” the spokesman added.
Issued at HKT 18:30

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MIL OSI Asia Pacific News –

May 15, 2025

MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

Source: GlobeNewswire (MIL-OSI)

Shell plc – Report on Payments to Governments for the year 2024

Basis for preparation – Report on Payments to Governments for the year 2024
This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

This Report is available for download from www.shell.com/payments.

Legislation
This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

Reporting entities
This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

Activities
Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

Government
Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

Project
Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

“Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

Payment
The information is reported under the following payment types:

Production entitlements
These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

Taxes
These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

Royalties
These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

Dividends
These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

Bonuses
These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

Infrastructure improvements
These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

Other
Operatorship
When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

Cash and in-kind payments
Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

Materiality level
For each payment type, total payments below £86,000 to a government are excluded from this Report.

Exchange rate
Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

Report on Payments to Governments [1]

Summary report (in USD)
Countries	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Europe
Germany	–	243,935,441	–	–	–	–	243,935,441
Italy	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Norway	2,083,221,642	1,300,962,023	–	–	122,391	–	3,384,306,056
United Kingdom	–	-16,649,747	–	–	11,483,529	–	-5,166,218
Asia
Brunei	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353
China	–	10,343,616	–	–	–	–	10,343,616
India	–	-17,715,638	–	–	–	–	-17,715,638
Kazakhstan	–	242,741,780	–	–	–	–	242,741,780
Malaysia	2,317,002,807	305,924,901	500,008,822	–	–	–	3,122,936,530
Middle East
Oman	633,711,368	3,954,062,451	–	–	900,000	–	4,588,673,819
Qatar	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Oceania
Australia	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028
Africa
Egypt	–	41,164,348	–	1,836,435	–	–	43,000,783
Nigeria	3,804,949,166	648,734,398	780,231,463	–	102,925,166	–	5,336,840,193
Sao Tome and Principe	–	–	–	1,300,000	–	–	1,300,000
Tanzania	–	–	–	–	140,000	–	140,000
Tunisia	–	24,904,580	4,941,633	–	–	–	29,846,213
North America
Canada	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846
Mexico	–	–	–	–	21,527,002	–	21,527,002
USA	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870
South America
Argentina	53,082,051	1,984,309	143,969,668	–	123,276	–	199,159,304
Brazil	327,688,819	656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247
Colombia	–	–	–	–	489,880	–	489,880
Trinidad and Tobago	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992
Total	11,387,783,976	10,456,840,201	4,322,795,167	12,976,786	1,913,987,033	1,127,250	28,095,510,413

[1] The figures in this Report are rounded.

Germany

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL CENTRAL TAX OFFICE	–	294,891,077	–	–	–	–	294,891,077
MUNICIPALITY OF COLOGNE	–	-2,763,591	–	–	–	–	-2,763,591
MUNICIPALITY OF DINSLAKEN	–	-386,534	–	–	–	–	-386,534
MUNICIPALITY OF GELSENKIRCHEN	–	-483,145	–	–	–	–	-483,145
MUNICIPALITY OF OSTSTEINBEK	–	584,685	–	–	–	–	584,685
MUNICIPALITY OF WESSELING	–	-3,943,262	–	–	–	–	-3,943,262
TAX AUTHORITY HAMBURG	–	-43,963,789	–	–	–	–	-43,963,789
Total	–	243,935,441	–	–	–	–	243,935,441

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
DEUTSCHE SHELL HOLDING GmbH	–	243,935,441	–	–	–	–	243,935,441
Total	–	243,935,441	–	–	–	–	243,935,441

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Italy

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
CALVELLO MUNICIPALITY	–	–	884,083	–	–	–	884,083
CORLETO PERTICARA MUNICIPALITY	–	–	1,964,671	–	–	–	1,964,671
GORGOGLIONE MUNICIPALITY	–	–	302,257	–	–	–	302,257
GRUMENTO NOVA MUNICIPALITY	–	–	505,190	–	–	–	505,190
MARSICO NUOVO MUNICIPALITY	–	–	378,893	–	–	–	378,893
MARSICOVETERE MUNICIPALITY	–	–	126,298	–	–	–	126,298
MONTEMURRO MUNICIPALITY	–	–	126,298	–	–	–	126,298
REGIONE BASILICATA	–	–	44,157,199	–	79,302,465	–	123,459,664
TESORERIA PROVINICIALE DELLO STATO	–	4,128,063	22,264,135	–	718,305	–	27,110,503
VIGGIANO MUNICIPALITY	–	–	3,504,758	–	200,016	–	3,704,774
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ITALY UPSTREAM ASSET	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631
Total	–	4,128,063	74,213,782	–	80,220,786	–	158,562,631

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Norway

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EQUINOR ASA	853,946,278	[A]	–	–	–	–	–	853,946,278
PETORO AS	1,229,275,364	[B]	–	–	–	–	–	1,229,275,364
SKATTEETATEN	–		1,300,962,023	–	–	–	–	1,300,962,023
SOKKELDIREKTORATET	–		–	–	–	122,391	–	122,391
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ORMEN LANGE	2,083,221,642	[C]	–	–	–	–	–	2,083,221,642
Entity level payment
A/S NORSKE SHELL	—		1,300,962,023	–	–	122,391	–	1,301,084,414
Total	2,083,221,642		1,300,962,023	–	–	122,391	–	3,384,306,056

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price.

[C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

United Kingdom

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
HM REVENUE AND CUSTOMS	–	-16,649,747	–	–	–	–	-16,649,747
NORTH SEA TRANSITION AUTHORITY	–	–	–	–	11,355,210	–	11,355,210
THE CROWN ESTATE SCOTLAND	–	–	–	–	128,319	–	128,319
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BRENT AND OTHER NORTHERN NORTH SEA PROJECTS	–	-32,113,820	–	–	563,325	–	-31,550,495
ONEGAS WEST	–	–	–	–	3,232,597	–	3,232,597
UK EXPLORATION PROJECTS	–	–	–	–	1,117,783	–	1,117,783
UK OFFSHORE OPERATED	–	–	–	–	2,119,313	–	2,119,313
WEST OF SHETLAND NON-OPERATED	–	–	–	–	1,076,456	–	1,076,456
Entity level payment
SHELL U.K. LIMITED	–	15,464,073	–	–	3,374,055	–	18,838,128
Total	–	-16,649,747	–	–	11,483,529	–	-5,166,218

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Brunei

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE AND ECONOMY	–	44,229,620	–	–	–	–	44,229,620
PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM	3,983,642	–	8,660,091	–	–	–	12,643,733
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL DEEPWATER BORNEO B.V.	–	39,001,133	–	–	–	–	39,001,133
SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.	3,983,642	5,228,487	8,660,091	–	–	–	17,872,220
Total	3,983,642	44,229,620	8,660,091	–	–	–	56,873,353

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

China

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
TIANJIN MUNICIPAL TAXATION BUREAU	–	5,911,867	–	–	–	–	5,911,867
YULIN MUNICIPAL TAXATION BUREAU	–	4,431,749	–	–	–	–	4,431,749
Total	–	10,343,616	–	–	–	–	10,343,616

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED	–	10,343,616	–	–	–	–	10,343,616
Total	–	10,343,616	–	–	–	–	10,343,616

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

India

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
INCOME TAX DEPARTMENT	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
BG EXPLORATION AND PRODUCTION INDIA LIMITED	–	-17,715,638	–	–	–	–	-17,715,638
Total	–	-17,715,638	–	–	–	–	-17,715,638

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Kazakhstan

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
WEST KAZAKHSTAN TAX COMMITTEE	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
KARACHAGANAK	–	242,741,780	–	–	–	–	242,741,780
Total	–	242,741,780	–	–	–	–	242,741,780

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Malaysia

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD	301,048,915	[A]	–	–		–	–	–	301,048,915
LEMBAGA HASIL DALAM NEGERI	–		305,924,901	–		–	–	–	305,924,901
MALAYSIA FEDERAL AND STATE GOVERNMENTS	–		–	469,060,363	[B]	–	–	–	469,060,363
PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.	74,656,856	[C]	–	–		–	–	–	74,656,856
PETROLIAM NASIONAL BERHAD	990,078,563	[D]	–	30,948,459		–	–	–	1,021,027,022
PETRONAS CARIGALI SDN. BHD.	951,218,473	[E]	–	–		–	–	–	951,218,473
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

Project report (in USD)
	Production entitlements		Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
SABAH GAS (NON-OPERATED)	–		16,208,714	3,017,327		–	–	–	19,226,041
SABAH INBOARD AND DEEPWATER OIL	1,435,194,825	[F]	158,435,164	303,452,674	[G]	–	–	–	1,897,082,663
SARAWAK OIL AND GAS	881,807,982	[H]	116,047,586	193,538,821	[I]	–	–	–	1,191,394,389
Entity level payment
SABAH SHELL PETROLEUM COMPANY LIMITED	–		4,502,043	–		–	–	–	4,502,043
SARAWAK SHELL BERHAD	–		3,394,907	–		–	–	–	3,394,907
SHELL ENERGY ASIA LIMITED	–		2,616,753	–		–	–	–	2,616,753
SHELL OIL AND GAS (MALAYSIA) LLC	–		595,653	–		–	–	–	595,653
SHELL SABAH SELATAN SENDRIAN BERHAD	–		4,124,081	–		–	–	–	4,124,081
Total	2,317,002,807		305,924,901	500,008,822		–	–	–	3,122,936,530

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price.

[B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price.

[C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price.

[D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

[E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

[F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

[G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

[H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

[I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

Oman

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF ENERGY AND MINERALS	633,711,368	[A]	–	–	–	–	–	633,711,368
MINISTRY OF FINANCE	–		3,954,062,451	–	–	900,000	–	3,954,962,451
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 6 CONCESSION	–		3,954,062,451	–	–	–	–	3,954,062,451
BLOCK 10 CONCESSION	633,711,368	[A]	–	–	–	400,000	–	634,111,368
BLOCK 11 CONCESSION	–		–	–	–	250,000	–	250,000
BLOCK 55 CONCESSION	–		–	–	–	250,000	–	250,000
Total	633,711,368		3,954,062,451	–	–	900,000	–	4,588,673,819

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

Qatar

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
QATARENERGY	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
PEARL GTL	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685
Total	1,801,453,896	1,507,244,066	–	–	30,538,723	–	3,339,236,685

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Australia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AUSTRALIAN TAXATION OFFICE	–	1,277,737,693	–	–	–	–	1,277,737,693
BANANA SHIRE COUNCIL	–	–	–	–	217,920	–	217,920
FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES	–	–	111,989,284	–	–	–	111,989,284
QUEENSLAND REVENUE OFFICE	–	–	356,590,166	–	–	–	356,590,166
QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE	–	–	–	–	935,554	–	935,554
QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES	–	–	–	–	581,472	–	581,472
RESOURCES SAFETY AND HEALTH QUEENSLAND	–	–	–	–	1,359,992	–	1,359,992
WESTERN DOWNS REGIONAL COUNCIL	–	–	–	–	10,317,519	266,428	10,583,947
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
NORTH WEST SHELF	–	–	111,989,284	–	–	–	111,989,284
QGC	–	583,570,540	356,590,166	–	13,412,457	266,428	953,839,591
Entity level payment
SHELL AUSTRALIA PTY LTD	–	694,167,153	–	–	–	–	694,167,153
Total	–	1,277,737,693	468,579,450	–	13,412,457	266,428	1,759,996,028

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Egypt

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
EGYPTIAN GENERAL PETROLEUM CORPORATION	–	41,164,348	–	1,836,435	–	–	43,000,783
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
EGYPT OFFSHORE DEVELOPMENT	–	41,164,348	–	540,000	–	–	41,704,348
Entity level payment
SHELL EGYPT N.V.	–	–	–	1,296,435	–	–	1,296,435
Total	–	41,164,348	–	1,836,435	–	–	43,000,783

[I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Nigeria

Government report (in USD) [1]
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
FEDERAL INLAND REVENUE SERVICE	–		648,734,398	[A]	–		–	–	–	648,734,398
NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE	–		–		–		–	3,931,917	–	3,931,917
NIGER DELTA DEVELOPMENT COMMISSION	–		–		–		–	97,260,899	–	97,260,899
NIGERIAN NATIONAL PETROLEUM CORPORATION	3,804,949,166	[B]	–		–		–	–	–	3,804,949,166
NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION	–		–		780,231,463	[C]	–	1,732,350	–	781,963,813
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

Project report (in USD)
	Production entitlements		Taxes		Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
EAST ASSET	1,300,681,939	[D]	–		–		–	–	–	1,300,681,939
PSC 1993 (OML 133)	–		136,652,153	[E]	–		–	–	–	136,652,153
PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)	649,948,707	[F]	303,125,852	[G]	452,170,096	[H]	–	32,015,797	–	1,437,260,452
WEST ASSET	1,854,318,520	[I]	–		–		–	–	–	1,854,318,520
Entity level payment
SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED			–		–		–	440,468	–	440,468
THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED			208,956,393		328,061,367			70,468,901		607,486,661
Total	3,804,949,166		648,734,398		780,231,463		–	102,925,166	–	5,336,840,193

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

[B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

[C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price.

[E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price.

[F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price.

[G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price.

[H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price.

[I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

Sao Tome and Principe

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
DW BLOCK 4	–	–	–	1,300,000	–	–	1,300,000
Total	–	–	–	1,300,000	–	–	1,300,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tanzania

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
PETROLEUM UPSTREAM REGULATORY AUTHORITY	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

	Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 1 AND 4	–	–	–	–	140,000	–	140,000
Total	–	–	–	–	140,000	–	140,000

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Tunisia

	Government report (in USD) [1]
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Governments
ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES	–	–	2,140,627	[A]	–	–	–	2,140,627
LE RECEVEUR DES FINANCES DU LAC	–	24,904,580	2,801,006		–	–	–	27,705,586
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

	Project report (in USD)
	Production entitlements	Taxes	Royalties		Bonuses	Fees	Infrastructure improvements	Total
Projects
HASDRUBAL CONCESSION	–	24,904,580	4,941,633	[A]	–	–	–	29,846,213
Total	–	24,904,580	4,941,633		–	–	–	29,846,213

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price.

Canada

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
GOVERNMENT OF ALBERTA	–	–	656,638	–	119,099	–	775,737
MINISTRY OF FINANCE (BRITISH COLUMBIA)	–	–	2,915,313	–	625,526	–	3,540,839
MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)	–	–	–	–	679,158	–	679,158
PROVINCIAL TREASURER OF ALBERTA	–	60,864,405	–	–	–	–	60,864,405
RECEIVER GENERAL FOR CANADA	–	111,702,667	1,126,040	–	–	–	112,828,707
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ATHABASCA OIL SANDS	–	172,567,072	–	–	–	–	172,567,072
FOOTHILLS	–	–	1,126,040	–	–	–	1,126,040
GREATER DEEP BASIN	–	–	656,638	–	119,099	–	775,737
GROUNDBIRCH	–	–	2,915,313	–	1,304,684	–	4,219,997
Total	–	172,567,072	4,697,991	–	1,423,783	–	178,688,846

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Mexico

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO	–	–	–	–	17,154,483	–	17,154,483
SERVICIO DE ADMINISTRACIÓN TRIBUTARIA	–	–	–	–	4,372,519	–	4,372,519
Total	–	–	–	–	21,527,002	–	21,527,002

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Entity level payment
MEXICO EXPLORATION DEEPWATER	–	–	–	–	21,527,002	–	21,527,002
Total	–	–	–	–	21,527,002	–	21,527,002

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

USA

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
ALASKA DEPARTMENT OF NATURAL RESOURCES	–	–	–	–	243,408	–	243,408
COMMONWEALTH OF PENNSYLVANIA	–	-400,000	–	–	–	–	-400,000
INTERNAL REVENUE SERVICE	–	53,638,500	–	–	–	–	53,638,500
LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT	–	–	–	–	–	860,822	860,822
OFFICE OF NATURAL RESOURCES REVENUE	–	–	1,187,594,021	–	80,435,119	–	1,268,029,140
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ALASKA EXPLORATION	–	–	–	–	243,408	–	243,408
GULF OF AMERICA (CENTRAL)	–	–	1,076,187,269	–	282,312	–	1,076,469,581
GULF OF AMERICA (WEST)	–	–	111,406,752	–	126,720	–	111,533,472
GULF OF AMERICA EXPLORATION	–	–	–	–	80,026,087	–	80,026,087
Entity level payment
SHELL EXPLORATION AND PRODUCTION COMPANY	–	-400,000	–	–	–	–	-400,000
SHELL OFFSHORE INC.	–	–	–	–	–	860,822	860,822
SHELL PETROLEUM INC.	–	53,638,500	–	–	–	–	53,638,500
Total	–	53,238,500	1,187,594,021	–	80,678,527	860,822	1,322,371,870

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Argentina

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO	–		1,984,309	–	–	–	–	1,984,309
GAS Y PETRÓLEO DEL NEUQUÉN S.A.	53,082,051	[A]	–	–	–	–	–	53,082,051
PROVINCIA DE SALTA	–		–	2,475,819	–	–	–	2,475,819
PROVINCIA DEL NEUQUÉN	–		–	141,493,849	–	123,276	–	141,617,125
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
ACAMBUCO	–		–	2,475,819	–	–	–	2,475,819
ARGENTINA UNCONVENTIONAL PROJECTS	53,082,051	[A]	1,984,309	141,493,849	–	123,276	–	196,683,485
Total	53,082,051		1,984,309	143,969,668	–	123,276	–	199,159,304

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

Brazil

Government report (in USD) [1]
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS	–		–	–	9,540,351	–	–	9,540,351
MINISTÉRIO DA FAZENDA	–		–	1,147,687,680	–	1,556,282,443	–	2,703,970,123
PRÉ-SAL PETRÓLEO S.A.	327,688,819	[A]	–	–	–	–	–	327,688,819
RECEITA FEDERAL DO BRASIL	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

Project report (in USD)
	Production entitlements		Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BASIN EXPLORATION PROJECTS	–		–	–	9,540,351	3,244,993	–	12,785,344
BC-10	–		–	31,254,519	–	1,251,598	–	32,506,117
BIJUPIRA AND SALEMA	–		–	–	–	501,608	–	501,608
BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ	29,716,011	[B]	–	882,483,636	–	1,551,284,244	–	2,463,483,891
LIBRA PSC	297,972,808	[C]	–	233,949,525	–	–	–	531,922,333
Entity level payment
SHELL BRASIL PETROLEO LTDA.	–		656,740,954	–	–	–	–	656,740,954
Total	327,688,819		656,740,954	1,147,687,680	9,540,351	1,556,282,443	–	3,697,940,247

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

[A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price.

[B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price.

[C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

Colombia

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
AGENCIA NACIONAL DE HIDROCARBUROS	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
COLOMBIA EXPLORATION (OPERATED)	–	–	–	–	489,880	–	489,880
Total	–	–	–	–	489,880	–	489,880

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Trinidad and Tobago

Government report (in USD) [1]
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Governments
MINISTRY OF FINANCE	–	561,771	–	–	–	–	561,771
MINISTRY OF ENERGY AND ENERGY INDUSTRIES	362,690,585	–	2,210,566	300,000	13,719,070	–	378,920,221
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

Project report (in USD)
	Production entitlements	Taxes	Royalties	Bonuses	Fees	Infrastructure improvements	Total
Projects
BLOCK 5C	84,428,910	–	–	–	1,714,071	–	86,142,981
CENTRAL BLOCK	–	561,771	2,210,566	–	900,921	–	3,673,258
COLIBRI	120,876,414	–	–	–	3,332,208	–	124,208,622
DEEPWATER ATLANTIC AREA	–	–	–	–	537,570	–	537,570
EAST COAST MARINE AREA	99,098,428	–	–	–	2,100,156	–	101,198,584
EXPLORATION	–	–	–	300,000	2,017,530	–	2,317,530
MANATEE	–	–	–	–	847,999	–	847,999
NORTH COAST MARINE AREA 1	58,286,833	–	–	–	2,268,615	–	60,555,448
Total	362,690,585	561,771	2,210,566	300,000	13,719,070	–	379,481,992

[1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

The MIL Network –

May 15, 2025

MIL-OSI: Xunlei Announces Unaudited Financial Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights:

Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year.
Subscription revenues were US$35.7 million, representing an increase of 7.7% year-over-year.
Live-streaming and other services revenues were US$28.4 million, representing an increase of 66.0% year-over-year.
Cloud computing revenues were US$24.7 million, representing a decrease of 18.0% year-over-year.
Gross profit was US$44.1 million, representing an increase of 2.9% year-over-year, and gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024.
Net loss was US$0.9 million in the first quarter, compared with net income of US$3.6 million in the same period of 2024.
Non-GAAP net income¹ was US$0.1 million in the first quarter, compared with non-GAAP net income of US$4.5 million in the same period of 2024.
Diluted loss per ADS was US$0.01 in the first quarter, compared with diluted earnings per ADS of US$0.06 in the same period of 2024.
Non-GAAP diluted earnings per ADS² were US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

“Our quarterly revenue was in line with our expectations, and we achieved consistent top-line growth of 10.5% year-over-year in total revenues to US$88.8 million in the first quarter of 2025,” commented Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei. “Notably, our subscription revenue increased by 7.7% year-over-year, primarily due to intensified efforts in diversifying marketing channels for user acquisition. Additionally, the 79.2% year-over-year growth in revenue from our live-streaming business reflected a recovery and an expansion of our market presence overseas. I believe the result underscores our strategic efforts to adapt to international markets, leveraging localized operation and innovative technologies to meet diverse user preferences.”

“This year will be pivotal for Xunlei, marked by the strategic acquisition of Hupu and proactive exploration of corporate development initiatives aimed at diversifying revenue streams to achieve sustainable growth in both top-line and bottom-line. Supported by our strong capital structure and ample financial liquidity, we remain committed to delivering value to users while harnessing our outstanding technological capabilities and operational expertise to capitalize on AI-driven applications and other new opportunities, and to create long-term value for shareholders,” Mr. Li concluded.

First Quarter 2025 Financial Results

Total Revenues

Total revenues were US$88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our subscription business and overseas audio live-streaming business.

Revenues from subscription were US$35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter was RMB40.9, compared with RMB39.5 in the same period of 2024. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

Revenues from live-streaming and other services were US$28.4 million, representing an increase of 66.0% year-over-year. The increase in live-streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live-streaming businesses.

Revenues from cloud computing were US$24.7 million, representing a decrease of 18.0% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure and evolving regulatory environment.

Costs of Revenues

Costs of revenues were US$44.4 million, representing 50.0% of our total revenues, compared with US$37.1 million, or 46.2% of the total revenues, in the same period of 2024. The increase in costs of revenues was mainly attributable to the increase in revenue-sharing expenses in our overseas audio live-streaming operations, generally in line with the growth in live-streaming and other service revenues.

Bandwidth costs, as included in costs of revenues, were US$26.6 million, representing 30.0% of our total revenues, compared with US$27.1 million, or 33.8% of the total revenues, in the same period of 2024. The decrease in bandwidth costs was primarily due to the reduced sales of our cloud computing services during the quarter, partially offset by the increased usage of Xunlei Cloud as a result of the increased subscribers.

The remaining costs of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business and payment handling charges.

Gross Profit and Gross Profit Margin

Gross profit for the first quarter of 2025 was US$44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter of 2025, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas audio live-streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of cloud computing business.

Research and Development Expenses

Research and development expenses for the first quarter of 2025 were US$18.7 million, representing 21.1% of our total revenues, compared with US$17.6 million, or 22.0% of our total revenues, in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

Sales and Marketing Expenses

Sales and marketing expenses for the first quarter of 2025 were US$15.5 million, representing 17.5% of our total revenues, compared with US$10.1 million, or 12.5% of our total revenues, in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our subscription and overseas audio live-streaming businesses as part of our ongoing efforts on user acquisition.

General and Administrative Expenses

General and administrative expenses for the first quarter of 2025 were US$11.8 million, representing 13.3% of our total revenues, compared with US$11.1 million, or 13.9% of our total revenues, in the same period of 2024.

Operating (Loss)/Income

Operating loss was US$1.9 million, compared with an operating income of US$4.0 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter, compared with the same period of 2024.

Other Income, Net

Other income, net was US$1.2 million, compared with other income, net of US$0.3 million in the same period of 2024. The increase was primarily due to impairment on one of our long-term investments that occurred during the first quarter of 2024.

Net (Loss)/Income and (Loss)/Earnings Per ADS

Net loss was US$0.9 million compared with net income of US$3.6 million in the same period of 2024. The net loss was primarily due to the increase in operating loss, partially offset by the increased other income as discussed above. Non-GAAP net income was US$0.1 million in the first quarter of 2025, compared with US$4.5 million in the same period of 2024.

Diluted loss per ADS in the first quarter of 2025 was US$0.01, compared with diluted earnings per ADS of US$0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was US$0.004 in the first quarter, compared with non-GAAP diluted earnings per ADS of US$0.07 in the same period of 2024.

Cash Balance

As of March 31, 2025, the Company had cash, cash equivalents and short-term investments of US$274.6 million, compared with US$287.5 million as of December 31, 2024. The decrease in cash, cash equivalents and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share repurchase and repayment of bank loans during the quarter, partially offset by the net cash inflow from operating activities.

Share Repurchase Program

On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to US$20 million of its ADSs or shares over the 12 months that followed. As of March 31, 2025, the Company had spent US$6.5 million on share buybacks under the new share repurchase program, among which US$0.9 million was spent in the first quarter of 2025.

Guidance for the Second Quarter of 2025

For the second quarter of 2025, Xunlei estimates total revenues to be between US$91 million and US$96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change and any change could be material.

Conference Call Information.

Xunlei’s management will host a conference call at 8:00 a.m. U.S. Eastern Time on May 15, 2025 (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company’s quarterly results and recent business developments.

Participant Online Registration: https://register-conf.media-server.com/register/BIe31316b11951413ca6026dd0a7227b38

Please register to join the conference using the link provided above and dial in 10 minutes before the call is scheduled to begin. Once registered, the participants will receive an email with personal PIN and dial-in information, and participants can choose to access either via Dial-In or Call Me. A kindly reminder that “Call Me” does not work for China number.

The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.xunlei.com. Following the earnings conference call, an archive of the call will be available at https://edge.media-server.com/mmc/p/vrett8r2

About Xunlei

Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotations and the “Guidance” section in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company 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 the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

About Non-GAAP Financial Measures

To supplement Xunlei’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Xunlei uses the following measures defined as non-GAAP financial measures by the United States Securities and Exchange Commission: (1) non-GAAP operating (loss)/income, (2) non-GAAP net income, (3) non-GAAP basic and diluted earnings per share for common shares, and (4) non-GAAP basic and diluted earnings per ADS. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Xunlei believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding the Company’s operating performance by excluding share-based compensation expenses and impairment loss of goodwill, which are not expected to result in future cash payments. These non-GAAP financial measures also facilitate management’s internal comparisons to Xunlei’s historical performance and assist the Company’s financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a recurring expense in Xunlei’s results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying reconciliation tables at the end of this release include details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

XUNLEI LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)

	March 31,		Dec 31,
	2025		2024
	US$		US$
Assets

Current assets:
Cash and cash equivalents	163,136		177,329
Short-term investments	111,436		110,209
Accounts receivable, net	40,034		32,662
Inventories	1,024		1,255
Due from related parties	30,482		31,519
Prepayments and other current assets	15,464		10,058
Total current assets	361,576		363,032

Non-current assets:
Restricted cash	218		218
Long-term investments	31,049		30,599
Deferred tax assets	10,720		10,528
Property and equipment, net	54,631		55,430
Intangible assets, net	8,416		8,310
Long-term prepayments and other assets	18,718		5,334
Operating lease assets	532		450
Total assets	485,860		473,901

Liabilities
Current liabilities:
Accounts payable	24,900		22,964
Due to related parties, current	17		17
Contract liabilities, current portion	41,253		39,936
Lease liabilities	331		253
Income tax payable	10,466		9,386
Accrued liabilities and other payables	61,242		52,093
Short-term bank borrowings and current portion of long-term bank borrowings	697		2,087
Total current liabilities	138,906		126,736

Non-current liabilities:
Contract liabilities, non-current portion	588		458
Lease liabilities, non-current portion	174		161
Deferred tax liabilities	1,090		1,154
Bank borrowings, non-current portion	27,166		27,127
Other long-term payables	711		480
Total liabilities	168,635		156,116

Equity
Common shares (US$0.00025 par value, 1,000,000,000 shares authorized, 375,001,940 shares issued and 307,351,196 shares outstanding as at December 31, 2024; 375,001,940 issued and 311,860,331 shares outstanding as at March 31, 2025)	78		77
Treasury shares (67,650,744 shares and 63,141,609 shares as at December 31, 2024 and March 31, 2025, respectively)	16		16
Additional paid-in-capital	477,350		477,244
Statutory reserves	8,718		8,718
Accumulated other comprehensive loss	(21,412	)	(21,694	)
Accumulated deficits	(147,105	)	(146,305	)
Total Xunlei Limited’s shareholders’ equity	317,645		318,056
Non-controlling interests	(420	)	(271	)
Total liabilities and shareholders’ equity	485,860		473,901

XUNLEI LIMITED Unaudited Condensed Consolidated Statements of (Loss)/Income (Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
	Three months ended

	Mar 31,		Dec 31,		Mar 31,
	2025		2024		2024
	US$		US$		US$
Revenues, net of rebates and discounts	88,764		84,302		80,359
Business taxes and surcharges	(310	)	(313	)	(379	)
Net revenues	88,454		83,989		79,980
Costs of revenues	(44,350	)	(40,416	)	(37,139	)
Gross profit	44,104		43,573		42,841

Operating expenses
Research and development expenses	(18,743	)	(18,716	)	(17,642	)
Sales and marketing expenses	(15,522	)	(12,461	)	(10,061	)
General and administrative expenses	(11,791	)	(12,102	)	(11,132	)
Credit loss write-back/(expenses), net	65		(75	)	26
Impairment of goodwill	–		(20,748	)	–
Total operating expenses	(45,991	)	(64,102	)	(38,809	)

Operating (loss)/income	(1,887	)	(20,529	)	4,032
Interest income	1,072		1,173		1,221
Interest expense	(220	)	(139	)	(242	)
Other income, net	1,234		1,541		290
Income/(loss) before income taxes	199		(17,954	)	5,301
Income tax (expense)/benefit	(1,145	)	8,083		(1,663	)
Net (loss)/income	(946	)	(9,871	)	3,638

Less: net loss attributable to non-controlling interest	(146	)	(97	)	(1	)
Net (loss)/income attributable to common shareholders	(800	)	(9,774	)	3,639

(Loss)/earnings per share for common shares
Basic	(0.0026	)	(0.0312	)	0.0113
Diluted	(0.0026	)	(0.0312	)	0.0112

(Loss)/earnings per ADS
Basic	(0.0130	)	(0.1560	)	0.0565
Diluted	(0.0130	)	(0.1560	)	0.0560

Weighted average number of common shares used in calculating:
Basic	306,082,940		313,664,089		323,341,607
Diluted	306,082,940		313,664,089		323,491,768

Weighted average number of ADSs used in calculating:
Basic	61,216,588		62,732,818		64,668,321
Diluted	61,216,588		62,732,818		64,698,354



XUNLEI LIMITED
Reconciliation of GAAP and Non-GAAP Results
(Amounts expressed in thousands of USD, except for share, per share (or ADS) data)
	Three months ended

	Mar 31,		Dec 31,		Mar 31,
	2025		2024		2024
	US$		US$		US$

GAAP operating (loss)/income	(1,887	)	(20,529	)	4,032
Share-based compensation expenses	1,058		390		901
Impairment of goodwill	–		20,748		–
Non-GAAP operating (loss)/income	(829	)	609		4,933

GAAP net (loss)/income	(946	)	(9,871	)	3,638
Share-based compensation expenses	1,058		390		901
Impairment of goodwill	–		20,748		–
Non-GAAP net income	112		11,267		4,539

GAAP (loss)/earnings per share for common shares:
Basic	(0.0026	)	(0.0312	)	0.0113
Diluted	(0.0026	)	(0.0312	)	0.0112

GAAP (loss)/earnings per ADS:
Basic	(0.0130	)	(0.1560	)	0.0565
Diluted	(0.0130	)	(0.1560	)	0.0560

Non-GAAP earnings per share for common shares:
Basic	0.0008		0.0362		0.0140
Diluted	0.0008		0.0362		0.0140

Non-GAAP earnings per ADS:
Basic	0.0040		0.1810		0.0700
Diluted	0.0040		0.1810		0.0700

Weighted average number of common shares used in calculating:
Basic	306,082,940		313,664,089		323,341,607
Diluted	306,082,940		313,664,089		323,491,768

Weighted average number of ADSs used in calculating:
Basic	61,216,588		62,732,818		64,668,321
Diluted	61,216,588		62,732,818		64,698,354

CONTACT:
Investor Relations
Xunlei Limited
Email: ir@xunlei.com
Tel: +86 755 6111 1571
Website: http://ir.xunlei.com

__________________________
¹ Non-GAAP net income is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.
² Non-GAAP earnings per ADS is a non-GAAP financial measure. For more information, please see the section of “About Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” contained in this press release.

The MIL Network –

May 15, 2025

MIL-OSI: Barnwell Industries, Inc. Reports Results for its Second Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

HONOLULU, May 15, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its second quarter ended March 31, 2025. For the quarter, the Company had revenue from continuing operations of $3,569,000 and a net loss from continuing operations of $1,538,000 or $0.15 per share. In the prior year quarter ended March 31, 2024, the Company reported quarterly revenue from continuing operations of $4,678,000 and a net loss from continuing operations of $1,306,000 or $0.13 per share.

The net loss from continuing operations for the three months ended March 31, 2025, was due to an increase of $906,000, 72%, in general and administrative expenses due to $978,000 in new expenses related to both a shareholder consent solicitation and a proxy contest as compared to the same period in the prior year. Additionally, the loss was due to a decrease of $500,000 in our land investment segment operating results, before non-controlling interests’ share of such profits, due to the Kukio Resort Land Development Partnerships’ sale of two lots in the prior quarter period, whereas no lots were sold in the current quarter period.

Non-Cash Impairment, Oil and Gas Production

The net loss from continuing operations for the three months ended March 31, 2025 included a ceiling test impairment of $52,000 as compared to a $1,677,000 ceiling test impairment in the prior year period, a $1,625,000 decrease. Additionally, oil and natural gas depletion in the current year period decreased $589,000 as compared to the second quarter in the prior year due to a lower depletion rate due to prior years’ write downs and decreased production. Oil, natural gas and natural gas liquids production decreased 14%, 24% and 13%, respectively, during the three months ended March 31, 2025, compared to the prior year’s quarter.

Sale of our Water Drilling Subsidiary

During the three months ended March 31, 2025, the Company completed the sale of its wholly-owned subsidiary, Water Resources International, Inc. (“Water Resources”) for $1,050,000. Water Resources drilled water wells and water pumping systems in Hawaii and represented our contract drilling segment. As a result of the sale, the Company has reclassified the results of its contract drilling business as discontinued operations for all periods presented. Having previously sold assets held by this segment, the Company recorded a loss of $193,000 on the sale of Water Resources in the quarter ended March 31, 2025.

Proxy Contest, Expenses Increase

The aforementioned consent solicitation and proxy contest are currently on going and costs will continue to be incurred until the matter is resolved. Accordingly, general and administrative expenses will continue to be affected by these matters beyond March 31, 2025. The Company is unable to estimate the amount of such future costs as the matter as such costs will depend upon the future actions to be taken, which are yet to be determined.

Due to these proxy contest costs, incurred and estimated to be incurred, and the impacts of recently imposed tariffs which have caused a reduction in oil prices and have had an impact on the U.S. economy as a whole, we now face greater uncertainty about our oil and natural gas operating cash inflows, which in turn has raised substantial doubt regarding our ability to continue as a going concern. The Company is investigating potential sources of funding, including debt financing, non-core oil and natural gas property sales and the partial or complete sale of its remaining interests in the Kukio Resort Land Development Partnerships, however, no probable timing or amounts of such funding have yet been secured.

Summary and Outlook

Craig D. Hopkins, CEO, stated, “Our current proxy contest has negatively impacted the Company’s liquidity and hindered its investment and growth opportunities. The completed sale of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell should be positioned to invest more in operations. The Company ended the quarter with a working capital deficit of $57,000, including $1,432,000 in cash and cash equivalents.

The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

COMPARATIVE OPERATING RESULTS
(Unaudited)

	Three months ended						Six months ended
	March 31,						March 31,
		2025			2024			2025			2024

Revenues	$	3,569,000		$	4,678,000		$	7,503,000		$	9,840,000

Net loss from continuing operations attributable to Barnwell Industries, Inc.	$	(1,538,000	)	$	(1,306,000	)	$	(3,136,000	)	$	(1,656,000	)
Net earnings (loss) from discontinued operations		331,000			(466,000	)		12,000			(780,000	)
Net loss attributable to Barnwell Industries, Inc.	$	(1,207,000	)	$	(1,772,000	)	$	(3,124,000	)	$	(2,436,000	)

Basic and diluted net (loss) earnings per share:
Net loss from continuing operations attributable to Barnwell Industries, Inc.	$	(0.15	)	$	(0.13	)	$	(0.31	)	$	(0.16	)
Net earnings (loss) from discontinued operations		0.03			(0.05	)		–			(0.08	)
Net loss attributable to Barnwell Industries, Inc.	$	(0.12	)	$	(0.18	)	$	(0.31	)	$	(0.24	)

Weighted-average shares and
equivalent shares outstanding:
Basic and diluted		10,053,534			10,019,172			10,050,319			10,007,905

CONTACT:	Craig D. Hopkins
	Chief Executive Officer and President
	Phone: (403) 531-1560
	Email:info@bocl.ca

The MIL Network –

May 15, 2025

MIL-OSI: Tradoor Unveils ‘Fastest DEX on TON’ Following $3.2m in Financing

Source: GlobeNewswire (MIL-OSI)

HONG KONG, May 15, 2025 (GLOBE NEWSWIRE) — Tradoor, the first triple Perps, Options, and SocialFi DEX on The Open Network (TON), has announced $3.2 million in total funding to bring CEX-grade trading to Telegram. The rounds were led by TON Ventures and Kenetic Capital, with participation from Sigil Fund, Protagonist, VentureSouq, T Fund, TONX, Re7 Capital, and BitsLab. The financing also includes a $1.5 million token purchase commitment, which will support Tradoor’s roadmap to deliver high-frequency trading on TON, and an upcoming ‘Turbo Rewards’ trade to earn campaign.

Tradoor introduces groundbreaking features such as Turbo Mode and Turbo Accounts, which dramatically enhance trading speed and user experience. Turbo Mode enables transactions at 10,000 TPS with confirmation times as fast as 50 milliseconds. Turbo Accounts allow seamless one-click trades and multi-chain deposits from networks such as Ethereum, BNB Smart Chain, or Solana, and ensure zero price slippage for unmatched trading efficiency.

“Think of Tradoor as ‘Hyperliquid in your pocket’, on Telegram,” said core contributor Balal Khan. “With Turbo Mode, users enjoy instant trades at speeds 600x faster than before, fully onchain on TON, with the lowest gas fees on the network. Users can open a Turbo Account in just one step, no KYC required, and start trading with a single click. The Price Lock mechanism guarantees zero slippage, making your trading efficient and worry-free.”

Tradoor is set to launch token swap functionality and innovative AI-powered features, including text-to-trade, which lets users execute trades via text commands, and a social copy trading product, allowing users to replicate the trades of top-performing community traders.

The “Turbo Rewards” trade to earn campaign will offer reward trading activity in the form of $DOOR points – Tradoor’s in-app reward – with points awarded for trading volume.

Jehan Chu of Kenetic Capital commented, “Tradoor’s integration on Telegram brings CEX-grade trading into the hands of hundreds of millions of users. With its innovative Turbo Mode, we believe Tradoor is uniquely positioned to introduce high-frequency trading into TON’s rapidly growing ecosystem.”

Telegram, already a prominent global messaging platform, continues to gain significant traction within the crypto community. TON, its underlying blockchain ecosystem, has 42 million activated wallets and supports a wide array of decentralized applications — further amplifying Tradoor’s potential reach and impact.

Tradoor’s new multi-collateral pool now includes support for tgBTC, which could provide liquidity providers with attractive double-digit yields on USDT, Toncoin, tgUSD, and Bitcoin. tgBTC functions as a tokenized version of Bitcoin within the Telegram and TON ecosystems, designed to enable users to access DeFi benefits while retaining exposure to Bitcoin.

Since its launch in Q3 2024, Tradoor has reached several key milestones, including over $400 million in trading volume, 360,000 total active users, and a record-breaking $49 million in daily trading volume — the highest on TON to date. The platform has also earned industry recognition, winning both the Open League 6 contest organized by TON Society and the TON Code Summer Asia Hackathon.

About Tradoor

Tradoor is the first triple Perps + Options + SocialFi decentralized protocol on TON, a fast and self-custodial all-in-one trading tool for Telegram and Web App users. It’s unique ‘Turbo Mode’ offers one-click confirmations and a high throughput of 10K TPS, 50ms execution time, with the lowest gas fees on TON. Users experience zero price slippage with the Price Lock guarantee and fair pricing with the AI-enhanced Liquidity Shield. Turbo Accounts enhance usability with one-click trades and multi-chain deposit support.

Website: tradoor.io｜Mini App｜User Guide｜Twitter/X｜Telegram News

For media enquiries, please contact Wei Wei Lim: limweiwei@tradoor.io

Disclaimer: This is a paid post and is provided by Tradoor. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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The MIL Network –

May 15, 2025

MIL-OSI: KE Holdings Inc. Announces First Quarter 2025 Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

BEIJING, May 15, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE; HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the first quarter ended March 31, 2025.

Business and Financial Highlights for the First Quarter 2025

Gross transaction value (GTV)¹ was RMB843.7 billion (US$116.3 billion), an increase of 34.0% year-over-year. GTV of existing home transactions was RMB580.3 billion (US$80.0 billion), an increase of 28.1% year-over-year. GTV of new home transactions was RMB232.2 billion (US$32.0 billion), an increase of 53.0% year-over-year.
Net revenues were RMB23.3 billion (US$3.2 billion), an increase of 42.4% year-over-year.
Net income was RMB855 million (US$118 million), an increase of 97.9% year-over-year. Adjusted net income² was RMB1,393 million (US$192 million), relatively flat year-over-year.
Number of stores was 56,849 as of March 31, 2025, a 28.6% increase from one year ago. Number of active stores³ was 55,210 as of March 31, 2025, a 29.6% increase from one year ago.
Number of agents was 550,290 as of March 31, 2025, a 24.3% increase from one year ago. Number of active agents⁴ was 490,862 as of March 31, 2025, a 23.0% increase from one year ago.
Mobile monthly active users (MAU)⁵ averaged 44.5 million in the first quarter of 2025, compared to 47.7 million in the same period of 2024.

Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “Building on the stable market performance and the continued effectiveness of our growth strategy, our business maintained strong growth in the first quarter, with our total transaction value increasing by 34.0% year-over-year and net revenues rising by 42.4%. Our housing transaction services continue to significantly outperform the market. Our platform continually empowers more industry partners, with the numbers of active stores and agents increasing notably by 29.6% and 23.0% year-over-year, respectively, and with improvements in both agent and store efficiency. Our home renovation and furnishing services saw steady revenue growth, achieving a record high in contribution margin, with initial progress in improving customer experience and operational efficiency. The home rental services managed over 500,000 units by the end of the first quarter, with ongoing improvements in operational capabilities. We are also advancing our AI applications, deploying multiple intelligent tools on both the C-end and B-end, enhancing customer experience and boosting service efficiency.”

“Looking ahead, we are confident in the long-term development of our Company under the ‘One Body, Three Wings’ strategy and will continue to invest firmly in AI applications. At the same time, we will be more prudent in other types of investments this year, focusing on the return on investment to strengthen the foundation for safe operations and ensure that shareholders who support the Company’s long-term vision can benefit from our sustainable development,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “In the first quarter, the market performance was very stable, continuing the positive impact resulting from the policies implemented in September last year. National new home sales remained relatively flat year-over-year in the first quarter, better than the substantial year-over-year decline in the same period last year, and the existing home market remained at a high level in activity.

For performance in the first quarter, our net revenues reached RMB23.3 billion, up 42.4% year-over-year. Net revenues from existing home transaction services reached RMB6.9 billion in Q1, up 20.0% year-over-year. Net revenues from new home transaction services reached RMB8.1 billion in Q1, up 64.2% year-over-year. Net revenues from non-housing transaction services grew by 46.2% year-over-year, accounted for 35.9% of total net revenues. Among these, net revenues from home rental services reached a record high of RMB5.1 billion, up 93.8% year-over-year. Our operational efficiency further improved. The operating expenses in the first quarter were RMB4.2 billion, down 31.3% quarter-over-quarter. The profitability also improved. The net income in the first quarter reached RMB855 million, up 97.9% year-on-year. The adjusted net income reached RMB1,393 million.

With robust cash reserves, we continued to reward our shareholders who have grown with us. In the first quarter, we allocated approximately US$139 million to share repurchases, and the repurchased shares accounted for approximately 0.6% of the Company’s total issued shares at the end of 2024.

We will continue to support long-term business development by fully backing our ‘One Body, Three Wings’ strategic initiatives and actively exploring the AI technology.”

First Quarter 2025 Financial Results

Net Revenues

Net revenues increased by 42.4% to RMB23.3 billion (US$3.2 billion) in the first quarter of 2025 from RMB16.4 billion in the same period of 2024, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 34.0% to RMB843.7 billion (US$116.3 billion) in the first quarter of 2025 from RMB629.9 billion in the same period of 2024, primarily attributable to the sustained growth of existing home transaction market and the Company’s enhanced capabilities in market coverage.

Net revenues from existing home transaction services were RMB6.9 billion (US$0.9 billion) in the first quarter of 2025, increased by 20.0% from RMB5.7 billion in the same period of 2024. GTV of existing home transactions increased by 28.1% to RMB580.3 billion (US$80.0 billion) in the first quarter of 2025 from RMB453.2 billion in the same period of 2024. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a) a higher contribution from GTV of existing home transaction services served by connected agents on the Company’s platform, for which revenue is recorded on a net basis from platform service, franchise service and other value-added services, while for GTV served by Lianjia brand, the revenue is recorded on a gross commission revenue basis, and b) a lower proportion of GTV from existing home rental transaction services as of total existing home transaction services, which has a higher commission rate than existing home sales transaction services.
Among that, (i) commission revenue was RMB5.6 billion (US$0.8 billion) in the first quarter of 2025, increased by 20.5% from RMB4.6 billion in the same period of 2024, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 23.6% to RMB221.4 billion (US$30.5 billion) in the first quarter of 2025 from RMB179.2 billion in the same period of 2024; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 17.6% to RMB1.3 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.1 billion in the same period of 2024, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 31.0% to RMB358.9 billion (US$49.5 billion) in the first quarter of 2025 from RMB274.0 billion in the same period of 2024, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

Net revenues from new home transaction services increased by 64.2% to RMB8.1 billion (US$1.1 billion) in the first quarter of 2025 from RMB4.9 billion in the same period of 2024, primarily due to the increase of GTV of new home transactions of 53.0% to RMB232.2 billion (US$32.0 billion) in the first quarter of 2025 from RMB151.8 billion in the same period of 2024. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 58.3% to RMB192.0 billion (US$26.5 billion) in the first quarter of 2025 from RMB121.3 billion in the same period of 2024, and the GTV of new home transactions served by Lianjia brand increased by 32.1% to RMB40.3 billion (US$5.5 billion) in the first quarter of 2025 from RMB30.5 billion in the same period of 2024.

Net revenues from home renovation and furnishing increased by 22.3% to RMB2.9 billion (US$0.4 billion) in the first quarter of 2025 from RMB2.4 billion in the same period of 2024, primarily attributable to the increase in home renovation orders referred by home transaction services.

Net revenues from home rental services increased by 93.8% to RMB5.1 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.6 billion in the same period of 2024, primarily attributable to the increase of the number of rental units under the Carefree Rent model.

Net revenues from emerging and other services were RMB350 million (US$48 million) in the first quarter of 2025, compared to RMB700 million in the same period of 2024.

Cost of Revenues

Total cost of revenues increased by 51.0% to RMB18.5 billion (US$2.6 billion) in the first quarter of 2025 from RMB12.3 billion in the same period of 2024.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 66.6% to RMB5.7 billion (US$0.8 billion) in the first quarter of 2025, from RMB3.4 billion in the same period of 2024, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.

Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 33.1% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB3.6 billion in the same period of 2024, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.

Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 18.8% to RMB2.0 billion (US$0.3 billion) in the first quarter of 2025 from RMB1.7 billion in the same period of 2024, which was in line with the growth of net revenues from home renovation and furnishing.

Cost of home rental services. The Company’s cost of revenues for home rental services increased by 91.3% to RMB4.7 billion (US$0.7 billion) in the first quarter of 2025 from RMB2.5 billion in the same period of 2024, primarily attributable to the growth of net revenues from home rental services.

Cost related to stores. The Company’s cost related to stores increased by 4.6% to RMB717 million (US$99 million) in the first quarter of 2025 from RMB685 million in the same period of 2024, primarily attributable to the increased number of Lianjia stores.

Other costs. The Company’s other costs increased to RMB0.5 billion (US$0.1 billion) in the first quarter of 2025 from RMB0.4 billion in the same period of 2024, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

Gross Profit

Gross profit increased by 17.0% to RMB4.8 billion (US$0.7 billion) in the first quarter of 2025 from RMB4.1 billion in the same period of 2024. Gross margin decreased to 20.7% in the first quarter of 2025 from 25.2% in the same period of 2024, primarily due to a) a lower proportion of net revenues from existing home transaction services with a relatively higher contribution margin than other revenues streams, and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

Income from Operations

Total operating expenses were RMB4.2 billion (US$0.6 billion) in the first quarter of 2025, compared to RMB4.1 billion in the same period of 2024.

General and administrative expenses were RMB1.9 billion (US$0.3 billion) in the first quarter of 2025, compared with RMB2.0 billion in the same period of 2024, mainly due to the decrease in share-based compensation expenses.

Sales and marketing expenses increased by 9.2% to RMB1.8 billion (US$0.2 billion) in the first quarter of 2025 from RMB1.6 billion in the same period of 2024, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.

Research and development expenses increased by 24.9% to RMB584 million (US$80 million) in the first quarter of 2025 from RMB467 million in the same period of 2024, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

Income from operations was RMB591 million (US$81million) in the first quarter of 2025, compared to RMB12 million in the same period of 2024. Operating margin was 2.5% in the first quarter of 2025, compared to 0.1% in the same period of 2024, primarily due to the improved operating leverage, compared to the same period of 2024.

Adjusted income from operations⁶ was RMB1,148 million (US$158 million) in the first quarter of 2025, compared to RMB960 million in the same period of 2024. Adjusted operating margin⁷ was 4.9% in the first quarter of 2025, compared to 5.9% in the same period of 2024. Adjusted EBITDA⁸ was RMB1,842 million (US$254 million) in the first quarter of 2025, compared to RMB1,666 million in the same period of 2024.

Net Income

Net income was RMB855 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

Adjusted net income was RMB1,393 million (US$192 million) in the first quarter of 2025, relatively flat compared to RMB1,392 million in the same period of 2024.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB856 million (US$118 million) in the first quarter of 2025, compared to RMB432 million in the same period of 2024.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders⁹ was RMB1,393 million (US$192 million) in the first quarter of 2025, compared to RMB1,392 million in the same period of 2024.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹⁰ were RMB0.76 (US$0.10) and RMB0.73 (US$0.10) in the first quarter of 2025, respectively, compared to RMB0.38 and RMB0.37 in the same period of 2024, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹¹ were RMB1.24 (US$0.17) and RMB1.19 (US$0.16) in the first quarter of 2025, respectively, compared to RMB1.21 and RMB1.18 in the same period of 2024, respectively.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of March 31, 2025, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB54.8 billion (US$7.6 billion).

Share Repurchase Program

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of March 31, 2025, the Company in aggregate has purchased approximately 116.6 million ADSs (representing approximately 349.9 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,764.8 million under this share repurchase program since its launch.

Conference Call Information

The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Thursday, May 15, 2025 (8:00 P.M. Beijing/Hong Kong Time on Thursday, May 15, 2025) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: https://s1.c-conf.com/diamondpass/10046740-j8h7g6.html

Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10046741-h6g53.html

A replay of the conference call will be accessible through May 22, 2025, by dialing the following numbers:

United States:	+1-855-883-1031
Mainland, China:	400-1209-216
Hong Kong, China:	800-930-639
International:	+61-7-3107-6325
Replay PIN (English line):	10046740
Replay PIN (Chinese simultaneous interpretation line):	10046741

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please visit: https://investors.ke.com.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: ir@ke.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: ke@tpg-ir.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ke@tpg-ir.com

Source: KE Holdings Inc.

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share, per share data)

	As of December 31,	As of March 31,
	2024	2025
	RMB	RMB	US$

ASSETS
Current assets
Cash and cash equivalents	11,442,965	12,772,700	1,760,125
Restricted cash	8,858,449	10,145,685	1,398,113
Short-term investments	41,317,700	31,876,941	4,392,760
Financing receivables, net of allowance for credit losses of RMB147,330 and RMB162,302 as of December 31, 2024 and March 31, 2025, respectively	2,835,527	2,073,051	285,674
Accounts receivable and contract assets, net of allowance for credit losses of RMB1,636,163 and RMB1,643,867 as of December 31, 2024 and March 31, 2025, respectively	5,497,989	5,139,299	708,214
Amounts due from and prepayments to related parties	379,218	390,196	53,770
Loan receivables from related parties	18,797	194,086	26,746
Prepayments, receivables and other assets	6,252,700	7,573,610	1,043,672
Total current assets	76,603,345	70,165,568	9,669,074
Non-current assets
Property, plant and equipment, net	2,400,211	2,427,395	334,504
Right-of-use assets	23,366,879	23,536,212	3,243,377
Long-term investments, net	23,790,106	27,618,510	3,805,932
Intangible assets, net	857,635	823,140	113,432
Goodwill	4,777,420	4,777,420	658,346
Long-term loan receivables from related parties	131,410	19,360	2,668
Other non-current assets	1,222,277	1,244,856	171,546
Total non-current assets	56,545,938	60,446,893	8,329,805
TOTAL ASSETS	133,149,283	130,612,461	17,998,879

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (All amounts in thousands, except for share, per share data)

	As of December 31,	As of March 31,
	2024	2025
	RMB	RMB	US$

LIABILITIES
Current liabilities
Accounts payable	9,492,629	7,868,788	1,084,348
Amounts due to related parties	391,446	427,753	58,946
Employee compensation and welfare payable	8,414,472	5,226,229	720,194
Customer deposits payable	6,078,623	7,452,000	1,026,913
Income taxes payable	1,028,735	823,746	113,515
Short-term borrowings	288,280	182,010	25,082
Lease liabilities current portion	13,729,701	13,579,265	1,871,273
Contract liabilities and deferred revenue	6,051,867	6,583,215	907,191
Accrued expenses and other current liabilities	7,268,505	10,618,658	1,463,290
Total current liabilities	52,744,258	52,761,664	7,270,752
Non-current liabilities
Deferred tax liabilities	317,697	317,697	43,780
Lease liabilities non-current portion	8,636,770	8,579,296	1,182,259
Other non-current liabilities	2,563	2,465	340
Total non-current liabilities	8,957,030	8,899,458	1,226,379
TOTAL LIABILITIES	61,701,288	61,661,122	8,497,131

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (All amounts in thousands, except for share, per share data)

	As of December 31,		As of March 31,
	2024		2025
	RMB		RMB		US$

SHAREHOLDERS’ EQUITY
KE Holdings Inc. shareholders’ equity
Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding⁽¹⁾ as of December 31, 2024; 3,477,710,889 Class A ordinary shares issued and 3,346,161,732 Class A ordinary shares outstanding⁽¹⁾ as of March 31, 2025; and 145,413,446 and 144,042,476 Class B ordinary shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively)	461		460		63
Treasury shares	(949,410	)	(462,581	)	(63,745	)
Additional paid-in capital	72,460,562		68,618,103		9,455,827
Statutory reserves	926,972		926,972		127,740
Accumulated other comprehensive income	609,112		616,892		85,010
Accumulated deficit	(1,723,881	)	(868,114	)	(119,629	)
Total KE Holdings Inc. shareholders’ equity	71,323,816		68,831,732		9,485,266
Non-controlling interests	124,179		119,607		16,482
TOTAL SHAREHOLDERS’ EQUITY	71,447,995		68,951,339		9,501,748
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	133,149,283		130,612,461		17,998,879

(1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Net revenues
Existing home transaction services	5,727,030		6,870,407		946,767
New home transaction services	4,916,515		8,074,995		1,112,764
Home renovation and furnishing	2,408,848		2,945,443		405,893
Home rental services	2,625,203		5,087,776		701,114
Emerging and other services	699,718		349,726		48,194
Total net revenues	16,377,314		23,328,347		3,214,732
Cost of revenues
Commission-split	(3,418,179	)	(5,693,140	)	(784,536	)
Commission and compensation-internal	(3,620,949	)	(4,818,277	)	(663,976	)
Cost of home renovation and furnishing	(1,671,718	)	(1,985,956	)	(273,672	)
Cost of home rental services	(2,480,497	)	(4,746,056	)	(654,024	)
Cost related to stores	(685,047	)	(716,809	)	(98,779	)
Others	(378,838	)	(547,217	)	(75,408	)
Total cost of revenues⁽¹⁾	(12,255,228	)	(18,507,455	)	(2,550,395	)
Gross profit	4,122,086		4,820,892		664,337
Operating expenses
Sales and marketing expenses⁽¹⁾	(1,623,737	)	(1,772,957	)	(244,320	)
General and administrative expenses⁽¹⁾	(2,019,195	)	(1,873,760	)	(258,211	)
Research and development expenses⁽¹⁾	(467,300	)	(583,610	)	(80,424	)
Total operating expenses	(4,110,232	)	(4,230,327	)	(582,955	)
Income from operations	11,854		590,565		81,382
Interest income, net	309,675		268,568		37,010
Share of results of equity investees	(4,086	)	7,345		1,012
Fair value changes in investments, net	7,765		110,486		15,225
Impairment loss for equity investments accounted for using measurement alternative	(6,147	)	–		–
Foreign currency exchange loss	(17,748	)	(39,633	)	(5,462	)
Other income, net	537,638		445,447		61,384
Income before income tax expense	838,951		1,382,778		190,551
Income tax expense	(406,829	)	(527,455	)	(72,685	)
Net income	432,122		855,323		117,866

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued) (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Net loss (income) attributable to non-controlling interests shareholders	(348	)	444		61
Net income attributable to KE Holdings Inc.	431,774		855,767		117,927
Net income attributable to KE Holdings Inc.’s ordinary shareholders	431,774		855,767		117,927

Net income	432,122		855,323		117,866
Currency translation adjustments	36,335		(23,695	)	(3,265	)
Unrealized gains on available-for-sale investments, net of reclassification	25,331		31,475		4,337
Total comprehensive income	493,788		863,103		118,938
Comprehensive loss (income) attributable to non-controlling interests shareholders	(348	)	444		61
Comprehensive income attributable to KE Holdings Inc.	493,440		863,547		118,999
Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders	493,440		863,547		118,999

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued) (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024	March 31, 2025	March 31, 2025
	RMB	RMB	US$

Weighted average number of ordinary shares used in computing net income per share, basic and diluted
—Basic	3,439,606,429	3,362,716,016	3,362,716,016
—Diluted	3,541,861,506	3,522,002,071	3,522,002,071

Weighted average number of ADS used in computing net income per ADS, basic and diluted
—Basic	1,146,535,476	1,120,905,339	1,120,905,339
—Diluted	1,180,620,502	1,174,000,690	1,174,000,690

Net income per share attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.13	0.25	0.03
—Diluted	0.12	0.24	0.03

Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.38	0.76	0.10
—Diluted	0.37	0.73	0.10

(1) Includes share-based compensation expenses as follows:
Cost of revenues	124,433	109,558	15,097
Sales and marketing expenses	47,303	45,295	6,242
General and administrative expenses	577,134	331,203	45,641
Research and development expenses	44,510	41,113	5,666

KE Holdings Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Income from operations	11,854		590,565		81,382
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	154,293		29,883		4,118
Adjusted income from operations	959,527		1,147,617		158,146

Net income	432,122		855,323		117,866
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	154,293		29,883		4,118
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	13,191		(13,084	)	(1,803	)
Impairment of investments	6,147		–		–
Tax effects on non-GAAP adjustments	(6,916	)	(6,494	)	(895	)
Adjusted net income	1,392,217		1,392,797		191,932

Net income	432,122		855,323		117,866
Income tax expense	406,829		527,455		72,685
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets	158,506		35,171		4,847
Depreciation of property, plant and equipment	165,169		178,254		24,564
Interest income, net	(309,675	)	(268,568	)	(37,010	)
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	13,191		(13,084	)	(1,803	)
Impairment of investments	6,147		–		–
Adjusted EBITDA	1,665,669		1,841,720		253,795

Net income attributable to KE Holdings Inc.’s ordinary shareholders	431,774		855,767		117,927
Share-based compensation expenses	793,380		527,169		72,646
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	154,293		29,883		4,118
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	13,191		(13,084	)	(1,803	)
Impairment of investments	6,147		–		–
Tax effects on non-GAAP adjustments	(6,916	)	(6,494	)	(895	)
Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders	(7	)	(7	)	(1	)
Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders	1,391,862		1,393,234		191,992

KE Holdings Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued) (All amounts in thousands, except for share, per share data, ADS and per ADS data)

	For the Three Months Ended
	March 31, 2024	March 31, 2025	March 31, 2025
	RMB	RMB	US$

Weighted average number of ADS used in computing net income per ADS, basic and diluted
—Basic	1,146,535,476	1,120,905,339	1,120,905,339
—Diluted	1,180,620,502	1,174,000,690	1,174,000,690

Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted
—Basic	1,146,535,476	1,120,905,339	1,120,905,339
—Diluted	1,180,620,502	1,174,000,690	1,174,000,690

Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.38	0.76	0.10
—Diluted	0.37	0.73	0.10

Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.83	0.48	0.07
—Diluted	0.81	0.46	0.06

Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	1.21	1.24	0.17
—Diluted	1.18	1.19	0.16

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (All amounts in thousands)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$

Net cash used in operating activities	(2,108,532	)	(3,965,271	)	(546,429	)
Net cash provided by investing activities	1,290,426		6,285,669		866,188
Net cash provided by (used in) financing activities	(252,538	)	261,073		35,977
Effect of exchange rate change on cash, cash equivalents and restricted cash	(3,505	)	35,500		4,892
Net increase (decrease) in cash and cash equivalents and restricted cash	(1,074,149	)	2,616,971		360,628
Cash, cash equivalents and restricted cash at the beginning of the period	25,857,461		20,301,414		2,797,610
Cash, cash equivalents and restricted cash at the end of the period	24,783,312		22,918,385		3,158,238

KE Holdings Inc. UNAUDITED SEGMENT CONTRIBUTION MEASURE (All amounts in thousands)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$
Existing home transaction services
Net revenues	5,727,030		6,870,407		946,767
Commission and compensation	(3,180,925	)	(4,252,291	)	(585,981	)
Contribution	2,546,105		2,618,116		360,786
New home transaction services
Net revenues	4,916,515		8,074,995		1,112,764
Commission and compensation	(3,821,103	)	(6,185,772	)	(852,422	)
Contribution	1,095,412		1,889,223		260,342
Home renovation and furnishing
Net revenues	2,408,848		2,945,443		405,893
Material costs, commission and compensation	(1,671,718	)	(1,985,956	)	(273,672	)
Contribution	737,130		959,487		132,221
Home rental services
Net revenues	2,625,203		5,087,776		701,114
Property leasing costs, commission and compensation	(2,480,497	)	(4,746,056	)	(654,024	)
Contribution	144,706		341,720		47,090
Emerging and other services
Net revenues	699,718		349,726		48,194
Commission and compensation	(37,100	)	(73,354	)	(10,109	)
Contribution	662,618		276,372		38,085

KE Holdings Inc. UNAUDITED SEGMENT CONTRIBUTION MEASURE (Continued) (All amounts in thousands)

	For the Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		US$
Reconciliation of profit
Cost related to stores	(685,047	)	(716,809	)	(98,779	)
Other costs	(378,838	)	(547,217	)	(75,408	)
Amounts not allocated to segment:
Sales and marketing expenses	(1,623,737	)	(1,772,957	)	(244,320	)
General and administrative expenses	(2,019,195	)	(1,873,760	)	(258,211	)
Research and development expenses	(467,300	)	(583,610	)	(80,424	)
Total operating expenses	(4,110,232	)	(4,230,327	)	(582,955	)
Income from operations	11,854		590,565		81,382

¹ GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
² Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, and (v) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
³ Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
“Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,593 as of March 31, 2024.
⁴ “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 399,159 as of March 31, 2024.
⁵ “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
⁶ Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, and (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
⁷ Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
⁸ Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, and (vii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
⁹ Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of investments, (v) tax effects of the above non-GAAP adjustments, and (vi) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
¹⁰ ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
¹¹ Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

The MIL Network –

May 15, 2025

MIL-OSI Asia-Pac: Fraudulent social media account related to Bank of Singapore Limited

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

MIL OSI Asia Pacific News –

May 15, 2025

MIL-OSI Asia-Pac: Islands District Office co-ordinates interdepartmental drill on emergency response to flooding in Tai O (with photos)

Source: Hong Kong Government special administrative region

Islands District Office co-ordinates interdepartmental drill on emergency response to flooding in Tai O
The IsDO, the Fire Services Department, the Hong Kong Police Force, the Hong Kong Observatory (HKO), the Drainage Services Department, the Social Welfare Department, the Housing Department, the Civil Engineering and Development Department, the Civil Aid Service, the Tai O Rural Committee, the Neighbourhood Advice-Action Council, the Hong Kong Young Women’s Christian Association Tai O Community Work Office, the Hong Kong Red Cross and the Buddhist Fat Ho Memorial College participated in the drill. The drill simulated an actual situation with unexpected elements to increase the difficulty. Participating departments and organisations were required to carry out rescue tasks immediately under unexpected circumstances, posing challenges to and strengthening their response capabilities.

According to the emergency response plan, when the HKO forecasts that the sea level at Tai O would rise to 3.3 metres above Chart Datum or more in the coming few hours, the emergency response plan for severe flooding in Tai O will be fully activated. The HKO will issue an alert to relevant government departments, organisations, Tai O resident representatives and fishermen representatives by SMS. Upon receipt of the alert, the IsDO will activate an emergency co-ordination centre at the Tai O Rural Committee Office, jointly set up by government departments and non-governmental organisations. The emergency co-ordination centre will co-ordinate any necessary evacuation, rescue and emergency relief efforts for Tai O.

Upon receipt of the HKO’s alert, resident representatives and fishermen representatives in Tai O will also help disseminate the information to residents to enable them to stay vigilant and take refuge in safe locations if necessary. In addition, temporary shelters at the Tai O Rural Committee Office, the Hong Kong Young Women’s Christian Association Tai O Community Work Office and the Buddhist Fat Ho Memorial College, and the Transit Centre situated at Lung Tin Estate will be opened for residents in need.
Issued at HKT 17:20

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MIL OSI Asia Pacific News –

May 15, 2025

MIL-OSI Asia-Pac: DEVB invites market to submit expressions of interest for development of first Advanced Construction Industry Building

Source: Hong Kong Government special administrative region

DEVB invites market to submit expressions of interest for development of first Advanced Construction Industry Building
The spokesperson said that following the initial market sounding exercise conducted by the consultant, the Government is of the view that the project can be developed using the Build-Operate-Transfer (BOT) approach with a 30-year contract period to leverage market financing. Taking into account the required floor height, floor loading capacity and mode of operation of the building, and preliminary feedback from the industry, the Government expects the project to provide a two to four-storey building with a total floor area of around 30 000 to 60 000 square metres, and around 5 000 to 10 000 sq m of open space for loading/unloading and storage. The successful bidder will be responsible for constructing the building and operating the advanced manufacturing facilities related to the construction industry, including not less than 20 000 sq m of the floor area for steel rebar prefabrication yards and not less than 5 000 sq m of the floor area for MiMEP processing sites. Under the current plan, the developer is required to lease not less than 5 000 sq m of the floor area for industry use. Issued at HKT 16:57

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MIL OSI Asia Pacific News –

May 15, 2025

Trump says US close to a nuclear deal with Iran

Source: Government of India

Source: Government of India (4)

U.S. President Donald Trump said on Thursday that the United States was getting very close to securing a nuclear deal with Iran, and Tehran had “sort of” agreed to the terms.

“We’re in very serious negotiations with Iran for long-term peace,” Trump said on a tour of the Gulf, according to a shared pool report by AFP.

“We’re getting close to maybe doing a deal without having to do this… there (are) two steps to doing this, there is a very, very nice step and there is the violent step, but I don’t want to do it the second way,” he said.

An Iranian source familiar with the negotiations said there were still gaps to bridge in the talks with the United States.

Oil prices fell by about $2 on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing.

Fresh talks between Iranian and U.S. negotiators to resolve disputes over Tehran’s nuclear programme ended in Oman on Sunday with further negotiations planned, officials said, as Tehran publicly insisted on continuing its uranium enrichment.

Though Tehran and Washington have both said they prefer diplomacy to resolve the decades-long nuclear dispute, they remain divided on several red lines that negotiators will have to circumvent to reach a new deal and avert future military action.

Iran’s president reacted to Trump’s comments on Tuesday calling Tehran the “most destructive force” in the Middle East.

“Trump thinks he can sanction and threaten us and then talk of human rights. All the crimes and regional instability is caused by them (the United States),” Masoud Pezeshkian said.

“He wants to create instability inside Iran.”

However, in an interview with NBC News published on Wednesday, an Iranian official said Iran was willing to agree to a deal with the U.S. in exchange for the lifting of economic sanctions.

Ali Shamkhani, an adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei, said Iran would commit to never making nuclear weapons and getting rid of its stockpiles of highly enriched uranium, agree to enrich uranium only to the lower levels needed for civilian use and allow international inspectors to supervise the process, NBC reported.

‘RED LINE’

U.S. officials have publicly stated that Iran should halt uranium enrichment, a stance Iranian officials have called a “red line” asserting they will not give up what they view as their right to enrich uranium on Iranian soil.

However, they have indicated a willingness to reduce the level of enrichment.

Iranian officials have also expressed readiness to reduce the amount of highly enriched uranium in storage—uranium enriched beyond the levels typically needed for civilian purposes, such as nuclear power generation.

But they have said it would not accept lower stockpiles than the amount agreed in a deal with world powers in 2015 – the deal Trump quit.

The Iranian source said that while Iran is prepared to offer what it considers concessions, “the issue is that America is not willing to lift major sanctions in exchange.”

Western sanctions have severely impacted the Iranian economy.

Regarding the reduction of enriched uranium in storage, the source noted: “Tehran also wants it removed in several stages, which America doesn’t agree with either.”

There is also disagreement over the destination to which the highly enriched uranium would be sent, the source added.

(Reuters)

May 15, 2025

World Test Championship winners to get $3.6 million as ICC bumps up prize money

Source: Government of India

Source: Government of India (4)

The winners of next month’s World Test Championship (WTC) final between Australia and South Africa will take home $3.6 million following a significant increase in the prize money by the governing International Cricket Council on Thursday.

Holders Australia pocketed $1.6 million for winning the 2023 WTC final against India, who claimed $800,000 as runners-up.

The losers of the June 11-15 test at Lord’s will get $2.1 million – more than the winners’ purse in the last two WTC finals.

“The increase in prize money exhibits the ICC’s efforts to prioritise test cricket as it looks to build on the momentum of the first three cycles of the nine-team competition,” the ICC said in a statement.

Australia captain Pat Cummins said they were ready to overcome any challenge to retain their WTC title.

“We are enormously proud to have the opportunity to defend the World Test Championship, especially at Lord’s,” the paceman said.

“It’s a testament to all those involved across the past two years who have worked incredibly hard to reach the final, which is a great honour for all of us.”

Counterpart Temba Bavuma said South Africa were determined to win their maiden ICC title.

“Everyone understands the importance of test cricket and the World Test Championship lends context to this vital format of the game.

“Lord’s is a fitting venue for this mega fixture and all of us will be out there trying to give our best against Australia,” Bavuma said.

-Reuters

May 15, 2025

MIL-OSI Russia: IMF Staff Completes the 2025 Article IV Mission to Singapore

Source: IMF – News in Russian

May 15, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

Singapore’s economy recovered in 2024 but is forecast to slow down in 2025 due to the recent escalation of global trade tensions. Inflation is expected to stay muted.
Fiscal and monetary policies are appropriately supporting the economy. Singapore has ample fiscal space to provide additional temporary and targeted support in case downside growth risks materialize.
Singapore’s financial sector remains sound and resilient, underpinned by well-capitalized and liquid banks. Potential financial sector risks from tightening global financial conditions should continue to be closely monitored.

Washington, DC: An International Monetary Fund (IMF) team, led by Mr. Masahiro Nozaki, conducted discussions on the 2025 Article IV Consultation with the Singaporean authorities and other stakeholders from May 5 to May 15, 2025. At the conclusion of the discussions, Mr. Nozaki issued the following statement:

“Singapore’s economy recovered strongly in 2024 and disinflation advanced. Growth increased to 4.4 percent in 2024, from 1.8 percent in 2023, supported by an upturn in the global technology cycle. Headline inflation decreased to 1.5 percent in end-2024 and further to 0.9 percent in March 2025, reflecting disinflation in both tradable and non-tradable prices.

“However, the recent escalation of trade tensions and an associated spike in global policy uncertainty—as highlighted in the April 2025 World Economic Outlook—have sharply weakened Singapore’s economic outlook. Growth is projected to slow to 1.7 percent in 2025. Inflation is expected to stay muted, with headline inflation and Monetary Authority of Singapore (MAS) Core Inflation forecast at 1.1 percent and 1.0 percent in 2025, respectively, due to emerging slack in the economy and projected declines in commodity and other tradables prices from slower global growth.

“There is a high degree of uncertainty around this forecast, reflecting elevated global economic and policy uncertainty. Risks to growth are firmly tilted to the downside, stemming from a possible further escalation of global trade tensions and a sharp tightening of global financial conditions. While risks to inflation are tilted to the downside due to weaker-than-expected global and domestic growth, potential upside inflation risks, including from possible supply chain disruptions, should also be monitored.

“Against this backdrop, MAS appropriately loosened monetary policy in January and April 2025. In view of weak inflation, slowing growth, and emerging slack in the economy, staff sees scope for further monetary policy easing in the near term. However, MAS should remain vigilant and data dependent with respect to the speed and magnitude of easing in light of the large uncertainty, as well as both upside and downside risks around the inflation outlook.

“The expansionary fiscal stance for FY2025 (April 2025-March 2026) is appropriate against the backdrop of slowing growth, increasing economic slack, and elevated downside risks. Continued support to households and firms will provide ongoing relief, while enhanced infrastructure spending will support domestic demand and help promote long-term growth. Singapore has ample fiscal space that can be deployed to provide targeted and temporary fiscal support in the event of downside risks materializing. Over the medium term, currently untargeted transfers should be phased out or better targeted to vulnerable households and firms. With strong fiscal institutions and buffers, Singapore is well positioned to meet its medium-term fiscal spending needs, including for rising healthcare costs due to an aging population, scaling up high-quality public infrastructure, and strengthening social safety nets.

“Singapore’s financial sector is resilient. Banks are well capitalized, have ample liquidity, and are profitable. The authorities’ regulatory and supervisory efforts have contained existing financial sector vulnerabilities, including from cross-border exposure, reliance on foreign exchange funding, residential and commercial real estate exposures, interconnectedness between banks and nonbank financial institutions (NBFIs), and exposures to relatively small segments of highly leveraged corporates and households. Nonetheless, in view of the risk of a sharp tightening of global financial conditions, continued vigilance is warranted against these vulnerabilities.

“We welcome the steady implementation of the authorities’ Forward Singapore initiative, including enhanced paid parental leave to support young families; enhanced grants for low-income first-time home buyers to improve housing affordability; and additional transfers to improve the retirement adequacy for low-income workers and retirees. The introduction of temporary financial support for involuntarily unemployed individuals has helped strengthen Singapore’s social safety nets. The government continues to make progress with helping workers to reskill and firms to adopt AI technologies.

“The IMF team would like to thank the authorities and other counterparts for their close collaboration and productive discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/05/15/pr25147-singapore-imf-completes-2025-aiv-mission

MIL OSI

MIL OSI Russia News –

May 15, 2025

MIL-OSI Asia-Pac: Speech by SCED at APEC MRT Meeting discussion session on AI Innovation for Trade Facilitation (English only)

Source: Hong Kong Government special administrative region

â€‹Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled “AI Innovation for Trade Facilitation” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 15):

     Good afternoon, Chair and fellow Ministers.

     Let me begin by expressing my sincere gratitude to Korea for the warm hospitality extended to the Hong Kong, China (HKC) delegation and for hosting us in this beautiful island of Jeju.

     Digitalisation, coupled with artificial intelligence (AI), has been quickly transforming businesses, unlocking new opportunities, and redefining how goods and services move across borders these days. As part of HKC’s wider efforts in developing the AI industry, we have, as early as in 2022, set out clear strategic directions and a detailed action plan for promoting the development of AI in our Hong Kong Innovation and Technology Development Blueprint.

     HKC is also keen to embrace the transformative power of AI in trade. For instance, innovative technologies such as AI-powered tools have been adopted to ensure effective enforcement controls while streamlining customs clearance procedures. Our final phase of the Trade Single Window will establish a highly automated cargo risk assessment engine to expedite clearance using AI, and we expect this to be rolled out next year. Our Customs and Excise Department is also modernising its information technology infrastructure, thus enabling the use of a sophisticated data pipeline with the latest AI technologies.

     As with every new innovative development, whilst we grasp the opportunities and benefits, it is at the same time crucial to ensure such developments are ethical, responsible and inclusive. To this end, HKC has adopted a pro-innovation regulatory approach to construct a well-balanced governance framework that could cater to all stakeholders in the AI ecosystem. Just a few weeks ago, the Hong Kong Generative Artificial Intelligence Technical and Application Guideline was released to provide practical operational guidelines for technology developers, service providers and users in the application of generative AI technology. Furthermore, we plan to amend our legislation in order to further enhance HKC’s copyright regime regarding protection for AI technology development.

     We recognise that AI is utilised across different sectors, with trade being just one of them. We are also acutely aware that there are a number of ongoing discussions in international forums to discuss AI development, including rules setting and governance. This notwithstanding, we see much room for collaboration amongst member economies on AI in trade, particularly on its applications for trade facilitation measures and customs procedures in APEC.

     In the current era with rising protectionism and unilateralism, it has become even more important for APEC to showcase to the world that regional economic co-operation in the area of AI matters and can bring benefits to the people of the entire region. APEC should leverage its role to foster regional dialogue on ensuring safe and responsible use of AI for trade, exchange experiences and knowledge, promote public-private collaboration, enhance transparency of regulatory frameworks, and strengthen partnerships among member economies, taking into account the different development stages of member economies.

     HKC is ready to contribute and collaborate with fellow member economies to harness AI for trade and to drive high-quality growth across the region.

     Thank you.

MIL OSI Asia Pacific News –

May 15, 2025

MIL-OSI Asia-Pac: Speech by SCED at APEC MRT Meeting discussion session on Connectivity through Multilateral Trading System (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled “Connectivity through Multilateral Trading System” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 15):

Good afternoon, Chair, WTO Director-General (Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala), and colleagues.

The recent upheaval caused by one economy’s unilateral tariff measures on all other economies poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape today.

We are pleased to note the substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect. This development marks a pivotal step towards fostering stability in global trade and reinforces our shared commitment to advancing constructive economic relations within the APEC region and beyond. Continued collaboration under this framework will undoubtedly contribute to inclusive growth and a rules-based multilateral trading system.

Hong Kong, China (HKC), as one of the freest economies in the world, reaffirms our unwavering commitment to free trade principles and the WTO-centred multilateral trading system. We firmly believe that sustainable solutions to trade disputes can only be achieved through constructive dialogue, adherence to internationally agreed rules, and a shared pursuit of equitable outcomes. We call upon all members to unite in defending the open, predictable and inclusive character of global trade.

As the WTO commemorates its 30th anniversary this year, it is deeply disheartening to witness one of its founding members attempting to rip the organisation apart, after years of unilateral action in crippling its dispute settlement function. While reforms are indeed necessary to keep the decades-old organisation relevant amid evolving global challenges, aggressive and erratic trade actions that create economic chaos only serve to escalate tensions and instability.

As a free port, HKC has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. We remain committed to engaging in constructive dialogues to enhance the WTO’s functionality, resilience and effectiveness. At this critical time, we call on APEC member economies who cherish the multilateral trading system to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.

Looking ahead to the 14th Ministerial Conference (MC14) which is less than a year away, with the rapidly evolving situation, telling what lies ahead until then may seem elusive. Nevertheless, HKC remains hopeful and determined to achieve tangible and positive outcomes at MC14 – many of which are in fact long overdue. Beyond the dispute settlement reform, our priorities include bringing into force the Agreement on Fisheries Subsidies and concluding the second wave of the fisheries subsidies negotiations, both of which are still so near, yet so far. We must strive to finish the unfinished business at MC13 to incorporate the plurilateral Investment Facilitation for Development (IFD) Agreement into the WTO legal architecture. In this regard, we fully support the APEC Statement in support of the WTO Joint Statement Initiative on IFD, championed by Korea, which would send a strong political signal of APEC’s commitment to the swift and successful integration of this landmark agreement into the WTO framework.

We also stand by finding a permanent solution to, or at least securing an extension of the WTO e-commerce moratorium, and support the early incorporation of the Agreement on Electronic Commerce into the WTO legal framework, which will provide the much needed clarity and stability for e-commerce business worldwide. We strongly encourage APEC member economies to intensify collaborative efforts to achieve these goals by MC14. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.

Thank you.

MIL OSI Asia Pacific News –

May 15, 2025

MIL-OSI Asia-Pac: SCED urges APEC member economies to unite in defending rules-based multilateral trading system (with photos)

Source: Hong Kong Government special administrative region

     The Secretary for Commerce and Economic Development, Mr Algernon Yau, stressed the importance of upholding the rules-based multilateral trading system at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, Korea, today (May 15).

     Speaking at the session entitled “Connectivity through Multilateral Trading System”, Mr Yau said that the recent upheaval caused by unilateral tariff measures poses a threat to the multilateral trading system, representing an imminent challenge to the global trade landscape. The substantive progress made at the high-level meetings between two economies, where both sides have agreed to significantly reduce their bilateral tariffs and continue discussions in a spirit of openness, continuous communication, co-operation and mutual respect, marked a pivotal step towards fostering stability in global trade and reinforces the shared commitment to advancing constructive economic relations within the APEC region and beyond.

     He pointed out that, as a free port, Hong Kong has long championed free trade in the past and remains firmly committed to the rules-based multilateral trading system now and in the future. Hong Kong also remains committed to engaging in constructive dialogues to enhance the World Trade Organization (WTO)’s functionality, resilience and effectiveness.

     Mr Yau called upon member economies to unite in defending the open, predictable and inclusive character of global trade and to collaborate closely to uphold and strengthen the system, thereby safeguarding global economic stability.

     Meanwhile, Mr Yau encouraged member economies to intensify collaborative efforts to finish the unfinished business at the 13th WTO Ministerial Conference, such as bringing into force the Agreement on Fisheries Subsidies, and incorporating the plurilateral Investment Facilitation for Development Agreement into the WTO legal architecture. Demonstrating concrete progress will assure the global community that the WTO remains vibrant, effective and capable of addressing contemporary trade challenges effectively.

     At another discussion session entitled “AI Innovation for Trade Facilitation”, Mr Yau said that digitalisation, coupled with AI, has been quickly transforming businesses, unlocking new opportunities, and redefining how goods and services move across borders these days.

     He noted that Hong Kong is keen to embrace the transformative power of AI in trade. For instance, innovative technologies such as AI-powered tools have been adopted to ensure effective enforcement controls while streamlining customs clearance procedures. The final phase of the Trade Single Window will establish a highly automated cargo risk assessment engine to expedite clearance using AI.

     Mr Yau said that while there are a number of ongoing discussions in international forums to discuss AI development, including rules setting and governance, there is much room for collaboration among member economies on AI in trade. He added that in the current era with rising protectionism and unilateralism, it has become even more important for APEC to showcase to the world that regional economic co-operation in the area of AI matters and can bring benefits to the people of the entire region. He added that Hong Kong is ready to contribute and collaborate with fellow member economies to harness AI for trade and to drive high-quality growth across the region.

     On the margins of the MRT Meeting today, Mr Yau met with the China International Trade Representative and Vice Minister of Commerce, Mr Li Chenggang; the Deputy Minister for Trade of Korea, Mr Park Jong-won; as well as the Minister for Trade and Investment of New Zealand, Mr Todd McClay, separately to exchange views on various issues of mutual concern.

     Mr Yau also paid a courtesy call on the Governor of Jeju Special Self-Governing Province, Mr Oh Young Hun, yesterday (May 14) to give him an update on the latest developments of Hong Kong and exchange views on promoting closer bilateral relations.

     Mr Yau will continue to join the MRT Meeting tomorrow (May 16).

MIL OSI Asia Pacific News –

May 15, 2025

Category: Asia Pacific

Joint trade statement between New Zealand and United Kingdom

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