Category: China

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: 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 Europe: Written question – EU industrial priorities: will the Commission acknowledge mistakes and take real action to save the European steel sector? – E-001863/2025
Source: European Parliament
Question for written answer E-001863/2025
to the Commission
Rule 144
Piotr Müller (ECR)

For years, the Commission has stood passively by as Europe has deindustrialised, imposing costly regulations and ignoring the consequences of China’s increasing industrial overproduction and the US’s recent tightening of customs policy aimed at protecting its heavy industry. Now, facing pressures from rising unemployment, dependence on external suppliers and the threat of losing industrial sovereignty, the Commission is trying to save the steel sector, which employs more than 300 000 EU citizens.

I would therefore like to ask three specific questions, which require equally specific answers:

1.Is the Commission prepared to explicitly acknowledge that its current regulatory approach – lacking any effective mechanisms to protect strategic industry – has contributed to the loss of production capacity and has deepened Europe’s dependence on external economic powers?

2.In light of the facts (mass lay-offs, steelworks closures, falling exports and growing trade deficits), will the Commission acknowledge that maintaining industrial production in the EU must become an absolute priority, even if it means having to adapt the decarbonisation agenda?

3.Will the Commission review the application of the Emissions Trading System (ETS) to the steel industry and consider temporarily suspending or permanently modifying it, given that, as currently designed, the ETS makes it impossible in practice for European steel producers to compete with operators outside the EU?

Submitted: 8.5.2025
Last updated: 15 May 2025
MIL OSI Europe News –
May 15, 2025
MIL-OSI United Kingdom: TRA recommendation for new duties on Chinese excavators accepted
Source: United Kingdom – Executive Government & Departments

News story

TRA recommendation for new duties on Chinese excavators accepted

The Government has accepted the TRA’s recommendation to impose new anti-dumping and countervailing measures on imports of excavators from China to the UK.
The Secretary of State for Business and Trade has accepted the TRA’s recommendation to impose new anti-dumping and countervailing measures on imports of excavators from China to the UK.

The anti-dumping duties range from 18.81% for a sampled exporter to 40.08% for the residual rate; while the countervailing duties range from 0% to 2.98%. The TRA has estimated that the measures could benefit UK excavator producers by up to £26 million per year.

The measures will be imposed on imports of excavators from China weighing 11 tonnes or more, but less than 80 tonnes as the TRA found that there is no UK industry for the production of excavators weighing 80 tonnes or above. The TRA has therefore determined that the UK industry would not be injured by these products.

The TRA opened its investigation in November 2023 in response to an application from JCB, a Staffordshire-based multinational business. It found that Chinese exporters were able to use reduced production costs to price their exports below UK competitors who did not benefit from an artificially low-cost base.

Legal challenge

In February, Caterpillar (Xuzhou) Ltd. (CXL) launched a judicial review against the TRA and the Department of Business and Trade’s decision to impose provisional anti-dumping measures on imports of Chinese excavators.

The judgment in the judicial review was handed down on 9 May, with the claims against both the TRA and Secretary of State for Business and Trade ruled as unarguable. The judge in the case concluded that the TRA, in its decisions surrounding the provisional anti-dumping measures, had acted lawfully, rationally and in a procedurally fair manner. The judgement did not affect the decision to apply definitive anti-dumping or countervailing measures.

Background information:

The periods of investigation for both the anti-dumping and countervailing cases were 1 July 2022 – 30 June 2023.

The TRA is the UK body that investigates whether trade remedy measures are needed to counter unfair trading practices and unforeseen surges of imports.

Anti-dumping duties allow a country or union to act against goods which are being sold at less than their normal value – this is defined as the price for ‘like goods’ sold in the exporter’s home market.

Countervailing duties are designed to counteract government subsidies that cause material injury to domestic industries.

The judgement in the judicial review can be read in full here.

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Published 15 May 2025
MIL OSI United Kingdom –
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
MIL-OSI Asia-Pac: Joint press release of PBoC, SFC and HKMA on further enriching product types of Swap Connect to facilitate high-level opening-up of Mainland’s financial markets

Source: Hong Kong Government special administrative region

Joint press release of PBoC, SFC and HKMA on further enriching product types of Swap Connect to facilitate high-level opening-up of Mainland’s financial markets
To further promote the collaborative development of financial derivatives markets on the Mainland and in Hong Kong, as well as the high-level opening-up of Mainland’s financial markets, after assessing the operational experience of Swap Connect and feedback from Mainland and offshore investors, the People’s Bank of China, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority plan to further enrich the product types under Swap Connect. First, the tenor of interest rate swap contracts would be extended to 30 years to meet the diverse risk management needs of market institutions. Second, the product scope of Swap Connect would be expanded by including interest rate swap contracts using the Loan Prime Rate (LPR) as the reference rate. Relevant financial infrastructure operators in both markets will roll out these enhancement measures progressively.

Looking ahead, regulatory authorities on the Mainland and in Hong Kong will continue to provide guidance to the financial market infrastructure operators in both markets to continue to enhance relevant arrangements, taking into account the operation experience of Swap Connect, with a view to steadily advancing the further opening-up of Mainland’s financial markets, promoting RMB internationalisation in a steady, orderly and sound manner, and supporting the successful development of Hong Kong as an international financial centre.
Issued at HKT 17:12

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Russia: Feature: U.S. Builders Suffer Tariffs as Costs Continue to Rise

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian –

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

LOS ANGELES, May 15 (Xinhua) — Just over a month after the U.S. administration imposed massive tariffs on its trading partners, David Truong, a manager at DuiDui Construction in Los Angeles, California, is already facing rising costs.

“The prices of almost all construction materials have continued to rise in recent months,” D. Truong told Xinhua. “Construction of new houses is becoming more expensive every day.”

D. Truong showed a construction site in Temple City, Los Angeles County, where the effects of the tariffs are visible to the naked eye. For example, a faucet used to cost about $160; now it costs at least $200. A steel-framed window that used to cost just over $300 now sells for more than $370.

The biggest increase is in lighting fixtures. “A recessed LED light that used to cost $12 to $15 is now about $30,” he explained. “This house needs over 20 of them, so we’re spending an extra $300 to $400 just on lighting.”

The sharp rise in tariffs is adding nearly $11,000 to the cost of building a new home in the U.S., according to April data from the National Association of Home Builders (NAHB), one of the nation’s largest trade associations.

“The disruptions caused by tariffs make it difficult for developers to accurately price and make important business decisions,” NAHB Chief Economist Robert Dietz said in an April press release.

According to Anirban Basu, chief economist at the Associated Builders and Contractors (ABC), building materials prices rose 9.7 percent year-on-year in the first quarter of 2025.

“While contractors are currently busy, this rate of price increases and the associated uncertainty will lead to delays and project cancellations if the situation continues for a long time,” he said.

Rising costs have cut into D. Truong’s company’s profits, forcing him to raise his rates. In Temple City, his company’s cost to build a new home has risen from $220 to $250 per square foot. In more challenging locations in other cities, the price can reach $280 per square foot.

Truong’s company is not alone in facing difficulties. Many contractors are experiencing similar problems: The prices of materials such as wiring, PVC pipes and cabinets have skyrocketed. As a result, many are having to renegotiate contracts with clients to share the financial burden.

But rising prices aren’t the only thing that worries D. Truong and other developers. The biggest concern, he said, is a potential shortage of materials. “Our biggest fear is that some materials will soon disappear from the market, no matter how much we are willing to pay for them,” he said. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Annual inflation in Mongolia in April 2025 was 8.6 percent.

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

ULAN BATOR, May 15 (Xinhua) — Mongolia’s annual inflation rate stood at 8.6 percent in April 2025, local media reported on Thursday, citing data from the country’s National Statistical Committee.

The rise in inflation in Mongolia is due to the increase in real estate prices and tariffs for housing and communal services, water, electricity, gas and other types of fuel /21.7 percent/, educational services /18.2 percent/, catering services, accommodation in hostels and hotels /16.7 percent/, food products, soft drinks and mineral water /10.5 percent/ and clothing, textiles and footwear /9.1 percent/, the official statement says.

Currently, the Central Bank of Mongolia is working to maintain the inflation rate within 5 percent (plus or minus 2 percentage points) in order to ensure macroeconomic and financial stability in the medium term.

According to the Central Bank, in March 2025, annual inflation in Mongolia was 9.1 percent. At the same time, in the capital Ulaanbaatar, where more than half of the country’s 3.5 million population lives, this figure rose to 10.1 percent.

Mongolia’s economy is expected to grow by 6.6 percent in 2025. According to experts from the Asian Development Bank, the country’s economic growth will be mainly supported by an increase in mining, in particular an increase in copper concentrate production at the Oyu Tolgoi deposit, as well as by robust domestic demand, investment in infrastructure and a gradual recovery in agriculture. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Uzbekistan to speed up WTO accession process

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

Tashkent, May 15 /Xinhua/ — Uzbekistan will speed up the process of joining the World Trade Organization /WTO/, the press service of the head of Uzbekistan reported on Wednesday.

“On May 14, President Shavkat Mirziyoyev reviewed the progress of Uzbekistan’s accession to the World Trade Organization and measures to accelerate this process,” the statement said.

As reported, within the framework of the bilateral track, negotiations were held with 33 countries on market access issues, of which negotiations with 24 countries were successfully completed.

“In particular, by the end of this year it is necessary to complete bilateral negotiations with the remaining nine countries, hold two more meetings of the Working Group and complete the preparation of the draft final report of the Working Group, thereby securing Uzbekistan’s international obligations within the WTO,” the statement said.

“This process has been carried out since 2023 under the special control of the head of state. Over the past time, Uzbekistan has achieved concrete results in multilateral and bilateral negotiations,” the press service noted. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: 50 Afghan citizens return home after being released from Pakistani prisons

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

KABUL, May 15 (Xinhua) — A total of 50 Afghan nationals released from Pakistani jails returned to their homeland on Wednesday, state-run Radio Television of Afghanistan (RTA) reported on Thursday.

All returnees will be sent to their home provinces after receiving necessary assistance at the checkpoint.

Over the past couple of weeks, nearly 400 Afghan citizens have been released from Pakistani prisons and returned home.

Meanwhile, a total of 3,465 Afghan refugee families, comprising 16,376 members, have returned home from Pakistan and Iran over the past week. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: International Police Equipment Exhibition Opens in Beijing

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

MIL OSI Russia News –

May 15, 2025
MIL-OSI China: Xi’s article on improving work conduct to be published by Qiushi Journal

Source: China State Council Information Office

Xi’s article on improving work conduct to be published by Qiushi Journal

Xinhua | May 15, 2025

An article by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on implementing the guiding principles of the central Party leadership’s eight-point decision on improving work conduct will be published on Friday.

The article by Xi, also Chinese president and chairman of the Central Military Commission, will be published in this year’s 10th issue of the Qiushi Journal, a flagship magazine of the CPC Central Committee.

MIL OSI China News –

May 15, 2025
MIL-OSI China: Announcement on Open Market Operations No.91 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.91 [2025]

(Open Market Operations Office, May 15, 2025)

The People’s Bank of China conducted reverse repo operations in the amount of RMB64.5 billion through quantity bidding at a fixed interest rate on May 15, 2025.

Details of the Reverse Repo Operations

Maturity

Rate

Bidding Volume

Winning Bid Volume

7 days

1.40%

RMB64.5 billion

RMB64.5 billion

Date of last update Nov. 29 2018

2025年05月15日

MIL OSI China News –

May 15, 2025
MIL-OSI China: 2nd Meeting of China-Brunei Joint Defense Working Committee convened in Beijing: Defense Spokesperson 2025-05-15 The 2nd Meeting of China-Brunei Joint Defense Working Committee (JDWC) was convened in Beijing on May 14, said Senior Colonel Jiang Bin, Spokesperson for China’s Ministry of National Defense (MND), on May 15, 2025.
Source: People’s Republic of China – Ministry of National Defense
loading…

MIL OSI China News –
May 15, 2025
MIL-OSI China: China to grant visa-free policy to nationals from Brazil, Argentina, Chile, Peru and Uruguay

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

China to grant visa-free policy to nationals from Brazil, Argentina, Chile, Peru and Uruguay

BEIJING, May 15 — China will grant a visa-free policy to nationals from Brazil, Argentina, Chile, Peru and Uruguay on a trial basis from June 1, 2025 to May 31, 2026, a Chinese foreign ministry spokesperson said on Thursday.

MIL OSI China News –

May 15, 2025
MIL-OSI China: China’s financial policy package injects cash and confidence to economy

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

BEIJING, May 15 — A 0.5 percentage-point reduction in the reserve requirement ratio (RRR) for eligible financial institutions takes effect Thursday, with the move expected to inject roughly 1 trillion yuan (about 139 billion U.S. dollars) of long-term liquidity into China’s financial market.

The RRR cut, the first such move since the start of this year, came after the seven-day reverse repos rate cut by 0.1 percentage point by the Chinese central bank, which already took effect on May 8.

The reduction in RRR and reverse repos rate, along with expanding re-lending facilities and sci-tech innovation bonds issuance, were among a raft of supportive measures announced last week by monetary and financial regulatory bodies, as the world’s second-largest economy steps up efforts to stabilize markets and sustain economic recovery amid external headwinds.

Analysts believe this package of supportive financial policies, by boosting liquidity supplies and reducing borrowing costs for both businesses and residents, will create a favorable financial environment for stabilizing market expectations and make an impact on consumption growth and economic restructuring.

GROWING LIQUIDITY SUPPORT

These supportive policies are in line with the guiding principles unveiled at a meeting of the Political Bureau of the Central Committee of the Communist Party of China in April, which called for efforts to accelerate the implementation of more proactive and effective macro policies and make full use of a more proactive fiscal policy and a moderately loose monetary policy.

Maintaining ample liquidity through measures such as the RRR cut can provide sufficient resources for financial institutions and support lending to the real economy, while the reduction in interest rates and innovation in structural monetary policy tools will help stimulate effective domestic demand, a view broadly shared by experts.

“A 0.5 percentage-point cut in the RRR will effectively meet the market’s demand for long-term liquidity,” said Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company Limited.

Also starting Thursday, the RRR for auto financing and financial leasing companies is slashed by 5 percentage points to zero percent, with the cut expected to increase the credit supply capacity of these two types of institutions in their respective fields.

Dong said that this notable RRR cut targeting auto financing and financial leasing companies has drawn much market attention because of their anticipated impact on boosting car consumption and equipment upgrade investment.

REDUCED BORROWING COSTS

China’s central bank governor Pan Gongsheng said last week that the seven-day reverse repos rate cut is expected to result in the loan prime rate (LPR), a market-based benchmark lending rate, dropping by 0.1 percentage point.

Effective on May 8, the interest rates on personal housing provident fund loans were also lowered by 0.25 percentage points. Meanwhile, the rate of re-lending, a structural monetary tool via which the central bank provides loans to financial institutions, was also lowered by 0.25 percentage points starting from May 7, with the cut aiming to guide financial institutions to enhance financial support for the nation’s key strategies and development fields as well as weak links.

Chen Wenjing, director of policy research at the China Index Academy, said that the reduction in the interest rate for personal housing provident fund loans is expected to further alleviate the pressure on residents to purchase houses and boost home purchase demand. “With more supporting policies gradually being implemented, housing demand is expected to be further strengthened, which will help shore up the real estate market.”

Based on the central bank’s announcements last week, the total re-lending facility quota, including increased quota and newly established quota, will reach 1.1 trillion yuan for the areas spanning agriculture, private firms, sci-tech innovation, services consumption and elderly care.

Analysts say the adjustment and optimization of the structural monetary policy tools are in line with the nation’s economic restructuring efforts and are geared toward promoting consumption and sci-tech innovation, with all these recent supportive policies helping boost market confidence amid external uncertainties.

Wang Qing, chief macro analyst of Golden Credit Rating, believed that there is still room for further easing in China’s moderately loose monetary policy going forward, which will continue to provide key support for effectively hedging against external shocks and maintaining the economy’s stable growth.

MIL OSI China News –

May 15, 2025
MIL-OSI China: World’s largest car carrier delivered in Shanghai

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

The Anji Ansheng, a 9,500-space ocean-going car carrier and the largest of its kind in the world, was officially delivered Thursday afternoon at the Shanghai Haitong International Automotive Terminal.

Built by SAIC Anji Logistics Co., Ltd., a subsidiary of SAIC Motor Corporation Limited, the vessel boasts a strong loading capacity, high energy efficiency, and is equipped with intelligent low-carbon technologies, as well as the capability to use carbon-neutral fuels.

Later Thursday evening, the newly delivered vessel is set to depart for Europe, loaded with some 7,000 domestically produced new energy vehicles, including SAIC’s MG models.

MIL OSI China News –

May 15, 2025
MIL-OSI China: Beijing to host Women’s Volleyball Nations League in June

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

Beijing is gearing up to host one leg of the 2025 FIVB Volleyball Nations League preliminary round from June 4 to 8 at the National Indoor Stadium, featuring six women’s teams: China, Belgium, Poland, Thailand, Türkiye and France.

“This marks the first international event for China’s women’s volleyball team in the new Olympic cycle after Paris 2024,” said Yuan Lei, deputy director of the volleyball management center of the General Administration of Sport of China, at a Thursday press conference.

Ali Frantti (R) of the United States spikes during the International Volleyball Federation (FIVB) Volleyball Nations League Women’s Pool 2 match between Brazil and the United States in Rio de Janeiro, Brazil, May 17, 2024. (Xinhua/Wang Tiancong)

“As a dual Olympic venue in Beijing, the National Indoor Stadium has world-class facilities and operating teams, which will ensure excellent volleyball competitions for both the participants and the audience,” Yuan added.

12 matches will be played across the five-day event, with China set to face Belgium, Poland, Türkiye and France on June 4, 5, 7 and 8, respectively.

The Beijing stop is part of the international Volleyball Nations League tour, which spans several cities and continents as teams compete for points to reach the final round.

Also unveiled at the press conference were the event mascot – featuring a volleyball-themed design – and more than 20 licensed products.

“The organizers will strive to create a cheerful atmosphere of volleyball and accelerate the integrated development of sports and tourism,” said Wang Ling, director of the Beijing Sports Competitions Administration and International Exchange Center.

MIL OSI China News –

May 15, 2025
J&K: Three terrorists killed in Awantipora under Operation Nader

Source: Government of India

Source: Government of India (4)

Three terrorists were killed in an encounter with security forces in the Nader area of Jammu and Kashmir’s Awantipora, the Indian Army said on Thursday.

“Three hardcore terrorists have been eliminated in the ongoing operation at Nader, Awantipora. The identity of the terrorists is being ascertained”, the Chinar Corps said in a post on X.

https://x.com/ChinarcorpsIA/status/1922921351259513177

Earlier on Thursday, security forces launched a joint anti-terror operation in the Nader area of Tral, Awantipora, based on special intelligence input. The Indian Army, Jammu and Kashmir Police, and CRPF were involved in the operation

The Indian Army’s Chinar Corps confirmed the operation in a post on the social media platform X. “On 15 May 2025, based on specific intelligence input from an agency, a Cordon & Search Operation was launched at Nader, Tral, Awantipora. Upon being challenged, terrorists opened heavy fire. A fierce gunfight ensued. The operation is in progress.”

On Tuesday, three terrorists — including a local commander of Lashkar-e-Taiba and its proxy outfit The Resistance Front (LeT/TRF) — were killed in an encounter in Shopian. The operation, carried out by the Army along with J&K Police and the CRPF, led to the recovery of AK-series rifles, grenades, and a large cache of ammunition.

May 15, 2025
MIL-OSI: Aurora Mobile to Report First Quarter 2025 Financial Results on May 29, 2025

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, May 15, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2025 before the open of U.S. markets on Thursday, May 29, 2025.

Aurora Mobile’s management will host an earnings conference call on Thursday, May 29, 2025 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).

All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

Participant Online Registration:
https://register-conf.media-server.com/register/BI47c63565ef284b3784a50da74dc4a38e

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –

May 15, 2025
MIL-OSI Asia-Pac: Volume and price statistics of external merchandise trade in March 2025

Source: Hong Kong Government special administrative region

Further to the external merchandise trade statistics in value terms for March 2025 released earlier on, the Census and Statistics Department (C&SD) released today (May 15) the volume and price statistics of external merchandise trade for that month.

In March 2025, the volume of Hong Kong’s total exports of goods and imports of goods increased by 15.8% and 13.5% respectively over March 2024.

For the first quarter of 2025 as a whole, the volume of Hong Kong’s total exports of goods and imports of goods increased by 8.7% and 7.3% respectively over the same period in 2024.

Comparing the first quarter of 2025 with the fourth quarter of 2024 on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 9.5% and 7.5% respectively.

Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.

Comparing March 2025 with March 2024, the prices of total exports of goods and imports of goods both increased by 2.1%.

As regards price changes in the first quarter of 2025 over the same period in 2024, the prices of total exports of goods and imports of goods increased by 1.9% and 2.0% respectively.

Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.

The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same periods in 2024, the index remained virtually unchanged in March 2025, whereas it decreased by 0.1% in the first quarter of 2025.

Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.

Comparing March 2025 with March 2024, increases were recorded for the total export volume to Taiwan (52.4%), Vietnam (40.0%), the mainland of China (the Mainland) (22.3%) and the USA (9.6%). On the other hand, the total export volume to India decreased by 7.0%.

Over the same period of comparison, the total export prices to Taiwan (5.7%), the Mainland (2.1%), Vietnam (1.4%) and the USA (1.2%) increased. On the other hand, the total export prices to India decreased by 0.7%.

Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.

Comparing March 2025 with March 2024, increases were recorded for the import volume from Vietnam (80.6%), Taiwan (66.4%) and the Mainland (7.2%). On the other hand, the import volume from Singapore (-4.6%) and Korea (-26.9%) decreased.

Over the same period of comparison, the import prices from all main suppliers increased: Korea (6.7%), Taiwan (3.4%), Singapore (2.7%), Vietnam (2.6%) and the Mainland (0.5%).

Further information

Details of the above statistics are published in the March 2025 issue of “Hong Kong Merchandise Trade Index Numbers”. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).

Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Asia-Pac: Taiwan FDI Statistics Summary Analysis (April 2025)

Source: Republic of China Taiwan

According to the statistics, 642 foreign direct investment (FDI) projects with a total amount of US$2,831,904,000 were approved from January to April 2024. This indicates a decrease of 7.36% in the number of cases, but an increase of 66.69% in FDI amount compared to the same period of 2024.

With regard to inward investment from Mainland China, 6 cases were approved with an amount of US$96,469,000 from January to April 2025. This indicates a decrease of 45.45% in the number of cases, but an increase of 760.05% in the FDI amount compared to the same period of 2024.

In terms of Taiwan’s outbound investment (excluding Mainland China), 248 projects were registered from January to April 2025 with a total amount of US$13,480,582,000, indicating an increase of 2.06% in the number of cases, and an increase of 12.34% in the amount, as compared to the same period of 2024.

As for Taiwan’s outward investment to Mainland China, 58 applications have been approved from January to April 2025, indicating a decrease of 38.3% compared to the same period of 2024. The approved investment amount is US$432,607,000, 60.03% less than the same period in 2024.

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI Russia: NASA to Launch Saudi CubeSat into Orbit as Part of Artemis 2 Test Flight

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

LOS ANGELES, May 14 (Xinhua) — NASA and the Saudi Arabian Space Agency have signed an agreement to launch a Saudi Arabian CubeSat as part of an upcoming test flight of NASA’s Artemis 2 mission, the U.S. space agency said Tuesday.

The agreement was signed during US President Donald Trump’s visit to Saudi Arabia.

The CubeSat, developed by the Saudi Space Agency, will measure space weather parameters at different distances from Earth. It will be launched into high Earth orbit after the Orion spacecraft carrying four astronauts separates from the SLS /Space Launch System/ rocket, NASA explained.

A CubeSat is a shoebox-sized satellite designed to demonstrate technology or conduct scientific research to obtain data that will help better understand the space environment.

According to NASA, the CubeSats will collect data on cosmic radiation, solar X-rays, solar energetic particles and magnetic fields.

The Artemis 2 mission’s test flight is scheduled for April 2026. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: In Russia, the volume of online trade in the first quarter grew by 36 percent.

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

Moscow, May 15 /Xinhua/ — The volume of online trade in Russia reached 2.6 trillion rubles in the first quarter of 2025, which is 36 percent more than in the same period last year, RIA Novosti reported on Friday, citing the Association of Internet Trade Companies (AKIT).

According to AKIT, the share of online trade in the total volume of retail trade was 18.3%. Of the total amount of online sales, 97% were purchases in Russian online stores and marketplaces.

During the specified period, food products were in first place in terms of sales volume in online trade. Russians spent almost 530 billion rubles on them, which is 71 percent more than the same indicator in 2024. The top 5 in terms of the amount of online purchases are also home goods and furniture, clothing and footwear, electronics and household appliances, auto parts and auto accessories.

Among the regions, the leaders in terms of online trade volumes are Moscow, the Moscow region, St. Petersburg, Krasnodar Krai and Sverdlovsk region. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI China: Internet conference to spotlight digital governance, youth engagement

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

The 2025 China Internet Civilization Conference, scheduled for June 10-11 in Hefei, eastern China’s Anhui province, will spotlight actionable outcomes in hot-topic areas like AI governance, misinformation, and digital literacy, said its organizers at a Wednesday press conference held by China’s State Council Information Office.

On May 14, 2025, the State Council Information Office holds a press conference in Beijing about the 2025 China Internet Civilization Conference. [Photo by Liu Jian/China SCIO]

Yang Jianwen, vice minister of the Cyberspace Administration of China, said this year’s event will also lay an emphasis on engaging China’s 540 million young netizens. A youth internet civilization initiative will be released at the main forum, aiming to garner youth influence to foster a positive digital ecosystem, he said.

The main forum will also unveil the 2025 internet civilization outstanding cases, highlight 100 exemplary online accounts, and kick off the 2025 national digital literacy and skills enhancement month, in addition to keynote speeches from government officials, academics, media leaders, executives of internet companies, and youth representatives, Yang said.

Each of the 14 sub-forums is designed to produce at least one actionable outcome, with nearly 30 key releases expected, including reports, action plans, industry pledges, and self-regulation agreements, according to Zhao Hui, secretary general of the China Federation of Internet Societies. The 2025 internet platform corporate social responsibility assessment report and the 2025 China internet integrity development report are both expected to be released at the events, she said.

This year’s conference is the fifth edition of the annual gathering and the first to be held in Anhui. Qian Sanxiong, director of the Publicity Department of the Communist Party of China Anhui Provincial Committee, said that the province has been accelerating digital infrastructure construction over the years. Across the province, the number of 5G base stations has exceeded 167,000, and all 16 prefecture-level cities have reached “gigabit city” status.

Anhui now hosts 783 large-scale AI enterprises, making it one of the regions with the highest concentration of national AI strategic deployments and major AI platforms, he added.

MIL OSI China News –

May 15, 2025
MIL-OSI China: Beijing to launch activities for China Tourism Day

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

As the 15th China Tourism Day approaches on May 19, Beijing will roll out a variety of cultural tourism activities, offering promotional packages and discounts across the city.

The celebrations will feature a city-level main event and supporting activities held throughout May across 16 districts. The main event will take place from 10 a.m. to 3 p.m. on May 19 at the World Flower Wonderland Park in Fengtai district.

At the municipal event, over 100 new cultural tourism products will debut, including first stores, new policies, travel routes, cultural creative products, and more. The event will also feature interactive product promotions, opera and musical performances, and a cultural tourism market. Visitors can enjoy lucky draws and discounts on popular products offered by leading cultural and tourism enterprises.

Seven themed zones will be set up at the tourism market, covering vacation experiences, tech showcases, gourmet tastings, cultural products, performances, and consulting services. More than 100 agriculture, culture, and tourism enterprises will set up shops and offer products and services.

Across the city, more than 500 tourism discount offers will be introduced. In Mentougou district. eligible visitors can buy combo tickets for some scenic spots at half price. Over 80 selected homestays will offer 20% to 30% discounts. Pinggu district will issue consumer vouchers usable at designated attractions. Beijing Wildlife Park and Shijingshan Amusement Park will offer seasonal discount packages.

Other initiatives will include 2,000 meal and lodging vouchers for businesses in Fangshan district, discounted stays in rural homestays in Miyun district, a free concert at Shunyi Grand Theater, and a public performance at Yanqi Lake in Huairou district.

MIL OSI China News –

May 15, 2025
MIL-OSI China: Beijing reports improved water quality in 2024

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

Beijing’s 2024 water ecology report shows continued improvement in river and lake health. After years of restoration, the city’s major rivers are turning from murky, algae-dominated systems to clearer ecosystems filled with aquatic plants, signaling a shift toward greater stability and biodiversity.

Last year, 87.6% of monitored rivers and lakes in Beijing were rated healthy, up 4.6 percentage points from 2023. The city’s water health index reached 86.95, marking a 22.9% improvement compared with 2012 levels.

Improved water management and targeted ecological flows in key rivers like the Yongding and Chaobai helped to sustain water levels and restore ecosystems. Groundwater overuse zones have been resolved, polluted water bodies have been cleaned, and rivers hit by major floods in 2023 have continued to recover.

From March to June last year, 118 rivers saw flowing water, stretching over 2,910 kilometers, or 23 kilometers more than the previous year. In total, Beijing has 425 rivers, 50 lakes, and 80 reservoirs covering 416 square kilometers.

Once dominated by algae due to high nutrient levels, rivers now support more submerged and emergent plants. These “underwater forests” absorb excess nutrients and help suppress algae growth, improving clarity and ecological balance.

As water ecosystems improved, biodiversity thrived. In 2024, surveys recorded 459 species of phytoplankton, 461 zooplankton, 238 benthic invertebrates, 93 aquatic plant species, and 74 fish species.

Rare animals such as the Oriental stork, red-crowned crane, and freshwater jellyfish have been spotted in local waters. A new fish species, Cobitis beijingensis, was also discovered.

Despite making progress, Beijing’s water ecosystems remain fragile due to limited natural runoff and poor water circulation in some lakes, according to an official of the Beijing Water Authority.

The municipal water authority plans to deepen collaboration across districts and departments, promote near-natural restoration methods, optimize water distribution, and continue improving disaster prevention, conservation, and water quality – paving the way for a healthier and more beautiful Beijing, said the official.

MIL OSI China News –

May 15, 2025
MIL-OSI China: Tongzhou district ranks first in Beijing for GDP growth in Q1

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

In the first quarter this year, Tongzhou district, where Beijing’s sub-center is located, recorded a year-on-year GDP growth rate of 14.5%, 9 percentage points higher than the city’s average, ranking first among Beijing’s 16 districts.

During this period, Tongzhou district’s industrial output doubled, with the total output value of large-scale industries reaching 37.36 billion yuan ($5.23 billion), up 107.3% year-on-year. Its share of the city’s total rose from 2.7% a year ago to 5.3%, with its ranking in the city rising from 9th to 6th place. The district also recorded the highest growth rate among all the districts of the capital.

Meanwhile, fixed asset investment in Tongzhou district excluding rural households, rose by 13.5% year-on-year, showing momentum on a high statistical base.

At the beginning of the year, Tongzhou district launched a science and technology innovation resources multiplication initiative, approving and supporting 20 research projects across six key fields, including next-generation information technology, bioengineering, and new pharmaceuticals. Over the past five months of its implementation, the initiative has attracted a growing concentration of innovation resources to Beijing’s sub-center.

In the first quarter, 222 new key projects went under negotiation and 113 key enterprises established operations in the sub-center. Additionally, 6,402 new business entities were registered here – the fourth highest number among all districts in the city.

MIL OSI China News –

May 15, 2025

Maturity	Rate	Bidding Volume	Winning Bid Volume
7 days	1.40%	RMB64.5 billion	RMB64.5 billion

Category: China

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