Artificial Intelligence
Qutoutiao Inc. Reports Fourth Quarter and Fiscal Year 2021 Unaudited Financial Results
SHANGHAI, China, May 02, 2022 (GLOBE NEWSWIRE) — Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”, and together with its subsidiaries and controlled affiliated entities, the “Group”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced its unaudited financial results in the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Net revenues was RMB881.1 million (US$138.3 million), representing a decrease of 32.3% from RMB1,302.4 million in the fourth quarter of 2020, and a decrease of 8.7% quarter-over-quarter from RMB965.5 million in the third quarter of 2021.
- Net loss was RMB298.0 million (US$46.8 million), compared to net loss of RMB81.8 million in the fourth quarter of 2020 and net loss of RMB583.6 million in the third quarter of 2021. Net loss margin was 33.8%, compared to 6.3% in the fourth quarter of 2020 and 60.4% in the third quarter of 2021.
- Non-GAAP net income/(loss)1 was RMB273.5 million (US$42.9 million), compared to non-GAAP net income of RMB50.8 million in the fourth quarter of 2020 and non-GAAP net loss of RMB525.1 million in the third quarter of 2021. Non-GAAP net loss margin was 31.0%, compared to non-GAAP net income margin of 3.9% in the fourth quarter of 2020 and non-GAAP net loss margin of 54.4% in the third quarter of 2021.
- Combined average MAUs2 were 97.6 million, representing a decrease of 21.7% from 124.7 million in the fourth quarter of 2020; and a decrease of 17.6% from 118.5 million in the third quarter of 2021.
- Combined average DAUs3 were 25.0 million, representing a decrease of 22.6% from 32.3 million in the fourth quarter of 2020; and a decrease of 5.7% from 26.5 million in the previous quarter.
- Average daily time spent per DAU was 43.2 minutes, compared to 50.3 minutes in the fourth quarter of 2020 and 51.9 minutes in the third quarter of 2021.
Fourth Quarter 2021 Financial Results
Net revenues in the fourth quarter of 2021 were RMB881.1 million (US$138.3 million), a decrease of 32.3% from RMB1,302.4 million in the fourth quarter of 2020, and a decrease of 8.7% from RMB965.5 million in the third quarter of 2021.
Advertising and marketing revenues were RMB821.8 million (US$129.0 million) in the fourth quarter of 2021, a decrease of 33.8% from RMB1,241.9 million in the fourth quarter of 2020, primarily due to the tightening regulatory environment in internet and technology sector which, to some extent, resulted in constrained budgets of advertisers.
Other revenues were RMB59.4 million (US$9.3 million) in the fourth quarter of 2021, a slight decrease of 1.8% from RMB60.5 million in the fourth quarter of 2020.
Cost of revenues were RMB199.1million (US$31.2 million) in the fourth quarter of 2021, a decrease of 54.9% from RMB441.7 million in the fourth quarter of 2020, primarily attributable to decreases in IT infrastructure costs; gaming revenue sharing; integrated marketing service costs which are in line with the decrease in integrated marketing service revenues; and costs related to live-streaming revenue sharing and compensation expenses.
Gross profit was RMB682.0 million (US$107.0 million) in the fourth quarter of 2021, a decrease of 20.8% from RMB860.7 million in the fourth quarter of 2020. Gross margin was 77.4%, compared to 66.1% in the fourth quarter of 2020. The improved gross margin was primarily attributed to changes in product mix.
Research and development expenses were RMB88.7 million (US$13.9 million) in the fourth quarter of 2021, a decrease of 55.6% from RMB199.7 million in the fourth quarter of 2020 primarily due to a reduction in overall research and development headcount and consequentially the decrease in compensation expenses, including share-based compensations.
Sales and marketing expenses were RMB796.0 million (US$124.9 million) in the fourth quarter of 2021, an increase of 17.0% from RMB680.3 million in the fourth quarter of 2020, primarily due to the expansion of Midu Novels. Sales and marketing expenses as a percentage of net revenues were 90.3% in the fourth quarter of 2021, compared to 52.2% in the fourth quarter of 2020.
User engagement expenses were RMB156.5 million (US$24.6 million) in the fourth quarter of 2021, representing a decrease of 4.1% year-over-year. User engagement expenses per DAU per day were RMB 0.07 in the fourth quarter of 2021, compared to RMB0.05 in the fourth quarter of 2020.
User acquisition expenses were RMB599.8 million (US$94.1 million) in the fourth quarter of 2021, an increase of 51.0% year-over-year. User acquisition expenses consist of the costs of both word-of-mouth referrals and third-party marketing. The year-over-year increase was primarily due to the expansion of Midu Novels. User acquisition expenses per new installed user4 in the fourth quarter of 2021 were RMB8.26, compared to RMB7.89 in the fourth quarter of 2020.
Other sales and marketing expenses were RMB39.7 million (US$6.2 million) in the fourth quarter of 2021, representing a decrease of 66.9% year-over-year from RMB119.9 million in the fourth quarter of 2020, primarily due to an overall headcount reduction in sales personnel and consequentially the decrease in compensations as well as ESOP expenses and decrease in brand promotion expenses.
General and administrative expenses were RMB62.6 million (US$9.8 million) in the fourth quarter of 2021, a decrease of 33.7% from RMB94.4 million in the fourth quarter of 2020, mainly due to a reduction in overall administrative headcount and consequentially the decrease in compensations as well as ESOP expenses. The decrease was partially offset by an increase in additional expected credit loss provision recorded in the fourth quarter of 2021 under ASC 326, Measurement of Credit Losses on Financial Instruments.
Loss from operations was RMB247.8 million (US$38.9 million) in the fourth quarter of 2021, compared to RMB90.1 million in the fourth quarter of 2020. Operating loss margin was 28.1%, compared to 6.9% in the fourth quarter of 2020.
Non-operating loss was RMB45.2 million (US$7.1 million) in the fourth quarter of 2021, which mainly included investment loss of RMB36.8 million due to impairment loss on certain investments as well as net interest expenses of RMB8.3 million. Non-operating gain for the fourth quarter of 2020 was RMB7.9 million, which mainly included RMB20.0 million gain associated with fair value changes on long-term investments, offset by net interest expenses of RMB9.5 million.
Non-GAAP loss from operations was RMB223.3 million (US$35.0 million) in the fourth quarter of 2021, compared to a Non-GAAP gain from operations of RMB42.5 million in the fourth quarter of 2020.
Non-GAAP operating loss margin was 25.3% in the fourth quarter of 2021, compared to a Non-GAAP operating gain margin of 3.3% in the fourth quarter of 2020.
Net loss was RMB298.0 million (US$46.8 million) in the fourth quarter of 2021, compared to RMB81.8 million in the fourth quarter of 2020. Net loss margin was 33.8%, compared to 6.3% in the fourth quarter of 2020.
Non-GAAP net loss was RMB273.5 million (US$42.9 million) in the fourth quarter of 2021, compared to a Non-GAAP net gain of RMB50.8 million in the fourth quarter of 2020. Non-GAAP net loss margin was 31.0%, compared to a Non-GAAP net gain margin of 3.9% in the fourth quarter of 2020.
Net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB326.3 million (US$51.2 million) in the fourth quarter of 2021, compared to RMB78.7 million in the fourth quarter of 2020.
Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB301.8 million (US$47.4 million) in the fourth quarter of 2021, compared to RMB54.0 million in the fourth quarter of 2020.
Basic and diluted net loss per American Depositary Share (“ADS”) was RMB10.69 (US$1.68) in the fourth quarter of 2021. Non-GAAP basic and diluted net loss per ADS was RMB9.88 (US$1.55) in the fourth quarter of 2021.
Balance Sheet
As of December 31, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB658.9 million (US$103.4 million), compared to RMB985.8 million as of December 31, 2020.
The Group has incurred accumulated and recurring losses from operations, and cash outflows from operating activities. As of December 31, 2021, the Company had a negative working capital. In addition, the convertible loan of the Company with principal amount of US$171.1 million (RMB1,109.3 million) had the original maturity date on April 4, 2022.
The Company is currently exploring a variety of measures to improve the Group’s liquidity and financial position, which include continuing efforts to optimize its user loyalty programs and traffic acquisition strategy to efficiently control and reduce costs and continuing to be selective in its content and better leverage its existing content varieties to attract and maintain users. These measures can in turn lead to savings in user related costs. The Company is also planning to preserve liquidity and manage cash flows by reducing expenditure on developing and maintaining smaller and novel applications and limiting other general and administrative expenses, to obtain additional external financing and funds through, including but not limited to, additional credit facilities obtained from banks in the normal course of business, potential additional issuances of equity and/or debt as a Group or through its subsidiaries, and sale of its assets, including the Group’s equity interest in its subsidiaries, to third parties.
The Company and the creditor entered into two supplemental agreements to the original convertible loan agreement on March 28, 2022 and April 29, 2022, respectively. According to the supplemental agreements, the original convertible loan has been extended to May 28, 2022. The total amount of principal and accumulated interest as of May 28, 2022 will be approximately RMB1.5 billion. The Company cannot assure that it will be able to further extend the maturity date of the convertible loan.
Facts and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative working capital and uncertainties on the repayment of the convertible loan, raise substantial doubt about the Group’s ability to continue as a going concern. The fourth quarter and fiscal year 2021 unaudited financial information does not include any adjustment that is reflective of this uncertainty.
Fiscal Year 2021 Financial Results
Net revenues in the fiscal year of 2021 were RMB4,339.6 million (US$681.0 million), a decrease of 17.9% from RMB5,285.2 million in the fiscal year of 2020.
Advertising and marketing revenues were RMB4,090.4 million (US$641.9 million) in the fiscal year of 2021, a decrease of 19.0% from RMB5,046.8 million in the prior year, primarily due to the tightening regulatory environment in internet and technology sector which, to some extent, resulted in constrained budgets of advertisers.
Other revenues were RMB249.2 million (US$39.1 million) in the fiscal year of 2021, an increase of 4.6% from RMB238.4 million in the fiscal year of 2020.
Cost of revenues was RMB1,171.6 million (US$183.9 million) in the fiscal year of 2021, a decrease of 30.0% from RMB1,674.4 million in the fiscal year of 2020, primarily attributable to the decrease in bandwidth and IT infrastructure costs, integrated marketing service costs which are in line with the decrease in integrated marketing service revenues, salaries and benefits associated with content management personnel as well as live-streaming and online games revenue share. The decrease was partially offset by an increase in Midu content procurement costs.
Gross profit was RMB3,168.0 million (US$497.1 million) in the fiscal year of 2021, a decrease of 12.3% from RMB3,610.8 million in the prior year. Gross margin was 73.0%, compared to 68.3% in the fiscal year of 2020.
Research and development expenses were RMB551.6 million (US$86.6 million) in the fiscal year of 2021, a decrease of 41.8% from RMB947.9 million in the prior year, primarily due to the reduction in research and development headcount and sequentially a decrease in salaries as well as ESOP expenses.
Sales and marketing expenses were RMB3,483.8 million (US$546.9 million) in the fiscal year of 2021, a slight increase of 3.0% from RMB3,381.6 million in the fiscal year of 2020.
General and administrative expenses were RMB431.9 million (US$67.8 million) in the fiscal year of 2021, an increase of 10.0% from RMB392.8 million in the fiscal year of 2020, primarily due to an increase in additional expected credit loss provision recorded in 2021 under ASC 326, Measurement of Credit Losses on Financial Instruments, which was partially offset by decrease in salaries as well as other administrative expenses.
Loss from operations was RMB1,193.2 million (US$187.2 million), compared to RMB1,032.2 million in the fiscal year of 2020. Operating loss margin was 27.5%, compared to 19.5% in the fiscal year of 2020.
Non-GAAP loss from operations was RMB993.0 million (US$155.8 million), compared to RMB569.0 million in the fiscal year of 2020. Non-GAAP operating loss margin was 22.9%, compared to non-GAAP operating loss margin of 10.8% in the fiscal year of 2020.
Net loss was RMB1,240.2 million (US$194.6 million) in the fiscal year of 2021, compared to a net loss of RMB1,105.2 million in the fiscal year of 2020. Net loss margin was 28.6%, compared to 20.9% in the fiscal year of 2020.
Non-GAAP net loss was RMB1,040.0 million (US$163.2 million), compared to Non-GAAP net loss of RMB642.0 million in the fiscal year of 2020. Non-GAAP net loss margin was 24.0%, compared to 12.1% in the fiscal year of 2020.
Net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB1,348.5 million (US$211.6 million), compared to RMB1,137.9 million in the fiscal year of 2020. Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB1,148.3 million (US$180.2 million), compared to RMB674.7 million in the fiscal year of 2020.
Recent Development
Change to the Board of Directors
Mr. Lei Li resigned as Vice Chairman of the Board of Directors of the Company due to personal reasons. The resignation became effective on April 29, 2022. Following his resignation, the Board of the Company is now comprised of five members.
About Qutoutiao Inc.
Qutoutiao Inc. operates a mobile content platforms in China with a mission to bring fun and value to its users. The eponymous mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. Qutoutiao has attracted a large group of users, many of whom are from lower-tier cities in China. They enjoy Qutoutiao’s fun and entertainment-oriented content as well as its social-based user loyalty program. Midu, first launched in May 2018 as Midu Novels and with an alternative version Midu Lite launched one year later, pioneered provision of free online literature supported by advertising. It has been one of the market leaders of the free online literature industry since inception. The Company will continue to bring more exciting products to users through innovation, and strive towards creating a leading global online content ecosystem.
For more information, please visit: https://ir.qutoutiao.net.
Use of Non-GAAP Financial Measures
We use non-GAAP profit or loss from operations, non-GAAP operating profit or loss margin, non-GAAP net profit loss, non-GAAP net profit or loss margin, non-GAAP net profit or loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net profit or loss per ADS, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net loss. We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance prepared in accordance with U.S. GAAP or as an indicator of our operating performance. We mitigate these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.3726 to US$1.00, the rate in effect as of December 31, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Qutoutiao’s beliefs, plans and expectations, are forward-looking statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain 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: Qutoutiao’s strategies; Qutoutiao’s future business development, financial condition and results of operations; Qutoutiao’s ability to retain and increase the number of users and provide quality content; competition in the mobile content platform industry; Qutoutiao’s ability to manage its costs and expenses; the future developments of the COVID-19 pandemic; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qutoutiao’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Qutoutiao Inc.
Investor Relations
Tel: +86-21-5889-0398
E-mail: [email protected]
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousand RMB, or otherwise noted)
| As of December 31, | As of December 31, | |||||||
| 2020 | 2021 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 494,475 | 240,351 | ||||||
| Restricted cash | 100,316 | 75,482 | ||||||
| Short-term investments | 391,033 | 343,017 | ||||||
| Accounts receivable, net | 737,789 | 770,919 | ||||||
| Amount due from related parties | 383,594 | 259,863 | ||||||
| Prepayments and other current assets | 365,109 | 172,877 | ||||||
| Total current assets | 2,472,316 | 1,862,509 | ||||||
| Non-current assets: | ||||||||
| Accounts receivables, non-current | 54,639 | – | ||||||
| Long-term Investments | 82,889 | 1,416 | ||||||
| Property and equipment, net | 17,213 | 12,861 | ||||||
| Intangible assets | 83,123 | 165,270 | ||||||
| Goodwill | 7,268 | 7,268 | ||||||
| Right-of-use assets, net | 50,319 | 26,342 | ||||||
| Other non-current assets | 148,091 | 4,809 | ||||||
| Total non-current assets | 443,542 | 217,966 | ||||||
| Total assets | 2,915,858 | 2,080,475 | ||||||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | 70,000 | 20,000 | ||||||
| Accounts payable | 448,981 | 313,768 | ||||||
| Amount due to related parties | 22,477 | 6,928 | ||||||
| Registered users’ loyalty payable | 72,627 | 61,691 | ||||||
| Advance from customers and deferred revenue | 140,776 | 122,597 | ||||||
| Salary and welfare payable | 149,704 | 65,987 | ||||||
| Tax payable | 97,144 | 43,879 | ||||||
| Lease liabilities, current | 20,760 | 11,897 | ||||||
| Accrued liabilities related to users’ loyalty programs | 100,088 | 99,360 | ||||||
| Accrued liabilities and other current liabilities | 763,433 | 1,334,603 | ||||||
| Convertible loan – current | – | 1,182,963 | ||||||
| Total current liabilities | 1,885,990 | 3,263,673 | ||||||
| Lease liabilities, non-current | 23,756 | 15,985 | ||||||
| Convertible loan | 1,174,868 | – | ||||||
| Deferred tax liabilities | 18,825 | 16,422 | ||||||
| Other non-current liabilities | 4,256 | 1,733 | ||||||
| Non-current liabilities | 1,221,705 | 34,140 | ||||||
| Total liabilities | 3,107,695 | 3,297,813 | ||||||
| Total redeemable non-controlling interests | 1,093,526 | 1,172,218 | ||||||
| Shareholders’ deficit | ||||||||
| Ordinary shares | 47 | 50 | ||||||
| Treasury stock | (142,229 | ) | (142,229 | ) | ||||
| Additional paid-in capital | 4,784,315 | 4,979,353 | ||||||
| Accumulated other comprehensive income | 84,320 | 129,010 | ||||||
| Accumulated deficit | (6,007,227 | ) | (7,355,740 | ) | ||||
| Total Qutoutiao Inc. shareholders’ deficit | (1,280,774 | ) | (2,389,556 | ) | ||||
| Non-controlling interests | (4,589 | ) | – | |||||
| Total deficit | (1,285,363 | ) | (2,389,556 | ) | ||||
| Total liabilities, redeemable non-controlling interests and shareholders’ deficit | 2,915,858 | 2,080,475 | ||||||
QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousand RMB, except ADS data, or otherwise noted)
| For the three months ended | For the fiscal year ended | |||||||||||||||||||
| December 31 | September 30 | December 31 | December 31 | December 31 | ||||||||||||||||
| 2020 | 2021 | 2021 | 2020 | 2021 | ||||||||||||||||
| Advertising and marketing revenues | 1,241,938 | 899,215 | 821,765 | 5,046,835 | 4,090,383 | |||||||||||||||
| Other revenues | 60,453 | 66,297 | 59,372 | 238,360 | 249,220 | |||||||||||||||
| Net revenues | 1,302,391 | 965,512 | 881,137 | 5,285,195 | 4,339,603 | |||||||||||||||
| Cost of revenues | (441,691 | ) | (267,268 | ) | (199,139 | ) | (1,674,416 | ) | (1,171,626 | ) | ||||||||||
| Gross profit | 860,700 | 698,244 | 681,998 | 3,610,779 | 3,167,977 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development expenses | (199,688 | ) | (140,014 | ) | (88,741 | ) | (947,871 | ) | (551,612 | ) | ||||||||||
| Sales and marketing expenses | (680,261 | ) | (982,024 | ) | (795,992 | ) | (3,381,560 | ) | (3,483,773 | ) | ||||||||||
| General and administrative expenses | (94,389 | ) | (174,258 | ) | (62,603 | ) | (392,816 | ) | (431,913 | ) | ||||||||||
| Total operating expenses | (974,338 | ) | (1,296,296 | ) | (947,336 | ) | (4,722,247 | ) | (4,467,298 | ) | ||||||||||
| Other operating income | 23,545 | 23,883 | 17,569 | 79,299 | 106,098 | |||||||||||||||
| Loss from Operations | (90,092 | ) | (574,169 | ) | (247,769 | ) | (1,032,169 | ) | (1,193,223 | ) | ||||||||||
| Investment income/ (expenses), net | 19,990 | 705 | (35,856 | ) | (31,788 | ) | (36,041 | ) | ||||||||||||
| Interest expense, net | (9,452 | ) | (8,107 | ) | (8,327 | ) | (27,724 | ) | (32,303 | ) | ||||||||||
| Foreign exchange related gain/(loss), net | (1,571 | ) | (2 | ) | (328 | ) | (7,183 | ) | (1 | ) | ||||||||||
| Other income/(expense), net | (1,033 | ) | (918 | ) | (691 | ) | (7,310 | ) | 27,637 | |||||||||||
| Non-operating income / (loss) | 7,934 | (8,322 | ) | (45,202 | ) | (74,005 | ) | (40,708 | ) | |||||||||||
| Loss before provision for income taxes | (82,158 | ) | (582,491 | ) | (292,971 | ) | (1,106,174 | ) | (1,233,931 | ) | ||||||||||
| Income tax benefits/ (expense), net | 349 | (576 | ) | (2,994 | ) | 1,008 | (3,050 | ) | ||||||||||||
| Equity method loss of affiliate companies | – | (581 | ) | (2,037 | ) | – | (3,195 | ) | ||||||||||||
| Net loss | (81,809 | ) | (583,648 | ) | (298,002 | ) | (1,105,166 | ) | (1,240,176 | ) | ||||||||||
| Net loss attributable to non-controlling interests | 250 | 214 | – | 727 | 559 | |||||||||||||||
| Net loss attributable to Qutoutiao Inc. | (81,559 | ) | (583,434 | ) | (298,002 | ) | (1,104,439 | ) | (1,239,617 | ) | ||||||||||
| Accretion to convertible redeemable preferred shares redemption value of a subsidiary |
(11,942 | ) | (27,698 | ) | (28,323 | ) | (48,277 | ) | (108,896 | ) | ||||||||||
| Gains on repurchase of preferred shares | 14,842 | – | – | 14,842 | – | |||||||||||||||
| Net loss attributable to Qutoutiao Inc.’s ordinary shareholders |
(78,659 | ) | (611,132 | ) | (326,325 | ) | (1,137,874 | ) | (1,348,513 | ) | ||||||||||
| Net loss | (81,809 | ) | (583,648 | ) | (298,002 | ) | (1,105,166 | ) | (1,240,176 | ) | ||||||||||
| Other comprehensive income/(loss): | ||||||||||||||||||||
| Foreign currency translation adjustment, net of nil tax | 67,967 | (6,727 | ) | 32,330 | 102,254 | 44,690 | ||||||||||||||
| Total comprehensive loss | (13,841 | ) | (590,375 | ) | (265,672 | ) | (1,002,912 | ) | (1,195,486 | ) | ||||||||||
| Comprehensive loss attributable to non-controlling interests |
250 | 214 | – | 727 | 559 | |||||||||||||||
| Comprehensive loss attributable to Qutoutiao Inc. |
(13,591 | ) | (590,161 | ) | (265,672 | ) | (1,002,185 | ) | (1,194,927 | ) | ||||||||||
| Net loss per ADS: | ||||||||||||||||||||
| – Basic and diluted | (2.65 | ) | (20.10 | ) | (10.69 | ) | (39.23 | ) | (44.50 | ) | ||||||||||
| Weighted average number of ADS used in computing basic and diluted earnings per ADS(Note): |
||||||||||||||||||||
| – Basic | 29,704,591 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
| – Diluted | 29,704,591 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
QUTOUTIAO INC.
Reconciliation of GAAP And Non-GAAP Results
(All amounts in thousand RMB, except ADS data, or otherwise noted)
| For the three months ended | For the fiscal year ended | |||||||||||||||||||
| December 31 | September 30 | December 31 | December 31 | December 31 | ||||||||||||||||
| 2020 | 2021 | 2021 | 2020 | 2021 | ||||||||||||||||
| Loss from Operations | (90,092 | ) | (574,169 | ) | (247,769 | ) | (1,032,169 | ) | (1,193,223 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP Income/(Loss) from Operations | 42,525 | (515,667 | ) | (223,262 | ) | (568,955 | ) | (993,038 | ) | |||||||||||
| Net loss | (81,809 | ) | (583,648 | ) | (298,002 | ) | (1,105,166 | ) | (1,240,176 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP net income/(loss) | 50,808 | (525,146 | ) | (273,495 | ) | (641,952 | ) | (1,039,990 | ) | |||||||||||
| Net loss attributable to Qutoutiao Inc. | (81,559 | ) | (583,434 | ) | (298,002 | ) | (1,104,439 | ) | (1,239,617 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP net income/(loss) attributable to Qutoutiao Inc. |
51,058 | (524,932 | ) | (273,495 | ) | (641,225 | ) | (1,039,431 | ) | |||||||||||
| Net loss attributable to Qutoutiao Inc.’s ordinary shareholders |
(78,659 | ) | (611,132 | ) | (326,325 | ) | (1,137,874 | ) | (1,348,513 | ) | ||||||||||
| Add: Share-based compensation expenses | ||||||||||||||||||||
| Cost of revenues | 1,982 | 170 | 21 | 12,905 | 1,187 | |||||||||||||||
| General and administrative | 44,714 | 12,822 | 7,115 | 159,320 | 64,039 | |||||||||||||||
| Sales and marketing | 39,252 | 23,230 | 6,582 | 86,656 | 32,122 | |||||||||||||||
| Research and development | 46,669 | 22,280 | 10,789 | 204,333 | 102,838 | |||||||||||||||
| Non-GAAP net income/(loss) attributable to Qutoutiao Inc.’s ordinary shareholders |
53,958 | (552,630 | ) | (301,818 | ) | (674,660 | ) | (1,148,327 | ) | |||||||||||
| Non-GAAP net income/(loss) per ADS: | ||||||||||||||||||||
| — Basic | 1.82 | (18.18 | ) | (9.88 | ) | (23.26 | ) | (37.89 | ) | |||||||||||
| — Diluted | 1.79 | (18.18 | ) | (9.88 | ) | (23.26 | ) | (37.89 | ) | |||||||||||
| Weighted average number of ADS used in computing basic and diluted earnings per ADS (Note) |
||||||||||||||||||||
| — Basic | 29,704,591 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
| — Diluted | 30,065,951 | 30,404,904 | 30,538,755 | 29,005,230 | 30,307,013 | |||||||||||||||
Note: For all the periods presented, basic and diluted loss per ADS assuming the change of ADS ratio from a ratio of four ADSs to one Class A ordinary share to a new Ratio of two ADSs to five Class A ordinary shares occurred at the beginning of the earliest period presented.
QUTOUTIAO INC.
Supplementary Operating Information
(RMB in millions, or otherwise noted)
| For the three months ended | ||||||||||||||||||||
| December 31 | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||
| 2020 | 2021 | 2021 | 2021 | 2021 | ||||||||||||||||
| Net revenues | 1,302.4 | 1,291.0 | 1,202.0 | 965.5 | 881.1 | |||||||||||||||
| User engagement expenses | 163.2 | 179.1 | 169.5 | 161.8 | 156.5 | |||||||||||||||
| User acquisition expenses | 397.1 | 588.7 | 685.2 | 757.3 | 599.8 | |||||||||||||||
| Other sales and marketing expenses | 119.9 | 35.2 | 48.1 | 62.9 | 39.7 | |||||||||||||||
| Total sales and marketing expenses | 680.3 | 803.0 | 902.8 | 982.0 | 796.0 | |||||||||||||||
| Combined Average MAUs (in millions) | 124.7 | 133.3 | 132.3 | 118.5 | 97.6 | |||||||||||||||
| Combined Average DAUs (in millions) | 32.3 | 31.7 | 29.1 | 26.5 | 25.0 | |||||||||||||||
| New installed users (in millions) | 50.3 | 101.8 | 94.0 | 103.8 | 72.6 | |||||||||||||||
| Average net revenues per DAU per day (RMB) | 0.44 | 0.45 | 0.46 | 0.41 | 0.39 | |||||||||||||||
| User engagement expenses per DAU per day (RMB) |
0.05 | 0.06 | 0.06 | 0.07 | 0.07 | |||||||||||||||
| User acquisition expenses per new installed user (RMB) |
7.89 | 5.78 | 7.29 | 7.30 | 8.26 | |||||||||||||||
____________________________
1 For more information on the non-GAAP financial measures, see the section entitled “Use of Non-GAAP Financial Measures” below and the table captioned “Reconciliation of GAAP And Non-GAAP Results” set forth at the end of this press release.
2 “MAUs” refers to the number of unique mobile devices that accessed our relevant mobile application in a given month. “Combined average MAUs” for a particular period is the average of the MAUs for all of our mobile applications in each month during that period;
3 “DAUs” refers to the number of unique mobile devices that accessed our relevant mobile application on a given day. “Combined average DAUs” for a particular period is the average of the DAUs for all of our mobile applications on each day during that period;
4 “New installed user” refers to the aggregate number of unique mobile devices that have downloaded and launched our relevant mobile applications at least once.
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html
Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
View original content:https://www.prnewswire.co.uk/news-releases/jp-morgan-life-sciences-private-capital-blue-horizon-advisors-and-united-al-saqer-announce-winner-of-inaugural-2024-life-sciences-innovation-summit-302149186.html
Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html
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