Market Signal Briefing

Wizz Air Holdings PLC (AIM:WIZZ) is scaling back its presence at Gatwick after concluding that flights from the airport are no longer commercially viable.

József Váradi, the airline’s chief executive, said high operating charges and poorly timed take-off slots were dragging on profitability, prompting a shift of aircraft and routes to Luton, where costs are lower.

The carrier will initially redeploy one aircraft, increasing its Luton-based fleet to 13, while Gatwick’s will drop to seven.

Gatwick has operated near full capacity for years, pushing up fees for airlines and squeezing margins despite rising passenger demand.

A new runway is in development but is not expected to be fully operational until the 2030s.

Váradi stressed that Wizz Air was not abandoning Gatwick but needed to “churn” its network to focus on more profitable bases.

The airline is also trialling a new “Wizz Class” option in December, offering extra space and priority services for an added charge.

Focusing on technology giants with durable competitive advantages can be a smart way to invest in the current challenging market environment.

Amazon (AMZN 1.22%) has been in the news recently, mainly for its $38 billion deal with OpenAI. This partnership, which involves OpenAI running artificial intelligence (AI) training and inference workloads on AWS' cloud infrastructure, has put Amazon at the forefront of the AI cloud discussion.

Image source: Amazon.

Over the past few years, Microsoft's (MSFT +1.29%) Azure and Alphabet's (GOOG 0.87%) (GOOGL 0.86%) Google Cloud have been quickly gaining the attention of developers, start-ups, and businesses. While Azure has been benefiting from its deep integration with OpenAI's models, Google Cloud has leveraged Gemini AI models and other AI tools to drive enterprise adoption. On the other hand, Amazon seemed to be lagging as it was known mainly for leveraging AI to improve its e-commerce, cloud, and advertising offerings, rather than leading AI innovation.

However, that perception is now shifting, particularly following the highly publicized AWS deal. So, the real question now is whether AWS is quietly winning the 2025 AI Cloud race, or if it is only playing defense to avoid losing to its AI competitors.

I think that while Amazon has not yet won the generative AI-powered cloud race, it has definitely made a solid move in that direction.

Cloud infrastructure leadership
AWS exited the third quarter of 2025 with a 29% share of the global cloud infrastructure market, higher than Azure's and Google Cloud's share of 20% and 13%, respectively.

Today's Change

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Current Price

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234.69

In the third quarter, AWS generated $33 billion in revenue, up 20.2% year over year, marking the fastest growth since 2022. AWS' operating income also climbed 9.6% year over year to $11.4 billion, translating into a strong operating margin of over 34%. This profitability is impressive, primarily since the company is aggressively investing in expanding data center capacity and developing custom silicon.

With an annualized run rate of $132 billion and a backlog of $200 billion at the end of the third quarter, AWS also boasts a massive scale and high near-term revenue visibility. CEO Andrew Jassy has even pointed out that the backlog number does not include several deals from October 2025, which together are higher than the total deal volume in the third quarter.

In the most recent quarter, Azure and Google Cloud revenues were up year over year by 39% and 34%, respectively. While both of these competitors are growing faster, AWS has also started to pick up the pace.

AI capacity
Amazon has added more than 3.8 gigawatts of data center power capacity in the past 12 months, more than any of its competitors. The company expects to add at least one additional gigawatt of power capacity in the fourth quarter. While the current capacity is already double that of 2022, the company aims to again double it by 2027. This rapid expansion will enable AWS to capture a significant share of the surging AI training and inferencing demand, secure even more long-term AI deals, and monetize new capacity as it comes online.

Custom silicon advantage
Amazon has also created custom chips, such as Trainium for training AI models and Inferentia for AI inference, which offer better price-performance than many other AI chips. Trainium2 is already a multibillion-dollar business, with revenue growing 150% quarter over quarter in the third quarter. Trainium2 chips are already fully subscribed. In fact, Amazon's Project Rainier has built a massive AI compute cluster across multiple data centers in the U.S., comprising approximately 500,000 Trainium2 chips. Amazon expects to expand the cluster to 1 million Trainium2 chips by the end of 2025. Anthropic is using this AI cluster to build and deploy its Claude AI model.

While Trainium2 is already positioned as 30% to 40% better in price-performance than many other GPU options, the company is now gearing up for the preview of the Trainium3 chip at the end of 2025 and its volume availability in early 2026. The company expects the new chip to deliver 40% better price-performance than the Trainium2 chip. The higher price-performance can become a competitive edge, especially as customers try to control explosive costs while transitioning AI workloads from training to production environments.

Despite this, AWS is also offering its customers multiple chip options from Nvidia, Advanced Micro Devices, and Intel. This reduces the risk of vendor lock-in for clients.

Complete AI stack
Besides hardware, AWS offers platform services such as SageMaker and Bedrock. SageMaker enables clients to build and deploy their custom foundational models, while Bedrock provides them with access to a range of foundational models for deploying their AI inference workloads. This model-agnostic approach, coupled with a focus on high price-performance, can help expand its enterprise customer base in the coming quarters.

Amazon is also focusing on the agentic AI opportunity and has offered an open-source capability called Strands on AWS. This helps clients build agents based on any foundational models. AWS has also introduced a set of infrastructure building blocks called AgentCore, to enable clients to deploy agents securely and scalably in production. AWS has already built agents such as Kiro, an agentic coding IDE, and the Transform agent to demonstrate the real-time utility of its agentic services to enterprises.

Is AWS a winner?
AWS' rapid capacity expansion, custom silicon development, and focus on AI platform services demonstrate its increasing momentum in the AI cloud race. While Microsoft and Alphabet are growing at a faster rate, AWS is also well positioned to emerge as one of the biggest winners of the current AI cloud boom.

OSAKA, Japan & WALTHAM, Mass.--(BUSINESS WIRE)--Ono Pharmaceutical Co., Ltd. (Headquarters: Osaka, Japan; President and COO: Toichi Takino; “Ono”), today announced the opening of a new 733-square-meter office in Zug, Switzerland, to accommodate the company's growth in Europe and partner markets. The occasion will be commemorated with a ceremony attended by company management, including the CEO of Ono, Gyo Sagara, President and CEO of Deciphera, Ryota Udagawa, and regional government officials,.

November 17, 2025 1:05 AM EST | Source: HIVE Digital Technologies Ltd.
San Antonio, Texas--(Newsfile Corp. - November 17, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a diversified multinational digital infrastructure company, through its wholly owned subsidiary BUZZ High Performance Computing ("BUZZ"), today announced an agreement with Dell Technologies to deploy its next wave of AI Infrastructure (all amounts in US dollars, unless otherwise indicated). Additionally, BUZZ and HIVE are pleased to announce the operating agreements are executed for the commencement of the first phase of the BUZZ and Bell AI Fabric deployment.

BUZZ will be deploying a 63 node cluster of liquid-cooled Dell PowerEdge XE9680L servers operating 504 of the latest generation GPUs optimized for AI compute, delivered through Dell Integrated Rack Scalable Systems (IRSS). Delivery and installation of the fully-integrated Dell IR5000 racks will be in the Bell AI Fabric data center. This builds on BUZZ's existing partnership with Bell, enabling the expansion of its sovereign AI Cloud.

Scaling for the AI Future

BUZZ recently achieved Bronze status in the Semi-Analysis ClusterMax™ rankings—surpassing numerous publicly traded peers in the AI cloud sector and validating its technical leadership.

In addition to the Bell AI Fabric facility, BUZZ has proprietary high-efficiency liquid-cooled data center designs in Canada and Sweden, and BUZZ is procuring long-lead components for go-live in the second half of calendar 2026. Each Canadian and Swedish site, alongside the Bell AI Fabric facility, will support 2,000 additional latest generation GPUs to expand the BUZZ AI Cloud for 2026. In total, BUZZ targets a fleet of over 6,000 latest generation GPUs for AI cloud by the end of 2026. This is projected to generate an additional $120 million in annual run-rate revenue ("ARR"), with an operating margin of 80% after electrical and data center costs, for BUZZ's AI Cloud business once deployed. This estimated increase is in addition to the Company's current $20 million ARR.

Combined with over 5,000 GPUs already in operation, this would bring the BUZZ AI Cloud to a total of over 11,000 GPUs by the end of 2026.

Furthermore, the HIVE 70 megawatt ("MW") operation Tier I data center in Grand Falls, New Brunswick with 32.5 acres of land enables BUZZ to upgrade the facility for hyperscaler colocation in a Tier III+ (PUE <1.3) data center, which can provide capacity for over 25,000 latest generation GPUs, based on reference architecture. BUZZ's HPC capacity footprint is positioned to make major contributions to advancing Canada's position in the global AI race.

*As used herein, "Operating Margin" is calculated by dividing the HPC profit (revenue generated from HPC activities minus electrical and data center costs related to those activities) by the total revenue generated from HPC activities and expressed as a percentage. "ARR", as a metric, represents revenue only, and does not represent profitability. ARR is presented here as a measure of growth. These non-GAAP measures should be read in conjunction with and should not be viewed as alternatives to or replacements for measures of operating results and liquidity presented in accordance with GAAP in HIVE's quarterly and annual financial statements. All financial projections reflect current market sentiment and public disclosures as of September 2025; actual outcomes may vary. Investors should conduct their own due diligence.

About HIVE Digital Technologies Ltd.

Founded in 2017, HIVE Digital Technologies Ltd. is the first publicly listed company to mine digital assets powered exclusively by green energy. Today, HIVE builds and operates next-generation blockchain and AI data centers across Canada, Sweden, and Paraguay, serving both blockchain and high-performance computing (HPC) clients. HIVE's twin-turbo engine infrastructure—driven by blockchain and accelerated AI computing—delivers scalable, environmentally responsible solutions for the digital economy.

About BUZZ High Performance Computing

BUZZ, a wholly owned subsidiary of HIVE, specializes in AI Cloud and HPC data center services. With facilities in North America and Europe, BUZZ is engineered to support Canada's ambition in the global AI economy.

For more information, visit hivedigitaltech.com, or connect with us on:

X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain

On Behalf of HIVE Digital Technologies Ltd.,

"Frank Holmes"
Executive Chairman

For further information, please contact:

Nathan Fast, Director of Marketing and Branding

Frank Holmes, Executive Chairman

Aydin Kilic, President & CEO

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, which may include but is not limited to statements regarding: the expected deployment, timing, capacity, and expansion of BUZZ HPC's GPU-accelerated infrastructure; the potential impact on Canadian AI innovation, competitiveness, and economic growth; compliance with privacy, cybersecurity, and data residency regulations; the use of renewable energy; and any other future-oriented statements. Forward-looking information is based on current expectations, estimates, forecasts, and projections, as well as management's beliefs and assumptions, including that the partnership will proceed as planned, infrastructure will be deployed on the expected timelines and within budget, demand for AI computing will continue to grow, and regulatory requirements will remain consistent with current expectations, and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.

Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: the risk that deployment timelines may change; that costs may exceed expectations; that demand for AI infrastructure may be lower than anticipated; that partnerships or regulatory approvals may not materialize as expected; and the risk factors described in the Company's continuous disclosure documents available on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274718

Tokyo Gas , Japan's largest city gas supplier, said on Monday it sold its U.S.-based subsidiary, TVL LLC, involved in gas development and production to Grayrock Energy for $255 million.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Amundi: Continuation of the long-term partnership with Societe Generale

Amundi today announces an agreement in principle with Societe Generale regarding the renewal of their long-term partnership in the areas of investment solutions distribution and securities services.

The new five-year long partnership agreement will come into effect once the contractual documentation has been finalized and remains subject to obtaining any required regulatory approvals.

Under distribution agreements initiated in 2010, Amundi is the primary provider of savings and investment solutions for Societe Generale’s retail banking and insurance networks. Societe Generale Securities Services is meanwhile one of Amundi’s primary providers for securities services.

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players1, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.3 trillion of assets2.

With its six international investment hubs3, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,600 employees in 35 countries.

Amundi, a trusted partner that acts every day in the interest of its clients and society.

www.amundi.com

Press contacts:        
Natacha Andermahr 
Tel. +33 1 76 37 86 05
[email protected] 

Corentin Henry
Tel. +33 1 76 36 26 96
[email protected]

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
[email protected] 

Thomas Lapeyre
Tel. +33 1 76 33 70 54
[email protected] 

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

[email protected]

1 Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
2 Amundi data as at 30/09/2025
3 Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

PR Amundi Continuation partnership Societe Generale

Analyst’s Disclosure:I/we have a beneficial long position in the shares of PEYUF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Peyto Summary Of Third Quarter 2025, Financial Results

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

SummaryRLJ Lodging Trust (RLJ) gets a buy rating for my initial coverage, in the wake of an upgrade this week from financial firm Raymond James.Despite some outperformance metrics from key peers like Apple Hospitality Trust and Park Hotels/Resorts, RLJ also boasts a nationally-diversified hotel portfolio as they do.Post-pandemic dividend growth return, an attractive +8% yield, and modest balance sheet risk profile are added positives.Trading significantly below book value and NAV, and at a low fwd P/E, along with a 7% upside forecast, adds to the bullish case. Klaus Vedfelt/DigitalVision via Getty Images

The Stock: A REIT Behind Many Hotels You May Have Seen Across America Did you know that there is a hotel REIT whose brand is tied to serial entrepreneur/business leader Robert L. Johnson, the

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Investment Thesis The Vanguard High Dividend Yield ETF (VYM) is a popular $67B fund with an ultra-low 0.06% expense ratio, but that's not why it stands out. As shown below, it's actually one of only five U.S. Large-Cap Value ETFs

Analyst’s Disclosure:I/we have a beneficial long position in the shares of VIG, SCHD, SPY, WMT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of EPD, NVGS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

, /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("Zeekr Group" or the "Company") (NYSE: ZK), the world's leading premium new energy vehicle group, today announced its unaudited financial results for the third quarter ended September 30, 2025.[1]

Operating Highlights for the Third Quarter of 2025

Total vehicle deliveries were 140,195 units for the third quarter of 2025, representing a 12.5% year-over-year increase and a 7.1% quarter-over-quarter increase. The Zeekr brand delivered 52,860 vehicles. Meanwhile, the Lynk & Co brand delivered 87,335 vehicles, with 72.4% of deliveries coming from NEV models.

Deliveries

2025 Q3

2025 Q2

2025 Q1

2024 Q4

140,195

130,866

114,011

169,088

Deliveries

2024 Q3

2024 Q2

2024 Q1

2023 Q4

124,606

119,755

94,115

120,114

Financial Highlights for the Third Quarter of 2025

Vehicle sales were RMB26,527 million (US$3,726 million)[2] for the third quarter of 2025, representing an increase of 7.3% from the third quarter of 2024 and an increase of 15.8% from the second quarter of 2025.
Vehicle margin[3] was 15.6% for the third quarter of 2025, compared with 12.6% for the third quarter of 2024 and 17.3% for the second quarter of 2025.
Total revenues were RMB31,562 million (US$4,434 million) for the third quarter of 2025, representing an increase of 9.1% from the third quarter of 2024 and an increase of 15.1% from the second quarter of 2025.
Gross profit was RMB6,046 million (US$850 million) for the third quarter of 2025, representing an increase of 37.1% from the third quarter of 2024 and an increase of 6.9% from the second quarter of 2025.
Gross margin was 19.2% for the third quarter of 2025, compared with 15.2% for the third quarter of 2024 and 20.6% for the second quarter of 2025.
Loss from operations was RMB56 million (US$8 million) for the third quarter of 2025, compared with RMB2,076 million loss from operations in the third quarter of 2024 and RMB285 million income from operations in the second quarter of 2025. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[4] was RMB14 million (US$2 million) for the third quarter of 2025, compared with RMB2,029 million non-GAAP loss from operations in the third quarter of 2024 and RMB315 million non-GAAP income from operations in the second quarter of 2025.
Net loss was RMB307 million (US$43 million) for the third quarter of 2025, representing a decrease of 84.9% from the third quarter of 2024 and an increase of 7.0% from the second quarter of 2025. Excluding share-based compensation expenses, adjusted net loss (non-GAAP)4 was RMB265 million (US$37 million) for the third quarter of 2025, representing a decrease of 86.6% from the third quarter of 2024 and an increase of 3.1% from the second quarter of 2025.

[1] All disclosed data (including historical periods) were recast to reflect common-control accounting treatment related to Lynk & Co's acquisition.

[2] All conversions from Renminbi("RMB") to U.S. dollars ("US$") were made at an exchange rate of RMB7.1190 to US$1.00, as set forth in the H.10 statistical release
of the Federal Reserve Board on September 30, 2025.

[3] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only.

[4] The Company's non-GAAP financial measures exclude share-based compensation expenses. See "Unaudited Reconciliation of GAAP and Non-GAAP Results" set
forth at the end of this announcement.

Key Financial Results for the Third Quarter of 2025

(in RMB millions, except for percentages)

2025 Q3

2025 Q2

2024 Q3

% Change i  

YoY

QoQ

Vehicle sales

26,527

22,916

24,724

7.3 %

15.8 %

 -Zeekr

11,993

10,925

14,401

(16.7) %

9.8 %

 - Lynk & Co

14,534

11,991

10,323

40.8 %

21.2 %

Vehicle margin

15.6 %

17.3 %

12.6 %

3.0pts

(1.7)pts

 -Zeekr

20.3 %

21.1 %

15.7 %

4.6pts

(0.8)pts

 - Lynk & Co

11.7 %

13.8 %

8.2 %

3.5pts

(2.1)pts

Total revenues

31,562

27,431

28,924

9.1 %

15.1 %

Gross profit

6,046

5,656

4,409

37.1 %

6.9 %

Gross margin

19.2 %

20.6 %

15.2 %

4.0pts

(1.4)pts

(Loss)/income from operations

(56)

285

(2,076)

(97.3) %

N/A

Non-GAAP (loss)/income from
operations

(14)

315

(2,029)

(99.3) %

N/A

Net loss

(307)

(287)

(2,028)

(84.9) %

7.0 %

Non-GAAP net loss

(265)

(257)

(1,981)

(86.6) %

3.1 %

i  Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented.

Recent Developments

Delivery Update

In October, Zeekr Group delivered a total of 61,636 vehicles across its Zeekr and Lynk & Co brands, marking a 20.5% increase compared to the previous month. This achievement was made possible by the trust and support of over 2.15 million users. Specifically, the Zeekr brand delivered 21,423 vehicles, while the Lynk & Co brand delivered 40,213 vehicles.

Financial Results for the Third Quarter of 2025

Revenues

Total revenues were RMB31,562 million (US$4,434 million) for the third quarter of 2025, representing an increase of 9.1% from RMB28,924 million for the third quarter of 2024 and an increase of 15.1% from RMB27,431 million for the second quarter of 2025.
Revenues from vehicle sales were RMB26,527 million (US$3,726 million) for the third quarter of 2025, representing an increase of 7.3% from RMB24,724 million for the third quarter of 2024, and an increase of 15.8% from RMB22,916 million for the second quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly driven by higher vehicle sales volume due to the launch of new and facelifted models in the third quarter of 2025.
Revenues from other sales and services were RMB5,035 million (US$708 million) for the third quarter of 2025, representing an increase of 19.9% from RMB4,200 million for the third quarter of 2024 and an increase of 11.5% from RMB4,515 million for the second quarter of 2025. The year-over-year increase was primarily due to an increase in after-sales spare parts revenue, which is in line with higher accumulated vehicle sales. The quarter-over-quarter increase was primarily due to an increase in R&D revenue from related parties in the third quarter of 2025.

Cost of Revenues and Gross Margin

Cost of revenues was RMB25,516 million (US$3,584 million) for the third quarter of 2025, representing an increase of 4.1% from RMB24,515 million for the third quarter of 2024 and an increase of 17.2% from RMB21,775 million for the second quarter of 2025. The year-over-year increase was primarily attributable to the increase in vehicle deliveries, partially offset by the lower average cost of sales due to cost reductions and the change in product mix. The quarter-over-quarter increase was primarily attributable to the increase in vehicle deliveries and the high average cost of sales due to the change in product mix.
Gross profit was RMB6,046 million (US$850 million) for the third quarter of 2025, representing an increase of 37.1% from RMB4,409 million for the third quarter of 2024 and an increase of 6.9% from RMB5,656 million for the second quarter of 2025.
Gross margin was 19.2% for the third quarter of 2025, compared with 15.2% for the third quarter of 2024 and 20.6% for the second quarter of 2025.
Vehicle margin was 15.6% for the third quarter of 2025, compared with 12.6% for the third quarter of 2024 and 17.3% for the second quarter of 2025. The year-over-year increase was primarily attributed to sustained cost-saving initiatives. The quarter-over-quarter decrease was primarily due to the pace of cost reduction for newly launched models and the product mix.

Operating Expenses

Research and development expenses were RMB2,743 million (US$385 million) for the third quarter of 2025, representing a decrease of 8.6% from RMB3,000 million for the third quarter of 2024 and an increase of 27.8% from RMB2,146 million for the second quarter of 2025. The year-over-year decrease and quarter-over-quarter increase were mainly in line with timing and progress of new vehicle programs.
Selling, general and administrative expenses were RMB3,783 million (US$532 million) for the third quarter of 2025, representing an increase of 11.3% from RMB3,398 million for the third quarter of 2024 and an increase of 12.5% from RMB3,364 million for the second quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to higher marketing and advertising expenses to support new vehicle model launches and sales growth.

(Loss)/income from Operations

Loss from operations was RMB56 million (US$8 million) for the third quarter of 2025, compared with RMB2,076 million loss from operations in the third quarter of 2024 and RMB285 million income from operations in the second quarter of 2025.
Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB14 million (US$2 million) for the third quarter of 2025, compared with RMB2,029 million non-GAAP loss from operations in the third quarter of 2024 and RM315 million non-GAAP income from operations in the second quarter of 2025.

Net Loss and Net Loss Per Share

Net loss was RMB307 million (US$43 million) for the third quarter of 2025, representing a decrease of 84.9% from RMB2,028 million for the third quarter of 2024 and an increase of 7.0% from RMB287 million for the second quarter of 2025.
Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB265 million (US$37 million) for the third quarter of 2025, representing a decrease of 86.6% from RMB1,981 million for the third quarter of 2024 and an increase of 3.1% from RMB257 million for the second quarter of 2025.
Net loss attributable to ordinary shareholders of Zeekr Group was RMB803 million (US$113 million) for the third quarter of 2025, representing a decrease of 62.0% from RMB2,115 million for the third quarter of 2024 and an increase of 103.8% from RMB394 million for the second quarter of 2025.
Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB761 million (US$107 million) for the third quarter of 2025, representing a decrease of 63.2% from RMB2,068 million for the third quarter of 2024 and an increase of 109.1% from RMB364 million for the second quarter of 2025.
Basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.31 (US$0.04) for the third quarter of 2025, compared with RMB0.83 each for the third quarter of 2024 and RMB0.15 each for the second quarter of 2025.
Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.30 (US$0.04) for the third quarter of 2025, compared with RMB0.81 each for the third quarter of 2024 and RMB0.14 each for the second quarter of 2025.
Basic and diluted net loss per American Depositary Share[5] ("ADS") attributed to ordinary shareholders were both RMB3.12 (US$0.44) for the third quarter of 2025, compared with RMB8.28 each for the third quarter of 2024 and RMB1.54 each for the second quarter of 2025.
Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were both RMB2.96 (US$0.42) for the third quarter of 2025, compared with RMB8.10 each for the third quarter of 2024 and RMB1.42 each for the second quarter of 2025.

[5] Each ADS represents ten ordinary shares.

Balance Sheets

Cash and cash equivalents and restricted cash was RMB8,763 million (US$1,231 million) as of September 30, 2025.

About Zeekr Group

Zeekr Group, headquartered in Zhejiang, China, is the world's leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain. Zeekr Group's values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider.

For more information, please visit https://ir.zeekrgroup.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP income/(loss) from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates 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 the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.

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 and from U.S. dollars to RMB are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars 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 U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:
ZEEKR Intelligent Technology Holding Limited
Investor Relations
Email: [email protected]

Piacente Financial Communications
Tel: +86-10-6508-0677
Email: [email protected]

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]

Media Contact

Email: [email protected]

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions)

As of

December 31

September 30

September 30

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

9,897

7,021

986

Restricted cash

1,491

1,742

245

Notes receivable

12,268

3,590

504

Accounts receivable

2,344

2,759

388

Inventories

10,388

8,572

1,204

Amounts due from related parties

9,821

10,655

1,497

Prepayments and other current assets

4,654

6,253

878

Total current assets

50,863

40,592

5,702

Property, plant and equipment, net

10,984

10,044

1,411

Intangible assets, net

1,346

1,468

206

Land use rights, net

506

497

70

Operating lease right-of-use assets

3,008

2,718

382

Deferred tax assets

340

339

48

Long-term investments

688

946

133

Other non-current assets

477

516

73

Total non-current assets

17,349

16,528

2,323

TOTAL ASSETS

68,212

57,120

8,025

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in millions)

As of

December 31

September 30

September 30

2024

2025

2025

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Short-term borrowings

1,353

4,505

633

Accounts payable

15,899

12,203

1,714

Notes payable and others

23,391

18,402

2,585

Amounts due to related parties

19,099

20,170

2,833

Income tax payable

98

152

21

Accruals and other current liabilities

15,455

16,030

2,253

Total current liabilities

75,295

71,462

10,039

Long-term borrowings

2,727

6,866

964

Operating lease liabilities, non-current

2,137

1,851

260

Other non-current liabilities

2,191

2,405

339

Deferred tax liability

57

67

9

Total non-current liabilities

7,112

11,189

1,572

TOTAL LIABILITIES

82,407

82,651

11,611

SHAREHOLDERS' EQUITY

Ordinary shares

3

3

0

Paid-in capital in combined companies

7,669

0

0

Additional paid-in capital

15,763

10,584

1,487

Treasury stock

(187)

(193)

(27)

Accumulated deficits

(38,894)

(35,149)

(4,937)

Accumulated other comprehensive income

(142)

(72)

(10)

Total Zeekr Group shareholders' deficit

(15,788)

(24,827)

(3,487)

Non-controlling interest

1,593

(704)

(99)

TOTAL S HAREHOLDERS' D EFICIT

(14,195)

(25,531)

(3,586)

TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY

68,212

57,120

8,025

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

(LOSS)/INCOME

(Amounts in millions, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2024

2025

2025

2025

RMB

RMB

RMB

US$

Revenues:

Vehicle sales

24,724

22,916

26,527

3,726

Other sales and services

4,200

4,515

5,035

708

Total revenues

28,924

27,431

31,562

4,434

Cost of revenues:

Vehicle sales

(21,619)

(18,953)

(22,392)

(3,145)

Other sales and services

(2,896)

(2,822)

(3,124)

(439)

Total cost of revenues

(24,515)

(21,775)

(25,516)

(3,584)

Gross profit

4,409

5,656

6,046

850

Operating expenses:

Research and development expenses

(3,000)

(2,146)

(2,743)

(385)

Selling, general and administrative
expenses

(3,398)

(3,364)

(3,783)

(532)

Other operating (expense)/income, net

(87)

139

424

59

Total operating expenses

(6,485)

(5,371)

(6,102)

(858)

(Loss)/i ncome  from operations

(2,076)

285

(56)

(8)

Interest expense

(44)

(108)

(135)

(19)

Interest income

4

37

47

7

Other income/(expense), net

137

(292)

107

15

Loss before income tax expense and
share of losses in equity method
investments

(1,979)

(78)

(37)

(5)

Share of income/(loss) in equity method
investments

82

151

(20)

(3)

Income tax expense

(131)

(360)

(250)

(35)

Net loss

(2,028)

(287)

(307)

(43)

Less: income/(loss) attributable to non-
controlling interest

87

107

496

70

Net loss attributable to shareholders of
Z eekr  G roup

(2,115)

(394)

(803)

(113)

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

(LOSS)/INCOME (CONTINUED)

(Amounts in millions, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2024

2025

2025

2025

RMB

RMB

RMB

US$

Net loss per share attributed to
ordinary shareholders:

Basic and diluted

(0.83)

(0.15)

(0.31)

(0.04)

Weighted average shares used in
calculating net loss per share:

Basic and diluted

2,552,901,668

2,561,060,669

2,572,968,401

2,572,968,401

Net loss per ADS attributed to
ordinary shareholders:

Basic and diluted

(8.28)

(1.54)

(3.12)

(0.44)

Weighted average ADS  used in
calculating net loss per ADS:

Basic and diluted

255,290,167

256,106,067

257,296,840

257,296,840

Net loss

(2,028)

(287)

(307)

(43)

Other comprehensive income /( loss),
net of tax of nil:

Foreign currency translation
adjustments

(179)

(22)

(10)

(1)

Comprehensive loss

(2,207)

(309)

(317)

(44)

Less: comprehensive income/(loss)
attributable to non-controlling interest

87

107

495

70

Comprehensive loss attributable to
shareholders of Z eekr  G roup 

(2,294)

(416)

(812)

(114)

ZEEKR INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in millions, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2024

2025

2025

2025

RMB

RMB

RMB

US$

(Loss)/income from operations

(2,076)

285

(56)

(8)

Share-based compensation expenses

47

30

42

6

Non-GAAP (loss)/income from
operations

(2,029)

315

(14)

(2)

Net loss

(2,028)

(287)

(307)

(43)

Share-based compensation expenses

47

30

42

6

Non-GAAP net loss

(1,981)

(257)

(265)

(37)

Net loss attributable to ordinary
shareholders

(2,115)

(394)

(803)

(113)

Share-based compensation expenses

47

30

42

6

Non-GAAP net loss attributable to
ordinary shareholders of Zeekr
Group

(2,068)

(364)

(761)

(107)

Weighted average number of
ordinary shares used in calculating
Non-GAAP net loss per share

Basic and diluted

2,552,901,668

2,561,060,669

2,572,968,401

2,572,968,401

Non-GAAP net loss per ordinary
share attributed to ordinary
shareholders

Basic and diluted

(0.81)

(0.14)

(0.30)

(0.04)

Weighted average number of ADS
used in calculating Non-GAAP net
loss per ADS

Basic and diluted

255,290,167

256,106,067

257,296,840

257,296,840

Non-GAAP net loss per ADS
attributed to ordinary shareholders

Basic and diluted

(8.10)

(1.42)

(2.96)

(0.42)

SOURCE ZEEKR Intelligent Technology Holding Limited

NEW YORK, Nov. 16, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Jasper Therapeutics, Inc. (NASDAQ: JSPR) between November 30, 2023 and July 3, 2025, both dates inclusive (the “Class Period”), of the important November 18, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Jasper Therapeutics securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Jasper Therapeutics class action, go to https://rosenlegal.com/submit-form/?case_id=45109 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 18, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Jasper lacked the controls and procedures necessary to ensure that the third-party manufacturers on which it relied were manufacturing products in full accordance with cGMP regulations and otherwise suitable for use in clinical trials; (2) the foregoing failure increased the risk that results of ongoing studies would be confounded, thereby negatively impacting the regulatory and commercial prospects of Jasper’s products, including briquilimab; (3) the foregoing increased the likelihood of disruptive cost-reduction measures; (4) accordingly, Jasper’s business and/or financial prospects, as well as briquilimab’s clinical and/or commercial prospects, were overstated; and (5) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Jasper Therapeutics class action, go to https://rosenlegal.com/submit-form/?case_id=45109 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

NEW YORK, Nov. 16, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Western Alliance Bancorporation (NYSE: WAL) resulting from allegations that Western Alliance Bancorporation may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Western Alliance Bancorporation securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=46349 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On October 16, 2025, Western Alliance Bancorporation disclosed that it had initiated a lawsuit against a borrower, Cantor Group V LLC, alleging fraud related to collateral loans.

On this news, Western Alliance Bancorporation’s stock fell 10.88% on October 16, 2025.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

NEW YORK, Nov. 16, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of RCI Hospitality Holdings, Inc. (NASDAQ: RICK) between December 15, 2021 and September 16, 2025, both dates inclusive (the “Class Period”), of the important November 20, 2025 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased RCI Hospitality securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the RCI Hospitality class action, go to https://rosenlegal.com/submit-form/?case_id=44953 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 20, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) defendants engaged in tax fraud; (2) defendants committed bribery to cover up the fact that they committed tax fraud; (3) as a result, defendants understated the legal risk facing RCI Hospitality; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the RCI Hospitality class action, go to https://rosenlegal.com/submit-form/?case_id=44953 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

, /PRNewswire/ -- Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), a leading Chinese online media platform and game business group, today reported unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter Highlights

Total revenues were US$180 million, up 19% year-over-year and 43% quarter-over-quarter.
Marketing services revenues were US$14 million, down 27% year-over-year and 13% quarter-over-quarter.
Online game revenues were US$162 million, up 27% year-over-year and 53% quarter-over-quarter.
GAAP net income attributable to Sohu.com Limited was US$9 million, compared with a net loss of US$16 million in the third quarter of 2024 and a net loss of US$20 million in the second quarter of 2025.
Non-GAAP[1] net income attributable to Sohu.com Limited was US$9 million, compared with a net loss of US$12 million in the third quarter of 2024 and a net loss of US$20 million in the second quarter of 2025.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, "In the third quarter of 2025, our marketing services revenues were in line with our guidance, while both our online game revenues and our bottom-line performance, benefiting from our continuous efforts in the gaming business, were well above our prior expectations. We recorded positive net income this quarter. For the Sohu media platform, we continued to refine our products and integrate resources to better meet users' needs and enhance their experiences. Meanwhile, leveraging our product matrix and distinctive events, we remained committed to generating and distributing diversified premium content, and continuously energizing our platform. Our differentiated advantages and unique IP enabled us to further unlock monetization potential. For our online games, both new and established titles delivered outstanding performance, driven by our deep understanding of user needs and proven operational expertise."

[1] Non-GAAP results exclude share-based compensation expense; and interest expense recognized in connection with the one-time transition tax (the "Toll Charge") imposed by the U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the "U.S. TCJA"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying "Non-GAAP Disclosure" and "Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures."

Third Quarter Financial Results

Revenues

Total revenues were US$180 million, up 19% year-over-year and 43% quarter-over-quarter.

Marketing services revenues were US$14 million, down 27% year-over-year and 13% quarter-over-quarter.

Online game revenues were US$162 million, up 27% year-over-year and 53% quarter-over-quarter. The increases were mainly due to the revenue contribution of our new PC game Tian Long Ba Bu ("TLBB"): Return, which was launched in July 2025, as well as increased revenue from TLBB PC that resulted from content updates and in-game promotional activities launched during the quarter.

Gross Margin

Both GAAP and non-GAAP gross margin were 81%, compared with 74% in the third quarter of 2024 and 78% in the second quarter of 2025.

Both GAAP and non-GAAP gross margin for the marketing services business were 10%, compared with 9% in the third quarter of 2024 and 17% in the second quarter of 2025.

Both GAAP and non-GAAP gross margin for online games were 87%, compared with 84% in the third quarter of 2024 and 86% in the second quarter of 2025.

Operating Expenses

GAAP operating expenses were US$132 million, up 5% year-over-year and 9% quarter-over-quarter. Non-GAAP operating expenses were US$131 million, up 5% year-over-year and 9% quarter-over-quarter.

Operating Profit/(Loss)

Both GAAP and non-GAAP operating profit were US$14 million, compared with an operating loss of US$13 million in the third quarter of 2024 and an operating loss of US$22 million in the second quarter of 2025.

Income Tax Expense

GAAP income tax expense was US$17 million, compared with income tax expense of US$15 million in the third quarter of 2024 and income tax expense of US$9 million in the second quarter of 2025.

Non-GAAP income tax expense was US$17 million, compared with income tax expense of US$11 million in the third quarter of 2024 and income tax expense of US$9 million in the second quarter of 2025.

Net Income/(Loss)

GAAP net income attributable to Sohu.com Limited was US$9 million, or net income of US$0.32 per fully-diluted American depositary share ("ADS," each ADS representing one Sohu ordinary share), compared with a net loss of US$16 million in the third quarter of 2024 and a net loss of US$20 million in the second quarter of 2025.

Non-GAAP net income attributable to Sohu.com Limited was US$9 million, or net income of US$0.33 per fully-diluted ADS, compared with a net loss of US$12 million in the third quarter of 2024 and a net loss of US$20 million in the second quarter of 2025.

Liquidity and Capital Resources

As of September 30, 2025, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Supplementary Information for Changyou Results [2]

Third Quarter 2025 Operating Results

For PC games, total average monthly active user accounts[3] (MAU) were 2.7 million, an increase of 24% year-over-year and 15% quarter-over-quarter. Total quarterly aggregate active paying accounts[4] (APA) were 1.1 million, an increase of 27% year-over-year and 19% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from TLBB: Return, which was launched in July 2025, as well as the improved performance of TLBB PC, resulting from content updates and optimization launched during recent quarters. The quarter-over-quarter increases in MAU and APA were mainly from TLBB: Return.
For mobile games, total average MAU were 1.9 million, a decrease of 42% year-over-year and 4% quarter-over-quarter. Total quarterly APA were 0.3 million, a decrease of 72% year-over-year and 3% quarter-over-quarter. The year-over-year decreases in MAU and APA were mainly due to the natural decline of New Westward Journey, which was launched during the second quarter of 2024.

[2] "Changyou Results" consist of the results of Changyou's online games business and its 17173.com Website.

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

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

Third Quarter 2025 Unaudited Financial Results

Total revenues were US$163 million, an increase of 27% year-over-year and 53% quarter-over-quarter. Online game revenues were US$162 million, an increase of 27% year-over-year and 53% quarter-over-quarter.

Both GAAP and non-GAAP gross profit were US$141 million, compared with US$108 million for the third quarter of 2024 and US$92 million for the second quarter of 2025.

Both GAAP and non-GAAP operating expenses were US$54 million, an increase of 19% year-over-year and 31% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly due to an increase in marketing and promotional spending for our online games, as well as an increase in salary and benefits expenses.

GAAP operating profit was US$87 million, compared with US$62 million for the third quarter of 2024 and US$50 million for the second quarter of 2025.

Non-GAAP operating profit was US$88 million, compared with US$62 million for the third quarter of 2024 and US$51 million for the second quarter of 2025.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 7.6 million ADSs for an aggregate cost of approximately US$97 million as of November 13, 2025.

Business Outlook

For the fourth quarter of 2025, Sohu estimates:

Marketing services revenues to be between US$15 million and US$16 million; this implies an annual decrease of 15% to 20%, and a sequential increase of 10% to 18%.
Online game revenues to be between US$113 million and US$123 million; this implies an annual increase of 3% to 12%, and a sequential decrease of 24% to 30%. 
Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$25 million and US$35 million.

For the fourth quarter 2025 guidance, the Company has adopted a presumed exchange rate of RMB7.10=US$1.00, as compared with the actual exchange rate of approximately RMB7.15=US$1.00 for the fourth quarter of 2024, and RMB7.13=US$1.00 for the third quarter of 2025.

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

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Sohu's management uses non-GAAP measures of gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

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

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

Notes to Financial Information

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

Safe Harbor Statement

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

Conference Call and Webcast 

Sohu's management team will host a conference call at 7:30 a.m. U.S. Eastern Time, November 17, 2025 (8:30 p.m. Beijing/Hong Kong time, November 17, 2025) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

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

About Sohu

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

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

For investor and media inquiries, please contact:

In China:

Ms. Pu Huang
Sohu.com Limited
Tel: +86 (10) 6272-6645
E-mail: [email protected]

In the United States:

Ms. Linda Bergkamp
Christensen
Tel: +1 (480) 614-3004
E-mail:  [email protected]

SOHU.COM LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended

Sep. 30, 2025

Jun. 30, 2025

Sep. 30, 2024

Revenues:

    Marketing services

$

13,596

$

15,624

$

18,677

    Online games

162,036

105,994

127,721

    Others

4,529

4,649

5,594

Total revenues

180,161

126,267

151,992

Cost of revenues:

Marketing services

12,172

12,979

17,040

Online games

21,177

14,544

20,292

Others 

1,517

768

2,283

Total cost of revenues

34,866

28,291

39,615

Gross profit

145,295

97,976

112,377

Operating expenses:

Product development (includes share-based

compensation expense of nil, nil, and $6, respectively) 

61,820

58,824

62,231

Sales and marketing (includes share-based

compensation expense of $4, $1, and $9, respectively) 

49,699

48,545

48,494

General and administrative (includes share-based

compensation expense of $426, $352, and $29,

respectively)

20,196

12,922

14,692

Total operating expenses

131,715

120,291

125,417

Operating profit/(loss)

13,580

(22,315)

(13,040)

Other income, net

5,145

3,481

3,635

Interest income

7,140

7,570

9,074

Exchange difference

(563)

185

(988)

Income/(loss) before income tax expense

25,302

(11,079)

(1,319)

Income tax expense

16,636

8,937

15,028

Net income/(loss)

8,666

(20,016)

(16,347)

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

8,666

(20,016)

(16,347)

Basic net income/(loss) per share/ADS attributable to

Sohu.com Limited

$

0.32

$

(0.69)

$

(0.52)

Shares/ADSs used in computing basic net

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

Limited[5]

27,491

28,826

31,729

Diluted net income/(loss) per share/ADS attributable

to Sohu.com Limited

$

0.32

$

(0.69)

$

(0.52)

Shares/ADSs used in computing diluted net

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

Limited

27,491

28,826

31,729

[5] Each ADS represents one ordinary share.

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS 

(UNAUDITED, IN THOUSANDS)

As of Sep. 30, 2025

As of Dec. 31, 2024

ASSETS

Current assets:

           Cash and cash equivalents

$

133,961

$

159,927

           Short-term investments

740,605

744,498

           Accounts receivable, net

39,839

53,762

           Prepaid and other current assets 

85,568

83,575

Total current assets

999,973

1,041,762

Fixed assets, net

246,559

252,860

Goodwill 

47,115

46,944

Long-term investments, net

43,621

43,120

Intangible assets, net

5,686

7,695

Long-term time deposits

336,865

331,290

Other assets

10,776

10,995

Total assets

$

1,690,595

$

1,734,666

LIABILITIES 

Current liabilities:

           Accounts payable 

$

42,632

$

36,043

           Accrued liabilities

98,258

97,138

           Receipts in advance and deferred revenue

53,787

51,007

           Accrued salary and benefits

41,078

47,232

           Taxes payables

13,433

14,225

           Other short-term liabilities

76,436

76,322

Total current liabilities

$

325,624

$

321,967

Long-term other payables

3,270

2,807

Long-term tax liabilities

304,418

485,545

Other long-term liabilities

617

1,659

Total long-term liabilities

$

308,305

$

490,011

                         Total liabilities

$

633,929

$

811,978

SHAREHOLDERS' EQUITY:

          Sohu.com Limited shareholders' equity

1,056,322

922,335

          Noncontrolling interest

344

353

                     Total shareholders' equity

$

1,056,666

$

922,688

Total liabilities and shareholders' equity  

$

1,690,595

$

1,734,666

SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended Sep. 30, 2025

Three Months Ended Jun. 30, 2025

Three Months Ended Sep. 30, 2024

GAAP

Non- GAAP 

Adjustment

Non- GAAP

GAAP

Non- GAAP 

Adjustment

Non- GAAP

GAAP

Non-GAAP

Adjustment

Non- GAAP

-

(a)

-

(a)

-

(a)

Marketing services gross profit

$

1,424

$

-

$

1,424

$

2,645

$

-

$

2,645

$

1,637

$

-

$

1,637

Marketing services gross margin

10 %

10 %

17 %

17 %

9 %

9 %

-

(a)

-

(a)

-

(a)

Online games gross profit 

$

140,859

$

-

$

140,859

$

91,450

$

-

$

91,450

$

107,429

$

-

$

107,429

Online games gross margin

87 %

87 %

86 %

86 %

84 %

84 %

-

(a)

-

(a)

-

(a)

Others gross profit 

$

3,012

$

-

$

3,012

$

3,881

$

-

$

3,881

$

3,311

$

-

$

3,311

Others gross margin

67 %

67 %

83 %

83 %

59 %

59 %

-

(a)

-

(a)

-

(a)

Gross profit

$

145,295

$

-

$

145,295

$

97,976

$

-

$

97,976

$

112,377

$

-

$

112,377

Gross margin

81 %

81 %

78 %

78 %

74 %

74 %

Operating expenses

$

131,715

$

(430)

(a) $

131,285

$

120,291

$

(353)

(a) $

119,938

$

125,417

$

(44)

(a) $

125,373

430

(a)

353

(a)

44

(a)

Operating profit/( loss)

$

13,580

$

430

$

14,010

$

(22,315)

$

353

$

(21,962)

$

(13,040)

$

44

$

(12,996)

Operating margin

8 %

8 %

-18 %

-17 %

-9 %

-9 %

Income tax expense

$

16,636

$

-

$

16,636

$

8,937

$

-

$

8,937

$

15,028

$

(3,883)

(b)$

11,145

430

(a)

353

(a)

44

(a)

-

-

3,883

(b)

Net income/(loss) before non-

controlling interest

$

8,666

$

430

$

9,096

$

(20,016)

$

353

$

(19,663)

$

(16,347)

$

3,927

$

(12,420)

430

(a)

353

(a)

44

(a)

-

-

3,883

(b)

Net income/( loss) attributable to

Sohu.com Limited for diluted

net loss per share/ADS

$

8,666

$

430

$

9,096

$

(20,016)

$

353

$

(19,663)

$

(16,347)

$

3,927

$

(12,420)

Diluted net income/( loss) per

share/ADS attributable to 

Sohu.com Limited

$

0.32

0.33

$

(0.69)

(0.68)

$

(0.52)

(0.39)

Shares/ADSs used in computing

diluted net income/( loss) per

share/ADS attributable to 

Sohu.com Limited

27,491

27,491

28,826

28,826

31,729

31,729

Note:

(a) Share-based compensation expense

(b) Accrued interest expense in connection with the Toll Charge

SOURCE Sohu.com Limited

, /PRNewswire/ -- JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it will hold its 2025 annual general meeting on Monday, December 29, 2025 at 10:00 a.m. (Beijing time) at 10F, No.1, Lane 1466, Shenchang Road, Minhang District, Shanghai, China, for the following purposes:

To re-elect Mr. Haiyun Cao as a director of the Company;
To re-elect Mr. Wing Keong Siew as an independent director of the Company;
To ratify the appointment of PricewaterhouseCoopers Zhong Tian LLP as auditors of the Company for the fiscal year of 2025;
To authorize the directors of the Company to determine the remuneration of the Company's auditors;
To authorize each of the directors of the Company to take any and all action that might be necessary to effect the foregoing resolutions as such director, in his or her absolute discretion, thinks fit;
To receive and consider the audited financial statements and the report of the auditors for the year ended December 31, 2024, and the report of the board of directors; and
To act upon such other matters as may properly come before our annual general meeting or any adjournment or postponement thereof.

Only shareholders of record at the close of business on November 28, 2025 (New York time) are entitled to receive notice of and to vote at the Company's annual general meeting or any adjournment or postponement thereof.

The notice of the Company's annual general meeting and the Company's 2024 Annual Report, containing the complete audited financial statements and the report of auditors for the year ended December 31, 2024, together with the report of the board of directors, are available on the Investor Relations Section of the Company's website at www.jinkosolar.com.

The Company will provide to all shareholders, upon request, a hard copy of the Company's 2024 Annual Report and the report of the board of directors free of charge.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2025.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: [email protected]

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: [email protected] 

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: [email protected] 

SOURCE JinkoSolar Holding Co., Ltd.

China's second-largest electric-vehicle maker reported a rise in its net profit supported by strong sales with 76,100 vehicles sold in the third quarter, up 43% from the previous year.

CoreWeave continues to grow revenue at a greater than 100% pace.

Few companies in the artificial intelligence (AI) sector are growing as quickly as CoreWeave (CRWV 1.35%) is. At its core, CoreWeave is a cloud computing business that specializes in artificial intelligence infrastructure.

With how in-demand AI computing capacity is right now, it's no surprise that CoreWeave is growing at an incredible pace and shows no signs of slowing down. Investors love to get in on that exciting growth, but is CoreWeave a smart investment option? Let's take a look.

Image source: Getty Images.

CoreWeave's growth rate is impressive
With how much money AI hyperscalers are spending on building AI computing capacity, investors are starting to get a bit wary about the potential return on these investments. Instead of building all of the AI computing capacity themselves, contracting out some of that work to a business like CoreWeave makes a lot of sense. The AI hyperscaler reduces its expense burden by paying for computing power from CoreWeave. This isn't as cost-effective as building a data center itself, but it allows for increased flexibility. This has allowed CoreWeave to capture some big-name clients, like Meta Platforms (META 0.09%), which inked a deal worth $14 billion.

CoreWeave's growth rates have been nothing short of incredible, and its results speak for themselves.

While the slowing growth rate may concern some investors, it's still more than doubling its revenue each quarter. That's a feat few companies ever achieve, placing CoreWeave in a unique position. However, there's one primary concern with CoreWeave: its profitability.

There's an old saying that you have to spend money to make money. That's true, but there's also a limit. CoreWeave is certainly toying with that limit, as there are questions surrounding the lifespan of this expensive computing equipment.

AI computing equipment doesn't last forever

Today's Change

(

-1.35

%) $

-1.06

Current Price

$

77.28

CoreWeave mostly buys Nvidia graphics processing units (GPUs) for its servers. When running for AI workloads, GPUs can have relatively short lifespans, with some estimates as low as one to three years. However, Nvidia's product launch cycle is also about one year, so the GPUs CoreWeave is buying now won't be the hottest technology even a few months later. This creates a continuous capital influx cycle that can be sustainable if CoreWeave is making a profit.

But that's not the case.

CoreWeave is rapidly improving its margin profile, but it's still unprofitable right now.

With the short lifespan of the GPUs it's buying, it's critical that CoreWeave becomes cash-flow-positive and stays that way. However, I don't see that happening anytime soon because it's planning on increasing its footprint.

But the opportunity may be there, as its revenue backlog has now reached $55.6 billion. About 40% of that is scheduled to be used over the next 24 months. So, if we divide it in half, that means CoreWeave should have about $11 billion in revenue over the next 12 months. It expects to generate about $5.1 billion for 2025, so this showcases its impressive growth continuing.

Right now, I'm not interested in CoreWeave because of its unprofitability and cash burn. However, if it can flip that switch and become profitable while growing at an astronomical pace, I'm definitely interested. CoreWeave is going on my watch list for 2026, and it may enter my portfolio if it can cross the profitability threshold, which will be a tough task due to the massive capital expenditure required to build a data center.

As of now, I still think the computing unit providers like Nvidia make for better investments, as they don't have to worry about a quickly depreciating asset because they're selling them.

American Bitcoin (ABTC), co-founded by Eric Trump and Donald Trump Jr., has reported a profitable third quarter (Q3) in 2025, signaling robust growth for the company. Operating as both a Bitcoin miner and strategic buyer, American Bitcoin has leveraged its scalable operations to boost profits amid fluctuating cryptocurrency markets.

Alvin Lang
Nov 17, 2025 04:33

ETH price prediction points to $3,934 short-term target with medium-term Ethereum forecast reaching $4,300-$4,800 range, supported by upcoming Fusaka upgrade.

Ethereum is currently trading at $3,186.39, positioning itself for a potential breakout as multiple technical indicators and analyst predictions converge on bullish price targets. Despite recent bearish momentum, the underlying technical structure suggests ETH is building a foundation for significant upward movement.

ETH Price Prediction Summary
• ETH short-term target (1 week): $3,326 (+4.4%)
• Ethereum medium-term forecast (1 month): $3,934-$4,300 range (+23-35%)
• Key level to break for bullish continuation: $3,479 (SMA 20 resistance)
• Critical support if bearish: $3,004 (24h low and strong support confluence)

Recent Ethereum Price Predictions from Analysts
The latest ETH price prediction consensus from multiple analytical sources reveals cautious optimism with specific upside targets. CoinCodex leads with the most aggressive short-term forecast, projecting a $3,934.03 price target representing a 10.45% increase over the next five days. This prediction aligns with technical analysis showing Ethereum approaching oversold conditions.

More conservative Ethereum forecast models from Changelly and CoinLore cluster around the $3,213-$3,326 range, suggesting 1-3% weekly gains. The convergence of these predictions around similar price levels indicates strong analytical consensus for modest near-term appreciation.

The most compelling medium-term ETH price prediction comes from The Bit Journal, which projects $4,300-$4,800 targets contingent on the upcoming Fusaka network upgrade scheduled for December 2025. This represents potential upside of 35-51% from current levels, making it the most bullish forecast in the prediction landscape.

ETH Technical Analysis: Setting Up for Bullish Reversal
Current Ethereum technical analysis reveals a classic oversold setup primed for reversal. The daily RSI at 36.95 sits in neutral territory but approaching oversold levels, historically marking favorable entry zones for ETH. The MACD histogram shows bearish momentum at -20.8011, but this divergence often precedes trend reversals when combined with oversold RSI conditions.

Ethereum's position within the Bollinger Bands at 0.22 indicates the price is trading in the lower portion of its recent range, with significant room for mean reversion toward the middle band at $3,479. The 24-hour trading range of $3,004-$3,249 establishes clear short-term boundaries, with ETH currently testing the lower support zone.

Volume analysis shows substantial daily trading activity at $1.89 billion on Binance, indicating strong market participation. The average true range (ATR) of $223.73 suggests healthy volatility for potential price movements, supporting the feasibility of reaching the $3,934 ETH price target within the predicted timeframe.

Ethereum Price Targets: Bull and Bear Scenarios
Bullish Case for ETH
The primary bullish Ethereum forecast scenario targets $3,934 as the initial resistance level, representing the confluence of multiple technical factors. Breaking above the immediate resistance at $4,036.66 would likely trigger momentum toward the medium-term price target of $4,300-$4,800.

Key technical requirements for this bullish ETH price prediction include RSI recovery above 50, MACD histogram turning positive, and sustained trading above the SMA 20 at $3,479. The upcoming Fusaka upgrade in December 2025 provides fundamental catalyst support for these technical targets.

Extended bullish targets point toward the strong resistance at $4,755, which coincides with the 52-week high region at $4,832. Achievement of these levels would require sustained momentum and broader crypto market support.

Bearish Risk for Ethereum
The primary downside risk centers on failure to hold the critical support at $3,004, which represents both the 24-hour low and strong technical support confluence. A break below this level could trigger selling toward the Bollinger Band lower boundary at $2,949.

Secondary bearish Ethereum forecast scenarios target the $2,800-$2,900 range, representing approximately 10-12% downside from current levels. This scenario would require sustained selling pressure and broader market weakness to materialize.

Should You Buy ETH Now? Entry Strategy
Current technical positioning suggests a favorable risk-reward setup to buy ETH with specific entry parameters. The optimal entry zone spans $3,150-$3,200, allowing for minimal downside while positioning for the predicted upward movement.

Risk management requires a stop-loss placement below $2,950, representing the breakdown level that would invalidate the bullish ETH price prediction. This provides approximately 7-8% downside protection while maintaining exposure to 20%+ upside targets.

Position sizing should reflect the medium confidence level in this Ethereum technical analysis, with conservative allocation of 2-3% of portfolio value. Entry timing benefits from waiting for RSI stabilization above 40 or initial MACD histogram improvement for confirmation.

ETH Price Prediction Conclusion
The comprehensive Ethereum forecast points to $3,934 as the high-probability target within a 2-4 week timeframe, representing 23% upside potential from current levels. This ETH price target maintains medium confidence based on technical indicator convergence and analyst consensus.

Key indicators to monitor for confirmation include RSI recovery above 45, MACD histogram improvement toward positive territory, and sustained trading above $3,250. Invalidation signals include breaks below $3,004 or RSI decline toward 30.

The timeline for this ETH price prediction extends through mid-December 2025, coinciding with the anticipated Fusaka upgrade catalyst. Should you buy or sell ETH based on this analysis? The technical setup favors accumulation on weakness near current levels, with clear risk parameters and defined upside targets supporting a measured bullish stance.

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eth price analysis
eth price prediction

Economist Peter Schiff contrasted the superior performance of gold with that of Bitcoin (CRYPTO: BTC) on Sunday, advising his followers to rotate into the yellow metal before getting “mauled.”

‘Sell Bitcoin, Buy Gold’Schiff noted that gold had surpassed $4,100 in early Asian trading, while Bitcoin was struggling to hold on to $93,000.

The leading cryptocurrency was down 24.50% from its all-time high. But Schiff added that when compared to gold, the bear market appears “far more ferocious.”

“Sell Bitcoin now and buy gold before you get mauled,” the longtime cryptocurrency critic advised his followers.

Bitcoin Losing Against Gold?It required 30.634 ounces of gold to buy 1 Bitcoin at its all-time high set in October, now down to 23.26 ounces.

Moreover, BTC's value in gold reached a yearly peak of 36.52 ounces on Aug. 13. Since then, the leading cryptocurrency has fallen by more than 36%.

CryptocurrencyPrice in Gold ounces (Recorded at BTC ATH on Oct. 7)Price in Gold ounces (Recorded at 9:20 p.m. ET)Gains +/-Bitcoin30.63423.26-24.07%CryptocurrencyPrice in Gold ounces (Recorded on Aug. 13)Price in Gold ounces (Recorded at 9:20 p.m. ET)Gains +/-Bitcoin36.5223.26-36.30%That said, compared over a five-year timeframe, Bitcoin was up 134% in terms of gold.

Bitcoin supporters have previously accused Schiff of "shifting the goalposts" by evaluating the asset's performance against gold over conveniently short timeframes.

Source: TradingViewSee Also: JPMorgan Forecasts Bitcoin Bottom, Anticipates $28.3 Trillion Challenge To Gold By 2026

What Changed After The October Crash?Capital market commentator Kobeissi Letter highlighted a “structural shift” in the cryptocurrency market since the “Black Friday” crash of October, with gold and Bitcoin moving in opposite directions.

Notably, Bitcoin has shed nearly 22% of its value since the crash, while gold, to the contrary, has gained 1.5%.

AssetsPrice (Recorded on Oct. 10)Price (Recorded at 9:20 p.m. ET)Gains +/-Bitcoin$121,704.74$94,965.10-21.90%Spot Gold$4,018.30$4,079.25+1.5%Longtime gold enthusiast Schiff has been quite optimistic about the commodity, predicting that it might surpass $20,000 per ounce.

On the other hand, he projected that the “cryptocurrency bubble” would eventually burst, leaving Americans as the most vulnerable group.

Read Next: 

Elon Musk And Vitalik Buterin Together Couldn’t Once Convince Harry Potter Author JK Rowling On Bitcoin: ‘I Don’t Think I Trust This’
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