Market Signal Briefing

Headwinds appear to be mounting for the face of the artificial intelligence (AI) revolution.

For many investors, earnings season represents the pinnacle of each quarter. It marks the six-week period when a majority of S&P 500 companies lift the proverbial hood on their operating results, providing a barometer for Wall Street and investors to gauge the health of corporate America.

But a strong argument can be made that Form 13Fs filed with the Securities and Exchange Commission are just as valuable for investors.

A 13F is required to be filed no later than 45 calendar days following the end of a quarter for institutional investors overseeing $100 million or more in assets under management. It provides a clear portfolio snapshot that investors can use to determine which stocks, exchange-traded funds (ETFs), and select options Wall Street's smartest money managers bought and sold in the latest quarter.

Nov. 14 marked the 45-day filing deadline for 13Fs covering third-quarter trading activity.

Image source: Getty Images.

Although Warren Buffett is the most closely tracked of all billionaire asset managers, he's far from the only billionaire known to generate outsize returns. Billionaire venture capitalist Peter Thiel, the co-founder of PayPal Holdings and Palantir Technologies, as well as an early investor in Facebook (now Meta Platforms), has an impressive track record of spotting game-changing businesses.

What's particularly noteworthy is that Thiel was a seller of equities during the third quarter. The 13F filed by his fund, Thiel Macro, shows three stocks were pared down or sold in their entirety -- none of which is more prominent than the face of the artificial intelligence (AI) revolution, Nvidia (NVDA +2.92%).

Profit-taking is a logical reason to sell -- but may not be the only reason
Thiel's fund initially took a 246,893-share stake in Nvidia during the fourth quarter of 2024. Subsequent 13F filings show an additional 111,162 shares were added during the March-ended quarter, along with 179,687 more shares during the quarter ended in June. By the midpoint of 2025, Thiel Macro held 537,742 shares of Nvidia.

Thiel's purchases during the first and second quarters may coincide with the short-lived but steep sell-off Wall Street experienced during the latter half of March and early April. The unveiling of President Donald Trump's tariff and trade policy briefly spooked investors, providing a brief opportunity for investors like Thiel to scoop up shares of Nvidia below $100.

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However, Thiel's fund unloaded the entire position (537,742 shares) during the September-ended quarter. Had this stake been held in its entirety, it would have been worth approximately $100 million on Sept. 30.

The most logical explanation for selling Nvidia stock is to lock in profits. Thiel Macro historically holds positions in just a handful of publicly traded companies, with hold times that are often less than a year. In other words, Thiel has demonstrated a willingness to, at times, trade rather than invest, and isn't shy about locking in profits when the opportunity presents itself.

Nvidia's seemingly insurmountable market share lead in AI-data center graphics processing units (GPUs), coupled with the compute advantages of its AI hardware, has helped lift its stock to the top of the pedestal on Wall Street. But there may be more to Thiel's abrupt exit from Nvidia stock than just benign profit-taking.

Image source: Nvidia.

Headwinds are mounting for the face of the artificial intelligence revolution
While there's no denying that Nvidia's AI hardware can serve as the foundation for the long-term transformation of corporate America, there are several reasons to believe the near-parabolic ascent of its stock isn't sustainable -- and Peter Thiel likely knows it.

Although history has proved kind to some game-changing innovations, such as the internet, over long periods, it has been no friend to early stage hyped trends. Since the advent and proliferation of the internet three decades ago, every next-big-thing technology and trend has eventually navigated its way through a bubble-bursting event.

Yes, we're witnessing some impressive demand for AI infrastructure at the moment. Nevertheless, most businesses aren't anywhere close to optimizing AI as a technology, and many aren't generating a positive return on their AI investments. These are hallmarks that suggest the AI bubble is going to burst at some point. If and when that happens, arguably no company would take a more direct hit than Nvidia.

There's also the high likelihood that Nvidia will lose some of its competitive edge over time. Nvidia CEO Jensen Huang's plan to release a new advanced AI chip annually can ensure his company stays on top when it comes to compute abilities. However, the lower price points of rival AI-GPUs, coupled with a ramp-up in production from these external competitors, will work against the AI-GPU scarcity that's pumped up Nvidia's pricing power and gross margin.

Nvidia's gross margin is at risk of deflating as competitive pressures build. NVDA Gross Profit Margin (Quarterly) data by YCharts.

To add to the above, internal competition can be problematic for Nvidia. Many of its top customers by net sales (think members of the "Magnificent Seven") are internally developing GPUs for their data centers. Even though these chips can't match Nvidia's hardware on a compute basis, they're notably cheaper and not backlogged. There's a real possibility that these internally developed GPUs will occupy valuable data center space, delay upgrade cycles, and minimize the AI-GPU scarcity that helped lift Nvidia's gross margin above 70%.

Historical valuation concerns may have come into play for Thiel, as well. History has shown that companies leading the charge with next-big-thing trends typically reach their peak with price-to-sales (P/S) ratios of 30 or higher. Since the dot-com bubble burst, a P/S ratio range of 30 to 40 has served as a loose marker of when one or more industry-leading companies have reached bubble territory.

In early November, Nvidia's P/S ratio crested 30, which history makes clear isn't a sustainable valuation premium over an extended period.

Furthermore, the stock market is historically pricey. In late October, the S&P 500's Shiller Price-to-Earnings (P/E) Ratio topped a multiple of 41, which marks the second-highest reading during a continuous bull market when back-tested to 1871. Previous Shiller P/E multiples above 30 have eventually been followed by declines of 20% or greater in the benchmark index.

When the next bear market occurs, companies with premium valuations, such as Nvidia, may feel a disproportionate amount of the pain.

November 20, 2025 03:11 ET

 | Source:

Hofseth Biocare ASA

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANOTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange announcements by Hofseth BioCare ASA ("HBC" or the "Company") on 7 November 2025 regarding the terms of a subsequent offering of up to 16,666,666 new shares (the "Offer Shares") in the Company (the "Subsequent Offering") and on 10 November 2025 regarding the start of the subscription period in the Subsequent Offering. Each Offer Share is offered at a subscription price of NOK 1.80.

The subscription period for the Subsequent Offering (the "Subscription Period") will expire today, 20 November 2025 at 16:30 hours (CET). Subscription rights that are not used to subscribe for Offer Shares before the expiry of the Subscription Period will have no value and will lapse without compensation to the holder.

Correctly completed subscription forms must be received by DNB Carnegie, a part of DNB Bank ASA (the "Settlement Agent") prior to the expiry of the Subscription Period, or in the case of online subscriptions, be registered prior to the expiry of the Subscription Period.

For further information on the Subsequent Offering, please refer to the Company's stock exchange notice dated 7 November 2025, or in the national prospectus published by the Company on 10 November 2025 in accordance with the rules in the Norwegian Securities Trading Act chapter 7 (the "Prospectus"). The Prospectus is available at the websites of the Company (https://hofsethbiocare.com).

Advokatfirmaet CLP DA is acting as legal counsel to the Company in the Subsequent Offering.

For further information, please contact:

Jon Olav Ødegård, CEO at HBC
Phone: +47 936 32 966
E-mail: [email protected]

Important information

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company do not intend to register any part of the Offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The "Prospectus Regulation" means Regulation (EU) 2017/1129, as amended (together with any applicable implementing measures) in any Member State. This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons").

This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investments activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

The issue, subscription or purchase of shares or other financial instruments in the Company is subject to specific legal or regulatory restrictions in certain jurisdictions. The Company does not assume any responsibility in the event there is a violation by any person of such restrictions. The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. Any forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Such assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not make any guarantee that the assumptions underlying any forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on any forward-looking statements in this announcement. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

This announcement is made by and, and is the responsibility of, the Company. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation as implemented in any Member State.

Ilika PLC (AIM:IKA, OTCQX:ILIKF) provided a trading update for the six months to 31 October, reporting progress across its Stereax and Goliath solid-state battery programmes.

The company, in a statement ahead of financial results to be released in January, confirmed its Stereax M300 micro-battery production line at Cirtec Medical’s Massachusetts facility had completed process qualification.

It also highlighted that customer testing had validated its Goliath 2Ah P1 cells.

“Initial deliveries of Stereax M300 batteries to lead customers are targeted to commence in Q4 2025,” Ilika added.

Ilika expects revenue for the period of £0.6 million, reflecting the early stages of the DRIVE35 programme, and anticipates an EBITDA loss of £3.2 million due to increased development and prototype manufacturing costs.

The company said it remains on course to ship 10Ah Goliath prototypes in December, followed by 50Ah versions depending on customer demand.

Kia America is recalling 250,547 K5 vehicles in the U.S. over a damaged fuel tank posing a fire risk, the U.S. National Highway Traffic Safety Administration said on Thursday.

British health and safety device maker Halma raised its annual revenue growth forecast on Thursday after reporting a surge in half-year profit, fuelled by strong U.S. demand for its photonics products used in data centre construction.

A debut and a win: Kia's first fully electric van, the PV5, claims the industry's most prestigious LCV award
Unanimously chosen by 26 leading commercial vehicle journalists worldwide
Asia's first electric van and the first Korean model to win the International Van of the Year
Recognized for its technological innovation, operational efficiency, advanced safety and strong environmental performance
, /PRNewswire/ -- Kia Corporation's all-electric PV5 has been awarded the '2026 International Van of the Year' (IVOTY), becoming the first Korean vehicle — and Asia's first electric van — to receive the industry's highest global honor. The recognition, presented at SOLUTRANS 2025 in Lyon, France, follows a unanimous vote by 26 leading commercial vehicle journalists worldwide.

Why Is the IVOTY Award So Significant?

Kia’s PV5 Wins the ‘2026 International Van of the Year’

Established in 1992, IVOTY is the most authoritative global award in the light commercial vehicle (LCV) sector. Winners are selected based on:

Technological innovation
Operational efficiency
Safety
Environmental performance
The PV5 outperformed six other finalists, marking only the second time an Asian brand has secured this honor in the award's 34-year history.

"Congratulations to Kia for winning the prestigious 34th International Van of the Year Award. The all-electric Kia PV5 sets a new benchmark for innovation, efficiency, and all-round capability in the light commercial vehicle segment. It combines zero-emission performance with versatility and practicality, redefining what businesses can expect from a modern van. Kia has long been celebrated for its award-winning cars, and now, its van division is making an equally powerful impact on the industry." – Jarlath Sweeney, Chairman of the International Van of the Year jury

How Does the PV5 Strengthen Kia's Leadership in Electric Mobility?

The PV5 builds on Kia's established electric vehicle (EV) momentum — demonstrated by the EV6 and EV9 winning World Car of the Year titles. With its debut, Kia expands its vision for sustainable mobility into the commercial sector.

"Kia has long stood at the forefront of EV innovation, and the PV5 brings that leadership into the commercial vehicle space with purpose. We developed the PV5 by listening closely to our business customers and by focusing on creating a vehicle that is both highly practical and distinctly Kia in its refined, modern design and functionality. Moreover, the PV5 brings innovation in the traditional LCV production through our conveyor and cell integrated manufacturing system enabling environmental modification process. To have the PV5 named International Van of the Year in its debut is an exceptional honor. It reinforces our belief that Kia can redefine this segment and continue shaping the future of smart, sustainable and electric mobility for businesses around the world." – Ho Sung Song, President & CEO of Kia Corporation

How Is the PV5 Engineered to Handle Real-World Demands?

The PV5 is Kia's first electric light commercial vehicle (eLCV) and the foundational model of its Platform Beyond Vehicle (PBV) lineup. It is engineered for efficiency, long-lasting performance and maximum versatility.

Key performance highlights:

Electric-Global Modular Platform for Service (E-GMP.S)
All-electric range (WLTP): up to 416 km (Cargo Long) / 412 km (Passenger 5-seater)
DC fast charging: 10% to 80% in approx. 30 minutes
Payload capacity: up to 790 kg
GUINNESS WORLD RECORDS™ title for "greatest distance traveled by a light-duty electric van with maximum payload on a single charge": 693.38 km
Three battery options — 43.3 kWh, 51.5 kWh, 71.2 kWh — allow operators to tailor range and cost to their business needs. A low entry height, flat cargo floor and integrated mounting points streamline loading and upfitting.

Why Did Kia Put Customer Insight at the Heart of PV5 Development?

The PV5 was shaped through a development process rooted in extensive customer insight. Kia worked closely with logistics firms, delivery operators, fleet managers and mobility service providers to ensure the vehicle meets real-world needs — from ergonomics and loading efficiency to digital uptime tools and serviceability.

"In 2022, Kia launched its PBV division with the ambition to redefine the LCV market through innovation, something Kia has always stood for. The Kia PV5 brings that vision to life and receiving the International Van of the Year Award with our very first PBV model confirms that we are heading in the right direction. The PV5 has been developed by actively listening to customer voices, with every detail thoughtfully designed to meet real-world business needs. This award marks an important milestone, yet our journey to deliver meaningful value to customers continues as we expand the PBV line-up." – Sangdae Kim, Executive Vice President and Head of PBV Division at Kia Corporation

What's Next for the PV5 and Kia's PBV Lineup?

The PV5 is now available in Cargo Long and Passenger 5-seater variants across Europe. Beginning in 2026, Kia will expand the range with:

Chassis Cab
Cargo Standard (L1H1)
High Roof (L2H2)
Future PBV models — including the larger PV7 and PV9 — will further strengthen Kia's ambition to build a full-scale, next-generation PBV ecosystem for global businesses.

For more information, visit the Kia Global Media Center for more.

SOURCE Kia Corporation

, /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter  202 5  Financial Highlights

Net revenues were RMB28.4 billion (US$4.0 billion), an increase of 8.2% compared with the same quarter of 2024.

Games and related value-added services net revenues were RMB23.3 billion (US$3.3 billion), an increase of 11.8% compared with the same quarter of 2024.
Youdao net revenues were RMB1.6 billion (US$228.8 million), an increase of 3.6% compared with the same quarter of 2024.
NetEase Cloud Music net revenues were RMB2.0 billion (US$275.9 million), a decrease of 1.8% compared with the same quarter of 2024.
Innovative businesses and others net revenues were RMB1.4 billion (US$202.1 million), a decrease of 18.9% compared with the same quarter of 2024.

Gross profit was RMB18.2 billion (US$2.6 billion), an increase of 10.3% compared with the same quarter of 2024.
Total operating expenses were RMB10.2 billion (US$1.4 billion), an increase of 8.9% compared with the same quarter of 2024.
Net income attributable to the Company's shareholders was RMB8.6 billion (US$1.2 billion). Non-GAAP net income attributable to the Company's shareholders was RMB9.5 billion (US$1.3 billion).[1]
Basic net income per share was US$0.38 (US$1.90 per ADS). Non-GAAP basic net income per share was US$0.42 (US$2.09 per ADS).[1]

[1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement.

Third Quarter 2025 and Recent Operational Highlights

Showcased strong long-term operating capabilities with enduring player engagement across well-established titles. Notably, Fantasy Westward Journey Online achieved four successive record peak concurrent player counts since the third quarter, reaching a height of 3.58 million. Multiple established titles strengthened player appeal through innovative gameplay updates and crossover synergy events, including Fantasy Westward Journey mobile game, Identity V, Eggy Party, Sword of Justice and Where Winds Meet.
Strengthened the global portfolio and pipeline with new games across a variety of genres:

Destiny: Rising topped the iOS download chart in multiple regions across Western markets with its August 28 global launch, as well as in China with its October 16 domestic launch.
ANANTA sparked substantial enthusiasm with its brand-new experience at Tokyo Games Show 2025's playtesting session.
Sword of Justice and Where Winds Meet hit global markets on November 7 and 14, respectively, bringing captivating, distinctive Wuxia worlds to players everywhere.
Sea of Remnants is advancing steadily toward its planned 2026 launch.

Blizzard titles continued to deliver enhanced experiences to Chinese players. World of Warcraft launched the long-awaited, China-exclusive Titan Reforged Server on November 18, igniting strong enthusiasm among local players. Diablo II: Resurrected returned to China on August 27, followed by StarCraft II on October 28, while Diablo IV is scheduled to launch on December 12, to deliver another exceptional experience to players in China.

"We delivered another quarter of solid execution, underscoring our healthy growth in China and rising global appeal," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "Over the years, we have honed our innovation capabilities and proven them title after title by delivering exceptional gaming experiences. This edge has afforded us a strong domestic foundation to extend our distinctive, sophisticated games to players worldwide.

"User experience remains the heart of our value system as we look to raise the bar for creativity and tech-inspired games while enriching and expanding our vibrant player community. Through close collaboration with partners and top talent around the world, we aim to create even greater value for players and sustain our momentum across markets," Mr. Ding concluded.

Third Quarter  202 5  Financial Results

Net Revenues

Net revenues for the third quarter of 2025 were RMB28.4 billion (US$4.0 billion), compared with RMB27.9 billion and RMB26.2 billion for the preceding quarter and the same quarter of 2024, respectively.

Net revenues from games and related value-added services were RMB23.3 billion (US$3.3 billion) for the third quarter of 2025, compared with RMB22.8 billion and RMB20.9 billion for the preceding quarter and the same quarter of 2024, respectively. Net revenues from the operation of online games accounted for approximately 97.6% of the segment's net revenues for the third quarter of 2025, compared with 97.1% and 96.8% for the preceding quarter and the same quarter of 2024, respectively. The quarter-over-quarter increase in online games net revenues was due to higher net revenues from self-developed games such as Fantasy Westward Journey Online and Sword of Justice, as well as certain licensed games. The year-over-year increase was attributable to higher net revenues from self-developed games such as Fantasy Westward Journey Online, Eggy Party and newly-launched Where Winds Meet and Marvel Rivals, as well as certain licensed games.

Net revenues from Youdao were RMB1.6 billion (US$228.8 million) for the third quarter of 2025, compared with RMB1.4 billion and RMB1.6 billion for the preceding quarter and the same quarter of 2024. The quarter-over-quarter increase was due to increased net revenues from its smart devices and online marketing services.

Net revenues from NetEase Cloud Music were RMB2.0 billion (US$275.9 million) for the third quarter of 2025, compared with RMB2.0 billion each for the preceding quarter and the same quarter of 2024.

Net revenues from innovative businesses and others were RMB1.4 billion (US$202.1 million) for the third quarter of 2025, compared with RMB1.7 billion and RMB1.8 billion for the preceding quarter and the same quarter of 2024, respectively. Results from this segment were mainly driven by net revenues from Yanxuan, advertising services and other value-added services, as well as certain inter-segment transaction eliminations. The quarter-over-quarter decrease was led by decreased net revenues from Yanxuan. The year-over-year decrease reflected an increase in certain inter-segment transaction elimination and, to a lesser extent, decreased net revenues from Yanxuan and certain other businesses.

Cost of Revenues

Cost of revenues for the third quarter of 2025 was RMB10.2 billion (US$1.4 billion), compared with RMB9.8 billion and RMB9.7 billion for the preceding quarter and the same quarter of 2024, respectively. Staff-related costs, revenue sharing costs and royalties for licensed games increased quarter-over-quarter and year-over-year.

Gross Profit

Gross profit for the third quarter of 2025 was RMB18.2 billion (US$2.6 billion), compared with RMB18.1 billion and RMB16.5 billion for the preceding quarter and the same quarter of 2024, respectively.

Operating Expenses

Total operating expenses for the third quarter of 2025 were RMB10.2 billion (US$1.4 billion), compared with RMB9.0 billion and RMB9.3 billion for the preceding quarter and the same quarter of 2024, respectively. The quarter-over-quarter and year-over-year increases were primarily due to increased marketing expenditures related to online games.

Other Income/(Expenses)

Other income/(expenses) consisted of investment income, interest income, net exchange losses/(gains) and others. The quarter-over-quarter increase was mainly due to fair value changes of equity security investments in the third quarter of 2025. The year-over-year increase was primarily due to fair value changes of equity security investments and lower net exchange losses in the third quarter of 2025, compared with the same quarter of 2024.

Income Tax

The Company recorded a net income tax charge of RMB1.3 billion (US$184.9 million) for the third quarter of 2025, compared with RMB1.6 billion and RMB1.3 billion for the preceding quarter and the same quarter of 2024, respectively. The effective tax rate for the third quarter of 2025 was 13.0%, compared with 14.7% and 16.1% for the preceding quarter and the same quarter of 2024, respectively. The effective tax rate represents certain estimates by the Company as to the tax obligations and benefits applicable to it in each quarter.

Net Income and Non-GAAP Net Income

Net income attributable to the Company's shareholders totaled RMB8.6 billion (US$1.2 billion) for the third quarter of 2025, compared with RMB8.6 billion and RMB6.5 billion for the preceding quarter and the same quarter of 2024, respectively.

Basic net income was US$0.38 per share (US$1.90 per ADS) for the third quarter of 2025, compared with US$0.38 per share (US$1.89 per ADS) and US$0.29 per share (US$1.44 per ADS) for the preceding quarter and the same quarter of 2024, respectively.

Non-GAAP net income attributable to the Company's shareholders totaled RMB9.5 billion (US$1.3 billion) for the third quarter of 2025, compared with RMB9.5 billion and RMB7.5 billion for the preceding quarter and the same quarter of 2024, respectively.

Non-GAAP basic net income was US$0.42 per share (US$2.09 per ADS) for the third quarter of 2025, compared with US$0.42 per share (US$2.10 per ADS) and US$0.33 per share (US$1.65 per ADS) for the preceding quarter and the same quarter of 2024, respectively.

Other Financial Information

As of September 30, 2025, the Company's net cash (total cash and cash equivalents, current and non-current time deposits and restricted cash, as well as short-term investments balance, minus short-term and long-term loans) totaled RMB153.2 billion (US$21.5 billion), compared with RMB131.5 billion as of December 31, 2024. Net cash provided by operating activities was RMB12.9 billion (US$1.8 billion) for the third quarter of 2025, compared with RMB10.9 billion and RMB10.6 billion for the preceding quarter and the third quarter of 2024, respectively.

Quarterly Dividend

The board of directors approved a dividend of US$0.1140 per share (US$0.5700 per ADS) for the third quarter of 2025 to holders of ordinary shares and holders of ADSs as of the close of business on December 5, 2025, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on December 5, 2025 (Beijing/Hong Kong Time). The payment date is expected to be December 16, 2025 for holders of ordinary shares and on or around December 19, 2025, for holders of ADSs.

NetEase paid a dividend of US$0.1140 per share (US$0.5700 per ADS) for the second quarter of 2025 in September 2025.

Under the Company's current dividend policy, the determination to make dividend distributions and the amount of such distribution in any particular quarter will be made at the discretion of its board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors.

Share Repurchase Program

The Company announced today that its previously approved share repurchase program of up to US$5.0 billion of the Company's ADSs and ordinary shares in open market or other transactions will be extended for an additional 36 months until January 9, 2029. As of September 30, 2025, approximately 22.1 million ADSs had been repurchased under this program for a total cost of US$2.0 billion.

The extent to which NetEase repurchases its ADSs and its ordinary shares depends upon a variety of factors, including market conditions. These programs may be suspended or discontinued at any time.

** The United States dollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. The percentages stated are calculated based on RMB. 

Conference Call

NetEase's management team will host a teleconference call with a simultaneous webcast at 7:00 a.m. Eastern Time on Thursday, November 20, 2025 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, November 20, 2025). NetEase's management will be on the call to discuss the quarterly results and answer questions.

Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10051135, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10051135. The replay will be available through November 27, 2025.

This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com/.

About NetEase, Inc.

NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase") is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest-running mobile and PC games available in China and globally.

Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.

Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), an intelligent learning and advertising solutions provider, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase's private-label consumer lifestyle brand.

For more information, please visit: http://ir.netease.com/.

Forward Looking Statements

This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not historical facts, including statements about NetEase's strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; risks associated with NetEase's business and operating strategies and its ability to implement such strategies; NetEase's ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in regulatory environment in the markets where NetEase operates; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; risks related to evolving economic cycles and geopolitical tensions, including the direct or indirect impacts of national trade, investment, protectionist, tax or other laws or policies as well as export controls and economic or trade sanctions; risks related to the expansion of NetEase's businesses and operations internationally; risks associated with cybersecurity threats or incidents; and fluctuations in foreign currency exchange rates that could adversely affect NetEase's business and financial results. Further information regarding these and other risks is included in NetEase's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.

Non-GAAP Financial Measures

NetEase considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per ADS and per share, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

NetEase defines non-GAAP net income attributable to the Company's shareholders as net income attributable to the Company's shareholders excluding share-based compensation expenses. Non-GAAP net income attributable to the Company's shareholders enables NetEase's management to assess its operating results without considering the impact of share-based compensation expenses. NetEase believes that this non-GAAP financial measure provides useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose. NetEase also believes that the use of this non-GAAP financial measure facilitates investors' assessment of its operating performance.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income attributable to the Company's shareholders is that it does not reflect all items of expense/ income that affect our operations. Share-based compensation expenses have been and may continue to be incurred in NetEase's business and are not reflected in the presentation of non-GAAP net income attributable to the Company's shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited.

NetEase compensates for these limitations by reconciling non-GAAP net income attributable to the Company's shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.

Contact for Media and Investors:
Email: [email protected]
Tel: (+86) 571-8985-3378

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 December 31,  

 September 30,  

 September 30,  

2024

2025

2025

 RMB  

 RMB  

 USD (Note 1) 

Assets

Current assets:

   Cash and cash equivalents

51,383,310

31,326,752

4,400,443

   Time deposits

75,441,355

93,551,844

13,141,150

   Restricted cash

3,086,405

8,654,295

1,215,662

   Accounts receivable, net

5,669,027

5,962,060

837,486

   Inventories

571,548

637,325

89,525

   Prepayments and other current assets, net

6,416,868

6,863,085

964,050

   Short-term investments

10,756,143

24,214,436

3,401,382

Total current assets

153,324,656

171,209,797

24,049,698

Non-current assets:

   Property, equipment and software, net 

8,520,101

8,517,182

1,196,401

   Land use rights, net

4,172,465

4,078,719

572,934

   Deferred tax assets 

1,113,435

2,612,046

366,912

   Time deposits

3,025,000

2,845,000

399,635

   Restricted cash

5,208

3,900

548

   Other long-term assets

25,830,685

25,222,219

3,542,944

Total non-current assets

42,666,894

43,279,066

6,079,374

Total assets 

195,991,550

214,488,863

30,129,072

Liabilities, Redeemable Noncontrolling Interests
    and Shareholders' Equity

Current liabilities:

   Accounts payable 

720,549

718,393

100,912

   Salary and welfare payables

4,683,009

3,004,519

422,042

   Taxes payable

2,759,185

4,312,685

605,799

   Short-term loans

11,805,051

7,349,967

1,032,444

   Contract liabilities

15,299,222

19,473,595

2,735,440

   Accrued liabilities and other payables

14,400,641

15,229,406

2,139,262

Total current liabilities

49,667,657

50,088,565

7,035,899

Non-current liabilities:

   Deferred tax liabilities

2,173,117

2,212,733

310,821

   Long-term loans

427,997

-

-

   Other long-term liabilities

1,228,641

1,255,583

176,371

Total non-current liabilities

3,829,755

3,468,316

487,192

Total liabilities

53,497,412

53,556,881

7,523,091

Redeemable noncontrolling interests 

84,272

89,465

12,567

NetEase, Inc.'s shareholders' equity

138,685,606

156,256,172

21,949,174

Noncontrolling interests

3,724,260

4,586,345

644,240

Total equity

142,409,866

160,842,517

22,593,414

Total liabilities, redeemable noncontrolling 
    interests and shareholders' equity    

195,991,550

214,488,863

30,129,072

The accompanying notes are an integral part of this announcement.

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data or per ADS data)

 Three Months Ended 

 Nine Months Ended

September 30, 

June 30, 

September 30, 

 September 30,  

 September 30,   

September 30,  

September 30,  

2024

2025

2025

2025

2024

2025

2025

 RMB 

 RMB 

 RMB 

 USD (Note 1) 

RMB

RMB

USD (Note 1)

Net revenues

26,209,879

27,891,664

28,358,625

3,983,512

78,547,425

85,078,834

11,950,953

Cost of revenues

(9,733,274)

(9,839,182)

(10,181,020)

(1,430,119)

(29,012,682)

(30,369,341)

(4,265,956)

Gross profit

16,476,605

18,052,482

18,177,605

2,553,393

49,534,743

54,709,493

7,684,997

Operating expenses:

Selling and marketing expenses 

(3,805,071)

(3,578,174)

(4,457,675)

(626,166)

(11,329,012)

(10,731,446)

(1,507,437)

General and administrative expenses

(1,100,328)

(1,056,578)

(1,164,573)

(163,587)

(3,388,244)

(3,177,488)

(446,339)

Research and development expenses 

(4,424,469)

(4,356,646)

(4,541,891)

(637,996)

(13,054,944)

(13,284,850)

(1,866,112)

Total operating expenses

(9,329,868)

(8,991,398)

(10,164,139)

(1,427,749)

(27,772,200)

(27,193,784)

(3,819,888)

Operating profit

7,146,737

9,061,084

8,013,466

1,125,644

21,762,543

27,515,709

3,865,109

Other income/(expenses):

Investment income, net

578,398

328,444

1,379,402

193,763

861,363

2,400,597

337,210

Interest income, net

1,282,766

953,490

936,706

131,578

3,746,582

2,951,082

414,536

Exchange (losses)/gains, net

(1,055,518)

114,037

(373,812)

(52,509)

(1,279,882)

(257,972)

(36,237)

Other, net

43,600

192,167

153,198

21,520

323,182

600,680

84,377

Income before tax

7,995,983

10,649,222

10,108,960

1,419,996

25,413,788

33,210,096

4,664,995

Income tax

(1,289,545)

(1,560,757)

(1,316,356)

(184,907)

(4,076,394)

(4,782,256)

(671,760)

Net income from continuing operations

6,706,438

9,088,465

8,792,604

1,235,089

21,337,394

28,427,840

3,993,235

Net income from discontinued operations

-

-

-

-

-

-

-

Net income

6,706,438

9,088,465

8,792,604

1,235,089

21,337,394

28,427,840

3,993,235

Accretion of redeemable noncontrolling
    interests

(962)

(1,051)

(1,044)

(147)

(2,880)

(3,144)

(442)

Net income attributable to noncontrolling
    interests and redeemable noncontrolling
    interests

(167,041)

(486,404)

(175,883)

(24,706)

(403,384)

(906,852)

(127,385)

Net income attributable to the
    Company's shareholders

6,538,435

8,601,010

8,615,677

1,210,236

20,931,130

27,517,844

3,865,408

Net income per share *

Basic

2.04

2.70

2.70

0.38

6.52

8.64

1.21

Diluted

2.03

2.67

2.67

0.38

6.46

8.55

1.20

Net income per ADS *

Basic

10.22

13.49

13.50

1.90

32.61

43.20

6.07

Diluted

10.14

13.36

13.36

1.88

32.30

42.77

6.01

Weighted average number of ordinary
    shares used  in calculating net income
    per share *

Basic

3,198,646

3,188,634

3,191,231

3,191,231

3,209,298

3,184,651

3,184,651

Diluted

3,224,110

3,214,681

3,223,497

3,223,497

3,238,834

3,214,910

3,214,910

*  Each ADS represents five ordinary shares.

The accompanying notes are an integral part of this announcement.

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 Three Months Ended 

 Nine Months Ended

 September 30,   

 June 30,  

 September 30,  

 September 30,  

 September 30,  

 September 30,  

 September 30,  

2024

2025

2025

2025

2024

2025

2025

 RMB  

 RMB  

 RMB  

 USD (Note 1) 

 RMB  

 RMB  

 USD (Note 1) 

Cash flows from operating activities:

    Net income 

6,706,438

9,088,465

8,792,604

1,235,089

21,337,394

28,427,840

3,993,235

    Adjustments to reconcile net income to net cash provided
        by operating activities:

    Depreciation and amortization

520,567

428,427

617,872

86,792

1,720,447

1,527,060

214,505

    Fair value changes of equity security, other investments and financial instruments

(824,608)

55,715

(1,965,526)

(276,096)

(1,200,753)

(2,468,310)

(346,721)

    Impairment losses on investments

529,668

161,463

1,616,146

227,019

868,826

1,866,680

262,211

    Fair value changes of short-term investments

(100,071)

(344,604)

(278,636)

(39,140)

(289,176)

(824,849)

(115,866)

    Share-based compensation cost

978,139

946,395

902,201

126,732

2,951,495

2,800,468

393,379

    Allowance for expected credit losses

36,022

153,179

180,085

25,296

56,903

350,035

49,169

    (Gains)/losses on disposal of property, equipment and software 

(2,920)

(30,920)

404

57

(1,114)

(10,223)

(1,436)

    Unrealized exchange losses/(gains)

1,050,644

(165,662)

368,559

51,771

823,824

174,444

24,504

    Gains on disposal of long-term investments,
        business, subsidiaries and other financial instruments

(118,046)

(141,078)

(38,072)

(5,348)

(272,647)

(167,475)

(23,525)

    Deferred income taxes

711,639

(853,764)

(933,553)

(131,135)

(83,383)

(1,459,045)

(204,951)

    Share of results on equity method investees 

(28,466)

13,479

1,389,265

195,149

175,005

1,384,076

194,420

    Changes in operating assets and liabilities: 

        Accounts receivable

146,758

953,295

(194,823)

(27,367)

198,525

(330,488)

(46,423)

        Inventories

(39,285)

(73,944)

(45,582)

(6,403)

81,645

(65,753)

(9,236)

        Prepayments and other assets

(1,234,390)

583,484

(889,519)

(124,950)

(377,394)

(601,213)

(84,452)

        Accounts payable

6,316

119,644

16,042

2,253

(127,547)

(12,390)

(1,740)

        Salary and welfare payables

(670,750)

920,662

(566,362)

(79,556)

(1,970,300)

(1,730,811)

(243,126)

        Taxes payable

224,015

(764,372)

517,353

72,672

33,137

1,549,104

217,601

        Contract liabilities

1,928,060

(718,719)

2,579,424

362,330

2,231,822

4,386,903

616,225

        Accrued liabilities and other payables

755,882

530,718

880,072

123,623

507,904

1,120,416

157,383

    Net cash provided by operating activities

10,575,612

10,861,863

12,947,954

1,818,788

26,664,613

35,916,469

5,045,156

Cash flows from investing activities:

    Purchase of property, equipment and software

(379,520)

(189,842)

(283,645)

(39,843)

(963,418)

(927,558)

(130,293)

    Proceeds from sale of property, equipment and software

1,072

21,499

1,261

177

5,238

24,096

3,385

    Purchase of intangible assets, content and licensed copyrights

(222,247)

(313,349)

(190,983)

(26,827)

(810,601)

(803,103)

(112,811)

    Net changes of short-term investments with terms of three months or less

1,585,395

776,428

(1,111,376)

(156,114)

(4,207,245)

(6,473,504)

(909,328)

    Purchase of short-term investments with terms over three months

(3,675,000)

(5,800,000)

(7,270,000)

(1,021,211)

(3,675,000)

(16,040,000)

(2,253,126)

    Proceeds from maturities of short-term investments with terms over three months

-

5,745,454

1,426,005

200,310

-

9,880,060

1,387,844

    Investment in long-term investments and acquisition of subsidiaries

(226,086)

(2,741,641)

(95,169)

(13,368)

(901,340)

(2,927,776)

(411,262)

    Proceeds from disposal of long-term investments, businesses,
        subsidiaries and other financial instruments

1,541,338

784,855

1,554,537

218,365

2,467,443

2,416,820

339,489

    Placement/rollover of matured time deposits

(36,766,094)

(27,980,605)

(49,326,969)

(6,928,918)

(133,100,536)

(126,909,381)

(17,826,855)

    Proceeds from maturities of time deposits

37,546,192

33,617,510

30,600,384

4,298,410

138,806,413

108,144,376

15,190,950

    Change in other long-term assets

(125,911)

(27,367)

75,342

10,583

(333,079)

47,297

6,644

    Net cash (used in)/provided by investing activities

(720,861)

3,892,942

(24,620,613)

(3,458,436)

(2,712,125)

(33,568,673)

(4,715,363)

Cash flows from financing activities:

    Net changes from loans with terms of three months or less  

(4,778,301)

2,017,570

536,886

75,416

(7,263,080)

300,041

42,146

    Proceeds of loans with terms over three months

5,395,810

1,231,000

1,481,550

208,112

13,463,080

5,460,100

766,976

    Payment of loans with terms over three months

(3,100,520)

(1,804,730)

(5,879,605)

(825,903)

(14,739,347)

(10,620,012)

(1,491,784)

    Net amounts (paid)/received related to  repurchase of or capital contribution from
       noncontrolling interests shareholders

(8,394)

42,400

18,072

2,539

84,392

102,989

14,467

    Net amount (paid)/received  related to repurchase of NetEase's ADSs/purchase of
        subsidiaries' ADSs and shares      

(3,994,212)

(355,563)

35,227

4,948

(7,235,022)

(623,937)

(87,644)

    Dividends paid to NetEase's shareholders

(1,972,928)

(3,082,122)

(2,583,740)

(362,936)

(9,182,743)

(11,250,394)

(1,580,333)

    Net cash used in  financing activities

(8,458,545)

(1,951,445)

(6,391,610)

(897,824)

(24,872,720)

(16,631,213)

(2,336,172)

    Effect of exchange rate changes on cash, cash equivalents and
        restricted cash held in foreign currencies

(68,136)

(31,749)

(117,878)

(16,558)

(103,040)

(206,559)

(29,015)

Net increase/ (decrease) in cash, cash equivalents and restricted cash               

1,328,070

12,771,611

(18,182,147)

(2,554,030)

(1,023,272)

(14,489,976)

(2,035,394)

Cash, cash equivalents and restricted cash, at the beginning of the period

21,855,316

45,395,483

58,167,094

8,170,683

24,206,658

54,474,923

7,652,047

Cash, cash equivalents and restricted cash, at the end of the period

23,183,386

58,167,094

39,984,947

5,616,653

23,183,386

39,984,947

5,616,653

Supplemental disclosures of cash flow information:

    Cash paid for income taxes, net

554,867

2,184,556

1,967,228

276,335

4,586,071

5,358,339

752,681

    Cash paid for interest expenses

165,881

64,366

207,879

29,201

465,279

369,669

51,927

The accompanying notes are an integral part of this announcement.

NETEASE, INC.

UNAUDITED SEGMENT INFORMATION

(in thousands)

 Three Months Ended 

 Nine Months Ended

 September 30,   

 June 30,  

 September 30,  

 September 30,  

 September 30,  

September 30, 

September 30, 

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

USD (Note 1)

RMB

RMB

USD (Note 1)

Net revenues:

Games and related value-added services 

20,864,036

22,806,459

23,327,508

3,276,796

62,380,233

70,181,974

9,858,403

Youdao

1,572,541

1,417,541

1,628,524

228,757

4,286,121

4,344,327

610,244

NetEase Cloud Music

1,999,163

1,968,729

1,964,063

275,890

6,069,656

5,791,180

813,482

Innovative businesses and others

1,774,139

1,698,935

1,438,530

202,069

5,811,415

4,761,353

668,824

Total net revenues

26,209,879

27,891,664

28,358,625

3,983,512

78,547,425

85,078,834

11,950,953

Cost of revenues:

Games and related value-added services 

(6,503,146)

(6,792,240)

(7,151,130)

(1,004,513)

(19,067,061)

(21,438,632)

(3,011,467)

Youdao

(783,085)

(808,181)

(940,661)

(132,134)

(2,178,383)

(2,432,877)

(341,744)

NetEase Cloud Music

(1,343,921)

(1,258,855)

(1,269,289)

(178,296)

(3,988,683)

(3,703,921)

(520,287)

Innovative businesses and others

(1,103,122)

(979,906)

(819,940)

(115,176)

(3,778,555)

(2,793,911)

(392,458)

Total cost of revenues

(9,733,274)

(9,839,182)

(10,181,020)

(1,430,119)

(29,012,682)

(30,369,341)

(4,265,956)

Gross profit:

Games and related value-added services 

14,360,890

16,014,219

16,176,378

2,272,283

43,313,172

48,743,342

6,846,936

Youdao

789,456

609,360

687,863

96,623

2,107,738

1,911,450

268,500

NetEase Cloud Music

655,242

709,874

694,774

97,594

2,080,973

2,087,259

293,195

Innovative businesses and others

671,017

719,029

618,590

86,893

2,032,860

1,967,442

276,366

Total gross profit

16,476,605

18,052,482

18,177,605

2,553,393

49,534,743

54,709,493

7,684,997

The accompanying notes are an integral part of this announcement.

NETEASE, INC.

NOTES TO UNAUDITED FINANCIAL INFORMATION

Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00 = RMB7.1190 on the last trading day of September 2025 (September 30, 2025) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on September 30, 2025, or at any other certain date.

Note 2: Share-based compensation cost reported in the Company's unaudited condensed consolidated statements of comprehensive income is set out as follows in RMB and USD (in thousands):

 Three Months Ended 

 Nine Months Ended

September 30, 

June 30, 

September 30, 

September 30, 

September 30, 

September 30, 

September 30, 

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

USD (Note 1)

RMB

RMB

USD (Note 1)

Share-based compensation cost included in:

Cost of revenues

306,283

291,326

267,472

37,572

881,167

792,509

111,323

Operating expenses

  Selling and marketing expenses

36,365

37,300

29,063

4,082

97,099

98,941

13,898

  General and administrative expenses

247,440

207,202

209,916

29,487

823,426

678,377

95,291

  Research and development expenses

388,051

410,567

395,750

55,591

1,149,803

1,230,641

172,867

The accompanying notes are an integral part of this announcement.

Note 3: The financial information prepared and presented in this announcement might be different from those published and to be published by NetEase's listed subsidiary to meet the disclosure requirements under different accounting standards requirements.

Note 4: The unaudited reconciliation of GAAP and non-GAAP results is set out as follows in RMB and USD (in thousands, except per share data or per ADS data):

Three Months Ended

 Nine Months Ended

 September 30,  

 June 30,  

 September 30,  

 September 30,  

 September 30,  

September 30, 

September 30, 

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

USD (Note 1)

RMB

RMB

USD (Note 1)

Net income  attributable to the Company's shareholders

6,538,435

8,601,010

8,615,677

1,210,236

20,931,130

27,517,844

3,865,408

Add: Share-based compensation

960,706

930,921

886,380

124,509

2,897,543

2,752,871

386,693

Non-GAAP net income attributable to the Company's shareholders

7,499,141

9,531,931

9,502,057

1,334,745

23,828,673

30,270,715

4,252,101

Non-GAAP net income per share *

Basic

2.34

2.99

2.98

0.42

7.42

9.51

1.34

Diluted

2.33

2.96

2.95

0.41

7.35

9.41

1.32

Non-GAAP net income per ADS *

Basic

11.72

14.95

14.89

2.09

37.12

47.53

6.68

Diluted

11.63

14.81

14.73

2.07

36.77

47.05

6.61

*  Each ADS represents five ordinary shares.

The accompanying notes are an integral part of this announcement.

SOURCE NetEase, Inc.

, /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

"We delivered another strong quarter, demonstrating our strategy's effectiveness in capturing opportunities," said Josh Sheng Chen, Founder, Executive Chairperson and interim Chief Executive Officer of VNET. "Our wholesale IDC business sustained its robust growth trajectory in the third quarter, driven by our rapid delivery capabilities and customers' fast move-in pace. Order momentum remained solid, underscored by three new wholesale orders totaling 63MW and a combined capacity of approximately 2MW in retail orders from customers in various industries. This upward trend accelerated as we entered the fourth quarter, bolstered by a 32MW wholesale order from another customer in the internet sector. As a pioneer in AIDC development, we are uniquely positioned to capitalize on the accelerating AI-driven demand. We will continue to execute our effective dual-core strategy and advance our Hyperscale 2.0 framework, seizing opportunities to further unleash our growth potential in the AI era."

Qiyu Wang, Chief Financial Officer of VNET, commented, "This quarter's robust growth and enhanced profitability are yet another testament to our high-quality growth strategy. Our total net revenues rose 21.7% year over year to RMB2.58 billion, driven by significant wholesale revenue growth of 82.7% year over year. Adjusted EBITDA also increased by 27.5% year over year to RMB758.3 million, with an adjusted EBITDA margin of 29.4%, up 1.3 percentage points year over year. Building on the raised guidance we announced in June, we are pleased to further increase our full-year revenue and adjusted EBITDA guidance this quarter, thanks to fast move-ins among wholesale IDC customers and our ongoing operational efficiency gains. Looking ahead, we will continue to consolidate our core strengths and capture growth opportunities, delivering sustainable, long-term value for all stakeholders."

Third Quarter 2025 Financial Highlights

Total net revenues increased by 21.7% to RMB2.58 billion (US$362.7 million) from RMB2.12 billion in the same period of 2024.

Net revenues from the IDC business[1] increased by 30.4% to RMB1.95 billion (US$274.6 million) from RMB1.50 billion in the same period of 2024.

Net revenues from the wholesale IDC business ("wholesale revenues") increased by 82.7% to RMB955.5 million (US$134.2 million) from RMB523.0 million in the same period of 2024.
Net revenues from the retail IDC business ("retail revenues") increased slightly to RMB999.1 million (US$140.3 million) compared with RMB975.5 million in the same period of 2024.

Net revenues from the non-IDC business[2] increased slightly to RMB627.1 million (US$88.1 million) from RMB622.3 million in the same period of 2024.

Adjusted cash gross profit (non-GAAP) increased by 22.1% to RMB1.05 billion (US$147.6 million) from RMB860.7 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) was 40.7%, compared with 40.6% in the same period of 2024.
Adjusted EBITDA (non-GAAP) increased by 27.5% to RMB758.3 million (US$106.5 million) from RMB594.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) was 29.4%, compared with 28.0% in the same period of 2024.

Third Quarter 2025 Operational Highlights

Wholesale IDC Business

Capacity in service was 783MW as of September 30, 2025, compared with 674MW as of June 30, 2025, and 358MW as of September 30, 2024. Capacity under construction was 306MW as of September 30, 2025.
Capacity utilized by customers reached 582MW as of September 30, 2025, compared with 511MW as of June 30, 2025, and 279MW as of September 30, 2024. The sequential increase during the third quarter of 2025 was 70MW, which was mainly contributed by the N-OR Campus 01 data centers.
Utilization rate[3] of wholesale capacity was 74.3% as of September 30, 2025, compared with 75.9% as of June 30, 2025, and 78.0% as of September 30, 2024.

Utilization rate of mature wholesale capacity[4] was 94.7% as of September 30, 2025, compared with 94.6% as of June 30, 2025, and 95.6% as of September 30, 2024.
Utilization rate of ramp-up wholesale capacity[5] was 37.6% as of September 30, 2025, compared with 20.8% as of June 30, 2025, and 46.4% as of September 30, 2024.

Total capacity committed[6] was 741MW as of September 30, 2025, compared with 674MW as of June 30, 2025, and 352MW as of September 30, 2024.
Commitment rate[7] for capacity in service was 94.7% as of September 30, 2025, compared with 100% as of June 30, 2025, and 98.2% as of September 30, 2024.
Total capacity pre-committed[8] was 141MW and pre-commitment rate[9] for capacity under construction was 46% as of September 30, 2025.

Retail IDC Business[10]

Capacity in service was 52,288 cabinets as of September 30, 2025, compared with 52,131 cabinets as of June 30, 2025, and 52,250 cabinets as of September 30, 2024.
Capacity utilized by customers reached 33,907 cabinets as of September 30, 2025, compared with 33,292 cabinets as of June 30, 2025, and 32,950 cabinets as of September 30, 2024.
Utilization rate of retail capacity was 64.8% as of September 30, 2025, compared with 63.9% as of June 30, 2025, and 63.1% as of September 30, 2024.

Utilization rate of mature retail capacity[11] was 69.2% as of September 30, 2025, compared with 68.6% as of June 30, 2025, and 69.5% as of September 30, 2024.
Utilization rate of ramp-up retail capacity[12] was 30.6% as of September 30, 2025, compared with 26.4% as of June 30, 2025, and 16.8% as of September 30, 2024.

Monthly recurring revenue (MRR) per retail cabinet was RMB8,948 in the third quarter of 2025, compared with RMB8,915 in the second quarter of 2025 and RMB8,788 in the third quarter of 2024.

[1] IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was subdivided into wholesale IDC business and retail IDC business according to the nature and scale of our data center projects. Prior to 2024, the subdivision was based on customer contract types.

[2] Non-IDC business consists of cloud services and VPN services.

[3] Utilization rate is calculated by dividing capacity utilized by customers by the capacity in service.

[4] Mature wholesale capacity refers to wholesale data centers in which utilization rate is at or above 80%.

[5] Ramp-up wholesale capacity refers to wholesale data centers in which utilization rate is below 80%.

[6] Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect.

[7] Commitment rate is calculated by total capacity committed divided by total capacity in service.

[8] Total capacity pre-committed is the capacity under construction which is pre-committed to customers pursuant to customer agreements remaining in effect.

[9] Pre-commitment rate is calculated by total capacity pre-committed divided by total capacity under construction.

[10] For retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets refer to those that have not been utilized on a large scale, those that are planned to be closed, or those that are planned to be further upgraded. As of September 30, 2024, June 30, 2025, and September 30, 2025, 4,150, 3,791 and 3,791 reserved cabinets, respectively, were excluded from the calculation of utilization rate of retail IDC business capacity.

[11] Mature retail capacity refers to retail data centers that came into service prior to the past 24 months.

[12] Ramp-up retail capacity refers to retail data centers that came into service within the past 24 months, or mature retail data centers that have undergone improvements within the past 24 months.

Third Quarter 2025 Financial Results

TOTAL NET REVENUES: Total net revenues in the third quarter of 2025 were RMB2.58 billion (US$362.7 million), representing an increase of 21.7% from RMB2.12 billion in the same period of 2024. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

Net revenues from IDC busines s  increased by 30.4% to RMB1.95 billion (US$274.6 million) from RMB1.50 billion in the same period of 2024. The year-over-year increase was mainly driven by an increase in wholesale revenues.

Wholesale revenues increased by 82.7% to RMB955.5 million (US$134.2 million) from RMB523.0 million in the same period of 2024.
Retail revenues increased by 2.4% to RMB999.1 million (US$140.3 million) from RMB975.5 million in the same period of 2024.

Net revenues from non-IDC business increased slightly by 0.8% to RMB627.1 million (US$88.1 million) from RMB622.3 million in the same period of 2024.

GROSS PROFIT: Gross profit in the third quarter of 2025 was RMB539.0 million (US$75.7 million), representing an increase of 9.6% from RMB491.7 million in the same period of 2024. Gross margin in the third quarter of 2025 was 20.9%, compared with 23.2% in the same period of 2024.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation, amortization, and share-based compensation expenses, was RMB1.05 billion (US$147.6 million) in the third quarter of 2025, compared with RMB860.7 million in the same period of 2024. Adjusted cash gross margin (non-GAAP) in the third quarter of 2025 was 40.7%, compared with 40.6% in the same period of 2024.

OPERATING EXPENSES: Total operating expenses in the third quarter of 2025 were RMB333.3 million (US$46.8 million), compared with RMB300.3 million in the same period of 2024.

Sales and marketing expenses  were RMB71.3 million (US$10.0 million) in the third quarter of 2025, compared with RMB60.7 million in the same period of 2024.

Research and development expenses  were RMB71.3 million (US$10.0 million) in the third quarter of 2025, compared with RMB53.1 million in the same period of 2024.

General and administrative expenses  were RMB185.8 million (US$26.1 million) in the third quarter of 2025, compared with RMB132.5 million in the same period of 2024.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses, were RMB331.4 million (US$46.5 million) in the third quarter of 2025, compared with RMB293.6 million in the same period of 2024. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the third quarter of 2025 were 12.8%, compared with 13.8% in the same period of 2024.

ADJUSTED EBITDA (non-GAAP): Adjusted EBITDA in the third quarter of 2025 was RMB758.3 million (US$106.5 million), representing an increase of 27.5% from RMB594.8 million in the same period of 2024. Adjusted EBITDA margin (non-GAAP) in the third quarter of 2025 was 29.4%, compared with 28.0% in the same period of 2024.

NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the third quarter of 2025 was RMB307.0 million (US$43.1 million), compared with a net income attributable to VNET Group, Inc. of RMB317.6 million in the same period of 2024. The year-on-year change is mainly attributable to RMB337.2 million in fair value changes of financial instruments in the third quarter of 2025, and a RMB246.2 million gain on debt extinguishment in the same period of 2024.

LOSS PER SHARE: Basic and diluted loss per share in the third quarter of 2025 were both RMB0.19 (US$0.03), which represents the equivalent of RMB1.14 (US$0.16) per American depositary share ("ADS"), respectively. Each ADS represents six Class A ordinary shares.

LIQUIDITY: As of September 30, 2025, the aggregate amount of the Company's cash and cash equivalents, restricted cash and short-term investments was RMB5.33 billion (US$748.3 million).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB3.00 billion (US$422.1 million). Total long-term debt was RMB16.48 billion (US$2.31 billion), comprised of long-term borrowings of RMB10.99 billion (US$1.54 billion) and convertible notes of RMB5.49 billion (US$771.2 million).

Net cash generated from operating activities in the third quarter of 2025 was RMB809.8 million (US$113.8 million), compared with RMB760.4 million in the same period of 2024. During the third quarter of 2025, the Company obtained new debt financing, refinancing facilities and other financings of RMB2.41 billion (US$338.4 million).

Business Outlook

The Company increased its full year 2025 guidance for total net revenues and adjusted EBITDA. Specifically, the Company now expects total net revenues for 2025 to be between RMB9,550 million to RMB9,867 million, representing year-over-year growth of 16% to 19%, and adjusted EBITDA (non-GAAP) to be in the range of RMB2,910 million to RMB2,945 million, representing year-over-year growth of 20% to 21%. If the RMB87.7 million disposal gain of E-JS02 data center were excluded from the adjusted EBITDA calculation for 2024, year-over-year growth would be 24% to 26%. Please note our updated guidance factors in the impact of the private REIT transactions issued early this November.

The forecast reflects the Company's current and preliminary views on the market and its operational conditions and is subject to change.

Conference Call

The Company's management will host an earnings conference call at 7:00 AM U.S. Eastern Time on Thursday, November 20, 2025, or 8:00 PM Beijing Time on Thursday, November 20, 2025.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:
https://s1.c-conf.com/diamondpass/10051108-p4c7lo.html

Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10051109-lspout.html 

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.vnet.com.

A replay of the conference call will be accessible through November 27, 2025, by dialing the following numbers:

US/Canada:    

1 855 883 1031

Mainland China:     

400 1209 216

Hong Kong, China:  

800 930 639

International: 

+61 7 3107 6325

Reply PIN (English line):  

10051108

Reply PIN (Chinese line):  

10051109

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: [email protected]

 VNET GROUP, INC. 

 CONSOLIDATED BALANCE SHEETS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 

 As of 

 As of  

December 31, 2024

September 30, 2025

 RMB 

 RMB 

 US$ 

 Assets 

 Current assets: 

 Cash and cash equivalents 

1,492,436

3,503,014

492,065

 Restricted cash 

545,795

536,746

75,396

 Short-term Investments 

-

1,245,995

175,024

 Accounts and notes receivable, net 

1,655,984

2,197,982

308,749

 Amounts due from related parties 

336,360

376,791

52,928

 Prepaid expenses and other current assets 

2,789,573

3,102,152

435,758

 Total current assets 

6,820,148

10,962,680

1,539,920

 Non-current assets: 

 Restricted cash 

42,842

41,475

5,826

 Derivative financial instrument 

6,768

16,418

2,306

 Long-term investments, net 

794,688

791,352

111,161

 Property and equipment, net 

17,216,635

22,263,071

3,127,275

 Intangible assets,net 

1,403,787

1,934,143

271,687

 Land use rights, net 

766,213

910,107

127,842

 Operating lease right-of-use assets, net 

4,618,212

5,014,020

704,315

 Deferred tax assets, net 

306,623

382,588

53,742

 Other non-current assets 

381,126

1,038,957

145,941

 Total non-current assets 

25,536,894

32,392,131

4,550,095

 Total assets 

32,357,042

43,354,811

6,090,015

 Liabilities and Shareholders' Equity 

 Current liabilities: 

 Short-term bank borrowings 

589,000

1,039,997

146,088

 Current portion of long-term borrowings 

1,420,190

1,964,645

275,972

 Current portion of finance lease liabilities  

208,299

326,384

45,847

 Current portion of operating lease liabilities  

899,818

970,109

136,270

 Accounts and notes payable 

709,260

750,806

105,465

 Amounts due to related parties 

355,679

614,469

86,314

 Income taxes payable 

69,569

45,103

6,336

 Advances from customers 

1,378,806

1,678,642

235,797

 Deferred revenue 

87,830

91,324

12,828

 Current portion of deferred government

grants 

6,727

55,246

7,760

 Accrued expenses and other payables 

3,618,237

4,635,493

651,144

 Total current liabilities 

9,343,415

12,172,218

1,709,821

 Non-current liabilities: 

 Long-term borrowings 

7,767,390

10,986,557

1,543,273

 Convertible notes 

1,897,738

5,489,924

771,165

 Non-current portion of finance lease

liabilities  

1,532,309

1,761,178

247,391

 Non-current portion of operating lease

liabilities 

3,779,293

4,122,983

579,152

 Unrecognized tax benefits 

107,850

107,850

15,150

 Deferred tax liabilities 

734,404

903,643

126,934

 Deferred government grants 

273,824

220,640

30,993

 Total non-current liabilities 

16,092,808

23,592,775

3,314,058

 Mezzanine equity: 

 Redeemable non-controlling interests 

-

1,248,101

175,320

 Total mezzanine equity 

-

1,248,101

175,320

 Shareholders' equity 

 Ordinary shares  

112

112

16

 Treasury stock 

(161,892)

(179,087)

(25,156)

 Additional paid-in capital 

17,298,692

17,240,286

2,421,729

 Statutory reserves 

107,380

122,443

17,199

 Accumulated other comprehensive loss 

(18,504)

(6,885)

(967)

 Accumulated deficit 

(10,859,888)

(11,431,556)

(1,605,781)

 Total VNET Group, Inc. shareholders' 

equity 

6,365,900

5,745,313

807,040

 Noncontrolling interest 

554,919

596,404

83,776

 Total shareholders' equity 

6,920,819

6,341,717

890,816

 Total liabilities, mezzanine equity and shareholders' equity 

32,357,042

43,354,811

6,090,015

 VNET GROUP, INC. 

 CONSOLIDATED STATEMENTS OF OPERATIONS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) 

 Three months ended  

 Nine months ended  

September 30, 2024

June 30, 2025

September 30, 2025

September 30, 2024

September 30, 2025

 RMB 

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Net revenues 

2,120,794

2,434,205

2,581,747

362,656

6,012,680

7,262,172

1,020,111

 Cost of revenues 

(1,629,111)

(1,886,470)

(2,042,718)

(286,939)

(4,685,381)

(5,610,067)

(788,041)

 Gross profit 

491,683

547,735

539,029

75,717

1,327,299

1,652,105

232,070

 Operating income (expenses) 

 Operating income (loss) 

11,767

(1,143)

12,767

1,793

15,716

13,085

1,838

 Sales and marketing expenses 

(60,700)

(69,963)

(71,328)

(10,019)

(190,668)

(205,637)

(28,886)

 Research and development expenses 

(53,127)

(67,570)

(71,295)

(10,015)

(190,514)

(182,468)

(25,631)

 General and administrative expenses 

(132,482)

(212,473)

(185,765)

(26,094)

(466,076)

(578,008)

(81,192)

 Allowance for doubtful debt 

(65,731)

(23,568)

(17,664)

(2,481)

(63,309)

(71,784)

(10,083)

 Total operating expenses 

(300,273)

(374,717)

(333,285)

(46,816)

(894,851)

(1,024,812)

(143,954)

 Operating profit 

191,410

173,018

205,744

28,901

432,448

627,293

88,116

 Interest income 

4,218

16,869

8,724

1,225

21,796

32,344

4,543

 Interest expense 

(93,996)

(157,508)

(151,017)

(21,213)

(323,850)

(409,178)

(57,477)

 Other income 

15,584

5,234

7,355

1,033

50,873

14,400

2,023

 Other expenses 

(8,783)

(5,499)

(5,525)

(776)

(17,105)

(13,462)

(1,891)

 Changes in the fair value of financial instruments 

(7,107)

70,404

(337,216)

(47,368)

(2,537)

(601,716)

(84,523)

 Gain on debt extinguishment 

246,175

-

-

-

246,175

-

-

 Foreign exchange gain (loss) 

14,833

9,258

16,174

2,272

(17,915)

34,959

4,911

 Income (loss) before income taxes and gain from equity

method investments 

362,334

111,776

(255,761)

(35,926)

389,885

(315,360)

(44,298)

 Income tax expenses 

(31,149)

(95,048)

(21,467)

(3,015)

(151,682)

(168,577)

(23,680)

 Gain from equity method investments 

965

41

1,919

270

6,770

5,174

727

 Net income (loss) 

332,150

16,769

(275,309)

(38,671)

244,973

(478,763)

(67,251)

 Net income attributable to noncontrolling interest 

(14,524)

(13,656)

(16,471)

(2,314)

(50,677)

(47,462)

(6,667)

 Net income attributable to redeemable non-controlling

interests 

-

(15,027)

(15,263)

(2,144)

-

(30,290)

(4,255)

 Net income (loss) attributable to the VNET

Group, Inc. 

317,626

(11,914)

(307,043)

(43,129)

194,296

(556,515)

(78,173)

 Accretion to redemption amount of redeemable non-

controlling interests 

-

(67)

(23)

(3)

-

(90)

(13)

 Net profit (loss) attributable to the Company's

ordinary shareholders 

317,626

(11,981)

(307,066)

(43,132)

194,296

(556,605)

(78,186)

 Earnings (loss) per share 

 Basic 

0.20

(0.01)

(0.19)

(0.03)

0.12

(0.35)

(0.05)

 Diluted 

0.05

(0.01)

(0.19)

(0.03)

(0.02)

(0.35)

(0.05)

 Shares used in earnings (loss) per share computation 

 Basic* 

1,602,860,426

1,610,484,726

1,613,726,084

1,613,726,084

1,588,659,647

1,611,021,595

1,611,021,595

 Diluted* 

1,740,565,086

1,610,484,726

1,613,726,084

1,613,726,084

1,725,023,283

1,611,021,595

1,611,021,595

Earnings (loss) per ADS (6 ordinary shares equal to 1 ADS)

Basic

1.20

(0.06)

(1.14)

(0.16)

0.72

(2.10)

(0.30)

Diluted

0.30

(0.06)

(1.14)

(0.16)

(0.12)

(2.10)

(0.30)

 * Shares used in earnings (loss) per share/ADS computation were computed under weighted average method. 

 VNET GROUP, INC. 

 RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS  

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 

 Three months ended  

 Nine months ended 

September 30, 2024

June 30, 2025

September 30, 2025

September 30, 2024

September 30, 2025

 RMB 

 RMB 

 RMB 

 US$ 

 RMB 

 RMB 

 US$ 

 Gross profit 

491,683

547,735

539,029

75,717

1,327,299

1,652,105

232,070

 Plus: depreciation and amortization 

368,764

513,891

511,334

71,827

1,085,984

1,427,624

200,537

 Plus: share-based compensation

expenses 

234

196

384

54

234

689

97

 Adjusted cash gross profit 

860,681

1,061,822

1,050,747

147,598

2,413,517

3,080,418

432,704

 Adjusted cash gross margin 

40.6 %

43.6 %

40.7 %

40.7 %

40.1 %

42.4 %

42.4 %

 Operating expenses 

(300,273)

(374,717)

(333,285)

(46,816)

(894,851)

(1,024,812)

(143,954)

 Plus: share-based compensation

expenses 

6,709

9,163

1,899

267

105,428

17,391

2,443

 Adjusted operating expenses 

(293,564)

(365,554)

(331,386)

(46,549)

(789,423)

(1,007,421)

(141,511)

 Operating profit 

191,410

173,018

205,744

28,901

432,448

627,293

88,116

 Plus: depreciation and amortization 

396,428

550,087

550,248

77,293

1,170,313

1,527,775

214,605

 Plus: share-based compensation

expenses 

6,943

9,359

2,283

321

105,662

18,080

2,540

 Adjusted EBITDA 

594,781

732,464

758,275

106,515

1,708,423

2,173,148

305,261

 Adjusted EBITDA margin 

28.0 %

30.1 %

29.4 %

29.4 %

28.4 %

29.9 %

29.9 %

 VNET GROUP, INC. 

 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 

 (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) 

 Three months ended  

September 30, 2024

June 30, 2025

September 30, 2025

 RMB 

 RMB 

 RMB 

 US$ 

 CASH FLOWS FROM OPERATING ACTIVITIES 

 Net cash generated from operating activities 

760,366

366,596

809,817

113,753

 CASH FLOWS FROM INVESTING ACTIVITIES 

 Purchases of property and equipment 

(1,426,892)

(1,870,296)

(2,184,378)

(306,838)

 Purchases of intangible assets 

(33,806)

(24,388)

(37,074)

(5,208)

 Proceeds from (payments for) investments 

92,426

(1,216,168)

(5,000)

(702)

 Proceeds from (payments for) other investing activities 

31,762

(171,213)

(62,689)

(8,806)

 Net cash used in investing activities 

(1,336,510)

(3,282,065)

(2,289,141)

(321,554)

 CASH FLOWS FROM FINANCING ACTIVITIES 

 Proceeds from bank borrowings 

745,534

1,004,537

1,867,856

262,376

 Repayments of bank borrowings 

(129,893)

(381,728)

(231,432)

(32,509)

 Payments for finance leases  

(27,669)

(44,471)

(44,824)

(6,296)

 Contribution from noncontrolling interest in a subsidiary 

-

(4,555)

250,657

35,210

 (Payments for) proceeds from other financing activities 

(59,645)

8,875

299,027

42,004

 Net cash generated from financing activities 

528,327

582,658

2,141,285

300,785

 Effect of foreign exchange rate changes on
cash, cash equivalents and restricted cash  

(6,049)

(14,764)

(808)

(113)

 Net (decrease) increase in cash, cash
equivalents and restricted cash 

(53,866)

(2,347,575)

661,152

92,871

 Cash, cash equivalents and restricted cash at
beginning of period 

2,135,833

5,767,658

3,420,083

480,416

 Cash, cash equivalents and restricted cash at
end of period 

2,081,967

3,420,083

4,081,235

573,287

SOURCE VNET Group, Inc.

XRP Slumps as $2.15 Level Collapses, Bearish Structure DeepensDespite no major catalysts, broader crypto market weakness and Bitcoin's 'Death Cross' contributed to XRP's decline.Updated Nov 20, 2025, 6:01 a.m. Published Nov 20, 2025, 6:01 a.m.

XRP breaks critical technical level amid heavy selling pressure, finding temporary support at $2.05 before stabilizing above $2.11 in volatile session.

News Background• No major fundamental catalysts accompanied the decline, though broader crypto markets weakened
• Sentiment remains fragile as Bitcoin’s “Death Cross” heightens risk-off conditions across majors
• Institutional flows rotated defensively with XRP underperforming CD5 despite recent ETF launches
• Analysts warn that support failures across altcoins may signal early-stage distribution cycles

STORY CONTINUES BELOW

Price Action Summary• XRP dropped 3.6% from $2.21 → $2.13, breaking the critical $2.15 support
• Daily trading range expanded 7.8% with price testing the $2.04–$2.05 demand zone
• Volume surged to 177.9M (+76% above average) during the breakdown sequence
• Recovery attempts lifted price back above $2.11, but follow-through faded on declining volume

Technical AnalysisXRP endured another technical breakdown Tuesday, sliding 3.6% to $2.13 as institutional selling intensified below the key $2.15 support level. The decline unfolded across a volatile $0.17 range, with volume spiking 76% above 24-hour norms to 177.9M tokens — confirming large-order participation during the structural failure.

Sellers overwhelmed bids during evening trade, forcing XRP into the $2.04–$2.05 demand pocket where buyers finally emerged. The rebound pushed the token back toward $2.11–$2.12, but the recovery lacked depth as volume evaporated into the session close. Market structure now reflects a clear lower-high, lower-low formation consistent with persistent bearish momentum.

Despite ETF-linked inflow narratives, XRP underperformed broader crypto benchmarks — a sign that structural supply outweighs fundamental optimism in the near term.

What Traders Should WatchThe rejection at $2.21 and subsequent collapse below $2.15 underline the market’s sensitivity to technical failure points. The $2.05 support reaction suggests oversold conditions temporarily halted the decline, but the rebound lacks sufficient volume to confirm a durable shift in momentum.

Traders now watch whether XRP can reclaim $2.15, which would neutralize immediate bearish bias. Failure to do so keeps downside targets open, especially as lower-timeframe charts show supply clusters forming at $2.13–$2.15 with no sign of aggressive bid absorption.

Momentum remains pressured by macro correlations. Bitcoin’s Death Cross, weakening liquidity, and risk-off flows across altcoins suggest volatility may persist, and XRP — typically a high-beta asset — remains exposed to sector-wide unwind scenarios.

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2 minutes ago

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Caroline Bishop
Nov 20, 2025 07:04

Bitcoin Cash trades at $497.60 with minimal 24-hour movement as technical indicators suggest consolidation near critical support levels amid sideways crypto market action.

Quick Take
• BCH trading at $497.60 (up 0.02% in 24h)
• No significant catalysts driving price action in past 48 hours
• Testing support near $493.83 pivot point with neutral RSI
• Following broader crypto market's sideways trend

Market Events Driving Bitcoin Cash Price Movement
Trading on technical factors in absence of major catalysts, Bitcoin Cash has maintained a relatively narrow range over the past 24 hours. No significant news events have emerged in the past 48 hours to drive directional moves in the BCH price, leaving technical analysis as the primary driver for near-term price action.

The lack of major developments has resulted in Bitcoin Cash consolidating within a familiar trading range, with the 24-hour range spanning from $470.90 to $513.00. This sideways action reflects the broader cryptocurrency market's current state, where many assets are awaiting fresh catalysts to break out of established patterns.

Volume on Binance spot market reached $30.18 million over the past 24 hours, indicating moderate but not exceptional trading interest. This volume level suggests traders are maintaining positions rather than initiating significant new moves, consistent with the minimal price movement observed.

Bitcoin Cash Technical Analysis: Neutral Consolidation Phase
Price Action Context
BCH price currently sits below its key moving averages, with the 20-day SMA at $502.69 acting as immediate resistance. The current price of $497.60 places Bitcoin Cash slightly above the 7-day SMA of $494.79 but below longer-term averages including the 50-day SMA at $521.70.

The positioning relative to moving averages suggests a short-term consolidation phase, with Bitcoin Cash neither strongly bullish nor bearish. The proximity to the pivot point at $493.83 indicates the market is testing critical decision levels that could determine the next directional move.

Key Technical Indicators
The RSI at 47.79 sits firmly in neutral territory, indicating neither oversold nor overbought conditions. This reading suggests balanced buying and selling pressure, supporting the consolidation narrative evident in recent price action.

The MACD histogram shows a positive reading at 0.6143, indicating potential bullish momentum despite the overall MACD remaining negative at -7.0854. This divergence suggests underlying momentum may be building, though confirmation through price action remains necessary.

Bitcoin Cash's position within the Bollinger Bands at 0.4346 places it in the lower half of the band range, indicating the current price sits below the middle band but well above the lower boundary at $463.72.

Critical Price Levels for Bitcoin Cash Traders
Immediate Levels (24-48 hours)
• Resistance: $502.69 (20-day SMA confluence)
• Support: $493.83 (established pivot point)

Breakout/Breakdown Scenarios
A break below the $493.83 pivot could target the immediate support zone at $460.30, representing approximately 7% downside risk. Such a move would likely coincide with broader crypto market weakness and could accelerate if volume increases.

Conversely, a sustained break above the $502.69 resistance level could open the path toward $563.00, where stronger resistance awaits. This scenario would require increased buying volume and likely positive momentum from Bitcoin or broader market catalysts.

BCH Correlation Analysis
Bitcoin Cash continues following Bitcoin's general direction, though with reduced volatility compared to the flagship cryptocurrency. With Bitcoin showing positive momentum today, BCH's minimal movement suggests it's lagging rather than leading the current market cycle.

Traditional market correlations remain muted in the absence of significant macro events. The sideways action in major indices has translated to similarly subdued activity across cryptocurrency markets, including Bitcoin Cash.

Trading Outlook: Bitcoin Cash Near-Term Prospects
Bullish Case
A sustained move above $502.69 resistance with increasing volume could signal the start of a broader recovery toward the $563.00 level. This scenario would require Bitcoin Cash technical analysis to show improving momentum indicators and broader crypto market strength.

The positive MACD histogram reading suggests underlying momentum could support such a move if external catalysts emerge to drive increased buying interest.

Bearish Case
Failure to hold the $493.83 pivot point could lead to a test of stronger support at $460.30. Given the current weak bullish trend classification, any negative momentum could accelerate selling pressure toward the $443.20 strong support level.

Risk Management
Traders should consider stop-losses below $485 for long positions, representing roughly 2.5% downside from current levels. The daily ATR of $36.92 suggests position sizing should account for potential volatility expansion as the market resolves its current consolidation phase.

Image source: Shutterstock

bch price analysis
bch price prediction

Updated Nov 20, 2025, 6:08 a.m. Published Nov 20, 2025, 6:08 a.m.

Major support at $0.155 collapsed under heavy selling pressure, yet improving exchange flows and accelerating whale accumulation suggest downside exhaustion may be nearing.

News Background• DOGE dropped from $0.160 to $0.149, breaking major support at $0.155
• Exchange net inflows turned positive for the first time in months — a historical precursor to relief rallies
• Analysts flag a potential DOGE ETF approval window under Section 8(a) within the next seven days
• Whale accumulation totals 4.72B DOGE ($770M) over two weeks despite falling prices
• Broader crypto market remains in extreme fear, with sentiment at its lowest since April

STORY CONTINUES BELOW

Crypto markets continue to deteriorate as Bitcoin’s “Death Cross” and risk-off conditions pressure altcoins. However, DOGE’s exchange flow dynamics flipped positive — a structural shift that historically appears near market bottoms. Analyst Ali Martinez notes similar inflection points preceded reversible capitulation phases in prior cycles.

Price Action SummaryDogecoin plunged 7.42% during the 24-hour session, collapsing from $0.160 to $0.149 in a breakdown that shattered the critical $0.155 support that anchored the previous consolidation range. Volume jumped 18.39% above weekly averages, confirming institutional participation rather than retail panic.

The selloff marked a clean violation of the 0.5 Fibonacci retracement from the prior bull cycle and drove price directly into the lower boundary of DOGE’s year-long descending triangle. The decline extended through multiple intraday floors before stabilizing near $0.149-$0.151. Oversold conditions emerged as RSI built bullish divergence against fresh price lows, while short-lived MACD death crosses hinted at exhaustion in downward momentum.

Technical AnalysisDogecoin now sits at a high-stakes intersection of breakdown confirmation versus reversal potential. The collapse below $0.155 completes the descending-triangle resolution, traditionally projecting continuation down toward the $0.145-$0.140 zone. However, counter-signals are building.

Whale accumulation has intensified materially, with high-value wallets absorbing over 4.7B DOGE as price dropped — a sign of strong hands stepping in against weak retail flows. Simultaneously, exchange net inflows have flipped positive for the first time in months, a structural shift that previously preceded tradable bottoms.

Momentum indicators support this divergence: RSI continues to push higher even as price prints lower lows, and MACD’s bearish signals are rapidly fading. This creates a mixed but increasingly interesting setup where the technical breakdown clashes with early reversal signals rooted in on-chain behavior.

DOGE’s price will likely remain compressed between $0.149 support and $0.158 resistance until ETF catalysts or macro sentiment provide a decisive push.

What Traders Should WatchTraders face a binary setup shaped by both regulatory catalysts and technical inflection:

• Monday’s Section 8(a) DOGE ETF deadline — a surprise approval could trigger immediate repricing
• Reclaim of $0.155 — essential for negating the breakdown and reopening path to $0.162-$0.165
• Failure at $0.150 — exposes fast continuation toward $0.115-$0.085 demand zones
• Exchange flow direction — continued positive net inflows would strengthen reversal thesis
• Macro sentiment — extreme fear across BTC and altcoins may produce sharp relief moves, but also increases breakdown risk

The risk/reward setup becomes highly favorable for directional traders as DOGE approaches the apex of a multi-year structure while ETF catalysts converge with on-chain accumulation dynamics.

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Bitcoin price has bounced nearly 5% from today’s low after touching the falling-wedge support at $88,400.A rare on-chain divergence has appeared. The last time this happened in a downtrend (Mar–Apr), BTC rallied 46%.Price action shows the rebound is real, but Bitcoin must reclaim $95,700 first.Bitcoin has bounced nearly 5% from today’s low of near $88,400, right at the edge of falling-wedge support. While the rebound was strong, the daily price chart shows a meager 2% uptick. It certainly doesn’t do justice to the strength the Bitcoin price showed over the past few hours.

The move happened quickly and followed the price, briefly tapping the lower trend line, raising the question of whether this could mark the start of a short-term bottom. But as strong as the rebound looks, one or rather two major resistance zones still decide whether the trend has flipped.

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A Falling Wedge Rebound, and a Rare On-Chain Divergence AppearsThe falling wedge has been guiding Bitcoin’s drop for weeks, and today’s reaction shows the lower boundary is still active. What makes the bounce more interesting is the on-chain behavior behind it.

Bitcoin’s Falling Wedge: TradingViewBetween November 14 and November 19, the Bitcoin price made a lower low, but the SOPR (Spent Output Profit Ratio) made a higher low, rising from 0.98 to 0.99. SOPR shows whether the coins being spent were bought at a profit or a loss. When SOPR drops below 1, most traders are selling at a loss.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

SOPR Divergence Flashes: GlassnodeWhen it climbs while the price continues to fall, it means holders are not panic-selling and are refusing to exit at cheaper prices. That reflects a strong conviction.

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A similar pattern showed up between March 30 and April 8. The BTC price made a lower low then too, while SOPR rose from 0.994 to 0.998, even though the market was still in a downtrend. That divergence marked the bottom. From there, Bitcoin rallied from $76,270 to $111,695 — a 46% surge, within weeks.

The same style of on-chain divergence is now flashing again inside the falling wedge. Do note that technical divergences can fail in heavy downtrends. On-chain divergences matter more because they reflect real spending behavior rather than just chart patterns.

Heavy Supply Zones Still Block the Trend ReversalHowever, for the SOPR divergence to play out, the Bitcoin price needs to cross key levels.

Glassnode’s URPD (UTXO Realized Price Distribution) data shows two supply clusters that sit right above the current rebound. The first is around $95,900, and the next sits close to $100,900.

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First BTC Resistance Or Supply Cluster: GlassnodeThese levels also align with the key technical resistance zones that we will discuss next.

UTXO Realized Price Distribution (URPD) shows how much supply was last moved at each price level. It highlights where large clusters of holders sit, which often act as support or resistance.

Higher BTC Supply Cluster: GlassnodeThese are regions where many past buyers may try to exit again. Clearing both levels is the confirmation that turns a bounce into a trend reversal.

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Bitcoin Price Levels That MatterThe Bitcoin price first needs to move past $95,700, the same level that rejected the recovery on November 15. This resistance level also aligns with the first URPD cluster, mentioned earlier.

If it clears that, it can attack $100,200, which is both a Fibonacci barrier and sits below the URPD cluster at $100,900. Only above this zone can the falling wedge truly flip bullish.

If BTC price loses the recent low near the wedge floor at $88,400, the price risks sliding lower if sentiment weakens.

Bitcoin Price Analysis: TradingViewFor now, Bitcoin has delivered a clean wedge bounce and a rare on-chain divergence. Those two together raise the odds of a bottom forming. But the resistances at $95,700 and then at $100,200 still decide whether Bitcoin just turned bullish — or if this is only a temporary bounce.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Bitcoin price is trying to push its way back above the $95,000 mark after sinking to a local low near $89,000, a drop that sparked a sharp rise in implied volatility.

Summary

Bitcoin price is attempting to break $95K after dropping from $126K all-time highs.
Rising implied volatility and options skew indicate that traders are bracing for bigger swings.
Technical indicators hint at a brief relief bounce, but the downtrend remains intact.

BTC was trading around $92,858 at press time, up about 1.8% on the day, but still down 9% over the past week and 14% over the past month. Since its Oct. 6 all-time high of $126,080, Bitcoin has now pulled back 26%.

Spot trading has slowed noticeably. Daily Bitcoin (BTC) trading volume dipped 2.3% to $83.8 billion, suggesting traders are stepping back and waiting for a clearer direction. Derivatives, however, tell a different story. 

Futures volume is up nearly 15% to $123.2 billion, and open interest rose 3.9% to $67.4 billion. Rising open interest during a downturn typically means traders are hedging or leaning into short positions, not betting on a quick recovery.

On-chain signals show soft demand
A Nov. 19 GlassNode Insights report shows Bitcoin is now trading below the short-term holder cost basis and the −1 standard deviation band.

This puts many recent buyers in the red and makes the $95,000-$97,000 area a major resistance zone. The first indication that the market is regaining stability would be a clear move above that zone.

The report also notes significant increases in implied volatility across all maturities, the unwinding of speculative leverage, and large withdrawals from spot exchange-traded funds. With traders paying more for downside protection, especially around the $90,000 strike, the options skew is still strongly tilted towards puts. 

At the same time, the DVOL index, which tracks how volatile options traders expect the market to be, has hit a monthly high, meaning bigger price swings could be coming.

Selling pressure has led to short-term holders’ realized losses reaching $523 million per day, their highest level since the FTX collapse. The next crucial level of support is the Active Investors’ Realised Price, which is approximately $88,600.

With $82,000 serving as the last significant structural support, a clear break below that level might trigger a more severe bearish phase.

Bitcoin price technical analysis
The chart shows Bitcoin trading below all major moving averages, with the Bollinger Bands widening as price rides the lower band. This indicates strong downward momentum and a market looking for support. At 36, the relative shows that there is little momentum but not yet severe oversold conditions.

Bitcoin daily chart. Credit: crypto.news
Most indicators are sitting in neutral territory, but a few are starting to show some bullish signs. The commodity channel index and Momentum have both turned positive, suggesting that if volatility eases, we could see a short-lived relief bounce. Still, the MACD remains deeply negative, and the average directional index at 40 shows the downtrend is still firmly in place.

For sentiment to shift, Bitcoin needs to close back above $95,000, and ideally $97,000. If it can’t reclaim those levels, the market remains at risk of another retest of $90,000, with a possible slide into the high-$80,000 range if sellers take control again.

In a week marked by extreme volatility and steep losses across the broader crypto market, Hyperliquid's native token HYPE has emerged as one of the few bright spots. While most major altcoins struggled to retain support levels, HYPE surged 6.7% within 24 hours, capturing significant attention from both spot buyers and derivatives traders.

New Hampshire has approved the first $100 million Bitcoin bond, marking a major step for digital assets in U.S. public finance. The state’s Business Finance Authority (BFA) authorized the structure on Monday, creating a pathway for companies to borrow against over-collateralized Bitcoin held by a private custodian. This is the first time a U.S. municipal entity has approved a deal of this kind.
Although BFA is a state agency, the Bitcoin bond is not backed by taxpayers. The Authority acts only as a conduit. It oversees the deal but takes no repayment risk. Investor protection comes from Bitcoin locked in custody at BitGo. This model allows digital assets to sit inside a regulated bond structure without exposing the state’s balance sheet.

The approval builds on earlier steps by the state. New Hampshire recently became the first in the country to authorize its treasury to invest up to 5% of public funds in digital assets, establishing a strategic reserve. Governor Kelly Ayotte called the Bitcoin bond another milestone and said the structure brings new investment opportunities without risking public funds.

LATEST: 🇺🇸 New Hampshire’s Business Finance Authority has approved a $100M municipal bond backed by Bitcoin collateral at 160%, creating the first structure of its kind at the US state level. pic.twitter.com/FHyFJZk8pI

— CoinMarketCap (@CoinMarketCap) November 19, 2025

How the Structure Works
The bond was designed by Wave Digital Assets with support from municipal bond specialist Rosemawr Management. The goal is to use Bitcoin as collateral inside a fully compliant framework governed by existing municipal bond rules. Borrowers will post roughly 160% collateral in Bitcoin. If collateral levels fall near 130%, an automatic liquidation mechanism protects bondholders.

💰NH IS FIRST IN THE NATION💰

New Hampshire is OFFICIALLY the first state to lay the groundwork for a strategic bitcoin reserve.

The Live Free or Die state is leading the way in forging the future of commerce and digital assets. pic.twitter.com/7CauuKcKkP

— NH House Republicans (@NHHouseGOP) May 6, 2025

The initiative also acts as a testing ground. Lawmakers see it as a safe environment to evaluate how Bitcoin performs as high-grade collateral in government finance. Fees and any gains generated from the collateral will move into the state’s Bitcoin Economic Development Fund.

A New Market for Digital Assets
If the model succeeds, it could open the door for broader adoption across the $140 trillion global debt market. Asset managers believe this structure may bridge traditional fixed income with digital reserves, giving institutions a regulated way to access crypto-backed products. Industry leaders say this could be the first step in reshaping how digital assets support public and private financing in the years ahead.

Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

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aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy,
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BlackRock is preparing to introduce a new Ethereum-based investment vehicle that includes staking. This comes after a recent Delaware filing highlighted the move by the asset manager.

BlackRock Moves Closer to a Staked Ethereum ETF
The asset manager has filed a new statutory trust in Delaware called the iShares Staked Ethereum Trust. Bloomberg ETF analyst Eric Balchunas pointed out the registration and said a formal filing under the Securities Act of 1933 should be imminent.

Source: X
The firm filed similar corporate entities a few days before it submitted its spot Bitcoin and Ethereum ETFs.

This comes after the SEC officially acknowledged Nasdaq’s request to permit staking within BlackRock’s existing Ethereum ETF. The regulator, though, had delayed its decision on the product’s progress in September.

With the commission’s approval, the asset manager will be able to stake the ETH held in the fund and distribute the resulting rewards to the investors.

This also comes after the SEC withdrew the 19b-4 filing requirement for crypto ETPs that meet new generic listing standards. The move could make progress easier for Ethereum-related products, including staking-based ETFs. 

Robert Mitchnick, BlackRock’s Head of Digital Assets, described staking approval as “the next phase” for Ethereum ETF development.

Growing Staking ETF Ecosystem Suggests Maturing Market
A set of asset managers, including the likes of 21Shares, Fidelity, and Franklin Templeton, have already filed to add staking into their Ethereum ETFs.

The U.S. market also saw its first ever dedicated staking ETF launch recently. REX Shares launched the REX-Osprey ETH + Staking ETF (ESK). The product offers spot ETH exposure, with on-chain staking rewards. The fund has, however, only recorded $2.4 million in assets.

That momentum continued when Grayscale announced staking capabilities for its Ethereum funds, ETHE and ETH. It collectively staked 32,000 ETH on launch day alone.

BlackRock’s ETHA is already the largest Ethereum ETF with over $11.5 billion under management. However, amid the market crash, the product has consistently seen outflows. Yesterday, ETHA saw almost $200 million in outflows.

Staking has become a key part of how Ethereum’s economy works. Every time a user locks up their ETH to aid in transaction verification, they are, in turn, rewarded, decreasing the total ETH circulating in the market. That makes staking a very attractive option for funds seeking additional ways to earn money.

However, staking carries certain regulatory and operational risks. Slashing penalties, validator selection policies, and more complex asset management being just a few of them. The issuers must be clear about these issues in their filings.

Pi Coin climbs ten percent with CMF rising strongly into positive territory, signaling increasing inflows and growing confidence among actively accumulating investors.RSI momentum improves as buyers regain control, reinforcing bullish sentiment and positioning Pi Coin for continued appreciation if market conditions remain supportive.Price trades at $0.250 aiming to secure $0.246 support, enabling potential rise toward $0.260 unless renewed selling risks drop near $0.224.Pi Coin is gaining strong traction after a sharp 10% price increase that lifted the token to a weekly high. The recent rise reflects renewed investor confidence and improving market conditions. 

Strengthening demand and accelerating inflows continue to support Pi Coin’s upward movement, signaling momentum that could extend in the near term.

Pi Coin Is Picking Up CapitalMarket sentiment has strengthened notably, with the Chaikin Money Flow showing a sharp rise over the past few days. CMF measures capital flows, and a move into positive territory signals increasing inflows. Pi Coin’s CMF is climbing quickly, suggesting that investors are actively adding liquidity to the asset.

Sponsored

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This uptick reflects growing confidence in Pi Coin’s short-term outlook. As inflows increase, the buying pressure strengthens. Investors appear motivated by improving conditions and are positioning themselves for continued gains.

Pi Coin CMF. Source: TradingViewMacro momentum indicators are also aligning with Pi Coin’s bullish trend. The Relative Strength Index is observing a steady uptick, showing rising demand and stronger upward momentum. A rising RSI often suggests that buyers are gaining control and driving sustained appreciation.

This strengthening momentum is crucial for supporting ongoing growth. As broader market sentiment improves, Pi Coin may continue benefiting from increased risk appetite across altcoins.

Pi Coin RSI. Source: TradingViewPI Price Could See Continued RisePi Coin trades at $0.250 after rising 9.5% in the past 24 hours. The altcoin is preparing to flip $0.246 into a confirmed support level. Holding this range will be essential for maintaining upward momentum and preventing short-term pullbacks.

If Pi Coin secures the support, it could rise toward $0.260 and higher, recovering losses from late October. Such movement may attract new investors looking for momentum-driven opportunities, further sustaining the ongoing rally. Strengthening fundamentals and improving sentiment add to the bullish outlook.

Pi Coin Price Analysis. Source: TradingViewHowever, if Pi Coin faces selling pressure, the price could slip below $0.246 and weaken current support. A decline may push the altcoin toward $0.234 or even $0.224, signaling a deeper retracement. This scenario would invalidate the bullish thesis and reflect fading confidence among traders.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Journalist

Posted: November 20, 2025

Key Takeaways
Does PEPE have a chance to reverse its strong downtrend?
No, the memecoin sector and PEPE in particular remain bearish on the higher timeframes. However, a minor price bounce may be likely soon. 

How high can this bounce go?
Traders can expect a 12%-15% price bounce to the key magnetic zones overhead, as highlighted by the liquidation heatmap.

Pepe [PEPE] has been the worst-performing memecoin among the top 5 in the sector. The meme sector’s woes were not confined to PEPE alone though, as even Dogecoin [DOGE] recorded a 50% decline in 2025.

Source: PEPE/USDT on TradingView

On the 1-day chart, PEPE has remained firmly bearish. The structure, and hence the trend, on this timeframe has been bearish since late September, when the memecoin made a new lower high below $0.00000937.

The moving averages formed a bearish crossover earlier in September, and have stayed steadily bearish in the months since. The CMF also highlighted strong selling pressure recently, but it climbed back into neutral territory. It showed a reading of -0.04 at press time.

The Stochastic RSI formed a bullish crossover. This could lead to a minor price bounce, as the market may be likely overextended to the downside.

On 06 November, a bullish Stochastic RSI crossover was followed by a 12% price rally before PEPE slumped again. It is possible that a similar scenario would unfold once again. In that case, a bounce as high as $0.00000524 can be expected.

Such a bounce would most likely present a selling opportunity, given the trend and overall bearish dominance across the sector.

There is a chance of a PEPE short-squeeze!
As noted earlier, the prevailing downtrend meant many market participants would be betting on the trend to continue. This meant that short liquidation levels have built up to noticeable levels.

The attached chart highlighted how the cumulative short liquidation leverage was much higher than the long leverage. Combined with the Stochastic crossover and a price bounce, a brief PEPE rally to hunt this liquidity may be likely.

The liquidation heatmap revealed that the $0.000005-$0.0000055 area was thick with liquidations. This made it the most likely candidate for a bounce. Beyond that, the $0.000006-$0.0000066 area could also be a strong magnetic zone.

Hence, PEPE bears can wait for this bounce to play out before going short or selling.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

Maple Finance is facing an injunction from Core Foundation, the organization behind the Bitcoin-secured Core blockchain, over an alleged breach of confidentiality and exclusivity agreements tied to their Bitcoin yield partnership.

Summary

Core Foundation accused Maple Finance of breaching a commercial agreement.
A Cayman Islands court has granted an injunction restricting Maple Finance from launching syrupBTC.
Maple Finance has denied all allegations against it.

“The Grand Court of the Cayman Islands has granted an injunction against Maple Finance entities, finding that there is a serious issue to be tried regarding Maple’s alleged breaches of its commercial agreement with Core Foundation to develop lstBTC, the joint Core-powered liquid staked Bitcoin token,” the foundation announced in a Nov. 19 X post.

The Core Foundation alleges that Maple misused confidential information and violated exclusivity provisions to build a competing product. Further, the foundation is challenging Maple’s right to declare an “impairment” on millions of dollars worth of Bitcoin it is holding for lenders in the “Bitcoin Yield product.”

Maple Finance’s syrupBTC is a direct rival to lstBTC
Maple Finance and Core Foundation partnered in early 2025 to launch lstBTC, a liquid staked Bitcoin product designed for institutional investors. The success of the initial rollout may have encouraged Maple to divert from the agreement and develop a rival offering, the announcement said.

Maple allegedly began misusing “confidential information” and internal resources from mid-2025 while simultaneously developing “syrupBTC,” a new liquid staking product intended to directly rival lstBTC, despite being bound by a 24-month exclusivity clause.

After Core Foundation initiated arbitration proceedings, the Honourable Justice Jalil Asif KC from the Grand Court of the Cayman Islands ruled that there was a serious issue to be tried in relation to Maple’s conduct. 

“The Court found damages would not be an adequate remedy because of (i) the risk of Maple dealing in or shedding CORE tokens and (ii) the head-start Maple would gain by launching a competing product,” Core said.

Per the injunction, Maple is prohibited from launching or promoting syrupBTC, using Core Foundation’s confidential information, or dealing in CORE tokens without prior written consent while the legal process remains ongoing.

However, not long after the injunction was granted, Maple allegedly moved to declare an impairment worth millions of dollars against lenders in its Bitcoin Yield product, which, according to Core Foundation, casts further doubt on Maple’s handling of client assets and its obligations under the original agreement.

The foundation said it had been led to believe that the Bitcoin underpinning the yield product was held with “reputable custodians,” meaning those assets should have remained untouched regardless of internal issues at Maple.

“It is unclear why Maple maintains that they are unable to return the Bitcoin to their lenders at this time, or if they have the right to impair them,” Core Foundation said.

According to the announcement, the foundation added that it may “take this legal action as far as necessary” to protect its community.

Maple Finance, however, denied all allegations in a Nov. 20 X post, adding that the dispute was limited to the pilot program. See below.

Maple Finance responds to Core Foundation. Source: Maple on X
Maple sunsets SYRUP staking
Against this backdrop of legal tensions and product disputes, Maple Finance has undergone significant structural changes regarding the tokenomics of SYRUP, its native governance and fee-sharing token.

Earlier this month, Maple pulled the plug on SYRUP staking rewards and switched to a new revenue-based model, where 25% of all protocol revenue will be used to fund the newly formed Syrup Strategic Fund, which in turn, will buy back tokens and inject liquidity as required.

TLDR

Aster (ASTER) will begin spot trading on Coinbase at or after 9AM PT today.
The ASTER-USD pair requires liquidity for full activation across supported regions.
ASTER has a 13.70% weekly gain despite a 4.02% decline in the past 24 hours.
BNB Smart Chain integration ensures network safety, preventing potential fund loss.

Aster (ASTER) is scheduled to begin spot trading on Coinbase today, on November 20, 2025. The ASTER-USD pair is set to go live at or after 9AM PT, provided liquidity conditions are met. 

The token will be available on Coinbase.com, the mobile app, and Coinbase Advanced. Institutions can access ASTER directly on Coinbase Exchange, expanding market availability.

Aster Trading to Debut on Coinbase
Coinbase Markets confirmed the upcoming launch through its official Twitter account. The BNB Smart Chain contract address is 0x000Ae314E2A2172a039B26378814C252734f556A, and users are advised not to send ASTER over other networks. 

Spot trading for Aster (ASTER) will go live on 20 November 2025. The opening of our ASTER-USD trading pair will begin on or after 9AM PT, if liquidity conditions are met, in regions where trading is supported. pic.twitter.com/IezJDSuVNN

— Coinbase Markets 🛡️ (@CoinbaseMarkets) November 19, 2025

The listing reflects Coinbase’s ongoing efforts to broaden token access for retail and institutional participants.

Trading activation depends on meeting liquidity thresholds in supported regions. Coinbase Advanced will provide professional traders with advanced order types once trading begins. 

Early adopters will be able to use the main exchange interface and mobile app. The platform ensures that institutions can participate seamlessly through Coinbase Exchange.

The launch coincides with broader crypto market volatility, offering investors a new asset option. CoinGecko data shows ASTER currently trades at $1.28, a 4.02% decline over the past 24 hours. 

Aster’s price on CoinGecko
The token has gained 13.70% over the last seven days, highlighting strong weekly performance. Market participants are monitoring price dynamics ahead of trading activation.

Market Performance and Analyst Observations
Despite overall market weakness, ASTER has shown relative strength in pre-market trading. Social media mentions suggest traders are noting its resilience amid broader declines. 

Analysts have pointed to potential upside targets near $1.80 in early sessions. Initial interest is reflected in a 24-hour trading volume of $749,232,651, suggesting strong engagement.

BNB Smart Chain integration ensures compatibility with existing wallets and decentralized applications. Coinbase highlighted network-specific usage to prevent potential fund loss. This aligns with industry standards for safely listing new tokens.

Weekly gains indicate ASTER is outperforming several peers despite short-term price fluctuations. Early adoption signals sustained interest from retail and institutional participants. 

Trading dynamics are expected to evolve as liquidity conditions stabilize after the official launch.

Investor focus remains on ASTER’s price trajectory and trading volume. Accessibility across Coinbase’s platforms and on-chain utility gives the token immediate market visibility. 

Observers are watching initial trades closely for mid-term performance indicators.

NVIDIA President and CEO Jensen Huang touts having the 'largest supply chain' in the world on 'The Claman Countdown.' #fox #media #breakingnews #us #usa #new #news #breaking #foxbusiness #theclamancountdown #nvidia #jensenhuang #technology #ai #artificialintelligence #semiconductors #supplychain #innovation #business #tech #markets #finance #global #economy #investment #stockmarket #siliconvalley #leadership #manufacturing #chips

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.

LONDON--(BUSINESS WIRE)--This release includes business updates and unaudited interim financial results for the three months ("Q3", "Q3 2025" or the "Quarter") and nine months (“9M 2025”) ended September 30, 2025 of Cool Company Ltd. ("CoolCo" or the "Company"). Quarterly Highlights and Subsequent Events Generated total operating revenues of $86.3 million for Q3, compared to $85.5 million for the second quarter of 2025 ("Q2" or "Q2 2025"); Net income of $10.81 million for Q3, compared to $11.91.

PRESS RELEASE

Paris, 20th November 2025

BNP Paribas has raised its CET1 ratio target to 13% by 2027. This ambition is driven by three key factors: stronger Group profitability supporting capital generation, moderate growth in risk-weighted assets of around 2% per year, and an accelerated disposal of non-strategic assets.

BNP Paribas’ increase in profitability is reflected in a confirmed ROTE target of 13% by 2028, up 210 basis point as compared to 2024. Two-thirds of this progress is driven from strategic plans already underway in the CPBF, Personal Finance, CPBB, and Asset Management businesses, which together account for one-third of the Group’s risk-weighted assets. The remaining third of the ROTE improvement will be generated by other strategic businesses within the Group, which will continue to pursue disciplined growth underpinned by operational efficiency

At Group level, BNP Paribas is focused on delivering continuous improvement in its cost/income ratio, with targets of 61% in 2026 and 58% in 2028, reflecting a strong commitment to cost control.

BNP Paribas also announces that the share of excess capital above the 13% CET1 ratio to be redistributed to shareholders will be determined at the end of each year.

In addition, the Group will launch in November 2025 a €1.15 billion share buyback program1, anticipating the distribution of 2025 earnings, as authorised by the ECB.

BNP Paribas’ growth and profitability trajectory through 2028 will be detailed upon the release of the 2025 results. The 2027-2030 plan will be presented in early 2027.

Jean-Laurent Bonnafé, Chief Executive Officer, stated:« Today’s announcements are fully aligned with our long-term strategy and will help shape the 2027–2030 plan. By leveraging existing growth drivers, we aim to further enhance our profitability profile, while remaining attentive to our shareholders through a disciplined and attractive distribution policy.

About BNP Paribas

Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.

Disclaimer

This press release includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNP Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally, or in BNP Paribas’ principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn significantly affect expected results. Any forward-looking statement contained in this press release speaks as of the date of this press release. BNP Paribas undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events.

Press Contact

Sandrine Romano – [email protected] – +33 6 71 18 23 05
Giorgia Rowe – [email protected] – +33 6 64 27 57 96

1 https://invest.bnpparibas/document/descriptif-du-programme-de-rachat-dactions-propres-2025

JPM conference_CP_version EN