Market Signal Briefing

Toyota Motor Corp reported Monday that its global vehicle sales rose for an eighth consecutive month in August, supported by strong demand for hybrid models in the United States despite weaker domestic performance. Worldwide sales increased 2.2 percent year-on-year to 844,963 vehicles, with US sales climbing 13.6 percent.

Inventiva S.A. (NASDAQ: IVA) will release earnings results for the first half of the year, after the closing bell on Monday, Sept. 29.

Analysts expect the Daix, France-based company to report H1 loss at 41 cents per share. Inventiva projects quarterly revenue of $5.31 million, according to data from Benzinga Pro.

Inventiva is scheduled to host Analyst and Investor Event on Oct. 8.

Shares of Inventiva rose 0.7% to close at $6.05 on Friday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

HC Wainwright & Co. analyst Ananda Ghosh assumed coverage on the stock with a Buy rating and a price target of $20 on Sept. 3, 2025. This analyst has an accuracy rate of 61%.
Guggenheim analyst Etzer Darout maintained a Buy rating and boosted the price target from $9 to $13 on Sept. 2, 2025. This analyst has an accuracy rate of 54%.
Piper Sandler analyst Yasmeen Rahimi initiated coverage on the stock with an Overweight rating and a price target of $26 on Aug. 27, 2025. This analyst has an accuracy rate of 66%.
Stifel analyst Annabel Samimy maintained a Buy rating and cut the price target from $20 to $17 on Nov. 22, 2024. This analyst has an accuracy rate of 66%.
UBS analyst Eliana Merle initiated coverage on the stock with a Neutral rating and a price target of $3 on Nov. 12, 2024. This analyst has an accuracy rate of 53%
Considering buying IVA stock? Here’s what analysts think:

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Daix (France), New York City (New York, United States), September 29, 2025 – Inventiva (Euronext Paris and Nasdaq: IVA) (“Inventiva” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”), today reported its financial results for the six months ended June 30, 2025, and provided a corporate update. Frédéric Cren, Chief Executive Officer and cofounder of Inventiva, stated: “ The first half of 2025 has been a defining period for Inventiva, with decisive progress across both our clinical program and our financial position. As we advance into the final stretch of our Phase 3 clinical trial in MASH, we are reinforcing our organization to prepare for the upcoming data readouts and potential regulatory submissions. Financially, we reinforced our position with the closing of the €116 million second tranche of the structured financing announced in October 2024, unlocked by the randomization of the last patient in the main cohort of the NATiV3 study, a critical milestone in our journey. Inventiva has entered the second half of the year with confidence and undiminished ambition: to turn the hope of millions of patients living with MASH into therapeutic reality. ”

GSK PLC (LSE:GSK, NYSE:GSK) chief executive Dame Emma Walmsley will step down at the end of December this year after almost nine years in the role. 

The pharmaceutical group has promoted its chief commercial officer, Luke Miels, as CEO designate from today, and he will take on the full CEO role from 1 January 2026. 

The Australian joined the FTSE 100 company in 2017, the year that Walmsley became CEO, and in his current role he is responsible for the FTSE 100 company's portfolio of medicines and vaccines.

He joined from AstraZeneca, where he was executive vice president of their European business and, before that, was head of global product and portfolio strategy, global medical affairs and corporate affairs. Prior to that he was head of Asia for Roche, based in Shanghai and Singapore.

Chair Sir Jonathan Symonds hailed Walmsley's "outstanding leadership in delivering a strategic transformation of GSK, including the successful demerger of Haleon".

He said Miels "has outstanding global biopharma development and commercial experience, together with a deep understanding of the company, its prospects and its people. He is extremely well placed to lead, deliver and surpass the ambitions we have set for GSK, and to generate new growth and value for patients and shareholders."

For her part, Walmsley said: "2026 is a pivotal year for GSK to define its path for the decade ahead, and I believe the right moment for new leadership."

She will step down from the board on 31 December 2025, but will remain with the business until her notice period ends on 30 September 2026.

The company said she will "support an orderly transition throughout that period" and "given the potential impact to GSK's operating environment arising from geopolitics and new technologies, the board has asked Emma to support the company and the new CEO on these matters". 

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BCRX over 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.

David Tepper Nails China TradeAppaloosa Management’s David Tepper is a generational talent and one of the most successful investors of all time. Tepper has amassed a multi-billion-dollar fortune and accrued so much wealth that he was able to purchase the Carolina Panthers NFL team. How did Tepper become so wealthy? Tepper has made his fortune with an investing technique that bets against the crowd, takes high-conviction bets, and places large bets. For instance, in the fallout of the destruction of the Global Financial Crisis of 2008, Tepper bet big on beaten-down banks like Bank of America ((BAC - Free Report) ) in 2009, buying them when no one wanted them for pennies and selling them for multi-bag gains, leading to a $7 billion annual windfall for his fund.

Image Source: Zacks Investment Research

In February, I wrote a piece titled "David Tepper’s Big Bets: China and AI" about Tepper’s newest, “all-in” high conviction bet: China. At the time, China had been recovering from one of the worst real estate collapses in history, a heavy-handed regulatory government, and a weak economy plagued with rampant inflation:

David Tepper’s Genius Lies in His Simplicity When I think of David Tepper’s success, I think of the quote “simplicity is the ultimate sophistication.” Unlike many prominent Wall Street firms, Tepper does not generate his returns through high-frequency trading or complex quant strategies. Instead, Tepper leverages a ‘first principles’ investing framework where he hyper-focuses on what might otherwise seem obvious to find high-probability, investment opportunities with asymmetric reward-to-risk.

Why Did David Tepper Buy Banks in 2009?David Tepper bought banks in 2009 for two simple, yet powerful reasons. Banks were criminally undervalued, and Tepper knew that the US government would not allow most major US banks to fail.

David Tepper’s “Buy Everything China Declaration”Fast-forward to February, and Tepper bought Chinese stocks for a similarly simple reason. Tepper realized that government officials in Beijing were intent on stimulating the market, saying, “When China wants to boost their stock market, the government will stop at nothing.” While it’s been a bumpy, headline-driven ride, the iShares China Large-Cap ETF ((FXI - Free Report) ) has gained a robust 35% year-to-date, again proving the power of straightforward thinking and high conviction bets.

Image Source: Zacks Investment Research

Can Chinese Stocks Continue to Run?Government Stimulus, De-regulation, Fast GrowthIn the most wide-ranging action since the global financial crisis, the Chinese government continues to implement stimulus measures, like interest rate cuts, fiscal stimulus, and support for the real estate market. Remember, liquidity is the single most critical market-moving factor, and China currently enjoys a plethora of it. Additionally, the Chinese government has become more lenient with business regulations. Meanwhile, China is growing rapidly, with the first-half 2025  GDP growth clocking in at a robust 5.3%.

Image Source: Arc Group, National Bureau of Statistics

Chinese Households have Excess Savings from Covid-19Stringent COVID-19 lockdowns and government-driven fear surrounding the virus have led to Chinese citizens saving a lot more money than most of the world. This excess savings should lead to a robust Chinese economy and a strong consumer.

Image Source: IMF, PT calculations, FT

AI: China Leads the Energy BattleAlthough Wall Street thinks of the United States as the leader in the red-hot AI industry, China is hot on its heels and is leading the AI race in some critical areas. One such area is energy. AI training requires hundreds of energy-hungry data centers. Without sufficient energy, the AI race is lost. From this perspective, China is leading the AI energy race significantly. In fact, China produces more than twice the energy that the United States produces, and this gap is expected to widen over time.

Image Source: Our World in Data

Meanwhile, in a recent interview on the “All in Podcast,” former Google CEO Eric Schmidt pointed out that China is focusing more of its AI efforts on practical applications of AI (which will produce revenue) instead of aiming for artificial general intelligence (AGI) like many of America’s big tech juggernauts.

China: Improving Fundamentals, EPS Estimates, & Inexpensive ValuationsWall Street analysts anticipate that Chinese companies such as Tencent Music ((TME - Free Report) ), Baidu ((BIDU - Free Report) ), and Nio ((NIO - Free Report) ) will generate robust earnings growth through 2026.

Image Source: Zacks Investment Research

Despite significant price advances in 2025, Chinese tech juggernauts like Alibaba ((BABA - Free Report) ) remain cheap.

Image Source: Zacks Investment Research

Bottom Line

David Tepper’s latest success with his China trade is a testament to his consistent, ‘first principles’ investment philosophy: bet against the crowd, focus on simple yet powerful fundamentals, and exude extreme conviction.

Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) has landed a new supply agreement with the University of Virginia Health, which is upgrading to complete the transition to full clinical Xenon MRI capabilities.

The deal provides additional equipment for clinical use, following UVA’s upgrade of two hyperpolariser systems last year.

UVA Health was the site of the first human scan using hyperpolarised Xenon MRI in 1996. The institution has since developed applications across asthma, cystic fibrosis and other lung diseases, and was recently awarded a $7.4 million NIH grant to advance research.

"We are delighted to support UVA Health as they prepare to launch their first clinical Xenon MRI scan, anticipated to occur later this year," said chief executive Christopher von Jako

"Their deep and sustained commitment to advancing pulmonary imaging - from early research breakthroughs to today's clinical transition - perfectly aligns with Polarean's mission to provide critical imaging solutions for chronic lung disease.

He added: "UVA Health's decades-long leadership in Xenon MRI has been instrumental in shaping the field, and we look forward to continuing our partnership to improve lung health for patients everywhere."

, /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the quarter ended June 30, 2025.

Highlights for the Quarter Ended June 30, 2025

Transaction volume was 11,606 units for the three months ended June 30, 2025, an increase of 40.4% from 8,264 units in the last quarter and an increase of 107.1% from 5,605 units in the same period last year.
Retail transaction volume was 10,385 units for the three months ended June 30, 2025, an increase of 37.6% from 7,545 units in the last quarter and an increase of 153.9% from 4,090 units in the same period last year.
Total revenues were RMB658.3 million (US$91.9 million) for the three months ended June 30, 2025, an increase of 30.6% from RMB504.2 million in the last quarter and an increase of 64.1% from RMB401.2 million in the same period last year.
Gross margin was 5.2% for the three months ended June 30, 2025, compared with 7.0% in the last quarter and 6.4% in the same period last year.
Loss from operations was RMB43.1 million (US$6.0 million) for the three months ended June 30, 2025, compared with RMB35.3 million in the last quarter and RMB62.5 million in the same period last year.
Non-GAAP adjusted EBITDA [1] was a loss of RMB16.5 million (US$2.3 million) for the three months ended June 30, 2025, compared with a loss of RMB8.9 million in the last quarter and a loss of RMB33.9 million in the same period last year.

[1] This is a non-GAAP measure. The Company believes that the non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of its performance, both in the current period and across periods. See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliations of GAAP And Non-GAAP Results" contained in this press release for a reconciliation and additional information on non-GAAP measures.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "Our business sustained its strong growth momentum in the second quarter of 2025, with retail transaction volume reaching 10,385 units, representing a 154% year-over-year increase and marking the fifth consecutive quarter of growth above 140%. Importantly, we have also maintained healthy operating efficiency, with inventory turnover days stable at around 30, and customer satisfaction, as measured by NPS (net promoter score), at an industry-leading 65. Reflecting this strength, we now expect retail transaction volume growth of over 125% year-over-year in the third quarter. Accordingly, we are raising our full-year 2025 growth guidance to approximately 130% compared to calendar year 2024."

Mr. Dai continued, "Since opening in February, our Wuhan superstore has performed ahead of expectations, achieving monthly sales of about 1,400 units with steadily improving profitability. At the same time, the expansion of our new superstores is progressing on schedule, with our Zhengzhou superstore officially commencing operations on September 27. We believe that the continued ramp-up of newly launched superstores, together with the sales momentum at our existing locations, will serve as strong and sustainable growth drivers for our business performance in the years ahead."

Mr. Feng Lin, Chief Financial Officer of Uxin, stated, "Our strong sales growth this quarter was driven by improved inventory availability at existing stores and the continued ramp-up of our new superstore in Wuhan. Total revenues reached RMB658.3 million, including RMB607.6 million from retail vehicle sales, representing 87% year-over-year growth and 31% sequential growth. Our gross margin was 5.2%, reflecting the temporary impact of the new car price war in China, as well as the early-stage ramp-up of our Wuhan superstore. Looking ahead, we anticipate that unhealthy price competition in China's new car market will be largely resolved thanks to supportive government policies and sales and profitability of our Wuhan superstore will continue to improve. As a result, we anticipate a strong rebound in our overall gross margin in the near future. Specifically, for the third quarter of 2025, we expect retail transaction volume of 13,500 to 14,000 units, representing over 125% year-over-year growth, total revenues of between RMB830 million and RMB860 million, and gross margin recovery to approximately 7.5%."

Financial Results for the Quarter Ended June 30, 2025

Total revenues were RMB658.3 million (US$91.9 million) for the three months ended June 30, 2025, an increase of 30.6% from RMB504.2 million in the last quarter and an increase of 64.1% from RMB401.2 million in the same period last year. The increases were mainly due to the increase in retail vehicle sales revenue.

Retail vehicle sales revenue  was RMB607.6 million (US$84.8 million) for the three months ended June 30, 2025, representing an increase of 30.5% from RMB465.5 million in the last quarter and an increase of 87.0% from RMB325.0 million in the same period last year. For the three months ended June 30, 2025, retail transaction volume was 10,385 units, representing an increase of 37.6% from 7,545 units last quarter and an increase of 153.9% from 4,090 units in the same period last year. By offering quality products and services, the Company's superstores have earned customer trust and established Uxin as the well-recognized brand in regional markets, leading to a high in-store customer conversion rate. Additionally, since the Company's newly launched superstore in Wuhan commenced trial operations in February 2025, both its inventory levels and sales have increased rapidly.

Wholesale vehicle sales revenue was RMB29.9 million (US$4.2 million) for the three months ended June 30, 2025, compared with RMB22.5 million in the last quarter and RMB63.9 million in the same period last year. For the three months ended June 30, 2025, wholesale transaction volume was 1,221 units, representing an increase of 69.8% from 719 units last quarter and a decrease of 19.4% from 1,515 units in the same period last year. Wholesale vehicle sales represent vehicles purchased by the Company from individuals that do not meet the Company's retail standards and are subsequently sold through online and offline channels.

Other revenue was RMB20.8 million (US$2.9 million) for the three months ended June 30, 2025, compared with RMB16.2 million in the last quarter and RMB12.3 million in the same period last year.

Cost of revenues was RMB624.1 million (US$87.1 million) for the three months ended June 30, 2025, compared with RMB468.9 million in the last quarter and RMB375.6 million in the same period last year.

Gross margin was 5.2% for the three months ended June 30, 2025, compared with 7.0% in the last quarter and 6.4% in the same period last year. The quarter-over-quarter decrease in gross margin was mainly due to aggressive promotions in the new car sector in China during this quarter, which also put pressure on the gross margin for used cars. The year-over-year decrease in gross margin was mainly due to the trial operation of our new superstore in Wuhan, which commenced in February 2025. As the store is still in the early stage of operation, it is currently in a gross profit ramp-up phase. The Company expects that its overall gross margin will recover in the third quarter of 2025.

Total operating expenses were RMB96.7 million (US$13.5 million) for the three months ended June 30, 2025. Total operating expenses excluding the impact of share-based compensation were RMB86.8 million.

Sales and marketing expenses were RMB74.2 million (US$10.4 million) for the three months ended June 30, 2025, an increase of 20.3% from RMB61.7 million in the last quarter and an increase of 25.0% from RMB59.4 million in the same period last year. The increases were mainly due to the increased salaries for the sales teams.

General and administrative expenses were RMB19.4 million (US$2.7 million) for the three months ended June 30, 2025, representing an increase of 6.0% from RMB18.3 million in the last quarter and a decrease of 30.9% from RMB28.1 million in the same period last year. The year-over-year decrease was mainly due to the impact of share-based compensation expenses.

Research and development expenses were RMB3.1 million (US$0.4 million) for the three months ended June 30, 2025, representing an increase of 6.6% from RMB2.9 million in the last quarter and a decrease of 8.6% from RMB3.4 million in the same period last year.

Other operating income, net was RMB19.4 million (US$2.7 million) for the three months ended June 30, 2025, compared with RMB11.9 million for the last quarter and RMB2.8 million in the same period last year. The increases were mainly due to gains from derecognition of certain long-aged liabilities.

Loss from operations was RMB43.1 million (US$6.0 million) for the three months ended June 30, 2025, compared with RMB35.3 million in the last quarter and RMB62.5 million in the same period last year.

Interest expenses were RMB23.1 million (US$3.2 million) for the three months ended June 30, 2025, representing an increase of 2.5% from RMB22.5 million in the last quarter and an increase of 1.0% from RMB22.9 million in the same period last year.

Net loss from operations was net loss of RMB67.6 million (US$9.4 million) for the three months ended June 30, 2025, compared with net loss of RMB51.4 million in the last quarter and net loss of RMB49.8 million in the same period last year.

Non-GAAP adjusted EBITDA was a loss of RMB16.5 million (US$2.3 million) for the three months ended June 30, 2025, compared with a loss of RMB8.9 million in the last quarter and a loss of RMB33.9 million in the same period last year.

Liquidity

The Company has incurred net losses since inception. For the quarter ended June 30, 2025, the Company incurred net loss of RMB67.6 million and operating cash outflow of RMB131.8 million, and the Company's current liabilities exceeded current assets by approximately RMB202.2 million and the Company had accumulated deficit in the amount of RMB19.7 billion as of June 30, 2025. Based on the Company's liquidity assessment, which considers the management's plan to address these adverse conditions and events including growing its vehicle sales revenue by increasing the sales volume, improving the gross profit margin by increasing the value-added services offered to its customers, maintaining vehicle turnover rate by managing reasonable vehicle prices, raising funds from planned financings, and adjusting its operation scale if and when necessary, the Company believes that it is probable to effectively implement these plans and accordingly, its current cash and cash equivalents which included funds from  equity and debt financings and the cash flows from operations are sufficient for the Company to meet its anticipated working capital requirements and other capital commitments and the Company will be able to meet its payment obligations when liabilities that fall due within the next twelve months from the date of this release.

Recent Development

On September 27, 2025, Uxin officially opened its fourth used car superstore in Zhengzhou, Henan Province. The new facility spans approximately 150,000 square meters, can display up to 5,000 vehicles and integrates an advanced reconditioning factory. Situated in central China's key transportation hub, Zhengzhou provides strong market fundamentals with over 13 million residents and 5 million registered vehicles. The superstore's opening marks another successful replication of Uxin's large-scale superstore model and further strengthens the Company's market presence in central China.

Business Outlook

For the three months ended September 30, 2025, the Company expects its retail transaction volume to range between 13,500 units and 14,000 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between RMB830 million and RMB860 million. The Company expects its gross profit margin to be around 7.5%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes.

Conference Call

Uxin's management team will host a conference call on Monday, September 29, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including an event passcode, a unique access PIN, dial-in numbers, and an e-mail with detailed instructions to join the conference call.

Conference Call Preregistration : https://dpregister.com/sreg/10203124/fff4e64580

A telephone replay of the call will be available after the conclusion of the conference call until October 6, 2025, 2025. The dial-in details for the replay are as follows:

U.S.:                   +1 877 344 7529
International:      +1 412 317 0088
Replay PIN:        8674929

A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com.

About Uxin

Uxin is China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline superstores with inventory capacities ranging from 2,000 to 8,000 vehicles. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of China's used car industry.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share – basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure 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. The Company defines Adjusted EBITDA as EBITDA excluding share-based compensation, foreign exchange (losses)/gain, other income/(expenses), structure realignment cost which was mainly severance cost and equity in income of affiliates. The Company defines adjusted net loss attributable to ordinary shareholders per share – basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitate investors' assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. The Company believe that excluding these items enables us to evaluate our performance period-over-period more effectively and relative to our competitors.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using Adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company's operations. Share-based compensation, other income/(expenses) and foreign exchange (losses)/gain have been and may continue to be incurred in the business. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Uxin's non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, representing the index rate as of June 30, 2025 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin's strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin'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: Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its products and services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry and other related industries; the laws and regulations relating to Uxin's industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media enquiries, please contact: 
Uxin Limited Investor Relations
Uxin Limited
Email: [email protected]

The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: [email protected]

Uxin Limited 

Unaudited Consolidated Statements of Comprehensive Loss

(In thousands except for number of shares and per share data)

For the three months ended  June 30,

For the six months ended  June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Revenues

Retail vehicle sales

324,967

607,611

84,819

594,388

1,073,129

149,803

Wholesale vehicle sales

63,897

29,889

4,172

103,619

52,436

7,320

       Others

12,320

20,771

2,900

22,328

36,935

5,156

Total revenues

401,184

658,271

91,891

720,335

1,162,500

162,279

Cost of revenues

(375,599)

(624,064)

(87,116)

(673,708)

(1,092,952)

(152,570)

Gross profit

25,585

34,207

4,775

46,627

69,548

9,709

Operating expenses

Sales and marketing

(59,353)

(74,213)

(10,360)

(110,168)

(135,916)

(18,973)

General and administrative 

(28,119)

(19,443)

(2,714)

(103,455)

(37,777)

(5,273)

Research and development

(3,380)

(3,089)

(431)

(9,407)

(5,988)

(836)

Reversal of credit losses, net

-

19

3

359

414

58

Total operating expenses

(90,852)

(96,726)

(13,502)

(222,671)

(179,267)

(25,024)

Other operating income, net

2,783

19,379

2,705

3,718

31,327

4,373

Loss from operations

(62,484)

(43,140)

(6,022)

(172,326)

(78,392)

(10,942)

Interest income

16

43

6

24

50

7

Interest expenses

(22,858)

(23,098)

(3,224)

(46,828)

(45,640)

(6,371)

Other income

633

480

67

1,255

6,765

944

Other expenses

(800)

(1,498)

(209)

(4,886)

(2,153)

(301)

Net gain from extinguishment of debt

35,222

-

-

35,222

-

-

Foreign exchange gains/(losses) 

479

(353)

(49)

990

423

59

Loss before income tax expense

(49,792)

(67,566)

(9,431)

(186,549)

(118,947)

(16,604)

Income tax expense

(38)

(39)

(5)

(50)

(39)

(5)

Equity in loss of affiliates, net of tax   

-

-

-

(5,951)

-

-

Net loss, net of tax

(49,830)

(67,605)

(9,436)

(192,550)

(118,986)

(16,609)

Add: net profit attribute to redeemable non-controlling
interests and non-controlling interests shareholders

(1,641)

(6,192)

(864)

(3,270)

(7,882)

(1,100)

Net loss attributable to UXIN LIMITED

(51,471)

(73,797)

(10,300)

(195,820)

(126,868)

(17,709)

Deemed dividend to preferred shareholders due to
triggering of a down round feature

-

-

-

(1,781,454)

-

-

Net loss attributable to ordinary shareholders

(51,471)

(73,797)

(10,300)

(1,977,274)

(126,868)

(17,709)

Net loss

(49,830)

(67,605)

(9,436)

(192,550)

(118,986)

(16,609)

Foreign currency translation,  net of tax nil

(1,216)

16

2

(1,150)

91

13

Total comprehensive loss

(51,046)

(67,589)

(9,434)

(193,700)

(118,895)

(16,596)

Add: net profit attribute to redeemable non-controlling
interests and non-controlling interests shareholders

(1,641)

(6,192)

(864)

(3,270)

(7,882)

(1,100)

Total comprehensive loss attributable to UXIN LIMITED

(52,687)

(73,781)

(10,298)

(196,970)

(126,777)

(17,696)

Net loss attributable to ordinary shareholders

(51,471)

(73,797)

(10,300)

(1,977,274)

(126,868)

(17,709)

Weighted average shares outstanding – basic

56,412,679,304

63,168,535,224

63,168,535,224

30,439,110,903

60,735,577,407

60,735,577,407

Weighted average shares outstanding – diluted

56,412,679,304

63,168,535,224

63,168,535,224

30,439,110,903

60,735,577,407

60,735,577,407

Net loss per share for ordinary shareholders, basic

(0.00)

(0.00)

(0.00)

(0.06)

(0.00)

(0.00)

Net loss per share for ordinary shareholders, diluted

(0.00)

(0.00)

(0.00)

(0.06)

(0.00)

(0.00)

Uxin Limited

Unaudited Consolidated Balance Sheets 

(In thousands except for number of shares and per share data)

As of December 31,

As of June 30,

2024

2025

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

25,112

68,267

9,530

Restricted cash

767

37

5

Accounts receivable, net

4,150

3,597

502

Loans recognized as a result of payments under
guarantees, net of provision for credit losses of
RMB7,710 and RMB7,706 as of December 31, 2024 and
June 30, 2025, respectively

-

-

-

Other receivables, net of provision for credit losses of
RMB21,113 and RMB15,149 as of December 31, 2024
and June 30, 2025, respectively

14,998

13,077

1,825

Inventory, net

207,390

279,446

39,009

Prepaid expenses and other current assets

86,977

83,087

11,599

Total current assets

339,394

447,511

62,470

Non-current assets

Property, equipment and software, net

71,420

75,499

10,539

Finance lease right-of-use assets, net

1,346,728

1,332,908

186,067

Operating lease right-of-use assets, net 

194,388

187,781

26,213

Total non-current assets

1,612,536

1,596,188

222,819

Total assets

1,951,930

2,043,699

285,289

LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' DEFICIT

Current liabilities

Accounts payable

81,584

75,485

10,537

Other payables and other current liabilities

306,391

278,826

38,923

Current portion of operating lease liabilities

14,563

15,943

2,226

Current portion of finance lease liabilities

183,852

57,921

8,085

Short-term borrowings from third parties

174,616

221,582

30,932

Short-term borrowing from related parties

1,000

-

-

Total current liabilities

762,006

649,757

90,703

Non-current liabilities

Long-term borrowing from related party (i)

53,913

-

-

Long-term borrowing from third party

-

14,317

2,000

Consideration payable to WeBank

27,237

6,485

905

Finance lease liabilities

1,141,118

1,178,042

164,448

Operating lease liabilities

180,920

175,552

24,506

Total non-current liabilities

1,403,188

1,374,396

191,859

Total liabilities

2,165,194

2,024,153

282,562

Mezzanine equity

Redeemable non-controlling interests  (ii)

154,977

304,709

42,536

Total Mezzanine equity

154,977

304,709

42,536

Shareholders' deficit

Ordinary shares (iii)

39,816

43,733

6,105

Additional paid-in capital (iii)

19,007,948

19,213,990

2,682,169

Subscription receivable from shareholders

(60,467)

(60,467)

(8,441)

Accumulated other comprehensive income

227,718

227,809

31,801

Accumulated deficit

(19,583,017)

(19,709,885)

(2,751,395)

Total Uxin's shareholders' deficit

(368,002)

(284,820)

(39,761)

Non-controlling interests

(239)

(343)

(48)

Total shareholders' deficit

(368,241)

(285,163)

(39,809)

Total liabilities, mezzanine equity and shareholders'
deficit

1,951,930

2,043,699

285,289

(i) Long-term borrowing from related party outstanding as of December 31, 2024 amounted to RMB53.9 million. On September 12, 2024, the Company's
Anhui subsidiary ("Uxin Anhui") entered into a loan agreement with Pintu (Beijing) information Technology Co., Ltd. ("Pintu Beijing"), pursuant to
which Pintu Beijing agreed to extend loan to Uxin Anhui in a principal amount of the RMB equivalent of US$7.5 million for a term of 18 months from the
drawdown date unless other repayment schedule is negotiated and mutually agreed by Uxin Anhui and Pintu Beijing. The interest rate is 5.35% per
annum within 12 months after the drawdown date, and 8% per annum after 12 months until the loan is repaid in full. The loan is guaranteed by Uxin's
Shaanxi subsidiary pursuant to a guarantee agreement entered on the same date. On September 13, 2024, Uxin Anhui made the drawdown of this loan,
and the total RMB amount received was classified as "Long-term borrowings from related party" in non-current liabilities. Subsequently in November
2024, the Company entered into a Share Subscription Agreement with Lightwind Global Limited ("Lightwind", a wholly-owned subsidiary of Pintu
Beijing). Pursuant to this agreement and subject to the fulfilment of specified conditions, Uxin agreed to allot and issue, while Lightwind agreed to
subscribe for, a total of 1,543,845,204 Class A Ordinary Shares of the Company, with an aggregate subscription amount of US$7.5 million. When the
specified conditions were fulfilled and a repayment schedule of the long-term loan of US$7.5 million was mutually agreed, Lightwind shall invest
equivalent amount in the Company after Uxin Anhui repays the loan under the repayment schedule to Pintu Beijing.In March 2025, a revised repayment schedule was mutually agreed by Uxin Anhui and Pintu Beijing. Pursuant to which, Uxin Anhui fully repaid the total
amount of principal and interests, amounting to RMB55.0 million, to Pintu Beijing by 2 installments, RMB15.0 million in March 2025 and RMB40.0 million
in April 2025. Concurrently, Lightwind made an equivalent investment in the Company as the specified conditions for the investment had been fulfilled.

(ii) On October 16, 2024, the Company, through Uxin Anhui, entered into an agreement with Wuhan Junshan Urban Asset Operation Co.,Ltd. ("Wuhan
Junshan"), a company indirectly controlled by Wuhan City Economic & Technological Development Zone, to establish a subsidiary, Wuhan Youxin
Intelligent Remanufacturing Co., Ltd. ("Uxin Wuhan"). Uxin Anhui will contribute RMB66.7 million and Wuhan Junshan will contribute RMB33.3 million,
representing approximately 66.7% and 33.3% of Uxin Wuhan's total registered capital, respectively. As of June 30, 2025, the Company and Wuhan
Junshan each made contributions of RMB14.0 million to Uxin Wuhan, respectively, and the investment from Wuhan Junshan was recognized as
redeemable non-controlling interests.

On September 20, 2023, the Company entered into an equity investment agreement with Hefei Construction Investment. Pursuant to the agreement, Hefei
ConstructionInvestment will invest by multiple instalments in Uxin Hefei, and each instalment will be made after the lease payment is made by the Hefei
subsidiary, over a 10-yearperiod. As of June 30, 2025, the first-year and second-year rentals of approximately RMB147.1 million and RMB127.7 million
was converted intothe investment of approximately 12.02% and 8.40% equity interests in Uxin Hefei by Hefei Construction Investment, respectively. The
investment was recognized as redeemable non-controlling interests.

(iii) On March 4, 2025, the Company entered into a share subscription agreement with Fame Dragon Global Limited (the "Investor"), an investment
vehicle of NIO Capital, pursuant to which the Investor agreed to purchase 5,738,268,233 Class A Ordinary Shares of the Company for a total
consideration of US$27.8 million.  As of June 30, 2025, the Company had received US$19.0 million from Fame Dragon Global and issued 3,911,074,516
Class A Ordinary Shares of the Company to the Investor and entities designted by the Investor.

In substance, the Company issued a forward contract to the Investor, as the Investor is obligated to purchase the shares, and the Company is required
to issue them upon the satisfaction of the closing conditions at the pre-agreed price and amount which shall be a deemed dividend to the forward
contract holder recorded in the additional paid-in capital. In addition, given that this forward contract is considered indexed to the Company's own stock
and meet the requirement for equity classification, it was also classified under the Company's equity and was initially measured at fair value amounting to
RMB180.8 million with no subsequent remeasurement.

* Share-based compensation charges included are as follows:

For the three months ended June 30,

 For the six months ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Sales and marketing

136

1,190

166

136

2,356

329

General and administrative

11,784

8,132

1,135

52,172

16,157

2,255

Research and development

128

625

87

128

1,242

173

Uxin Limited

Unaudited Reconciliations of GAAP And Non-GAAP Results 

(In thousands except for number of shares and per share data)

For the three months ended June 30,

 For the six months ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Net loss, net of tax

(49,830)

(67,605)

(9,436)

(192,550)

(118,986)

(16,609)

Add: Income tax expense

38

39

5

50

39

5

Interest income

(16)

(43)

(6)

(24)

(50)

(7)

Interest expenses

22,858

23,098

3,224

46,828

45,640

6,371

Depreciation

16,577

16,649

2,324

32,337

33,242

4,640

EBITDA

(10,373)

(27,862)

(3,889)

(113,359)

(40,115)

(5,600)

Add: Share-based compensation expenses

12,048

9,947

1,388

52,436

19,755

2,757

- Sales and marketing

136

1,190

166

136

2,356

329

- General and administrative

11,784

8,132

1,135

52,172

16,157

2,255

- Research and development

128

625

87

128

1,242

173

Other income

(633)

(480)

(67)

(1,255)

(6,765)

(944)

Other expenses

800

1,498

209

4,886

2,153

301

Foreign exchange (gains)/losses

(479)

353

49

(990)

(423)

(59)

Structure realignment cost

-

-

-

13,948

-

-

Equity in loss of affiliates, net of tax

-

-

-

5,951

-

-

Net gain from extinguishment of debt

(35,222)

-

-

(35,222)

-

-

Non-GAAP adjusted EBITDA

(33,859)

(16,544)

(2,310)

(73,605)

(25,395)

(3,545)

For the three months ended June 30,

 For the six months ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

Net loss attributable to ordinary shareholders

(51,471)

(73,797)

(10,300)

(1,977,274)

(126,868)

(17,709)

Add: Share-based compensation expenses

12,048

9,947

1,388

52,436

19,755

2,757

- Sales and marketing

136

1,190

166

136

2,356

329

- General and administrative

11,784

8,132

1,135

52,172

16,157

2,255

- Research and development

128

625

87

128

1,242

173

Add: accretion on redeemable non-controlling
interests

1,650

6,298

879

3,300

7,986

1,115

Deemed dividend to preferred shareholders due to
triggering of a down round feature

-

-

-

1,781,454

-

-

Non-GAAP adjusted net loss attributable to ordinary
shareholders

(37,773)

(57,552)

(8,033)

(140,084)

(99,127)

(13,837)

Net loss per share for ordinary shareholders - basic

(0.00)

(0.00)

(0.00)

(0.06)

(0.00)

(0.00)

Net loss per share for ordinary shareholders -  
diluted

(0.00)

(0.00)

(0.00)

(0.06)

(0.00)

(0.00)

Non-GAAP adjusted net loss to ordinary
shareholders per share - basic and diluted

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Weighted average shares outstanding - basic

56,412,679,304

63,168,535,224

63,168,535,224

30,439,110,903

60,735,577,407

60,735,577,407

Weighted average shares outstanding - diluted

56,412,679,304

63,168,535,224

63,168,535,224

30,439,110,903

60,735,577,407

60,735,577,407

Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB7.1636 as of June 30, 2025 set forth in the H.10 statistical release of the Board of
Governors of the Federal Reserve System.

SOURCE Uxin Limited

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VANCOUVER,BC / ACCESS Newswire / September 29, 2025 / BioNxt Solutions Inc. ("BioNxt" or the "Company") (CSE:BNXT)(OTCQB:BNXTF)(FSE:BXT), a bioscience company specializing in innovative drug delivery technologies, is pleased to provide an update on its proprietary Cladribine sublingual thin-film drug reformulation program (BNT23001), a next-generation delivery platform designed to improve bioavailability, patient adherence, and therapeutic outcomes in the treatment of neurological disorders, primarily multiple sclerosis (MS). Cladribine Sublingual Thin-Film Program: Manufacturing and Development Milestones BioNxt has successfully completed key technology transfers to its European contract development and manufacturing organization ("CDMO"), including both the process transfer and the analytical method transfer.

Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF) hailed a positive period of operational progress in the first half of 2025, as the portfolio of production assets saw drilling and development projects underway or planned for the near future, while the company remained debt-free.

Revenues of £1.29 million were generated, compared to £2.34 million a year ago, reflecting lower oil prices and a weaker US dollar.

Production averaged 149 barrels of oil equivalent per day, increasing to 164 boepd by the end of the period.

A net loss of £0.49 million was reported for the period, compared to a profit of £0.79 million a year earlier.

In Oklahoma, the Moccasin well was drilled and brought into production. A three-well drilling programme is underway, with testing in progress at the Sark well. 

Moccasin1-13 oil discovery, now in production, producing at a restricted gross 60+ barrels of oil per day.

Post-period, Union Jack raised £2 million through an institutional placing to fund the drilling activity.

In the UK, the Keddington oilfield resumed production after site upgrades. At Wressle, development and surface upgrades continue, aimed at enhancing production and eliminating routine flaring.

Executive chairman David Bramhill commented: "The half yearly results are operationally positive with the company remaining in a strong position, free of debt, retaining a robust balance sheet and holding a balanced portfolio of production assets on both sides of the Atlantic, complemented with numerous drilling and development projects that are either currently active or are planned for the near future."

He added that cash flows from 40%-owned Wressle and the 55%-owned Keddington, where production has recently been reinstated following site upgrades, are bolstering the balance sheet and are "contributing significantly to its financial well-being".

"At Wressle, the development programme is progressing, with preparation for new wells and gas monetisation which will enhance production and eliminate routine flaring. In parallel, the site's surface facilities are being upgraded to optimise current and future production efficiencies.

"West Newton, another key project within Union Jack's portfolio, retains the potential to surprise positively. Reabold Resources plc, the indirect majority holder of PED183, is working closely with the Company to extract the material value that we feel is present within the licence area.

"To date, our discovery success rate in the USA has been 100%. There will likely be some highs and lows in our quest for growth, however, I remain confident that our increased activity will accelerate progress and continue to support our growth ambitions going forward."

The £2 million raised in July are being used to conduct a three-well drilling programme in Oklahoma with drilling partners, Reach Oil & Gas.

"During the remainder of 2025, Union Jack will be involved in testing and completion of Sark, followed by drilling of the Crossroads and Wolverine wells in Oklahoma," he said.

"The company has a clear focus and the funding in place to complete its Oklahoma drilling programme.

"Meanwhile, in the UK, we are beginning to see some distinct signs of life in the supressed oil and gas sector and are keeping a watchful eye on wider industry developments as major international oil companies including BP return their focus to their 'grass roots'" E&P businesses.

"We are encouraged by this and will continue to pursue our own goals of production expansion and development at our key projects."

He concluded that "the future of Union Jack remains bright."

-

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Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

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COPENHAGEN, Denmark & UTRECHT, Netherlands--(BUSINESS WIRE)--Genmab A/S (Nasdaq: GMAB) and Merus N.V. (Nasdaq: MRUS) announced today that they have entered into a transaction agreement pursuant to which Genmab intends to acquire all the shares of Merus, a clinical-stage biotechnology company with its late-stage breakthrough therapy asset petosemtamab, which is in Phase 3 development, for USD 97.00 per share in an all-cash transaction representing a transaction value of approximately USD 8.0 billion. The transaction has been unanimously approved by the Boards of Directors of both companies. A wholly owned subsidiary of Genmab (“Purchaser”) will commence a tender offer for 100% of Merus’ common shares, which is anticipated to close by early in the first quarter of 2026.

The proposed acquisition of Merus is expected to meaningfully accelerate Genmab’s shift to a wholly owned model, expanding and diversifying the company’s revenue, driving sustained growth into the next decade and contributing to Genmab’s evolution into a biotechnology leader. The addition of petosemtamab, Merus’ lead asset, to Genmab’s promising late-stage pipeline is a compelling strategic fit with Genmab’s portfolio and aligns with Genmab’s expertise in antibody therapy development and commercialization in oncology. Following the closing of the transaction, Genmab will have four proprietary programs expected to drive multiple new drug launches by 2027.

“The proposed acquisition of Merus clearly aligns with our long-term strategy. It has the potential to significantly accelerate our evolution into a global biotechnology leader by providing durable growth for the company well into the next decade,” said Jan van de Winkel, Ph.D., President and Chief Executive Officer of Genmab. “Petosemtamab has the potential to be a transformational therapy for patients living with head and neck cancer. With our proven track record of success, both in clinical development and in commercialization, we are confident that we will be able to unlock the promise of petosemtamab.”

“We are excited for the opportunity to join Genmab, a leader in antibody therapeutics, to further develop and bring petosemtamab to patients. Our two companies have a rich history of innovation with multiple approvals in the field of multispecific antibodies. We believe Genmab has the right vision and experience to advance petosemtamab in recurrent/metastatic head and neck cancer and beyond,” said Bill Lundberg, M.D., President, Chief Executive Officer of Merus. “I’m immensely proud of the Merus team who have pioneered our foundational platform technologies to make better medicines and who have demonstrated - with an approved product and a product candidate, petosemtamab, in registrational studies - an ability to deliver on our promise to close in on cancer.”

Petosemtamab is an EGFRxLGR5 bispecific antibody with the potential to be both first- and best-in-class in head and neck cancer. It has been granted two Breakthrough Therapy Designations (BTD) by the U.S. Food and Drug Administration (FDA) for first- and second-line plus head and neck cancer indications. Of note, compelling Phase 2 data was presented at the American Society for Clinical Oncology (ASCO) 2025 Annual Meeting showing both an overall response rate and median progression free survival that were substantially higher than standard of care.

Merus is currently running two Phase 3 trials in first- and second/third line head and neck cancer, with topline interim readout of one or both trials anticipated in 2026. Based on Genmab’s experience in late-stage development and excellence in commercial execution, Genmab anticipates the potential for the initial launch of petosemtamab in 2027, subject to clinical results and regulatory approvals. Genmab also intends to broaden and accelerate petosemtamab’s development with potential expansion into earlier lines of therapy. Following its initial anticipated approval, Genmab believes that petosemtamab will be accretive to EBITDA with at least one-billion-dollar annual sales potential by 2029, with multi-billion-dollar annual revenue potential thereafter.

Details of the Transaction and Financing

Under the transaction agreement, Purchaser, a wholly owned subsidiary of Genmab, will commence a tender offer for all the outstanding common shares of Merus. Following the closing of the tender offer, Merus and Genmab will effect a series of transactions resulting in Genmab owning 100% of the common shares of Merus (or a successor entity). Depending on the structure of the back end transactions, Merus shareholders that do not tender their shares into the tender offer will either receive the same consideration for their common shares as the common shares tendered into the tender offer (subject to applicable withholding taxes) or a fair price for their common shares determined by a Dutch court in statutory buy-out proceedings. The closing of the tender offer is subject to the satisfaction of customary closing conditions for similar transactions, including a minimum acceptance condition of at least 80% of Merus’ common shares (which threshold may be reduced to 75% unilaterally by Genmab if all other closing conditions are satisfied), approval by Merus’ shareholders of resolutions relating to Merus’ post-closing governance and the back end transactions at Merus’ extraordinary shareholders meeting to be held for that purpose, and completion of the relevant works councils consultation processes.

The USD 97.00 per common share purchase price payable in the tender offer represents a premium of approximately 41% over Merus’ closing stock price on September 26, 2025, of USD 68.89 and approximately 44% over Merus’ 30-day volume weighted average price of USD 67.42.

The transaction is not subject to a financing condition. Consideration is expected to be funded through a combination of cash on hand and approximately $5.5 billion of non-convertible debt financing. Genmab has obtained a funding commitment from Morgan Stanley Senior Funding, Inc. for this amount.

The financing package includes a meaningful portion of prepayable debt, in line with Genmab’s commitment to deleveraging with a target of gross leverage <3x within two years after the closing of the proposed transaction. Today’s news does not impact Genmab’s financial guidance for the full year 2025, last issued on August 7, 2025. Genmab will provide its financial outlook for the full year 2026 in conjunction with its full year 2025 earnings report in February 2026.

PJT Partners and Morgan Stanley & Co. International plc are acting as joint financial advisors to Genmab and A&O Shearman and Kromann Reumert as its legal advisors.

Jefferies LLC is acting as financial advisor to Merus and Latham & Watkins and NautaDutilh as its legal advisors.

Conference Call Details

Genmab will hold a conference call to discuss the transaction today, September 29, 2025 at 1:00 PM CEST / 12:00 PM BST / 7:00 AM EDT. To join the call please use the following registration link https://register-conf.media-server.com/register/BI65be2c038b9b42dbb064dfc843b6a478. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN. A live and archived webcast of the calls and relevant slides will be available at https://www.genmab.com/investor-relations.

About Genmab

Genmab is an international biotechnology company with a core purpose of guiding its unstoppable team to strive toward improving the lives of patients with innovative and differentiated antibody therapeutics. For more than 25 years, its passionate, innovative and collaborative team has invented next-generation antibody technology platforms and leveraged translational, quantitative and data sciences, resulting in a proprietary pipeline including bispecific T-cell engagers, antibody-drug conjugates, next-generation immune checkpoint modulators and effector function-enhanced antibodies. By 2030, Genmab’s vision is to transform the lives of people with cancer and other serious diseases with knock-your-socks-off (KYSO) antibody medicines®.

Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with international presence across North America, Europe and Asia Pacific. For more information, please visit Genmab.com and follow us on LinkedIn and X.

About Merus

Merus is an oncology company developing innovative full-length human bispecific and trispecific antibody therapeutics, referred to as Multiclonics®. Multiclonics® are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity. For additional information, please visit Merus’ website, LinkedIn and Bluesky.

Additional Information

The tender offer for the common shares (“Common Shares”) of Merus referenced in this announcement has not yet commenced. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell Common Shares or any other securities, nor is it a substitute for the tender offer materials that Genmab and Purchaser will file or cause to be filed with the Securities and Exchange Commission (the “SEC”) upon the commencement of the tender offer. This communication may be deemed to be solicitation material in respect of the EGM Proposals (defined below). At the time the tender offer is commenced, Genmab and Purchaser will file or cause to be filed with the SEC a tender offer statement on Schedule TO (the “Tender Offer Statement”), and Merus will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 (the “Solicitation/Recommendation Statement”), in each case, with respect to the tender offer. Merus also intends to file with the SEC a proxy statement on Schedule 14A in connection with an extraordinary general meeting of Merus’ shareholders, at which Merus’ shareholders will vote on certain proposed resolutions (the “EGM Proposals”) in connection with the transactions referenced herein, and will mail the definitive proxy statement and a proxy card to each shareholder of Merus entitled to vote at the extraordinary general meeting. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), THE SOLICITATION/RECOMMENDATION STATEMENT AND THE PROXY STATEMENT WILL CONTAIN IMPORTANT INFORMATION. SHAREHOLDERS OF MERUS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF COMMON SHARES SHOULD CONSIDER BEFORE MAKING ANY DECISION WITH RESPECT TO THE TENDER OFFER OR MAKING ANY VOTING DECISION. The tender offer for Common Shares will be made only pursuant to the Offer to Purchase, the Letter of Transmittal and related documents filed as a part of the Tender Offer Statement. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents), as well as the Solicitation/Recommendation Statement, will be made available to all holders of Common Shares at no expense to them. The Tender Offer Statement and the Solicitation/Recommendation Statement will be made available for free at the SEC’s website at www.sec.gov. Copies of the documents filed by Genmab or Purchaser with the SEC will also be available free of charge on Genmab’s website at https://www.genmab.com/investor-relations or by contacting Genmab’s investor relations department at [email protected]. Copies of the documents filed by Merus with the SEC will also be available free of charge on Merus’ website at https://ir.merus.nl/ or by contacting Merus’ investor relations department at [email protected]. In addition, shareholders of Merus may obtain free copies of the tender offer materials by contacting the information agent for the tender offer that will be named in the Tender Offer Statement.

Participants in the Solicitation

Merus and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in soliciting proxies from its shareholders in connection with the proposed back end transactions. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Merus’ shareholders in connection with the proposed back end transactions will be set forth in Merus’ definitive proxy statement for its extraordinary general meeting at which the EGM Proposals will be submitted for approval by Merus’ shareholders. You may also find additional information about Merus’ directors and executive officers in Merus’ Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025 (as amended) and Merus’ Definitive Proxy Statement for its 2025 annual general meeting of shareholders, which was filed with the SEC on April 24, 2025.

This Company Announcement contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward looking statements. Statements in this Company Announcement that are forward looking may include, but are not limited to, statements regarding: the benefits and potential effects of the proposed transaction; the development plan, regulatory approval, data release timing, commercial launch timing and revenue potential of petosemtamab; the expected timing of the closing of the proposed transaction; and Genmab’s expectations regarding financing the proposed transaction, de-levering and timing of new drug launches. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, the occurrence of any event, change or other circumstance that could give rise to the right of Genmab or Merus or both of them to terminate the transaction agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the transaction agreement; the failure to obtain applicable regulatory approvals or clearances or Merus shareholder approval in a timely manner or otherwise; the risk that the proposed transaction may not close in the anticipated timeframe or at all due to one or more of the other closing conditions to the proposed transaction not being satisfied or waived; the risk that there may be unexpected costs, charges or expenses resulting from the proposed transaction; risks related to the ability of Genmab to successfully integrate Merus’ business with Genmab’s existing businesses and achieve the expected benefits of the proposed transaction within the expected timeframes or at all and the possibility that such integration may be more difficult, time consuming or costly than expected; risks that the proposed transaction disrupts Genmab’s or Merus’ current plans and operations; risks related to disruption of each company’s management’s time and attention from ongoing business operations due to the proposed transaction; continued availability of capital and financing and rating agency actions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Genmab’s and/or Merus’ securities or operating results; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Genmab and Merus to retain and hire key personnel, and to maintain relationships with their respective business partners and on their respective operating results and businesses generally; risks typically associated with conducting clinical trials, including the risk that additional clinical trials testing Merus’ products may not be successful; the risk that Merus’ products may not be approved on expected timelines or at all; the risk of litigation that could be instituted against Genmab or its directors, managers or officers and/or regulatory actions related to the proposed transaction, including the effects of any outcomes related thereto; risks related to unpredictable and severe or catastrophic events, including but not limited to acts of terrorism, war or hostilities, cyber-attacks, or the impact of any pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on Genmab’s and/or Merus’ business, financial condition and results of operations, as well the response thereto by each company’s management; and other business effects, including the effects of industry, market, economic, political or regulatory conditions. Also, actual results or performance of Genmab and Merus may differ materially from any future results or performance expressed or implied by such statements for a number of additional reasons as described in Genmab’s and Merus’ respective filings with the SEC, including those included in Genmab’s most recent Annual Report on Form 20-F, which is available at www.genmab.com and www.sec.gov, and those included in Merus’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which is available at https://merus.nl/ and www.sec.gov. Neither Genmab nor Merus undertakes any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.

Genmab A/S and/or its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo®; HuMax®; DuoBody®; HexaBody®; DuoHexaBody®, HexElect® and KYSO®.

Multiclonics®, Biclonics®, Triclonics® and ADClonics® are registered trademarks of Merus N.V.

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

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

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.

By Reuters

September 29, 20255:59 AM UTCUpdated ago

Item 1 of 2 Lufthansa planes stand parked in Frankfurt, Germany, March 7, 2024. REUTERS/Kai Pfaffenbach/File Photo

[1/2]Lufthansa planes stand parked in Frankfurt, Germany, March 7, 2024. REUTERS/Kai Pfaffenbach/File Photo Purchase Licensing Rights, opens new tab

Sept 29 (Reuters) - Lufthansa

(LHAG.DE), opens new tab will cut 4,000 administrative jobs by 20230 through digitalization, automation and process consolidation, the German airline said on Monday as part of its capital markets day.

The German company also set new mid-term targets for 2028 and 20230.

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It expects an adjusted earnings before interest and taxes margin of 8% to 10%, and its free cash flow is expected to generate over 2.5 billion euros per year.

Reporting by Ozan Ergenay and Tristan Veyet in Gdansk, editing by KIrsti Knolle

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Global science and technology company joins Swift pilot programme, leveraging Broadridge's API orchestration capabilities for on-demand account visibility across 400+ accounts

, /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today announced that Merck has selected Broadridge to implement Swift's new Instant Cash Reporting service through its Swift Service Bureau (SSB) and SCORE+ services. The comprehensive solution enables Merck to transform treasury operations with real-time, on-demand access to balance and transaction information of more than 400 accounts globally.

Broadridge's Swift Service Bureau is extensively proven to deliver fast-track access to the Swift network for the full range of financial messaging including payments, securities, derivatives and corporate actions, consistently delivering highly efficient financial transaction throughput, connectivity and proactive workflow control.

As part of Swift's Corporate Evolution initiative, Instant Cash Reporting marks a significant advancement from traditional next-day reporting. Developed through the Swift Corporate Working Group, where Broadridge serves as a key provider representative, this innovation builds on Broadridge's longstanding commitment to optimizing operations across the financial ecosystem — including its pioneering ISO 20022 migration services for corporates launched in 2007.

"Broadridge has been instrumental in addressing a fundamental challenge in our corporate treasury — the complexity and cost of implementing proprietary APIs across multiple banks," said Johann Lee, Principal Expert at Merck KGaA, Darmstadt, Germany. "Its SCORE+ platform and Swift Service Bureau will provide a single, standardized channel for real-time account data from our banking partners, which will enhance cash management and improve our payment processing experience."

Following the successful roll-out of payment tracking for inbound and outbound corporate payments, Instant Cash Reporting represents the second major capability delivered through Swift's Corporate Evolution initiative, all able to be harnessed via Broadridge's SSB and SCORE+ services.

"By enabling Merck to access real-time financial data across its extensive banking network, Broadridge is radically changing how global corporations manage their liquidity, and fundamentally enhancing operational efficiency," said Kai Marzenell, Director, Swift Product Management at Broadridge. "The combination of Broadridge's market leading scale and commitment to innovation technology enables us to transform financial operations for corporations across their range of global financial institution relationships."

Looking ahead, Broadridge is actively developing additional API-enabled services to further enhance the corporate payment experience. These forthcoming capabilities include Stop & Recall functionality and Payment Preparation tools, designed to create a comprehensive, end-to-end payment ecosystem that addresses the evolving needs of corporate treasurers across all channels.

Merck requires visibility across hundreds of accounts and anticipates making thousands of API calls annually, translating to roughly 900,000 intraday reports. Thanks to SCORE+, Merck can now retrieve information from up to 1,000 accounts in a single call, dramatically improving efficiency compared to traditional bank-by-bank API implementations.

Unlike traditional treasury management approaches that require multiple bank-specific API implementations, Broadridge's SSB and SCORE+ services simplify Swift integration while reducing implementation costs and complexity.

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms process and generate over 7 billion communications annually and underpin the daily average trading of over $15 trillion in equities, fixed income, and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries.

For more information about us, please visit www.broadridge.com

Media Contacts:

Europe
[email protected] 

North America
[email protected]

Asia-Pacific
[email protected]

SOURCE Broadridge Financial Solutions, Inc.

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Diversified Energy PLC

DIVERSIFIED ENERGY COMPANY PLC

("Diversified", or the "Company")

DIVERSIFIED ENERGY COMPANY PLC (LSE:DEC, NYSE:DEC) announces that, in accordance with the terms of its share buyback programme announced on 20 March 2025, the Company has purchased 62,547 Ordinary Shares of 20 Pence each in the capital of the Company (the "Shares") in the market at a volume-weighted average price of $14.3282 per Share through Mizuho Securities USA LLC (MSUSA). The Shares acquired will, in due course, be cancelled.

Aggregated Information

 Date of Purchase: 25 September 2025 Aggregate Number of Ordinary Shares Purchased: 62,547 Lowest Price Paid per Share (USD): 14.28 Highest Price Paid per Share (USD): 14.35 Volume-Weighted Average Price Paid per Share (USD): 14.3282
Following the cancellation of Shares, Diversified will have 77,356,470 Ordinary Shares of 20 Pence each in issue and no Ordinary Shares are held in treasury. This figure of 77,356,470 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation), (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the table below contains detailed information of the individual trades made by Mizuho Securities USA LLC as part of the buyback programme.

Schedule of Purchases

 Shares purchased: DIVERSIFIED ENERGY COMPANY PLC (ISIN: GB00BQHP5P93) Dates of purchases: 26 September 2025 Investment firm: Mizuho Securities USA LLC  Aggregate number
 of  ordinary shares
 acquired Daily volume weighted
 average price paid Daily highest price paid
 per share Daily lowest price per
 share Trading Venue 1,771  $14.3247 $14.35 $14.29 ARCX 638  $14.3114 $14.33 $14.29 ASPN 105  $14.3050 $14.31 $14.30 BAML 418  $14.3375 $14.35 $14.30 BARX 650  $14.3480 $14.35 $14.34 BATS 1,169  $14.3352 $14.35 $14.30 BATY 510  $14.3475 $14.35 $14.35 BIDS 165  $14.3500 $14.35 $14.35 CDED 400  $14.3425 $14.35 $14.33 EDGA 2,830  $14.3422 $14.35 $14.30 EDGX 500  $14.3500 $14.35 $14.35 HRTF 200  $14.3500 $14.35 $14.35 ICBX 31,914  $14.3210 $14.35 $14.29 IEXG 504  $14.3250 $14.35 $14.30 ITGI 1,070  $14.3333 $14.35 $14.30 JPMX 6,150  $14.3314 $14.35 $14.29 JSJX 532  $14.3250 $14.35 $14.30 KNLI 1,000  $14.3325 $14.35 $14.31 LEVL 27  $14.3100 $14.31 $14.31 MEMX 2,707  $14.3250 $14.35 $14.29 SGMT 2,111  $14.3310 $14.35 $14.30 UBSA 178  $14.3233 $14.35 $14.31 VFMI 401  $14.3200 $14.34 $14.30 XBOS 3,282  $14.3143 $14.35 $14.28 XNAS 3,315  $14.3332 $14.35 $14.30 XNYS Trading venue Currency     NYSE USD $14.3282 62,547  
For further information, please contact:

 Diversified Energy Company PLC +1 973 856 2757 Doug Kris [email protected] Senior Vice President, Investor Relations & Corporate Communications www.div.energy
About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

Falcon Oil & Gas Ltd (“Falcon”) Beetaloo drilling and planned stimulation update 29 September 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to give an update on current drilling and future planned stimulation in the Beetaloo Sub-basin.

September 29, 2025 2:00 AM EDT | Source: Golden Cross Resources Inc.
Highlights

High-Grade Gold Confirmed: Intercepts up to 0.5m @ 24.4 g/t Au and broader intervals such as 23m @ 3.01 g/t Au.

Evidence of Ladder-Style Veins and Pathfinder Halos: Geological features (laminated quartz veins, arsenic halos, visible gold) are consistent with those seen in Victoria's world-class gold systems, such as Fosterville and Costerfield.

De-Risked Exploration Model: Structural and geochemical data provide a roadmap for Golden Cross to target the richest zones, reducing drilling risk and cost while increasing discovery efficiency.

Upcoming Catalysts: Phase 2 drilling (10,000m fully funded with two rigs turning) is underway, with assays pending from Phase 1 expected to drive steady news flow.

Assays Pending: Assays from 1,900 m's of drilling from 7 holes as part of initial 2,000m phase 1 drill program are pending.

Vancouver, British Columbia--(Newsfile Corp. - September 29, 2025) - Golden Cross Resources (TSXV: AUX) (OTCQB: ZCRMF) (FSE: ZML0) ("Golden Cross" or the "Company") provides the following update from initial assays received from diamond drilling at its Reedy Creek prospect, Victoria, Australia.

Golden Cross has now completed 10 holes for over 2,300 metres of diamond drilling at the Reedy Creek Project. Drilling has initially focused on confirming the presence of multiple vein sets, variable silicification and zones of sulphide mineralization consistent with orogenic-style systems.

Assays received from the first three diamond drillholes comprising 393.21 metres drilled into the Prince of Wales target. Assay results received from this first-pass testing, aimed at vectoring future drilling, include:

10.8m @ 2.08g/t Au from 28m in PWD004Including 0.5m @ 24.4g/t Au from 28mDrilling successfully enhanced the three-dimensional targeting model with sub-surface geological and structural data collected. Resampling of historical and previously unsampled drill core by Golden Cross has returned compelling results, including:

23m @ 3.01g/t Au from 22m (RWB10)9m @ 3.64g/t Au from 38m in (RWB12)10m @ 2.81g/t Au from 37m in (RWB13)Visibly the core shows a strong correlation with the dominant regional gold mineralisation trends, as seen at Fosterville and Costerfield. That is, the gold bearing quartz veins are found in folded marine sedimentary rocks - a classic host for Victorian style gold. The strong arsenic anomalism (gold pathfinder) suggests we are in the upper part of the gold system. Other similarities to Fosterville style mineralisation include the presence of laminated quartz "marker" veins which have been observed near mineralisation in drillholes to date at Shepherds hill, Thompson's Ridge, and Prince of Wales.

At Price of Wales, visible gold was seen in core within the low-grade halo at 40.5m depth within drillhole PWD004. At Shepherd's Hill visible gold was observed from samples of mullock located within 10m of drill collars SHD001-003. Trace amounts of stibnite, an ore of antimony, were observed within a quartz vein encountered by SHD002 at a depth of 231.57m, final assays from this hole are pending.

Matthew Roma, CEO, commented, "The geological interpretations identified to date are very encouraging, suggesting a strong possibility that this area could host a significant 'Victorian-style' gold deposit at greater depths. With a fully funded Phase 2, 10,000m drill program, our primary objective is to vector into the source of this gold system."

Figure 1: Stibnite, an ore of antimony, observed in core from Shepherds Hill drillhole SHD002 at depth 231.57 metres

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/268303_goldencrossfigure1.jpg

Figure 2: Visible gold in core from Prince of Wales drillhole PWD004 at depth ~40.5m

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/268303_goldencrossfigure2.jpg

Figure 3: Similarities between Golden Cross (AUX) core and Fosterville drill core. A) Laminated Quartz Vein marker horizon as seen in drilling at Shepherd's Hill. B) Laminated Quartz Veins from Fosterville. C) Fault zone with quartz veining as seen at Shepherd's Hill. D) Fault zone with quartz veining as seen at Fosterville. (Fosterville images taken from Kirkland Lake Gold presentation dated September 2019)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/268303_cb5d2503e46bfb1e_004full.jpg

Figure 4: Map showing the location of Gold mining centres within the region and their relationship to anticline fold trends.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/268303_cb5d2503e46bfb1e_005full.jpg

Alan Till, VP Exploration, commented:

"These first pass diamond holes have intersected significant gold mineralization, arsenic pathfinder signatures and lower tenor gold halos around quartz reefs, validating the structural targeting approach the Company has adopted that has successfully delivered high-quality structural information, materially improving the three-dimensional targeting model used at Reedy Creek.

"Drilling has highlighted clear dilation zones for prioritised follow-up drilling, with the Company looking forward to integrating the remaining assay results and advancing targeted drilling on the most prospective structural corridors."

Maiden drilling completed was also designed to prioritise structural information to develop a precise three-dimensional exploration model, rather than duplicating prior results to effectively target second phase deeper drilling aimed at testing the greatest potential for mineralisation.

Drilling to date has successfully intersected targeted multiple vein sets and associated zones of alteration, with orientated core providing key structural data such as measured vein orientations and fault relationships for Phase 2 drilling.

Assay results confirm that all drillholes completed to date have encountered gold mineralization within an arsenic halo, suggesting we are in the outer parts of the gold bearing system. This mineralization is associated with fault hosted quartz reefs, an expectation for structurally controlled gold systems. Encountered gold grades are variable and appear to relate closely to a samples distance from structures that crosscut the quartz reefs. Drillholes PWD005 & PWD006 encountered lower gold grades within an arsenic halo indicating that they had tested a portion of the reef distal to the primary zone of mineralization. This spatial relationship between the arsenic, gold and crosscutting structures allows us to use geochemistry as one of the vectors (alongside structural controls) guiding follow-up drilling aimed at targeting zones of primary mineralization.

Significant mineralization was returned in PWD004:

10.8m @ 2.08g/t Au from 28m in PWD004Including 0.5m @ 24.4g/t Au from 28mNext Steps

Ongoing drilling at the Reedy Creek Goldfield (see figure 5) as well as the first ever drill program at Welcome Reef (see figure 6).7 holes totalling approximately 1,900 metres of assays are currently pending from Phase 1 drilling and will be used to refine the Phase 2 drill program.Fully funded 10,000m phase 2 drill program with 2 rigs actively drilling across the Reedy Creek Project.

Figure 5: Map showing the drill holes completed and underway at the Reedy Creek Goldfield.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/268303_cb5d2503e46bfb1e_006full.jpg

Figure 6: Map showing the first drill hole underway at Welcome Reef.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5159/268303_cb5d2503e46bfb1e_007full.jpg

Resampling of Previous Drilling

Targeted re-sampling of historical drill core and previously unsampled intervals was undertaken in order to:

Verify historic gold analyses Determine and identify the presence of any geochemical zonation, or pathfinder elements related to the mineralisation. Establish the nature of the gold envelope surrounding discrete gold bearing quartz veinsCapture gold, antinomy and pathfinder elements, more notably arsenicInitial results have returned compelling results that both verify past high-grade intercepts and provide new geochemical vectors to refine future drilling, highlights include:

23m @ 3.01g/t Au from 22m in RWB10, including 2m @ 32.25g/t Au9m @ 3.64g/t Au from 38m in RWB12, Including 5m at 5.72g/t from 39m10m @ 2.81g/t Au from 37m in RWB 13, Including 2m @ 8.45g/t Au from 40mResampling has successfully:

Verified the previous work completed by Great Pacific Gold ("GPAC"). Established a strong correlation between Arsenic and Gold, providing an excellent vectoring technique for targeted drilling.While no significant assays were returned for antimony, the company believes this is an indication that the Reedy Creek goldfield may be located relatively 'high' in the mineralised system with. This is supported by the strong association with arsenic and is similar to the pattern seen at Fosterville as shown in figure 3.The Company has identified the presence of nuggety gold mineralisation. Nuggety gold in shallow drillholes occurs as coarse particles or discrete veins, causing high variability between adjacent samples and making small samples prone to under- or over-estimating true grade. Ensuring accurate gold results in nuggety systems requires larger & more frequent samples, alongside rigorous QA/QC (duplicates, standards, blanks), screen-fire assays for coarse gold & targeted sampling of visible veins.

Complete set of results for the first 3 holes and the resampling can be found here: https://drive.google.com/drive/u/1/folders/1NzZMLja85-h11lRa63zkme8Qp1BK0pwa

QA/QC and Analytical Procedures

All samples reported from the current drilling program were processed under the Company's QA/QC protocol. Samples were prepared and assayed at ALS Laboratories using industry-standard methods. The Company's QA/QC program includes insertion of certified reference materials, blanks and field duplicates at regular intervals. Assay data is validated and reviewed for quality as part of routine data verification.

In addition to the Company's QAQC practices, when assessing gold assays, the company re-submits any sample interval that reports over 2g/t Au for analysis via Screen Fire Assay. Screen Fire Assays separate and measure both coarse and fine gold fractions, improving accuracy and reproducibility of nuggety samples and providing a clearer estimate of total gold content.

The QAQC regime for the sample batches of the Re-assay Program was modified as essentially every sample in the program was a duplicate of a known result. Regular insertion of standards was replaced with strategic insertion centred around confirmation of higher-grade samples. While sampling of previously untested intervals from historic drilling was subject to the Company's regular QAQC protocols.

The original assays from GPAC's drill programs, as reported by GPAC, were all subject to quality control measures appropriate for percussion drilling with duplicates, blanks and commercially available standards with the expected results from the samples submitted. All assays were conducted by Onsite Laboratory Services Ltd (ISO: 9001), located in Bendigo, Victoria, using fire assay techniques with a 25g or 50g charge and ICP or AAS finish. The quality control results are consistent.

Qualified Person

All scientific and technical information in this news release has been prepared or reviewed and approved by Alan Till, the Company's Vice President Exploration, a "qualified person" as defined by NI 43-101.

Digital Marketing Agreement

The Company further reports that it has entered into an agreement with Machai Capital Inc. ("Machai") dated September 29, 2025, pursuant to which Machai will provide a digital marketing campaign. The term of the agreement is for three months for a total retainer of $250,000 plus GST, to be paid as services are provided and invoiced against marketing campaign spend.

Under the agreement, Machai will execute a comprehensive digital media marketing campaign including branding, content creation and data optimization services, including search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing.

Machai is a marketing, advertising and public awareness firm based out of Vancouver, B.C., specializing in advertising and public awareness in the metals and mining, technology, and special-situation sectors. Machai and its principal, Suneal Sandhu, are arm's length to the Company and holds no interest, directly or indirectly, in the securities of the Company or any right to acquire such an interest (Mr. Sandhu can be reached at [email protected]). The engagement of Machai is subject to the approval of the TSX Venture Exchange.

About Golden Cross Resources

Golden Cross Resources (TSXV: AUX) (OTCQB: ZCRMF) is a Canadian mineral exploration company focused on advancing the Reedy Creek gold project in Victoria, Australia. Located just 10 km from Southern Cross Gold's Sunday Creek discovery, the project covers two contiguous tenements in one of Australia's most active epizonal gold corridors.

Additional information about Golden Cross can be found on its website: www.goldencrossresources.com and at www.sedarplus.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation relating plans for future exploration and drilling and the timing of same, the merits of the Company's mineral projects and other plans of the Company. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "encouraging", "expects", "plans", "anticipates", "believes", "interpret", "intends", "estimates", "projects", "aims", "suggests", "often", "target", "future", "likely", "pending", "potential", "goal", "objective", "prospective", "possibly", "preliminary" and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or other statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and that such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Factors that could cause future results to differ materially from those anticipated in forward-looking statements include risks associated with exploration and drilling; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; possible accidents; the possibility that the Company may not be able to secure permitting and other governmental approvals necessary to carry out the Company's plans; the risk that the Company will not be able to raise sufficient funds to carry out its business plans; the possibility that future exploration results will not be consistent with the Company's expectations; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors and exchange rate fluctuations; changes in economic and political conditions; and other risks involved in the mineral exploration industry. The reader is urged to refer to the Company's Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of risk factors and their potential effects.

Forward-looking statements are based on a number of assumptions, including management's assumptions about the following: the availability of financing for the Company's exploration activities; operating and exploration costs; the Company's ability to attract and retain skilled staff; timing of the receipt of necessary regulatory and governmental approvals; market competition; and general business and economic conditions. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268303

LONDON, UK / ACCESS Newswire / September 29, 2025 / Orosur Mining Inc. ("Orosur" or "the Company") (TSX-V:OMI)(AIM:OMI) announces its audited results for the fiscal year ended May 31, 2025. All dollar figures are stated in thousands of US$ unless otherwise noted.

BYD Dynasty D is displayed at the BYD booth during a media day for the Auto Shanghai show in Shanghai, China April 24, 2025. REUTERS/Go Nakamura/File Photo Purchase Licensing Rights, opens new tab

CompaniesHONG KONG, Sept 29 (Reuters) - Chinese electric vehicle maker BYD Co forecast exports will make up about 20% of its global sales this year helped by new model launches, the South China Morning Post

reported, opens new tab on Monday.

BYD forecasts 800,000 to 1 million deliveries outside mainland China in 2025, compared with projected total sales of 4.6 million units, the newspaper said, citing BYD's general manager of branding and public relations Li Yunfei.

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That confirmed a Reuters report earlier this month that BYD has slashed its sales target for 2025 by up to 16% to 4.6 million vehicles as the Chinese EV company faces its slowest annual growth in five years and other signs that its era of record-setting expansion could be drawing to a close.

"International deliveries will make a greater contribution in the years to come," Li said, according to the SCMP, adding BYD's own fleet of car-carrier ships supported the export surge.

In 2024, BYD's sales outside the mainland accounted for less than 10% of its total of 4.26 million deliveries, the newspaper said.

Reporting by Hong Kong newsroom; Editing by Christian Schmollinger

Our Standards: The Thomson Reuters Trust Principles., opens new tab

China's stock market has seen a sharp rally this year as progress on artificial-intelligence, steps aimed at gaining chip self-sufficiency and Beijing's campaign to rein in price wars fuel investor optimism.

But as retail investors push the market higher, and bulls cheer liquidity support and policy tailwinds, some experts are raising questions if the market is entering bubble territory.

The mainland CSI 300 index has climbed about 16% since the start of the year and is hovering close to more than three-year highs. The CSI 300 Information Technology Index, which measures the performance of tech companies within the CSI 300, last week hit its highest level since 2015.

"China's ongoing equity rally appears disconnected with the economic fundamentals," said Raymond Cheng, regional CIO for North Asia at Standard Chartered, adding that "retail investors have played a key role as they have been shifting some of their bank deposits into equity markets."

Retail investors dominate China's onshore stock markets, accounting for around 90% of daily trading, according to HSBC data. That's a sharp contrast with major global exchanges, where institutions lead activity — on the New York Stock Exchange, for example, individual investors make up only 20%–25% of trading volume.

Total Chinese household savings currently stand at more than 160 trillion yuan ($22 trillion), a record high, according to HSBC. However, only 5% is allocated to equities, which means there is room for retail participation to deepen, especially as deposit rates fall and property remains out of favor, analysts told CNBC.

Fundamentals vs. momentum"Fundamentals do not well support the momentum, but markets always lead fundamentals," said Hao Hong, managing partner and CIO at Lotus Asset Management. "There are few signs of overheating in the overall market, but pockets of the market are a little too hot."

"This is not yet a bubble, but it is going that way," said Hong. He pointed to contract research organizations — firms providing research and development services to pharma, biotech, medical device companies — and technology names as the riskiest segments, but stopped short of labeling them as bubbles.

More than $3 trillion in market capitalization has been added across Chinese and Hong Kong equities this year, according to Goldman Sachs. But China's economic data offers little confirmation that a genuine and sustainable rebound is underway, market watchers said.

Japanese financial holdings company Nomura last month warned of excessive leverage and potential "bubbles" as the stock market continues to surge even as China's economy shows signs of sputtering in the second half of the year. 

China's economic slowdown worsened in August as a series of key indicators fell short of expectations. Persistent weak domestic demand and Beijing's efforts to reduce industrial overcapacity weighed on production.

watch now

Industrial output rose 5.2% last month, easing from July's 5.7% growth and marking its weakest pace since August 2024. Retail sales grew 3.4% year on year, below analysts' forecast of 3.9% in a Reuters survey and slower than July's 3.7% growth.

"So far, we have not seen signs of a turnaround in macro fundamentals, although the current momentum might be supported by expectations for structural improvements in the economy," said Chaoping Zhu, global market strategist at J.P. Morgan Asset Management.

Semi-annual reports suggest some stabilization in sectors such as AI, semiconductors and renewables, and Beijing's "anti-involution" push — aimed at reining in price wars — could improve corporate earnings capacity, Zhu said.

For example, Chinese chipmaker Cambricon reported record profits in the first half of the year, jumping more than 4,000% year on year to 2.88 billion yuan ($402.7 million) in the first six months, highlighting the growing momentum of domestic chip companies as Beijing pushes to strengthen its homegrown semiconductor sector.

Still, Zhu cautions that technology valuations may have "priced in very optimistic expectations," leaving the market vulnerable to pulling back before earnings catch up.

SummaryBHP remains a Buy, supported by diversified, low-cost operations, strong financials, and a unique commodity mix including iron ore, met coal, copper, nickel, and potash.BHP's FY25 profit and free cash flow declined due in part to lower commodity prices, prompting a dividend cut and a focus on core operations and cost optimization.BHP is navigating macro headwinds, including China-related challenges and legal settlements, while benefiting from global rate cuts and China's shift to higher-quality ore demand.Valuation still suggests upside potential compared to the current level, although near-term macro pressure and higher CAPEX will persist. Monty Rakusen/DigitalVision via Getty Images

Introduction In my previous article about BHP (NYSE:BHP) (OTCPK:BHPLF), I called them a “Future-Focused Mining Giant To Buy Now” thanks to their diversified, low-cost operations with strong margins, healthy financials, and a

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BHP over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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