MOSCOW, Dec 29 (Reuters) - A joint venture controlled by Russian billionaire Vladimir Potanin has acquired a 25% stake ​in IT infrastructure provider Selectel, one of the venture's ‌partners said on Monday, as Moscow seeks to boost development of home-grown artificial ‌intelligence models. Catalytic People, a joint venture between Potanin's holding company Interros and T-Technologies, the owner of online lender T-Bank, has purchased a 25% stake in Selectel, valued at some 16 billion roubles ($206 ⁠million ...

要进入这样一个打下深刻语言文化烙印的市场，大部分中国公司需要找到当地的合作伙伴，来帮助它们尽快进入消费者的视野。 中国与中亚国家贸易的崛起让俄罗斯企业嗅到商机。俄罗斯最大的互联网公司正在帮助更多中国企业渗透中亚市场。 坐落在莫斯科"二环"附近的Yandex是俄罗斯最大的互联网科技公司，搜索引擎起家的Yandex有"俄罗斯版谷歌"之称。近年来，随着中国企业出海俄罗斯与中 亚国家需求的增长，Yandex正在通过中亚俄语区市场的优势地位，来吸引更多中国客户，帮助他们渗透到这些过去鲜有人问津的地区。 飞往阿拉木图的中国商人 哈萨克斯坦是介于中俄之间的亚欧大陆"心脏地带"，也是大量中国企业近年来通过"一带一路"政策所抵达的首个战略枢纽地。 在哈萨克斯坦的经济中心阿拉木图，12月整座城市已是一幅雪山包围的美丽图景。记者刚出机场就能看到中国科技公司华为醒目的广告牌；机场高速沿途， 海尔、比亚迪等中国企业的广告牌林立；大街上随处可见的是红旗、长城等中国品牌汽车。 据阿拉木图一家华人酒店老板介绍，近几年来，中国赴哈萨克斯坦考察的团队越来越多，酒店生意也越来越好，经常爆满。 中国从事媒介咨询行业的人士小艾告诉第一财经记者，她今年 ...

Group 1 - Nebius Group (NASDAQ: NBIS) has a complex history influenced by geopolitical events, including Russia's attack on Ukraine and subsequent EU sanctions on its founder Arkady Volozh [1] - The company was formerly known as Yandex N.V. and has faced pressure from the Russian government, impacting its operations and market perception [1] Group 2 - The article does not provide specific financial data or performance metrics related to Nebius Group or the broader industry [2]

Group 1 - The core viewpoint of the article highlights significant adjustments in the overseas holdings of domestic private equity firms, particularly focusing on the changes in the portfolio of Jinglin Asset Management [1][2][3] Group 2 - Jinglin Asset's top holdings in US stocks as of the end of Q2 2025 include Meta, which accounts for 25.46% of its portfolio, with a market value exceeding $730 million [2] - The total value of Jinglin Asset's US stock holdings reached $2.873 billion, approximately 20.6 billion RMB, indicating a substantial shift towards internet companies [2] - The firm has sold off several major tech stocks, including Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [2] - The new focus on internet stocks is evident, with significant positions in companies like NetEase, Manbang Group, Pinduoduo, Futu Holdings, and 360 DigiTech [2] Group 3 - Jinglin Asset expressed optimism about China's future development, noting a shift in the competitive strength of Chinese companies from being undervalued to attracting global investment [3] - The new generation of Chinese entrepreneurs is seen as having advantages over the previous generation, leveraging a strong supply chain and engineering talent to create aesthetically pleasing products [3] - Dongfang Harbor's overseas fund has also accelerated its portfolio adjustments, reducing holdings in Nvidia, Amazon, and Apple, while increasing positions in Alphabet, Montreal Bank, and initiating purchases of Tesla, Netflix, and Coinbase [3]

Core Viewpoint - Yandex Ads is positioning itself as a key player for Chinese companies looking to expand into Russian and Russian-speaking markets, leveraging its strong market presence and tailored solutions to facilitate cross-border business opportunities [3][5][27]. Group 1: Yandex Ads Overview - Yandex Ads is recognized as a leading advertising platform in Eastern Europe and the CIS, holding over 70% market share in the Russian search market, making it a vital channel for businesses targeting Russian-speaking audiences [3][5]. - The company has been actively collaborating with Chinese enterprises for over a decade, showcasing its experience and commitment to helping these businesses navigate the complexities of the Russian market [25][27]. Group 2: Market Opportunities - The current international landscape, with many Western companies exiting the Russian market, presents a significant opportunity for Chinese firms to capture market share in various sectors, including e-commerce, technology, and heavy industry [5][7]. - Yandex Ads has seen a 64% year-on-year revenue growth in China for 2024, indicating a strong demand for its services among Chinese companies seeking to enter the Russian market [27]. Group 3: Solutions Offered - Yandex Ads provides tailored solutions, including one-on-one service teams that help Chinese companies understand local user behavior and market conditions, enhancing their marketing strategies [8][12]. - The platform offers a variety of advertising formats and advanced SEO techniques, ensuring effective reach and engagement with target audiences [17]. - Yandex Ads has introduced local payment solutions, such as Yandex Pay SDK, which facilitate seamless transactions for Chinese gaming and e-commerce companies in the Russian market [20][22]. Group 4: Industry Engagement - The company has attracted interest from various sectors, particularly gaming, online education, and e-commerce, as these industries seek to optimize their advertising strategies and improve conversion rates in foreign markets [15][21]. - Yandex Ads is actively engaging with a diverse range of Chinese enterprises, including internet giants, heavy industry firms, and state-owned enterprises, indicating its broad appeal across different sectors [31]. Group 5: Conclusion - Yandex Ads emphasizes the importance of understanding local market dynamics and user preferences for successful international expansion, positioning itself as a professional partner for Chinese companies aiming to leverage opportunities in Russian-speaking regions [34].

Core Insights - An international research collaboration has revealed potential privacy abuses involving Meta and Yandex, where native Android apps listen on local ports to de-anonymize users' browsing habits without consent [3][4][6] Tracking Mechanism - Meta's Pixel and Yandex Metrica have embedded tracking codes in millions of websites, allowing them to map Android users' browsing habits to their persistent identities, bypassing Android's privacy protections [4][6] - The tracking practices have been ongoing since 2017 for Yandex and September 2024 for Meta, affecting a significant number of users due to the widespread installation of these tracking tools [6][10] Technical Details - Under Android's permission model, apps with INTERNET permission can create local web servers, enabling them to communicate with browsers and capture user data [7][8] - Meta's Pixel uses localhost channels to share browser identifiers with native apps like Facebook and Instagram, linking data to users' logged-in accounts [9] - Yandex's AppMetrica SDK captures web tracking data and aggregates it with mobile identifiers, creating enriched user profiles [10][11] Research Findings - The research team has disclosed these issues to browser vendors, who are working on mitigations, with Chrome's response expected soon [5][16] - Yandex apps have been observed to wait up to three days post-installation before activating their tracking mechanisms, potentially to evade detection [12] Recommendations for Prevention - The research suggests that mobile platforms and browsers need to overhaul their handling of local port access to prevent such abuses [13][14] - There is a call for stricter platform policies and vetting processes to deter similar tracking methods by other services [14][15] Industry Impact - The findings highlight a significant gap in privacy protections for Android users, with many website operators unaware of the tracking methods employed by Meta and Yandex [14][16] - The unprecedented nature of cross-platform tracking by these companies raises concerns about user privacy and the need for better transparency [16]

Financial Condition and Profitability - The company operates in early-stage, capital-intensive markets and has not yet achieved profitability, which may adversely affect its financial condition and future prospects[57]. - The need for additional equity or debt financing is critical for the company to support its growth and capital expenditures, especially in the current volatile macroeconomic environment[61]. - The company has identified material weaknesses in its internal control over financial reporting, which could affect the accuracy and timeliness of its financial results[50]. - The company may incur significant costs to execute its remediation plans, although it cannot provide a reasonable estimate of these costs at this time[142]. - The company faces risks related to fluctuations in operating results due to the early stage of business development and market conditions[130]. - The company may face significant additional legal and accounting expenses if it ceases to qualify as a foreign private issuer[168]. Competition and Market Dynamics - Significant competition exists in the AI infrastructure sector, with key competitors including CoreWeave, Crusoe, and Lambda, as well as major cloud providers like Amazon, Google, and Microsoft[59]. - The company anticipates increasing competitive pressure that may lead to pricing pressures, potentially reducing margins and adversely affecting business prospects[75]. - The company may face pricing pressures as the industry evolves, which could reduce margins and adversely affect its business[40]. - The company’s smaller business units, such as Avride and Toloka, operate in evolving industries and face significant competition, which may limit their growth prospects[78]. Growth and Expansion Plans - The company is actively seeking third-party investment for its autonomous vehicles business unit, Avride, to secure necessary financing and partnerships[45]. - The company is expanding its data center footprint, but difficulties in site selection and obtaining reliable power could limit revenue growth and profitability[45]. - The company is significantly investing in expanding compute capacity and data centers worldwide, which requires substantial capital and resources[99]. - The company is actively expanding its global sales team, which has been rapidly growing from a low base, but faces challenges in managing sales processes and achieving expected revenues[71]. - The company is expanding its data center infrastructure, including new facilities in Finland and the U.S., but faces risks related to site selection, construction delays, and supply chain disruptions[87][88]. Customer Acquisition and Retention - The company’s future growth relies on successfully attracting and retaining customers, as well as increasing the portion of business under longer-term contracts[40]. - The company relies heavily on attracting new customers and retaining existing ones to maximize revenues and cash flow, with a focus on securing longer-term contracts[64]. - Insufficient customer demand for the newly built compute capacity could adversely affect future operating results and financial condition[99]. Supply Chain and Operational Risks - The company faces risks related to supply chain disruptions and dependency on a limited number of suppliers for sophisticated hardware, which could impact growth plans[45]. - The company is dependent on a limited number of suppliers, particularly Nvidia for GPU chips, which exposes it to risks related to supply chain disruptions and increased costs[84]. - The company relies on third-party suppliers for essential services like power and network connectivity, exposing it to risks of service failures[100]. - Limitations on power availability may hinder the company's growth plans and ability to service customers adequately[101]. Regulatory and Compliance Issues - Compliance with evolving environmental standards is critical, as failure to do so could result in reputational and legal risks[107]. - Regulatory scrutiny regarding AI tools and data centers is increasing, potentially affecting the company's business model and operations[109]. - The company has implemented measures to comply with economic sanctions and export controls, but risks remain regarding third-party compliance[112]. Cybersecurity and Intellectual Property - Cybersecurity risks are escalating, with potential incidents posing threats to the company's financial condition and reputation[116]. - The company may be involved in intellectual property infringement claims, which could adversely affect its competitive position and financial condition[122]. - The company relies on various legal protections for its intellectual property, but cannot guarantee their effectiveness against unauthorized use[121]. - The company incorporates open-source software in its offerings, which poses risks related to compliance with licensing terms and potential claims from copyright holders[124]. Financial Instruments and Shareholder Dynamics - Approximately 33 million Class A shares were issued to institutional and strategic investors in a private offering in December 2024, with plans to register these shares for resale[160]. - As of March 31, 2025, the CEO and other pre-IPO shareholders held approximately 65% of the voting power of the company's ordinary shares, which may limit minority shareholders' influence[161]. - The company may issue additional equity or equity-linked securities in the future, which could dilute existing shareholders' interests[159]. - The company does not comply with all provisions of the Dutch Corporate Governance Code, which may affect shareholder rights[173]. Market Outlook and Projections - The AI technology market is projected to reach $800 billion by 2030, growing at a 29% CAGR from 2023 to 2030[185]. - The total addressable market for GPU-as-a-Service and AI cloud is estimated to exceed $260 billion by 2030, with a 35% CAGR over the same period[185]. Technological Developments and Innovations - The company's AI cloud platform was completely rebuilt and launched in October 2024, leveraging NVIDIA's accelerated computing platform[196]. - AI Studio, launched in November 2024, is an inference-as-a-service platform that monetizes through a token-based model, offering greater flexibility and cost efficiency[211]. - TractoAI, introduced in Q4 2024, is a serverless platform for scalable AI workloads, optimizing resource allocation and offering a pay-as-you-go model for compute consumption[213]. - The company maintains a close-knit team with over a decade of expertise in designing and operating data centers and cloud-based infrastructure[190]. Business Unit Developments - In 2024, Avride partnered with Uber to deploy autonomous vehicles and delivery robots, launching services in Austin and Dallas, with further expansion planned[228]. - Toloka transitioned to a new technology platform in 2024, expanding its generative AI data offerings and serving a global client base, including Fortune 500 companies[233]. - TripleTen, recognized as the best overall provider of software engineering bootcamps in the US, saw a 149% increase in student enrollment in 2024, reaching over 14,000 students[236].

Core Insights - The Russian e-commerce market has seen significant changes since 2022, with the initial boom period for sellers now giving way to increased competition and higher entry barriers [1][3] - By 2025, Russia remains heavily sanctioned, with over 20,000 sanctions imposed by around 50 countries since the Ukraine conflict began, leading to a systemic shock in the supply chain [1][3] - The trade relationship between China and Russia has flourished, with trade volume reaching a record $244.8 billion in 2024, and e-commerce sales in Russia growing by 28% in 2023 and projected to grow by 41% in 2024 [3][4] E-commerce Growth and Challenges - The number of sellers offering Chinese products in Russia has surged, with a 16-fold increase in the past year, and over 70% of Russians now willing to purchase Chinese goods [4][5] - The competitive landscape in Russian e-commerce has intensified, with new regulations increasing the cost of entry and operational expenses for sellers [12][13] - Payment and logistics remain significant challenges, with sanctions affecting international transactions and increasing costs for shipping and logistics [15][17] Market Dynamics and Consumer Behavior - Russian consumers are increasingly sensitive to prices due to inflation, with essential goods seeing significant price hikes [19][22] - Despite economic challenges, the demand for affordable products remains strong, and e-commerce platforms are adapting to meet this demand by lowering logistics costs for low-priced items [19][25] - The online shopping penetration in Russia has reached 35%, driven by high internet usage and the convenience of e-commerce platforms [11] Long-term Opportunities for Chinese Brands - The Russian market presents long-term opportunities for Chinese brands, especially in filling gaps left by Western brands that have exited [22][26] - Localized strategies, such as establishing domestic stores and adapting products to meet local preferences, are crucial for success in the Russian market [26][27] - The ongoing conflict has created a unique environment where Chinese brands can establish a foothold and build long-term relationships with Russian consumers [27][28]

Financial Performance - In 2023, total revenues reached RUB 800,125 million, a 53.1% increase from RUB 521,699 million in 2022[281] - Service revenues accounted for 82% of total revenues in 2023, increasing by RUB 228,364 million or 53.1% year-over-year[282] - The Search and Portal segment generated revenues of RUB 337,514 million in 2023, up from RUB 226,022 million in 2022[279] - The E-commerce, Mobility, and Delivery segment saw revenues rise to RUB 420,753 million in 2023, compared to RUB 261,246 million in 2022[279] - Revenues from the Search and Portal segment grew by RUB 111,492 million or 49.3% in 2023, contributing approximately 42.2% of total revenues[304] - E-commerce, Mobility and Delivery segment revenues increased by RUB 159,507 million or 61.1% in 2023, representing 52.6% of total revenues[305] - E-commerce revenues surged by RUB 77,592 million or 76.7% in 2023, driven by a normalization of the 1P/3P revenue mix[306] - Mobility revenues rose by RUB 43,941 million or 36.0% in 2023, with the number of rides increasing to 3.6 billion[307] - Revenues from the Plus and Entertainment services segment increased by RUB 35,117 million or 110.5% in 2023, driven by subscription revenue growth[309] Profitability and Expenses - Adjusted EBITDA for 2023 was RUB 96,970 million, reflecting a significant increase from RUB 64,142 million in 2022[279] - Operating costs as a percentage of revenues decreased to 96.4% in 2023 from 97.5% in 2022, indicating improved operational efficiency[276] - Cost of goods sold increased by RUB 35,757 million in 2023, aligning with revenue growth[290] - Product development expenses rose by RUB 30,713 million or 42.5% in 2023, totaling RUB 102,991 million, which is 12.9% of revenues[292] - Sales, general and administrative expenses increased by RUB 95,460 million or 55.5% in 2023, reaching RUB 267,552 million, accounting for 33.4% of revenues[294] - Adjusted EBITDA for the Search and Portal segment increased by RUB 52,447 million or 43.5% in 2023, with a margin of 51.2%[313] - Adjusted EBITDA losses for the E-commerce, Mobility and Delivery segment expanded by RUB 3,967 million or 20.2% in 2023[314] - Adjusted EBITDA loss for Other Business Units and Initiatives increased by RUB 26,950 million or 90.3% in 2023, primarily due to unallocated corporate expenses and investments in FinTech and Yandex SDG businesses[317] Cash Flow and Debt - Net cash provided by operating activities increased by RUB 28,594 million in 2023, attributed to positive trends in advertising revenue and operational efficiency in Mobility services[340] - Net cash used in investing activities amounted to RUB 106,943 million in 2023, primarily due to increased acquisitions of property and equipment[342] - Net cash provided by financing activities was RUB 41,843 million in 2023, including proceeds from debt issuance of RUB 227,151 million[345] - As of December 31, 2023, cash and cash equivalents totaled RUB 96,519 million, with total debt recorded at RUB 141,484 million[333] - Total contractual obligations as of December 31, 2023, amount to RUB 262,840 million, with RUB 130,168 million due within one year[350] - Debt obligations total RUB 141,484 million, with RUB 92,046 million due within one year[350] - Operating lease obligations are RUB 43,766 million, with RUB 13,216 million due within one year[350] - Finance lease obligations total RUB 43,651 million, with RUB 7,087 million due within one year[350] Interest and Other Income - Interest income rose from RUB 4,723 million in 2022 to RUB 5,637 million in 2023, driven by higher applicable interest rates[318] - Interest expense surged to RUB 10,863 million in 2023 from RUB 3,396 million in 2022, mainly due to new debt facilities and increased interest rates[320] - A gain of RUB 9,305 million was recognized from the restructuring of convertible debt, with over 99% of the $1.25 billion Convertible Notes repurchased[322] - The sale of the news aggregation platform and Zen resulted in a gain of RUB 38,051 million, marking a strategic exit from media businesses[323] - Other income increased to RUB 21,514 million in 2023, representing 2.7% of revenues, compared to 1.8% in 2022[325] Economic Outlook and Risks - The Central Bank of Russia forecasts inflation could drop to 4.0-4.5% in 2024, impacting operating expenses and capital expenditures[268] - Foreign exchange fluctuations could result in additional foreign exchange losses/gains of RUB 2,279 million if the U.S. dollar fluctuates by 20% against the Russian ruble[363] - A hypothetical increase in the base interest rate by one percentage point would result in an additional interest expense of approximately RUB 1,061 million annually[366] - The company recorded a loss of RUB 9,369 million in accumulated other comprehensive income for the year ended December 31, 2023, due to translation effects[365] - The fair value of share consideration related to convertible debt was determined based on appropriate valuation techniques amid trading halts[361] - The company has made significant judgments regarding uncertain tax positions, which may impact future income tax expenses[356] - Management's estimates regarding deferred tax assets could materially impact consolidated financial statements if actual events differ from expectations[356] Employee and Management Information - In 2023, the aggregate cash compensation for senior management was RUB 1,607 million ($17.9 million), including RUB 989 million ($11.0 million) paid instead of vested equity awards[379] - The total number of employees increased from 20,850 in 2022 to 26,361 in 2023, with product development staff rising from 10,708 to 13,003[390] - The company granted 131,227 Synthetic Options and Business Unit Equity Awards in 2023, which will vest 25% after one year and the remaining part quarterly over three years[379] - Approximately 3.3 million RSUs were exchanged for cash bonuses in 2022, and an additional 2.7 million RSUs were exchanged in 2023[401][402] - The company has not experienced any work stoppages and believes employee relations are good[391] - The 2016 Equity Incentive Plan allows for equity awards equal to 20% of the aggregate number of Class A and Class B shares outstanding[394] - The company employs several thousand part-time contract workers, which are not included in the total employee count[390] Governance and Oversight - The audit committee oversees the financial reporting processes and audits of consolidated financial statements[382] - The compensation committee is responsible for reviewing and approving compensation structures for directors and management[383] - The investment committee reviews potential corporate transactions, including mergers and acquisitions[392]

Financial Performance - Total revenues for Q4 2023 reached RUB 249,586 million, a 51% increase from RUB 164,778 million in Q4 2022[2] - Adjusted EBITDA for Q4 2023 was RUB 32,903 million, reflecting a 92% increase compared to RUB 17,173 million in Q4 2022[2] - The net loss for Q4 2023 was RUB 6,322 million, compared to a net income of RUB 7,055 million in Q4 2022, marking a significant decline[2] - Adjusted net income for the full year 2023 was RUB 27,411 million, a 155% increase from RUB 10,765 million in 2022[2] - Adjusted net income for the twelve months ended December 31, 2023, was RUB 19,870 million, down from RUB 39,465 million in 2022, indicating a decline of 49.7%[72] - The company experienced a significant decline in net income for the full year, with a 54% drop to RUB 21,775 million from RUB 47,615 million in 2022[83] Revenue Growth - E-commerce revenues grew by 51% year-on-year in Q4 2023, reaching RUB 130,087 million, compared to RUB 85,874 million in Q4 2022[2] - Total revenues increased by 51% year-on-year in Q4 2023, reaching RUB 130,087 million, compared to RUB 85,874 million in Q4 2022[23] - E-Commerce GMV grew by 46% year-on-year in Q4 2023, with total GMV reaching RUB 163,918 million, up from RUB 112,098 million in Q4 2022[24] - Revenues from Plus and Entertainment Services grew by 72% year-on-year in Q4 2023, totaling RUB 20,638 million, compared to RUB 11,984 million in Q4 2022[30] - Classifieds segment revenues increased by 79% year-on-year in Q4 2023, reaching RUB 7,038 million, up from RUB 3,938 million in Q4 2022[32] - Other Business Units and Initiatives revenues rose by 84% year-on-year in Q4 2023, totaling RUB 34,852 million, compared to RUB 18,907 million in Q4 2022[34] Subscriber Growth - The number of Yandex Plus subscribers increased by 58% year-on-year, reaching 30.4 million in Q4 2023[2] - The number of Yandex Plus subscribers reached 30.4 million as of the end of Q4 2023, up 58% from the end of Q4 2022[30] Market Share - The share of the Russian search market increased to 63.8% in Q4 2023, up from 62.6% in Q4 2022[2] - The share of GMV sold by third-party sellers on Yandex Market reached 90% in Q4 2023, up from 81% in Q4 2022[24] Operating Expenses - Total operating expenses increased by 55% in Q4 2023 compared to Q4 2022, primarily due to the cost of revenues and personnel expenses[42] - Total operating expenses as a percentage of revenues increased to 98.8% in Q4 2023 from 96.3% in Q4 2022[42] - Share-based compensation (SBC) expenses rose by 203% in Q4 2023, totaling RUB 14.6 billion, influenced by changes in equity awards and currency fluctuations[45] - The company reported a significant increase in share-based compensation expense, which rose by 339% to RUB 12,388 for the three months ended December 31, 2023[81] Cash Flow and Assets - Cash and cash equivalents as of December 31, 2023, amounted to RUB 96.5 billion (USD 1,076.2 million)[16] - Cash provided by operating activities was RUB 11.9 billion, while cash paid for property and equipment was RUB 38.6 billion in Q4 2023[49] - Cash and cash equivalents increased to RUB 96,519 million as of December 31, 2023, from RUB 83,131 million as of December 31, 2022, a growth of 16.5%[70] - Total current assets increased to RUB 310,895 million as of December 31, 2023, up from RUB 239,934 million as of December 31, 2022, reflecting a growth of 29.5%[70] Liabilities and Equity - Total liabilities rose to RUB 490,336 million as of December 31, 2023, compared to RUB 278,541 million as of December 31, 2022, marking an increase of 76.0%[70] - Total equity attributable to Yandex N.V. decreased to RUB 296,276 million as of December 31, 2023, down from RUB 316,308 million as of December 31, 2022, a decline of 6.3%[70] Impairment and Tax - Income from operations decreased by 52% in Q4 2023 to RUB 2.9 billion, impacted by a RUB 6.3 billion impairment of intangible assets[46] - The effective tax rate for Q4 2023 was 1,403.5%, significantly higher than 57.8% in Q4 2022, influenced by various factors including non-deductible SBC expenses[48] - Impairment of goodwill and other intangible assets increased by 175% in 2023, reaching RUB 7,539 million, compared to RUB 2,740 million in 2022[83] Future Plans - The company plans to return a substantial portion of net proceeds from the sale to shareholders through a share repurchase offer[8] - The company plans to continue focusing on restructuring efforts and managing foreign exchange impacts in the upcoming quarters[83] - The company continues to focus on expanding its operations across various business units, including E-commerce and Mobility[42]