Exhibit 99.2 STATE STREET CORPORATION EARNINGS RELEASE ADDENDUM March 31, 2025 Table of Contents | GAAP-Basis Financial Information: | | | --- | --- | | 4-Year Summary of Results | 2 | | Consolidated Results of Operations | 3 | | Consolidated Statement of Condition | 5 | | Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis | 6 | | Selected Average Balances by Currency - Rates Earned and Paid | 7 | | Investment Portfolio Holdings by Asset Class | 8 | | Allowance for Credi ...

Financial Performance - Consolidated revenue for Q1 2025 was $7.1 billion, a 9% increase compared to Q1 2024, with 4% underlying revenue growth[2] - Adjusted operating income rose 8% to $2.2 billion, while net income attributable to the company was $1.4 billion[2] - Adjusted EPS increased 5% to $3.06, benefiting from favorable discrete tax items by $0.10 per share, offset by a foreign exchange headwind of $0.05 per share[2] - Risk & Insurance Services revenue was $4.8 billion, an 11% increase, with adjusted operating income up 8% to $1.8 billion[4] - Marsh's revenue grew 15% to $3.5 billion, with underlying revenue growth of 5%[5] - Consulting revenue reached $2.3 billion, a 5% increase, with adjusted operating income rising 8% to $491 million[6] - For the three months ended March 31, 2025, adjusted operating income was $2,235 million, with an adjusted operating margin of 31.8%[27] - The company reported an operating income of $2,005 million for Q1 2025, with an overall operating margin of 28.4%[27] - Total revenue for the three months ended March 31, 2025, was $7,061 million, representing an increase from $6,473 million in 2024, with a non-GAAP revenue of $6,704 million after adjustments[44] - The Risk and Insurance Services segment generated $4,762 million in revenue, up from $4,265 million in the previous year, with Marsh contributing $3,453 million[44] - The Consulting segment reported revenue of $2,314 million, an increase from $2,188 million in 2024, with Mercer contributing $1,496 million[45] Cash Flow and Capital Management - The company repurchased 1.3 million shares for $300 million in Q1 2025[8] - The company repaid $500 million of senior notes that matured in March 2025[8] - Cash and cash equivalents decreased to $1,604 million as of March 31, 2025, down from $2,398 million at the end of 2024[38] - Cash and cash equivalents at the end of the period totaled $13,183 million, compared to $12,910 million at the end of March 2024[41] - Operating cash flows showed a net cash used by operations of $622 million, an improvement from $781 million in the prior year[41] - The company reported a net cash provided by investing activities of $26 million, a significant improvement from a net cash used of $368 million in the previous year[41] - Capital expenditures for the quarter were $55 million, down from $87 million in the same period last year[41] - The company paid dividends totaling $405 million, an increase from $354 million in the prior year[41] Balance Sheet and Equity - Total assets increased to $57,015 million as of March 31, 2025, compared to $56,481 million at the end of 2024[38] - Total equity rose to $14,268 million as of March 31, 2025, compared to $13,535 million at the end of 2024[38] - Short-term debt increased significantly to $1,667 million as of March 31, 2025, from $519 million at the end of 2024[38] Expenses and Noteworthy Items - The company's total expenses for the same period were $5,056 million, an increase from $4,548 million in the prior year[35] - Identified intangible amortization expense for Q1 2025 was $139 million, up from $90 million in Q1 2024[35] - The company incurred total noteworthy items of $91 million in Q1 2025, compared to $49 million in Q1 2024[27] International Operations - International operations contributed to underlying revenue growth of 6%, with Latin America showing 8% growth[5] - The company operates in 130 countries, indicating a broad market presence and potential for future growth[10] Net Income - For the three months ended March 31, 2025, the net income before non-controlling interests was $1,412 million, a slight decrease from $1,424 million in the same period of 2024[41] - Adjusted income, net of tax for Q1 2025 was $1,516 million, resulting in an adjusted EPS of $3.06, compared to $1,453 million and $2.92 in Q1 2024[32] Exchange Rate Impact - The effect of exchange rate changes on cash resulted in a positive impact of $243 million during the quarter[41]

Exhibit 99.2 HUNTINGTON BANCSHARES INCORPORATED Quarterly Financial Supplement March 31, 2025 Table of Contents | Quarterly Key Statistics | 1 | | --- | --- | | Consolidated Balance Sheets | 3 | | Loans and Leases Composition | 4 | | Deposits Composition | 5 | | Consolidated Quarterly Average Balance Sheets | 6 | | Consolidated Quarterly Net Interest Margin - Interest Income / Expense | 7 | | Consolidated Quarterly Net Interest Margin - Yield | 8 | | Selected Quarterly Income Statement Data | 9 | | Quarterl ...

Financial Performance - Net interest income for Q1 2025 was $1,426 million, an increase of 11% compared to Q1 2024[9] - Net income attributable to Huntington was $527 million, a slight decrease of 1% from $530 million in Q4 2024, but a 26% increase from $419 million in Q1 2024[9] - Total revenue on a fully-taxable equivalent basis for Q1 2025 was $1,935 million, compared to $1,767 million in Q1 2024, indicating a 9.5% increase year-over-year[23] - Net interest income for the quarter was $1,441 million, showing an increase from $1,409 million in the previous quarter and $1,300 million a year ago[19] - Total equity remained stable at $20,045 million, with no significant change from the previous quarter but a 4% increase year-over-year[17] - Total Huntington shareholders' equity rose to $20,434 million in Q1 2025, up from $19,322 million in Q1 2024, representing an increase of 5.8%[37] Asset and Liability Management - Average total assets increased by 2% to $205,087 million compared to Q4 2024, and by 8% compared to Q1 2024[9] - Total assets at the end of the period were $209,596 million, reflecting a 3% increase from $204,230 million at the end of Q4 2024[13] - Total liabilities increased to $185,042 million, reflecting a 2% increase from the previous quarter and an 8% increase year-over-year[17] - Total risk-weighted assets (RWA) were $144,632 million as of March 31, 2025, compared to $143,650 million at December 31, 2024, reflecting a rise of 0.7%[33] Loan and Deposit Growth - Total loans and leases increased to $132,505 million in Q1 2025, up from $130,042 million in Q4 2024, representing a growth of 1.89%[15] - Total deposits rose to $165,337 million in Q1 2025, an increase from $162,448 million in Q4 2024, reflecting a growth of 1.09%[16] - Commercial and industrial loans reached $58,948 million, accounting for 45% of total loans, compared to $56,809 million and 43% in the previous quarter[15] - Consumer & Regional Banking segment accounted for $72,653 million in loans, which is 55% of total loans, slightly up from $72,051 million in Q4 2024[15] Credit Quality and Loss Provisions - Provision for credit losses was $115 million, up 7% from $107 million in both Q4 2024 and Q1 2024[9] - Total allowance for credit losses increased to $2,478 million, up from $2,446 million in the previous quarter[27] - Net charge-offs for the quarter were $86 million, down from $97 million in the previous quarter[28] - Nonperforming assets (NPAs) increased to 281 million, up from 273 million in the previous quarter[27] Capital Ratios and Shareholder Returns - The common equity tier 1 risk-based capital ratio was 10.6%, up from 10.5% in Q4 2024[9] - Total risk-based capital increased to $20,720 million as of March 31, 2025, compared to $20,565 million at December 31, 2024, reflecting a growth of 0.8%[33] - Cash dividends declared remained steady at $0.155 per share for Q1 2025, unchanged from the previous quarters, reflecting consistent shareholder returns[23] Operational Efficiency - The efficiency ratio improved to 58.9%, compared to 58.6% in Q4 2024, indicating better cost management[9] - The total cost of deposits decreased to 2.03% in Q1 2025 from 2.29% in Q1 2024, reflecting improved deposit management[21] Employee and Branch Metrics - The number of employees averaged 20,092 in Q1 2025, up from 19,719 in Q1 2024, indicating a growth of 1.9%[37] - The number of domestic full-service branches decreased to 968 in Q1 2025 from 969 in Q1 2024[38] - ATM count decreased to 1,560 in Q1 2025 from 1,606 in Q1 2024[37]

Financial Performance - Net interest income for Q1 2025 was $1,426 million, an increase of 11% compared to Q1 2024[9] - Net income attributable to Huntington for Q1 2025 was $527 million, a 26% increase compared to Q1 2024[9] - Total revenue for Q1 2025 was $1,935 million, slightly down from $1,968 million in Q4 2024, reflecting a decrease of 1.7%[23] - Noninterest income decreased by 12% to $494 million compared to Q4 2024, but increased by 6% compared to Q1 2024[9] - Net interest income for the quarter was $1,441 million, an increase from $1,409 million in the previous quarter[19] Asset and Loan Growth - Average total assets increased by 2% to $205,087 million compared to Q4 2024, and by 8% compared to Q1 2024[9] - Total assets at the end of the period were $209,596 million, reflecting a 3% increase from December 31, 2024[13] - Total loans and leases increased to $132,505 million in Q1 2025, up from $130,042 million in Q4 2024, representing a growth of 1.9%[15] - Total loans and leases rose by 2% to $130,862 million, up from $128,158 million in the prior quarter[17] - Commercial loans accounted for 57% of total loans and leases, with commercial and industrial loans at $58,948 million, a 3.8% increase from $56,809 million in Q4 2024[15] Deposits and Funding - Total deposits reached $165,337 million in Q1 2025, an increase of 1.1% from $162,448 million in Q4 2024[16] - Demand deposits (noninterest-bearing) rose to $30,217 million, accounting for 18% of total deposits, compared to $29,345 million in Q4 2024[16] - Money market deposits increased to $61,608 million, maintaining a 37% share of total deposits, up from $60,730 million in Q4 2024[16] - Total interest-bearing deposits grew by 2% to $132,654 million, up from $129,823 million in the prior quarter[17] Credit Quality and Losses - Provision for credit losses increased by 7% to $115 million compared to Q4 2024 and Q1 2024[9] - The allowance for loan and lease losses increased to $2.263 billion at the end of Q1 2025, up from $2.244 billion at the end of Q4 2024[27] - Total net charge-offs for Q1 2025 were $86 million, a decrease from $97 million in Q4 2024[28] - Nonperforming assets (NPAs) increased to 281 million in Q1 2025 from 273 million in Q4 2024[27] - The net charge-offs as a percentage of average loans and leases was 0.26% in Q1 2025, down from 0.30% in Q4 2024[28] Capital Ratios and Equity - The common equity tier 1 risk-based capital ratio was 10.6% as of March 31, 2025, compared to 10.5% at the end of 2024[9] - Total risk-based capital increased to $20,720 million as of March 31, 2025, up from $20,565 million at December 31, 2024[33] - Total Huntington shareholders' equity increased to $20,434 million in Q1 2025 from $19,322 million in Q1 2024, a growth of 5.8%[37] - Tangible common equity reached $12,817 million in Q1 2025, compared to $11,264 million in Q1 2024, marking a 13.8% increase[37] Operational Efficiency - The efficiency ratio improved to 58.9% in Q1 2025, down from 63.7% in Q1 2024[9] - The average yield on loans and leases was 5.87% in Q1 2025, slightly down from 5.89% in Q4 2024[21] - The total cost of deposits decreased to 2.03% in Q1 2025 from 2.16% in Q4 2024, a decline of 0.13 percentage points[21] Employee and Branch Metrics - The number of employees averaged 20,092 in Q1 2025, up from 19,719 in Q1 2024, reflecting a workforce growth of 1.9%[37] - The number of domestic full-service branches decreased to 968 in Q1 2025 from 969 in Q1 2024, showing a slight contraction[37] - ATM count decreased to 1,560 in Q1 2025 from 1,606 in Q1 2024, indicating a reduction in physical banking infrastructure[37]

Financial Performance - Net revenue for Q1 2025 was $25,526 million, a decrease of 3.4% QoQ and an increase of 41.6% YoY[5] - Gross profit for Q1 2025 was $15,007 million, representing a gross margin of 58.8%, down from 59.0% in Q4 2024 but up from 53.1% in Q1 2024[5] - Operating income for Q1 2025 was $12,382 million, accounting for 48.5% of net revenue, compared to 49.0% in Q4 2024 and 42.0% in Q1 2024[5] - Net income for Q1 2025 was $10,972 million, a decrease of 3.7% QoQ and an increase of 60.2% YoY[5] - Earnings per share (diluted) for Q1 2025 was $0.42, compared to $0.44 in Q4 2024 and $0.27 in Q1 2024[5] - The company reported a comprehensive income of $11,942 million for Q1 2025, reflecting a 46.8% increase YoY[5] Assets and Liabilities - Total assets increased to $214.826 billion, up 6.6% quarter-over-quarter and 23.2% year-over-year[2] - Current assets reached $100.758 billion, representing 46.9% of total assets, with a year-over-year increase of 36.4%[2] - Cash and cash equivalents rose to $72.122 billion, a 12.6% increase from the previous quarter and 41.0% year-over-year[2] - Total liabilities amounted to $76.244 billion, a 6.9% increase from the previous quarter and 19.3% year-over-year[2] - Shareholders' equity attributable to the parent increased to $137.454 billion, reflecting a 6.4% quarter-over-quarter growth and 25.5% year-over-year[2] - Unappropriated earnings grew to $115.980 billion, a 6.8% increase from the previous quarter and 30.3% year-over-year[2] - Long-term investments reached $4.842 billion, up 7.9% quarter-over-quarter and 16.1% year-over-year[2] - Property, plant, and equipment totaled $102.419 billion, reflecting a 5.1% increase from the previous quarter and 11.4% year-over-year[2] - Total current liabilities increased to $42.157 billion, a 10.7% increase from the previous quarter and 36.4% year-over-year[2] Cash Flow - Cash generated from operating activities in Q1 2025 was $19,027 million, slightly up from $19,027 million in Q4 2024[8] - Cash and cash equivalents at the end of Q1 2025 were $72,839 million, an increase from $64,713 million at the beginning of the period[8] - Free cash flow increased by NT$36.48 billion to NT$294.74 billion in Q1 2025, driven by higher operating cash flow[57] Revenue and Market Insights - Management expects Q2 2025 revenue to be between US$28.4 billion and US$29.2 billion[28] - From 2024 to 2029, management anticipates a revenue increase of close to mid-20s% in US dollar terms[29] - High Performance Computing accounted for 59% of net revenue in Q1 2025, up from 53% in Q4 2024[37] - Revenue from North America represented 77% of total net revenue, while revenue from China, Asia Pacific, Japan, and EMEA accounted for 7%, 9%, 4%, and 3% respectively[40] Operational Metrics - Wafer shipments in Q1 2025 totaled 3,259 Kpcs, a decrease of 4.7% from Q4 2024 and an increase of 7.6% from Q1 2024[34] - Advanced technologies (7nm and below) accounted for 73% of total wafer revenue, with 3nm contributing 22% and 5nm contributing 36%[64] - Capital expenditures totaled US$10.06 billion in Q1 2025, down from US$11.23 billion in Q4 2024[58][59] Future Outlook and Risks - The company plans to continue investing in research and development to drive innovation and market expansion[9] - The company estimated earthquake-related losses to be approximately NT$5.3 billion, which will be recognized in Q1 2025[60] - TSMC faces significant risks including market conditions, demand and supply fluctuations, and intense competition[69] - The company cautions that actual results may differ materially from forward-looking statements due to various risk factors[69] - TSMC's ability to manage its capacity and preserve its intellectual property rights is critical for its operations[69] - The company acknowledges potential disruptions from natural disasters and unexpected events[69] Company Information - TSMC is headquartered in Hsinchu, Taiwan[67] - TSMC deployed 288 distinct process technologies and manufactured 11,878 products for 522 customers in 2024[67] - The company provides a broad range of advanced, specialty, and advanced packaging technology services[67] - TSMC's 2023 Annual Report on Form 20-F was filed with the SEC on April 18, 2024[69] - The company undertakes no obligation to update any forward-looking statement unless required by law[69]

Financial Performance - Total non-interest revenues for Q1'25 were $12,798 million, a 6% increase year-over-year compared to $12,032 million in Q1'24[1] - Net income for Q1'25 reached $2,584 million, reflecting a 6% increase from $2,437 million in Q1'24[1] - Total consolidated revenues for Q1'25 reached $16,967 million, a 7% increase from Q1'24's $15,801 million[13] - Non-interest revenues in Q1'25 were $12,798 million, up 6% from $12,032 million in Q1'24[13] - The net interest income for U.S. Consumer Services in Q1'25 was $3,006 million, reflecting a 10% increase from $2,733 million in Q1'24[15] - Net interest income increased by 30% to $770 million compared to Q1'24[16] - Total revenues net of interest expense reached $4,035 million, up 7% from the previous year[16] - International Card Services reported non-interest revenues of $2,646 million, a 9% increase year-over-year[17] - Total revenues net of interest expense for International Card Services were $2,936 million, an 8% increase from Q1'24[17] Assets and Loans - Card Member loans, less reserves, increased by 10% year-over-year to $133,611 million in Q1'25 from $121,348 million in Q1'24[3] - Total assets grew by 5% year-over-year to $282,244 million in Q1'25, up from $269,261 million in Q1'24[3] - Card Member loans totaled $139,203 million in Q1'25, marking a 10% increase from $126,619 million in Q1'24[9] - Total loans increased by 13% to $31,240 million compared to Q1'24[16] - Average Card Member loans reached $138,457 million in Q1'25, up from $124,720 million in Q1'24, representing an increase of 11%[21] Expenses and Provisions - Total expenses for Q1'25 were $12,487 million, a 10% increase compared to $11,387 million in Q1'24[1] - Total provisions for credit losses decreased by 9% year-over-year to $1,150 million in Q1'25 from $1,269 million in Q1'24[1] - Total provisions for credit losses decreased by 7% to $329 million year-over-year[16] - Total provisions for credit losses in International Card Services were $192 million, a 5% increase compared to the previous year[17] - Total provisions for credit losses were $2 million in Q1'25, compared to $6 million in Q1'24, indicating a significant improvement[18] Shareholder Returns - Cash dividends declared per common share increased by 17% to $0.82 in Q1'25 from $0.70 in Q1'24[1] - Return on average equity for Q1'25 was 33.6%, slightly down from 34.3% in Q1'24[3] - The company reported a pretax segment income of $990 million in Q1'25, down 3% from $1,017 million in Q1'24[18] - Net income for Q1'25 was impacted by $18 million allocated to participating share awards and $14 million in preferred share dividends[15] Card Member Metrics - Network volumes for Q1'25 reached $439.6 billion, a 5% year-over-year increase from $419.2 billion in Q1'24[5] - Billed business in Q1'25 was $387.4 billion, reflecting a 6% increase compared to $367.0 billion in Q1'24[5] - The average fee per card rose to $111 in Q1'25, a 13% increase from $98 in Q1'24[5] - Proprietary new cards acquired in Q1'25 were 3.4 million, consistent with Q1'24[5] - The number of proprietary cards-in-force increased by 5% year-over-year, reaching 46.8 million in Q1'25[15] - Average proprietary basic Card Member spending was $5,014 in Q1'25, a 1% increase from $4,962 in Q1'24[15] Credit Quality - The net write-off rate for Card Member loans was 2.4% in Q1'25, up from 2.3% in Q1'24[9] - The net write-off rate for principal and fees was 0.8% in Q1'25, down from 1.5% in Q1'24[15] - Credit loss reserves for other loans ended at $244 million in Q1'25, a 79% increase from $136 million in Q1'24[11] - The reserve as a percentage of Card Member loans was 4.0% in Q1'25, slightly down from 4.2% in Q1'24[9] Interest Income and Yield - Interest income rose to $1,202 million in Q1'25, reflecting a 20% year-over-year growth[16] - Net interest yield on average Card Member loans was 12.2% in Q1'25, consistent with 12.2% in Q1'24[21] - Interest expense primarily represents costs associated with maintaining the corporate liquidity pool and funding Card Member receivables[15] - Interest income is primarily derived from Other loans, interest-bearing deposits, and fixed income investment portfolios[15]

VIE Structure and Regulatory Risks - As of December 31, 2024, the VIEs collectively held 34.2% of the company's cash, cash equivalents, and restricted cash, and 10.9% of total assets[31]. - Revenues contributed by the VIEs accounted for 0.8% of total net revenues for the fiscal years 2022, 2023, and 2024[31]. - The VIEs and their subsidiaries owned approximately 2%, 5%, and 13% of the company's issued patents, registered trademarks, and copyrights to software programs, respectively, as of December 31, 2024[31]. - The company operates primarily through its PRC subsidiaries and VIEs, relying on contractual arrangements to direct activities and receive economic benefits[30]. - The company faces unique risks associated with its VIE structure, including potential regulatory changes that could affect the enforceability of contractual arrangements[35]. - The company has not received any formal inquiry or sanction from PRC authorities regarding its historical issuance of securities to foreign investors[41]. - The company is subject to evolving PRC laws and regulations, including those related to cybersecurity and data privacy, which could materially affect its operations[39]. - The company must obtain various licenses and permits for its operations, including those for real estate brokerage and value-added telecommunication services[40]. - The company’s holding structure may limit its ability to offer securities to investors, potentially leading to significant declines in the value of its ADSs[39]. - The PCAOB has not issued any new determination that it is unable to inspect or investigate completely registered public accounting firms headquartered in any jurisdiction as of the date of the annual report[42]. - If identified as a Commission-Identified Issuer for two consecutive years, the company would be subject to trading prohibitions under the HFCAA[43]. - The company does not expect to be identified as a Commission-Identified Issuer after filing the annual report on Form 20-F for the fiscal year ended December 31, 2022 or 2023[42]. - The VIEs may transfer cash to the WFOEs by paying service fees based on 100% of the balance of the gross consolidated profits after certain deductions[49]. - The company has not made any dividends or distributions to the Parent by its subsidiaries for the years ended December 31, 2022, 2023, and 2024[50]. - The company is legally required to monitor and verify property listings to ensure compliance with PRC laws, which is critical for maintaining trust with customers[91]. - The company may face regulatory investigations or penalties if it fails to maintain the quality and authenticity of property listings[91]. - The PRC anti-monopoly regulators have strengthened enforcement, which could impact the company's operations and compliance costs[97]. - The maximum fines for illegal concentration of business operators can reach up to 10% of the previous year's sales revenue[101]. - The company is subject to risks associated with potential changes in PRC regulations affecting its VIE structure[207]. - The contractual arrangements with VIEs are governed by PRC law, which may lead to uncertainties in enforcement and potential adverse effects on the company's ability to direct VIE activities and receive economic benefits[216]. - Conflicts of interest may arise with certain shareholders of the VIEs, potentially impacting the company's ability to enforce contractual arrangements and receive timely payments[217]. - The company may invoke equity pledge agreements to enforce shareholder obligations, but reliance on legal proceedings could disrupt business operations and introduce uncertainty[218]. - Personal disputes involving VIE shareholders could adversely affect equity interests and the enforceability of contractual arrangements, leading to potential loss of control over VIEs[219]. - PRC tax authorities may scrutinize contractual arrangements, and any findings of non-compliance could result in increased tax liabilities and penalties for the VIEs, adversely affecting the company's financial position[220]. - Bankruptcy or liquidation of VIEs could result in loss of access to material assets necessary for business operations, significantly impacting the company's financial condition[221]. - The evolving interpretation of the PRC Foreign Investment Law may affect the viability of the company's corporate structure and operations, particularly regarding foreign investment restrictions[222]. - Changes in China's economic, political, or social conditions could materially impact the company's business operations and financial results, as revenues are primarily derived from China[224]. - The PRC government's oversight and discretion over business operations may lead to material adverse changes in operations and the value of the company's securities[230]. - Recent regulatory changes regarding overseas listings and foreign investment may hinder the company's ability to conduct future financing activities, potentially affecting the value of its securities[231]. Financial Performance and Cash Flow - As of December 31, 2024, total assets amounted to RMB 133,149,283 thousand, an increase from RMB 120,331,931 thousand as of December 31, 2023[57][58]. - Cash and cash equivalents decreased from RMB 19,634,716 thousand in 2023 to RMB 11,442,965 thousand in 2024, representing a decline of approximately 41.6%[57][58]. - Total current liabilities increased to RMB 52,744,258 thousand in 2024 from RMB 39,523,983 thousand in 2023, reflecting a rise of about 33.4%[57][58]. - Total shareholders' equity remained stable at RMB 71,447,995 thousand in 2024 compared to RMB 72,201,105 thousand in 2023[57][58]. - Short-term investments rose to RMB 41,317,700 thousand in 2024 from RMB 34,257,958 thousand in 2023, indicating an increase of approximately 20.5%[57][58]. - Total non-current assets decreased to RMB 56,545,938 thousand in 2024 from RMB 50,578,308 thousand in 2023, a decline of about 11.8%[57][58]. - The amount due from Group companies increased significantly to RMB 87,092,970 thousand in 2024 from RMB 72,894,425 thousand in 2023, marking an increase of approximately 19.4%[57][58]. - Total liabilities increased to RMB 61,701,288 thousand in 2024 from RMB 48,130,826 thousand in 2023, reflecting a rise of about 28.2%[57][58]. - Restricted cash increased from RMB 6,222,745 thousand in 2023 to RMB 8,858,449 thousand in 2024, representing an increase of approximately 42.5%[57][58]. - The total current assets decreased to RMB 76,603,345 thousand in 2024 from RMB 69,753,623 thousand in 2023, a decline of about 9.5%[57][58]. - Total net revenues for the year ended December 31, 2024, reached RMB 93,457,498 thousand, a significant increase from RMB 77,776,932 thousand in 2023, representing a growth of approximately 20%[60]. - Gross profit for 2024 was RMB 22,944,055 thousand, up from RMB 21,718,014 thousand in 2023, indicating a year-over-year increase of about 5.6%[60]. - Net income attributable to KE Holdings Inc. for 2024 was RMB 4,064,900 thousand, compared to RMB 5,883,224 thousand in 2023, reflecting a decrease of approximately 30.8%[60]. - Operating cash flow from third parties for 2024 amounted to RMB 9,447,137 thousand, a notable increase from RMB 2,971,131 thousand in 2023[64]. - Cash flows from investing activities in 2024 resulted in a net outflow of RMB 9,378,025 thousand, compared to a net inflow in 2023, indicating a shift in investment strategy[64]. - The company reported a total cost of revenues of RMB 70,513,443 thousand for 2024, which is an increase from RMB 56,058,918 thousand in 2023, marking a rise of approximately 25.8%[60]. - The share of income from subsidiaries for 2024 was RMB 3,734,104 thousand, compared to RMB 5,883,224 thousand in 2023, indicating a decline of about 36.5%[60]. - The company experienced a significant increase in operating expenses, which totaled RMB 19,179,088 thousand in 2024, compared to RMB 16,920,944 thousand in 2023, reflecting a rise of approximately 7.4%[60]. - Operating cash flow from third parties for the year ended December 31, 2023, was RMB 11,414,244 thousand, an increase from RMB 8,518,843 thousand in 2022, representing a growth of approximately 34.5%[65]. - Net cash provided by operating activities for 2023 was RMB 11,414,244 thousand, compared to RMB 8,518,843 thousand in 2022, indicating a significant increase of approximately 34.5%[66]. - Cash flows from investing activities resulted in a net outflow of RMB 3,977,440 thousand in 2023, compared to an outflow of RMB 8,472,355 thousand in 2022, showing an improvement of approximately 53%[66]. - The company reported a net cash used in financing activities of RMB 7,218,210 thousand for 2023, compared to RMB 1,213,082 thousand in 2022, reflecting a significant increase in financing outflows[66]. - The total cash, cash equivalents, and restricted cash at the end of 2023 was RMB 25,857,461 thousand, up from RMB 25,594,259 thousand at the end of 2022, representing a slight increase of approximately 1%[66]. - Investment in subsidiaries and net assets of VIEs increased to RMB 70,866,589 thousand by December 31, 2023, from RMB 59,780,970 thousand at the end of 2022, marking an increase of approximately 18.5%[69]. - The share of income from subsidiaries for 2023 was RMB 3,734,104 thousand, compared to RMB 5,618,262 thousand in 2022, indicating a decrease of approximately 33.4%[69]. - The company incurred share-based compensation costs of RMB 2,726,075 thousand for subsidiaries and VIEs in 2023, compared to RMB 3,215,549 thousand in 2022, reflecting a decrease of approximately 15.2%[69]. - The cash paid for business combinations in 2023 was RMB 9,893 thousand, a decrease from RMB 3,147,760 thousand in 2022, indicating a significant reduction in acquisition-related expenditures[66]. - The effect of exchange rate changes on cash and cash equivalents resulted in a net increase of RMB 44,608 thousand in 2023, compared to an increase of RMB 28,644 thousand in 2022, showing a positive trend in currency impact[66]. - The company incurred a net loss of RMB1,397 million in 2022 but generated net incomes of RMB5,890 million in 2023 and RMB4,078 million (US$559 million) in 2024[119]. - The company expects to continue incurring costs and operating expenses to support anticipated future growth, which may exceed expectations[119]. - The company’s business is sensitive to economic conditions, with potential adverse effects from a severe or prolonged downturn in the global or Chinese economy[120]. - Labor costs in the PRC are expected to continue increasing, which may adversely affect the company's profitability if these costs cannot be passed on to customers[191]. - Certain PRC subsidiaries have failed to make full social insurance and housing fund contributions, which could lead to fines and adversely affect the company's financial condition[192]. - The company has historically hired dispatched workers, and exceeding the 10% limit of dispatched workers could result in fines and operational challenges[193]. Market Conditions and Competitive Landscape - The housing-related industry in China has experienced a slowdown, affecting transaction volumes and prices, which may adversely impact the company's financial performance[78]. - The PRC government has implemented various measures to stabilize the housing market, including easing restrictions on residential property purchases and reducing mortgage rates[82]. - In 2023, the company reduced commission rates for existing home transactions in Beijing, splitting fees equally between sellers and buyers[83]. - The company's business is sensitive to economic conditions, and a prolonged downturn in the global or Chinese economy could materially affect its financial condition[75]. - The company faces increasing competition in the housing transactions and services industry, which could lead to declining market share and commission rates[157]. - The company derives a substantial portion of its revenues from major cities, particularly Beijing and Shanghai, exposing it to market risks[161]. - The company may face competition from related parties, such as Ziroom, in the home rental services sector[158]. - Expansion into new geographical areas poses risks due to varying housing market conditions and potential competition from established local players[176]. Strategic Initiatives and Business Development - The company launched its home renovation and furnishing services, Beiwoo, in April 2020, and completed the acquisition of Shengdu in April 2022[93]. - The corporate strategy was upgraded to "One Body, Three Wings" in 2023, adding the Beihaojia business to facilitate supply-side upgrades for new homes[93]. - The company has expanded into new service categories, including home renovation and furnishing, and launched its Beihaojia business, which focuses on upgrading new homes[172]. - The Beihaojia business primarily provides C2M product solutions for real estate developers, leveraging extensive data accumulation, but market acceptance remains uncertain[173]. - The company has upgraded its corporate strategy to "One Body, Three Wings," adding Beihaojia as a third wing, although this business model is still in its early stages[172]. - The company may incur additional costs due to project delays caused by factors such as labor shortages and material delivery delays[128]. - The company is subject to risks associated with maintaining relationships with real estate developers, which are critical for new property listings[125]. - The company’s home renovation and furnishing services are exposed to risks related to project cost overruns and quality issues[127]. - The company may be required to pay damages for breach of contract if it fails to renew agreements with landlords on satisfactory terms[134]. - The company relies on a large number of business partners, including real estate developers and financial institutions, to provide quality services, and any failure on their part could materially impact the company's reputation and financial condition[146]. - The company faces significant risks associated with strategic alliances, investments, or acquisitions, which may not yield expected results and could adversely affect financial performance[147]. Compliance and Internal Controls - The company has maintained a comprehensive data protection program and implemented strict internal policies to ensure compliance with data protection regulations[116]. - As of the date of the annual report, there had been no material incidents of data leakage or regulatory sanctions against the company[116]. - The PRC Data Security Law, effective September 2021, requires security reviews for data activities that may affect national security[111]. - The company is subject to various anti-corruption laws, and violations could adversely affect its reputation and financial condition[169]. - The company does not maintain business interruption insurance or key-man insurance, which could expose it to significant costs and disruptions[186]. - The company has concluded that its internal control over financial reporting was effective as of December 31, 2024, but failure to maintain this could lead to loss of investor confidence[200]. - The company may need additional capital for growth and operations, and may face challenges in obtaining this capital on acceptable terms[201]. - The company is subject to new internet advertising regulations effective May 1, 2023, which may impose additional compliance obligations and operational costs[196]. - Violations of advertising laws could result in penalties, including fines up to RMB2 million, which may adversely affect the company's financial condition[197]. - The company may face legal and regulatory proceedings that could materially affect its business and financial condition[165]. Intellectual Property and Data Management - The company’s intellectual property rights are essential for its competitive position, and failure to protect these rights could lead to significant business risks[149]. - The validity and enforceability of intellectual property rights in internet-related industries in China are evolving, increasing the risk of infringement claims against the company[155]. - The company generates and processes a large amount of data, facing risks related to cybersecurity and data privacy compliance[105]. - Regulatory authorities globally are considering new data protection laws, which could impose additional compliance costs on the company[117].

Financial Performance - GAAP Net Income for Q1 2025 was $1.2 billion, with Net Income Attributable to Blackstone Inc. at $615 million[11]. - Total Revenues for Q1 2025 were $3.29 billion, a decrease from $3.69 billion in Q1 2024[12]. - Distributable Earnings for Q1 2025 reached $1,410,805 thousand, representing an 11% increase compared to Q1 2024[70]. - The company reported a net income per share of $0.80 for Q1 2025, down from $1.12 in Q1 2024[77]. - Total expenses rose to $1,894,432 in Q1 2025, an increase of 5.8% from $1,790,407 in Q1 2024[77]. - Adjusted EBITDA for Q1 2025 was $1,738,711, up from $1,577,216 in Q1 2024, representing a growth of 10.2%[78]. - The actual dividend per common share for Q1 2025 was $0.93, a 12% increase from the previous quarter[71]. Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $1.167 trillion, with Fee-Earning AUM at $860.1 billion[14]. - Total AUM increased to $1,167.5 billion, up 10% year-over-year, with inflows of $61.6 billion in the quarter and $199.1 billion over the LTM[26]. - As of March 31, 2025, Blackstone reported a total Fee-Earning AUM of $860.07 billion, reflecting a 4% increase from the previous year[49]. - Total AUM for Multi-Asset Investing increased by 12% to $87.8 billion with inflows of $3.4 billion in the quarter[44]. Inflows and Deployments - Blackstone reported inflows of $62 billion in Q1 2025, the highest level in nearly three years[2]. - The company deployed $36.4 billion in Q1 2025, with realizations of $25.5 billion during the same period[14]. - Inflows for Real Estate were $6.2 billion in the quarter and $26.0 billion over the LTM, with capital deployed of $5.2 billion in the quarter[35]. - Private Equity total AUM increased 16% to $371.0 billion, with inflows of $21.7 billion in the quarter and $55.6 billion over the LTM[38]. Performance Metrics - Private Credit net returns were 2.0% for 1Q'25 and 10.8% for 1Q'25 LTM; Liquid Credit net returns were 0.4% for 1Q'25 and 6.9% for 1Q'25 LTM[20]. - Realized Performance Revenues surged by 506% to $91.6 million in 1Q'25 compared to 1Q'24, and increased by 88% to $389.6 million over the LTM[40]. - Fee Related Earnings (FRE) for Q1 2025 were $1.3 billion ($1.03/share), with Distributable Earnings (DE) at $1.4 billion ($1.09/share)[14]. - Total Management and Advisory Fees, Net reached $1.89 billion in 1Q'25, reflecting a growth from $1.71 billion in 1Q'24[47]. Shareholder Returns - Blackstone declared a quarterly dividend of $0.93 per share, payable on May 5, 2025[3]. - The remaining available authorization for share repurchase was $1.8 billion as of March 31, 2025[74]. - Blackstone repurchased 0.2 million common shares in Q1 2025, totaling 3.5 million shares over the last twelve months[14]. Market Conditions and Strategy - The company is well-positioned with $177 billion of dry powder to deploy in the current market environment[2]. - The company expects current market activity to impact reported results in upcoming quarters, indicating a focus on adapting to market conditions[105]. - Forward-looking statements reflect the company's current views on operations, earnings, and financial performance, subject to various risks and uncertainties[111]. Investment Performance - Total investments as of March 31, 2025, amount to $58.92 billion, with a net IRR of 10%[62]. - Total net returns for the levered and unlevered funds of the European Senior Debt II strategy were 14% and 8%, respectively[65]. - Blackstone's GP/Fund Investments as of March 31, 2025, included $594 million in Real Estate, $1.5 billion in Private Equity, $988 million in Credit & Insurance, and $113 million in Multi-Asset Investing[104].

Revenue Contribution and Financial Performance - Revenues contributed by the VIE accounted for 96.5%, 95.6%, and 94.1% of total net revenues for the fiscal years 2022, 2023, and 2024, respectively[26]. - The VIE settled a total amount of RMB6,863.4 million, RMB5,530.3 million, and RMB4,622.5 million (US$633.3 million) for services provided by subsidiaries in the years ended December 31, 2022, 2023, and 2024, respectively[38]. - For the year ended December 31, 2024, consolidated third-party revenues amounted to RMB 6,079,115 thousand, a decrease from RMB 6,994,328 thousand in 2023[46]. - The net loss for the year ended December 31, 2024, was RMB 47,955 thousand, compared to a net loss of RMB 204,519 thousand in 2023[46]. - The company reported inter-company revenues of RMB 4,642,018 thousand for the year ended December 31, 2024, down from RMB 5,534,256 thousand in 2023[46]. - VIE service fees charged to the VIE and its subsidiaries were RMB 4,622.5 million for the year ended December 31, 2024, compared to RMB 5,530.3 million in 2023[49]. - The total shareholders' equity as of December 31, 2024, was RMB 7,550,679 thousand, indicating the company's financial health[48]. - The company incurred net losses of RMB 547.7 million, RMB 204.5 million, and RMB 48.0 million (US$6.6 million) in 2022, 2023, and 2024 respectively[116]. Dividend Policy and Cash Management - A special cash dividend of US$0.66 per ordinary share, totaling approximately US$150 million, was declared on March 19, 2024, and another special cash dividend of US$1.08 per ordinary share, totaling approximately US$250 million, was declared on August 13, 2024[40]. - The 2025 Cash Dividend is expected to be approximately US$340 million, with payment anticipated on or around June 30, 2025[40]. - Expected dividends for 2026 and 2027 are anticipated to be no less than US$30 million each year[40]. - HUYA Inc. has established a centralized cash management policy to improve efficiency and security of cash management across its subsidiaries and the VIE[37]. - The ability of HUYA Inc. to pay dividends depends on dividends paid by its subsidiaries in mainland China and service fees from the VIE[34]. - As of December 31, 2023, advances to subsidiaries in mainland China amounted to RMB51.0 million (US$5.2 million)[36]. Regulatory Environment and Risks - The regulatory environment in mainland China poses risks to the enforceability of contractual arrangements with the VIE, potentially affecting financial performance[28]. - The VIE's ability to pay dividends is restricted as HUYA Inc. does not own any equity interest in the VIE[34]. - The company is subject to intensified government regulations in mainland China, which could restrict user traffic and spending on its platform[59]. - The company must maintain compliance with various regulatory requirements, including obtaining necessary licenses, to avoid penalties that could disrupt operations[89]. - The company may face penalties if it fails to obtain or maintain required licenses or approvals, which could disrupt operations and adversely affect financial condition[95]. - The company is subject to new advertising regulations in China, which could impact its relationships with advertisers and result in fines[111]. - The company may face potential penalties from the Chinese government, including revocation of business licenses and fines, which could adversely affect operations[222]. Strategic Transformation and Market Position - The company is undergoing a strategic transformation to expand its presence in the gaming industry, which may impact future profitability[59]. - The company is undertaking a strategic transformation to expand its presence in the game industry with a three-year plan from 2023 to 2025, focusing on game distribution, in-game item sales, and game advertising[79]. - The company aims to increase the proportion of revenues from game-related services and achieve a more balanced revenue mix across the value chain, which may cause volatility in near-term results[80]. - The company is expanding its content offerings beyond gaming to include other entertainment genres, responding to user interests and trends[77]. - The company has made significant investments in technology updates to remain competitive in the live streaming market[196]. User Engagement and Competition - The company faces significant risks related to user engagement and competition, which could adversely affect its business and financial condition[59]. - In 2024, the company experienced a decline in average mobile MAUs and average quarterly paying users compared to 2023[67]. - The company relies on its broadcasters and talent agencies to create high-quality content, and failure to attract or retain them may adversely impact user engagement and financial results[78]. - The company has entered into multi-year cooperation agreements with popular broadcasters, but risks losing them if they breach agreements or choose not to renew[70]. - The company’s profitability is influenced by external factors such as market conditions, regulatory trends, and competition in the live streaming sector[117]. Intellectual Property and Legal Risks - The company faces risks associated with intellectual property infringement claims, which could result in substantial damages and affect its reputation[141]. - The implementation of intellectual property laws in mainland China is evolving, which may not provide adequate protection for the company's rights[175]. - A local court ordered the company to pay RMB20 million in damages for copyright infringement related to a mobile game, although the company successfully appealed the judgment in June 2023[136]. - The company may face legal sanctions, including potential suspension or revocation of operating licenses, due to content displayed on its platform[130]. Financial Condition and Operational Challenges - The company is sensitive to economic conditions, with potential adverse effects from a severe or prolonged downturn in the global or Chinese economy[180]. - The company may experience increased costs and operational challenges as it scales its technology and infrastructure to meet user demands[151]. - The company has limited control over telecommunication service providers, and any significant price increases could adversely affect financial results[162]. - The company relies on third-party services and technologies, which if disrupted, could negatively impact user growth and financial performance[155]. - The company processes transactions through third-party online payment systems, and any security breaches could lead to a decline in user confidence and negatively affect operations[157]. Data Security and Compliance - The company generates and processes a large amount of data, facing challenges related to data security and compliance with privacy laws[189]. - The evolving regulatory environment in mainland China regarding data security may require stricter measures for data protection[190]. - The company has not been involved in any formal investigations on cybersecurity review as of the date of the annual report[192]. - If classified as a critical information infrastructure operator, the company may face additional obligations under cybersecurity laws[192]. Shareholder Influence and Corporate Governance - Tencent holds 95.4% voting power in the company, which may influence shareholder actions and decisions[206]. - Tencent owns more than 50% of the total voting power for the election of directors, classifying the company as a "controlled company" under NYSE regulations[214]. - The company may face challenges in maintaining cooperative relationships with Tencent, which could impact its business operations[212].