Earnings release
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- 1 - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. GUANGZHOU AUTOMOBILE GROUP CO., LTD. ʮ ̡ (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2238) OVERSEAS REGULATORY ANNOUNCEMENT 2025 FIRST QUARTERLY REPORT This first quarterly report is published by Guangzhou Automobile Group Co., Ltd. (the “Company”) pursuant to Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The first quarterly results of the Company and its subsidiaries (the “Group”) contained in this report have been prepared under the China Accounting Standards for Business Enterprises and are unaudited. The original text of this report is in Chinese. IMPORTANT NOTICE (I) The board of directors (the “Board”), the supervisory committee and the directors, supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of the contents contained herein, that there are no false representations or misleading statements contained in or material omissions from this quarterly report, and they jointly and severally accept responsibility. (II) All directors of the Company attended the Board meeting approving this quarterly report. (III) The person in charge of the Company, the person in charge of accounting function and the manager of the accounting department (Accounting Chief), hereby warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report. (IV) The first quarterly report of the Company is unaudited.
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- 2 - I. MAJOR FINANCIAL DATA (I) Major accounting data and financial indicators Unit: Yuan Currency: RMB Item Reporting period Same period of last year Increase/ decrease during the reporting period as compared with the same period of last year (%) Revenue from operations 19,649,565,831 21,346,440,113 -7.95 Net profit attributable to shareholders of the listed company -731,607,981 1,220,351,768 -159.95 Net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss -892,825,355 687,380,728 -229.89 Net cash flow from operating activities -11,209,828,031 -6,139,262,889 -82.59 Basic earnings per share (Yuan/share) -0.07 0.12 -158.33 Diluted earnings per share (Yuan/share) -0.07 0.12 -158.33 Weighted average return on net assets (%) -0.64 1.05 Decreased by 1.69 percentage points As at the end of the reporting period As at the end of last year Increase/ decrease as at the end of the reporting period as compared with the end of last year (%) Total assets 213,127,589,921 232,458,340,666 -8.32 Owners’ equity attributable to shareholders of the listed company 113,383,309,366 114,354,080,990 -0.85 Note: The “reporting period” refers to the 3-month period commencing from 1 January 2025 to 31 March 2025.
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- 3 - (II) Non-recurring profit and loss items and amounts ✓ Applicable ½ Not applicable Unit: Yuan Currency: RMB Non-recurring profit and loss item Amount for the reporting period Gains/losses on disposal of non-current assets, inclusive of provision for assets impairment write-off 6,565,503 Government grants recognised in profit or loss for the current period (except for those closely related to the Company’s normal operation subject to certain standards in compliance with government policies and regulations, having a lasting impact on the Company’s profits and losses) 110,979,574 Gains/losses from changes in fair value arising from holding financial assets and financial liabilities held by non-financial enterprises and gains/losses arising from the disposal of financial assets and financial liabilities, other than effective hedging business relating to the ordinary operations of the Company 7,122,132 Gains/losses from external entrusted loans 571,929 Profits/losses from debt restructuring 423,200 Other non-operating income and expense save as stated above -928,100 Other gain or loss items within the meaning of non-recurring gains/losses 0 Less: Impact on income tax 11,818,688 Impact on minority interests (after tax) -48,301,824 Total 161,217,374 The Company shall provide explanations for non-recurring profit and loss items that involve significant amounts not specified in Explanatory Notice for Information Disclosure of Companies with Public Offering of Securities No.1 – Non-recurring Gains/Losses (ʮѓୋ1ฦू), as well as for the non-recurring profit and loss items defined as recurring profit and loss items specified in Explanatory Notice for Information Disclosure of Companies with Public Offering of Securities No.1 – Non-recurring Gains/Losses (ʮ ѓୋ1ฦू). ½ Applicable ✓ Not applicable
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- 4 - (III) Changes in major accounting data and financial indicators and the reasons thereof ✓ Applicable ½ Not applicable Item Percentage change Main reasons (%) Net profit attributable to shareholders of the listed company -159.95 Mainly due to the year-on-year decrease in vehicle sales, and intensified competition in the vehicle market which resulted in increased promotional spending during the reporting period. Net profit attributable to shareholders of the listed company after deduction of non-recurring gain or loss -229.89 Mainly due to the combined effect of the year- on-year decrease in vehicle sales, intensified competition in the vehicle market which resulted in increased promotional spending, and the year- on-year decrease in government grants received during the reporting period. Net cash flow from operating activities -82.59 Mainly due to the combined effect of the decrease in net cash inflow as a result of lower sales volume during the reporting period. Basic earnings per share (Yuan/share) -158.33 Mainly due to the year-on-year decrease of net profit during the reporting period. Diluted earnings per share (Yuan/share) -158.33 Mainly due to the year-on-year decrease of net profit during the reporting period. Weighted average return on net assets (%) Decreased by 1.69 percentage points Mainly due to the year-on-year decrease of net profit during the reporting period.
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- 5 - II. INFORMATION ON SHAREHOLDERS (I) Table of total number of holders of ordinary shares, number of holders of preference shares with voting rights restored and shareholdings of the top ten shareholders Unit: share Total number of holders of ordinary shares as at the end of the reporting period 134,377 Total number of holders of preference shares with voting rights restored as at the end of the reporting period (if any) N/A Particulars of shareholdings of top 10 shareholders (excluding shares lent through refinancing) Name of shareholder Nature of shareholder Number of shares held Shareholding percentage Number of shares subject to trading moratorium Pledged, tagged or frozen Status of shares Number (%) Guangzhou Automobile Industry Group Co., Ltd. State-owned legal person 5,508,160,069 54.02 0 Nil 0 HKSCC NOMINEES LIMITED Overseas legal person 2,810,220,210 27.56 0 Unknown – Guangzhou Huiyin Tianyue Equity Investment Fund Management Co., Ltd. State-owned legal person 396,030,558 3.88 0 Pledged 62,095,610 Guangzhou Industrial Investment and Capital Operation Holding Group Ltd. State-owned legal person 143,973,553 1.41 0 Nil 0 Guangzhou Finance Holdings Assets Management Co., Ltd. – GFHAM Wealth Management Select No.3 Private Investment Fund Other 140,738,735 1.38 0 Nil 0 HONG Zejun Domestic natural person 131,000,000 1.28 0 Nil 0 Hong Kong Securities Clearing Company Limited Overseas legal person 100,214,491 0.98 0 Nil 0 Guangzhou Light Industry & Trade Group Co., Ltd. State-owned legal person 51,084,691 0.50 0 Nil 0 Industrial and Commercial Bank of China Limited- Huatai-Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund Other 36,251,432 0.36 0 Nil 0 China Construction Bank Corporation – E FUND CSI 300 Trading Open Index Sponsored Securities Investment Fund Other 25,331,271 0.25 0 Nil 0
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- 6 - Particulars of shareholdings of the top ten holders of tradable shares not subject to trading moratorium (excluding shares lent through refinancing) Name of shareholder Number of tradable shares not subject to trading moratorium Class of shares and number Class of share Number Guangzhou Automobile Industry Group Co., Ltd. (Note 1) 5,508,160,069 A shares, H shares 5,508,160,069 HKSCC NOMINEES LIMITED (Note 2) 2,810,220,210 Overseas listed foreign shares 2,810,220,210 Guangzhou Huiyin Tianyue Equity Investment Fund Management Co., Ltd. 396,030,558 RMB ordinary shares 396,030,558 Guangzhou Industrial Investment and Capital Operation Holding Group Ltd. 143,973,553 RMB ordinary shares 143,973,553 Guangzhou Finance Holdings Assets Management Co., Ltd. – GFHAM Wealth Management Select No.3 Private Investment Fund 140,738,735 RMB ordinary shares 140,738,735 HONG Zejun 131,000,000 RMB ordinary shares 131,000,000 Hong Kong Securities Clearing Company Limited 100,214,491 RMB ordinary shares 100,214,491 Guangzhou Light Industry & Trade Group Co., Ltd. 51,084,691 RMB ordinary shares 51,084,691 Industrial and Commercial Bank of China Limited- Huatai-Pinebridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund 36,251,432 RMB ordinary shares 36,251,432 China Construction Bank Corporation – E FUND CSI 300 Trading Open Index Sponsored Securities Investment Fund 25,331,271 RMB ordinary shares 25,331,271 Related-party relationship or concerted party relationship among the above shareholders Guangzhou Automobile Industry Group Co., Ltd., the largest shareholder of the Company, is not connected with any of the above shareholders, nor is it a party acting in concert with any of them, and it is not known to the Company whether other shareholders are connected with each other or whether they are parties acting in concert. Description of involvement in securities margin financing, short selling and refinancing (if any) by top ten shareholders and top ten holders of shares not subject to trading moratorium Guangzhou Huiyin Tianyue Equity Investment Fund Management Co., Ltd. holds 325,157,948 shares of the Company through credit account, and HONG Zejun holds 131,000,000 shares of the Company through credit account. Note 1: Guangzhou Automobile Industry Group Co., Ltd. held 5,206,932,069 A shares of the Company in total, representing approximately 70.52% of the A shares of the Company. At the same time, it held 301,228,000 H shares of the Company through Southbound Trading of Shanghai – Hong Kong Stock Connect and its wholly-owned subsidiary in Hong Kong, Guangzhou Auto Group (Hong Kong) Limited, representing approximately 10.71% of the H shares of the Company. The total number of A and H shares of the Company held by Guangzhou Automobile Industry Group Co., Ltd. was therefore 5,508,160,069 shares, representing approximately 54.02% of the total share capital of the Company; Note 2: H shares held by HKSCC NOMINEES LIMITED are held on behalf of a number of clients. H shares of the Company held by Guangzhou Auto Group (Hong Kong) Limited are also registered in trust with HKSCC NOMINEES LIMITED.
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- 7 - The particulars of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of shares not subject to trading moratorium participating in refinancing and share lending ½ Applicable ✓ Not applicable Changes in the top 10 shareholders and the top 10 shareholders of shares not subject to trading moratorium from the previous period due to lending/repayment of refinancing ½ Applicable ✓ Not applicable III. OTHER REMINDERS Other important information about the Company’s operations during the reporting period that should be brought to the attention of investors ½ Applicable ✓ Not applicable IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinion ½ Applicable ✓ Not applicable
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- 8 - (II) Financial statements Consolidated Balance Sheet 31 March 2025 Prepared by: Guangzhou Automobile Group Co., Ltd. Unit: Yuan Currency: RMB Type of audit: unaudited Item 31 March 2025 31 December 2024 Current assets: Monetary fund 38,356,495,606 51,623,670,169 Trading financial assets 2,049,255,264 2,558,787,228 Bills receivables 335,887,574 80,265,496 Trade receivables 4,067,693,726 3,352,938,658 Financing receivables 1,408,115,999 1,506,478,940 Prepayments 1,589,773,051 1,507,211,222 Other receivables 2,704,241,175 2,779,719,512 Including: Interests receivable 0 0 Dividends receivable 98,857,653 122,726,889 Inventories 18,916,475,348 15,688,476,438 Including: data resources Contract assets 43,755,336 18,789,530 Assets held for sale 1,360,783 1,360,783 Non-current assets due within one year 4,105,451,650 8,992,492,511 Other current assets 21,886,187,479 23,915,858,779 Total current assets 95,464,692,991 112,026,049,266
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- 9 - Item 31 March 2025 31 December 2024 Non-current assets: Loans and advances granted 293,479,714 307,738,079 Debt investments 192,882,802 173,961,134 Other debt investments 8,165,752,790 8,865,651,775 Long-term receivables 23,849,759 6,812,683,071 Long-term equity investments 34,774,354,540 30,099,842,301 Other investments in equity instruments 2,906,474,645 2,850,614,591 Other non-current financial assets 2,049,168,708 1,972,041,643 Investment properties 907,703,777 984,352,878 Fixed assets 25,661,985,018 25,251,591,046 Construction in progress 2,501,442,991 2,766,246,086 Right-of-use assets 2,121,102,529 2,145,646,319 Intangible assets 20,220,239,658 19,352,307,504 Including: data resources Development expenses 4,592,595,844 4,916,498,880 Including: data resources Goodwill 71,111,856 71,111,856 Long-term deferred expenditures 456,360,951 1,078,108,192 Deferred income tax assets 5,888,687,307 5,777,101,199 Other non-current assets 6,835,704,041 7,006,794,846 Total non-current assets 117,662,896,930 120,432,291,400 Total assets 213,127,589,921 232,458,340,666 Current liabilities: Short-term borrowings 15,209,312,070 16,577,457,427 Bills payables 12,309,694,760 14,066,761,740 Trade payables 18,277,972,159 21,429,012,845 Receipts in advance 0 0 Contractual liabilities 2,873,634,723 2,573,114,733 Deposit taking and deposit in interbank market 6,097,157,926 5,395,428,538 Staff remuneration payable 2,982,148,767 4,124,271,845 Taxes payable 1,009,905,723 1,487,108,422 Other payables 11,563,778,026 13,201,810,076 Including: Interests payable Dividends payable Non-current liabilities due within one year 971,163,822 7,986,825,500 Other current liabilities 5,244,226,572 3,614,689,654 Total current liabilities 76,538,994,548 90,456,480,780
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- 10 - Item 31 March 2025 31 December 2024 Non-current liabilities: Long-term borrowings 7,942,800,799 11,514,170,281 Debentures payable 499,558,607 0 Including: Preference shares Perpetual bonds Lease liabilities 2,045,763,582 1,727,522,415 Long-term payables 18,885,074 0 Long-term staff remuneration payable 111,274,263 113,414,236 Estimated liabilities 1,800,032,345 1,326,752,410 Deferred income 2,917,492,987 2,880,270,452 Deferred income tax liabilities 576,108,410 579,743,779 Other non-current liabilities 239,796,769 2,083,404,252 Total non-current liabilities 16,151,712,836 20,225,277,825 Total liabilities 92,690,707,384 110,681,758,605 Owners’ equity (or shareholders’ equity): Paid-in capital (or share capital) 10,197,065,900 10,341,518,250 Other equity instruments Including: Preference shares Perpetual bonds Capital reserve 40,819,196,001 41,158,832,412 Less: Treasury stock 104,385,983 518,497,000 Other comprehensive income -101,091,729 36,504,532 Special reserve 99,211,275 76,879,421 Surplus reserve 5,498,401,539 5,498,401,539 General risk provision 681,695,756 681,695,756 Undistributed profit 56,293,216,607 57,078,746,080 Total owners’ equity (or shareholders’ equity) attributable to the parent company 113,383,309,366 114,354,080,990 Minority interests 7,053,573,171 7,422,501,071 Total owners’ equity (or shareholders’ equity) 120,436,882,537 121,776,582,061 Total liabilities and owners’ equity (or shareholders’ equity) 213,127,589,921 232,458,340,666 Person in charge of the Company: FENG Xingya Principal accounting responsible person: WANG Dan Manager of the accounting department: ZHENG Chao
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- 11 - Consolidated Income Statement From January to March 2025 Prepared by: Guangzhou Automobile Group Co., Ltd. Unit: Yuan Currency: RMB Type of audit: unaudited Item First quarter of 2025 First quarter of 2024 I. Total revenue from operations 19,879,060,566 21,566,434,255 Including: Revenue from operations 19,649,565,831 21,346,440,113 Interest income 229,494,735 219,994,142 II. Total cost of operations 22,571,979,189 23,060,417,964 Including: Cost of operations 19,607,891,228 19,965,362,628 Interest expenses 31,403,164 34,394,912 Taxes and surcharges 455,369,953 579,380,063 Selling expenses 1,253,657,083 1,133,343,736 Management expenses 1,116,501,552 1,023,728,993 Research and development expenses 377,063,305 375,358,538 Financial expenses -269,907,095 -51,150,906 Including: Interests expenses 172,164,424 134,457,158 Interest income 126,871,351 188,465,532 Add: Other income 209,281,134 673,465,120 Gains on investment (loss is represented by “-”) 1,173,887,039 1,844,213,711 Including: Ga ins from investment in associated companies and joint ventures 1,094,028,231 1,817,623,022 In come from derecognition of financial assets at amortised cost Foreign exchange gains (loss is represented by “-”) Ne t gains from hedging exposure (loss is represented by “-”) Ga ins on change in fair value (loss is represented by “-”) 59,876,008 -8,300,444 Impairment loss of credit (loss is represented by “-”) -10,817,148 -95,072,595 Impairment loss of assets (loss is represented by “-”) -21,481,281 3,807,186 Ga ins on disposal of assets (loss is represented by “-”) 6,573,583 36,531,502 III. Operating profit (loss is represented by “-”) -1,275,599,288 960,660,771 Add: Non-operating income 4,230,998 6,999,127 Less: Non-operating expenses 5,249,153 -2,027,300
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- 12 - Item First quarter of 2025 First quarter of 2024 IV. Total profit (total loss is represented by “-”) -1,276,617,443 969,687,198 Less: Income tax expenses -175,510,918 -122,475,668 V. Net profit (net loss is represented by “-”) -1,101,106,525 1,092,162,866 (I) Classified by continuity of operations 1. Net profit from continuing operations (net loss is represented by “-”) -1,101,106,525 1,092,162,866 2. Net profit from discontinued operations (net loss is represented by “-”) (II) Classified by ownership of the equity 1. Net profit attributable to shareholders of the parent company (net loss is represented by “-”) -731,607,981 1,220,351,768 2. Minority interests (net loss is represented by “-”) -369,498,544 -128,188,902 VI. Other comprehensive income (net of tax) -143,094,006 77,101,720 (I) Other comprehensive income (net of tax) attributable to owners of the parent company -137,596,261 70,314,422 1. Other comprehensive income that cannot be reclassified into profit or loss -139,544,108 7,928,984 (1) Changes arising from the remeasurement of defined benefit plans (2) Other comprehensive income not to be reclassified to profit or loss under the equity method (3) Changes in fair value arising from other equity instrument investments -139,544,108 7,928,984 (4) Changes in fair value arising from corporate credit risk
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- 13 - Item First quarter of 2025 First quarter of 2024 2. Other comprehensive income to be reclassified into profit or loss 1,947,847 62,385,438 (1) Other comprehensive income to be reclassified into profit or loss under the equity method 1,581,244 (2) Change in fair value of other debt investments -32,311,606 40,985,283 (3) Financial assets reclassified into other comprehensive income (4) Credit impairment provision for other debt instruments -1,453,763 (5) Reserve for cash flow hedging (6) Exchange differences on foreign currency financial statements translation 34,131,972 21,400,155 (7) Others (II) Other comprehensive income (net of tax) attributable to minority interests -5,497,745 6,787,298 VII. Total comprehensive income -1,244,200,531 1,169,264,586 (I) Total comprehensive income attributable to the owners of the parent company -869,204,242 1,290,666,190 (II) Total comprehensive income attributable to minority interests -374,996,289 -121,401,604 VIII. Earnings per share: (I) Basic earnings per share (Yuan/share) -0.07 0.12 (II) Diluted earnings per share (Yuan/share) -0.07 0.12 Pursuant to the “Interpretation No. 18 of the Accounting Standards for Business Enterprises” (༆ᙑୋ18) (Cai Kuai [2024] No. 24 ( ৌึ[2024]24 )) issued by the Ministry of Finance of the People’s Republic of China on 6 December 2024, the accounting treatment of quality guarantees that do not constitute single performance obligations came into effect on 6 December 2024 and the data for the first quarter of 2024 shall be adjusted accordingly. Person in charge of the Company: FENG Xingya Principal accounting responsible person: WANG Dan Manager of the accounting department: ZHENG Chao
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- 14 - Consolidated Cash Flow Statement From January to March 2025 Prepared by: Guangzhou Automobile Group Co., Ltd. Unit: Yuan Currency: RMB Type of audit: unaudited Item First quarter of 2025 First quarter of 2024 I. Cash flow generated from operating activities: Cash received from sales of goods and rendering labour services 22,051,253,091 26,430,976,864 Net increase in deposits from customer and other banks 620,859,100 -1,449,244,394 Net increase in borrowings from People’s Bank of China (“PBOC”) 352,897,493 1,603,281,652 Cash received from interest, handling fees and commissions 195,510,278 302,215,538 Tax rebates 797,733,300 342,784,907 Other cash received from operating activities 2,971,589,193 2,261,714,133 Sub-total of cash inflows from operating activities 26,989,842,455 29,491,728,700 Cash paid for goods and labour services 27,471,570,541 28,911,710,817 Net increase in customer loans and advances 883,434,437 -1,082,657,605 Net increase in deposit in PBOC and interbank deposits -303,967,259 -312,672,396 Cash paid for interest, handling fees and commissions 31,812,842 35,828,902 Cash paid to and on behalf of employees 3,563,044,506 3,785,877,739 Tax payments 1,708,105,480 1,428,376,712 Other cash paid for operating activities 4,845,669,939 2,864,527,420 Sub-total of cash outflows from operating activities 38,199,670,486 35,630,991,589 Net cash flow from operating activities -11,209,828,031 -6,139,262,889
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- 15 - Item First quarter of 2025 First quarter of 2024 II. Cash flow generated from investing activities: Cash received from redemption of investments 13,678,484,749 5,109,888,644 Cash received from gains on investment 325,779,555 104,666,764 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 31,759,257 41,415,697 Net cash received from disposal of subsidiaries and other operating entities 0 0 Other cash received from investing activities 917,521,548 31,425,873 Sub-total of cash inflows from investing activities 14,953,545,109 5,287,396,978 Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets 2,503,729,519 2,951,917,760 Cash paid for investment 12,679,138,912 6,690,123,277 Net cash paid for acquiring subsidiaries and other operating entities 0 0 Other cash paid for investing activities 1,794,149,473 31,432,459 Sub-total of cash outflows from investing activities 16,977,017,904 9,673,473,496 Net cash flow generated from investing activities -2,023,472,795 -4,386,076,518
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- 16 - Item First quarter of 2025 First quarter of 2024 III. Cash flow generated from financing activities: Cash received from capital contributions 2,400,001 12,300,000 Including: Cash received by subsidiaries from minority shareholders’ investment 2,400,001 12,300,000 Cash received from borrowings 11,693,803,809 10,526,494,581 Other cash received from financing activities 165,125,915 131,675,452 Sub-total of cash inflows from financing activities 11,861,329,725 10,670,470,033 Cash repayments of borrowings 11,527,151,132 6,957,207,153 Cash paid for distribution of dividends, profits or repayment of interest 147,992,780 241,441,798 Including: Dividends and profit paid by subsidiaries to minority shareholders 0 6,176,256 Other cash paid for financing activities 51,900,814 1,383,813,800 Sub-total of cash outflows from financing activities 11,727,044,726 8,582,462,751 Net cash flow generated from financing activities 134,284,999 2,088,007,282 IV. Effects of changes in exchange rate on cash and cash equivalents 62,823,668 55,889,655 V. Net increase in cash and cash equivalents -13,036,192,159 -8,381,442,470 Add: Ca sh and cash equivalents at the beginning of the period 47,284,203,201 45,864,791,306 VI. Cash and cash equivalents at the end of the period 34,248,011,042 37,483,348,836 Person in charge of the Company: FENG Xingya Principal accounting responsible person: WANG Dan Manager of the accounting department: ZHENG Chao
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- 17 - (III) Adjustment to financial statements at the beginning of the year since 2025 due to application of new accounting standards or interpretations of accounting standards for the first time ½ Applicable ✓ Not applicable By order of the Board Guangzhou Automobile Group Co., Ltd. FENG Xingya Chairman Guangzhou, the PRC, 25 April 2025 As at the date of this announcement, the executive director of the Company is FENG Xingya, the non- executive directors of the Company are CHEN Xiaomu, DENG Lei, ZHOU Kaiquan, WANG Yiwei and HONG Suli, and the independent non-executive directors of the Company are ZHAO Fuquan, XIAO Shengfang, WONG Hakkun and SONG Tiebo.