HONG KONG, Aug 31, 2023 – (ACN Newswire) – In March this year, Guo Guangchang, Chairman of Fosun International, used the "perfect storm" as a metaphor for Fosun's encounters in 2022 at the annual results presentation. The market is generally concerned about how this consumer group will navigate the new economic cycle after winning out over the "perfect storm"?
On 31 August, Fosun International held its 2023 interim results presentation. Guo Guangchang said at the presentation, "It is very clear that we have won out over the cycle and Fosun's liquidity pressure has been well managed. From now on, we will focus on the development of businesses where we boast clear competitive advantages. Development is the key solution to all issues."
According to the interim results announced on 30 August, in the first half of 2023, Fosun achieved total revenue of RMB97.06 billion, representing a year-on-year increase of 10.9%; profit attributable to owners of the parent was RMB1.36 billion. The key indicator reflecting a company's endogenous growth capabilities – industrial operation profit surged 66% (excluding the effects of asset disposed) year-on-year to RMB3.37 billion. After further sorting out the balance sheet, cash flow statement, and operational figures of each segment, it is evident that Fosun, which has been firmly implementing the business streamlining and core business-focused strategy, has successfully unloaded its debt burden, enhanced the development of core industries, and laid a stronger foundation to usher in a new round of development.
Business streamlining: reduced more than RMB40.0 billion debt in a year, liquidity pressure has been lifted
In 2022, due to the impact of the epidemic and fluctuations in the global capital market, coupled with the rumors, there were once concerns about Fosun's debt issue.
According to the interim results announced on 30 August, as of 30 June 2023, Fosun International's total debts at the consolidated level was RMB220.9 billion, a significant decrease of RMB40.2 billion compared to RMB261.1 billion as of 30 June 2022. Total debts to total capital ratio further dropped to 51.8%, and the average cost of debt was 5.32%, demonstrating Fosun's ability to manage financing costs amid sharply rising global interest rates.
In addition, on 30 June, Fosun International arranged to redeem the USD700 million offshore bond due on 2 July. Therefore, total debts at the consolidated level narrowed to RMB216.4 billion, and if excluding the debts of its consolidated listed subsidiaries such as Yuyuan, Fosun Pharma, and Fosun Tourism Group (FTG) Fosun's debt at the holding company level narrowed to RMB90.2 billion accordingly.
Data shows that during the reporting period, Fosun redeemed onshore bonds of RMB6.73 billion as well as USD offshore debt and syndicated loans with an amount of more than USD2.7 billion, and it had no material offshore bonds due in the next 12 months. As of 30 June 2023, cash and bank balances and term deposits were abundant, reaching RMB114.68 billion.
Since last year, through business streamlining, Fosun has not only navigated through the "maturity wall" but also built a stronger foundation for sustainable development.
According to the interim results announcement, Fosun has continued to firmly push forward the implementation of the divestment of non-strategy and non-core assets in 2023. In the first half of the year, cash received from divestment at the consolidated level exceeded RMB20.0 billion. Meanwhile, Fosun has further expanded its domestic and overseas financing channels. In January, Fosun obtained a syndicated loan of RMB12 billion led by the five major state-owned banks. Fosun maintained an extensive collaboration network of domestic and foreign banks, executed an offshore syndicated loan in April 2023, amounting to no less than USD500 million as of 30 June. In terms of open-market financing channels, it issued super short-term commercial papers of RMB1 billion each in January and July 2023 respectively.
The significant credit support received continuously and the successful issuance of financing bonds reflect domestic and foreign financial institutions' full recognition of Fosun's financial strategy and business-focused strategy. Previously, the international credit rating agency S&P Global Ratings had noticed Fosun's stable development, and issued a report on 30 May, lifting Fosun's rating outlook to "stable".
Analysts believe that in the face of the complex and volatile international political landscape, the weakening momentum of global economic recovery, and challenges such as insufficient demand in the domestic economy, China's private enterprises have experienced a high incidence of defaults since the beginning of this year. "Against the backdrop of such an external environment, Fosun's ability to reduce debt and risk resilience are even more remarkable."
Focused development: industrial operation profit jumped 66%, with core businesses stimulating endogenous growth
The industrial operation profit disclosed in Fosun's results announcement has always been highly concerned by the market and investors. This indicator includes the profit contribution of industrial operation subsidiaries of the Group and associates and joint ventures accounted by equity method. Compared with the profit attributable to owners of the parent, which is greatly influenced by capital market fluctuations, industrial operation profit can better portray the performance of Fosun's core businesses.
In the first half of 2023, the Group's industrial operation profit reached RMB3.37 billion, excluding the profit of disposed (including transactions yet to be completed) enterprises, representing a significant year-on-year increase of 66%. This reflects the further release of Fosun's endogenous momentum after stepping up its efforts to focus on household consumption as the top-priority sector.
"We focus on our existing capabilities and further strengthen them. We no longer take expansion as the main direction of development. We invest in industries where we boast clear competitive advantages as our foundation. We have further defined and fine tuned our strategy," Guo Guangchang said.
In the first half of the year, centering around the needs of global families in Health, Happiness, and Wealth, the four core subsidiaries of Yuyuan, Fosun Pharma, Fosun Insurance Portugal, and FTG continued to improve their products and services, yielded a total revenue of RMB70.76 billion, accounting for 73% of the Group's total revenue, with increasing profit contribution.
In particular, Yuyuan's revenue amounted to RMB27.44 billion in the first half of the year, representing a year-on-year increase of 21.86%; net profit attributable to owners of the parent was RMB2.218 billion, representing a year-on-year increase of 225.83%. In the first half of the year, FTG saw a 38.7% surge year-on-year in its revenue to RMB8.90 billion and turned profitable, with a net profit attributable to equity holders of the company of RMB471.8 million. Fosun Pharma's revenue in the first half of the year was RMB21.395 billion, and the revenue contribution of new and sub-new products further increased. Fosun Pharma's innovative biopharmaceutical platform, Shanghai Henlius, achieved revenue of RMB2.5005 billion in the first half of the year, representing a year-on-year increase of 93.9%, and turned profitable for the first time in half a year, with a net profit of RMB240 million.
Analysts believe that the growth of Fosun's core businesses in the first half of the year was attributable to its efforts in seizing the opportunity of consumption recovery, and more importantly, the accumulation of profound industry operations. Its long-term accumulation of innovation and global operational capabilities are continuing to be reflected in its results.
Taking Shanghai Henlius as an example, its revenue growth mainly came from its self-developed core products. In particular, HANQUYOU (trastuzumab of injection) and HANSIZHUANG (serplulimab injection) achieved sales revenue of approximately RMB1.2767 billion and RMB556.3 million respectively. At present, HANQUYOU has been accepted by the U.S. Food and Drug Administration (FDA) for the marketing authorization application (MAA) in the U.S., and it is expected to become the first domestic biosimilar approved in China, the U.S. and Europe; HANSIZHUANG has been approved for three indications in China, and has become the world's first monoclonal antibody drug targeting PD-1 for first-line treatment of extensive-stage small cell lung cancer. With the empowerment of Fosun's global ecosystem, Shanghai Henlius has launched five self-developed products on the market, reaching more than 40 markets around the world and benefiting more than 450,000 patients.
Fosun International's interim results show that Fosun invested RMB4.2 billion in technology and innovation in the first half of the year, representing a year-on-year increase of 20%, injecting impetus to foster more "world's firsts" and "China's firsts".
Meanwhile, based on Fosun's business presence and profound operations in more than 35 countries and regions, the "global organization + local operations" model has become more mature. Overseas business has become an important driving force for Fosun's development. In the first half of the year, overseas revenue amounted to RMB44.09 billion, accounting for 45.4% of total revenue, and the 10-year compound growth rate reached 60%.
"Fosun has built global development capabilities through years of hard work. Fosun itself has indeed benefited from its strong global operations, and we will continue to further build up our globalization capabilities," Guo Guangchang, Chairman of Fosun International said in the interim results conference.
It is worth mentioning that the results of the "mutual empowerment" of Fosun's global operations have further emerged. In the first half of the year, Easun Technology, headquartered in Shanghai, China, recorded a significant increase in overseas orders. In particular, it saw robust growth in business operations in North America. New orders reached RMB1.38 billion in the first half of 2023, representing a year-on-year increase of 131.2%. Fosun Insurance Portugal, headquartered in Lisbon, Portugal, has made steady progress in its global business, premium income in Peru and Bolivia reached RMB816 million and RMB200 million respectively, representing an increase of 61% and 43% year-on-year respectively.
Looking ahead to the second half of the year, "recovery" will still be the keyword for the global economy. Guo Guangchang said, in the future, Fosun will continue to focus on core businesses, consolidate resources to develop businesses where we boast clear competitive advantages, deepen innovation and global operations, and further promote the high-quality development of our businesses. "Both business and economy have cycles. We must innovate, develop, and better serve customers one step at a time to navigate the cycle."
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
TANAKA Precious Metals to Establish Global Recycling Network, Promoting Worldwide Recycling of Precious Metals
TOKYO, Aug 31, 2023 – (ACN Newswire) – TANAKA Kikinzoku Kogyo K.K., a core company of TANAKA Precious Metals Group, announced it has launched regional business strategies towards establishing a Global Recycling Network, promoting the widespread recycling of precious metals.
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The expansion will encourage recycling at TANAKA's main recovering and refining bases: Ichikawa Plant and Shonan Plant in Japan for Southeast Asia, Hukou Plant for Taiwan, Marin Plant (Switzerland) for Europe, and North Attleborough Plant (Mass, USA) for North America.
As part of this expansion, Chengdu Guangming Paite Precious Metal Co., Ltd., a TANAKA affiliate company in China, will establish a new company, Ya'an Guangming Paite Precious Metal Co., Ltd., in Sichuan Province, scheduled to begin full-scale operations in summer 2024.
Of the approximate 5 billion yen investment to establish Ya'an Guangming Paite, TANAKA Kikinzoku Kogyo will hold 40% through its share in Chengdu Guangming Paite. The new company will manufacture precious metal compounds for various catalysts and plating, and recover production scrap using TANAKA's precious metal recycling technology.
Precious Metals Recycling Business Development in China
Ideally, the precious metals business in China should be integrated, as in other countries, with recovery and refining together with the manufacture of industrial precious metals products. The cooperation between TANAKA Kikinzoku Kogyo and Chengdu Guangming Paite has allowed for limited integration, but much scrap goes unrecovered.
Ya'an Guangming Paite will introduce the recycling process that TANAKA has developed over many years in Japan, to establish a process capable of recovering scrap that was previously unrecoverable. Through the new company, TANAKA will establish a one-stop precious metal recycling system within China, further developing its precious metal recycling business.
TANAKA hopes to contribute to global sustainability by effectively limiting the precious metal resources utilized in various industries, and believes that precious metal recycling will help reduce the use of mined precious metals in industrial products, thereby helping to reduce environmental impact.
About Chengdu Guangming Paite
Chengdu Guangming Paite Precious Metal Co., Ltd. was established in 2008 as a Chinese-foreign joint venture by CDGM Glass Co., Ltd. and Pushan International Co., Ltd. In 2012, it became a joint venture between CDGM Glass and TANAKA Kikinzoku Kogyo, following an equity transfer from Pushan International, and in 2014 the ownership ratio became 60% CDGM Glass and 40% TANAKA Kikinzoku Kogyo. It is engaged in the manufacture and sales of precious metal industry products and the precious metal recycling business in China.
About TANAKA Precious Metals
Since its foundation in 1885, TANAKA Precious Metals has built a portfolio of products to support a diversified range of business uses focused on precious metals. TANAKA is the leader in Japan in volumes of precious metals handled. TANAKA has not only manufactured and sold precious metal products for industry but also provided precious metals in such forms as jewelry and assets. As precious metals specialists, all Group companies in Japan and around the world collaborate and cooperate on manufacturing, sales, and technology development to offer a full range of products and services. With 5,355 employees, group sales for the year ending March 31, 2023, was 680 billion yen ($4.6 billion).
Global industrial business website:
https://tanaka-preciousmetals.com/en/
Product inquiries:
TANAKA Kikinzoku Kogyo K.K.
https://tanaka-preciousmetals.com/en/inquiries-on-industrial-products/
Press inquiries:
TANAKA Holdings Co., Ltd. (TSE: 7619)
https://tanaka-preciousmetals.com/en/inquiries-for-media/
Press Release: https://www.acnnewswire.com/docs/files/202308_EN.pdf
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Legend Holdings Released 2023 Interim Results, Stepping up Investment in Technological Innovation to Accumulate High-quality Development Momentum
HONG KONG, Aug 31, 2023 – (ACN Newswire) – On August 31, 2023, Legend Holdings Corporation (3396.HK) announced the unaudited condensed consolidated interim results for the six months ended June 30, 2023 (the "Reporting Period"). In the first half of 2023, the Chinese economy recovered well in general, and high-quality development was solidly promoted. However, at the same time, the international environment remained complex and ever-changing, posing challenges to enterprise operations and development. Legend Holdings has adhered to the original aspiration of "revitalizing China through business", deepened the implementation of the long-term development strategy core of "industrial operation, technological innovation", and demonstrated the resilience and perseverance helping itself ride out the current economic cycle. Meanwhile, the Company actively fulfilled corporate social responsibilities to serve the overall development of the country. During the Reporting Period, the Company's revenue was RMB201,286 million and the net profit attributable to equity holders of the Company amounted to RMB668 million.
Continuously increasing investment in scientific and technological innovation, and consolidating the cornerstone of long-term development
In the first half of 2023, Legend Holdings continued to increase investment in scientific and technological innovation, providing support for the Company's high-quality development. During the Reporting Period, the Company invested RMB7,087 million in research and development. Lenovo, a subsidiary of Legend Holdings, has accumulated over 38,000 granted and pending global patents and will invest an additional RMB7 billion in the next three years to expedite the deployment of artificial intelligence technologies and applications. Levima Advanced Materials continued to improve its independent R&D and innovation capabilities and has applied for 305 patents, 231 of which have been granted. Fullhan Microelectronics has continuously consolidated its technological foundation and obtained 272 intellectual property rights of various types. In addition, funds controlled by Legend Holdings continued to actively tap into national strategic industries such as next-generation information technology, chips, artificial intelligence, new energy and advanced materials, and invested in approximately 50 technology enterprises in the first half of the year. Especially in the field of artificial intelligence, Legend Holdings has secured certain advantages as a first mover and an ecosystem builder. It has invested in over 200 AI-related companies, covering various aspects including underlying hardware, data, computing power, algorithms, and applications, such as Zhipu AI, Cambricon Technologies, and Data Grand, etc.
Actively harnessing the role of supply chain leader, and steadily improving the competitiveness of industrial chains
Based on its extensive experience in promoting the industrialization of technological achievements, Legend Holdings fully leveraged its role as a supply chain leader, actively assisted the growth of small and medium-sized enterprises, and strived to enhance the modernization and competitiveness of the industrial and supply chains. Lenovo has been listed in Gartner's Global Supply Chain Top 25 ranking for nine consecutive years, being the highest-ranked Chinese company, and it has consistently held the top position in the Asia-Pacific region on this ranking. Lenovo's industrial chain has cultivated 45 national specialized and innovative enterprises, 15 niche-sector leaders, and 7 product leaders. At the same time, funds under the Legend Holdings Family Group continued to re-double their efforts to incubate and grow specialized and innovative enterprises and niche-sector leaders. Taking Legend Capital as an example, it invested in 15 niche-sector leaders in the manufacturing industry and 15 state-level enterprise technology centers. The entire Legend Holdings Family Group has invested in a total of 120 national specialized and innovative enterprises.
Embracing green development, and fulfilling corporate social responsibilities
Legend Holdings has been actively practicing corporate social responsibilities in key areas such as rural revitalization, technological innovation, promoting social justice, etc. At the same time, the Company continued to promote green practices within the Legend Holdings Family Group and seize green opportunities. Lenovo focuses on "zero-carbon" manufacturing, setting the goal of net zero emissions across its entire value chain by 2050, and has offered peers a science-based and scalable intelligent solution for "zero-carbon" manufacturing. As a state-level "Green Factory", Levima Advanced Materials took the lead in achieving domestic substitution of EVA photovoltaic adhesive film materials. Zhengqi Holdings established Zhengqi Guangneng Technology Co., Ltd. to expand the field of green development. Meanwhile, funds under Legend Holdings continued to focus on green field and invested in over 50 enterprises in terms of de-carbonization technology and green investment.
In the future, Legend Holdings will continue to adhere to high-quality development led by scientific and technological innovation, actively optimize resource layout, seek new opportunities in the strategic direction encouraged and advocated by the country, promote the deepening implementation of corporate social responsibilities on an ongoing basis, and contribute to the Chinese path to modernization with a long-term mentality.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Belt and Road Summit maps path to prosperity
HONG KONG, Aug 31, 2023 – (ACN Newswire) – The eighth edition of the Belt and Road Summit, jointly organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and Hong Kong Trade Development Council (HKTDC), will take place at the Hong Kong Convention and Exhibition Centre (HKCEC) on 13 and 14 September (Wednesday and Thursday). This year's Summit comes a decade after the launch of the Belt and Road Initiative. Under the theme Prospering on a Decade of Collaboration, the Summit creates a vital platform for Belt and Road-related business exchange.
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Some 80 government officials and business leaders from countries and regions along the Belt and Road, as well as project owners, investors and service providers from around the world, will gather to share their Belt and Road experience over the past 10 years and explore investment and business opportunities while showcasing Hong Kong's unique advantages to the global community.
Algernon Yau, Secretary for Commerce and Economic Development of the HKSAR, said: "The physical return of the Belt and Road Summit after the pandemic carries great weight as it coincides with the momentous 10th anniversary of the Belt and Road Initiative. This Summit is a valuable opportunity to deepen understanding of Hong Kong's pivotal role in the Belt and Road Initiative and to foster increased business opportunities, particularly in emerging markets such as ASEAN and the Middle East. Hong Kong's internationalisation, exceptional professional services, and talented workforce have always played a critical role in connecting the global community. Leveraging our strengths in finance, risk management, accounting and taxation, architecture and engineering, legal services and commercial arbitration, construction management, logistics and more, Hong Kong actively contributes to the high-quality development of the Belt and Road Initiative and endeavours to meet Mainland China's evolving needs."
Dr Peter K N Lam, Chairman of the HKTDC, said: "Since its inception in 2016, the Belt and Road Summit has evolved into a preeminent global business platform for discussing opportunities arising from the Belt and Road Initiative and fostering substantial cooperation. The Summit has consistently garnered high-level support from the mainland. This year, we anticipate the participation of over 5,000 distinguished guests for fruitful exchanges. The HKTDC will continue to build on the annual Summit, enhance the information platforms, and leverage our extensive network of 50 offices worldwide to assist the business community in seizing the vast opportunities presented by the initiative. These concerted efforts help reinforce Hong Kong's role as the commercial hub for Belt and Road opportunities."
Connecting policy and business leaders to explore collaboration
Over the past decade, more than 150 countries and regions and over 30 international organisations have signed more than 200 Belt and Road cooperation documents, covering markets accounting for 40% of global GDP and 45% of world goods trade. Hong Kong has been an active participant and contributor, helping international companies expand in Belt and Road countries and regions, fostering deeper exchanges and cooperation between nations, and promoting high-quality economic growth.
The Belt and Road Summit, recognised as a crucial platform for promoting the business opportunities under the Initiative, features discussion sessions and exchange. These include the Opening Session, Policy Dialogue, Business Plenary, Thematic Breakout Sessions and Project Pitching Sessions. At the Opening Session John Lee, Chief Executive of the HKSAR, will deliver an opening address. Aset Irgaliyev, Chairman of Agency for Strategic Planning and Reforms, Republic of Kazakhstan, and Rizal Affandi Lukman, Senior and Special Staff to the Coordinating Minister for Economic Affairs of Indonesia, will also deliver keynote addresses.
Overseas officials join expanded policy dialogue
This year's Summit will feature two Policy Dialogue sessions. The first session, hosted by Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, is titled Tapping into the Potential of the Middle East. The dialogue aims to explore effective ways for Hong Kong and international companies to access Middle Eastern markets, fostering collaborative advantages, reciprocal benefits and collective development. Speakers sharing their insights will include Rania A. Al-Mashat, Minister of International Cooperation of Egypt; and Abdulla Bin Touq Al Marri, Minister of Economy of the UAE.
The second session, Belt and Road Initiative as a Catalyst for Regional Cooperation and Development, will be hosted by Mr Yau. This session, focusing on market integration and connectivity among economies, will feature high-ranking officials from ASEAN and Europe who will share their insights, including Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary; and Zambry Abd Kadir, Minister of Foreign Affairs of Malaysia.
The Business Plenary on the afternoon of the first day revolves around Fostering Business Collaboration along the Belt and Road through Hong Kong. The 10-year milestone of the Belt and Road Initiative coincides with a crucial phase in the post-pandemic era, characterised by a focus on global economic improvement, where multilateral cooperation assumes paramount importance. The discussion, chaired by Antony Leung, Chairman of the Nan Fung Group and Group Chairman and Co-founder of New Frontier Group, will analyse how growth momentum in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) can propel development of the Initiative and the strategic role of Hong Kong and the GBA. Esteemed guest speakers, including Jeffrey Cheah, Founder and Chairman of Sunway Group; Jean-Pascal Tricoire, Chairman of Schneider Electric; Wang Haihuai, Director and General Manager of China Communications Construction Company Limited; and Wang Xiangming, Chairman of China Resources Group, will share their insights.
New Middle East Forum to explore collaboration
In February this year the Chief Executive led a delegation organised by the HKTDC to the Middle East. The visit proved highly successful in exploring opportunities and strengthening trade ties with the region. The Middle East Forum debuts at this year's Belt and Road Summit, focusing on opportunities, developments and collaboration the Middle East presents. Countries in the region are key Belt and Road partners and their relationship with Hong Kong is going from strength to strength. The Middle East Forum will feature Business and Investment Outlook in the Middle East Market, a business session hosted by Ronnie C. Chan, Chairman of Hang Lung Properties Limited, which will invite distinguished guests, including Nicolas Aguzin, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited; and Hossam Heiba, President of General Authority for Investment & Free Zones, to analyse trade and investment prospects of the Middle Eastern market and further strengthen the connection between Hong Kong and Middle Eastern countries.
Finance Chapter, Youth Chapter debut
The Finance Chapter and Youth Chapter debut this year. The Finance Chapter will delve into Hong Kong's superior financial services, innovative technologies and sustainable-development vision, exploring how they can contribute to the Initiative and countries and regions along the Belt and Road. The Youth Chapter will invite young business leaders and start-ups to share insights on discovering and seizing opportunities.
This year the Ministry of Commerce will host the Mainland-Hong Kong Services Industry Symposium on day one of the Summit for the first time. The HKTDC will also collaborate with the Department of Justice, Development Bureau, Financial Services Development Council, Insurance Authority, Hong Kong Monetary Authority, Hong Kong Science and Technology Parks Corporation and Cyberport, to co-organise Thematic Breakout Sessions on different topics. These sessions will introduce Hong Kong's professional services and advantages in such areas as legal cooperation, infrastructure, insurance, finance, green finance, digital advances and innovative technology. The sessions aim to comprehensively showcase Hong Kong's role and contributions in the Initiative. The China International Contractors Association will also continue to collaborate with the HKTDC to co-organise a session exploring infrastructure project opportunities.
Extending, optimising deal making
The HKTDC will extend its online and physical deal-making service to seven days (13 to 20 September), expecting to arrange more than 800 one-to-one project-matching sessions covering more than 280 investment projects this year. The deal-making service includes one-to-one business matching meetings and project investment sessions. Business matching meetings will connect participants based on investment preferences and business expertise to facilitate one-to-one discussions on collaboration opportunities. Project investment sessions will provide a platform for project owners from different countries to present projects, giving investors and service intermediaries a comprehensive understanding of the investment opportunities in different sectors. Project investment sessions will focus on four main areas: (1) energy, natural resources and public utilities, (2) innovation and technology, (3) urban development, and (4) transport and logistics infrastructure. New this year will be project-pitching sessions on the Middle East and emerging markets.
This year's Summit will showcase project collaboration opportunities from various markets worldwide including the Middle East, with more than 80 exhibitors. The exhibitions will be divided into the Global Investment Zone, Hong Kong Zone and RCEP Tech Zone. The Global Investment Zone will showcase large-scale investment projects and opportunities from different countries to attract international investors and partners; the Hong Kong Zone will demonstrate excellent services and business advantages the city's enterprises offer; while the RCEP Tech Zone will feature high-end innovative technologies, artificial intelligence, digital technologies and solutions offered by exhibitors from the region.
Inaugural multimedia display highlights achievements of Hong Kong companies
The Cocktail Reception Celebrating the 10th Anniversary of the Belt and Road Initiative will be held at the Summit. The Summit will also feature a multimedia display marking a decade of the Initiative, which highlights participation by Hong Kong companies in Belt and Road projects. Additionally, the 6th Belt and Road Global Forum Annual Roundtable on 15 September will run in conjunction with the Belt and Road Week, using Hong Kong as a base to share perspectives on the Belt and Road collaborations, exchange the latest information and seize cooperation opportunities.
China International Capital Corporation Ltd serves as the Strategic Partner of the eighth Belt and Road Summit; Bank of China (Hong Kong) Ltd as the Banking Partner; The Hongkong and Shanghai Banking Corporation Limited as the Global Connectivity Partner; Standard Chartered as Diamond Sponsor; Huatai International Financial Holdings Company Limited as Sapphire Sponsor and China Mobile International Limited, China Unicom Global Limited and China Telecom Global Limited as Platinum Sponsors.
The Eighth Belt and Road Summit
Date: 13 to 14 September 2023 (Wednesday and Thursday)
Venue: Hall 5B-E, Hong Kong Convention and Exhibition Centre, Wan Chai
Remarks: Video and audio recordings at the Forum should be used only in the context of media reporting. Please consult HKTDC's Communications & Public Affairs Department for live or video broadcast
Media Registration: Please contact awong@yuantung.com.hk or ayiu@yuantung.com.hk for media registration
Websites:
– Belt and Road Summit: https://www.beltandroadSummit.hk/conference/bnr/en
– Programme: https://www.beltandroadSummit.hk/conference/bnr/en/programme
– Speaker list: https://www.beltandroadSummit.hk/conference/bnr/en/speaker
Media representatives who would like to conduct interviews with the speakers please submit their interview requests via email to awong@yuantung.com.hk or ayiu@yuantung.com.hk by 8 September 2023.
Photos Download: https://bit.ly/3Z0aRwQ
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Media enquires
Yuan Tung Financial Relations:
Anson Wong, Tel: (852) 3428 3413, Email: awong@yuantung.com.hk
Louise Song, Tel: (852) 3428 5691, Email: lsong@yuantung.com.hk
Agnes Yiu, Tel: (852) 3428 5690, Email: ayiu@yuantung.com.hk
HKTDC's Communications & Public Affairs Department:
Jane Cheung, Tel: (852) 2584 4137, Email: jane.mh.cheung@hktdc.org
Clayton Lauw, Tel: (852) 2584 4472, Email: clayton.y.lauw@hktdc.org
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Resilience, Sustainability, and Digitalisation Form Common Thread for transport logistic Southeast Asia and air cargo Southeast Asia
SINGAPORE, Aug 31, 2023 – (ACN Newswire) – Supply chain resilience, digitalisation and sustainability are undisputedly the logistics topics of 2023 and are likely to have a lasting impact on the industry for years to come. Consequently, they are the main focus of the conference program of transport logistic Southeast Asia and air cargo Southeast Asia, which will be held in Singapore from November 1 to 3, 2023. The opening address will be given by Alvin Tan, Minister of State, Ministry of Culture, Community and Youth & Ministry of Trade and Industry (Singapore), and Oliver Luksic, Parliamentary State Secretary to the Federal Minister for Digital Affairs and Transport (Germany).
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From November 1-3, 2023, global and regional logistics decision makers will meet at transport logistic Southeast Asia and air cargo Southeast Asia, the international trade fair for transportation, logistics and air cargo which will be held for the first time this year in Singapore. With nearly 50 sessions in the conference program, daily exhibitor events and the special project cargo conference, the conference program offers the perfect opportunity to get up to date on the latest developments in the industry.
The conference program kicks off with a keynote speech on supply chain strategies by author and logistics expert Mark Millar. After the Covid 19 pandemic, the Suez Canal average and the Ukraine war, supply chains came under severe strain three times in quick succession, making rethought and crisis-proof strategies increasingly essential for companies. Other highlights in the program include country sessions by Singapore, Germany, Vietnam, Malaysia and Indonesia, which will take place on the first two days of the fair. On the Exhibitor Stage, companies from the logistics, sea and air freight sectors, such as DHL, dnata, Gebruder Weiss, Incheon International Airport, Jettainer and Singapore Airlines will provide practical insights into their sustainability and digitalisation strategies, among other things.
Another highlight of the trade fair is the Project Cargo Conference, which will take place on November 3, 2023, in parallel with transport logistic and air cargo Southeast Asia. It will focus on the trends, challenges and opportunities in general cargo and heavy lift in Southeast Asia.
"With transport logistic and air cargo Southeast Asia, we have created a platform that promotes the development of logistics networks as well as business relationships between Southeast Asia and key global markets. In addition, the multi-faceted conference program we are organizing with our partners offers interesting insights into the Southeast Asian logistics market," says Michael Wilton, Managing Director of MMI Asia, Messe Munchen's regional subsidiary, adding, "With the Project Cargo Conference, we are also taking into account the fast-growing general cargo and heavy lift market in the region."
The events in the conference program are free of charge for all exhibitors and visitors of transport logistic and air cargo Southeast Asia. For an overview and more information on the conference program, visit https://transportlogisticsea.com.
About MMI Asia Pte. Ltd
A full subsidiary of Messe Munchen GmbH, MMI Asia established in Singapore in 1992, is now embarking on a significant growth and expansion program, bringing some of Messe Munchen's world leading brands to the Southeast Asia market. transport logistic and air cargo Southeast Asian editions are organized by MMI Asia Pte Ltd.
About transport logistic exhibitions
The international industry network of transport logistic exhibitions consists of twelve events. In addition to the leading international trade fair transport logistic in Munich, transport logistic China is held every two years, alternating with it in Shanghai, China. In Turkey, Messe Munchen and EKO Fair Limited organize the logitrans International Transport Logistics Exhibition in Istanbul every year. Messe Munchen is organizing transport logistic Americas, which will be held every two years in Americas started in 2022 . From November 2023, transport logistic Southeast Asia will also be held in Singapore for the first time. At all trade fairs, the air cargo sector plays an essential role. As part of transport logistic in Munich, air cargo Europe is the world's largest air cargo trade fair, while air cargo China is the leading event in Asia, in addition, air cargo Southeast Asia is focusing on this segment in Singapore. air cargo India and air cargo Africa are independent trade fairs for the industry..
About Messe Munchen
Messe Munchen is one of the leading exhibition organizers worldwide with more than 50 of its own trade shows for capital goods, consumer goods and new technologies. Every year, a total of over 50,000 exhibitors and around three million visitors take part in more than 200 events at the exhibition center in Munich, at the ICM – Internationales Congress Center Munchen, the Conference Center Nord and the MOC Veranstaltungscenter Munchen as well as abroad. Together with its subsidiary companies, Messe Munchen organizes trade shows in China, India, Brazil, Singapore, South Africa and Turkey. With a network of associated companies in Europe, Asia, Africa, and South America, and with around 70 representatives abroad for more than 100 countries, Messe Munchen has a truly global presence.
Contact:
MMI Asia Pte. Ltd.
Crystal Wang
Marketing Manager
transport logistic Southeast Asia / air cargo Southeast Asia
crystal@mmiasia.com.sg
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
P.S.P. Specialties (SET: PSP) first trading day on SET on August 30
BANGKOK, Aug 31, 2023 – (ACN Newswire) – P.S.P. Specialties PCL (SET:PSP), one of the ASEAN region's leading integrated lubricant solution providers, first trading day on the Stock Exchange of Thailand (SET) on August 30th, with the goal to create innovative lubricant products with high profit margins and high potential growth to support the industry megatrend and to expand further in the overseas markets together with the improvement and further development of production efficiency and more effective operations to ensure sustainable growth.
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Mr. Sint Krongphanich, Chief Executive Officer of P.S.P. Specialties PCL, confirmed the first trading day on the Stock Exchange of Thailand (SET) was August 30th, with the symbol "PSP" in the "Industrial Materials & Machine" business sector, "Industrial" industry group. PSP is one of the leading integrated lubricants solution provider in ASEAN and the largest independent manufacturer in Thailand with the highest production capacity and market share in many product groups. The company also provides services that cover the supply chain of the lubricant industry together with international standard of laboratories to develop innovative products. The purpose is to support the megatrend of the growing industries and to focus on environmental stewardship. Currently, PSP is in the process of studying and researching lubricant and fluid related to EV car including transmission oil for electric vehicles (EV), coolant products for EV battery, lubricant and grease for electric vehicles and bio-transformer oil, as well as the development of lubricant products for the food industry, etc.
P.S.P. also focuses on cost management and efficient operations to reinforce the leadership of lubricant in the ASEAN region including the investment in improving the efficiency of the production process and automation to increase competitiveness to support the plan to expand the lubricant product markets globally. The goal is to increase the revenue proportion to 25 percent of total sales revenue by 2026.
Miss Veeraya Sriwattana, Head of Investment Banking Department, CGS-CIMB Securities (Thailand) Company Limited, as a joint underwriter, said PSP possesses a solid business fundamental as being the leader in lubricant industry with strong trust by multinational customers in various industries through providing one stop lubricant solution. The company plan to leverage its strong research and development capabilities to innovate new products with good profit margins and to capture the growth trend of the industries. The Company also has an efficient production management that promote the competitiveness, and satisfy customer needs to generate healthy growth.
Mr. Pongsak Phrukpaisal, Managing Director, Kasikorn Securities Public Company Limited, as a joint underwriter, said that PSP has strong potential growth from its strategic investments that integrate the entire supply chain which is able to gain the competitive advantage in all dimensions. This strategic plan is to create sustainable business growth and to focus on future businesses especially technology and innovation related, or the "New S-Curve", to enhance profitability and to create sustainable growth.
Released by Public Relations Dept., MT Multimedia Co., Ltd. for P.S.P. Specialties PCL
For additional information, please contact:
Pipop (Top)
Tel: +66 81 929 8864
E-mail: pipop.k@mtmultimedia.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
With net Income attributable to shareholders doubling, Huitongda Network (09878) delivered impressive results
HONG KONG, Aug 31, 2023 – (ACN Newswire) – Huitongda Network (09878), the industrial Internet platform deeply engaged in the lower-tier market, once again proved its resilience and profitability through its interim report, showing significant boosts in both revenue and profit.
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On August 28th, Huitongda Network released its 2023 interim results announcement. According to the financial data, in the first half of 2023 amid the tough environment, the company recorded a total revenue of RMB 43.4billion, representing a year-on-year growth of 6.6%; profit reached 383 million, representing a year-on-year increase of 68%; net profit attributable to equity shareholders of the company amounted to RMB 245 million, making a noteworthy year-on-year increase of 118%, and the overall performance continued to grow steadily. In addition, the company effectively maintain positive operating cash flow. During the reporting period, the company had a net inflow of operating cash for five consecutive years.
According to Zhitong Finance APP, although the overall economic has been on a path of recovery since the beginning of this year, it has still faced significant pressure and the persistent challenges in terms of insufficient demand. From the look of compound growth rates and month-to-month indicators, the current economic recovery has slowed down slightly. However, the core financial data of Huitongda Network achieved growth against the trend, which further solidifies its reputation as the "first stock in the lower-tier market".
Adversity often serves as a litmus test for a company's true value, and now presents an opportune time for investors to identify high-quality stocks. Despite the sluggish economy, the company has demonstrated remarkable resilient growth and emerged as a market leader, which obviously highlights the high adaptability and leading role of the "Huitongda Model" within the lower-tier retail market.
Improvement from both quantity and quality pushes high-quality development, with SaaS+ service continuing to be upgraded
In recent years, the rapid and immense potential of rural consumption in China have come to the forefront. The scale of rural consumption has expanded significantly, accompanied by a noticeable shift towards development-oriented, quality-based consumption patterns among rural residents. With the increase of market demand in the first half of this year, Huitongda Network's SaaS+ business has been further implemented via its online and offline integrated services penetrating the lower-tier market through various forms. The company insists on empowering township family-owned retail stores with digital technology and supply chain capability, promoting the digital transformation of member retail stores and upgrading them to digital retail entities, in order to improve their ability of managing products, retaining customers, scaling up the business, and thus to successfully expand Huitongda's member store network.
In the first half of this year, various indicators of Huitongda Network's member retail stores have achieved steady growth. During the reporting period, the number of registered member retail stores of Huitongda exceeded 217,000, with a year-on-year increase of 13%. Meanwhile, the company accumulated 121,000 SaaS+ subscription users, representing a year-on-year increase of 9%, and 37,000 paid SaaS+ users, representing a year-on-year increase of 37%. The loyalty of member retail stores continued to improve, with the renewal rate of SaaS reaching 68% and customer satisfaction exceeding 95%.
As Huitongda's business network expands, the level of loyalty and engagement among its member retail stores has shown a consistent upward trend, indicating that its services have been recognized and valued by an expanding number of rural stores. Since the beginning of this year, aiming to better serve the market, Huitongda Network has carried out a comprehensive upgrade around the SaaS+ products of the membership store system.
Zhitong Finance APP learned that Huitongda Network has provided the "5-cloud" service platform of e-commerce cloud, retail cloud, data cloud, distribution cloud, and service cloud, allowing more external developers and industry practitioners to develop technology tools with rich features for member stores. In the meantime, Huitongda also officially released AI+ scenarios to better serve member stores, supply chain partners, and upstream manufacturers.
It is worth noting that the company recently released the first AI product – "Qiancheng Digital Human", which means that the digital intelligence transformation of the lower-tier market has entered a stage of real practice.
Therefore, benefiting from the launch of Huitongda Network's first batch of product portfolios of Smart Shopping Guide AI, Smart Marketing AI, and Digital Human, the company further improved the level of intelligence to provide member retail stores on commodity transactions, e-commerce operations, marketing, and store management, which also exploits the company's potential in AI.
With further optimization of Huitongda's internal SaaS capabilities, its service level has been positively improving, driving the company's operating results to reach new heights.
Take Yuanqiang Home Appliances Store in Wenshang County, Shandong Province for example. During the 618 period, it successfully transformed its business model into a combination of online and offline with the support of SaaS+ tools and fan communities. This member store listed limited-time offers through the "Qiancheng Shopkeeper" app and Huixianggou shared them with the fan community, which thereby attracting traffic to the store to promote transactions. Meanwhile, it also found three agents to make better publicity for the owner of the member store, and hence further boosted the sales and profits. The sales of one single event in this store reached as high as RMB 184,000, and the number of followers increased by nearly 100.
From the above case, with the further upgrading of Huitongda's multiple products and services, traditional retail stores have been successfully transformed into digital retail entities, a combination of physical store, online store, and local community store. They no longer needed to wait for customers to come to the door, instead they can acquire customer precisely and attract traffic efficiently. This creates a win-win situation for all three parties – the industry, member retail stores and rural consumers.
More and more brands have chosen Huitongda for its value of industrial end services
As the other end of Huitongda Network's "Two Ends, One Road" strategy, the company's trading business has also achieved sustainable development through strengthening advantages, category expansion, and new model creation. For a long time, the company has been focusing on member retail stores, innovating a variety of supply chain models that effectively serve upstream brand manufacturers and supply chain partners.
In the first half of this year, Huitongda Network continued to strengthen strategic cooperation with brand manufacturers, connecting with more than 1,000 high-quality upstream brand manufacturers and the proportion of supply from the headquarters continued to increase to 55%.
It is worth mentioning that Huitongda Network has accelerated its deployment in the laundry industry this year. So far, the company has cooperated with 14 brand manufacturers such as Unilever. Huitongda's breakthrough in the laundry industry has helped the brands jointly operate the lower-tier market, while simultaneously increasing the company's gross profit margin and achieving a win-win situation for all parties.
In addition, aligning with the national policies and industry trends, Huitongda Network integrated the unique attributes of agricultural industry and vehicles and auto parts merchandise industry. This strategic move resulted in the simultaneous promotion of two impactful projects – the agricultural project of "down go agricultural resources, up go agricultural products" and vehicles and auto parts merchandise project of "new energy vehicles in rural areas + battery recycling". This not only allows rural consumers to make cost-effective purchases, but also boosts the income potential of farming households, enabling them to maximize their earnings through improved sales oppportunites.
With the goal of reducing cost and increasing the efficiency, Huitongda Network uses digital capability of its platform and the entire industry chain, based on the actual needs of the supply and demand ends, constantly innovates and explores the supply chain model to integrate production and marketing. Zhitong Finance APP noticed that Huitongda continued to promote the B2F construction of upstream brand factories while exploring opportunities for cooperation with more high-quality upstream leading brand manufacturers.
In the first half of this year, Huitongda Network continued to promote the B2F inverted supply chain, covering multiple industries such as agricultural means of production, household appliances, vehicles and auto parts merchandise.
Corporate mission supports national policies; capital value synchronizes with social value
Under the lead of the "Huitongda Model", in the first half of this year, the performance of Huitongda Network has achieved improving quality and stabilizing growth. In the meantime, the company also continues to practice its corporate mission of making peasant's lives better, take corporate social responsibilities, create corporate social value, and thus combine the corporate mission with central policies by assisting in promoting the development of digitalizing rural areas.
Zhitong Finance APP noticed that Huitongda Network has established cooperation with multiple local governments and departments, focusing on the construction of commercial system in country areas, e-commerce into rural demonstration counties, Internet + agricultural products out of the village project, etc. Such government-enterprise cooperation can achieve a win-win situation through shared resources and complementary advantages, which pushes high-quality development of both urban and rural revitalization.
Moreover, the corporate value of Huitongda Network has also been recognized by the government, industry, and investors. The National Development and Reform Commission of China publicly "liked" Huitongda this June, recognizing it for taking root in the rural market and helping the small and micro real economy. Also, the company is a key software enterprise encouraged by the State, a national high-tech enterprise, a digital business enterprise, and a national model enterprise for supply chain innovation and application.
Summary
Through a comprehensive analysis of Huitongda's financial report, we found that under the dual-driver mode of "transaction business + service business", the company has successfully built an urban-rural circulation "highway" connecting the industrial end and the retail end. This not only stimulates rural vitality, but also promotes the value of member retail stores in the lower-tier market.
Amidst a challenging economic landscape,Huitongda Network becomes one of the few companies in the industry that maintains solid growth with multiple advantages such as unique business model, strong member store network and excellent supply chain management capability, which undoubtedly highlights its investment value.
Furthermore, in order to demonstrate confidence in the company's future development and recognition of the company value, Huitongda Network actively promoted an equity incentive plan during the reporting period. According to the announcement, on April 6 this year, the company granted 4.8425 million H shares to 494 selected employees. The grantees are subject to the main unlocking condition of no less than 30% year on-year increase in net profits attributable to equity shareholders of the company every year. Zhitong Finance APP believes the launch of the equity incentive plan would highly bind the interests of employees, the company and shareholders, which would help the Group further improve the efficiency of the core team, maintain the stability of the core team, and provide guarantee for the company to achieve its medium and long-term performance goals. As of July 28, 2023, the trustee of the company had purchased 574,500 H Shares on the market.
Taking a comprehensive view of various factors such as Huitongda Network's sustained performance growth, strategic development trajectory, untapped future growth potential, and evolving market demand, we expect Huitongda Network to benefit from the digitalization of rural areas for a long period of time, and to have a higher valuation premium in the medium and long-term development.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Leaders Gather for The 3rd Global Food Security & Sustainability Summit
DA NANG, VIETNAM, Aug 31, 2023 – (ACN Newswire) – Fifteen leaders gathered for The 3rd Global Food Security & Sustainability Summit in Danang, Vietnam on August 29, 2023. The summit focused on scaling up climate resilience and transforming food value chains to mitigate ESG risks, attracting key stakeholders, policymakers, government institutions, investors and United Nations bodies.
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Speakers shared their expertise as the world faces the mounting challenges of climate change, population growth, and resource depletion, these becoming increasingly vital to focus attention on securing an equitable and sustainable food system.
Opening remarks were delivered by Professor William Chen, Director, Singapore Agrifood Innovation Lab (SAIL).
Mr. Remi Nono Womdim, Representative of the Food and Agriculture Organization of the United Nations (FAO) in Viet Nam, presented a global perspective in "Averting A Global Food Crisis – What Must Be Done?"
Keynote speaker Doctor Shoumo Mitra, R&D Director of APAC Crop Protection Discovery & Development (CORTEVA) presented "Agriculture's Future is Driven by Sustainable Innovation", building a rich presentation, followed by a Q&A with Remi Nono Womdim.
The summit brought new perspectives and opened conversations to effectively tackle the imminent challenges addressed in food security and sustainability. Speakers have a wide range of experiences and skills that take their efforts to a global level as they share their knowledge with delegates from various ASEAN countries, facing similar issues.
The knowledgeable speakers:
– Mr. Nguyen Anh Phong, Director, of The Information Center for Agriculture and Rural Development (AGROINFO) and Institute of Policy and Strategy for Agriculture and Rural Development (IPSARD)
– Mr. Timothy Loh, Regional Director, S.E. Asia & Oceania, U.S. Soybean Export Council (USSEC), Singapore
– Mr. Caleb Wurth, Regional Director of Southeast Asia and Oceania for the U.S. Grains Council
– Dr. Akhilesh Kumar, the Founder & CEO of Eden Horticulture Services
– Mr. Binh Thanh Nguyen, Deputy Director, Vietnam Institute of Fisheries Economics and Planning, Ministry of Agriculture and Rural Development (MARD)
– Ms. Ayaka Fujiwara, Climate Investment Specialist, Green Climate Fund
– Do Ngoc Sy, Sustainability Manager, APAC-Jacobs Douwe Egberts (JDE)
– Mr. Max Nelen, CEO of Agros Global
– Mr. Ankur Chaudhary, Policy Specialist for APAC, GFI APAC
– Ms. Vu Thi My Hanh (Hanh Vu), Director, Green Youth Collective & Refillables
– Dong Day, Founder, Regenerative Solutions and Consultancy (REED)
– Mr. Trung Pham Quang, Program Manager for Vietnam, Global Coffee Platform
– Ms Jolene Lum, Head of Business Development, Nurasa
The Summit, organized at the Novotel Han Premier River, ended on an impactful note, participants are aware of the challenges and various solutions faced by different stakeholders from both ends inclusive of consumer and business-based perspectives. Organizers are planning to hold next year's event in Ho Chi Minh, Vietnam. https://www.facebook.com/globalfoodsecure/; https://www.linkedin.com/company/the-global-food-security-sustainability-summit/.
Celestia Cheng (Ms.)
Operations Manager
+65 9738 7487
Tpgievents2@tpgi.org
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Tianyun International Holdings Limited Announced 2023 Interim Results
HONG KONG, Aug 31, 2023 – (ACN Newswire) – Tianyun International Holdings Limited ("Tianyun International", together with its subsidiaries, the "Group") (Stock code: 6836.HK) a leading seller and manufacturer of processed fruits products in China, is pleased to announce the unaudited interim results for the six months ended 30 June 2023 ("Review Period").
During the Review Period, the overall business of the Group remained stable and healthy, and the Group continued to focus on creating value, improving risk management and control capabilities and enhancing operational efficiency, so as to boost the Group's revenue and profitability, as well as to seize the opportunities brought by the gradual restoration of the market's purchasing power. The Group has been committed to expanding its sales network, strengthening its R&D and adding innovative elements to its existing products, with an aim to introduce more diversified and healthier fruit products and specialty beverages to the market.
In the first half of 2023, the Group recorded steady progress in its sales performance and continuous improvement in its results achieving revenue of approximately RMB355.6 million and net profit of approximately RMB143 million, with gross profit margin improved to 28.1%. The overall financial condition remained solid. The Group also continued to comprehensively enhance its product mix, its own brand series and its operation capability, driving the sustainable development of the Company.
Leading high-quality development in the industry as a socially responsible enterprise
The Group is committed to upholding ESG principles for sustainable development in green products, talents, corporate governance, and green and low carbon development, and leading the industry towards quality development. Aligning with China's "dual carbon" target, the Group has fulfilled our corporate social responsibility. During the period, Mr. Yang Ziyuan, the Chairman and Chief Executive Officer of the Group, was awarded one of Forbes China's "2023 GBA ESG Entrepreneur 30". We aim to achieve our ESG development goals by fully integrating ESG elements into our operations and business development and collaborating with our stakeholders.
Own Brand Winning Positive Reviews and Successful Launch of New Beverage Series
With the increasing awareness of public health, the market demand for sports beverages is on the rise. In light of this, the Group has successfully developed vitamin sports beverages with fruit granules and fruit enzyme sports beverages, offering consumers with high-quality sports drink products for nutritional supplementation and maintaining physical health. The Group successfully held the "New 'Shiok Party' Fresh Fruit Sports Beverage Series Launch Event and Beverage Tasting Activity in Greater China" in May this year. The event was supported by accomplished guests and renowned sports superstars. This is an important step for the Group to bring high-quality and healthy sports beverages to the Chinese sports beverage market.
The Group successfully launched a new series of "Shiok Party" fresh fruit sports beverage, which fully upgraded the "Shiok Party" products in terms of flavour, taste and packaging and has become the first sports beverage product in the market that contains fruit granules. Products are made based on the theory of modern nutriology and sports medicine, providing nutritional supplementation to consumers and keeping them healthy. It is believed that the product will lead a new trend in China's fresh fruit sports beverage products, demonstrating the Group's outstanding performance in technological innovation.
As a company that has continuously won the title of National High-Tech Enterprise, the Group is actively exploring new product lines, enriching product mix and enhancing the technological level of food production by comprehensively promoting product R&D and innovation. The Group aims to offer high-quality and diversified products to consumers in China and abroad, as well as to realize business growth. The Group's series of own brand products have successfully gained a good reputation in the market, achieving impressive results. Meanwhile, in order to cope with the ever-changing market demand and cater for the needs of consumers, we continue to boost the brand image of the Group's own brand, enhance its product quality, upgrade the packaging of products and introduce more fashion and leisure elements to the products, with an aim to provide consumers with more diversified and trendy packaged products, as well as de-seasonal products, while enriching our product lines. In addition, the Group seized the opportunity to cultivate and optimize marketing layout by strengthening its interaction with consumers through various promotional activities and exhibitions, as well as boosting the image of its own brand and product sales.
Capacity Expansion and Successfully Launched New Beverage Series
In order to cater for the increasing market demand, the Group has been actively planning the expansion of production capacity, of which the production base in Shandong has been continuously improving its production facilities and enhanced automation. The newly built No. 5 and No. 6 production workshops have gradually been put into operation, which will significantly enhance the production capacity of the Group. In addition, it is expected that the Group's Yunnan production base in Mile Green Food Processing Park of Honghe Prefecture will start to be put into partial use by the end of 2023. It is expected that after Yunnan production base is completed and put into production, it can achieve synergies with Shandong production base to greatly enhance the production and sales of the Group's tropical, subtropical and temperate processed fruit products and specialty beverages.
During the period, we have been, and are continuing to, research on and develop new processed fruit products and specialty beverages, in order to satisfy and suit the tastes and demands of different consumer groups, particularly the younger consumers. Various new products are in the preparatory stage of production and sales.
Mr. Yang Ziyuan, Chairman and CEO of the Group said, "We believe that Tianyun International's new 'Shiok Party' series of fresh fruit sports beverages will create a national sports drink brand with influencing power on the international level. It will bring to the market quality products with distinctive features and a brand image that embodies Chinese characteristics. This will enable more consumers to recognize, understand, and love 'Shiok Party' as a trendy national brand."
"At the same time, we have been actively seeking strategic cooperation opportunities, anticipating collaborations with well-known brands, popular e-commerce platforms, online celebrities, and other channels and platforms. Through diversified marketing campaigns, we aim to jointly develop sales channels for our own brand products, increase brand awareness, create a high-potential online and offline sales network, and actively promote the culture of sports and healthy eating. These efforts will further broaden the Group's sources of income, explore new market opportunities, and strengthen the overall competitiveness of the Group."
"Looking forward, the Group will continue to invest in product research, development and innovation; capture the ever-changing market demand for specialty beverages; offer diversified and healthy specialty beverages and snacks for consumers, striving to become a leading international food and beverage enterprise so as to give back to society and consumers in return for their support to and trust in the Group."
About Tianyun International Holding Limited (Stock Code: 6836.HK)
Tianyun International Holdings Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") are principally engaged in (i) the research and development, production and sales of processed fruit packaged in metal containers, plastic cups, glass containers and aluminum foil bags and beverages and (ii) trading of fresh fruit. Processed fruit products are sold both under its own brands "Bingo Times", "fruit zz" and "Tiantong Times" and on an OEM basis. The beverages are sold under its own brand "Shiok Party" and "Demon Fruit Season".
The Group has been consistently committed to providing its customers with healthy and safe products. As a food enterprise with one of the most complete quality certifications, we rigorously adhere to stringent international production standards and are accredited with BRC (A), IFS Food (High), FDA, HALAL, SC, KOSHER, ISO9001, ISO45001, ISO14001, SMETA. in respect of our production facilities, quality control and management. The Group has also passed the internal food production standards reviews and audits from several UK and US supermarket chains. At the same time, as a Chinese "Equal production line; Equal standard; Equal quality" food production and export enterprise, the Group has been supplying products of consistent quality to domestic and international markets.
The Group was awarded China's Most Promising Listed Companies by internationally renowned financial magazine Forbes, and the "2017 Linyi Mayor Quality Award" by the PRC government in 2017. The Group's new and proprietary researched, developed and produced pure fruit snack food received a national "Certificate of Invention Patent" in 2018. In 2019 and 2022, the Group was awarded the national Hi-tech Enterprise Certificate for consecutive four years. In 2020, the Group was also recognised as one of the Most Valuable Chinese Brands for the fourth consecutive year. In 2023, the Chairman and CEO of the Group was selected as one of the "2023 Top 30 ESG Entrepreneurs in the Greater Bay Area" by Forbes China.
For more information, please visit www.tianyuninternational.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Luxshare Precision Announces First-Half 2023 Financial Results: Over 20% Increase in Net Profit Excluding Non-recurring Profit And Loss
HONG KONG, Aug 31, 2023 – (ACN Newswire) – Luxshare Precision (002475.SZ) released its 2023 interim report on 28th August, revealing a year-on-year increase of 19.53% in operating revenue, amounting to RMB97.971 billion. Net profit after deduction of non-recurring profit and loss attributable to ordinary shareholders of the company soared by 22.48% to RMB4.154 billion.
The company also forecasted its performance for the third quarter, projecting a 10% to 20% increase in net profit attributable to ordinary shareholders of the company for the first three quarters of 2023, with an expected range of RMB7.04 billion to RMB7.68 billion.
The interim report highlighted significant improvements in Luxshare's profitability and further optimization of multiple financial indicators. Furthermore, the company's diversified business strategy is yielding impressive results, with continuous growth in its communication business and automotive business, providing a strong impetus for stable development.
Strong revenue and net profit growth with significant gross profit margin improvement
Positioned as a solutions provider, Luxshare leverages its robust technical strength and innovative capabilities to offer comprehensive solutions across the industrial chain. This positioning allows the company to seize more market opportunities, such as in the era of intelligent electric vehicles. It integrates its accumulated experience and advantages in communication and electronics, propelling the company onto a fast track towards becoming a global top ten Tier 1 player in the intelligent electric vehicle field.
In the first half of 2023, Luxshare demonstrated "double-digit growth in revenue and net profit". The company's growth rate of net profit excluding non-recurring profit and loss surpassed that of revenue, signifying an improvement in revenue quality. This increase can be attributed to Luxshare's higher positioning in the supply chain and continuous cost reduction and efficiency improvement in management.
Luxshare has implemented systems such as SAP, PLM, MES, and WMS, and through digital transformation and upgrading, it has further optimized its management and production processes, thereby improving operational efficiency in lean manufacturing and supply chain management.
Some research reports noticed that for three consecutive quarters, Luxshare's "cash receipts from the sales of goods and the rendering of services" exceeded "cash payments for goods purchased and services received" hinting at an increase in gross profit margin. It is worth to notice that, the company's gross profit margin in the first half of the year was 10.64%, while the Q2 gross profit margin was 11.27%, indicating an improvement from the previous quarter.
Moreover, Luxshare's cash flow statement showed significant improvement in the first half of 2023, with net cash flow from operating activities surging by 263.74% to RMB8.814 billion.
Advancement across diverse business sectors
The ongoing acceleration of diversified layout formed Luxshare Precision unique operational advantages and fostered a positive development pattern across multiple platforms. With the consumer electronics business as the backbone of Luxshare Precision, the company presented an over-industry-level performance in the first half of the year.
Despite a global decline in the smartphone market, Luxshare Precision's consumer electronics business has maintained strong growth momentum. The upcoming launch of Apple's new iPhone 15 series is expected to provide additional growth opportunities for the company.
Meanwhile, Luxshare Precision's communication business is the fastest-growing sector in recent years. The company has devised a mixed development model of "core components + system-level products" to boost business growth comprehensively, which turned out well and received high recognition from top customers at home and abroad.
In the automotive business, Luxshare Precision achieved over 50% growth in the first half of the year. The company continues to expand its automotive portfolio, forming strategic partnerships with major players such as Chery, GAC, and Huawei.
In addition, Luxshare Precision was included in the Fortune Global 500 list for the first time, representing a significant achievement for enhancing the company's brand value and influence, as well as for the technology manufacturing industry in China.
In summary of the performance in the first half of 2023, Luxshare Precision is highlighted in its improved management efficiency, enhanced asset quality, and advanced development of the three major business sectors. With the release of Apple new products and expansion of partnerships in the automotive industry, the company is well-positioned to continue its growth trajectory.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
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