HONG KONG, Aug 25, 2023 – (ACN Newswire) – On August 23, Wuling Motors Holdings Limited (Wuling Motors), a company listed on the Hong Kong Stock Exchange, released its "Mid-Term Report" for 2023. The company achieved a revenue of over RMB 5 billion in the first half of the year, with a net profit of RMB 12.26 million, turning the loss into profit compared to the same period last year. The net profit attributable to owners of the company increased from a loss in the same period last year to a profit of RMB 1.521 million, demonstrating the resilience of its growth.
Wuling Motors has been repeatedly ranked among the top 100 global auto parts suppliers. Internally, the company has implemented lean concepts to improve its management, such as enhancing production efficiency, improving product quality, reducing costs, and achieving technological breakthroughs, with the goal of promoting sustainable and healthy development. Externally, the company has expanded its market and entered emerging industries. In addition to its core business advantages, Wuling Motors has devoted itself to technological innovation by strengthening, supplementing, extending and stabilizing the chain and through continuous research and development, so as to build strength in the fields of medium and high-end passenger vehicles and new energy vehicles. Additionally, seizing the opportunities provided by China's strategic initiatives such as the Regional Comprehensive Economic Partnership (RCEP) and the "dual carbon" goal, the company further enriches its product portfolio and expands its "going global" strategy. This makes it possible for the company to enhance its industry competitiveness and brand influence further, boost the high-quality development of business and improve profitability.
Significant Improvement in H1's Gross Profit Margin Marks the Accelerated Development of the New Energy Vehicle Business
In the first half of 2023, Wuling Motors faced challenging market conditions including decreased demand in the industry, intensified competition, and tight supply chains. However, the company has implemented multiple measures to achieve steady growth in performance. Regarding the "increase in profits" of H1, the company mentioned in its Interim Report that the positive impact of cost control due to the restructuring of the new energy vehicle business and cost reduction in three areas led to a decrease in expenses during the period.
The company's gross profit for the reporting period was RMB 411 million, representing a 10.3% increase compared to the same period last year. In its Interim Report, the company stated that apart from the favorable factors such as the decrease in raw material prices such as steel and the start of mass production of new products with higher gross margins, the increase in gross profits was also attributable to fine cost control and comprehensive budget management, which led to cost reduction and efficiency improvement. The gross profit margin of H1 was 8.1%, an increase of about 220 basis points compared to the same period last year when it was 5.9%.
Amid the rapid development of the global automotive industry chain and the backdrop of the "new four modernizations" in the automotive sector, Wuling Motors seized the opportunity of the new energy transformation to accelerate the development of the new energy vehicle industry, making significant achievements. It successfully developed the core parts of new energy vehicles, such as electric drive axles, motor and electronic control systems, hybrid power systems, and methanol engines.
With the rapid development of new energy vehicles, customers' needs for NVH (noise, vibration, and harshness) experience are being upgraded. In response to such a condition, Wuling Motors significantly shortened the overall execution cycle including conceptualization and demonstration, project approval and equipment commissioning. Its core products achieved a substantial upgrade in vehicles' NVH from 70dB to 58dB. The company has developed the first two-in-one coaxial axle commercially mass-produced nationwide, and the production and sales of new energy vehicle axles exceeded one million sets.
Wuling New Energy, a joint venture of Wuling Motors in its new energy business, has achieved remarkable success in overseas markets. Taking new energy commercial vehicles as an example, the company has continuously explored the new energy logistics market and officially launched the "Linxys" brand during the period. The first hybrid small truck, namely Linxys Gold Truck, was officially launched. After its entry into the North American market, the new energy logistics vehicle from Guangxi entered the Japanese market within the year for the first time. The first batch of new energy pure-electric logistics vehicles was officially delivered to FEST, successfully entering the European market. At present, it has formed an export model with the three major developed markets of the United States, Japan, and Europe, achieving simultaneous development in these three markets.
Wuling Motors strives for the "new" to inject endogenous power into the company. While strengthening technological research and development and promoting innovation, Wuling Motors has never stopped in the development of new products and the exploration of new fields. In the second half of the year, Wuling Motors' multiple technological achievements have been transformed for commercial use, with several frame models going into production and sales for the first time. The new production line for stamping modules has also been put into operation smoothly. Wuling sightseeing cars and golf carts have been dispatched to the United States, the Hong Kong Special Administrative Region, and Canada. The new market of clean synthetic fuel (E-fuels) has been officially opened, and more good news has followed.
Wuling Motors has also seen prominent performance in the fields of medium and high-end passenger vehicles and new energy vehicles. The new rear axle products installed in GWM's high-end plug-in hybrid off-road SUV boast high transmission efficiency, good NVH level, and excellent off-road performance. It is expected that the monthly demand for the products will quickly increase to several thousand units. The E10 road maintenance vehicle of Wuling New Energy, which has been officially rolled off the production line, adopts an industrial high-pressure reciprocating water pump that can spray water continuously for about 60 minutes. The first LJ4M20 series methanol engine has effectively solved two major problems, including the engine cold start at a low temperature and corrosion of engine components by methanol. Ten new-generation mobile energy storage and charging vehicles are undergoing trial operations in parking lots and highway service areas in various regions nationwide.
The Combination of Advantages and Opportunities Empowers Automotive Enterprises to Create a New "High-Quality, Green, and Low-Carbon" Vision
In fact, Wuling Motors has long aimed at the core business of the entire new energy vehicle industry chain.
In terms of production, Wuling Motors has strategically transformed from a single production point in Liuzhou, China, into a cross-provincial production group with factories in Guangxi, Shandong, Chongqing, and Hubei. This is beneficial for the company to continue tapping into regional markets. Forging ahead, Wuling Motors has also developed a supporting market for high-end parts. The Atkinson engine with a high thermal efficiency and hybrid powertrain achieved mass production and surpassed sales expectations for the entire year, which has enabled the company to successfully transform and upgrade from traditional fuel-powered vehicles to new energy vehicles with hybrid power.
As an industrial city with a strong automobile manufacturing background, Liuzhou has attracted lithium battery enterprises and formed a good industrial cluster, undoubtedly providing a "fertile ground" for Wuling Motors' growth. Engines with high thermal efficiency such as 1.5T and H16 independently developed by Wuling Motors were born here, allowing the company to take a big step towards the strategic goal of energy technology development.
Wuling Motors is also known for its manufacturing advantages in the commercial vehicle field. Its commercial vehicle division is equipped with a comprehensive automotive equipment line, covering production processes such as welding, painting, and equipping. It has solidified its future development potential through diverse product lines. Currently, Wuling Motors has developed various types of commercial vehicles, including refitted vehicles, special vehicles, and off-road vehicles. It can produce sightseeing vehicles, golf carts, refrigerated vehicles, police cars, fire trucks, electric delivery vehicles and other vehicles according to market demand. Its customers range from government departments, public institutions, and small and medium-sized private enterprises to individual customers, and its products are mainly sold in local markets across China and overseas markets.
Last year, Wuling Motors also invested in Wuling New Energy. With the advancement of business, the acceleration of mass production of new energy components, and the emergence of scale benefits, the development dividends of Wuling Motors in the field of new energy vehicles may be further released, making it an expected new growth point for the company's performance. It is reported that the Linxys brand of Wuling New Energy will focus on the market of new energy commercial vehicles in the future, gradually releasing hybrid and pure electric models, and developing a full range of micro, medium, and large vehicles, as well as micro and small trucks and terminal logistics vehicles.
Industrial manufacturing and technological strength provide strong support for Wuling Motors' future growth. With the support of industry trends, favorable policies, and forward-looking business layouts, Wuling Motors has entered a period of development opportunities and seen enormous potential in performance.
On the one hand, as China intensifies its support for the development of clean energy and renewable energy, and fully implements the "dual carbon" goal, Wuling Motors, which closely focuses on business in promising sectors such as new energy and energy storage, will benefit. At the same time, with the development opportunities brought by the RCEP and the Chinese auto brands entering international markets, Wuling Motors's products are expected to accelerate their expansion to overseas markets. On the other hand, the global automotive industry chain has developed rapidly in recent years. Against the backdrop of a new wave of automotive development and consumer upgrades, the penetration rate of domestic new energy vehicles is rapidly increasing and medium and high-end passenger vehicles are favored by consumers.
In recent years, various policies related to the development of the new energy vehicle industry, such as the Regulations on New Energy Vehicle Manufacturing Enterprises and Product Access Management and the Planning for the Development of the Energy-Saving and New Energy Automobile Industry (2012-2020) and the China New Energy Vehicle Industry Development Plan (2021-2035), have been continuously introduced. Specific measures such as the reduction of vehicle purchase taxes for new energy vehicles, the construction of a high-quality charging infrastructure system, and support for selling new energy vehicles in rural areas have further accelerated the development of the new energy vehicle industry.
Data shows that in the past decade, the sales of new energy vehicles in China have continued to soar, from 13,000 vehicles in 2012 to 6.887 million vehicles in 2022, an increase of over 500 times, and the production and sales have ranked first in the world for eight consecutive years. Exports of new energy vehicles have also grown strongly. According to data from the China Association of Automobile Manufacturers, in the first half of this year, China exported 534,000 new energy vehicles, a year-on-year increase of 160%. This far exceeds the overall level of automobile exports.
The future prospects of the industry are still promising. According to a research report from Chuancai Securities, China's new energy vehicle industry has entered a period of fast growth, with sales in both domestic and international markets growing rapidly. The trend of automotive electrification and intelligence will remain unchanged, and the relevant industrial chain will continue to develop rapidly.
Entering a new stage of comprehensive transformation towards new energy, Wuling Motors, with its technological strength as the core competitiveness, adopts a mindset of "change-seeking" to overcome obstacles and seize industry development opportunities to deploy its business. Committed to establishing a dual funding chain of self-financing and market-based financing, it will continue to leverage its advantages to pursue high-quality development in the future.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
VCREDIT 1H2023 Achieves Strong Growth
HONG KONG, Aug 25, 2023 – (ACN Newswire) – VCREDIT Holdings Limited ("VCREDIT" or the "Group"; stock code: 2003.HK), a leading independent online consumer finance provider in China, announced its unaudited interim results for the 6 months ended 30 June 2023 (the "Period").
During the Period, the Group continued optimizing and innovating business strategies and models, enhancing technological capabilities, and maintaining a focus on higher quality borrowers. Total income was RMB1,917.6 million, with an adjusted net profit of RMB303.5 million. The Board has recommended the distribution of an interim dividend of HK15 cents per ordinary share of the Company.
During the Period, the Group delivered a robust operating performance and achieved strong growth which in line with expectation. Meanwhile, the Group continues to enhance the risk management framework to adapt to market dynamics and changes in user behavior, and sustain an ordered transition towards higher quality borrowers. The Group's loan origination volume reached RMB36.2 billion for the Period, representing growth of 46.9% compared to the six months ended 30 June 2022 and an increase of 31.4% compared to the six months ended 31 December 2022. Outstanding loan balance exceeded RMB31.4 billion as of 30 June 2023, representing an increase of 25.1% compared to RMB25.1 billion as of 31 December 2022.
Continue to increase in research and development, empowering the business with technology
The rapid advancement of artificial intelligence is shaping and accelerating the digital transformation of consumer finance in the era of the digital economy. The Group is proactively embracing change by implementing revolutionary upgrades to its core business system. In the first half of 2023, the Group formally launched VCREDIT operating system (VOS), a new generation platform that streamlines its business modules, enhances the system architecture and significantly boosts research and development efficiency. Meanwhile, with the help of artificial intelligence big language model, the Group has launched an AI intelligent online customer service robot, which continuously improves the timeliness of user demand response and the convenience of process operation, further optimizing the user's interactive experience.
Strategy of targeting and retaining better-quality customers and protecting their rights
The Group continues to expand high-quality customer acquisition channels. It has formed cooperative agreements with well-known content platforms, photo editing applications, internet-based logistics platforms and other premium channels. By improving user behavior analysis model and user profile segmentation, the Group achieves greater accuracy in push to high-quality customers. During the Period, the Group's cumulative registered users increased by 7.1% as compared to the second half of 2022. For existing customers, the Group continued to improve its user experience by introducing an user willingness model to help raise brand recognition and improve user loyalty. In the first half of 2023, repeat loan customers accounted for 82.1% of the total loan volume.
The Group undertook a series of impactful model upgrades and complex testing. It has proactively adjusted its post-loan management risk strategy and implemented better customer services solutions as well the credit agency reform, namely "Duanzhilian", in order to effectively protect user privacy and information security, achieving proactive compliance reform as well as equip to achieve a balance between short-term risk and long-term returns.
Significant collaborations to further expand asset-light approach and diversify the business
By the end of the Period, the Group had effective relationship with 96 external funding partners, including 21 national joint-stock commercial banks, consumer finance companies and trusts, which enabled the Group to create a wide-ranging and varied funding framework to support its goals. By leveraging the funding flexibility and capital protection provided by third party guarantors and asset management companies, the Group has focused more on our pure loan facilitation model and moved towards an asset-light approach.
In addition to maintaining growth in its existing consumer finance business, the Group has made significant steps in line with strategy to expand and diversify its business to different industries and regions to establish a diversified operating models. In the first half of 2023, the Group launched the new consumer finance brand "CreFIT" in Hong Kong, providing consumer finance products tailored for the local market. Furthermore, the Group has agreed to acquire Banco Portugues de Gestao, S.A, which is a credit institution registered with the Bank of Portugal. This acquisition will enable the Group expansion into Portugal and Europe.
Outlook
The macro environment is constantly changing and evolving, which requires the Group to respond in a prompt and effective way to remain competitive. In order to contribute to further growth in its consumer finance business and fulfill the financial needs of high-quality customers, the Group will strive to hone its business strategies and upscale its technology. In addition to growing the Group's existing consumer finance operation in China, the Group will also look to expand and diversify its business strategies by investing or collaborating in or acquiring similar, related or complementary businesses and industries in other jurisdictions including Hong Kong, South-East Asia and Europe. The Group will continue to review potential investment opportunities and business prospects on a constant basis and make suitable investments and acquisitions as opportunities occur.
Looking forward, the Group intends to continue to execute these strategies to maintain its growth in the industry, including streamline and extend its credit solutions to better serve its customers to improve brand recognition and loyalty and creditworthiness of its customer base; enhance risk management capability through deployment of evolving technology and artificial intelligence; strengthen long-term collaborations with licensed financial institutional partners and other business partners; ensure its business is conducted within applicable regulatory parameters to achieve regulation-centric sustainability; review and assess potential business prospects and invest or collaborate in or acquire similar, related or complementary businesses and industries in China and other jurisdictions; cultivate a dynamic enterprise value and culture and grow its in-house talents.
About VCREDIT Holdings Limited (2003.HK)
VCREDIT Holdings Limited (stock code: 2003.hk) ("VCREDIT") is a leading player in China's consumer finance industry with over 10 years of track record. The Company caters to prime and near-prime borrowers underserved by traditional financial institutions by offering online consumption products. To match the funding needs for these products, the Company primarily engages institutional funding partners through three types of sustainable and scalable funding structures: trust lending, credit-enhanced loan facilitation and pure loan facilitation. Through such funding structures, VCREDIT provides institutional funding partners with solutions at varying levels of risk discretion and flexible profit-sharing arrangements. Website: https://en.vcredit.com/
For enquiries, please contact Hill+Knowlton Strategies Asia:
Diva Ding / Jennifer Wong
Tel: (852) 2894 6325 / (852) 2894 6255
Email: vcredit@hkstrategies.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Erez Capital Makes Investment in Curio Converting Nuclear Waste into Sustainable Energy
BOSTON, Aug 25, 2023 – (ACN Newswire) – Erez Capital, a rising star in the venture capital arena with a firm focus on disruptive technologies, is thrilled to announce a strategic investment of $100,000 in Curio, an avant-garde deeptech startup. Curio stands at the vanguard of nuclear technology innovation, pioneering the develop and commercialization cutting-edge technologies that are aimed at converting nuclear waste into safe and sustainable energy sources.
"Throughout Erez Capital's journey, I've had the privilege of engaging with numerous startups. Among them, Curio shines as a company positioned to reshape the renewable technology landscape. Beyond mere concepts, Curio boasts an established patented process with a clear path to commercialization, led by a dedicated workforce, a distinguished board of experts, and visionary leadership. Together, they're propelling the company toward unparalleled heights within this industry," shared Michael Benezra, the Managing Director and Founder of Erez Capital.
Curio's breakthrough hinges on its patented nuclear waste recycling technology NuCycle, which effectively addresses the longstanding challenges of the light-water reactor fuel cycle. The company has secured substantial investments, including vital support from the Department of Energy's ARPAe program, as well as continued investments from Synergos Holdings (www.synergosholdings.com) – a distinguished deeptech accelerator based in New York, led by visionary founders Rabbi Yechezkel Moskowitz and Yehudah Moskowitz.
Under the adept leadership of President and CEO Ed McGinnis, a former Executive Director of the President's Council of Advisors on Science and Technology (PCAST) and Acting Secretary for Nuclear Energy at the U.S. Department of Energy (DOE), Curio is ushering in a new era of nuclear recycling and energy transformation.
About Erez Capital:
Erez Capital is an early-stage venture capital firm in Boston, investing in seed-stage startup companies at the forefront of digital transformation. For more information, visit https://ErezCapital.io.
About Curio
Curio is a leading deeptech startup dedicated to revolutionizing the energy landscape through its groundbreaking nuclear waste recycling technology NuCycle. By converting nuclear waste into secure and renewable energy resources, Curio is determined to shape a cleaner and more sustainable future. Guided by the expertise of President and CEO Ed McGinnis, a distinguished luminary in the field of nuclear energy, Curio is poised to redefine how we approach energy generation and waste management. For more information, visit https://curio.energy.
For media inquiries, please reach out to:
Michael Benezra
mbenezra@erezcapital.io
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
AWS Approves And Lists Verofax Martech Solution For Brands & Retail On Global Marketplace
DUBAI, Aug 25, 2023 – (ACN Newswire) – Verofax, an award-winning Brand & Retail Martech service provider, achieved Full Technical Review (FTR) approval on Amazon Web Services (AWS) marketplace. Verofax services are now available for direct acquisition by retail and for global brands, leveraging the unparalleled capabilities of AWS.
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Verofax specializes in brand-customer direct engagement by transforming products into powerful marketing tools. With patented technologies such as computer vision, Artificial Intelligence (AI), and product digitization, Verofax enables brands to seamlessly connect directly to customers and access real-time first-party customer data to offer personalized brand experiences. The result? brands are able to reduce their cost of customer acquisition, and increase promotional marketing ROI (conversion rate) and brand loyalty (NPS).
With the AWS FTR approval, Verofax's advanced solutions have received the seal of validation and endorsement from AWS Solutions Architects. This recognition showcases Verofax's commitment to delivering exceptional performance, security, and scalability for brands worldwide.
Verofax's solutions go beyond traditional marketing. By assigning a unique web link to each product, Verofax's technology becomes a powerful tool for product traceability and counterfeit management. This added advantage brings significant value to brands, safeguarding their reputation and enhancing customer loyalty in their offerings.
Brands that choose to work with Verofax benefit from a range of advantages. By leveraging Verofax's solution, brands can circumvent traditional marketing channels and elevate customer acquisition rates by up to 60% while reducing costs of customer acquisition by an impressive 20-fold, when compared to online Ads. Verofax has successfully partnered with renowned Fortune 100 brands, including industry giants like Budweiser & Corona, to power global marketing campaigns and create frictionless direct-to-consumer experiences.
Rodrigo Cabaleiro, Global Director of Premium Brands, AB InBev said, "Verofax solution for interactive packaging improved acquisition and engagement during our FIFA World Cup promotion. By turning our products into a direct-to-consumer communication channel we observed higher ROI on promotional marketing and better data-driven decisions."
Moreover, Verofax empowers brands with real-time consumer insights, enabling data-driven decision-making and personalized marketing strategies in real-time. By leveraging this invaluable data, brands can deliver exceptional customer experiences, build unwavering loyalty, and achieve unparalleled commercial success.
Verofax's achievement of AWS Full Technical Review approval demonstrates its dedication to excellence and its ability to deliver top-tier software services. By partnering with Verofax, brands can unleash the full potential of their marketing efforts, accessing real-time consumer insights, driving customer engagement, and transforming their products into powerful marketing tools.
One of the key benefits of Verofax's AWS FTR approval is the assurance it provides to brands seeking exceptional software services. The rigorous FTR process involved a comprehensive assessment of Verofax's AWS infrastructure, architecture, and adherence to best practices. By achieving this status, Verofax demonstrates its ability to deliver superior solutions, ensuring optimal performance and security for its clients.
"We are incredibly proud to have achieved AWS Full Technical Review (FTR) status, which further solidifies Verofax's position as a leading provider of martech solutions. Collaborating with AWS has been instrumental in our journey, and this approval underscores the exceptional capabilities and performance of our software services. Together with AWS, we look forward to delivering unparalleled benefits to our enterprise clients by increasing Marketing ROI, enhancing customer satisfaction, and turning operations data-driven in real-time. — Wassim Merheby, CEO of Verofax.
Experience the transformative power of Verofax's solutions and join the ranks of global brands revolutionizing customer engagement. Discover why Verofax is the partner of choice for unlocking unparalleled marketing potential, achieving remarkable cost savings, and delivering exceptional customer experiences.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Ocumension Therapeutics Announces 2023 Interim Results
HONG KONG, Aug 24, 2023 – (ACN Newswire) – Ocumension Therapeutics ("Ocumension" or the "Company", together with its subsidiaries, collectively the "Group", stock code: 1477), a leading China ophthalmic pharmaceutical platform company, announced its interim results for the six months ended 30 June 2023 ("the Period") today.
During the Period, the market of ophthalmic drugs has significantly recovered from COVID-19. The Company has seized such an opportunity and made great progress in market exploration and customer development. The Company achieved operating revenue of RMB103.7 million, representing an increase of 90.1% year-on-year. Consolidated gross profit margin was approximately 60.5%, in line with the growth in revenue. The increase in revenue is mainly attributed to the sales of more than ten products including Youshiying, Ou Qin, Emadine, Xalatan, Kangwenjuan. In addition, the adjusted loss amounted to RMB125.9 million, which increased by 63.8% year-on-year.
The Group expanded its network of hospitals in the PRC for its ophthalmic drugs, achieving coverage of 9,361 hospitals nationwide, 1,426 of which are Grade III hospitals, with a commercial team of 210 employees.
During the Period, OcuMension maintained its focus on the pilot scale production and validation batch production for its products, such as Emadine, at its Suzhou manufacture site. It also continued to produce products that were transferred from other manufacture sites, such as Ou Qin.
The Company officially commercially launched Youshiying (Fluocinolone intravitreal implant) during the Period, a new drug for the treatment of chronic non-infectious uveitis. Uveitis is a complex eye disease, including but not limited to iritis and iridocyclitis, choroiditis, peripheral inflammation and degeneration of the retina and vascular, retinal pigment epithelium, vitreous body and optic nerve. The disease can cause significant effects on patients. Specifically, each episode of inflammation of uveitis may cause irreversible damage to the patients' intraocular tissues, among which an average number of 46% of patients will eventually develop irreversible visual impairment or blindness. Uveitis is the second most common eye disease in China that causes blindness.
The Group continued to pursue new opportunities in the ophthalmic market and accelerate its R&D of new clinical drugs. One of the Company's innovative drugs, OT-1001 (0.24% cetirizine hydrochloride eye drop), had its NDA accepted by the CDE and was included in the NMPA's priority review and approval process. Additionally, OcuMension completed the enrollment of patients globally for the phase III clinical trial of OT-101 (0.01% atropine sulfate eye drop), a new drug for slowing down the progression of myopia in children. The application for the phase III clinical trial of OT-101-S (0.01% and 0.05% atropine sulfate eye drops) was also accepted by CDE. OT-101-S is shown to be safe and well-tolerated. With five drug candidates in phase III clinical trials, OcuMension has the largest number of ophthalmic drugs in phase III clinical trials in China. OcuMension will continue strengthening its research and development efforts to overcome technical barriers to ophthalmic preparations and continuously improve its product's competitiveness.
In February 2023, OT-101, a low-concentration (0.01%) atropine eye drop for retarding or slowing down the progression of myopia in children and adolescents, completed the enrollment of 170 subjects in China for global phase III randomized, double-blind, placebo-controlled, parallel and multi-center clinical trial. In June 2023, OT-101 completed the enrollment of 678 subjects for the global phase III randomized, double-blind, placebo-controlled, parallel-group and multi-center clinical trial. The Company will continue its phase III clinical trials this year.
In addition, the Company initiated the phase II clinical trial for OT-202 (tyrosine kinase inhibitor) in February, a class I innovative drug internally developed by the Company for the treatment of dry eye. The phase I clinical trial was successfully completed in February and demonstrated OT-202 has good safety and tolerability profile in healthy adult subjects. The Company expects to complete the enrollment of subjects for phase II clinical trials in the second half of 2023.
In March, OT-702, a recombinant human vascular endothelial growth factor receptor antibody fusion protein ophthalmic injection, completed the enrollment of all subjects for the phase III clinical trial. The Company will continue phase III clinical trials this year. The Company also continued to advance the real-world study and phase III clinical trials of OT-502 during the Period. The Company expects to organize its data and prepare NDA documents in the second half of this year.
Looking forward to the second half of 2023, the Company will continue developing new products to ensure that at least two new drug candidates enter the registration stage and that it is able to maintain a solid pipeline of products to launch. The Company also expects that the Suzhou manufacturing site will achieve commercialized mass production and be able to provide a consistent supply of quality of products. Lastly, OcuMension will dedicate significant resources to promote its core product, Youshiying, to ensure its successful marketing, and ability to benefit a large number of patients.
OcuMension also plans to enhance its efforts to market and promote other drug products, including Xalatan, Xalacom, Betoptic S, Emadine and AZEP, as it strengthens its leading position in the treatment of uveitis, anti-allergy and glaucoma as well as maintain its sales revenue's exponential growth. Meanwhile, the Company will enhance its corporate culture by creating a unique culture to safeguard the sustainable development and growth in the next stage.
Mr. Ye LIU, CEO and Executive Director of Ocumension, said: "Over the past three years, we have made many remarkable achievements. In particular, we successfully developed and marketed our core product OT-401, broadened our product pipeline, built a high-quality production base and actively promoted our products. Going forward, as we uphold our philosophy of "Virtus et Lumen", we will provide comprehensive solutions to patients to protect their eyes and further improve their quality of life. We will also continue to deliver strong results and value for our shareholders and investors, as we strengthen our leading position in the ophthalmology industry."
About Ocumension Therapeutics
Ocumension Therapeutics is a Chinese ophthalmology platform company dedicated to identifying, developing and commercializing pioneering or best-in-class ophthalmic therapies. The company's vision is to provide world-class drug solutions to meet the huge demand for ophthalmology treatments in China. We believe that our ophthalmology platform with its obvious first-mover advantage will give us a leading position in the ophthalmology industry in China. Up to now, the company has 24 kinds of drug assets in front of the eye and back of the eye, and has established a complete ophthalmic drug product line, six of which have entered phase III clinical trials in China. On July 10, 2020, Ocumension was listed on the main board of the Stock Exchange of Hong Kong Limited (stock code: 01477).
More information about Ocumension Therapeutics: https://www.ocumension.com/
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Appia Provides Update on Its 300 Hole RC Drilling Campaign at Its PCH Ionic Clay Project, Brazil
Toronto, Ontario–(ACN Newswire – August 24, 2023) – Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (FSE: A0I0.F) (FSE: A0I0.MU) (FSE: A0I0.BE) (the “Company” or “Appia”) Appia is pleased to provide an update regarding its comprehensive exploration activities currently underway in Goias State, Brazil. By employing a strategic combination of Reverse Circulation (RC) drilling, extensive auger sampling, and cutting-edge LiDAR surveying, the Company has made significant progress in uncovering the potential of this highly promising deposit.
SUMMARY
- Appia’s exploration team today has successfully drilled 65 RC and 45 Auger holes to date reaching a combined depth of 1120 meters.
- Reverse Circulation (RC) drill program includes 300 holes at an average depth of +/- 12 metres.
- The Company has completed an extensive airborne LiDAR survey covering 1,700 hectares across the core Target IV project area producing a highly detailed topographic map to assist with further delineation of exploration targets.
- Auger drilling will be used to test new areas for potential extension zones southwest of the core Target IV zone.
- Data collected during this work campaign will be used to develop an initial Mineral Resource Estimate (MRE) on Target IV.
- The Company will also be exploring initial metallurgy and minerology over the coming months to ascertain the viability of separation using traditional well-known processes for these environments.
“Appia’s exploration team has successfully concluded 65 RC holes to date reaching a combined depth of 788 meters with an average depth of 11.9 meters per hole,” stated Carlos Bastos, Senior Geologist and Qualified Person in Brazil. He continued, “Sample logging and interpretation is done at one metre intervals with an ionic adsorbtion clay horizon observed at depths ranging from 2 to 27 meters. This horizon is primarily situated within the shallow range of 2-6 meters and exhibits varying widths.”
In addition to the Company’s RC drilling campaign, the Company is pleased to report substantial advancements have been made through extensive auger drilling to further delineate extension zones at the Target IV project area. To date, a total of 45 holes have been successfully completed. Each of these holes has been strategically positioned to provide a comprehensive understanding of the potential extension zones southwest from the primary target zone.
“Working in Brazil has been a pleasure as we have an exceptional team on the ground , and we are working well with the support of the community,” stated Tom Drivas, CEO of Appia. “Our RC program is in full-swing and we have completed approximately 20% of our planned drilling program with an aim to be finished by the end of September,” he concluded. “The priority with these initial work programs is the delineation of a Mineral Resource Estimate (MRE) at Target IV. Building upon the excellent work completed by the Vendor from their previous assessment programs identifying this exceptional ionic clay adsorption mineralization,” Drivas stated.
Image #1 – Appia geologist oversees sampling at PCH ionic clay project in Brazil.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5416/178384_appiaimage.jpg
The Company applies a strict quality assurance/quality control (QA/QC) system to all samples in preparation for assaying at the SGS Geosol laboratories in Brazil. Assays will be released as received and analyzed by the Company.
“The Company’s auger team is now focusing drilling on a new exploratory area known as East Target, located 6 kilometers due East of Target IV,” stated Stephen Burega, President. “The results from our initial RC and auger drill programs will be pivotal in expanding our knowledge base and refining our exploration strategy for the PCH ionic clay projet.”
Burega continued, “Alongside our drilling and sampling work, we are excited to share that we have finished a detailed LiDAR survey over 1,700 hectares, covering Target IV and beyond. The data collected from this LiDAR survey will lay the groundwork for our exploration endeavours with a millimetric detailed orthophoto and topography dataset”.
Background on the PCH Project
The PCH Project is located within the Tocantins Structural Province in the Brasília Fold Belt, more specifically, the Arenópolis Magmatic Arc. The PCH Project is 17,551.07 ha. in size and located within the Goiás State of Brazil. It is classified as an alkaline intrusive rock occurrence with highly anomalous REE and Niobium mineralization. This mineralization is related to alkaline lithologies of the Fazenda Buriti Plutonic Complex and the hydrothermal and surface alteration products of this complex by supergene enrichment in a tropical climate. The positive results of the recent geochemical exploration work carried out to date indicates the potential for REEs and Niobium within lateritic ionic adsorption clays.
The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.
About Appia Rare Earths & Uranium Corp.
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 12,545 hectares (31,000 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario. Lastly, the Company holds the right to acquire up to a 70% interest in the PCH Project which is 17,551.07 ha. in size and located within the Goiás State of Brazil. (See June 9th, 2023 Press Release – Click Here).
Appia has 130.5 million common shares outstanding, 143.5 million shares fully diluted.
Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Tom Drivas, CEO and Director: (cell) 416-876-3957, (fax) 416-218-9772 or (email) tdrivas@appiareu.com
Stephen Burega, President: (cell) 647-515-3734 or (email) sburega@appiareu.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178384
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Universal Medical Announces 2023 Interim Results
HONG KONG, Aug 24, 2023 – (ACN Newswire) – Genertec Universal Medical Group Company Limited (the "Universal Medical" or "Company"; Stock Coke: 2666.HK) is pleased to announce the interim results for the six months ended 30 June 2023.
Since 2023, the company served the "Healthy China" strategy and continued to expand its footprint in the healthcare sector, dedicated to promoting high-quality development for improving quality and expanding quantity with expected stability and energetic growth, and continued to realize the vision of "To Be the Most Trusted Global Leader in Medical & Healthcare Services". In the first half of 2023, the company recorded a revenue of RMB6,634.4 million in total, up by 16.1% as compared to the corresponding period of the previous year. In particular, the healthcare business recorded a revenue of RMB3,646.1 million, up by 33.8% as compared to the corresponding period of the previous year, with its proportion to the total revenue increased to 55.0%; the company recorded a profit for the period of RMB1,193.6million, up by 1.5% as compared to the corresponding period of the previous year, of which, the healthcare business contributed RMB231.6 million, up by 61.1% as compared to the corresponding period of the previous year; the company recorded a profit attributable to owners of the parent of RMB1,093.2 million, up by 0.3% as compared to the corresponding period of the previous year, of which, the healthcare business contributed RMB174.0 million, up by 88.0% as compared to the corresponding period of the previous year; and the company recorded a return on total assets (ROA) of 2.96% and a return on equity attributable to ordinary shareholders (ROE) of 15.25%. The indicators of income and the assets conditions maintained a steady and excellent performance.
Integrated Healthcare Service Steady Development: the Net Profit Margin of the Medical Institutions Increased to 5.28%
The medical institutions are not only the company's core resources to build a healthcare conglomerate, but also the R&D and training center of the Group's discipline operation, training center of the Group's discipline operation, as well as the project cultivation and commercialization pool and the sharing center for basic resources and practice of the industrial units. With respect to the integrated healthcare service segment, focusing on the development of the hospital group's core capacity, the company continuously build up the competition advantages of central state-owned enterprises in running medical care,so as to facilitate positive and continuous development of Hospital of SOEs and constantly improve operation efficiency and effectiveness. As at 30 June 2023, the number of consolidated medical institutions increased to 55 (including four Grade III Class A hospitals and 26 Grade II hospitals), with a capacity of 13,893 beds in total. In the first half of the year, the consolidated Hospitals of SOEs contributed to the company a revenue of RMB3,528.0 million, up by 33.4% as compared to the corresponding period of the previous year; recorded a profit for the period of RMB186.4 million in total, up by 62.0% as compared to the corresponding period of the previous year; and the net profit margin was 5.28%, up by 0.93 percentage point from the same period of the previous year.
Specialties and Healthcare Industry Accelerating Growth: Continuous Enhancement of Competitiveness via Internal & External Strategies
With the business foundation and professional core talent team of its own hospital group, the company strived to build replicable capabilities of specialties and industry operation while serving internal quality and efficiency enhancement, so as to create new profit growth drivers for the listed company. The performance contribution of this business segment mainly comes from providing hospital clients with life cycle management of medical equipment, medical devises sales and internet-based healthcare services.
In the field of nephrology, the company will focus on enhancing the core capabilities for nephropathy diagnosis and treatment of primary level hospitals, the establishment of nephropathy diagnosis and treatment flagship centers and municipal and provincial key specialties and the construction of high-quality blood purification centers. The company continuously deepened the industry layout of nephrology specialties through the scientific research results supported by digitalization. Up to the current moment, the company opened 21 new specialties departments in its member hospitals, continued to build a rapidly replicable operating system, and gradually leading to cooperation with external hospitals. In the first half of 2023, the company founded the nephropathy industry research institute, and have completed the acquisition of Beth Hesda Nephrology Hospital and Haiyang Senzhikang Hospital Co., Ltd.
In the field of oncology, the company continues to push forward the construction, operation and standardization of tumor precision diagnosis and treatment centers, pool internal and external resources to build the flagship tumor specialty diagnosis and treatment benchmark inside and outside the hospital group, develop tumor radiotherapy business product solutions, expand the chain business scale through investment/construction, and promote the standardized, collaborative and efficient development of oncology specialties.The tumor precision diagnosis and treatment center of Ma'anshan MCC17 Hospital operated by the company was opened in March 2023. In June 2023, the company concluded a cooperative arrangement with Mevion Medical Group, under which both parties will jointly establish a tumor precision medical service company as the sole platform to provide oncology radiotherapy services by both parties in the PRC, with an aim to accelerate the establishment of leading oncology diagnosis and treatment business system and intelligent oncology diagnosis and treatment platform in the PRC, continuing to empower the development of the external and internal hospitals of the company.
From the perspective of the life circle management of equipment, the company relies on its own hospital group as a team capability training and business practice base to provide hospital customers with life cycle management services for medical equipment from procurement planning, repair and maintenance to refined operation management. Based on its equipment management and operation capabilities and financial strength accumulated over the years, the company believe that it can achieve rapid improvement of the business scale and core capabilities of the equipment life cycle management through endogenous development and extensional mergers and acquisitions. So far, the company was entrusted the operation of 14 hospitals with the assets under management with a value over RMB3 billion. The value of contracts entered into in the first half of 2023 amounted to over RMB90 million. In August 2023, the company acquired 85% equity interests of Casstar Medical Technology Wuxi Co., Ltd. ("Casstar") at the consideration of RMB467.5 million. Casstar is recognized as a high-tech enterprise, a provincial specialized and sophisticated small and medium-sized enterprise, and a provincial gazelle enterprise, and has been committed to providing maintenance services for various type of medical imaging equipment since its establishment, with maintenance capacity covering mainstream medical imaging equipment, as well as life emergency, respiratory anaesthesia, hemodialysis and ultrasound equipment. It served a total of over 1,500 hospitals and maintained long-term cooperation relationship with more than 500 hospitals with asset under management of over RMB10 billion, providing nationwide service capacity. It also has a number of intellectual right patents, enjoys core strength in the Internet of Things, digital development and other fields, and is a leading enterprise with great influence in the industry. This acquisition will provide strong support for the company to improve its core competitiveness in the life cycle management equipment, and will accelerate the implementation of the company's industry consolidation strategy, so as to facilitate rapid development of its business.
Financial Business Resilience: Solid Profitability and Asset Quality, Continuous Financing Structure Optimization.
In 2023, faced with the impact of various factors such as increasing financing costs in the overseas markets, intensified market competition at home, tightening financial regulation and shortage in quality assets, the company always took risk control as a top priority, and were committed to ensuring quality project development for our customers. By keeping abreast of the market development, the company strived to arrange financing structure properly, so as to ensure liquidity sufficiency and security while minimising the pressure of rising costs as a result of US Dollar interest rate hikes on the offshore markets. In the first half of 2023, the company recorded income of finance business of RMB2,988.2 million in total, remaining stable as compared with the corresponding period of the previous year. As at 30 June 2023, its net interest-earning assets reached RMB71,764.5 million, representing an increase of 10.0% as compared to that at the beginning of the year; the non-performing asset ratio was 0.98%; the overdue ratio (30 days) was 0.88%, and the provision coverage ratio was 255.06%.
Given that the current domestic and international economy and financial markets continue to be confronted with many risks, challenges and uncertainties, Universal Medical will continue to promote the steady and safe development of its finance business, and give full play to the finance business to empower the development of the medical care industry, so as to build a solid moat for the high-quality development of a central state-owned and listed enterprise.
It is worth mentioning that in terms of high-quality development of listed companies, Universal Medical has been continuously enhancing its ESG construction and fulfilling its social responsibilities as a central state-owned enterprise. The company has been actively engaged in medical assistance in Xinjiang, Tibet, and overseas, and the "XinYan Public Welfare Fund" has provided assistance to over 500 patients, effectively meeting the clinical treatment needs of critically ill patients in economically disadvantaged areas. In April, the company successfully launched the first "Rural Revitalization" labeled medium-term notes, and in July, it successfully secured the first domestic syndicated loan in line with green loan principles. The company has also been selected as one of the "China ESG Top 100 Listed Companies" released by the China Central Television, ranking 62nd. In the future, the company will continue to adhere to the principle of seeking progress while maintaining stability, promote high-quality development, and strive for new breakthroughs, creating greater value returns for all shareholders.
For further information, please contact:
PEANUT MEDIA LIMITED
Direct Line: +86-755-61619798 x8210
Email: hswh.project@czgmcn.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
China Medical System Gained Exclusive License of an Anti-Ischemic Stroke Class 1 Innovative Drug
l Y-3, a Class 1 Innovative Drug injection, is used to alleviate neurological symptoms and dysfunction of daily activities caused by acute ischemic stroke. The Product has a clear mechanism of action, which is conducive to exerting brain cytoprotection effects. Meanwhile, the Product has a rapid anti-depression and anti-anxiety function, and is expected to become the first new type of brain cytoprotectant that treats both stroke and post-stroke depression.
l The product will enrich the cardio-cerebrovascular (including the central nervous system) pipeline of the Group. After approved for marketing in China, it is expected to meet the clinical needs of drug with both safety and efficacy, providing new treatment options to ischemic stroke patients in China.
SHENZHEN, CHINA, Aug 24, 2023 – (ACN Newswire) – On August 24, China Medical System Holdings Limited (“CMS” or the “Group”) announced that the Group entered into a Collaboration Agreement (the “Agreement”) with Nanjing NeuroDawn Pharmaceutical Co. Ltd. (“NeuroDawn Pharmaceutical”), for anti-ischemic stroke brain cytoprotectant and class 1 innovative drug Y-3 injection (“Y-3 injection” or the “Product”), and gained an exclusive promotion right of the Product in Mainland China, Hong Kong Special Administrative Region and Macao Special Administrative Region. The term of the Agreement is permanent.
Y-3 Injection is a Class 1 innovative drug – small molecule compound, which is used to alleviate neurological symptoms and dysfunction of daily activities caused by acute ischemic stroke. The mechanism of action of the Product is to dissociate PSD-95 and nNOS coupling and activate α2-GABAA receptors. With dual-target intervention at the same time and its clear mechanism of action, the Product is conducive to exerting brain cytoprotection effects. Meanwhile, the Product has a rapid anti-depression and anti-anxiety function, and is expected to become the first new type of brain cytoprotectant that treats both stroke and post-stroke depression.
Stroke is a major non-communicable disease that seriously endangers the health of Chinese people. The overall lifetime risk of stroke in China is 39.9%, ranking the first in the world. The number of new cases of ischemic stroke in China was approximately 2.87 million in 2019, and the incidence rate substantially increased by 226.5% from 1990 to 2019, with a large patient population. Stroke has the characteristics of high disability rate and heavy economic burden. There is an urgent clinical need for evidence-based drugs to reduce family and social burdens.
In January 2023, The Phase I clinical trial of the Product in China has been completed and the results showed a good overall safety. The Product is currently in the Phase II clinical trial in China. If approved for marketing in China, it will bring new treatment options to ischemic stroke patients in China, meet the clinical needs of drug with both safety and efficacy, and thus benefit the patients.
CMS has been deeply engaged in the cardio-cerebrovascula/central nervous system therapeutic fields for years and possesses XinHuoSu (recombinant human brain natriuretic peptide for injection), Deanxit (flupentixol and melitracen tablets) and VALTOCO (the first diazepam nasal spray approved in China), etc. The Group has also established a compliant and efficient commercialization system in the cardio-cerebrovascular and central nervous system fields. In the future, the Group will continue to prioritize patients and clinical needs, strategically deploy more differentiated innovative drugs, and consistently expand the product portfolio in the Group’s advantageous specialty fields, benefiting a greater number of patients.
For further detailed information, please visit the following link for the announcement, “Voluntary and Business Update Announcement Gaining Exclusive License of an Anti-Ischemic Stroke Class 1 Innovative Drug” issued by CMS on August 24 2023.
About NEURODAWN PHARMACEUTICAL
NeuroDawn Pharmaceutical, based in Nanjing, China, is an innovation and R&D-driven new drug company, focusing on the research and development of new drugs for central nervous system (CNS) diseases. NeuroDawn Pharmaceutical has established a comprehensive internal R&D platform, including chemical synthesis, biological screening, CMC (chemistry, manufacturing and control) development, DMPK (drug metabolism and pharmacokinetics) research, in vivo pharmacology research, toxicology research and clinical research, etc. In addition, NeuroDawn Pharmaceutical has integrated clinical resources for neurological diseases in China and established close collaboration with more than one hundred leading hospitals in China to provide comprehensive and complete technical services and professional guidance for clinical studies.
About CMS
CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet healthcare needs.
CMS focuses on developing first- or best-in-class innovative products and has made the layout of about 30 differentiated pipeline products with strong market potential. CMS deeply engages in specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to strengthen the competitiveness of its cardio-cerebrovascular/gastroenterology business, and independently operated dermatology and medical aesthetic business, and ophthalmology business, whilst enhancing the scale and efficiency. CMS also entered into the Southeast Asian market to create new opportunities to further enhance the sustainable development of the Group.
Media Contact
Brand: China Medical System Holdings Ltd.
Contact: CMS Investor Relations
Email: ir@cms.net.cn
Website: https://web.cms.net.cn/en/home/
Source: China Medical System Holdings Ltd.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
U.S. Polo Assn. Launches Iconic Legends Campaign and Targets Billion-Dollar Opportunity in India
WEST PALM BEACH, FL and BENGALURU, INDIA, Aug 24, 2023 – (ACN Newswire) – U.S. Polo Assn., the official brand of the United States Polo Association, and Arvind Fashions Ltd. (NSE:ARVINDFASN), aka Arvind, are proud to announce two major business milestones in India: the iconic Legends marketing campaign and the new U.S. Polo Assn. website launch. Both business strategies have been designed to help take U.S. Polo Assn. in India to the next level, reaching the company's new target to be a billion-dollar power brand in the country.
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According to a recent United Nations report, India has overtaken China as the world's most populous nation. In fact, according to the report, India's population is expected to reach 1.428 billion, compared to China's 1.425 billion. The U.S. Polo Assn. brand's popularity in India has only grown with the population, making India prime to be the global brand's fastest-growing market. The tremendous growth in popularity and ultimately market share is not without effort, which includes a strategy focused on both brick-and-mortar and e-commerce, as well as overall brand marketing through storytelling.
As one of India's leading casualwear power brands, the multi-billion-dollar, global, sport-inspired U.S. Polo Assn. brand has launched an exclusive brand-specific website USPoloAssn.in to further enhance digital offerings for customers and provide easier access to its product offerings. U.S. Polo Assn. is the first brand in the Arvind Fashions Limited family of businesses to go live with an exclusive brand website. Previously, the brand was listed on all leading online platforms and NNNow, the official brand store and digital destination for Arvind Fashions Limited.
"Arvind has been a tremendous partner to the U.S. Polo Assn. brand, and we are excited about our future as a power brand, targeting a billion-dollar business over the long term in one of the world's most important markets," said J. Michael Prince, President and CEO of USPA Global Licensing, the company that manages and oversees the U.S. Polo Assn. brand. "The execution of our strategic plan in India will further solidify our position as one of the top casual menswear brands in the country."
USPoloAssn.in will carry the entirety of the brand's product offerings across menswear and kidswear. The website will also feature the brand's footwear and innerwear collection, as well as the newly introduced USPA womenswear line.
The newly launched website will be hosting the "Legends Forever Play Together" campaign, featuring Arjun Rampal and Milind Soman, the 'legends of the modeling industry', and Leander Paes and Mahesh Bhuphati, the 'legends of tennis.' The campaign, while celebrating their legendary stature, also shows these icons reminiscing about their fondest memories of where their journey began.
Legends further showcases themes of fashion, style, and nostalgia, as well as bonding between the stars, while presenting the cool and sporty factor of the brand. In the multi-channel campaign, the Legends can be seen sporting the all-new Autumn-Winter '23 Collection from U.S. Polo Assn. The collection features timeless classics with a modern twist, such as polos, denim, oxfords, sweaters, jackets and tee shirts.
The multi-billion-dollar, global brand's presence has also exploded in India, having successfully launched new identity stores, featuring modern decor, an all-white interior, and authenticity through elements of the sport of polo, like polo-themed accessories and game broadcasts, for which the brand is based. U.S. Polo Assn. even launched five stores simultaneously on Sept. 17, 2022, in the city of Bengaluru, Arvind's corporate headquarters.
"U.S. Polo Assn. is an example of 'phygital' retail, where we are blending the best of digital and physical channels to enhance both and deliver the best customer experience, ultimately enabling enhanced omnichannel engagement," said Shailesh Chaturvedi, Managing Director and CEO, Arvind Fashions Ltd. "The combination of the very special and iconic Legends Campaign, the exciting new website and our revamped stores will now allow U.S. Polo Assn. to immerse consumers in our unique brand story across all major touchpoints."
Currently, the brand's retail footprint in India is at more than 400 brand stores, and over 2,000 shop-in-shops, across more than 200 cities in India. Globally, the U.S. Polo Assn. brand is in 190 countries and has global retail sales of more than $2.3 billion.
"This launch comes at the right time as the market is multi-branded and continues to grow, while customers want to engage more with great brands," said Amitabh Suri, CEO of Arvind's U.S. Polo Assn. Division. "U.S. Polo Assn. has a strong retail presence with more than 400 brand stores across India. And when it comes to online presence, U.S. Polo Assn. has been the top casualwear brand across all leading online e-commerce platforms, making it clear there was great demand in the market to launch the new brand website."
About U.S. Polo Assn.
U.S. Polo Assn. is the official brand of the United States Polo Association (USPA), the non-profit governing body for the sport of polo in the United States and one of the oldest sports governing bodies, having been founded in 1890. With a multi-billion-dollar global footprint and worldwide distribution through over 1,100 U.S. Polo Assn. retail stores and thousands of department stores, sporting goods channels, independent retailers, and e-commerce, U.S. Polo Assn. offers apparel for men, women, and children, as well as accessories and footwear in more than 190 countries worldwide. U.S. Polo Assn. was named as one of the top global sports licensors in 2023, according to License Global. Visit USPoloAssnGlobal.com and follow @USPoloAssn.
About Arvind
Arvind Fashions Ltd., based in Bengaluru, is India's No. 1 casual and denim player in the country's retail industry, a lifestyle powerhouse with a strong portfolio of fashion brands catering to consumers across various sub-categories and price points. With a host of renowned brands, both international and indigenous, like U.S. Polo Assn., ARROW, Tommy Hilfiger, Calvin Klein, Flying Machine and Sephora, Arvind has presence across lifestyle brands, value fashion and prestige beauty. Visit Arvind, USPoloAssn.in, and follow @USPoloAssnIndia.
Contact Information
Stacey Kovalsky
Senior Director, Global Communications
skovalsky@uspagl.com
+001.561.790.8036
Deepansh Bhargava
Vice President, Marketing, U.S. Polo Assn. India at Arvind Fashions Limited
deepansh.bhargava@arvindbrands.co.in
+91 9343897011
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Emperor W&J 2023 Interim Net Profit Doubles to HK$186 Million, Mainland China Market Achieves Remarkable Performance
HONG KONG, Aug 24, 2023 – (ACN Newswire) – Emperor Watch & Jewellery Limited (the "Group" or "Emperor W&J") (Stock code: 887), a leading retailer of European-made watches and fine jewellery, is pleased to announce its encouraging interim results for the six months ended 30 June 2023 (the "Period").
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Results Snapshots
— Total revenue soared by 41.6%: the Group delivered satisfactory results, with its total revenue surging to HK$2,330 million (2022: HK$1,646 million) and gross profit rising by 38.1% to HK$725 million (2022: 525 million)
— Revenue growth of 64.8% in mainland China and 49.7% in Hong Kong: the mainland China market exhibited strong growth, with its revenue totalling HK$712 million (2022: HK$432 million), accounting for 30.6% (2022: 26.2%) of total revenue; due to the resumption of travel and revival of luxury consumption momentum, revenue from the Hong Kong market increased to HK$1,153 million (2022: HK$770 million), accounting for 49.5% (2022: 46.8%) of the total revenue
— Sales revenue up by 86.3% in the jewellery segment and 31.9% in the watch segment: the sales revenues from the jewellery and watch segments increased to HK$544 million (2022: HK$292 million) and HK$1,786 million (2022: HK$1,354 million), respectively, accounting for 23.3% (2022: 17.7%) and 76.7% (2022: 82.3%) of the total revenue, respectively
— Net profit doubled: due to the revenue surge and the operating leverage enjoyed by the Group, the Group's net profit increased significantly, by 116.3% to HK$186 million (2022: HK$86 million), and basic earnings per share increased to HK2.74 cents (2022: HK1.27 cents)
— Net cash position: as at 30 June 2023, the Group's bank balances and cash on hand had increased to HK$843 million (31 December 2022: HK$664 million), and the Group did not have any bank borrowings
— Distribution of interim dividend: the Board has declared an interim dividend of HK0.76 cent (2022: HK0.38 cent) per share
Ms. Cindy Yeung, Chairperson of Emperor W&J, said, "The reopening of borders between Hong Kong, Macau and mainland China in early 2023 has driven the recovery in general mobility and business activities; the tourism and retail industries in the region have thereby regained growth momentum, which positively impacted the Group's business performance."
Mr. Ricky Ng, Chief Executive Officer of Emperor W&J, said, "The mainland China and Hong Kong markets are our development focus and we will continue expanding our footprint there. In the meantime, considering the macroeconomic headwinds, the Group will be prudent in the course of expansion, and continue exercising stringent operating cost control, in order to maintain operating efficiency in times of instability and enhance its profitability."
As at 30 June 2023 the Group had a total of 91 stores in Hong Kong, Macau, mainland China, Singapore and Malaysia. During the Period, the Group opened one jewellery store in Hong Kong and two jewellery stores in mainland China. While further expanding its network of stores, the Group will continue focusing on residential areas in Hong Kong and prominent cities in mainland China.
About Emperor Watch & Jewellery Limited
With long establishment history of over 80 years in Hong Kong since 1942, Emperor W&J (887.HK) is a leading retailer principally engages in the sale of European-made internationally renowned watches, and fine jewellery products under its own brand, "Emperor Jewellery". Through its comprehensive watch dealership, unique marketing campaigns and extensive retail network at prime locations in Hong Kong, Macau, mainland China, Singapore and Malaysia, Emperor W&J established a strong brand image amongst its target customers ranging from middle to high income groups worldwide. In recognition of its efforts in investor relations communications, Emperor W&J was granted with "Best IR Company" (Small Cap) and "Best Investor Presentation Material" (Small cap) in HKIRA Investor Relations Awards 2023 by the Hong Kong Investor Relations Association. For more information, please visit its website: www.EmperorWatchJewellery.com.
Investor/Media Enquiries
Anna Luk
Group Investor Relations Director
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com
Janice Au
Group Investor Relations Manager
Tel: +852 2835 6799
Email: janiceau@emperorgroup.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
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