HONG KONG, Apr 26, 2024 – (ACN Newswire) – TIME Interconnect Technology Limited (“TIME Interconnect”, Stock Code: 1729.HK, with its subsidiaries collectively referred to as the “Group”) is pleased to announce its final results for the nine months ended 31 December 2023 (the “Review Period”).

During the Review Period, the global economy has recovered from the COVID-19 epidemic and the Russia-Ukraine war, but the pace has been slower than expected. The divergences between countries have continued to increase. Meanwhile, China’s economic recovery was also slower than expected, partly due to high borrowing problems in the real estate industry. Despite these challenges and difficulties posed by the macroeconomic environment, the Group strives to improve its business operations and financial position by proactively seeking potential investment opportunities that would diversify the Group’s existing business portfolio, broaden its source of income and enhance value to the shareholders of the Company. For example, last year, the Group expanded its business to server business with go-to-market strategy and JDM/ODM business model. In addition to contributing a substantial increase in revenue, the server business also contributed a significant increase in profits this year by adjusting its customer/product portfolio and selling price structure to improve profitability.

For the Review Period, the Group recorded revenue amounting to HK$4,826.3 million, represented a decrease of HK$938.5 million or 16.3% as compared with HK$5,764.8 million for the Previous Year. Operating profit for the Review Period was HK$433.4 million, represented an increase of HK$118.1 million or 37.5%, as compared with HK$315.3 million for the Previous Year, with the operating profit margin raised from 5.5% to 9.0% for the Review Period. The increase of operating profit was mainly attributable to the profitability improvement of server business. Net profit of the Review Period was HK$277.6 million, represented an increase of HK$61.7 million or 28.6%, as compared with HK$215.9 million for the Previous Year, with the net profit margin raised from 3.7% to 5.8% for the Review Period*.

Basic earnings per share for the Review Period was HK14.2 cents as compared to the basic earnings per share of HK11.1 cents in the Previous Year.

Business Review

The Group’s turnover by market sector is as follows:

Market Sector	Turnover (HK$ million)			Share of Turnover
	Nine months ended 31 December 2023	Year ended 31 March 2023	Changes	Nine months ended 31 December 2023	Year ended 31 March 2023
Cable assembly
Data centre	791.0	790.9	0.0%	16.4%	13.7%
Telecommunication	555.4	644.0	-13.8%	11.5%	11.2%
Medical equipment	258.0	245.6	5.0%	5.3%	4.3%
Industrial equipment	24.4	47.4	-48.5%	0.5%	0.8%
Automotive	100.4	162.0	-38.0%	2.1%	2.8%
Digital cable
Networking cable	788.7	1,254.7	-37.1%	16.4%	21.8%
Specialty cable	77.0	92.4	-16.7%	1.6%	1.6%
Server	2,231.4	2,527.8	-11.7%	46.2%	43.8%
Total	4,826.3	5,764.8	-16.3%	100%	100%

 

Data centre sector

The revenue of data centre sector increased by HK$0.1 million to HK$791.0 million for the Review Period as compared to HK$790.9 million for the Previous Year. Orders from this sector maintained at a high shipment level during the Review Period, and remained the highest revenue sector in the cable assembly business.

Telecommunication sector

It recorded a decrease of revenue from HK$644.0 million for the Previous Year to HK$555.4 million for the Review Period, represented a decrease of HK$88.6 million or 13.8%. The order volume was stable, new models are constantly being introduced and the profit margin was improved as these new products carry a better margin.

Medical equipment sector

The revenue of medical equipment sector for the Review Period was HK$258.0 million, represented an increase of HK$12.4 million or 5.0% as compared with HK$245.6 million for the Previous Year. Although the COVID-19 epidemic has gradually alleviated, there is still a risk of the virus mutating, and may be a rebound phenomenon. Meanwhile, people have paid more attention to health, the Group believe that the demand for medical equipment will continue to increase and high demand in medical equipment cables orders will been maintained.

Industrial equipment sector

Under the influence of macroeconomic factors like the slower-than-expected economy recovery and the divergences between countries have continued to increase, global economic activities have been suppressed to a certain extent. The revenue of industrial equipment sector decreased by HK$23.0 million or 48.5% from HK$47.4 million for the Previous Year to HK$24.4 million for the Review Period.

Automotive sector

Affected by geopolitics and trading war, the sales orders of automotive wire harness products decreased during the Review Period. The revenue of automotive sector was HK$100.4 million for the Review Period, which compared with the revenue for the Previous Year of HK$162.0 million, represented a decrease of HK$61.6 million or 38.0%. But the Group still believes that the automotive wiring products can help the Group to provide its customers with a broader product portfolio, and to step into a new business sector by enriching the Group’s business portfolio and broadening its unique customer base, which can capture opportunities brought by the booming electric vehicle market.

Networking cable sector

During the Review Period, the global macroeconomic environment is still under pressure, causing severe damage to overseas orders for networking cable business. The revenue of networking cable for the Review Period was HK$788.7 million, represented a decrease of HK$466.0 million or 37.1% as compared with HK$1,254.7 million for the Previous Year.

Specialty cable sector

Specialty cable sector includes Industrial Communication Cables, Rail Transit Cables, HDBT Hi-Res Data Communication Cables and etc. For the Review Period, the revenue of specialty cable was HK$77.0 million, represented a decrease of HK$15.4 million or 16.7% as compared with HK$92.4 million for the Previous Year.

Server sector

For the Review Period, the revenue of server was HK$2,231.4 million, represented a decrease of HK$296.4 million or 11.7% as compared with HK$2,527.8 million for the Previous Year. Since the development of server business in last year, a large number of orders were accepted in the initial stage, and as the factory’s production capacity climbed, it created a sales peak. With the emergence of ChatGPT in 2023, the server industry also set off a craze for artificial intelligence servers. During the Review Period, the focus was on the development and delivery of new products with AIGC (Artificial Intelligence Generated Content), and the profitability was relatively improved

Prospect

Looking ahead, the macroeconomic environment is full of challenges. The global recovery from the COVID-19 pandemic and Russia’s invasion of Ukraine remains slow and uneven. Economic activity still falls short of its prepandemic path, especially in emerging market and developing economies, and there are widening divergences among regions. Several forces are holding back the recovery. However, even the Group is facing such challenges and difficulties in the macro-economic environment, the management remains confident in its future business. With the support of Luxshare Group, the Group enjoys advantages in both product manufacturing capabilities and financial strength. The Group will continue to develop strategic businesses and markets, strengthen its business foundation and achieve impressive results during the economic downturn.

The Group believes that the PRC’s continued acceleration of 5G technology research and development, as well as the new social normals caused by the epidemic, including work-from-home and online meetings, are expected to drive the demand of cable assembly products and telecommunication sector and benefit the Group’s business growth.In light of this, the management remains confident in 5G-related business. During the Review Period, the Group has set up a new wholly-owned subsidiary, Linkz Cables Mexico, S. de R.L. de C.V., in Mexico to increase its market share in markets outside China and Asia. A new plant is under construction by Luxshare Group which is expected to be put into production in 2024. By then, the Group will set up the new factory and produce digital cables and automotive wire harness products, which can protect supply chains and export markets against geopolitical tensions and unforeseen disruptions and enable the Group to capture market opportunities upon the arrival of this generation 5G network.

Moreover, the utilisation rate of cloud technology in the companies around the world is continuously increasing. In cloud computing, the computing storage network must be placed in the data centre, therefore, the growing cloud technology is expected to drive the development of data centre. Meanwhile, the development of 5G will boost the application of big data, IoT, internet gaming and video streaming through cloud platform. The Group remains very positive on the continuous growth of the business of data centre sector. Currently, the products offered by the Group under this business are mainly applied in data centres, which includes rack-mounted computing servers, edge servers, AI smart servers, storage servers, smart network cards, GPU cards, complete cabinet products, etc. Having considered that (i) China is actively conducting investment activities to build digital infrastructure; (ii) the PRC manufacturers continue to increase the share of local supply chain due to geopolitics relationship; and (iii) Luxshare Precision has extensive technological knowhow and good customers’ relationships, the Group is optimistic on the future potential growth of server business. The Group believes the development of server business is a good opportunity for the Group to further develop its business and will help diversify the Group’s business as well as the Group’s income stream.

As for the medical equipment sector, the Group expects the demand for medical equipment cables will continue to bring positive impact to the Group’s medical equipment cables orders this year. To catch up with the trend, the Group has established two wholly-owned subsidiaries, Time Interconnect Technology (Kunshan) Limited and Time Interconnect Technology (Jiangxi) Limited during the Review Period, to expand production capacity and R&D capabilities for medical equipment cables products, and production has been started in September 2023. Moving ahead, the Group will pay more attention and efforts in this sector and continue to enhance its medical equipment customers base, as well as to strengthen its R&D capabilities to seize the opportunity arise from increasing demand in market.

Besides, considering the vigorous development of the automotive and electric vehicle markets, China has remained the world’s largest automotive market and automotive producer in the past few years. The Group believes that the automotive wire harness products can help the Group to provide its customers with a broader product portfolio, and to step in new business sector by enriching the Group’s business portfolio and broadening its unique customer base, helping the Group to capture opportunities brought by the booming electric vehicle market.

At the same time, after the acquisition by Luxshare Precision, the Group entered into a diversified business integration with Luxshare Group.  Luxshare Precision is conducting a strategic review of the operations and financial position of the Company, and actively exploring business opportunities for the growth and development, in both organic and inorganic manners, for the Group. Luxshare Precision will deploy the platform advantages and market position of the Luxshare Group and introduce strategic resources to the Group with intention to further strengthen the Group’s potential for continuous growth and core competitiveness in its market and to enable the Group to develop strategically to become an all-rounded network solutions and infrastructure provider, so as to create greater value for the shareholders. In the future, with the support of Luxshare Precision, the Group will create more and more possibilities.

About TIME Interconnect Technology Limited

TIME Interconnect Technology Limited is a well-established supplier of customised interconnect solutions with over 30 years’ experience in the industry. The Group is headquartered in Hong Kong, and has manufacturing facilities in Shanghai, Suzhou, Huizhou, Jiangxi, the People’s Republic of China (“PRC”) and Mexico.  The Group currently manufactures and supplies a wide variety of copper & optical fiber cable assemblies, digital cable products and servers which are produced to the specifications and designs of its individual customer partners. Its products are used by a number of established PRC and international customers in a variety of market sectors, including telecommunication, data centre, industrial equipment, medical equipment, automotive wire harness and digital cables.

This press release is disseminated by Bright Communications International Limited on behalf of TIME Interconnect Technology Limited.

For further enquiries, please contact Bright Communications International Limited:

Ms. Ashley Kung Tel:  (852) 46371627 Email: ashley.kung@brightcommns.com

 

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Highlights（Unaudited relevant data for the six months ended 29 February 2024）

• Revenue increased by 19.3% YoY to approximately RMB1,160.2 million;
• Gross profit rose by 17.5% YoY to approximately RMB578.0 million;
• Profit for the period attributable to owners of the Company rose by 13.2% YoY to approximately RMB338.2 million;
• Number of student enrolments increased by 12.3% over the corresponding period of last year to 96,100;
• Cash and cash equivalents amounted to RMB1,491.0 million, indicating ample liquidity;
• Interim dividend per share of 9.6 HK cents with a dividend payout ratio of 30%.

HONG KONG, Apr 26, 2024 – (ACN Newswire) – Edvantage Group Holdings Limited (“Edvantage Group” or the “Group”, stock code: 0382.HK) has announced its unaudited FY2024 Interim Results for the six months ended 29 February 2024 (the “Reporting Period”). During the Reporting Period, by actively responding to national policies and closely following the market demand and industry development trends, the Group continued to increase its investment in school operations, deepened the integration of industry and education and school-enterprise cooperation, and continuously optimized the layout of vocational education disciplines, so as to realize sustainable development in the seamless connection of education and employment, thereby achieving steady improvement in results.

During the Reporting Period, the Group’s revenue was approximately RMB1,160.2 million, representing an increase of 19.3% over the corresponding period of the preceding year, mainly due to the increase in the number of students enrolled in the Group’s domestic schools. Profit for the period attributable to owners of the Company rose by 13.2% YoY to approximately RMB338.2 million. The Group’s cash and cash equivalents amounted to RMB1,491.0 million, indicating ample liquidity. The number of students enrolled in the Group’s schools continued to rise to new heights, reaching approximately 96,000. The Board of Directors of the Group has recommended the payment of an interim dividend of HK9.6 cents per share for the six months ended 29 February 2024, representing a dividend payout ratio of 30%.

From left to right: Mr. Yan Kwok Ting Sunny, Director of Investment, Corporate Finance & Investor Relations Department;
Ms. Liu Wenqi, Chief Operating Officer; Ms. Liu Yi Man, Executive Director and Chief Executive Officer;
Mr. Liu Yuk Tung, Chief Financial Officer.

Optimizing the layout of vocational education disciplines and realizing the seamless integration of education and employment

In recent years, the Group has established its presence in the Guangdong-Hong Kong-Macao Greater Bay Area and the Chengdu-Chongqing Economic Circle, and expanded across the country and around the world. In line with the current trend and taking into consideration the industrial development and market demand, the Group has actively explored the new collaborative education model between “schools, communities and enterprises” to cultivate inter-disciplinary skilled application-oriented talents in high demand in the market. To address the talent demands of national strategic emerging industries and emerging innovative industries, the Group fully leveraged the advantages of its schools in multi-disciplinary development, covering economics, management, liberal arts, engineering, arts, education, science, and medicine, and improved the discipline layout by actively offering market-needed disciplines, such as artificial intelligence, cloud computing, big data, new energy, dentistry, animation and design, digital economics, etc. Meanwhile, with the aim of achieving a “seamless transition” from academics to employment and bridging the gap between on-campus education and internship, the Group has newly established digital commerce and industrial college, animation and gaming industry college, Guangdong rural leisure industry college and other colleges, etc., and has forged school-enterprise cooperation with over 1,000 large enterprises, including Huawei, CMGE, Bosch, Oracle, JD.com and iFLYTEK during the Reporting Period.

Closely following national policies and focusing on connotation development

Recognition of outstanding educational achievements

Since its establishment, the Group has actively responded to national policies, kept abreast of market demand and industry development trends, and continued to increase its investment in the running of schools. During the Reporting Period, Guangzhou Huashang Vocational College was successfully approved to set up the Doctoral Workstation of Guangdong Province, making it the only private higher vocational college among the batch of approved organizations. Meanwhile, by strengthening teacher training, raising teacher remuneration, optimizing teacher appraisal mechanisms and other measures, the Group provides solid guarantees for the high-quality development of its schools. In addition, the Group has also embarked on campus construction, renovation and upgrading of training facilities and equipment to create a high-quality educational environment and realize a steady improvement in benefits. With optimized connotation development, the operational strengths of the Group’s colleges has also improved significantly, enabling the Group to deliver outstanding educational performance. During the Reporting Period, a new breakthrough was achieved again in the construction of first-class program at Guangzhou Huashang College, with a total of seven programs selected as first-class undergraduate programs at the provincial level. Guangzhou Huashang Vocational College was awarded the “National Exemplary Vocational College of 2023” by Tencent News on the basis of unique teaching concepts and outstanding educational achievements, and Urban Vocational College of Sichuan was ranked fourth in China and first in Sichuan in the 2024 GDI Top 100 Private Higher Vocational Colleges, and ranked ninth in China and first in Sichuan in terms of the number of scientific research projects launched by higher vocational education colleges in 2023. Therefore, it can be seen that through the continuous improvement in connotation development, the Group’s colleges have been able to reap greater synergies and build a stronger reputation for school operations. High-quality education has also become a strong driver for promoting sustainable and healthy growth in the Group’s results.

Future Prospects

Looking ahead, with strong government policy support and over 20 years of experience in private education, the Group will continue to deepen the integration of industry and education and school-enterprise cooperation, and keep pace with the development of the country’s strategic emerging industry clusters. Driven by the development of core disciplines and discipline groups, the Group will vigorously develop new and cross-disciplines, such as artificial intelligence, digital economy, financial science and technology, healthcare and elderly care, etc. In order to promote the optimization and upgrading of the schools’ disciplines and cultivate a new generation of high-quality and application-oriented talents with international vision, thus making positive contributions to laying a solid foundation of talents for the realization of national strategic goals and promoting the high-quality development of vocational education.

About Edvantage Group Holdings Limited

Edvantage Group Holdings Limited (“Edvantage Group” or the “Group”, stock code: 0382.HK) is the largest private business higher education and vocational education group in the Greater Bay Area, and an early mover in education sector in pursuing international expansion, listed in Hong Kong Main Board on 16 July 2019. The total number of full-time student enrolments of the Group was approximately 96,100 as of 29 February 2024. Operated 9 private education institutions, namely, Guangzhou Huashang College (Applied Undergraduate), Guangzhou Huashang Vocational College (Higher Vocational Education) and Guangdong Huashang Technical School (Secondary Vocational Education) located in Guangdong Province, the PRC; Urban Vocational College of Sichuan (Higher Vocational Education) and Urban Technician College of Sichuan (Secondary Vocational Education) in Sichuan Province, the PRC; GBA Business School (GBABS) in Hong Kong, the PRC; Global Business College of Australia (GBCA) and Edvantage Institute Australia (EIA) in Australia; as well as Edvantage Institute (Singapore) (EIS) in the downtown of Singapore.

While focusing on school operations, the Group also actively fulfil corporate social responsibility, extensively contributing to social welfare programmes including charity, poverty alleviation, education and revitalisation, in order to take the initiative in repaying society through action. Since its listing, the Group has made outstanding contributions in the field of ESG and has won the “Best ESG Innovation Award” from Zhitong Finance, the “ESG Leader Award” from Gelonghui, and the “Highest Investor Attention Award” from Huashengtong in 2023.

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HO CHI MINH CITY, VIETNAM, Apr 26, 2024 – (ACN Newswire) – Imexpharm Corporation (“Imexpharm” or the “Company,” IMP.VN), a pioneering leader in Vietnam’s pharmaceutical industry, announced that its 2024 Annual General Meeting of Shareholders (AGM) was held today at the Hilton Saigon Hotel, District 1, Ho Chi Minh City.

Ms. Chaerhan Chun, Non-Executive Chairman of Imexpharm’ s Board of Directors, said, “In 2023, Imexpharm met head on the challenges created by the complex macro environment, including inflation, geoeconomic fragmentation, geopolitical instability and climate change, and reported its best performance since listing in 2006.”

Ms. Tran Thi Dao, General Director of the Executive Board, and Executive Director of Imexpharm’ s Board of Directors commented, “We are delighted with Imexpharm’ s performance. Our decades of investing in technology such that we have the largest number of EU-GMP production lines, has given us a strong competitive advantage in the hospital channel, which has helped to drive our record-breaking growth in 2023.”

2023 was a record-breaking year for Imexpharm. The Company’s total revenue increased by 26% YoY to to VND2,113.0 billion. This represents a record year of growth for the Company, and compares favourably to overall market growth of 8%. EBITDA jumped 31% to end the year at VND466.0 billion, significantly ahead of the Company’s budgeted numbers. Over the past five years, Imexpharm’s EBITDA CAGR has been an impressive 17.5%.

Throughout 2023, Imexpharm maintained its leading position for the production and distribution of antibiotics in Vietnam, boasting a market share approaching 9%. At the same time, the Company’s diversification initiatives yielded robust revenues from various product categories, notably cough medications, analgesics, antipyretics and digestive aids. Furthermore, Imexpharm strategically expanded its revenue streams by venturing into the lucrative segments of vitamins and health supplements, aligning with the growing wellness market.

With its commitment to meeting evolving consumer demands through product diversification, Imexpharm embarked on exploring international markets in 2023. The Company is well positioned strategically to extend its sales footprint into diverse markets across Asia and Europe. This is thanks to its international-standard Safety, Health, Environment (SHE) protocols and Maintenance, Repair, Operations (MRO) standards, in addition to the 27 European Union Marketing Authorizations (MAs) it holds.

To express its gratitude for shareholders’ ongoing support, the Board of Directors of Imexpharm will implement a new dividend policy for 2024/2025, increasing it to 20%, with 10% in the form of a cash dividend and 10% in stock dividends. The resolution to approve this was successfully passed at today’s AGM.

Looking into 2024, despite the challenging macroeconomic environment, Vietnam and the domestic pharmaceutical industry are expected to continue to grow. The IMF is forecasting that Vietnam will be the world’s 20th fastest growing economy. Reflecting its ambitions for the economy, the National Assembly has set a 2024 GDP growth target for Vietnam of 6.0-6.5%, more than double the IMF’s expectations for that measure globally.

While the Vietnamese pharmaceutical sector is expected to grow by 6% to 8% over the year, Imexpharm is committed to double-digit growth. Following its record-breaking year in 2023, Imexpharm is targeting gross revenue growth of 24% in 2024. Within this, the Company expects to achieve robust revenue growth in the fast-growing ETC sales channel of 49%. The Company also aims to further boost its EBITDA by 18%.

Imexpharm recently reported revenue growth for Q1 2024, despite a complex operating environment inevitably impacting performance during the quarter.  The systems and processes put in place by the Company to handle market fluctuations, as well as its plans for new products and new markets, mean Imexpharm is confident in meeting its targets for the year ahead.

Ms. Chaerhan Chun said, “Doing business in a highly competitive and continuously changing pharmaceutical sector is not easy.  This makes me incredibly proud of Imexpharm’ s many achievements during 2023.  This coming year, we will continue to meet all challenges head on, flexing our business model to meet customer demand and to deliver on the promises we have made today to our shareholders.”

Ms. Tran Thi Dao commented, “2024 is another challenging year ahead, but we are prepared for this, and have a robust growth plan for delivering another record year of results. We will continue to expand our revenues aggressively and are seeing terrific growth particularly in the ETC channel. Our factories, including our newest IMP4 factory, are gearing up production to meet the high levels of demand we have from our customers. As we continue to diversify our products and look to grow in new markets, I am excited about our next phase of growth ahead.”

About Imexpharm

Imexpharm is a market leader in manufacturing and distributing high quality antibiotics in Vietnam. Over its close to fifty-year history, the company has been a pioneer in Vietnam’s rapidly evolving pharmaceutical industry, focusing on international partnerships and operating at the highest safety and quality standards.  Looking to the future, it is strategically and financially poised for growth domestically and on the global stage, and has been, and will continue to expand its portfolio into new treatment areas and wellness.

For more information, please contact:

Nguyen An Duy, CFO	ir@imexpharm.com	+84 277 385 1941
Le Thanh Hang, IR Director	hanglt@imexpharm.com	+84 (0) 91 201 1942
Nguyen Thi Kim Le, Investor Relations	lenguyen@imexpharm.com	+84 (0) 39 949 4911
Ho Thi Kieu Trinh, Investor Relations	trinhhtk@imexpharm.com	+84 (0) 90 908 1014

 

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