Sunshine Insurance Announces 2023 Annual Results

HONG KONG, Mar 27, 2024 – (ACN Newswire) – Sunshine Insurance Group Company Limited (“Sunshine Insurance” or the “Company”, and its subsidiaries collectively the “Group”; Stock code: 6963.HK) is pleased to announce the audited consolidated results for the year ended 31 December 2023 (the “Reporting Period”).

2023 Annual Results Highlights:

— GWPs increased by 9.3% YoY to RMB118.91 billion;

— Insurance revenue increased by 7.5% to RMB59.90 billion;

— Net profit attributable to equity owners of the parent reached RMB3.74 billion;

— Embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis;

— Comprehensive investment yield was 4.8%;

— As of December 31, 2023, the number of active customers was approximately 31.54 million.

In 2023, with the overall recovery in China’s economy and steady progress in high-quality development, the Group actively seized the development opportunities arising from the economic recovery, the rising awareness of insurance protection among residents, the increasing diversity of insurance needs and the growing demand for pension insurance brought about by the ageing population. With in-depth research, development and innovation, the Group effectively formulated and fully activated the “New Sunshine Strategy” with “Sunshine of Technology” created by data intelligence, “Sunshine of Value” created by model innovation, and “Sunshine of Caring” created by a culture of goodness with love and responsibility as its three core elements, and achieved steady development in core business of insurance industry with a high level of strategic determination and solid execution, resulting in continuous improvement in value creation and effective implement of customer idea.

During the Reporting Period, the gross written premiums (GWPs) of the Group were RMB118.91 billion, representing a year-on-year increase of 9.3%, and the insurance revenue reached RMB59.9 billion, representing a year-on-year increase of 7.5%. The net profit attributable to equity owners of the parent was RMB3.74 billion. The embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis. The total investment yield was 3.3% and the consolidated investment yield was 4.8%. As the end of 2023, the Group had approximately 31.54 million active customers.

Positive Development in Core Business with Remarkable Results in Value Creation Project

In 2023, based on its core business of insurance, Sunshine Insurance has laid a solid foundation for its high-value growth by continuing to promote the innovation and value development of life insurance business, strengthening core competency and doing a good job in asset management and risk management with a clear strategic consistency.

In terms of life insurance, the path of differentiation and value realization for Sunshine Life Insurance is becoming increasingly clear with its “one body” and “two wings” project. The business value ratio and persistency ratio have been steadily improved, and the pursuit of the “five highs” of “high-morality, high-productivity, high-value, high-income, and high-quality” has initially been achieved, highlighting the industry’s comparative advantages. During the Reporting Period, the Group’s total life insurance premium income reached RMB74.60 billion, a year-on-year increase of 9.2%. The first-year regular premiums (“FYRPs”) reached RMB18.10 billion, a year-on-year increase of 22.7%. The value of one year’s new business was RMB3.60 billion, a year-on-year increase of 44.2% on a comparable basis. FYRPs from individual insurance channel for the year reached RMB4.30 billion, a year-on-year increase of 46.5%. FYRPs with Sunshine’s characteristics from worksite marketing achieved more than double. The Company’s operating indicators, including the education level of its workforce, productivity per person, product value ratio, 13-month persistency ratio, and agent income, have been improved in an all-round way.

In terms of property insurance, Sunshine P&C has made breakthroughs in all “three life table” projects. The intelligent automobile insurance life table has achieved the “last mile” connectivity, truly establishing industry-leading risk pricing capabilities. Full intelligence of rigid risk cost management and optimal allocation of resources provided a technological model guarantee for auto insurance to become a stable and profitable business. The non-auto data life table and credit insurance life table have also witnessed substantial progress and have been gradually applied to the operation side. During the Reporting Period, Sunshine P&C witnessed rapid growth in business scale, continuous optimization of business structure and quality. It achieved a premium income of RMB44.24 billion, a year-on-year increase of 9.6%. The underwriting combined ratio was 98.7%, a year-on-year optimization of 0.7 percentage point, indicating sustained enhancement in profitability.

In the area of asset management, facing challenges brought by market fluctuations, the Group has ensured the healthy and steady development of the core business through clear strategic consistency, appropriate choices align with the reality, and exceptional asset correlation. It has also closely followed the national development strategy, continuously improving its capabilities and allocation ratio of investment for future-oriented industries, and seizing the initiative in strategic implementation. During the Reporting Period, the Group’s asset management business maintained healthy development, with a total investment income of RMB14.62 billion, a total investment yield of 3.3% and a consolidated investment yield of 4.8%.

Building New Strategy of “Technological Sunshine” with Data Intelligence, Enhancing Overall Technological Capabilities

The Central Financial Work Conference held in 2023 clearly put forth the goal of “building a strong financial nation and making great strides in technological finance, green finance, inclusive finance, pension finance and digital finance”. During the Reporting Period, the Group, focusing on the two initiatives, “technological finance” and “digital finance”, improved innovative mechanisms, fostered innovative culture, deepened product orientation and intensified efforts in “three robots” project, namely sales robot, service robot and management robot. AI products gradually took shape and began testings in institution businesses.

The Group also embraced the trend of AI innovation and listed the independently developed AI large models as its strategic project. It also pioneered developing the Sunshine GPT large model with independent intellectual property rights, which has already been applied in customer service, sales support, intelligent claims and other scenarios.

Meanwhile, the Group continued to strengthen digital customer insights, marketing, operations, risk control and product innovation, gaining remarkable results. In terms of customer insights, the customer conversion rate has increased by 99.5% year-on-year through big data integration and customer portrait applications. In terms of marketing support, the use of big data and text exploration facilitated sales, empowering an increase in per capita productivity. In terms of operational services, intelligent businesses handling like intelligent consultation and assessment are provided to customers, with a 91% of Online self-service processing rate of property and life insurance business customers and 90.2% of customer satisfaction for intelligent services. In terms of risk prevention, 210 new risk monitoring and identification indicators have been launched, with 147 optimizations, effectively monitoring, identifying and controlling risks. In terms of product innovation, the “Mileage-based New Energy Vehicle Model” utilized data exploration technology to significantly enhance the capabilities of the new energy vehicle business.

Furthermore, the Group actively promoted the digital and intelligent transformation of the entire industry. With a great sense of responsibility and mission, it took the initiative in holding the first InsurTech Digital Intelligence Conference which gathered more than 150 industry insiders and outsiders, and published the first white paper on the application of large model technology in the insurance industry. It also initiated the establishment of the InsurTech Digital Intelligence Innovation Consortium, gathered industry forces of insurtech intelligence, and promoted innovative all-round breakthroughs in Sunshine Technology.

Building “Sunshine of Caring” with a Culture of Love and Responsibility and Moving Customer Operation Capabilities to a New Level

Grounded and focused on the ideology of “finance for the people and the culture of love and responsibility”, the Group effectively implemented the “customer-centered” core value and built a customer-driven development mode in 2023 from strategic deployment to business implementation, remaining committed to building the “Sunshine of Caring”.

Sunshine Life took the implementation of “Matrix Plan” as the first step to ensure that customers’ thoughts and actions can be put into practice. Focusing on the needs of the whole life cycle of customers’ families, based on the large-scale research of more than 20,000 customers, and through in-depth research and thorough analysis of multi-dimensional issues such as life stages, categorization of needs, and product correspondences, Sunshine Life has creatively introduced the truly customer-centric product allocation philosophy of “3 insurance policies for your lifetime of safety and security, 5 policies for the whole family, and 7 policies of Sunshine Insurance bring you a promising future” (“3/5/7”), making the Group the first company in the industry to make it clear to society in a simple and clear way that one needs a few insurance policies for one’s whole life, which is not easy to explain.

Aiming at its advantageous areas, Sunshine P&C continued to promote the implementation of “Partnership Action” risk management services, focused on the innovation and practice of the “insurance + service + technology” model, created exclusive risk management solutions for a number of industries, and built the “Sunshine Partnership” applet, a lightweight enterprise customer service platform that combines “disaster warning, online service, risk control and security”, to effectively help customers identify and dispose of hidden security risks, and manage risks from the perspective of customers in real sense. In 2023, it provided technology disaster mitigation and professional risk consulting services to 14,000 corporate clients.

In accordance with the “four features” principle of “value, characteristics, practicality and usability”, the Group was making new strives to reshape its value-added service system and upgrade its unique team of “customer experience officers” to better “advocate for customers”. With the continuous enhancement of customer operation capabilities, the number of Group’s active customers has been growing steadily, reaching 31.54 million by the end of 2023.

Serving “National Priorities” and Conducting In-depth Practice of Social Responsibility

Finance is the bloodline of the real economy. As the only traditional insurance company being listed among 205 insurance companies established in this century, the Group actively plays a leading role in the response to national policy and regulatory requirements with stable corporate governance and scientific risk control, integrates with national strategies, enhances the quality of service to the real economy, and provides targeted and strong support for the development of real economy.

Throughout the year of 2023, the Group provided risk coverage of RMB61 trillion for the real economy. It also worked to assist in the green and low-carbon transformation by providing green insurance coverage of RMB12.2 trillion, with a sustainable investment balance exceeding RMB50 billion; promoted rural revitalization by launching comprehensive insurance assistance, expanding insurance coverage for agricultural products and providing a package of products such as “Poverty Prevention Insurance” and supplementary medical insurance to key assistance groups. In 2023, the Group provided agricultural risk coverage of RMB 28.60 billion for 917,000 farmer and paid out RMB 460 million in claims, delivering benefits to 368,000 farmers; served the construction of the Belt and Road Initiative by providing risk coverage of RMB98.16 billion for 402 related projects and long-term financial support of RMB 60.07 billion for large-scale investment projects; focused on the actual needs of SMEs by providing risk coverage of RMB304.02 billion for about 26,000 SMEs and helping about 68,200 SMEs obtain financing of RMB11.3 billion.

In addition, the Group actively fulfilled its social responsibilities and participated in public welfare. The Group gave full play to its advantages in financial technology and medical resources, and actively organized and participated in various public welfare activities such as education, elderly assistance and poverty alleviation. By the end of 2023, the Group had supported the construction of 73 schools in 24 provinces; provided training to 19,478 rural doctors; and granted parental maintenance allowances to 40,716 employees.

The year 2024 is crucial for achieving the goals and tasks outlined in China’s “14th Five-Year Plan”. With multiple favorable factors such as the long-term upward trend of China’s economy, the country’s policy orientation to support the development of the insurance industry, the market environment created by financial regulatory authorities, and the continuous advancement of high-quality development in the industry, the development space for the insurance industry is expected to further expand, and the long-term upward trend will remain unchanged. This year’s government work report clearly states that “vigorously developing technology finance, green finance, inclusive finance, aging finance, and digital finance” is a continuation of the emphasis on doing a good job in the five major areas of financial work, and it also points out the direction for the industry to assist in the implementation of the “14th Five-Year Plan” with high-quality development and serve the construction of Chinese-type modernization.

Looking ahead, the Group will uphold the original intention and entrepreneurial spirit, adhere to strategic determination and scientific corporate governance, and firmly hold the bottom line of preventing systemic financial risks, and continue to deepen the implementation of the New Sunshine Strategy rooted in high-quality development, and use it as a pivotal force for growth. The Group keeps breast of the service objectives of “Five Major Areas of Financial Work” and execute targeted innovative strategies accordingly. The ultimate aspiration is to achieve “technological leadership, robust value creation, and customer-centered thought”, thereby sustainably contributing to the construction of a strong financial nation and fostering high-quality financial growth.

About Sunshine Insurance Group Company Limited

Sunshine Insurance Group Company Limited is a fast-growing private insurance service group in China. Since its establishment, the Group has demonstrated unwavering commitment to its core business, embracing an industrial mindset within the financial industry. It prioritizes value creation and strives to emerge as a premier provider of family insurance services, while simultaneously serving as a dependable partner for enterprise risk management. The Group carries out life and health insurance business through Sunshine Life, property and casualty insurance business through Sunshine P&C, and manages insurance funds through Sunshine AMC. As of December 31, 2023, the Group has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 13 consecutive years and has been entitled as one of the “Top 500 Valuable Brands in China” by the World Brand Lab for 12 consecutive years.



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Steady Growth and Enhanced Value: Sunshine Insurance’s ‘New Sunshine Strategy’ Sets Sail

HONG KONG, Mar 28, 2024 – (ACN Newswire) – In recent years, the insurance industry has embarked on a new cycle of high-quality development and transformation. Standing out as a private insurance service group founded and grown solely through market mechanisms, and the only listed traditional insurance enterprise among the 205 insurance companies established in mainland China in this century, Sunshine Insurance (06963.HK) demonstrates exceptional foresight, precision in decision-making, high degree of strategic determination and robust execution capabilities on the journey towards high-quality development. Consequently, it has emerged as a pioneer and representative force of innovation within the financial industry.

Based on scientifically analyzing the macroeconomic situation and market industry trends, and deeply summarizing its development experience over the past nineteen years, Sunshine Insurance proposed the “New Sunshine Strategy” with “Sunshine of Technology,” “Sunshine of Value,” and “Sunshine of Caring” as its three core components on the first anniversary of its listing on May 19th, 2023. With a clear blueprint and solid implementation, the Company has gradually transformed and achieved significant success. As of December 31, 2023, the Company has been ranked among the top 500 Chinese enterprises by the China Enterprise Confederation for 13 consecutive years and has been entitled as one of the “Top 500 Valuable Brands in China” by the World Brand Lab for 12 consecutive years. It is worth noting that recently, the globally renowned brand valuation consultancy, Brand Finance, released the Insurance 100 2024. Sunshine Insurance, which has just been listed for over a year, made it onto the list, becoming the seventh insurance enterprise in mainland China to be listed. With vibrant vitality and profound value, it has won brand recognition.

Building “Sunshine of Technology” with Data Intelligence and continuing to deepen transformation

In 2023, Sunshine Insurance seized the opportunity brought by the rapid development of digital productivity and focused on “Sunshine of Technology”. With mechanism innovation as a breakthrough, it constructed a dual-drive technological innovation system for internal independent innovation and external collaborative innovation, and continued to deepen digital transformation, driving the Company’s high-quality development through digital and intelligent transformation.

Sunshine Insurance has fully grasped the trend of AI innovation and development, and listed self-developed AI large models as a strategic project of the Company. It has taken the lead in the R&D of the Sunshine Zhengyan GPT large model with independent intellectual property rights, which has already been applied in the fields of customer service, sales support, and intelligent claims, and so on. Sunshine Insurance has also taken the lead in publishing the first white paper on large models in the financial industry in China, titled “Large-Model Technology Deeply Empowers the Insurance Industry”.

Sunshine Insurance’s subsidiary, Sunshine Life, has been focusing on deepening the application of intelligent technologies to enhance core capabilities such as customer service, sales support, and risk management. For example, the sales robot has initially achieved the output of the four capabilities in “introducing products, providing advice, answering questions, and impressing customers”, providing strong support for the intelligent upgrade of frontline business scenarios. Customer service has been continued to expand the application channels and scenarios for service robots, with the help of Consonance Experience Plan to promptly respond to customer needs, which achieved seamless connection between business consultation and handling, significantly improved service efficiency and customer satisfaction, and continued to optimize the one-off completion rate of customer service.

Sunshine Insurance’s subsidiary, Sunshine P&C, has been focusing on deepening the application of intelligent technologies and strengthening IT infrastructure construction to continuously improve customer experience and operational efficiency. The upgrade of customer service includes the development of a lightweight service platform, the “Sunshine Auto•Life” mini-program, targeting individual customers. It also included the establishment of a lightweight corporate customer service platform, the “Sunshine Partner” mini-program, integrating “disaster warning, online services, and risk control safety.” Continual optimization of platforms such as the “Sunshine Auto•Life” APP and Sunshine P&C’s WeChat official account enhanced functionality to provide customers with more convenient online one-stop services. Management empowerment has been focusing on the core capabilities of Sunshine’s automobile insurance. This included deepening the construction and application of the “Intelligent Automobile Insurance Life Table”, creating the “Claims Digital Intelligence Platform” and “Claims Risk Control Platform,” and upgrading the “Digital Intelligence Operation Platform”.

Building “Sunshine of Value” with Model Innovation and Promoting Sustainable Value Development

With “Valuable Sunshine” as the core, in 2023 Sunshine Life promoted the project themed “One Body, Two Wings, continuously optimized business structure and enhanced business quality. Through initiatives such as product and service system development, strategic channel layout and team capability enhancement, core capabilities in customer operation and value development were further strengthened, with the path to the differentiation of “One Body” and value application of “Two Wings” growing increasingly clear. The annual FYRPs from individual insurance channels were RMB4.30 billion, a year-on-year increase of 46.5%; FYRPs from worksite marketing achieved an increase of over 100%; indicators such as team education level, active manpower, the value ratio of products, the persistency ratio at the 13-month and salesperson’s income all showed all-round improvement.

Sunshine P&C, with “intelligent life table of automobile insurance”, “data life table of non-automobile insurance” and “life table of credit insurance” as the fundamental strategies, aimed to truly position automobile insurance as the foundation for stable profitability in property and casualty insurance, while achieving balanced development in non-automobile businesses. In 2023, the life table for automobile insurance project met the “last mile” target and achieved industry-leading risk pricing capabilities with intelligent risk cost control and optimal resources allocation, providing technological model support for Sunshine P&C to build automobile insurance into a stable profit source. The data life table of non-automobile insurance and life table of credit insurance also made substantive progress and gradually entered into operations.

Creating “Sunshine of Caring” with A Goodness Culture of “Love and Responsibility” and Do A Good Job in Customer Operation.

The introduction of “Sunshine of Caring” is a strategic move by Sunshine Insurance to realize its original goal of “Finance for the People”. In 2023, Sunshine Insurance continued to build a customer-driven development model and orderly promoted the “Matrix Plan” and “Partnership Action”, gradually promoting the customer-oriented action and taking customer operation to a new level. By the end of 2023, the number of active customers reached approximately 31.54 million.

In terms of specific strategies, Sunshine Life has further promoted the “Matrix Plan” by conducting in-depth customer surveys and focusing on the full life cycle of customers and their families, and has successfully launched the product allocation concept and insurance policy system of “Three insurance policies for your lifetime of safety and security, Five insurance policies for the whole family, and Seven insurance policies of Sunshine Insurance bring you a promising future” (“Three/Five/Seven”). For customers, the launch of “Three/Five/Seven” allowed customers to have a clear picture of their family’s insurance planning and configuration, which did not cost customers a penny more, and allowed customers to maximize the effect of every premium paid. This made Sunshine Insurance one of the few companies in the industry that explained the protection needs of customers to the society in a clear and easy-to-understand manner from the perspective of the whole customer.

Meanwhile, Sunshine P&C, centered on the “Partnership Action” business model and with an aim of creating a trustworthy enterprise risk management partner, has successfully created exclusive risk management solutions for a number of fields through the form of “insurance + service + technology”. In 2023, it provided technology disaster mitigation and professional risk consulting services to 14,000 corporate clients.

In addition, in terms of customer service, adhering to the principles of “Three Cares” (loving, attentiveness and thoughtfulness) and “Four Features” (value, characteristics, practicality and usability), Sunshine Insurance constantly strengthened the operational efficiency of basic insurance services, the ability to provide value-added services to customers, and the ability to engage directly with them.

Embracing its “New Sunshine Strategy,” Sunshine Insurance has tirelessly worked, day and night, to forge a new path. This comprehensive strategy has now borne fruit, with “Technology Sunshine,” “Value Sunshine,” and “Compassionate Sunshine” synergistically enhancing each other, creating a balanced and forward-moving force, Mr Zhang Weigong, Chairman of Sunshine Insurance, pointed out in the press conference that Sunshine Insurance has never forgotten its original intention and remained committed to itself during different stages of industry transformation. In particular, in the midst of blindly aggressive expansion, the Company has maintained a high degree of certainty and kept a clear head to maintain its steady and sustainable development. A sound path that is sustainable and stable development was thus paved along the way.

The steady growth in performance, continuous enhancement of value creation ability, and solid implementation of customer management in 2023 are the best proof of the Company’s adherence to strategic consistency, robust corporate governance, and rigorous risk control. With the further advancing of the New Sunshine Strategy, this insurance company, which is about to celebrate its 20th anniversary, is bound to embrace fruitful results in time.



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Philippines Achieves Record-Breaking 18% Annual Surge in Hiring Activity for February 2024: foundit Insights Tracker

Manila, Philippines, Mar 28, 2024 – (ACN Newswire) – foundit (formerly Monster APAC & ME), one of the leading talent platforms, today published the foundit Insights Tracker (fit) for February 2024, which was formerly known as Monster Employment Index (MEI). According to the Philippines FIT report, February 24’ recorded an exponential rise in hiring activity, with the index climbing to 150, marking a significant increase from the previous value of 127 registered in February 2023. This surge indicates a substantial leap in hiring activity, highlighting the dynamic growth of the job market.

The tracker recorded an impressive (+13%) rise in hiring activity month-on-month, with January 2023 reflecting an index value of 133. The latest insights from the tracker reveal a remarkable (+17%) growth observed over the past three months, reflecting a dynamic transformation in the recruitment landscape. This transformation is propelled by the rapid integration of emerging technologies, which are reshaping conventional practices and opening new avenues for talent acquisition. It reflects the resilience and adaptability of the Philippines job market amidst shifting technological and economic dynamics.

Commenting on the Philippines job trends for February 2024, Sekhar Garisa, CEO, foundit, said, “The notable increase in hiring activity showcased by the foundit Insights Tracker underscores the resilient and dynamic nature of the Philippines job market. Our findings emphasise the significant influence of emerging technologies on recruitment strategies, indicating a transformative change in talent acquisition methods. In the face of shifting economic conditions, businesses must adapt and harness technological advancements to meet the increasing demands of the workforce effectively.”

The Retail, Education, and Logistics, Courier/Freight/Transportation, and Shipping sectors lead the surge in hiring activity, while the IT, Telecom/ISP, Consumer Goods/FMCG, Food & Packaged Food industries, and Healthcare witness an annual decline in recruitment.

Remarkable growth was observed in 9 out of the 12 monitored industries in February 2024. The Retail sector experienced an extraordinary surge of (+49%) outpacing all other sectors. This surge is attributed to the rise of mobile commerce, fuelled by the increasing adoption of digital payments. Similarly, the Education industry saw a significant increase of (+42%), while heightened demand in social commerce drove a (+36%) surge in hiring within the Logistics, Courier/Freight/Transportation, and Shipping sectors.

However, the IT, Telecom/ISP sector witnessed a notable annual reduction in hiring activity (-21%), although it experienced a (+6%) growth over the last three months. Sectors such as Consumer Goods/FMCG, Food & Packaged Food (-17%) and Healthcare (-4%) reported significant annual decreases in hiring activity in February 2024.

BPO/ITES, BFSI, Production/Manufacturing, Automotive and Ancillary, Hospitality, Engineering, Construction, Real Estate, and Advertising, MR, PR, Media & Entertainment Sectors show positive annual growth trends.

Despite challenges, certain sectors experienced positive annual upticks. Notably, the BPO/ITES sector recorded a (+13%) increase annually, bouncing back with a (+16%) surge in jobs over the previous month.

Additionally, sectors including BFSI (+4%), Production/Manufacturing, Automotive and Ancillary (+8%), Hospitality (+8%) Engineering, Construction, Real Estate (+14%), and Advertising, MR, PR, Media & Entertainment (+16%) exhibited positive growth trends annually in February 2024.

Online recruitment activity surpassed the year-ago level in 7 of the 10 occupation groups monitored by the tracker. Purchase/Logistics/Supply Chain (+50%) professionals witnessed remarkable demand, marking a double-digit growth over the last month. HR & Admin roles (+27%) followed closely with substantial growth, alongside Marketing & Communications job roles (+26%) driven by the rise of personalised marketing strategies.

Despite challenges encountered by specific functions such as Healthcare (-4%) Sales & Business Development (-1%) and Hospitality & Travel (-1%), there was notable growth in Customer Service roles (+17%) that witnessed a significant 16% growth [PS1] over the last month alone. Additional roles experiencing a rise in hiring activity in February’24 include Engineering/Production/Real Estate (+7%), Finance & Accounts (+3%), and Software, Hardware, Telecom (+3%). Particularly, Software, Hardware, and Telecom roles witnessed an 8% growth in the last three months, primarily driven by significant demand in IoT and AI/ML.

The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (FIT) presents a snapshot of employer online recruitment activity nationwide.

Period for the report

The period considered for the foundit Insights Tracker (FIT) data is February 2023 to February 2024.

About foundit – APAC & Middle East 

foundit, formerly Monster (APAC & ME), is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. Since its inception, the company has helped over 90 million registered users find jobs, upskill, and connect with the right opportunities across 18 countries. Additionally, foundit has been recognised as a Great Place To Work, reflecting its dedication to fostering a supportive and dynamic work culture.

Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches, and precision hiring. foundit strongly believes that a job title doesn’t define one’s potential and leverages technology to dig deeper and curate opportunities central to the needs and aspirations of each user.

To learn more, about foundit in APAC & Gulf, Visit:
Malaysia: https://www.foundit.my
Philippines: https://www.foundit.com.ph
India: https://www.foundit.in
Gulf: https://www.founditgulf.com
Singapore: https://www.foundit.sg
Hong Kong: https://www.foundit.com.hk
Indonesia: https://www.foundit.id

Contact:  
Namrata Sharma
Namrata.sharma@adfactorspr.com
+6581383034



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Annual hiring demand declines 22% in Singapore: foundit Insights Tracker

SINGAPORE, Mar 28, 2024 – (ACN Newswire) – foundit (formerly Monster APAC & ME), one of the leading talent platforms, today published the foundit Insights Tracker (fit) for February 2024, formerly published as Monster Employment Index (MEI). According to the fit report for Singapore, job roles across sectors have declined, indicating broader economic challenges confronting both Singapore and the global economy.

The tracker also reveals a year-on-year (YoY) decline of (-22%) in e-recruitment, as the index dropped from 138 in Feb 2023 to 108 in Feb 2024. Additionally, a month-on-month (MoM) analysis also indicated a decrease – thus reflecting an unequivocal job market. The declining index values signal an opportunity in the labour market for job seekers to invest in upskilling, thereby aligning their qualifications more closely with employer expectations.

Commenting on Singapore’s job trends for February 2024, Sekhar Garisa, CEO, foundit, said, “Our findings indicate that there is a strong demand for the talent alongside a discrepancy in the job seeker profiles available in Singapore market. Singapore has always been the doorway for economic development in Southeast Asia and foundit is committed towards harnessing this talent pool further. Our latest cutting-edge recruitment platform directly addresses the issues faced by recruiters. Recruiters now have access to a holistic recruitment solution. They can now access talent from both active and passive sources, candidate profiles enriched with Smart Insights, AI-powered Magic Search that provides personalised search results and sophisticated outreach and collaboration tools. We have been dedicated to doing more than just problem-solving since rebranding in 2022—rather, we want to anticipate and create for the future.”

Keeping the above scenario in mind, foundit has further launched our cutting-edge hiring solution, which has brought an 80% improvement in the recruiter productivity. The app helps recruiters evaluate and select individuals based on their relevant skills and abilities, over more conventional credentials like academic degrees.

Import/Export Sector recorded a positive (+1%) annual growth in hiring activity, while the BFSI, IT/ Telecom/ISP, and the Advertising, Market Research, Public Relations, Media, and Entertainment industries recorded a substantial deceleration in hiring activity, with a YoY decrease of (-36%), (-35%) and (-32%) respectively. This trend can be attributed to economic slowdowns, recessions, or uncertainties that lead to reduced investments, and lower demand for services.

When it comes to the hiring trends in the functional areas, legal is the sole function to exhibit a positive growth trend. The Software / Hardware / Telecom, Finance & Accounts and Real Estate demonstrated a weakened annual demand in hiring in February’24 at (-50%), (-34%) and (-32%), thus indicating the most significant decline in e recruitment amongst all monitored functions.

The decline can primarily be attributed to significant advancements in technology, particularly in artificial intelligence, which have enabled the widespread adoption of automated customer service solutions.

Moreover, businesses are undergoing transformations and reassessing their expenses, seeking to integrate as many technological innovations as possible to reduce costs.

The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (FIT) presents a snapshot of employer online recruitment activity nationwide.

Period for the report 

The period considered for the foundit Insights Tracker (fit) data is Feb 2023 to Feb 2024

About foundit – APAC & Middle East 

foundit, formerly Monster (APAC & ME), is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. Since its inception, the company has assisted over 75 million registered users to find jobs, upskill, and connect with the right opportunities across 18 countries. Additionally, foundit has been recognised as a Great Place to Work, reflecting its dedication to fostering a supportive and dynamic work culture.

Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches, and precision hiring. foundit strongly believes that a job title doesn’t define one’s potential and leverages technology to dig deeper to curate opportunities central to the needs and aspirations of each user.

To learn more, about foundit in APAC & Gulf, Visit: 
Philippines: https://www.foundit.com.ph
Malaysia: https://www.foundit.my
India: https://www.foundit.in
Gulf: https://www.founditgulf.com
Singapore: https://www.foundit.sg
Hong Kong: https://www.foundit.com.hk
Indonesia: https://www.foundit.id

Contact:  
Namrata Sharma
Namrata.sharma@adfactorspr.com
+6581383034



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Wintermar Offshore (WINS:JK) Reports FY2023 Results

JAKARTA, Mar 28, 2024 – (ACN Newswire) – Wintermar Offshore Marine (WINS:JK) has announced results for FY2023. Wintermar’s net attributable profit jumped by 501.1%YOY to US$ 6.7 million for FY2023 backed by higher charter rates.

Higher utilization and rising charter rates towards the 4th quarter lifted gross margins and led to a strong operational performance in FY2023 with EBITDA up 24.4% to US$21.8million on total revenue of US$72.6 million (+19.0%YOY). 

Owned Vessel Division

The Owned Vessel Division’s revenue saw a 33.3% YOY increase to US$ 48.2 million, outpacing the owned vessel direct cost growth of 22.4%. Maintenance costs increased by 70.9% in 2023, with 3 additional mid tier vessels starting operations in 2023 and the full year effect  of 1 additional high tier vessel which commenced work in late 2022. These costs will stay high in line with our growing fleet of high tier vessels. Operations costs rose by 64.4%, as result of increased operational cost due to a larger number of vessels working outside Indonesia where agency and other costs are higher. Additionally, fuel costs were up by 30.5%, as result of mobilization and demobilization costs of vessels working outside Indonesia. Owned Vessel gross margins increased to 22.6%, up from 15.7% in FY2022, primarily due to increased charter rates. These improvements more than compensated for the higher direct expenses.

Full year utilization rate stood at 68% compared to 73% in 2022, impacted by low utilization in 2Q2023. This was due to a number of our high-tier vessels needing maintenance following the conclusion of long-term contracts. 

Utilization was stronger towards the second half of FY2023, with 2H2023 utilization at 73% compared to 62% at 1H2023. The growth in Owned Vessel revenue was weighted towards the 2nd half as utilization and charter rates started to improve in the latter part of the year. Revenue from Owned Vessels grew 51.3% in 2H2024 compared to 1H2024. Gross profit from this division jumped by 91.8% YOY to US$10.9 million. 

Throughout 2023, the Company broadened its operational capacity by acquiring two mid-tier vessels and bringing one lower-tier vessel back into service. Two more high tier vessels are now estimated to start operations only in 2H2024. By the end of the year, the Company’s total fleet size reached 44 vessels.

Chartering Division and Other Services

Chartering Division experienced a slight revenue drop of -4.4%, with Gross Profit from Chartering also decreasing by -54.9%YOY to US$1.1million from US$2.4million in 2022. Revenue from Other Services saw a increase of 4.5%. However, the gross profit for this division slightly declined, to US$3.1 million in FY2023, a 3.1% decrease from the previous year’s US$3.2 million.

Total Gross Profit for FY2023 stood at US$15.1million, a substantial 33.7% increase from the previous year. 

Indirect Expenses and Operating Profit

Indirect expenses, rose by only 4.3%YOY at US$ 6.2 million.  The largest cost was higher salary expenses of US$4.8 million (+15.8%YOY) due to increased hiring in line with business recovery. Professional fees rose by 30.7% to US$0.3 million from US$0.2 million in 2022 due to implementation of a new internal communication and workflow management system. The rise in other indirect expenses was offset by a large non recurring reduction of US$0.7million in employee pension liabilities as a result of the Company’s adoption of the Omnibus Law and adjustment of US$0.2 million over accrual in 2022, which led to an income of US$0.26million  instead of expense under employee benefit. 

Operating Profit for FY2023 was US$8.8 million, which increased 66.5% compared to the previous year.

Other Income, Expenses and Net Attributable Profit

Interest expenses decreased by 12.9% YOY to US$1.2 million as the Company cut its debt by US$5.9 million throughout the year, reducing its net gearing to only 3.0% as of 31 December 2023.

Income from equity in associates increased to US$0.5 million in FY2023 from US$0.4 million the prior year, reflecting our share of the profits from an associate’s successful sale of a vessel. 

The net profit attributable to shareholders for FY2022 amounted to US$ 6.7 million, a jump of 501.1 %YOY.  

EBITDA for FY2023 increased by +24.4%YOY to US$21.8million. 

Outlook for Oil and Gas Exploration

In 2023, the oil and gas industry saw a steady upturn, with global oil demand surpassing 100 million barrels per day for the first time. This demand upswing led to increased investment in upstream activities reaching the highest levels since 2015. Particularly in the Middle East, as well as in other regions worldwide, national oil companies escalated their spending to fortify national energy security by securing sufficient reserves of future supply  to meet energy demand.

The following charts illustrate the rising upstream oil and gas capital expenditure. Most of the new investments are offshore, with deepwater growing much faster than shelf.  

Business Outlook 

In line with the data showing a concentration in offshore deepwater investments, there has been over the past year more aggressive charter rate hikes in particular for High Tier vessels that cater to deeper offshore waters. Until now, Indonesian charter rates have lagged behind the global market in adjusting to higher demand. However, with recent discoveries in Indonesia and the approval of the Masela Field plan of development late last year, there will be increasing deepwater exploration and development work in Indonesia in the coming years which will underpin demand for high tier vessels. 

The supply for Offshore Support Vessels remains constrained, partly due to the industry’s anticipation and uncertainty over the renewable fuel of choice for next-generation propulsion technologies. These tight conditions are expected to persist, which should in turn gradually push rates higher in the coming years.

We have successfully secured contracts outside Indonesia in regions like India, Brunei, and Thailand, where we benefit from more favourable charter rates. Additionally, we are actively preparing two PSVs for operations that are anticipated to come online in the 2H2024, providing further growth opportunities for the coming year. 

There are challenges in operating an older fleet with higher maintenance costs and unavailability of spare parts. We therefore expect higher annual maintenance and operational costs in line with our fleet age profile.  The nature of our contract tenures still being very much dominated by spot contracts, particularly in the High Tier segment, will add volatility to our quarterly revenue, on top of seasonality factors which usually contribute to a weaker first half.

Now that the Company has a much stronger balance sheet and low net gearing, management will be seeking opportunities for fleet rejuvenation to improve the fleet yield and diversify revenue sources through managing our fleet composition with investments in the current year. 

Contracts on hand as at end February 2024 amounted to US$75 million.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel: (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

China Medical System (867.HK) 2023 Annual Results: Despite of the Temporary Financial Performance Pressure, Fresh Catalysts Emerged from Successive Innovation Breakthroughs

SHENZHEN, Mar 28, 2024 – (ACN Newswire) – On March 27, 2024, China Medical System (“CMS” or the “Company”) released its 2023 annual results. The Company recorded a turnover of RMB8,013 million, a year-on-year decrease of 12.4%; in the case that all medicines were directly sold by the Group, the turnover would be RMB 9,472 million, a year-on-year decrease of 9.8%. Profit for the year was RMB2,384 million, and normalized profit for the year that excluding provisions of impairment losses on related assets was RMB2,709 million. The results announcement shows that in 2023, the Company has affected by the implementation of the National Volume Based Procurement (the “National VBP”) of its three marketed original products (sales of these three products recorded a decrease of RMB1,708.7 million, and the sales of them for the second half of the year declined approximately 50% compared with the second half of last year), resulting in temporary turbulence and decline of its overall operation performance. Although three products have not been selected in the National VBP, they are all original medicines for chronic diseases with oral administration, with good brand recognition and large retail market shares. Therefore, the overall impact from National VBP could be expected. The Company’s exclusive non-VBP products has continued to grow. In addition, the Company’s newly marketed innovative product portfolio has been expanded to 4 drugs, and the commercialization and large-scale clinical application of innovative products has provided the Company fresh driving forces. Based on above, CMS has successfully entered into its “New Period” of innovation and internationalization development.

4 innovative drugs have started large-scale clinical application, unveiling CMS’s first year of commercialization era of innovative drugs.

In 2023, CMS delivered quality innovation outcomes. Its three innovative drugs, Diazepam Nasal Spray (VALTOCO), Tildrakizumab Injection (ILUMETRI), Methotrexate Injection-psoriasis (METOJECT), have been included in the National Reimbursement Drug List (NRDL) after obtaining approvals of marketing in China, and have steadily entered into the commercialization stage, further enriching CMS’s marketed product matrix in the specialty therapeutical fields, and supporting CMS to accelerate commercialization process of innovative products.

In addition, in February 2024, CMS obtained the exclusive license of the first-line phosphorus-lowering innovative drug Sucroferric Oxyhydroxide Chewable Tablets (VELPHORO), which has been newly included in the China NRDL and issued its first prescription in China. As of now, CMS’s 4 innovative drugs have officially started large-scale clinical application in China, marked as the start of the CMS’s commercialization era of innovative products

The differentiated innovation pipeline stands as an important driver of the Company’s high-quality development. Driven by the twin-wheel of “Collaborative R&D and Independent R&D”, CMS has continuously deployed global first-in-class (FIC) and best-in-class (BIC) innovative products guided by patient and clinical demands, and has enhanced its R&D capabilities of differentiated innovative products to empower the continuous transformation of scientific research outcomes into clinical application. As of now, CMS has deployed approximately 30 innovative products. Among them, 2 products, Methotrexate Injection – rheumatoid arthritis (RA) and Methylthioninium Chloride Enteric-coated Sustained-release Tablets, are currently under NDA review in China. Meanwhile, over 10 innovative products are undergoing clinical trials in China, mainly randomized controlled trials (RCT). Furthermore, the Company has about 10 self-developed R&D innovation projects, covering large molecules, small molecules, siRNA, etc., among which Highly Selective TYK2 Inhibitor CMS-D001 tablets and GnRH Receptor Antagonist CMS-D002 capsules have obtained IND approvals in early 2024.

CMS states that innovation products expected to be continuously launched every year with higher efficiency and more controllable costs starting from 2023, continuing to energize the Company’s mid- to long-term development. CMS is ready to embrace a brighter future full of opportunities.

Rooted in specialty therapeutical fields, empowering products to achieve clinical and commercial values

Commercialization capability is one of CMS’s core competitiveness. By continuously reinforcing and integrating its commercialization platform, the Company has further consolidated its specialty therapeutic fields focused operation system, and has promoted the independent operation of its three major business segments including cardio-cerebrovascular/gastroenterology, dermatology/medical aesthetics, and ophthalmology. Simultaneously, by leveraging upgraded compliance control system and supporting digital tools, CMS has continuously optimized its professional academic promotion capabilities guided by clinical evidence, and built a number of agile and efficient specialty therapeutical fields-focused commercialization teams.

The Dermatology and Medical Aesthetic Business “CMS Skinhealth” regards dermatology prescription products as its core, and extends to dermatology-grade skincare products and light medical aesthetic products, continually optimizing full lifecycle skin-health management solutions. CMS Skinhealth has officially initiated the promotion of ILUMETRI, relying on the accumulated academic platform of existing marketed products including Hirudoid (the repair agent for skin barrier with multiple functions) and Aethoxysklerol (a German original brand for the treatment of sclerotherapy of varicose veins with years of clinical application). Meanwhile, CMS Skinhealth has obtained the exclusive licenses for the commercialization of three regenerative medical aesthetic products, including Poly-L-lactic Acid Microparticle Filler Injection, Polycaprolactone Microsphere Gel for Injection and Calcium Hydroxylapatite Microsphere Gel for Injection, enriching its regenerative medical aesthetic product portfolio and enhancing the Company’s competitiveness.

The Ophthalmology Business “CMS Vision” continues to improve its organizational structure and operating system, and actively promotes the identification, development and commercialization of urgently needed clinical solutions. Innovative medical device, EyeOP1 Glaucoma Treatment Device, has completed market access in many provinces and cities, and is synergized with the exclusive marketed product Augentropfen Stulln Mono Eye Drops in marketing and promotion. VEGFA/ANG2 Tetravalent Bispecific Antibody, a class I innovative biological agent, is under the phase I clinical trial stage in China.

The results announcement shows that as of the end of 2023, CMS has approximately 4,400 professional academic promotional personnel, and its promotion network has covered over 50,000 hospitals and medical institutions across China and nearly 250,000 retail pharmacies. CMS’s marketed products portfolio mainly includes exclusive branded drugs, with the successive approvals of innovative products in 2023, the Company’s future growth potential will be further released. At the same time, leveraging the accumulated advantages in cardio-cerebrovascular, gastroenterology, central nervous system, ophthalmology, dermatology and other specialty therapeutical fields, and its strong professional academic promotion capabilities, compliant and efficient management system, CMS has further enhanced its business efficiency and competitiveness to create broad commercial potential for its innovative products and exclusive products.

Accelerating international business development, forging new growth engines

Guided by the local unmet medical needs, CMS’s Southeast Asian business company “Rxilient Health”, leveraged the Group’s advantageous resource and operated by a local team with rich pharmaceutical industry expertise, has rapidly introduced a diverse product portfolio and established a business network covering various Southeast Asian countries. In March 2023, Rxilient Health entered into a collaboration agreement with Junshi Biosciences, leveraging Rxilient Health’s drug registration and commercialization advantages and Junshi Biosciences’s strong R&D strength, two parties to collaboratively develop and commercialize intravenous toripalimab, one of the key Chinese innovative drugs going overseas, in nine Southeast Asia countries.

In December 2023, CMS and Rxilient Health joined hands with Pharmaron and others to jointly complete the acquisition of a manufacture plant in Singapore and accelerate the process of CDMO business. This cooperation is expected to improve the accessibility of quality drugs with unmet clinical needs in emerging markets and help global pharmaceutical companies to quickly enter markets such as Southeast Asia. The acquisition of Singapore manufacturing plant will optimize the CMS’s overseas supply chain and manufacturing capabilities, and enhance the stability of its international supply chain. Moreover, it will facilitate CMS to carry out product collaborations with its global partners in the future, continuously building a collaborative, mutually beneficial pharmaceutical innovation ecosystem.

The Share Award Schemes enhances employee enthusiasm and creativity, enabling long-term binding towards a shared future for all.

In order to maintain the momentum of innovation and accelerate the commercialization process of innovative products, on March 27, CMS announced the adoption of the “Share Award Scheme Related to CMS New Products”, which using the Company’s own funds to purchase its shares. No more than 100 million Shares will be granted to the Group’s core management and key personnel at nil consideration, subject to the satisfaction of certain performance targets and in compliance with the CMS Scheme to encourage them to continue to make outstanding contributions to the launch and sales of new products.

According to the announcement, the schemes will determine “the stipulated performance targets” based on the overall financial performance of the Group, the cumulative sales revenue of a specified product or products, number of new products launched during any specified period. Among them, the “performance targets” associated with The First Batch of Share Awards include: launching 10 new products from 2020 to 2024. The cumulative total sales revenue of three blockbuster innovative drugs: METOJECT, VALTOCO, and VELPHORO in the three years from 2024 to 2026 will reach RMB2.5 billion. “Performance targets” associated with the future share awards include: the rolling share award scheme for the sales of new products, and to launch 12 new products from 2025 to 2027.

In addition, the three independently operated business segments of “CMS Skinhealth”, “CMS Vision” and “Rxilient Health” will formulate the separate Share Award Schemes based on their respective business development situations. ILUMETRI, as a significant innovative product of “CMS Skinhealth”, will be included in the assessment under the separate Share Award Scheme of “CMS Skinhealth”.

By continuously improving the long-term incentive mechanism, CMS closely links employee interests with the Company’s innovation development, maximizing employee enthusiasm to serve the Company’s long-term development diligently and responsibly. Furthermore, the schemes releases sufficient confidence to the capital market for the CMS’s steady development in the future.

Looking ahead, CMS will embrace “New CMS and New Era” after the short period of turbulence.

While accelerating its development under the guidance of innovation, CMS is firmly ushering in a new era. At the beginning of 2024, the term “innovative drugs” has been included in the government work report for the first time, indicating that innovative drugs have a leading strategic position among domestic emerging industries and have received great attention from the government. It will benefit pharmaceutical companies with advanced R&D capabilities, rich pipeline layouts, and mature commercialization systems.

CMS is diligent and devoted to innovation, and has always adhered to its mission of providing competitive products and services to meet unmet medical needs. With the gradual digestion of national VBP implementation impacts on its existing products, and the further deepening of its innovation development, CMS has been well-prepared for a brighter future going forward and will return to the track of sustained and healthy growth. Under its compliant and efficient commercialization system, the Company’s innovative products and exclusive drugs will grow steadily. Concurrently, it is expected that more differentiated innovative products will be continuously launched with higher efficiency and more controllable costs every year in the future, continuously optimizing the Company’s marketed product structure. As a mature pharmaceutical company with excellent historical performance, although the turbulence of adjustment period is inevitable, with the continuous enhancement of its innovation strength, CMS will surely usher in a new cycle of performance growth.

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 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

The Commercialization of Asia’s First Meningococcal Conjugate Vaccine From CanSinoBIO Represents a Significant Breakthrough

HONG KONG, Mar 27, 2024 – (ACN Newswire) – In 2023, CanSinoBIO’s meningococcal conjugate vaccine achieved revenue approximately RMB561.72 million, representing a year-on-year increase of approximately 266.39% compared to last year. The growth trend is evident.

Among them, MCV4 Menhycia® is the first quadrivalent meningococcal conjugate vaccine product in Asia. This product has taken advantage of its first-mover competitive advantage to quickly spread in the market, filling the void of a lack of high-end vaccines in this area within our nation. Additionally, MCV4 Menhycia® and MCV2 Menphecia® serve as upgrades to domestic meningococcal vaccine varieties, offering improved safety and stronger immunogenicity. At the same time, the company is also continuously innovating, with ongoing clinical trials to expand the age range of MCV4 to children and adults.

In addition, CanSinoBIO has also adopted a unique commercialization model, maximizing coverage of target populations and essentially achieving nationwide access. This market penetration and sinking strategy, coupled with market science popularization and education-driven choices centered on academic marketing, has laid a solid foundation for the promotion of the company’s products.

In terms of overseas expansion of meningococcal vaccine products, CanSinoBIO has already signed intention cooperation agreements with multiple overseas partners. This includes initiating clinical trials for the quadrivalent meningococcal conjugate vaccine in Indonesia, laying the groundwork for local market access for the product.

It appears that CanSinoBIO’s meningococcal vaccine has entered the phase of commercialization and mass production. In the future, the expansion of target populations and the exploration of overseas markets are expected to continue driving revenue growth for the company.



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Huitongda Network Announces 2023 Annual Results, Revenue Grows Steadily, with Net Profit Attributable to Parent Company Surging by 42%

HONG KONG, Mar 27, 2024 – (ACN Newswire) – Huitongda Network Co., Ltd. (“Huitongda Network” or the “Company”, together with its subsidiaries, the “Group”; stock code: 9878.HK), a fast-growing commerce and service platform dedicated to serving businesses in China’s lower-tier retail market, is pleased to announce its annual results for year ended December 31, 2023 (“Reporting Year”). The Group stayed true to the working principle of “enhancing quality, stabilizing growth and generating value”, took root in the lower-tier market and served corporate customers. The Group revenue is steadily growing, and profitability maintains a rapid growth momentum, continuously creating value for shareholders.

During the Reporting Year, the Group recorded total revenue of RMB82.43 billion, representing a year-on-year growth of 0.4%; the Company recorded net profit of RMB697 million, representing a year-on-year growth of 25%; profit attributable to equity shareholders of the Group amounted to RMB448 million, representing a year-on-year growth of 42%. The Company recorded positive operating cash inflow of RMB471 million, marking a positive inflow for five consecutive years. During the Reporting Year, the Group continued to deepen its member retail store service. Huitongda Network’s total number of registered member retail stores of the Group exceeded 237 thousand, representing a year-on-year growth of 15%; the total number of subscribed SaaS+ users amounted to nearly 132 thousand, representing a year-on-year growth of 16%, of which, the number of paid member stores exceeded 48 thousand, representing a year-on-year growth of 61%.

In respect of our commerce business, during the Reporting Period, the Group’s commerce business sector achieved a total sales revenue of RMB81.62 billion. The Group continues to strengthen the cooperation with top brands, expedited the construction of its own brands and the integration of production and sales, and carried out a full pipeline deployment both online and offline simultaneously, achieving breakthrough innovations. In terms of brand cooperation, the Group strengthens collaboration with top-tier brands in sectors such as consumer electronics, household appliances, agricultural production materials, new energy, liquor, and personal care. In terms of its own brands, such as Zhonghuida air conditioners and Huizhongtian fertilizers, the Group made a breakthrough in the integration of production and sales. Furthermore, the Group successfully implemented a comprehensive pipeline strategy, not only by fostering strong partnerships with leading online platforms to facilitate the expansion of sales channels for retail stores but also by expanding its reach through partnerships with prominent chain enterprises such as Shandong Sanlian. This comprehensive approach ensured a robust pipeline deployment both online and offline.

In respect of our service business, during the Reporting Period, the Group’s service business sector achieved revenue of RMB655 million. On the one hand, the Group focused on sales assistance and promotion for its member retail store, organizing more than 456 joint promotions together with 35 core top brand factories throughout the year, helping member retail stores to improve their operational efficiency. On the other hand, the Group continues to innovate in the research and development of service products. In 2023, the Group independently researched and developed Qiancheng E-commerce series of service products, focusing on the pain points of member retail stores’ demands, and further upgraded them to satisfy the demand of customers in all industries and all scenes.

In respect of the construction of our digitalized infrastructures, the Group focuses on building industrial Internet platforms, continuously upgrading the digitization platforms across various industries, refined the construction of technical product systems in various industries. Simultaneously, with a focus on the daily operational management scenarios of member retail stores, the Group independently deploys AI large model services capability to align with industry standards.

In respect of equity incentives, the company granted approximately 8,999,500 restricted share units under the restricted share unit scheme. The grantees are members of the Group’s core and backbone team, with the key vesting condition that the Company will record an increase in net profit attributable to equity shareholders of the Company of more than 100% in 2026 compared to 2023.This grant makes a high degree of alignment between the interests of the employees, the Company and the Shareholders, which will help the Group to further enhance the efficiency of the core team, maintain the stability of the core team, and provide protection for the Group to achieve its medium to long-term performance targets.

In respect of our corporate influence, the Group garnered increased attention and recognition from government authorities at all levels and the public across multiple sectors, further enhancing its influence in the industry in 2023. The element of Huitongda, namely “turning mobile phones into a new kind of farming tool, changing information become a new agricultural resource, and making live broadcasting become a new agricultural activity” was implanted in the central documents; the provincial and ministerial leaders, such as the National Development and Reform Commission (NDRC), the State Administration for Market Regulation (SAMR), Department of Commerce of Jiangsu Province, have visited and inspected for many times and highly evaluated the business of Huitongda. In 2023, the Company was awarded “Top 500 Chinese Enterprises in China (ranking 301st)”, “2023 National E-Commerce Demonstration Enterprise”, “Best Board of Directors of Listed Company”, “Annual Investment Value Award” and many other corporate honors, recognitions and awards at the provincial and ministerial levels and above.

About Huitongda Network Co., Ltd.

Huitongda Network Co., Ltd. (“Huitongda Network” or “Company”, stock code: 9878.HK), is the fast-growing commerce and service platform dedicated to serving businesses in China’s lower-tier retail market. The company integrates family-run retail stores in towns and villages and provides them with end-to-end, full-link, one-stop solutions; Also, the company enhances the digital capabilities, across the entire industry value chain participants, including retail stores, wholesalers, and suppliers, comprehensively improving their operational efficiency by “SaaS+” digitalized service, meeting their diversified business needs, service business has also become a new high-speed growth point of the company.

This press release is issued by Huitongda Network Co., Ltd. Investor Relations Department.

For further information, please contact:

Website: www.htd.cn

Email: ir@htd.cn

Tel: 025-68727979



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

VCREDIT business has grown steadily through refined operations in FY2023

HONG KONG, Mar 27, 2024 – (ACN Newswire) – VCREDIT Holdings Limited (“VCREDIT” or the “Group”; stock code: 2003.HK), a leading independent online consumer finance provider in China, announced its audited annual results for the year ended 31 December 2023.

During the year, the Chinese macro-economy and residents’ consumption capacity slowed with demand weakening for consumers. Nevertheless, the Group still achieved steady growth through refined operations. Total income was RMB3,569.5 million, with an adjusted net profit of RMB455.6 million. The Board has recommended the distribution of a final dividend of HK10 cents per share of the Company.

The Group continued to optimize its risk management framework, adjust risk control policies, and introduce more comprehensive dimensions of customer feature, enabling the ongoing shift towards high-quality borrowers on the business asset side. The Group’s loan origination volume reached a historical high of RMB75.2 billion for the year, representing a growth of 44.2% as compared to RMB52.2 billion in 2022.

Building a precise customer acquisition model, transferring towards higher quality borrowers

Facing the macroeconomic conditions and changes in user behavior, the Group continued optimizing its rise management framework by improving multi-source scoring cards, adjusting risk control policies, and undertaking significant model upgrades and complex testing. In the second half of 2023, the Group established a strategic partnership with a leading data company to jointly build a precise customer acquisition model, significantly enhancing the ability to acquire customers more accurately in diverse scenarios. The Group has continued to expand high-quality customer acquisition channels. It formed cooperative agreements with well-known content platforms, photo editing applications, internet-based logistics platforms, lifestyle service information platform and other premium channels, allowing the Group to enhance precision marketing and high-quality customer acquisition strategies. In 2023, the cumulative registered users reached 144 million, representing an increase of 13.6% compared to 2022. For the existing customers, the Group has continued to improve their user experience by introducing a user willingness model to help raise brand recognition and improve user loyalty. In 2023, repeat loan customers accounted for 85.1% of the total loan volume.

To accurately construct target customer risk profiles, the Group introduced more comprehensive dimensions of customer features, which helps the business asset side to sustain its transition towards high-quality borrowers, striking a balance between short-term risk and long-term returns.

Actively responding to data security requirements, establishing a consumer protection framework

While solidifying performance and optimizing risk levels, the Group also prioritized compliance and enhancing the consumer experiences. To align with their industry’s evolving regulatory framework, the Group proactively adjusted its post-loan strategies, achieving forward-looking compliance transformations. Simultaneously, the Group actively responded to data security requirements, and implemented a “Duanzhilian” approach for credit data by the end of 2023.

In terms of consumer protection, the Group established a Consumer Rights Protection Committee, gradually building a comprehensive consumer protection framework to fulfill their responsibilities. Leveraging artificial intelligence large language models, the Group introduced an AI-powered online customer service bot that serves both customer service and marketing scenarios, continuously optimizing user interaction experiences.

Expanding funding partnerships, actively expanding domestic and overseas markets

The Group’s collaboration with financial institution funding partners has significantly increased, particularly deepening partnerships with systemically important banks. By the end of 2023, the Group had established collaborations with 104 external funding partners, including 24 nationwide joint-stock commercial banks, consumer finance companies, and trust funds. These partnerships contribute to the formation of a diverse financing pool, supporting their progress towards their goals. While expanding the number of funding partners, the Group has gradually implemented a standardized scoring system, continually improved operational efficiency, and steadily reduced funding costs. Building on this strong foundation, coupled with flexible financing and capital protection provided by third-party guarantee and asset management companies, the Group placed an emphasis on providing consumer finance through their pure loan facilitation model, consistently moving towards asset-light operations.

Apart from strengthening and developing their existing consumer finance business in the mainland of China, the Group successfully launched a new consumer finance brand ‘CreFIT’ in Hong Kong during 2023. Additionally, the Group agreed to acquire Banco Português de Gestão, S.A. (“BPG”), a credit institution registered with the Bank of Portugal, allowing it to enter the Portuguese and broader European markets. Through these new initiatives, the Group aims to achieve significant breakthroughs in their business and deliver optimal returns for their Shareholders.

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 their consumer finance business and fulfill the financial needs of high-quality customers, the Group will strive to hone their business strategies and upscale their technology. In addition to growing their existing consumer finance operation in China, the Group shall also look to expand their 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 is reviewing and shall continue to review potential investment opportunities and business prospects on a constant basis and make suitable investments and acquisitions as opportunities occur. And it will continue to focus on leveraging advanced expertise and knowledge and actively embracing the trends and innovation that are shaping the industry and society more broadly.

Additionally, the Group intends to continuously execute the strategies, including streamline and extend its credit solutions to better serve customers to improve brand recognition and the 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 (VCREDIT) is a leading independent online consumer finance service provider in China. Accumulated 17 years of experience in consumer finance innovation, the Group has established a cutting-edge position in credit risk quantification and intelligent risk management which are core to financial services. VCREDIT’s proprietary “Hummingbird” risk management system and smart lending robot provide state-of-the-art integrated solutions to licensed financial Institutions, allowing them to offer customized, accessible financial services to underserved borrowers across China. VCREDIT made its debut on the main board of the Hong Kong Stock Exchange on June 21, 2018 with the ticker symbol 2003.HK.

Website: https://en.vcredit.com/en-us



Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Inaugural HKTDC Export Confidence Index: Rising expectations of export uptick

HONG KONG, Mar 27, 2024 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC) released its inaugural HKTDC Export Confidence Index today.

An upgrade to the well-established HKTDC Export Index, the new quarterly HKTDC Export Confidence Index will provide a more nuanced and comprehensive overview of business sentiment among Hong Kong-based exporters.

Derived from a survey of more than 500 Hong Kong exporters, the Export Confidence Index comprises five sub-indices – Sales and New Orders, Trade Value, Cost, Procurement and Inventory. These findings are evaluated in terms of Current Performance (how they represent present market sentiment) and Expectation (a measure of exporter sentiment with regard to the coming quarter).

For the first quarter of 2024 (January-March), the overall Expectation score was 47.4. This figure is close to the 50 benchmark (the dividing point between contractionary and expansionary trends) indicating an improved near-term export outlook. It was also notable that the Expectation scores for all sub-indices comfortably exceeded the Current Performance reading of 39.6, which, again, suggests exporters are confident that better times lie ahead.

Commenting on the thinking behind the new index, HKTDC Director of Research Irina Fan said: “Multiple elements impact exporter confidence and we now have an evaluation system that allows us to factor them all in. This will ensure that our quarterly assessment of this key component of Hong Kong’s economy is more versatile, more relevant and more insightful than ever before.

“The success of this initiative to date has allowed us to confidently report a likely uptick in orders from Mainland China, as well as a gradual overall recovery in exports that looks set to be led by the electronics sector.”

Optimistic prospects in Mainland China and US

Among the other key findings, the Sales and New Orders sub-index highlighted rising confidence in export growth, with its 49.9 reading close enough to 50 to suggest a high likelihood of stabilisation.

On the market front, exporters are generally more optimistic with regard to Mainland China and the United States, with exporters anticipating resumed growth in mainland orders in the second quarter.

Of the six key export sectors, electronics enjoyed the most positive outlook, followed by timepieces, equipment/materials, clothing, toys and jewellery.

There are also signs of stronger procurement activity in the electronics, toys and equipment/materials sectors as the corresponding Expectation indices approach or exceed the 50 level.

Overseas markets to regain growth momentum

For survey respondents, economic risks remained the primary concern among the external market issues that could potentially impact exports over the next 12 months. For 83.3% of respondents, an economic slowdown/recession in their primary markets was considered the biggest potential obstacle to export growth.

Putting the findings into perspective, Cherry Yeung, the HKTDC Senior Economist with oversight of the new Index, said: “Despite such concerns, there are many positive takeaways from the Q1 survey. Some 70% of traders, for instance, are anticipating resumed growth in their core overseas markets, while 37.1% are expecting a rapid upturn in mainland market demand. Looking beyond that, 36.4% of respondents are confident that e-commerce will provide new impetus for many export businesses in the course of the coming year.

“It is also reassuring that 55.9% of exporters believe their future profitability will remain unchanged or actually improve, with 40.9% expecting their profit levels to stay stable and 15% seeing an upturn on the horizon.”

References
HKTDC Export Confidence Index: https://research.hktdc.com/en/article/MTY0Nzc3MTE3OQ
HKTDC Research website: https://research.hktdc.com/en/

Photo download: https://bit.ly/3xfpjHJ

HKTDC Director of Research Ms Irina Fan (right) and Senior Economist Ms Cherry Yeung (left) announced the inaugural HKTDC Export Confidence Index for the first quarter of 2024 at a press conference today

HKTDC Director of Research Ms Irina Fan

HKTDC Senior Economist Ms Cherry Yeung

Media enquiries

Please contact the HKTDC’s Communication and Public Affairs Department:

Jane Cheung

Tel: (852) 2584 4137          

Email: jane.mh.cheung@hktdc.org

 

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn



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