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acn-newswire · 1 hour
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Gome Fin Tech Announced Annual Results of 2023
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Commercial Factoring Progresses Despite Stability Diversified Businesses Ready for Development
HONG KONG, Mar 29, 2024 - (ACN Newswire) - Gome Finance Technology Co., Ltd.(Stock Code:628.HK,“Gome Fin Tech”or “the Company”,with its subsidiaries,the“Group”), announced its audited annual results for the year ended 31 December, 2023 (the “Reporting Period”).
In 2023, the global geopolitical risks are frequent, the lack of economic recovery momentum and the widening trend of differentiation among countries are highlighted, and the risk spillover from European and US banks under the global high interest rate environment also casts a shadow over the global growth outlook. In the face of the risky international environment and the arduous task of domestic reform, development and stabilisation, the Chinese government has coordinated domestic and international situations, effectively responded to the impact of the unexpected factors, strengthened support for the real economy, continuously optimised the structure of loan investment, improved the quality and efficiency of credit services, and developed supply chain finance with the strong support of national policies.
During the Reporting Period, the Group continued to focus on technology-based finance as its strategic main line, further explored the integration and development path between emerging technology industry and supply chain finance industry, and continued to strengthen its support to the real economy. The Group's revenue increased by 2.24% to RMB82.0 million (2022: RMB80.2 million), which was mainly attributable to the increase in revenue from commercial factoring business. The Group recorded a profit after taxation of RMB37million (2022: loss after taxation of RMB5.6 million).
Optimizing asset and liability structure, commercial factoring progressing steadily
The commercial factoring business, as the Group's principal business with a well-established risk management system, grew steadily in 2023 and contributed 92% of the Group's operating revenue, despite the challenging external environment. In 2023, the Group repaid bank borrowings in a timely manner and used the Company's own funds as working capital, resulting in a significant reduction in the gearing ratio,and the working capital was more more sufficient. In addition, in recent years, the Group started to grant longer loan period to certain high-quality customers in order to increase its profitability and at the same time to maintain credit risk at a low level. In 2023, the Group's commercial factoring business steadily expanded its scale of operation, with the average net loan balance increasing to RMB1.01 billion (2022: RMB890 million), revenue increasing by 8.16% year-on-year to RMB75.8 million, and segment profit increasing to RMB68.2 million (2022: RMB58.4 million).
Additionally, during the Reporting Period, other financial services within the Group were impacted by restrictions imposed by certain mobile app stores on the content of deployed applications (Apps). As a result, service fees for referral services decreased by 38.65% to RMB6.2 million, while the other financial services segment achieved a profit of RMB2.6 million.
The acquisition process was progressing systematically, and the diversified synergy was poised for development
In addition, the Company is advancing the Proposed CashBox Acquisition subject to, among others, the approval of the Company’s independent shareholders. The management expects to, through the Proposed CashBox Acquisition, rely on the large and multi-regional user resources of CashBox, combining with the Company’s advantages in internet technology, to create synergies for the Group’s business. The management believes that the Proposed CashBox Acquisition will enable the Group to diversity its business, expand its income stream and maximise returns for the shareholders.
Looking ahead, the Federal Reserve is expected to initiate an interest rate reduction cycle around mid-year. In an external macro environment characterized by easing inflation and stable growth, global economic growth is poised for a “soft landing”. China continues to adhere to the principles of seeking progress while maintaining stability, focusing on high-quality development, and continuously fostering new productive forces. With frequent macro policy adjustments and a flexible and precise monetary policy, China provides robust support for stable economic operations. Against this backdrop, we believe that the industry’s development in the coming year will benefit from additional favorable policies driven by national strategies.
The management of GOME Financial Technology stated: “In 2024, the macroeconomic situation is expected to improve. The relatively relaxed financing environment is poised to inject more vitality into the national economy and create opportunities for the development of the Group. We will further explore the integration and development paths of emerging technology industries and supply chain financial industries. Additionally, we will continue to enhance support for the real economy and private economy, leveraging financial services to contribute to high-quality development. While consolidating our core financial business, we will also advance the Proposed CashBox Acquisition, enabling diversified transformation and creating greater benefits for shareholders.”
About Gome Finance Technology Co., Ltd.
Gome Finance Technology Co., Ltd. (stock code: 628) is a publicly listed company on the Hong Kong Stock Exchange. The Company’s vision is to “drive technological development through innovation and revolutionize finance through technology.” It actively expands its strategic layout in the field of financial technology, continuously enriches its product portfolio, gradually extends its risk control services driven by big data and artificial intelligence, and further enhances its comprehensive financial services to provide efficient, convenient, and high-quality financial services for customer.
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acn-newswire · 3 hours
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Baguio Green's 2023 Adjusted Net Profit increased by 36.7%
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Contracts on Hand Increased to a Historical High of HK$5.1 Billion Favorable policies driving Rapid Growth
HONG KONG, Mar 29, 2024 - (ACN Newswire) - Baguio Green Group Limited (‘‘Baguio’’ or the ‘‘Group’’, Stock Code: 01397.HK) is pleased to announce its annual results for the year ended 31 December 2023 (the “Year”).
During the Year, the Group’s revenue was approximately HK$2.33 billion, representing an increase of approximately 29.8% as compared with the preceding year. Excluding non-operating subsidies* from the HKSAR Government (the “Government”), the Group has recorded an adjusted net profit for the Year of approximately HK$46.3 million, representing an increase of approximately 36.7% as compared to the corresponding figure in 2022. The Board recommends the payment of a final dividend for the Year at HK$3.4 cents per share.
Business Overview and Prospects
This significant increase in adjusted net profit primarily stems from: (i) the growth impetus provided by the Hong Kong Waste Charging Scheme for our recycling and green technology businesses; (ii) securing new cleaning contracts with the Government, quasi-government bodies, and private entities; and (iii) amplified efficiency gains due to economies of scale. As of 27 March 2024, the Group’s contracts on hand increased significantly to approximately HK$5.1 billion, providing strong revenue growth in the subsequent years.
During the Year, as the core business of the Group, cleaning services continued to record a significant growth, with revenue increased by 37.3% year-on-year to approximately HK$1.83 billion, accounting for approximately 78.5% of the Group's total revenue. As the end of 2023, the Group’s Government-related street cleaning services cover a total of eight districts (Tsuen Wan, Mong Kok, Sha Tin, Yuen Long, Western, Eastern, Sham Shui Po and Tai Po districts), serving a population of approximately 3 million. The Group’s Government market related cleaning services and Government-related leisure venues cleaning services have also cover various districts in Hong Kong. The Group’s other cleaning sites covered hospitals (North Lantau Hospital, Caritas Medical Centre and Kwai Chung Hospital), clinics (clinics of the Department of Health in Kowloon East and Kowloon West), Hong Kong International Airport, schools, housing estates and private institutions, demonstrating the Group’s leading position in Hong Kong cleaning services market.
In terms of waste management, the Group provided Government-related waste collection services to five districts, including Tsuen Wan, Wong Tai Sin, Mong Kok, Wan Chai and Eastern districts, serving a population of approximately 1.6 million. In terms of recycling, the Group is contracted by the Environmental Protection Department (“EPD”) of the Government to handle around 5,000 recycling spots (including plastic, glass bottles, metals, waste paper and food waste) across Hong Kong, and is one of the market leaders. In 2023, the Group was granted by EPD to provide collection services for recycling bins in public places and schools. During the Year, the Group continued to provide plastic collection services for Eastern, Kwun Tong and Central & Western districts under the EPD Plastic Recycling Pilot Scheme contract. The Group also provides plastic collection services for Recycling Stations of “GREEN@COMMUNITY” and Reverse Vending Machines, which were introduced by EPD and other institutions in Hong Kong. In addition, the Group also provides collection and management services of glass bottles for Hong Kong Island, the New Territories and Islands district. With regard to recyclable food waste collection services, as one of the market leaders in Hong Kong in providing recyclable food waste collection services, the Group was engaged by the EPD to provide recyclable food waste collection services in Kowloon district and New Territories West. Besides, in early 2024, the Group won two contracts to provide smart food waste recycling machines and maintenance services for large private residential estates, helping residents to recycle food waste efficiently and reduce Waste Charging expenses.
After strategic deployment in recent years, the green technology business achieved rapid growth. The Group made impressive progress in providing the Government with smart recycling machines and a big data analytics platform. Smart recycling machines are now available in different places of Hong Kong, providing the public with a convenient recycling experience 24 hours a day and helping to increase the overall recycling volume in Hong Kong. In addition, the Group was awarded a contract by the Food and Environmental Hygiene Department for the provision of people counting services servicing at over 800 public toilets, aqua privies and bathhouses through the system powered by Time-of-flight and Internet of Things technologies to assist the Government in monitoring flow and optimising service standard, and to support the future strategic development of public toilets.
The Group’s bioconversion technology (Black Soldier Flies) project has successfully “converted waste into useful resources”, which not only solves the problem of chicken manure in Hong Kong, but also supplies converted insect protein and organic fertilizer for fisheries and agriculture in Hong Kong.
In partnership with Jardine Engineering Corporation Limited, the Pilot Biochar Production Plant at the EcoPark in Tuen Mun commenced trial operation in the Year. By converting yard waste into high-quality biochar with pyrolysis technology for various applications, the production plant effectively “turns waste into useful resources”.
As for the landscaping business, the Group’s landscaping services currently cover some large private residences, schools, shopping malls, hotels, the Hong Kong Science Park and the Hong Kong University of Science and Technology. During the Year, the Group won the Yuen Long barrage and flood barrier improvement works and the Tuen Ma Line Extension - Tuen Mun Swimming Pool reconfiguration project. For pest management business, the Group provided pest management services in Wong Tai Sin, Tai Po and Yau Tsim districts during the Year. During the Year, the Group provided termite control and monitoring services to 29 monuments under the Antiquities and Monuments Office and 24 temples under the Chinese Temples Committee respectively.
In order to achieve the target of “Zero Landfill” in Hong Kong by 2035 as set out in the Waste Blueprint for Hong Kong 2035, the Government during the Year announced that the “Municipal Solid Waste (MSW) charging scheme” (“Waste Charging”) will be officially implemented on 1 August 2024, it is expected to further motivate the public to recycle and to increase the recycling volume. Currently, food waste recycling machines are installed in only 35% of public housing estates in Hong Kong. The Government intends to extend the installation of such machines to all public housing estates in Hong Kong in 2024. In the private housing sector, the initiative is still in its initial phrase. With Waste Charging set to effect, under the strong advocacy of the Government and the expected market demand created by the Waste Charging, it is believed that the Group’s smart recycling machines, food waste recycling machines and related smart technology business will bring huge business opportunities.
In addition to the Waste Charging, the Government is also proactively promoting the “Producer Responsibility Scheme on Plastic Beverage Containers and Beverage Cartons”, which is expected to be launched within two to three years. The launch of the Waste Charging and this scheme will directly drive the growth of Baguio’s recycling business and create solid returns for its investment in recycling facilities over the years which creates a strong entry barrier to competitors.
Moreover, according to the 2023 Policy Address, the Northern Metropolis is a new engine for the future development of Hong Kong and will provide about 500,000 new housing units after fully developed, which is believed to bring opportunities to the Group’s core businesses.
Looking forward, Baguio will continue to increase its market share in all businesses and proactively engage in expansion in Hong Kong and beyond. In addition, it will actively explore suitable mergers and acquisitions, joint ventures or new business projects to accelerate future business growth and deliver substantial and long-term returns to shareholders.
For details of the Group's 2023 annual results announcement, please visit the following website:
* Non-operating subsidies from the HKSAR Government include but not limited to Employment Support Scheme under the Anti-epidemic Fund, government vehicle schemes and Green Employment Scheme, etc.
About Baguio Green Group
Established in 1980, Baguio Green Group (Stock code: 01397.HK) is one of Hong Kong’s largest integrated environmental services groups. It provides a full spectrum of professional services including professional cleaning, waste collection & recycling, waste management, green technology, organic fertilizer and animal feed production, horticulture & landscaping, and pest control. It serves a wide range of customers in various sectors including Government departments, statutory organizations and multinational corporations. Fully committed to ESG, the Group works relentlessly to advance sustainable development and create a cleaner, greener, healthier city.
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acn-newswire · 4 hours
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Forward Fashion Announced 2023 Annual Results
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Revenue Increased by 5.0% to HK$1,007.8 Million Significant milestones in business upgrades drive revenue growth
HONG KONG, Mar 29, 2024 - (ACN Newswire) - Forward Fashion (International) Holdings Company Limited ("Forward Fashion" or the "Group"; Stock Code: 2528), a creative integrated group with three synergistic business segments - fashion, art and lifestyle, today announced its annual results for the year ended 31 December 2023 ("FY2023" the "Period"). Due to the increase in the number of visitors to Macau and the improvement in the Macau retail market in 2023 increased to HKD1,007.8 million, representing a year-on-year 5.0% increase.
During the Period, revenue from the multi-brand stores was HK$190.3 million, while revenue from the mono-brand stores was HK$685.0 million, both record an increase of 2.5% and 44.3% respectively. Revenue from Store management and consignment services surged 110.5% to HK$65.0 million. Gross profit increased by 3.0% to HKD467.8 million, while Gross profit margin down from 47.3% to 46.4%. The Group recorded a net loss of HKD19.8 million for 2023 comparing with a net loss of HKD36.5 million in 2022 mainly attributable to the increase in subsidy from suppliers.
The revenue generated from Macau for 2023 increased to HKD481.6 million, representing a year-on-year increase of 9.9%, mainly attributable to the increase in the number of visitors to Macau in 2023 by 394.9% year-on-year while the total visitor expenditure increased by 292.2% year-on-year. The revenue generated from Mainland China recorded HKD426.1 million in 2023, representing a year-on-year decrease of 5.3%. The revenue generated from the sales in Hong Kong and Taiwan recorded a year-on-year increase of 31.6% and 283.7%, respectively.
Milestones in Business Upgrades: Pioneering Integration of Art, Fashion, and Lifestyle
Throughout the year, Forward Fashion achieved significant milestones in its business upgrades, reinforcing its position as an innovative leader in the integration of art, fashion, and lifestyle. Artelli, the multi-dimensional premium art space under Forward Fashion, expanded its presence to Hong Kong, Shanghai, and Taipei, hosting notable exhibitions and showcasing exclusive art projects including the "BE@RBRICK WORLD WIDE TOUR 3" exhibition in Hong Kong, the "Attack of Clone Venus" exhibition in collaboration with Japanese artist Takeru Amano in Macau, the partnership with emerging artist Chen Wei Zhu in Shanghai, and the "Artelli exclusive: Satoru KOIZUMI Meets Taiwan - World Debut of Disney's Mickey Collection" exhibition. In addition, Forward Fashion launched ASCE (Art Space for Contemporary Expression), its first diverse and explorative art hub in Hong Kong and Macau in 2023, providing an accessible and trendy collection for the public, complementing Artelli's premium offerings.
These initiatives not only enhanced the artistic and cultural landscape of the regions but also solidified Forward Fashion's role as a key organizer, co-organizer, and curator of Art Macao, a prominent annual international art event. Through collaborations with major integrated resort operators in Macau, Forward Fashion delivered high-quality art content, created diverse and immersive arts and cultural experiences, contributing to the development and promotion of culture and the arts, further establishing Macau as an appealing travel destination.
Furthermore, a notable highlight of the year was the highly anticipated opening of Galeries Lafayette Macau at the YOHO Treasure Island Resorts World Shopping Centre. Galeries Lafayette Macau has quickly become a fashion and art landmark, offering a seamless blend of luxury shopping and artistic experiences. This accomplishment further underscores Forward Fashion's success in integrating art, fashion, and lifestyle while providing diverse and upscale shopping experiences for fashion enthusiasts.
Mr. Patrick Fan, Founder, Chairman of the Board and Executive Director of Forward Fashion (International) Holdings Company Limited, said, "Last year, the group implemented a series of adjustments and measures in its business and operations. We firmly believe that these initiatives will bring forth new hope and opportunities for the group. Looking ahead, Forward Fashion acknowledges the gradual recovery of the market and the increased willingness of customers to consume. With the rise in visitor numbers to Macau, increased visitor expenditure, and the growth of GDP in Mainland China, positive signs of progress are evident. With prudent assessment and investment in new projects, the Group aims to sustain positive business development and further enhance the interests of both the Group and its shareholders.”
About Forward Fashion (International) Holdings Company Limited
Forward Fashion (International) Holdings Company Limited is an integrated group with three synergistic business segments - fashion, art, and lifestyle - and a commitment to creating innovative retail business model. With a track record of managing over 100 brands, the Group has helped many brands to establish their first presence in Greater China. In recent years, the Group has actively enhanced its operations and developed its own brands, such as Artelli, ASCE, UMJ, WF Fashion, to further enrich its brand portfolio. Leveraging its extensive retail experience and IP resources, the Group has spearheaded exclusive collaborations with brands and cultural and art communities to expand into the international market.
Mr. Fan Wing Ting, Patrick, is the founder, chairman and executive director of Forward Fashion Holdings. In 2005, he founded the first company of the Group in Hong Kong focusing on fashion apparel retail in Greater China. Following the Group's 2020 listing on the Main Board of The Stock Exchange of Hong Kong Limited, Forward Fashion has embarked on eCommerce platforms and introduced international fashion and artistic brands and visionary international art projects to Greater China. The Group aims to cater for the preferences and needs of local youths and promotes business diversification.
Media Enquiry Strategic Financial Relations Limited Mandy Go, Tel:+852 2864 4812 Shelly Cheng, Tel:+852 2864 4857 Iris Au Yeung, Tel:+852 2114 4913 [email protected]
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acn-newswire · 4 hours
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Netjoy records new high gross billing hitting RMB8.137 billion in 2023
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Profitability improved significantly Adjusted net profit reaches RMB24.96 million Deepened AIGC technology application; Achieved business growth; E-commerce services GMV up close to 300% year-on-year
HONG KONG, Mar 29, 2024 - (ACN Newswire) - Netjoy Holdings Limited (“Netjoy” or “the Company”, together with its subsidiaries, “the Group”, stock code: 2131.HK), a leading one-stop short video marketing solution platform service provider in the PRC, announced today its annual results for the year ended 31 December 2023 (the “Reporting Period”), reporting historical high total bill and marked increase in profitability.
Steady high-quality development Consolidating business and exploring new opportunities
In 2023, benefitting from thriving cutting-edge technologies such as AI and social media content platforms increasingly leaning towards “short video”, the content forms in various digital economic fields became more diverse and intelligent. During the Reporting Period, the Group adhered to its development strategy underscored by technologies and creativity, and effectively met the higher requirements of advertisers in digital marketing, channel diversity, and achieving precise results. In 2023, the Group fortified its results performance and saw its profitability rebound. Moreover, with leading marketing techniques and the ability to provide one-stop solutions, its businesses either grew with robust or prided strong growth momentum.
During the Reporting Period, the Group achieved healthy gross bill growth, reaching historical high at RMB 8.137 billion, 10.54% higher than the RMB7.361 billion in 2022. The compound annual growth rate (CAGR) of its gross bill between 2018 and 2023 was 38.25%. With its business layout steadily expanding and active adjustment made to the structure of its quality customer base, the Group record total revenue of RMB3.01 billion.
With efforts made to raise operational efficiency, optimize cost structure and respond with flexibility to market demand, the Group managed to markedly boost profitability. Its gross profit increased by 722.62% year-on-year to RMB 250.75 million, with gross profit margin at 8.33%, up by 7.41 percentage points year-on-year. Adjusted net profit rose 112.53% year-on-year to RMB 24.96 million, and cash and cash equivalents were RMB361 million, reflective of the Group being cash-sufficient to support operation and pursue new initiatives.
Upgrading platform technology  Driving business growth of high-quality and efficiency
Short video marketing is one of the core strengths of the Group. During the Reporting Period, the Group provided customized online marketing solutions to 1,089 advertisers and gross profit margin of the business increased by 5.30 percentage points year-on-year to 5.70%. By utilizing platform systems like “Tianji” and “Tradeplus”, the Group was able to produce content in scale, ensures precise delivery, employs  big data to analyze effectiveness and carry out independent budget management to meet customers’ fine demands along the short video marketing chain.
With the Group having completed interation and upgrade of “Tianji”, the number of users of the platform increased by 188.24% year-on-year to 490 during the Reporting Period, and its highest quarterly turnover continued to climb, by 18.85% year-on-year, to RMB1.324 billion. Moreover, the Group has invested more resources into research and commercialization of AIGC technology, and has used AIGC products to automatically create short video scripts, social media content and graphics, and advertising images and video materials. During the Reporting Period, the Group’s gross billing per capita increased by 16.19% year-on-year to RMB23.18 million, and the Group’s own video production team had put out the most more than 436 project items per capita in a month, 21.45% more year-on-year. The cumulative impressions generated by the Group's programmed and delivered short videos have surpassed 1,303.7 billion, with views exceeding 468.8 billion.
Deepened close cooperation with leading platforms to foster consumer base expand
During the Reporting Period, as online marketing content has become more diverse and personalized, the Group established a high-standard virtual reality ("VR") production base and forged strategic partnerships with leading domestic metaverse and AI technology companies. It also continued to deepen cooperation with leading content platforms such as Douyin Group, Kuaishou, Tencent, Xiaohongshu, Alibaba Group, and JD.com, and expanded its reach to new platforms such as Bilibili and Alipay. The Group also further expanded its customer base. As at the end of 2023, it served 1,089 advertisers, representing a 21.54% increase year-on-year, from industries like financial services, Internet services, online games, culture and media, e-commerce, and others, boasting a clientele with a stable and balanced structure, and heading for diversified development.
The Group also exports creative short videos to help it tap the international market. With the help of AI translation, AI avatar synthesis and other technologies, it managed to localize production of creative videos for markets such as Europe, America and Southeast Asia, empowering corporate customers to speed up advance into overseas markets and increase brand awareness. As at the end of the Reporting Period, the Group’s business covered markets with users speaking 13 foreign languages namely English, German, French, Italian, Spanish, Japanese, Korean, Thai, Portuguese, Vietnamese, Arabic, Indonesian, Malay and became partner of TikTok and Temu in commercial video creation.
Improved full-solution e-commerce service system to form vertical advantages in multiple fields
In 2023, the Group gradually improved its e-commerce service system which covers different marketing formats, including brand self-broadcasting, KOL promotion and store operations, to provide brands with  complete e-commerce chain services based on the short video ecology comprising “people, goods and venues”. During the Reporting Period, the Group achieved effective gross merchandise volume (“effective GMV”) of RMB1,129.15 million, 293.13% more year-on-year. With big data analytic skills and shrewd insights of customer needs, the Group provided the short video marketing Click ID (“CID”) technical services, which facilitated seamless data linkages for e-commerce customers both within and outside the advertising placement station.
Also in 2023, the Group enhanced its e-commerce service advantages for serving such vertical industries as 3C digital, beauty and personal care, household daily cleaning, pet foods, local living, and Big Health-related products. It was able to extensively reach upstream suppliers and downstream sales terminals of the e-commerce industrial chain, expand coverage of its yet more comprehensive e-commerce service capability, as well as strengthen influence in the social media e-commerce industrial chain.
During the Reporting Period, the Group’s headquarters in Xi’an overseeing business in central and western China began operation and became its important business operation and development base. This headquarters served as a crucial base for various functions, including the Group’s research and development, video production, live e-commerce operation, short video and live broadcasting training, etc., giving the Group a better business management model and cost structure, allowing it to improve internal human resources allocation and business operational efficiency on multiple fronts.
Looking ahead at 2024, the Group is committed to advancing its major development strategies of "Platformization," "Diversification," and "Internationalization." Building upon this foundation, the Group will continue to pursue R&D of and apply the latest digital technologies to power up AIGC technology, strengthen its diversified business matrix and explore new models to help it thrive on new potential-rich business tracks. To further expand its market share, the Group will also deepen its e-commerce industrial chain layout and intensify its presence in key vertical industries. In addition, it will improve international resources so as to enlarge the room for value growth in overseas markets. Moreover, the Group will seek strategic cooperation, and investment merger and acquisition opportunities, integrate upstream and downstream resources to give full play to its leading role, and seize market opportunities compatible with its capabilities and advantages, and hasten laying out and developing its high-value business ecology.
About Netjoy Holdings Limited
Founded in 2012, Netjoy Holdings Limited ("Netjoy", stock code: 2131.HK) is a leading one-stop short video marketing solutions platform provider in the PRC. The Group is committed to connecting global customers with Chinese audiences efficiently using cutting-edge marketing technology. It provides advertisers in its diverse and high-growth customer base with full-chain integrated short-video marketing services, comprising content production, programmatic and precise cross-platform advertising, real-time performance monitoring and data analytics.
With a self-developed cloud service system, Netjoy provides services, including internet services, online gaming, financial services, and e-commerce, to 29,643 advertisers in 277 vertical segments. Armed with leading technological advantages and rich industry experience, the Group has expanded its diversified business to cover new fields such as e-commerce services, cross-border brand services and the talent economy.
For more information about Netjoy Holdings Limited, please visit: www.netjoy.com
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acn-newswire · 6 hours
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Sino Biopharm (1177.HK) Announces 2023 Annual Results
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Innovative Products Continued to Deliver and Perform Excellently Revenue Recorded RMB26.20 Billion Adjusted non-HKFRS Profit Attributable to the Owners of the Parent Recorded RMB2.59 Billion
HONG KONG, Mar 29, 2024 - (ACN Newswire) - Sino Biopharmaceutical Limited (“Sino Biopharm” or the “Company”, together with its subsidiaries, the “Group”) (HKEX:1177), a leading innovation-driven pharmaceutical conglomerate in the PRC, has announced its audited financial results for the year ended 31 December 2023.
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During the year, the Group recorded revenue of approximately RMB26.20 billion, an increase of approximately 0.7% over last year. Profit attributable to the owners of the parent company was approximately RMB2.33 billion. Earnings per share attributable to the owners of the parent company were approximately RMB12.59 cents, a decrease of approximately 7.8% over last year, which was mainly due to the lower financial performance of an associate over last year. Excluding the profit attributable to the owners of the parent from the discontinued operations, the share of profits and losses of associates and a joint venture (net of related tax and non-controlling interests), one-off adjustments for the impairment and fair value changes of certain assets and liabilities (net of related tax and noncontrolling interests), fair value (gains)/losses of current equity investments, share-based payments (net of related non-controlling interests), loss on extinguishment of partial convertible bond, fair value gain of convertible bond embedded derivative component, effective interest expenses, exchange gain and fair value losses of derivative financial instruments in relation to foreign currency forward contracts of the convertible bond debt component, adjusted non-HKFRS profit attributable to the owners of the parent was approximately RMB2.59 billion, an increase of around 1.5% over last year. The Group's liquidity remains strong, with total fund reserve at approximately RMB21.13 billion, including cash and bank balances classified under current assets of approximately RMB9.45 billion, bank deposit classified under non-current assets of approximately RMB7.31 billion, and the wealth management products of approximately RMB4.37 billion in aggregate.
The Board of Directors has recommended a final dividend payment of HK3 cents per share (2022: HK6 cents). Together with the interim dividend of HK2 cents already paid, the total dividend for the year amounted to HK5 cents (2022: HK12 cents).
Sales: Strong and effective sales system continued to drive sales and revenue of innovative products
On the strong foundation its generic drug business provides, the Company is transforming at full steam powered by innovation, with innovative products business driving revenue growth and contributing an increasing share to its revenue every year. Revenue from innovative products amounted to RMB9.89 billion, up by 13.3% year-on-year, and accounted for 37.8% of the Group's total revenue.
During the year, the sales of oncology medicines amounted to approximately RMB8.80 billion, representing approximately 33.6% of the Group’s revenue. The sales of surgery/analgesia and liver disease amounted to approximately RMB3.75 billion and RMB3.82 billion, respectively, representing approximately 14.3% and 14.6% of the Group's revenue, respectively. In addition, sales contributions from various areas such as respiratory, cardio-cerebral vascular medicines and others were progressing simultaneously. Among them, the sales of respiratory and cardio-cerebral vascular medicines accounted for approximately 11.3% and 10.5% of the Group's revenue, respectively.
R&D: Vigorously conducted innovative product R&D and actively applied for patents
The Group has continued to focus its R&D efforts on new medicines in the four therapeutic areas of oncology, liver diseases, respiratory system and surgery/analgesia. As at the end of the reporting period, the Group had 145 products under development, including 60 oncology products, 9 liver disease products, 31 respiratory system products, and 15 surgery/analgesia products, of which 67 were Category I innovative products.
The Group also attaches tremendous importance to the protection of intellectual property rights and encourages its member enterprises to file patent applications in order to enhance the Group’s core competitiveness. During the reporting period, the Group filed 841 new patent applications and received 264 patent invention approvals. As at the end of the reporting period, the Group had accumulated 4,311 effective patents and patent applications and obtained 1,595 patent invention approvals.
Prospects: Enhanced the efficiency of R&D in the four main therapeutic areas and actively promoted the dual-pronged development strategy
With the COVID-19 pandemic gradually subsiding, the economic and social order has returned to normal, and the pharmaceutical industry is expected to recover. The Group has been closely monitoring the development of the country, society and industry, and has made timely adjustments to its development strategies, focused on the operation of core assets to realize rapid business development and steady improvement in results.
Sino Biopharm is committed to “be a leading global pharmaceutical company through delivering innovative therapies for patients”. The Group has stepped up its R&D investment in medicines and built strong internal R&D capabilities. At the same time, it has vigorously promoted business development and strategic cooperation, striving to become the best partner for global pharmaceutical and biotechnology enterprises. At present, the Group has entered the harvest period of its innovative development. In the next three years, more than 10 innovative products are expected to be launched to market, and another 30 or more innovative products under R&D have the potential to be launched by 2030, which will further promote the high-quality development, strengthen the Group’s dominance in the four aforementioned therapeutic areas and provide strong impetus for its future sustainable growth. Meanwhile, the Group will adhere to its dual-pronged approach in the implementation of its globalization strategy, so as to become an important platform of global innovation. Through this approach, the Group will introduce global pharmaceutical innovations to China to benefit Chinese patients, and also go global and open up new markets to accelerate the satisfaction of unmet clinical needs worldwide.
Looking ahead, the Group will further focus on its core business and innovation, and continue to improve R&D efficiency and quality in the four major therapeutic areas. It will also actively accelerate the deployment for globalization of its business and is expected to achieve faster growth in 2024.
About Sino Biopharmaceutical Limited (HKEX:1177)
Sino Biopharmaceutical Limited is a leading Chinese pharmaceutical company continuing to invest in Oncology, Hepatology, Respiratory and Surgery, exploring innovative therapies to improve the lives of patients. The company has strong manufacturing capabilities and broad patient access across China. Sino Biopharmaceutical Limited is committed to bring innovation to address unmet healthcare needs globally. The company was listed on the Hong Kong Stock Exchange in 2000, and was selected as a component of the MSCI Global Standard Index in China in 2013; In 2018, it was selected as a constituent stock of Hang Seng Index; The company has been listed in the “Top 50 Global Pharmaceutical Enterprises” published by the authoritative American magazine Pharmaceutical Manager for five consecutive years, and has been rated as the “Top 50 Best Companies in Asia Pacific” by Forbes (Asia) for three consecutive years.
For more information, please visit: www.sinobiopharm.com
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acn-newswire · 9 hours
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703-Carat L'Heure Bleu Tanzanite Carving Sets New GUINNESS WORLD RECORDS(TM) Title as World's Largest Cut Tanzanite
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HILLSBORO, OR, Mar 29, 2024 - (ACN Newswire) - It was an exciting day at the Rice Northwest Museum of Rocks & Minerals, Hillsboro, Oregon,when artist Naomi Sarna's 703-carat L'Heure Bleu tanzanite carving set a GUINNESS WORLD RECORDS title as the world's largest cut tanzanite, on March 9.
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A standing room only crowd witnessed the "weigh in" as Guinness World Records adjudicator, Michael Empric, verified and announced the results. Gemstone experts, Jessie English, J.S. English Appraisals and Madeline Saunders, Oregon Estate Jewelry, were the official witnesses for the weighing. Rice Museum board president Gail Spann and museum director, Kim Vagner were also on hand for this historic event.
"As the Director of the Rice Museum of Rocks & Minerals board, and long-time supporter of this wonderful ‘gem' in Hillsboro, I couldn't have been more delighted that we hosted Naomi Sarna on her adventure with Guinness World Records that was enjoyed by many attendees! We are lucky to have such talent grace our Museum's doorstep," said Gail Copus Spann, president, board of directors, Rice Museum of Rocks and Minerals.
Several years ago, artist Naomi Sarna was invited to travel to the Tanzanite mines located in the foothills of Mt. Kilimanjaro in Tanzania. She was asked to create a carving for an international competition. The mines are on the ancestral land of the Maasai and it is the only place in the world where this blue-violet gemstone is found. While there Sarna was asked to do humanitarian work, so she taught Maasai women how to make wire-wrap jewelry from tanzanite. Touched by the community, the poverty and the eye disease she witnessed, Sarna decided that she when she sells her award-winning tanzanite L'Heure Bleu carving, she will donate the profits to the world-renowned Portland-based Casey Eye Institute to provide eyecare to the Maasai. Dr. Andreas Lauer, Chair of the Casey Eye Institute came as its representative and just as the weighing ceremony took place, doctors from the Institute were touching down in Tanzania for a cataract conference!
"The Casey Eye Institute is in Naomi's debt. In the future, patients, their families and the Maasai community will feel her passion and love as they express it through their smiles and joy from improved vision," commented Dr. Andreas K. Lauer, director, Casey Eye Institute.
"The Guinness World Records brings international recognition and attention to my tanzanite carving L'Heure Bleu. This recognition gives great strength to my promise to help the Maasai with their vision difficulties. This is the cornerstone for our future hopes to provide eye care to the Maasai in Tanzania," stated artist Naomi Sarna.
While she was in Tanzania, Sarna was presented with several tanzanite crystals eventually selecting the piece that she hand-carved into the 703-carat L'Heure Bleu. It won a First-Place Spectrum Award for carving from the American Gem Trade Association. It sits on a Sterling Silver base inspired by the winds of Tanzania's Great Rift Valley.
Contact Information Naomi Sarna [email protected]
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SOURCE: Naomi Sarna Designs
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View the original press release on newswire.com.
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acn-newswire · 23 hours
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Dynasty Fine Wines Announces 2023 Annual Results
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Profit Attributable To Owners Of The Company Increased Substantially By 31%
HONG KONG, Mar 28, 2024 - (ACN Newswire) - Dynasty Fine Wines Group Limited (Dynasty or the Group) (HKG: 0828), a premier grape winemaker in China, today announced its audited annual results for the year ended 31 December 2023 (the Year).
In 2023, the Group’s increase in revenue was primarily due to the recovery of sales, especially in the medium-end wine products, resulting from the normalisation of consumption scenes and resumption of consumer sentiment in the PRC after the dismantlement of pandemic control measures at the end of 2022. The Group’s operating activities continue to maintain a growth in sales during the year. During the Year, the revenue of the Group increased by 9% year-on-year to HK$262.8 million and the Group’s profit attributable to owners of the Company increased by 31% year-on-year to HK$21.3 million. Earnings per share of the Company (the “Share”) was HK$1.62 cents per Share based on the weighted average number of approximately 1,314.9 million Shares in issue during the Year. There was no potential dilutive Share for the year ended 31 December 2023.
Benefited from resumption of consumption scenario such as banquets and gatherings nationwide, sales of red wines products grew well over the year and served as the Group’s primary revenue contributor. Sales of red and white wines products accounted for approximately 52% and 44% for the year (2022: red and white wines: approximately 47% and 50%). The gross margin of red wine products and white wine products in 2023 were 32% and 38% respectively (2022 – 32% and 44% respectively). The overall gross profit margin decreased to 34% in 2023 (2022: 38%), mainly as due to increase in reimbursement of marketing expenses under sales arrangement and delivery charge (especially e-commerce sales) during the year.
The Group has been actively pursuing innovation, embracing the “5+4+N” product strategy. The Group produced a wide range of more than 100 wine products under the “Dynasty” brand to meet the demands and preferences of different consumer groups mainly in the mass-market segments in the PRC wine market. During the year, the Group launched a new high-end product, i.e. Dynasty Chinese Zodiac Commemorative Dry Red Wine for the Gui Mao Year of Rabbit, integrating the high quality with the Chinese zodiac culture and the leading rise of Chinese-style fashionable products. The Group also launched new products, including the NIANHUA series and Constellation series, FU series, via an improved business model, which is safeguarding channel profit while also meeting consumers’ demand for fine wines. Meanwhile, the Group has, heeding market and consumer demands, upgraded Golden Dynasty products and adopted new strategies to improve its existing product system. During the year, with leading and well-proven technologies it prides, the Group carried out comprehensive upgrade of its production techniques, packaging design, etc. With China chic on the rise, the new upgraded design is set to resonate with Chinese consumers confident of their culture, help strengthen awareness of the Dynasty brand and attract mainstream consumers fancying China-made products and China chic.
Moreover, the Group sold chateau wine imported from France and other foreign branded wines in the PRC wine market through the Group’s existing distribution network to introduce some classic “old world” and “new world” varietals to cater for a market that prefers the taste of foreign premium wines.
Regarding online sales, the Group continues putting resources for improvement of the online sales channels and optimisation of online stores interface so as to capture the change of customer consumption behavior in the PRC. During the year, apart from the existing exclusive products for e-commerce platforms, the Group had also been developing emerging marketing channels, such as live broadcasting. To strengthen brand awareness, the Group has launched a “Chinese style” edition showing its name in Chinese, to bring home its position as a domestic grape wine brand and also to attract mainstream e-commerce consumers who love domestic made products. The Group actively promoted the exclusive products series for e-commerce platforms via e-commerce channels. In addition to mainstream e-commerce platforms, efforts have been made to exploit new retail channels using such supplementary promotional means as live streaming or videos, with progress. The e-commerce sales grew significantly over the year, sales of which has doubled that of the last year 2022 and became another new growth point for the Group's revenue. The Group believes that the online platform not only serves as a business-to-customer trading platform between the Group and the consumers, but also an additional marketing and promotion channel for the brand. Thus, the platform should enhance the overall business potential of the Group.
The Group has a sufficient supply of quality grapes or grape juice. Currently, the Group has more than 10 major grape juice suppliers with whom the Group has enjoyed long-term relationships, mainly located in Tianjin, Hebei, Ningxia and Xinjiang. To optimise the supply network, the Group kept identifying new suppliers that comply with the quality requirements. The Group also strengthened presence by subsidiaries set up in Ningxia and Xinjiang during the year targeted to enhance the supply and procurement of quality grapes and grape juice in those regions with premium vineyards.
In the future, the Group will further strengthen presence in Ningxia and Xinjiang to secure the supply of quality grapes and grape juice, and continues the development of the first phase of a winery nearby Eastern foot of Helan Mountain in Ningxia, named Tianxia Winery, which is expected to be completed in the fourth quarter of 2024. The winery will integrate pressing, fermentation, processing, testing and research and development as a whole, with an annual production and processing capacity of 5,000 tonnes. The winery would become a new long-term and stable economic growth point of the Group and help the regional presence and layout of Dynasty wines, as well as in line with the overall planning and industry planning for the development of China’s wine industry.
Mr. Wan Shoupeng, Chairman of Dynasty, concluded, “Looking ahead to 2024, the Group will focus on product quality, reinvent consumption scenarios and strive to guide market spending, while continuing to build Dynasty into a brand representative of Chinese wines and its wines into iconic products, inheriting the classics. The Group will also be persistent in meeting consumer demand by pursuing innovations for its wine series. Meanwhile, the Group will invest more resources in brand development and e-commerce business to fully vitalize its brand and drive the development of its major products, with the aim of bringing Dynasty’s superior wines to more consumers in the PRC. In view of the continual resumption of economic growth and consumption in the PRC, especially robust in festivals, the Board currently remains cautiously optimistic on the business in 2024. The Group will continue to be well prepared to proactively develop the market, improve quality and boost sales volume, under the trend of support for the expansion of domestic consumption by the country.
About Dynasty Fine Wines Group Limited
Dynasty Fine Wines Group Limited was listed on the Main Board of The Stock Exchange of Hong Kong Limited with the stock code 00828 on 26 January 2005. Founded in 1980, Dynasty is the premier grape winemaker in China. It is principally engaged in the production and sale of grape wine products under its reputable “Dynasty” brand. Dynasty is the first Sino-foreign joint venture wine company in China with Tianjin Food Group Limited and the French grape wine giant, Remy Cointreau, as its current major shareholders. The Group produces and sells more than 100 grape wine product series, and introduces imported wine products, providing high-quality and value-for-money grape wines to the full range of consumer groups in China.
For media enquiries: Strategic Financial Relations (China) Limited Ms. Anita Cheung, Tel: 2864 4827     Ms. Renly HONG, Tel: 2864 4897 Email: [email protected]
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acn-newswire · 1 day
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Fosun's Next Step: "Deep Mining" for Stable Profits
HONG KONG, Mar 28, 2024 - (ACN Newswire) - On 27 March 2024, Fosun International (HKEX: 0656) announced its 2023 annual results. During the Reporting Period, Fosun’s total revenue amounted to RMB198.2 billion, representing a year-on-year increase of 8.6%; profit attributable to owners of the parent was RMB1.38 billion, representing a significant year-on-year growth.
Guo Guangchang, Chairman of Fosun International, said in the annual results conference on 28 March, “For Fosun, these results performance did not come easily. Over the past year, despite the fluctuations in the external economic environment, our industrial operational capabilities have not only withstood the test, but have also improved significantly. Thanks to our focus on core businesses, we have yielded gratifying results.”
Over the past three years, globalization headwinds caused by the COVID-19 pandemic, slow economic recovery and geopolitical factors, have put pressure on Chinese companies, including Fosun. Fosun resolutely implemented the business streamlining strategy and focused on its core businesses, successively divesting a number of non-core assets and focusing on the household consumption sector to pursue high quality development growth.
With the implementation of the business streamlining strategy, Fosun divested some non-core businesses that had previously provided stable cash flows. The subsequent improvement in cash flow has brought market attention to how Fosun will sustain stable profit growth as it did over the past decade.
At the results conference, Guo Guangchang said, “We will push forward with innovation-driven development and global operations. Fosun used to ‘explore and mine’ (which means exploring opportunities and establishing a presence in various industries) globally to look for suitable projects. Now we already have sufficient ‘good mines’ (which means businesses with established presence), we will gradually shift towards ‘deep mining’ (which means focusing on the development of our core industries) and ‘developing good mines’ (which means tapping into industries with high value-added development and growth potential), focusing on building businesses that can sustainably, predictably, and stably generate profits. We will continue to develop the industries where we boast clear competitive advantages, enhancing certainty and making stable profit growth as the core objective of Fosun’s future operations to gradually increase dividends.”
“Deep mining” to deepen advantageous industries
The results announcement shows that Fosun’s focus on its core businesses in the household consumption sector has gradually yielded results. In 2023, Fosun's four core subsidiaries, namely Yuyuan, Fosun Pharma, Fosun Tourism Group (FTG), and Fosun Insurance Portugal, demonstrated steady revenue, contributing 72% of Fosun’s revenue.
Specifically, Yuyuan Jewlery & Fashion Group achieved a revenue of RMB36.727 billion, representing a year-on-year growth of 11.05%. Shanghai Henlius, a subsidiary of Fosun Pharma, achieved full-year profits for the first time and an operating income of RMB5.3949 billion, representing a year-on-year growth of 67.8%. Club Med, a subsidiary of FTG, achieved record-breaking performance, with a business volume reaching RMB15.12 billion in 2023, representing a year-on-year increase of 19.2%; Atlantis Sanya's business volume surged 90.9% year-on-year to RMB1.67 billion. Through providing high-quality services, Fosun Insurance Portugal maintained a 30% market share in Portugal, securing its leading position.
For Fosun, these achievements are the results of its continuous strategic evolution. Over the past ten years, Fosun has continued to expand its business presence globally, “prospecting” and “exploration” across various industries, and has rapidly developed into a global enterprise with total assets exceeding RMB800.0 billion and businesses across various industries.
In recent years, faced with the complex and volatile economic landscape and pandemic situation, Fosun decisively focused on family consumers, implemented industry-focused strategies in the three major segments of Health, Happiness, and Wealth, “deep mining” to further develop advantageous industries and secure more stable cash flow and profit growth.
Today's Fosun is more focused and its business structure is more streamlined and healthier.
Looking at the financial indicators, Fosun achieved growth in both revenue and profit in 2023, further optimized its capital and asset structure, and maintained sufficient liquidity. As at the end of the Reporting Period, the consolidated interest-bearing debt decreased by RMB15 billion as compared with the end of 2022, interest-bearing debt at the group level decreased by RMB9.2 billion as compared with the end of 2022, total debt continued to reduce both at consolidated statements of the Group and at the Group level. The total debt-to-asset ratio at the consolidated statements of the Group stood at 50.4%, representing a decrease of 2.9 percentage points from 31 December 2022. Cash and bank balances and term deposits reached RMB92.46 billion.
While reducing its debts, Fosun also enhanced its asset-light operational capabilities.
Developing a more flexible and efficient asset-light operational capabilities have become part of Fosun's strategic adjustments. In March this year, Fosun Pharma, together with seven investors including Shenzhen FoF planned to jointly establish a RMB5.0 billion biopharmaceutical fund, with the entire raised funds to be invested in fields of biopharmaceuticals, cells, and genes. Shanghai Fujian Equity Investment Fund Management Co., Ltd., a subsidiary of Fosun Pharma, won the bid through the public selection process in Shenzhen to exclusively manage the fund.
Since the second half of last year, Guo Guangchang has publicly stated several times that Fosun will continue to reduce debt, maintain asset-light operation, focus on research and development and innovation, and allocate its competitive resources to its advantageous industries to reap high-quality growth. At the results conference, he also expressed that in the future, Fosun will remain committed to the strategy of further reducing the proportion of heavy assets and enhancing its asset-light operational capabilities.
Fosun leverages its profound innovation and industrial operational capabilities to cooperate with local governments to jointly promote technology innovation and commercialize the scientific research achievement, which has become Fosun's new approach to asset-light operations. With the establishment of the RMB5.0 billion target fund, Fosun is poised to leverage Shenzhen as a platform to expand its presence in the domestic and global biopharmaceutical and healthcare industries. Fosun will focus on strengthening its research and development efforts and business presence in innovative products and technologies.
In 2023, FTG's tourism operation accounted for 93% of its revenue, demonstrating a further improvement in asset-light operational capabilities. For example, Club Med's resorts that adopt the leasing and management model accounted for 85%, while the proportion of self-owned resorts dropped to 15%. In October 2023, Club Med opened its first urban resort - Club Med Urban Oasis Nanjing Xianlin Resort, opening up the new field of urban vacations; in November, Taicang Alps Resort, dedicated to providing ice and snow vacations, also opened with great success, creating a pure Alpine ice and snow vacation experience.
Strengthen innovation and globalization advantages
Leveraging on the two core growth drivers of innovation and globalization, Fosun has continued to deepen its efforts in advantageous industries and reap more stable profits.
Fosun has integrated innovation into its corporate DNA since the development of hepatitis B PCR reagents at its establishment. Over the years, Fosun has continued to increase its investment in innovation year by year. In 2023, Fosun's investment in technology innovation for the year reached RMB7.4 billion.
In recent years, Fosun's innovation strategy has continued to bear fruit, with a number of new products and new indications approved for marketing. Shanghai Henlius’ independently developed HANSIZHUANG (serplulimab injection), the world's first anti-PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer (SCLC), has obtained approvals for four indications, benefiting more patients and becoming a "star product" in the domestic biopharmaceutical industry. Its independently developed HANQUYOU (trastuzumab injection), used for the treatment of breast cancer, is expected to become the first domestic-produced biosimilar drug approved for marketing in China, the European Union and the United States.
Since its establishment in 2010, Shanghai Henlius has adhered to the path of independent research and development. With 13 years of continuous investment in funds, talent, and technology, as of the end of 2023, Shanghai Henlius had 5 products launched in China, 2 launched in overseas markets, marking a historic turning point in its business performance as the first profitable Hong Kong-listed "18A" biopharmaceutical company.
In addition, Fosun Pharma’s subsidiary Guilin Pharma’s second-generation artesunate for injection became the first injectable artesunate presented with a single solvent system approved by the World Health Organization (WHO-PQ); since its launch more than two years ago, Yi Kai Da, China's first CAR-T cell therapy product developed by Fosun Kite has been used to treat hundreds of patients with relapsed or refractory large B-cell lymphoma (r/r DLBC) and has received conditional approval from the National Medical Products Administration (NMPA) for a new second-line indication.
The Da Vinci Surgical Robot, a star product at previous China International Import Expos (CIIEs), has also successfully achieved localization. Intuitive Fosun's domestically-produced Da Vinci Xi Surgical System was successfully approved by the NMPA and officially commenced production, truly realizing "made in China, joint R&D and global sales". At present, more than 360 units of Da Vinci Surgical Robot have been installed in China, benefiting more than 420,000 patients to date.
"Globalization" serves as another core competitive advantage of Fosun and is a significant attribute linked to its external recognition. Since Fosun International’s listing in 2007, Fosun’s globalization journey has spanned nearly 17 years. It has now established business presence in over 35 countries and regions, and its "global organization + local operation" model has become increasingly mature.
In 2023, Fosun International’s overseas revenue amounted to RMB89.2 billion, representing a year-on-year increase of 6%, accounting for 45% of total revenue. Many products of Fosun have entered overseas markets. For example, Shanghai Henlius’s independently developed HANQUYOU (trastuzumab injection) has been approved for marketing in more than 40 countries and regions worldwide, making it the domestically-produced biosimilar drug with the highest number of market approvals; in December 2023, Shanghai Henlius’ first innovative drug HANSIZHUANG (serplulimab injection) was approved for marketing in Indonesia, becoming the first domestically-produced anti-PD-1 monoclonal antibody successfully approved for marketing in a Southeast Asian country.
In the tourism sector, which naturally boasts "globalization genes", Club Med, a subsidiary of FTG, witnessed growth in its global business in 2023. In particular, Club Med's business volume in the Americas increased by 24% compared with the same period in 2022; with the recovery of tourism market in Brazil, Brazil became the second worldwide sales market in terms of business volume; the business volume of Club Med’s Europe, the Middle East and Africa (EMEA) region grew 7% and 11% in 2023 compared to that of 2022 and 2019 respectively.
Shede Spirits, a subsidiary of Fosun, has also accelerated its overseas expansion, with overseas revenue increasing by 86.94% in 2023 and significant breakthroughs in both overseas distribution channels and duty-free channels. It has entered 31 countries and regions and established its presence in 45 duty-free shops.
Fosun’s globalization means more than just “two-way engagement” between the global and Chinese markets. It also encourages Fosun’s overseas subsidiaries to actively expand their businesses in local and overseas markets. For example, Fosun Insurance Portugal has continued to expand its presence in overseas markets such as South America and Africa. In 2023, its international business reported an overall gross written premiums of EUR1,703 million, representing a year-on-year growth of 10.6%. Hainan Mining completed its investment in KOD and KMUK, and obtained a controlling stake in the lithium mine asset of Bougouni in Mali, Africa, marking a critical step in its new energy industry layout and internationalization strategy.
In addition to the “hard power” of its businesses, Fosun’s “soft power” accumulated in its globalization journey is equally invaluable. From late 2023 to early 2024, the Yuyuan Garden Lantern Festival, a national intangible cultural heritage, made its overseas debut. Designated as part of the opening festivities celebrating the 60th anniversary of the establishment of diplomatic relations between China and France, as well as the China-France Year of Culture and Tourism, the Festival Dragons et Lanternes held in Paris, France for 72 days attracted nearly 200,000 local visitors.
By continuing to promote innovation and globalization strategies, Fosun is building a moat of competitive advantages in multiple industries such as healthcare and tourism to ensure stable profit growth in the future.
In the letter to shareholders, Guo Guangchang expressed that, “In the future, we will continue to focus on core businesses, leveraging our unique strengths to enhance our capabilities and strengthen our foundation, and actively invest and expand in advantageous sectors. Through forward-looking planning, we will deeply explore the capabilities and value of the Fosun ecosystem, endeavoring to create more good products and services for one billion families worldwide.”
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acn-newswire · 1 day
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Turning Loss into Profit in 2023: IGG Achieved over HK$430 million in 2H23
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"Doomsday: Last Survivors" Achieves Record Monthly Gross Billing
HONG KONG, Mar 28, 2024 - (ACN Newswire) - IGG Inc (“IGG” or “the Group”, stock code: 799.HK), a leading global developer and publisher of mobile games and applications, is pleased to announce the audited consolidated financial results of the Group for the year ended 31 December 2023.
In 2023, the Group ushered in a new chapter marked by a breakthrough in business and a remarkable turnaround from loss. Drawing on over a decade of experience and expertise in the strategy games genre, the Group developed two highly-rated strategy games, “Doomsday: Last Survivors” and “Viking Rise”, following the success of “Castle Clash” and “Lords Mobile”. “Lords Mobile”, IGG’s flagship title launched nearly eight years ago, continued to generate stable revenue, contributing over HK$3.1 billion. Throughout the year, intensive marketing campaigns for “Doomsday: Last Survivors” and “Viking Rise” yielded strong growth momentum, with “Doomsday: Last Survivors” generating nearly HK$700 million in revenue and “Viking Rise” contributing HK$400 million. Adding to the Group’s growth trajectory, the APP Business contributed HK$580 million, accounting for 11% of IGG’s revenue. The combination of two new strategy games and the APP Business not only propelled the Group to an impressive HK$5.3 billion in revenue – a remarkable15% year-on-year increase – but have also contributed a net profit of over HK$160 million in the second half of 2023, marking a new era of growth and diversification. During the year, revenue from Asia, Europe and North America accounted for 44%, 28% and 23%, respectively, of the Group’s total revenue.
With the contribution of the aforementioned businesses and continuous resource optimization, the Group successfully turned its losses around, resulting in a net profit of over HK$430 million in the second half of 2023 and an annual net profit of HK$73 million. After experiencing losses in previous stages, the Group’s core business turned the tide and generated a net profit of approximately HK$380 million in the second half of 2023 and an annual net profit of over HK$17 million. The Group’s investments recorded a net profit of over HK$55 million due to fair value gains. As at 31 December 2023, the Group’s mobile games were available in 23 different languages worldwide, with over 1.7 billion users in total and over 25 million monthly active users (“MAU”)[1] across more than 200 countries and regions.
“Lords Mobile”, IGG’s blockbuster title with innovative features, is the Group’s first cross-platform, multi-language, real-time game designed for global gamers. Since its launch in 2016, the game has garnered widespread acclaim from gamers, recognized for its longevity[2] and ability to generate stable revenue for the Group. As at 31 December 2023, it has amassed 670 million registered users worldwide and has 9 million MAU. Leveraging its previous successful collaborations with “Saint Seiya” and “Kung Fu Panda”, “Lords Mobile” further expanded its user base this year through collaborations featuring “How to Train Your Dragon”, “Armored Combat Worldwide”, and “Dreamworks Shrek”. Entering 2024, the Group remains dedicated to releasing exciting new game content, including a new feature “Guild Expedition”, thereby ensuring that monthly gross billing stays above HK$240 million.
“Doomsday: Last Survivors” has become a favorite for 33 million gamers with its distinctive post-apocalyptic survival theme, deep integration of “real-time” and “strategy” gameplay, and epic 3D visuals. Following a marketing campaign that began in early 2023, the game’s monthly gross billing reached a noteworthy milestone of HK$82 million and experienced a subsequent increase to HK$100 million in March 2024. The Group continued to release new content for the game, including features such as “New Immigration Decree”, a “Bounty Ground” Battle Royale gameplay, and “Archipelago Raid”, a large-scale cross-kingdom event, to provide players a truly unique battle experience. During 2023, “Doomsday: Last Survivors” garnered multiple awards, including five awards at the NYX Game Awards: “Mobile Game – Strategy”, “Mobile Game – Best Gameplay”, “Mobile Game – Best Character Design”, “Mobile Game – Best Game Design”, and “Mobile Game – Best Art Direction”, and “Best Overseas Game” by Youxi Tuoluo. These awards are a testament to the game’s exceptional quality and global appeal.
“Viking Rise”, a Viking-themed strategy game, received widespread acclaim when it was launched in late 2022. Through continuous improvement, the gaming experience was elevated to new heights. The introduction of a “Mounts” system, along with a large-scale battle event “Kingdom Mayhem – Expedition to England”, and the addition of “Mystic Realm”, was well-received by the game’s 21 million players and earned it the “Best of 2023 Awards -- Best for Tablets” by Google Play.
The APP Business’s continued success in the second half of 2023 led to remarkable revenue of HK$580 million. This constituted 11% of total revenue, and emerged as a pivotal force driving the Group’s revenue growth and diversification. As at 31 December 2023, the APP Business has over 350 million registered users worldwide and approximately 9.5 million MAU. The Group is committed to the ongoing promotion and diversification of its product portfolio to take the APP Business to the next level.
By adhering to its long-term operational strategy, the Group will drive steady growth in both its core game business and the APP Business. Additionally, the Group will continue to embrace and adopt Artificial Intelligence Generated Content (“AIGC”) technology to optimize costs and enhance profitability. In the first quarter of 2024, the game business demonstrated continued growth, with the Group’s total gross billing estimated to approach HK$1.4 billion, representing an approximate 20% increase compared to the first quarter of 2023. As the Group seizes opportunities to drive growth, aggressive marketing campaigns may lead to a short-term volatility in profits. Nonetheless, IGG remains confident of its overall financial performance for the full year and long-term growth. Embracing the corporate spirit of “Innovators at Work, Gamers at Heart”, the Group will continue to strengthen its global R&D and operation capabilities, to relentlessly pursue its strategy of quality, innovation, and excellence in creating innovative yet timeless games.
About IGG Inc
Established in 2006, IGG Inc is a leading global mobile games and applications developer and operator with headquarters in Singapore and local offices in the United States, China, Canada, Japan, South Korea, Thailand, the Philippines, Indonesia, Brazil, Türkiye, Italy and Spain. IGG offers multi-language and multifarious games to users around the world. The Group has established long-term partnerships with over 100 business partners, including global platforms, advertising channels, and vendors such as Apple, Google and Meta. IGG’s most popular games include “Lords Mobile”, “Doomsday: Last Survivors”, “Viking Rise”, “Castle Clash”, and “Time Princess”.
[1] The Group’s users in total and monthly active users include users of mobile games and apps.
[2] Source: Sensor Tower, a third-party analytics platform
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acn-newswire · 1 day
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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.
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Wintermar Offshore (WINS:JK) Reports FY2023 Results
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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: [email protected]
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Philippines Achieves Record-Breaking 18% Annual Surge in Hiring Activity for February 2024: foundit Insights Tracker
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- Retail, Education sectors along with Logistics, Courier/Freight/Transportation, and Shipping demonstrate an outstanding upswing in demand for hiring. - Strong Demand in Purchase/Logistics/Supply Chain, HR & Admin, and Marketing & Communications Roles Drives Double-Digit Growth
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 [email protected] +6581383034
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Annual hiring demand declines 22% in Singapore: foundit Insights Tracker
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- The country's annual hiring activity witnessed a (-22%) drop annually, showcasing a negative economic shift in the market - Software, Hardware, Telecom leads all other industry sectors charted the steepest annual decline of (-50%) in February 24 - Legal sector saw a significant annual surge of (+6%) showcasing its resilience and adaptation in the region
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 [email protected] +6581383034
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Avance Clinical at World Vaccine Congress to Share Latest Vaccine Clinical Trial News Including an HIV-1 Study
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Adelaide, AU & North Carolina, USA, Mar 28, 2024 - (ACN Newswire) - Avance Clinical, the award-winning Australian and North American market-leading CRO for biotechs, will attend World Vaccine Congress in Washington DC (April 1-4, 2024) and share the latest clinical trial client news including the Uvax Bio announcement. (Booth #267)
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Avance Clinical CEO, Yvonne Lungershausen said the World Vaccine Congress was an important event for the company’s US and Australian teams as they continue to excel in biotech vaccine CRO services.
Lungershausen said Avance Clinical is a mid-sized, agile, and responsive CRO with a proven track record of swiftly advancing high-quality clinical programs. “This makes us an ideal CRO partner for vaccine focussed biotechs,” she said. Lungershausen said the company has had significant vaccine client successes in infectious diseases, including COVID-19 and RSV, as well as other diseases such as Hypertension and Psoriasis.
She said Avance Clinical is proud to be working with many innovative vaccine biotech companies including Uvax Bio who have just announced another milestone in their Phase I HIV study. Mary Giffear, Uvax Bio’s Director of Clinical Operations reported, “we have completed enrollment in our Phase 1 study of the Company’s HIV-1 vaccine candidates, UVAX-1107 and UVAX-1197, and the Australia-based trial is on schedule.”
Lungershausen said Avance Clinical is focussed on accelerating drug development for its biotech clients, from preclinical stages through to Phase III.
“This is our GlobalReady program and we have more than 90 biotech clients leveraging this unique, streamlined multi-region process. With a globalized strategy, we ensure efficiency every step of the way,” she said.
“Biotechs are looking for a partner that can seamlessly help transition them with the ability to start fast with high-quality data that is readily accepted by the US Food and Drug Administration (FDA) and other regulatory agencies. Our in-house global regulatory affairs team assists biotechs to navigate regulatory complexities with confidence and work to support our clients with FDA, EMA and TGA submissions,” she said.
“In addition, our GlobalReady Site Partnership Network of over 1,250 highly qualified sites across the United States ensures maximum efficiency and effectiveness in our biotech’s clinical trials,” she said.
Another key advantage for vaccine biotechs is that Avance Clinical is accredited as a gene technology CRO which allows it to manage pre-clinical and clinical trials for vaccines and GMO therapies.
The Office of the Gene Technology Regulator (OGTR) has developed globally compliant regulations and accreditations which are in line with international guidelines.
Avance Clinical’s Chief Scientific Officer Dr. Gabriel Kremmidiotis said: “This means that as an OGTR accredited CRO we can support our international biotech clients with extensive OGTR knowledge and experience to accelerate their clinical research. Indeed, we would argue the clarity around the OGTR regulations makes Australia one of the most attractive destinations for Cell and Gene Technology research,” he said.
Find out more:
Learn about the GlobalReady model
For more information about the benefits of running your next study with Avance Clinical contact us
Request a Proposal here
Media Contact: Avance Clinical [email protected] Kate Thompson
About Avance Clinical
Avance Clinical is the largest premium full-service Australian and North American CRO delivering quality clinical trials, with globally accepted data, in Australia, New Zealand and the US for international biotechs. The company’s clients are biotechs completing Phase I to Phase III of their drug development program that requires fast, agile, and adaptive solution-oriented clinical research services.
Frost & Sullivan Awards Avance Clinical, a Frost & Sullivan Asia-Pacific CRO Market Leadership Award recipient for the past four years, has been providing CRO services in the region for more than 26 years.
Pre-clinical through to mid to late phase Avance Clinical offers pre-clinical services with their experienced ClinicReady team right from pre-clinical through to Phase III clinical services leveraging significant Australian Government incentive rebates of up to 43.5% and rapid start-up regulatory processes.
With experience across more than 120 indications, the CRO can deliver world-class results and high-quality internationally accepted data for FDA and EMA review.
Technology Avance Clinical uses state-of-the-art technology and gold standard systems across all functional areas to provide clients with the most effective processes. Medidata, Oracle, TrialHub, Certinia, Salesforce, Zelta and Medrio are just some of the technology partners.
www.avancecro.com
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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.
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Huitongda Network Announces 2023 Annual Results, Revenue Grows Steadily, with Net Profit Attributable to Parent Company Surging by 42%
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HONG KONG, Mar 27, 2024 - (ACN Newswire) - Huitongda Network Co., Ltd. (Huitongda Network or the Company, together with its subsidiaries, the Group; HKG: 9878), 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, HKG: 9878), 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
Tel: 025-68727979
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VCREDIT business has grown steadily through refined operations in FY2023
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Adjusted net profit reaches RMB455.6 millions Recommends the distribution of a final dividend of HK10 cents
HONG KONG, Mar 27, 2024 - (ACN Newswire) - VCREDIT Holdings Limited (VCREDIT or the Group; HKG: 2003), 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
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