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Achieving Record-breaking Financial Success and Reaching Historic High in Total Assets HONG KONG, March 28, 2024 /PRNewswire/ -- Roborock, a global leader in ultra-intelligent home robotics engineered to simplify daily life, today announced its financial results for the full year ending December 31, 2023. Roborock 2023 Financial Results Roborock achieved remarkable financial success during the reporting period, posting revenue of 8.65 billion Yuan (US$1.22 billion), representing a significant 30.55% Year-On-Year increase. The company recorded a net profit of 2.05 billion Yuan (US$288 million), achieving an annual growth rate of 73.32%. Roborock's total assets reached an all-time high of 14.38 billion Yuan (US$2.02 billion), reflecting Year-On-Year growth of 32.71%. These achievements solidify Roborock's position as one of the leading players in the smart vacuum industry. The company also recorded impressive overseas revenue, growing at a rate of 21.42%, while total robot vacuums shipments surpassed 2 million units. "Ever since we founded Roborock back in 2014, our long-term mindset and unwavering commitment to focusing on delivering true value to our customers is what has gotten us to where we are today. It's been an amazing journey, and we are truly proud to emerge as a global leader in smart vacuums." said Richard Chang, Founder & CEO of Roborock. "As we approach our 10-year anniversary, we are excited to introduce more of our cutting-edge vacuums, including the S8 MaxV Ultra which we unveiled at CES 2024. This flagship innovation represents our most technologically advanced one-stop cleaning solution to date, underlining our focus on enriching future lifestyles within the smart home ecosystem to enhance the quality of life for our customers worldwide." Financial Performance Highlights Sales and Net Profit Total revenue recorded was 8.65 billion Yuan (US$1.22 billion) Of this, 4.23 billion Yuan (US$595 million) is attributed to Roborock's overseas operations, accounting for 49% of total revenue Roborock's overseas operation recorded a revenue growth of 21.42% compared to the previous year The company achieved a net profit of 2.05 billion Yuan (US$288 million), with an annual growth rate of 73.32% Roborock's total assets reached a historic high of 14.38 billion Yuan (US$2.02 billion), reflecting a remarkable 32.71% Year-On-Year growth Growth across Product Categories Roborock's total robot vacuums shipments surpassed 2 million units, generating an income of 8.09 billion Yuan income (US$1.14 million) and achieving a Year-On-Year growth of 27.14% Roborock experienced rapid growth across new product categories (product portfolios except robot vacuums), with an income of 554 million Yuan (US$78 million) income and a Year-On-Year growth of 109.4% Research & Development R&D expenditure amounted to 619 million Yuan (US$87 million), accounting for 7.15% of total revenue. This represents a year-on-year growth of 26.69% During the reporting period, 522 new domestic and overseas patents were filed Major accounting data and financial indicators in the past 3 years (Unit: Yuan; Currency: RMB) 2023 2022 Year-On-YearGrowth (%) Total Assets 14,376,641,614 10,833,053,890 32.71 Net assetsattributable toshareholders oflisted companies 11,380,526,122 9,556,378,416 19.09 Revenue 8,653,783,788 6,628,716,402 30.55 Net profitattributable toshareholders oflisted companies 2,051,217,414 1,183,476,942 73.32 Net profitattributable toshareholders oflisted companiesafter deductingnon-recurringgains and losses 1,826,089,668 1,197,719,439 52.46 Net cash flow fromoperating activities 2,185,931,368 1,120,467,567 95.09 About Roborock Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/ dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 7.1132 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2023. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be at any particular rate or at all.
SINGAPORE, March 28, 2024 /PRNewswire/ -- Primech Holdings Limited (Nasdaq: PMEC) ("Primech" or the "Company"), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, provides a financial and corporate update coincident with the filing of the Company's financial results for the six months ended September 30, 2023. These financial results are for periods prior to the Company's initial public offering ("IPO") in October of 2023. Financial Highlights: Revenue was approximately $35.2 million for the six months ended September 30, 2023, representing a 7.5% increase from the same period in 2022; Gross Profit Margin increased from 11.6% for the six months ended September 30, 2022, to 16.4% for the six months ended September 30, 2023; Profit from operations was approximately $0.3 million for the six months ended September 30, 2023, while loss from operations was approximately $1.6 million for the six months ended September 30, 2022. Net income was approximately $0.2 million for the six months ended September 30, 2023, while net loss was approximately $1.9 million for the six months ended September 30, 2022. Corporate Highlights: Successful IPO in October 2023: The Company completed its IPO on Nasdaq Capital Market in October 2023 and received aggregate gross proceeds of US$12.2 million, before deducting underwriting discounts and other related expenses. Forward-Looking Statements Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are also based on assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. For investor and media inquiries, please contact: PRIMECH HOLDINGS LTD. Investor Relations Email: ir@primech.com.sg
Contracts on Hand Increased to a Historical High of HK$5.1 Billion Favorable policies driving Rapid Growth HONG KONG, March 28, 2024 /PRNewswire/ -- 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:http://www.baguio.com.hk/en-US/Investor%20Relations/Announcements%20and%20Notices * 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.
The Group Recorded Revenue of Approximately HK$1,200 million Net Profit for FY2023 increased more than 5.8 times YoY Business is booming and Sales in Southeast Asia doubled Leading the Group to Reach New HeightsHONG KONG SAR - Media OutReach Newswire - 28 March 2024 - Tycoon Group Holdings Limited ("Tycoon Group" or the "Group", Stock Code: 3390.HK), an omnichannel brand marketing and management service integrator of health products in Hong Kong, announced its audited consolidated annual results for the year ended 31 December 2023 (the "Financial Year" or "FY2023"). In 2023, Hong Kong's economy began its journey towards recovery. The number of visitors returning to Hong Kong continued to rise, and the Southeast Asian markets were also recovering rapidly. These positive developments provided further support for local consumption. During the Financial Year, the Group has achieved steady growth in revenue and continues to generate profit. In FY2023, the Group recorded revenue of approximately HK$1,198.6 million, an increase of 1.1% from the year ended 31 December 2022 ("Last Financial Year" or "FY2022") of HK$1,186.2 million. The Group's net profit surged to HK$297.3 million (FY2022: HK$43.6 million), representing an increase of 581.4% year-on-year. The gross profit of the Group increased by 22.8% to HK$321.1 million for the Financial Year as compared to that of HK$261.5 million for FY2022, and the gross profit margin increased by 4.8 percentage points to 26.8%. Increase in gross profit and gross profit margin was mainly due to the Group's continuous efforts in optimising its product portfolio, exploring new markets in Southeast Asia, enhancing its own brands, as well as introducing new own products. These initiatives have led to an increase in overall revenue and gross profit. The Board has recommended to declare a final dividend of HK3.5 cents in cash per ordinary share for FY2023 (FY2022: HK3 cents). Together with the interim dividend of HK3.5 cents per ordinary share, this brings the total dividend for FY2023 to HK7 cents per ordinary share (FY2022 total dividend: HK3 cents). Building on the rapid growth, the Group will focus its resources on promoting its distribution business During the Financial Year, the Group mainly operates three major operating segments, namely distribution business, e-commerce business and retail store business. The full reopening of Hong Kong's borders at the beginning of the year has bolstered the performance of the Group's distribution business, maintaining its upward trajectory. In the Financial Year, the Group's Hong Kong distribution sales reflected a significant 94.0% year-on-year increase. Similarly, the Group's Macau distribution sales experienced a notable growth rate of 19.1%, attributed to the combined effects of the resumption of cross-border travel between Hong Kong, Macau and Mainland China, and the expansion of the tourism industry in Macau. In addition to its continuous efforts to strengthen its business in Hong Kong, the Group has focused on penetrating the Southeast Asian market in recent years, resulting in a 152.3% year-on-year growth in its Southeast Asia distribution sales. Considering the rapid growth of the Group's distribution business, the Group will prioritise allocating resources to drive the distribution business forward. In July 2023, the Group announced the sale of a 51% stake in Combo Win Asia Limited ("CWA") for a consideration of HK$130 million. The additional proceeds from the sale of the CWA stake will provide the Group with more resources to strengthen its distribution business in Hong Kong, Macau and Southeast Asia, as well as develop its own brands. These initiatives will propel the long-term development of the Group, enrich the Group's product portfolio, enhance gross profit margins, and achieve even better performance. In FY2023, the segment result of the e-commerce business amounted to HK$48.4 million (FY2022: HK$40.7 million). Strengthen well-known best-selling brands marketing and actively develop its own brands During the Financial Year, the Group continued to develop the omnichannel brand marketing and management business, including one of the global best-selling probiotic brands, Culturelle®; Japanese anti-hair loss and hair protection brand, Kaminowa; and leading French baby washing care brand, Biolane, and more. For Biolane, the Group also has exclusive distribution rights in Singapore and Malaysia. In addition to its brand agency business, the Group is also actively developing its own brands. The Group has established and developed its own well-received brands of healthcare products, including "Boost & Guard Pro (BG Pro 博健專研)", "Craft by Wakan (和漢匠心)", and "Kinmen Qiangxiao (金門強效)". Among them, "Boost & Guard Pro" and "Craft by Wakan" have quickly responded to market trends by introducing a diverse range of new products, allowing the Group to tap into a broader market of blue ocean. The Group's marketing capabilities have also been regonized by renowned brands. The Group has partnered with well-known artistes Mr. Wong Tak Bun, Kenny and Ms. Tse On Kay, Kay. They have successively become the brand ambassadors for the Japanese anti-hair loss and hair protection brand, Kaminowa, in Hong Kong. In terms of own brands, the Group enlisted the support of renowned artiste Ms. Lin Min Chen as the spokesperson for its flagship product "Craft by Wakan Japanese Probiotics", and invited the popular artiste Mr. Cheung Kai Chung, Louis, to endorse its best-selling brand "Kinmen Qiangxiao". In addition, to align with the Group's strategy of strengthening the development of its own brands, Mr. Wong Ka Chun Michael, the Chairman, Executive Director, and Chief Executive Officer of the Group, personally acquired the well-established Hong Kong brand Po Wo Tong, which has a rich century-old heritage. This acquisition positions Mr. Wong as a major shareholder, enabling collaboration with the Group to launch and sell a wider range of new products. The objective is to reinforce the Group's portfolio of own brand offerings. Using the proceeds from the previous sale of partial stake in its e-commerce business, the Group is investing more resources in its own brands with higher gross profit margins, and developing and launching more of its own brands and different products to cater for the needs of Mainland visitors travelling under the Individual Visit Scheme ("IVS") after the reopening of the border, as well as the new trend of the PCM and healthcare products market as a whole. Focus on business development in Southeast Asia The Group believes that establishing a presence in Southeast Asia will be advantageous and consequently set up companies in Singapore and Malaysia before going public. The Group will put more resources into the Southeast Asian market and apply the successful distribution model in Hong Kong to its distribution operations in Singapore and Malaysia. The Group aims to partner with prominent personal care product chains in Malaysia and Singapore. Among them is the chain store Guardian, known as Mannings in Hong Kong, which has its headquarters in Hong Kong and has maintained a friendly, cooperative relationship with the Group. This partnership benefits the Group by expanding its sales channels into Southeast Asia, which is expected to become another major profit-contributing region for the Group in the future. In addition, in FY2023, the sales revenue from distribution in Singapore reached HK$41.8 million, representing an increase of 121.3% compared to HK$18.9 million in FY2022. It is anticipated that sales will continue to experience rapid growth in 2024. Mr. Wong Ka Chun Michael, the Chairman and the Chief Executive Officer of Tycoon Group, said, "2024 is a year of striving for performance, revenue, and growth for the Group. Leveraging the experience and resources accumulated over the past three years of the epidemic, the Group can be anticipated to shine brightly. In addition to its continued focus on development in Hong Kong, Macau, and Mainland China, the Group will strengthen its presence in the Southeast Asian market, particularly in Singapore and Malaysia and expand its international presence. In the local market, the Group has a positive outlook on the market for prepared Chinese herbal medicine and dry supplement products and has been actively expanding its range of supplement products and strengthening its PCM offerings. Let's anticipate the next fruitful season for the Group as a gesture of appreciation for the trust and support of all shareholders, employees, business partners, and customers." Hashtag: #TycoonGroupThe issuer is solely responsible for the content of this announcement.About Tycoon Group Holdings Limited (Stock Code: 3390) Tycoon Group is a reputable omnichannel brand marketing and management service integrator of health and well-being related products in Hong Kong. The Group specialises in providing one-stop services for PCM, health supplements, skincare, personal care and other healthcare products, including omnichannel brand agent, marketing, management, distribution and sales. The Group has established a strong online and offline sales network in Hong Kong, Macau, the PRC and Southeast Asia by cultivating the industry for many years with the mission of bringing health and vitality to consumers in Mainland China, Hong Kong, Macau and Asia-Pacific. The Group has provided over 200 local and foreign brands. With a vision of establishing its own brands, the Group developed its own-brand products including "Boost & Guard Pro", " Craft by Wakan", and " Kinmen Qiangxiao". Tycoon has established sound relationships with chain retailer customers, with the top two chain retailer customers operating over 470 stores in Hong Kong. The Group is also one of the major distributors for PCM in Hong Kong. For more details, please visit the Group's official website: https://www.tycoongroup.com.hk/
Launches Blue Cross Elite Combo and Love Yourself VHIS Plan in first quarter of 2024 With “Just Right” protectionHONG KONG SAR - Media OutReach Newswire - 28 March 2024 - Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") achieved a remarkable 17.9% growth in overall business in 2023, surpassing the market's 6.3% increase1. Maintaining the growth momentum, Blue Cross announced the launch of two new products: Blue Cross Elite Combo and Blue Cross Love Yourself VHIS Plan. The former introduces a groundbreaking concept of "multiple plans in one single policy, same coverage period, and effortless management", and is sold exclusively by AIA Hong Kong Financial Planners who have been registered as Blue Cross's agents. The latter allows flexible adjustment of deductible and offers an affordable, value-for-money choice of medical protection for young adults. Both products feature multiple competitive benefits in the market and cater to the needs of customers with the "just right" protection at the right time for the right budget. Ms Bonnie Tse, Chief Executive Officer of Blue Cross (right) and Ms Sylvia Chow, Director of Marketing of Blue Cross (left) share business updates and product strategies in the press conference. Blue Cross delivered outstanding business results in 2023: Overall business grew by 17.9%, well above the 6.3% growth in the market. All product lines outperformed the market in terms of year-on-year growth. As a market leader in general insurance, Blue Cross achieved particularly strong growth in the non-medical business, with an impressive growth rate 11 times the market growth rate2. Most notable was the travel and personal accident insurance business which surged 270%, quadrupling the market's 66.1% growth3. Medical insurance has always been a growth driver for Blue Cross. Last year also saw steady growth of 8.1%, outperforming the market's 7.5% growth in the medical business4. Ms Bonnie Tse, Chief Executive Officer of Blue Cross, said, "Upholding its customer-first philosophy, Blue Cross has been serving Hong Kong for over 55 years and leading the industry in developing 'just right' products that address the needs and pain points of customers. We have been expanding customer touchpoints to enhance customer experience with seamless services online and offline. Blue Cross outperformed the market in various business segments last year. This remarkable performance is indeed a testimonial to our strategies. I believe there is still huge growth potential in the general insurance and medical insurance markets, and I remain 100% confident in our business outlook. "Considering customers' demand for multiple protections and flexible offerings, we have launched two new products, Blue Cross Elite Combo and Blue Cross Love Yourself VHIS Plan. Underlining innovation and flexibility, both products are designed as affordable and value-for-money offerings to address customers' protection needs at different stages of life." Blue Cross Elite Combo Blue Cross Elite Combo introduces a groundbreaking insurance concept of "multiple plans in one single policy, same coverage period, and effortless management." It allows customers to freely choose their coverage combination from a range of insurance and customise benefit levels according to their individual needs and budget. The product is highly flexible and accentuates the freedom of choice, providing customers with all-around protection for their everyday lives and appealing to smart individuals, newlyweds as well as three-generation family households. Below are its key features. Combining multiple insurance types: The plan covers six different types of insurance with a total of 22 coverage options, providing comprehensive protection for various aspects of daily life. It comprises three Basic Protection Modules – Travel Cover, Home Cover and Domestic Helper Cover, as well as three Supplementary Protection Modules that can be added as needed – Golf Cover, Leased Property Cover and Personal Cover. To enrol in the plan, customers need to choose at least one Basic Protection Module before adding a Supplementary Protection Module. Better control over premium budget: Customers can freely customise the desired coverage combination and benefit level of the protection options according to budget. Flexibility to change protection combination: Considering that protection needs may change at different stages of life, the plan provides flexibility to change protection combinations according to needs. There are also options for Plan Level (including Sumptuous Choice, Balanced Choice and Light Choice) or Optional Add-ons for customers to choose from, further enhancing their protection and creating a worry-free life for themselves and their families. Unified policy management: The plan consolidates multiple coverage plans under just a single policy, with the same coverage period. Coverage renewal can be done together upon expiry, enhancing the convenience and ease of policy management. Brand new e-Protection: Catering to today's prevailing online shopping habit, the plan provides e-Protection under Personal Cover, safeguarding customers against identity theft and financial losses from online purchases. Blue Cross has also launched a new advertising and marketing campaign "Customise Your Just Right Protection" to promote Blue Cross Elite Combo, featuring the perfect pair of the Blue Cross mascot and a pretty girl. They travel around Hong Kong and showcase unique product features such as its great flexibility and a diverse range of combinations and options which allow customers to customise their "Just Right" protection plan according to their needs and budget. A new video has been posted on social media and digital platforms; there were other promotions on the street to engage the public to bring out the campaign message about Blue Cross Elite Combo. Furthermore, outdoor advertising including tram stations and tram bodies, and MTR ads will soon be launched to extend its reach to the public. To view the video, click: https://www.facebook.com/share/v/LAjpiWU4YYKJULgX/?mibextid=oFDknk Blue Cross Love Yourself VHIS Plan In addition, Blue Cross has launched its Love Yourself VHIS Plan, a voluntary health insurance scheme (VHIS) flexi plan certified by the Health Bureau. It allows flexible adjustment of deductible and offers an affordable, value-for-money choice for young adults. The plan provides full coverage of 17 major medical expenses incurred before, during and after hospital stay (private hospital's ward), from diagnosis, surgery to recovery. It offers an annual benefit limit of HK$6,000,000 and a lifetime benefit limit of HK$40,000,000, with lifetime renewal guaranteed. The plan features multiple market advantages, which allow customers to customise their own cover by selecting the plan level, deductible amount, optional outpatient benefits and optional dental benefits, and enjoy a range of superb value-added services. Its key features are as follows. Flexible adjustment of deductibles at milestone events in life – market-first for VHIS Plans: Considering that the financial needs and responsibilities that one shoulder will change at different milestones in life, the plan provides options for policyholders to reduce or remove the selected deductible without re-underwriting, especially in the significant events of life including having a newborn baby, buying a residential property, moving abroad, or reaching a designated age. Deductible waived for specified health conditions: If the insured person is unfortunately diagnosed with designated critical illnesses, sports-related injuries and permanent total disabilities, the related deductible will be waived, providing full support to customers during difficult times. Immediate cover for unknown pre-existing and congenital conditions: The plan fully covers unknown pre-existing conditions and congenital conditions which have been diagnosed at or after the age of 8, with coverage starting immediately from day one when the policy becomes effective. No waiting period is required. Health & wellness benefit: For every three consecutive years the policy has been in force, customers can get reimbursed for actual expenses of wellness activities incurred within the immediately following policy year, up to HK$1,500. Covering expenses on travelling, fitness gym membership and wellness courses, this benefit aims to encourage customers to lead a healthy lifestyle. Various value-added services: These include free second medical opinion, pre-hospitalisation claim assessment, no hospital bills to pay, 24-hour worldwide emergency aid, Blue Cross nursing care hotline etc. During the promotional period, customers who enrol in Blue Cross Love Yourself VHIS Plan can enjoy a discount of up to 32% on the first-year premium5. Moreover, Blue Cross SmartClub members who enrol in Blue Cross Love Yourself VHIS Plan via Blue Cross website or Blue Cross HK App can earn double SmartPoints. SmartClub members can now redeem a one-day ticket to Hong Kong Disneyland with 10,000 SmartPoints. The above product information of Blue Cross Elite Combo does not include the full version of the terms and conditions. Please refer to the policy for detailed terms and conditions. For more details, please visit https://www.bluecross.com.hk/en/ePromotion/AIA_GIProducts/latest or contact AIA Hong Kong Financial Planners who have been registered as Blue Cross's agents or call 2839 6333. The above product information of Blue Cross Love Yourself VHIS Plan does not include the full version of the terms and conditions. Please refer to the policy for detailed terms and conditions. Promotional offers are subject to the terms and conditions. Please visit Blue Cross website at www.bluecross.com.hk or download the Blue Cross HK App. Remarks: Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, excluding mortgage guarantee. Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, excluding medical and mortgage guarantee. Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, non-medical subclass in accident and health business. Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, medical subclass in accident and health business. It is calculated based on a 15% discount on first-year premium and up to 15% family discount. "AIA Hong Kong" herein refers to the Hong Kong Branch and/or Macau Branch of AIA International Limited (Incorporated in Bermuda with limited liability). "Hong Kong" and "Macau" herein refer to "Hong Kong Special Administrative Region" and "Macao Special Administrative Region", respectively. Disclaimers: This press release is for distribution in Hong Kong only. The distribution of this press release is not and shall not be construed as an offer to sell or a solicitation to buy or a provision of any insurance product outside Hong Kong. Blue Cross (Asia-Pacific) Insurance Limited is a subsidiary of AIA Group Limited. It is not affiliated with or related in any way to Blue Cross and Blue Shield Association or any of its affiliates or licensees. Hashtag: #BlueCrossThe issuer is solely responsible for the content of this announcement.Blue Cross (Asia-Pacific) Insurance LimitedBlue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") is a subsidiary of AIA Group Limited. With over 50 years of operational experience in the insurance industry, Blue Cross provides a comprehensive range of products and services including medical, travel and general insurance, which cater to the needs of both individual and corporate customers. Blue Cross distributes its products through various channels, including AIA agency force, online platform, direct sales, BEA network, insurance agents and brokers, as well as travel agencies. In 2023, Blue Cross is assigned financial strength rating of A+ (stable outlook) and issuer credit rating of A+ (stable outlook) by S&P Global Ratings
Three Highly Anticipated Flagship Upgraded Vaccines Filing for Market Listing; Significant Breakthrough Achieved in the International MarketHONG KONG SAR - Media OutReach Newswire - 28 March 2024 - AIM Vaccine Co., Ltd. (the "Company", together with its subsidiaries, the "Group") is pleased to announce the results for the year ended 31 December 2023 (the "Period"). As of December 31, 2023, AIM Vaccine has obtained a total of 14 clinical approvals and conducted 21 clinical trials. Among them, 5 vaccine varieties have reached the final stage of Phase III clinical trials. The construction of the production workshops for these 5 vaccine products in Phase III is have been substantially completed, and various preparations for market launch are currently underway. In 2024, the company plans to submit market applications for 3 products and initiate clinical applications for 7 other products. During the reporting period, the full course of vaccination in Phase III clinical trial of 13-valent pneumonia conjugate vaccine (PCV13) was completed, and we have submitted the pre-application for marketing registration to the NMPA; the full course of vaccination in the subjects in Phase III clinical trial of 23-valent pneumonia polysaccharide vaccine (PPSV23) and iterative serum-free rabies vaccine was completed; EV71-CA16 bivalent HFMD vaccine (HDC) as a global innovative vaccine which is being developed for the first time worldwide has obtained clinical approvals; and iterative mRNA rabies vaccine is the first nonCOVID-19 mRNA vaccine candidate accepted by relevant authorities in China. According to the announcement, AIM Vaccine has maintained a high level of investment in research and development, with R&D expenses reaching RMB 636.4 million in 2023. This represents a 27.2% increase compared to the same period in 2022. The proportion of R&D revenue stands at 53.6%, positioning the company at the forefront of the industry. Integrating Industry's Finest Resources | Abundant Vaccine Pipeline | Multiple Game-Changing Flagship Products Entering Harvest Season AIM Vaccine is an extremely rare comprehensive vaccine industry group that possesses advantages in four dimensions: pipeline, research and development, production, and sales. Currently, the company has commercialized 8 vaccines targeting 6 disease areas and is developing 21 vaccine candidates. Its pipeline covers the top 10 vaccine varieties worldwide. Notably, the recombinant HBV vaccines and freeze-dried human rabies vaccines are our key commercialized market-leading vaccine products, making AIM Vaccine the largest hepatitis B vaccine manufacturer and the second-largest rabies vaccine manufacturer globally. Among them, the recombinant hepatitis B vaccine is and is expected to continue as a major type of commercialized product for AIM Vaccine. Currently, AIM is the first and only company in China with steady production and approved lot release of HBV vaccines using Hansenula Polymorpha for antigen expression. Since its approval, recombinant HBV vaccine series products have maintained a 100% pass rate in lot release quality audits of NIFDC. With the shift from universal newborn vaccination to vaccination for the entire population, hepatitis B vaccination presents a new growth opportunity for the company. The freeze-dried human rabies vaccine (Vero cell), known for its high quality and stability, remains a key competitive factor in the market. Since its commercialization in 2007, AIM's production of the lyophilized human rabies vaccine (Vero cell) has maintained a 100% approval rate in batch release inspections by the NIFDC for the past 16 years. Following the established corporate strategy of the Company, AIM Vaccine proactively advance the development of the vaccine pipelines and accelerate the research and development of iterative pneumonia series vaccines through on-going technological innovation, achieving new productive forces at an accelerated pace. Leveraging the advantages of the polysaccharide conjugate vaccine technology platform, AIM Vaccine have developed a series of pneumonia vaccines, including: (1) the 13-valent pneumonia conjugate vaccine, which has completed on-site work for Phase III clinical trial and has submitted a pre-application for marketing; (2) the 23-valent pneumonia polysaccharide vaccine, which has also completed Phase III clinical trial and is expected to apply for marketing registration in 2024; (3) the 20-valent pneumonia conjugate vaccine, which has submitted a preapplication for clinical trials; and (4) the 24-valent pneumonia conjugate vaccine, which is being simultaneously developed globally for the first time and has completed preclinical research. In the layout of the rabies vaccine series, AIM is leading the deep technological iteration and upgrade of global rabies vaccines, aiming to provide the market with upgraded and advanced rabies vaccine products that offer better quality, higher safety, and require fewer doses for administration. This will further strengthen the company's competitiveness in the rabies vaccine market. The on-site work of the Phase III clinical trial of iterative serum-free rabies vaccine has been completed, and various preparatory work for the new drug marketing application is underway, which is planned to be completed in 2024; The CTA for the novel-process highly-effective human diploid rabies vaccine is expected to be submitted in 2024; and the iterative mRNA rabies vaccine is the first non-COVID-19 mRNA vaccine candidate accepted by relevant authorities in China. Accelerating Efficient Vaccine Development through a Comprehensive Technological Platform. Rapid Advancement in the Pipeline Layout of mRNA Technology Platform AIM Vaccine have five proven human vaccine platform technologies covering innovative technologies, such as mRNA vaccine, genetically engineered vaccine, and combination vaccine technologies, as well as traditional technologies, such as bacterial vaccine and viral vaccine technologies. Leveraging these platforms, we are well positioned to develop a steady and fit-for-purpose stream of vaccines that are efficient to manufacture. We have at least one approved product or one vaccine candidate at CTA or clinical stages under each platform. At the same time, the Company is currently designing the structure of antigens and mRNA sequence of vaccines leveraging artificial intelligence, and is trying to leverage artificial intelligence to assist in process research and development of vaccines. Looking forward, the Company expects to increase the depth of existing applications and expand its applications in clinical trial data analysis. Notably, AIM Vaccine's mRNA technology platform has been validated through clinical trial data from tens of thousands of subjects. The safety and efficacy of platform products have been thoroughly demonstrated. AIM Vaccine has developed several mRNA COVID-19 vaccines that have undergone clinical trials, allowing for accelerated development and registration of products. Within this platform, AIM has developed the mRNA iterative rabies vaccine, which is the first non-COVID mRNA vaccine product accepted domestically in China. Two other highly anticipated products, the mRNA respiratory syncytial virus (RSV) vaccine and mRNA herpes zoster vaccine, are expected to complete clinical trial applications in 2024. Additionally, AIM Vaccine have submitted pre-applications to the NMPA for clinical trials of the Company's 20-valent pneumonia conjugate vaccine (PCV20), haemophilus influenzae type b (Hib) conjugate vaccine, adsorbed tetanus vaccine, quadrivalent influenza virus vaccine (MDCK Cells) and novel-process highly-effective human diploid rabies vaccine. AIM Vaccine has also submitted a preclinical trial application for its quadrivalent MDCK cell-based influenza vaccine, which is currently under development. Future Outlook: Strengthening Monopoly Advantage and Expanding International Market for Global Vaccine Shortages. In recent years, the vaccine industry in China has strengthened the monopoly advantage of vaccines in disease prevention, elevated the status of vaccines in the overall biomedical industry, and facilitated the industrialization of new technologies for biotechnology and the implementation of related policies, establishing a foundation for the long-term development of the vaccine industry. The significant increase in exports of vaccines has greatly boosted the confidence of Chinese pharmaceutical companies in their international expansion. Furthermore, in order to accelerate the promotion of internationalized business, the Company specifically set up an international business department to push forward the implementation of series of internationalized layout, and is ready in all aspects such as overseas marketing permission, product research and development and manufacturing. The Company's vaccine products are entering the global market. At present, the Company has various specific overseas markets and has begun the registration of marketed products in regions such as Southeast Asia, Africa, South America and the Middle East. The Company's rabies vaccine has obtained the registration licenses in countries such as Pakistan. In terms of products under development, the Company has set up product pipelines with close reference to the needs of the international market. In accordance with the latest World Health Organization's vaccine prequalification list (2024-2026), the Company is rapidly promoting the research and development of the 13-valent pneumonia conjugate vaccine and the tetravalent meningococcal conjugate vaccine, both being high-priority qualified vaccines. In addition, the Company is proactively researching and developing the RSV vaccine and the shingles/herpes zoster vaccine, both of which are also the varieties in short supply in the international market. The Company is making efforts to promote the marketing registration and sale of these products within and outside China, and to achieve the World Health Organization's prequalification for the vaccines. In terms of on-sale products, HAV vaccine, HBV vaccine and rabies vaccine launched by the Company are medium-priority qualified products by the Word Health Organization, all of which are welcomed in the international market. In terms of production capacity construction, the Company has completed construction of GMP workshops for iterative pneumonia series vaccines and iterative rabies series vaccines in batches, and all of these workshops meet the international standards. Phase III clinical samples of 13-valent pneumonia conjugate vaccine and 23-valent pneumonia polysaccharide vaccine are produced in these workshops, helping the Company get fully ready for the quick entry into the overseas market of such products upon marketing. With the increase in China's economic strength, the biopharmaceutical industry, including the vaccine sector, has been identified as a strategic emerging industry and is encouraged and supported by the national government. Therefore, AIM Vaccine has entered a period of intense application for major upgraded products in 2024. Three significant products are expected to complete the application process and be launched within the year, which is projected to drive substantial revenue growth for the company. Hashtag: #AIMVaccineThe issuer is solely responsible for the content of this announcement.About AIM Vaccine Co., Ltd.AIM Vaccine (stock code: 06660) is committed to manufacturing conscientious vaccines and promoting the health of the people. It is the second-largest vaccine group in China and the largest private-sector vaccine group, with a complete industry chain. AIM Vaccine is a leading company in the Chinese vaccine industry and one of the top players in the mRNA vaccine field. As one of the most strictly regulated industries in the country, China has over 40 vaccine production qualifications nationwide. Currently, AIM Vaccine owns four wholly-owned licensed vaccine production companies and three vaccine research institutes. It is one of the only two human vaccine companies in China with strategic resources such as P3 laboratories. AIM Vaccine is also the world's largest manufacturer of hepatitis B vaccines and the second-largest manufacturer of rabies vaccines globally. AIM Vaccine has a portfolio of eight commercialized vaccines and 21 vaccines under development, covering the top ten vaccine varieties globally. Its commercialized products have maintained a leading market position for a long time, with sales covering all 31 provinces, municipalities, and autonomous regions in China, reaching over 2,000 district and county-level disease control centers.
2023
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