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Ticker symbol change effective at the market open May 22, 2023 NEW YORK, May 20, 2023 /PRNewswire/ -- Fresh2 Group Ltd., formerly AnPac Bio-Medical Science Co., Ltd. (NASDAQ: ANPC), a company with operations in the United States and China focused on early cancer screening and detection and plans to enter into the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, today announced that its ticker symbol on the Nasdaq Stock Market ("Nasdaq") will change to "FRES" effective at the open of market trading on May 22, 2023 following the Company's name change from AnPac Bio-Medical Science Co., Ltd to Fresh2 Group Ltd. The Company has traded under the ticker "ANPC" since the Company's initial public offering in 2020. Mr. Haohan Xu, Co-CEO of the Company commented: "Transitioning to the ticker 'FRES' is the most recent step we have taken toward our strategic initiative to focus on the recently engaged new business line of business-to-business food trade and delivery platform for U.S. local restaurants and supermarkets. The ticker symbol change aligns with our new brand identity in the U.S. food market and reflects our vision for the future. We believe that we are well positioned to increase our presence in the new business sector with scalable business model and look forward to our future with confidence." No action by the company's shareholders is required with respect to the ticker symbol change. The company's CUSIP number will remain unchanged. About Fresh2 Group Limited Fresh2 Group Limited is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2023. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory in the United States, Fresh2 performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. The Company is entering the business-to-business e-commerce food business with the formation of its wholly-owned subsidiary Fresh2 Technology Inc and the acquisition of Fresh2 Ecommerce Inc. For more information, please visit: https://fresh2.co/investors. For investor and media inquiries, please contact: Ascent Investor Relations LLCTina XiaoPhone: +1-917-609-0333 (U.S.)Email: tina.xiao@ascent-ir.com Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company's future financial and operating performance. The Company has attempted to identify forward-looking statements by terminologies including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "target," "aim," "predict," "outlook," "seek," "goal" "objective," "assume," "contemplate," "continue," "positioned," "forecast," "likely," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, our ability to comply with Nasdaq Listing Rules including maintaining our listing on the Nasdaq Capital Market, the implementation of our business model and growth strategies; trends and competition in the cancer screening and detection market; our expectations regarding demand for and market acceptance of our cancer screening and detection tests and our ability to expand our customer base; our ability to obtain and maintain intellectual property protections for our CDA technology and our continued research and development to keep pace with technology developments; our ability to obtain and maintain regulatory approvals from the NMPA, the FDA and the relevant U.S. states and have our laboratories certified or accredited by authorities including the CLIA; our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; general economic and business conditions in China and elsewhere; our ability to hire and maintain key personnel; our relationship with our major business partners and customers; and the duration of the coronavirus outbreaks and their potential adverse impact on the economic conditions and financial markets and our business and financial performance, such as resulting from reduced commercial activities due to quarantines and travel restrictions instituted by China, the U.S. and many other countries around the world to contain the spread of the virus. A number of these risks along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 20-F and other reports filed with the Securities and Exchange Commission. In addition, there is uncertainty about the spread of the COVID19 virus and the impact it will have on the Company's operations, global supply chains and economic activity in general. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Dynata also retains top ranking in new third-party Data Privacy Scores report DALLAS, May 17, 2023 /PRNewswire/ -- Dynata, the world's largest first-party data company for insights, activation and measurement, today announced it has earned Neutronian's NQI Data Quality certification, which recognizes companies that prioritize maintaining the highest standards of data quality. The global certification comes after a comprehensive third-party audit of Dynata's policies, procedures and data sets across five categories of data quality. Dynata is the only first-party data provider to achieve this certification, which not only reinforces its position as a global leader in the industry, but also underscores its commitment to providing the highest quality data to customers and consumers alike. Additionally, Dynata successfully retained its top-tier ranking among data providers in Neutronian's second quarterly Data Privacy Scores report — released earlier this month — further strengthening the company's position as the most trusted data and insights provider, enhancing its credibility and boosting customer confidence. Based on the Neutronian Quality Index, or NQI™ data quality scoring framework, the certification sets a new standard in data quality, which is important for businesses to make informed decisions. It helps reduce risk for data buyers when selecting partners for data-driven marketing efforts. This promotes trust, clarity and transparency among data buyers and sellers. It also provides marketers with independent verification that a specific data provider in the digital advertising space follows policies and processes that deliver high-quality, privacy-compliant data solutions. "As the leading provider of high-quality, fully permissioned first-party data, Dynata is committed to upholding the highest standards of transparency, privacy and quality," said Ian Brocklehurst, Dynata's executive vice president of product and marketing. "We're proud to receive the NQI Data Quality certification, which is a testament to our unwavering dedication to these principles. This certification not only provides our clients with the ongoing assurance of our data's trustworthiness, but it also sets us apart from other data providers. At Dynata, we'll continue to lead the way in ensuring the highest standards of data quality and privacy in the industry." Acknowledging the importance of permissioning for data sharing and building trust with consumers is fundamental for all brands, especially data and technology companies such as Dynata. It's crucial for companies to obtain explicit consent from consumers before collecting and using their data, and to be transparent about how that data will be used. As the advertising industry shifts toward a cookieless future, companies increasingly rely on first-party data to understand customers' online behavior. Companies that prioritize transparency, trust and first-party data are more likely to have a competitive advantage over those that do not. "Neutronian is pleased that Dynata, an industry-leading first-party data provider, has stepped up and shown willingness to set a standard for transparency in this foundational part of the digital advertising ecosystem," said Lisa Abousaleh, co-CEO and founder of Neutronian. "Survey data has long been considered among the most reliable of data sets given the one-to-one nature of the data collection, but reliability and quality are not mutually exclusive. With this certification, Dynata is demonstrating its commitment and raising the bar on data privacy, quality and transparency." About Dynata Dynata is the world's largest first-party data company for insights, activation and measurement. With a reach that encompasses nearly 70 million consumers and business professionals globally, and an extensive library of individual profile attributes collected through surveys, Dynata is the cornerstone for precise, trustworthy quality data. The company has built innovative data services and solutions around its robust first-party data offering to bring the voice of the customer to the entire marketing life cycle — from uncovering insights to activating campaigns and measuring cross-channel marketing ROI. Dynata serves more than 6,000 market research, media and advertising agencies, publishers, consulting and investment firms and corporate customers in North America, South America, Europe and Asia-Pacific. Learn more at www.dynata.com. About NeutronianNeutronian is a SaaS company providing the industry's most comprehensive approach to data privacy and quality verification. Using a standard evaluation framework, Neutronian produces independent data privacy "credit scores" and in-depth data quality certification. These solutions provide marketers with the transparency they need to confirm that their data and inventory partners are privacy compliant and ensure that their campaigns are running in privacy safe environments. High quality, privacy compliant data providers that work with Neutronian to improve their data privacy scores or achieve certification can be rewarded via faster sales cycles and increased customer trust. For more information, please visit neutronian.com.
NEW YORK, May 17, 2023 /PRNewswire/ -- Fresh2 Group Limited (Formerly AnPac Bio-Medical Science Co., Ltd., "Fresh2," the "Company" or "we") (NASDAQ: ANPC), a company with operations in the United States and China focused on early cancer screening and detection and entering into the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, announced today its unaudited financial results for the first quarter ended March 31, 2023. The Company's financial statements and related financial information for the quarter ended March 31, 2023 are unaudited and have not been reviewed by the Company's independent registered accountant. These financial results could differ materially if they were reviewed by the Company's independent registered accountant. Financial Highlights for First Quarter 2023 Total revenue was approximately RMB593,000 (US$87,000) for the first quarter of 2023, a decrease of 69.9% from approximately RMB2.0 million for the same period of 2022. Gross profit margin was 25.0% for the first quarter of 2023, representing a decrease of 30.4 percentage point from 55.4% for the same period of 2022. The average selling price ("ASP") of CDA-based tests was RMB330 (US$48.1) for the first quarter of 2023, an increase of RMB97.0, or 41.6% from RMB233 for the same period of 2022. Net loss was approximately RMB23.3 million (US$3.4 million) for the first quarter of 2023, compared to a net loss of approximately RMB14.9 million for the same period of 2022, a 56.6% increase from the same period in 2022. The net loss for the first quarter of 2023 was mainly attributable to approximately RMB2.4 million (US$354,000) of selling and marketing expenses, approximately RMB1.6 million (US$228,000) of research and development expenses and approximately RMB19.5 million (US$2.8 million) of general and administrative expenses. Non-GAAP net loss[1] was approximately RMB22.3 million (US$3.2 million) for the first quarter of 2023, an increase from a non-GAAP net loss of approximately RMB12.1 million for the same period of 2022. Non-GAAP net loss was increased by 84.2% compared with the same period of 2022 [1] Non-GAAP net loss is defined as net loss excluding change in fair value of convertible debts and share-based compensation. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Results" at the end of this report. Business Highlights First Quarter 2023 The Company continued to receive validation on the efficacy of CDA testing through clinical study follow-ups. As of March 31, 2023, the Company had contacted 31,367 individuals tested using CDA packages in China and received substantive feedback regarding health conditions and disease development from 18,306 individuals. As of March 31, 2023, the Company filed 260 patent applications globally, of which 155 patents had been granted, including 22 patents granted in the United States, 68 in greater China (including eight in Taiwan), and 65 in other countries and regions. The Company continued to build a cancer risk assessment database, which totaled approximately 286,472 samples as of March 31, 2023, including approximately 241,541 samples from commercial CDA-based tests and approximately 44,931 samples from research studies. As of March 31, 2023, the Company has entered a new business segment, the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, in line with our strategic growth plan. During the quarter ended March 31, 2023, the Company closed three acquisitions aimed at enhancing our operational efficiency in the new business segment, expanding our product/service offerings, and strengthening our competitive position in the e-commerce industry. Mr. Haohan Xu, the Co-CEO of the Company, commented, "We have been actively exploring new business opportunities to diversify our revenue stream, despite the unfavorable macro environment for our existing biotech business. Currently, we are striving to build a leading e-commerce platform in the U.S. that offers online wholesale food supplies for restaurants and supermarkets. We are committed to helping restaurants and supermarkets reduce procurement costs and increase efficiency by utilizing an intelligent supply chain management system. We will allow our customers to directly connect with reliable suppliers, ensuring that the food purchased is consistent in quality with competitive prices, and the source of the food can be determined. We have opened our platform to multiple categories of suppliers, while also providing a comprehensive supply chain service. By leveraging digital technology and innovative business models, we intend to drive the online transformation of the food supply industry. We believe our growth strategy positions us well to develop a customer base, generate a steady revenue stream, and improve our profitability in the long run. Looking forward, we will continue to focus on implementing our growth strategies and invest in our business to capture the massive opportunities we see in the U.S. market." Financial Results for First Quarter 2023 Revenue Total revenues decreased by 69.9% to approximately RMB593,000 (US$87,000) for the first quarter of 2023 from approximately RMB2.0 million for the first quarter of 2022, primarily due to a significant decrease in our revenue from cancer screening and detection tests. Cost of Revenues Cost of revenues decreased by 49.3% to approximately RMB445,000 (US$65,000) for the first quarter of 2023 from approximately RMB878,000 for the first quarter of 2023, which was in line with the decrease in our revenue. Gross Profit and Gross Margin Gross margin was 25.0% for the first quarter of 2023, representing a decrease from 55.4% for the first quarter of 2022, primarily due to fixed costs which did not change in line with the decrease in our revenue. Selling and Marketing Expenses Selling and marketing expenses decreased by 17.0% to approximately RMB2.4 million (US$354,000) for the first quarter of 2023 from approximately RMB2.9 million for the same period of 2022, primarily due to less marketing activity. Research and Development Expenses Research and development expenses decreased by 34.8% to approximately RMB1.6 million (US$228,000) for the first quarter of 2023 from approximately RMB2.4 million for the first quarter of 2022, primarily due to less research and development activities for the first quarter of 2023 compared to the same period of 2022. General and Administrative Expenses General and administrative expenses increased by 89.4% to approximately RMB19.5 million (US$2.8 million) for the first quarter of 2023 from approximately RMB10.3 million for the same period of 2022, primarily due to increase expenses related to our new business. Net Loss Net loss decreased to approximately RMB23.3 million (US$3.4 million) for the first quarter of 2023, compared to approximately RMB14.9 million for the first quarter of 2022. Basic and diluted loss per share was RMB0.31 (US$0.04) for the first quarter of 2023 compared to that of RMB0.85 for the first quarter of 2022. About Fresh2 Group Limited Fresh2 Group Limited is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2023. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory in the United States, Fresh2 performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. The Company is entering the business-to-business e-commerce food business with the formation of its wholly-owned subsidiary Fresh2 Technology Inc and the acquisition of Fresh2 Ecommerce Inc. For more information, please visit: https://fresh2.co/investors. For investor and media inquiries, please contact: Ascent Investor Relations LLCTina XiaoPhone: +1-917-609-0333 (U.S.)Email: tina.xiao@ascent-ir.com Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company's future financial and operating performance. The Company has attempted to identify forward-looking statements by terminologies including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "target," "aim," "predict," "outlook," "seek," "goal" "objective," "assume," "contemplate," "continue," "positioned," "forecast," "likely," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, our ability to comply with Nasdaq Listing Rules including maintain our listing on the Nasdaq Capital Market, the implementation of our business model and growth strategies including our operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products; trends and competition in the cancer screening and detection market; our expectations regarding demand for and market acceptance of our cancer screening and detection tests and our ability to expand our customer base; our ability to obtain and maintain intellectual property protections for our CDA technology and our continued research and development to keep pace with technology developments; our ability to obtain and maintain regulatory approvals from the NMPA, the FDA and the relevant U.S. states and have our laboratories certified or accredited by authorities including the CLIA; our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; general economic and business conditions in China and elsewhere; our ability to hire and maintain key personnel; our relationship with our major business partners and customers; and the duration of the coronavirus outbreaks and their potential adverse impact on the economic conditions and financial markets and our business and financial performance, such as resulting from reduced commercial activities due to quarantines and travel restrictions instituted by China, the U.S. and many other countries around the world to contain the spread of the virus. A number of these risks along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 20-F and other reports filed with the Securities and Exchange Commission. In addition, there is uncertainty about the spread of the COVID19 virus and the impact it will have on the Company's operations, global supply chains and economic activity in general. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. FRESH2 GROUP LIMITED (FORMERLY ANPAC BIO-MEDICAL SCIENCE CO., LTD.) UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares and per share data) As of December 31, As of March 31, 2022 2023 2023 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,870 2,521 367 Prepayment 3,742 12,760 1,858 Accounts receivable, net 2,235 3,215 468 Amounts due from related parties, net 2,194 13,122 1,911 Inventories, net 210 197 29 Other current assets, net 3,448 6,240 909 Total current assets 13,699 38,055 5,542 Property and equipment, net 17,182 19,395 2,824 Land use rights, net 1,111 1,104 161 Intangible assets, net 185 68,574 9,985 Goodwill — 17,299 2,519 Right of use assets 7,213 7,233 1,053 Long-term investments, net 1,079 1,068 156 TOTAL ASSETS. 40,469 152,728 22,240 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Short-term debts 5,015 5,015 730 Accounts payable 2,108 14,569 2,122 Advance from customers 4,956 5,633 820 Amounts due to related parties 3,494 7,090 1,032 Lease liability-current 784 795 116 Accrued expenses and other current liabilities 25,921 30,793 4,484 Total current liabilities 42,278 63,895 9,304 Deferred tax liabilities — 2,813 410 Lease liability-non-current 6,515 6,523 950 Other long-term liabilities 1,080 1,073 156 TOTAL LIABILITIES. 49,873 74,304 10,820 Commitments and contingencies Shareholders' equity (deficit): Class A Ordinary shares ((US$0.01 par value per share; 2,400,000,000 shares authorized, 79,536,589 and 136,625,576 shares issued and outstanding as of December 31, 2022 and March 31, 2023, respectively) 5,494 8,466 1,233 Class B Ordinary shares ((US$0.01 par value per share; 30,000,000 authorized, 3,573,100 and 3,573,100 shares issued and outstanding as of December 31, 2022 and March 31, 2023) 240 240 35 Treasury stocks (12,492,283 shares Class A Ordinary shares) (11,003) — — Additional paid-in capital 564,869 660,559 96,185 Accumulated deficit (577,539) (600,536) (87,445) Accumulated other comprehensive income 4,263 5,756 838 Total Fresh2 Group Limited shareholders' equity (deficit) (13,676) 74,485 10,846 Non-controlling interest 4,272 3,939 574 Total shareholders' equity (deficit) (9,404) 78,424 11,420 TOTAL LIABILITIES AND EQUITY 40,469 152,728 22,240 FRESH2 GROUP LIMITED (FORMERLY ANPAC BIO-MEDICAL SCIENCE CO., LTD.) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares and per share data) Three Months Ended March 31, 2022 2023 2023 RMB RMB US$ Revenues: Cancer screening and detection tests 1,137 588 86 Physical checkup packages 5 5 1 Technology service 620 — — Retail revenue 206 — — Total revenues 1,968 593 87 Cost of revenues (878) (445) (65) Gross Profit 1,090 148 22 Operating expenses: Selling and marketing expenses (2,932) (2,434) (354) Research and development expenses (2,407) (1,570) (228) General and administrative expenses (10,287) (19,483) (2,837) Loss from operations (14,536) (23,339) (3,397) Non-operating income and expenses: Interest expense, net (93) (34) (5) Foreign exchange gain (loss), net 2 (6) (1) Share of net loss in equity method investments (181) (11) (2) Other income (expense), net (97) 12 2 Change in fair value of convertible debt (85) — — Loss before income taxes (14,990) (23,378) (3,403) Income tax benefit 90 48 7 Net loss (14,900) (23,330) (3,396) Net loss attributable to non-controlling interests (261) (333) (48) Net loss attributable to ordinary shareholders (14,639) (22,997) (3,348) Loss per share: Class A and B Ordinary shares - basic and diluted (0.85) (0.31) (0.04) Weighted average shares outstanding used in calculating basic and diluted loss per share Ordinary shares - basic and diluted 17,301,503 74,452,222 74,452,222 Other comprehensive income, net of tax: Foreign currency translation differences 376 1,493 217 Total comprehensive loss (14,524) (21,837) (3,179) Total comprehensive loss attributable to non-controlling interests (261) (333) (48) Total comprehensive loss attributable to ordinary shareholders (14,263) (21,504) (3,131) Use of Non-GAAP Financial Measures Non-GAAP net loss is calculated as net income adjusted for change in fair value of convertible debts and stock-based compensation expense. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with US GAAP. Reconciliations of Non-GAAP Results Reconciliations of Non-GAAP net loss (All amounts in thousands, except share and per share data or otherwise stated) Three Months Ended March 31, March 31, March 31, March 31, 2022 2023 2023 RMB RMB US$ Net loss (14,900) (23,330) (3,396) Less: Change in fair value of convertible debts 85 — — Stock based compensation expense 2,703 1,018 148 Non-GAAP net loss (12,112) (22,312) (3,248)
NEW YORK, May 17, 2023 /PRNewswire/ -- Fresh2 Group Limited (Formerly AnPac Bio-Medical Science Co., Ltd. ,"Fresh2," the "Company" or "we") (NASDAQ: ANPC), a company with operations in the United States and China focused on early cancer screening and detection and entering into the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, announced today its annual financial results for the year ended December 31, 2022. Financial Highlights for Fiscal Year 2022 Total revenues were RMB12.0 million (US$1.7 million) in the year ended December 31, 2022, a decrease of 33.0% from RMB18.0 million in the year ended December 31, 2021. Gross margin was 69.2% in the year ended December 31, 2022, an increase of 1.1 percentage point from 68.1% in the year ended December 31, 2021. The average selling price ("ASP") of CDA-based tests was RMB266 (US$39) in the year ended December 31, 2022, a decrease of RMB121, or 31.3% from RMB387 in the year ended December 31, 2021, primarily due to that more customers only performed basic CDA test with lower pricing instead of comprehensive combined CDA test. Net loss decreased to RMB103.6 million (US$15.0 million) in the year ended December 31, 2022 from RMB120.1 million in the year ended December 31, 2021, mainly attributable to the decrease of approximately RMB9.3 million in selling and marketing expenses, the decrease of approximately RMB6.7 million in research and development expenses, and the decrease of approximately RMB9.9 million in general and administrative expenses, offset by approximately $14.7 million decrease in impairment of intangible assets and goodwill. Non-GAAP net loss(1) was approximately RMB88.8 million (US$12.9 million) in the year ended December 31, 2022, an increase from a non-GAAP net loss of approximately RMB76.8 million in the year ended December 31, 2021. Non-GAAP net loss increased by 15.6% from the year ended December 31, 2021. Short-term debt decreased significantly (a decrease of approximately 85.1%) compared to December 31, 2021, because the conversion of Convertible Debentures into ordinary shares. (1) Non-GAAP net loss is defined as net loss excluding change in fair value of convertible debts and share-based compensation. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Results" at the end of this report. Business Highlights Fiscal Year 2022 The Company continued to receive validation on the efficacy of CDA testing through clinical study follow-ups. As of December 31, 2022, the Company had contacted 30,526 individuals tested using CDA packages in China and received substantive feedback regarding health conditions and disease development from 17,824 individuals. As of December 31, 2022, the Company filed 260 patent applications globally, among which 155 patents had been granted, including 22 patents granted in the United States, 68 in greater China (including eight in Taiwan), and 65 in other countries and regions. The Company continued to build a cancer risk assessment database, which totaled approximately 280,095 samples as of December 31, 2022, including approximately 239759 samples from commercial CDA-based tests and approximately 44,653 samples from research studies. Mr. Haohan Xu, the Co-CEO of the Company, commented "Despite facing tremendous challenges in the market, we have made progress in several areas during the year ended December 31, 2022. For instance, we achieved an increase in our gross margin, reflecting our focus on cost management and operational efficiency. While acknowledging the challenges in our existing biotech business, we have been actively exploring new business opportunities targeting restaurants and supermarkets, as mentioned in our recent press releases. Specifically, we acquired Fresh2 Ecommerce Inc, a business-to-business e-commerce platform focused on connecting Asian food suppliers and supermarkets in the U.S. to enter into the U.S. food market by initiating and developing a new e-commerce platform. We also acquired certain fixed assets of Easy Hundred Inc., a U.S.-based e-commerce company in the foodservice industry, and its intellectual property to optimize our industry supply chain and supplement the acquired Fresh2 Ecommerce Inc.'s business-to-business e-commerce platform. In addition, we acquired GISN (HK) LIMITED, a technical solution and outsourcing consulting services provider focused on the digital, internet and Web 3 business transformation for start-ups and traditional enterprises to improve the efficiency of our e-commerce operations. We believe that these acquisitions will diversify our revenue streams, help to fill financial gaps, drive growth for the Company, and ultimately create long term value for our shareholders." About Fresh2 Group Limited Fresh2 Group Limited is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2023. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory in the United States, Fresh2 performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. The Company is entering the business-to-business e-commerce food business with the formation of its wholly-owned subsidiary Fresh2 Technology Inc and the acquisition of Fresh2 Ecommerce Inc. For more information, please visit: https://fresh2.co/investors. For investor and media inquiries, please contact: Ascent Investor Relations LLCTina XiaoPhone: +1-917-609-0333 (U.S.)Email: tina.xiao@ascent-ir.com Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company's future financial and operating performance. The Company has attempted to identify forward-looking statements by terminologies including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "target," "aim," "predict," "outlook," "seek," "goal" "objective," "assume," "contemplate," "continue," "positioned," "forecast," "likely," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, our ability to comply with Nasdaq Listing Rules including maintain our listing on the Nasdaq Capital Market, the implementation of our business model and growth strategies; trends and competition in the cancer screening and detection market; our expectations regarding demand for and market acceptance of our cancer screening and detection tests and our ability to expand our customer base; our ability to obtain and maintain intellectual property protections for our CDA technology and our continued research and development to keep pace with technology developments; our ability to obtain and maintain regulatory approvals from the NMPA, the FDA and the relevant U.S. states and have our laboratories certified or accredited by authorities including the CLIA; our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; general economic and business conditions in China and elsewhere; our ability to hire and maintain key personnel; our relationship with our major business partners and customers; and the duration of the coronavirus outbreaks and their potential adverse impact on the economic conditions and financial markets and our business and financial performance, such as resulting from reduced commercial activities due to quarantines and travel restrictions instituted by China, the U.S. and many other countries around the world to contain the spread of the virus. A number of these risks along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 20-F and other reports filed with the Securities and Exchange Commission. In addition, there is uncertainty about the spread of the COVID19 virus and the impact it will have on the Company's operations, global supply chains and economic activity in general. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. FRESH2 GROUP LIMITED (FORMERLY ANPAC BIO-MEDICAL SCIENCE CO., LTD.) CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares and per share data) As of December 31, 2021 2022 2022 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 9,251 1,870 271 Advances to suppliers 4,704 3,742 543 Accounts receivable, net 5,554 2,235 324 Amounts due from related parties, net 200 2,194 318 Inventories, net 490 210 30 Other current assets, net 3,350 3,448 500 Total current assets 23,549 13,699 1,986 Property and equipment, net 20,264 17,182 2,491 Land use rights, net 1,138 1,111 161 Intangible assets, net 8,857 185 27 Goodwill 12,758 — — Right of use assets — 7,213 1,046 Long-term investments, net 923 1,079 156 TOTAL ASSETS. 67,489 40,469 5,867 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Short-term debts 33,759 5,015 727 Accounts payable 2,732 2,108 303 Advance from customers 4,174 4,956 719 Amounts due to related parties 2,471 3,494 507 Lease liability-current — 784 114 Accrued expenses and other current liabilities 19,770 25,921 3,758 Total current liabilities 62,906 42,278 6,128 Deferred tax liabilities 2,158 — — Lease liability-non-current — 6,515 945 Other long-term liabilities 1,107 1,080 157 TOTAL LIABILITIES. 66,171 49,873 7,230 Commitments and contingencies Shareholders' equity (deficit):: Class A Ordinary shares ((US$0.01 par value per share; 2,400,000,000 shares authorized, 16,604,402 and 79,536,589 shares issued and 16,604,402 and 67,044,306 outstanding as of December 31, 2021 and 2022, respectively) 1,096 5,494 797 Class B Ordinary shares ((US$0.01 par value per share; 30,000,000 authorized, 2,773,100 and 3,573,100 shares issued and outstanding as of December 31, 2021 and 2022) 185 240 35 Treasure stocks(1) — (11,003) (1,595) Additional paid-in capital 465,334 564,869 81,898 Accumulated deficit (475,646) (577,539) (83,735) Accumulated other comprehensive income 4,532 4,263 618 Total Fresh2 Group Limited shareholders' deficit (4,499) (13,676) (1,982) Non-controlling interest 5,817 4,272 619 Total shareholders' equity (deficit) 1,318 (9,404) (1,363) TOTAL LIABILITIES AND EQUITY (DEFICIT) 67,489 40,469 5,867 (1): 12,492,283 shares Class A Ordinary shares were held as treasury stock. FRESH2 GROUP LIMITED (FORMERLY ANPAC BIO-MEDICAL SCIENCE CO., LTD.) CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares and per share data) For the years ended December 31, 2021 2022 2022 RMB RMB US$ Revenues: Cancer screening and detection tests 14,947 8,078 1,171 Physical checkup packages 1,654 1,574 228 Technology service 1,284 2,186 317 Retail revenue 101 206 30 Total revenues 17,986 12,044 1,746 Cost of revenues (5,732) (3,708) (538) Gross Profit 12,254 8,336 1,208 Operating expenses: Selling and marketing expenses (21,420) (12,154) (1,762) Research and development expenses (16,204) (9,532) (1,381) General and administrative expenses (80,676) (70,788) (10,263) Impairment intangible assets (3,828) (7,911) (1,147) Impairment of goodwill (2,223) (12,758) (1,850) Loss from operations (112,097) (104,807) (15,195) Non-operating income and expenses: Interest expense, net (4,257) (373) (54) Foreign exchange loss, net (202) (787) (114) Share of net gain in equity method investments 132 156 23 Other income, net 990 (61) (9) Change in fair value of convertible debt (9,073) 144 21 Gain from fair value change in equity investment 3,240 — — Loss before income taxes (121,267) (105,728) (15,328) Income tax benefit 1,180 2,130 309 Net loss (120,087) (103,598) (15,019) Net loss attributable to non-controlling interests (1,392) (1,705) (247) Net loss attributable to ordinary shareholders (118,695) (101,893) (14,772) Loss per share: Class A and B Ordinary shares – basic and diluted (8.72) (2.66) (0.39) Weighted average shares outstanding used in calculating basic and diluted loss per share 13,605,515 38,242,073 38,242,073 Ordinary shares - basic and diluted Other comprehensive loss, net of tax: Foreign currency translation differences (263) (269) (39) Total comprehensive loss (120,350) (103,867) (15,058) Total comprehensive loss attributable to non-controlling interests (1,392) (1,705) (247) Total comprehensive loss attributable to ordinary shareholders (118,958) (102,162) (14,811) Use of Non-GAAP Financial Measures Non-GAAP net loss is calculated as net income adjusted for change in fair value of convertible debts and stock-based compensation expense. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with US GAAP. Reconciliations of Non-GAAP Results Reconciliations of Non-GAAP net loss (All amounts in thousands, except share and per share data or otherwise stated) For the years ended December 31, December 31, December 31, 2021 2022 2022 RMB RMB US$ Net loss (120,087) (103,598) (15,019) Less: Change in fair value of convertible debts 9,073 (144) (21) Stock based compensation expense 34,167 14,924 2,164 Non-GAAP net loss (76,847) (88,818) (12,876)
Executive Summary Diptia™ is a patent-pending bioactive organic fertiliser derived from insect frass Formulated to prevent fungal plant diseases and build soil health 100% organic fertiliser formulated from Black Soldier Fly (BSF) frass, with added micronutrients and microbial biocontrol agents Composted and enhanced with a microbial inoculant and insect chitin from BSF By reintroducing frass-based products back into agriculture, we are getting closer to the stability and resilience of a natural ecosystem SINGAPORE, May 8, 2023 /PRNewswire/ -- Leading Agtech company, Nutrition Technologies, launches Diptia™ biofertilizer from insect frass The Product Innovation On the 5 May 2023, Nutrition Technologies launched their new bioactive organic fertiliser, Diptia™, specifically designed & formulated to combat fungal plant diseases, and protect soil from infection. Diptia™ is a patent pending Nutrition Technologies product derived from Black Soldier Fly frass, that has been composted and enhanced with a microbial biocontrol agent and insect chitin. The bacteria was isolated from the BSF larvae itself, and has been shown to inhibit plant pathogens. The chitin is sourced from the exoskeleton of the mature insect pupae and is added to the product to increase the available chitin. These components work together to protect the plant root zone from phytopathogenic fungi while improving the plant's natural defences against disease. The problem being solved Fungal diseases of crops are increasingly prevalent in tropical agriculture and lack viable prevention and control measures. These diseases cause billions of dollars in losses every year, as well as posing a huge risk to food security. For example, in Malaysia alone Ganoderma boninense has infected over 151,208 Ha and generated losses of RM1.3 billion (USD300 million) per year through reduced yields and dead trees. As a soil pathogen that infects trees through the roots, the infection is often undetected for 10+ years. Similarly, Fusarium oxysporum f. sp. cubense (Foc TR4) poses an existential threat to the cavendish banana industry, worth USD25 billion annually, and makes up 99% of all banana exports. Foc TR4 causes a type of Panama disease, for which there is neither an effective method of treatment nor prevention. Conventional solutions and the need for innovation Conventional disease control measures currently rely on fungicides and aggressive sanitization such as burning the soil. For many fungal pathogens these methods are rarely effective, where they do work they are associated with damaged soils and provide the conditions for the development of fungicide-resistance strains. Diptia™ provides a natural and potent alternative that uses multiple modes of action to both prevent the pathogen from reaching the plant roots, and improving plant defences. Multiple modes of action future-proof the performance Insect frass is a common nutrient source for plants in nature, and plants have complex mechanisms to benefit from frass. For instance, plants have receptors that recognize chitin in their environments - usually an indication of fungal attack - which stimulates the upregulation of their immune system in response. By reintroducing frass-based products back into agriculture, we are getting closer to the stability and resilience of a natural ecosystem. The frass of the Black Soldier Fly larvae (Hermetia illucens, BSF) have particularly powerful antifungal properties thanks to their life-history - a tropical insect that evolved in competition with fungi for access to the same nutrients. That evolutionary arms race gave the BSF powerful molecular and microbiological tools to inhibit fungi, and encourage beneficial microbes. In addition to the plant health benefits of Diptia™, it is also a premium organic fertiliser with an attractive NPK profile, carbon content and rich micronutrients, and the high microbial activity of the product improves both soil structure and health. These elements combine in a way that means farm soil can actually improve over time, rather than becoming depleted, adding to the financial benefits of Diptia® for farmers. Tested in the Lab and in the Field Diptia™ has been rigorously evaluated in laboratory conditions( in-vitro) and in greenhouse and field conditions (in-vivo). In-vitro Diptia™ was found to inhibit Foc TR4 by up to 90% and Ganoderma boninense by up to 82% in multiple antifungal assays which includes disk diffusion, sample-amended medium and dual layer agar methods. Results from a third-party greenhouse pot trial with Cavendish banana and Foc TR4 indicate that Diptia® and a soon-to-be-released liquid foliar product resulted in a Disease Severity Index as low as 4.17% compared to 100% in the control. The trial was conducted by Assoc. Prof. Dr. Noor Baity Saidi of the Faculty of Biotechnology and Biomolecular Sciences, Universiti Putra Malaysia (UPM), she is also a research associate at the Laboratory of Sustainable Agronomy and Crop Protection, Institute of Plantation Studies, UPM. "These results demonstrate a strong disease suppression potential by the Diptia™ product, which could ultimately help control this economically devastating disease for Malaysian farmers." said Dr. Noor Baity Saidi. The trial is a significant milestone and adds to a growing portfolio of field application trials that will soon be followed by new larger field challenge trials in banana and oil palm. Low energy, sustainable production system Nutrition Technologies have a low-energy tropical production system that uses a unique combination of micro-organisms and Black Soldier Flies to bioconvert 60,000 tonnes of organic by-products into value-added products for livestock and agriculture. As a tropical species, the Black Soldier Fly larvae grow quickly and efficiently in the ambient Malaysian climate, meaning that very little energy is required to grow or breed the flies. This low-energy model means that the company benefits from a very low cost of production, but with the same high standards as any European or North American manufacturer, and is able to pass-on those savings to the customer. This makes Nutrition Technologies' products some of the most competitively priced insect products in the world, without compromising on quality or safety. The company currently ships industrial volumes of material throughout Asia, North & South America and Europe, from the two hectare factory in Malaysia. "This is the first of two new plant health products we will be launching this year " said Nick Piggott, Co-CEO, Nutrition Technologies. "Understanding how insects fit into the incredibly complex natural ecosystem has enabled us to harness their power for decomposition, and create a new plant health value proposition not found anywhere else in the world. Diptia™ directly addresses two of the most economically dangerous plant pathogens in the world - Ganoderma in oil palms and Fusarium oxysporum in bananas. Both of these diseases have the potential to wreak havoc on the global food supply chain if left un-checked, so the release of Diptia™ is a massive step forward in securing the future supply of these two staple crops". The insect sector has gathered increasing attention over the past few years, with the global insect protein market alone estimated to be worth US$343 million in 2021, and expected to grow with a CAGR of 26.49% to reach US$1.3 billion by 2027. As a sustainable solution to help minimise multiple unsustainable practices, the sector as a whole has seen investments totalling nearly US$1 billion. About Nutrition Technologies Nutrition Technologies is biotech company headquartered in Singapore and operating in Malaysia on a mission to address global food security. Founded in 2015 by two British entrepreneurs, Nick Piggott & Tom Berry, the company manufactures sustainable animal feed ingredients and biofertilisers, using a unique combination of biotechnology and black soldier fly larvae to recycle nutrients from agricultural and food processing by- products. In 2021 the company scaled-up to industrial production with the launch of its two-hectare factory in Johor, Malaysia. It is now a step further on its path towards developing a sustainable circular economy within the agricultural sector. Nutrition Technologies plans to build several similar size facilities across Southeast Asia in the next 5 years. More information can be found at www.nutrition-technologies.com
HONG KONG, April 28, 2023 /PRNewswire/ -- The term "rebound in consumption" went viral on the Internet and in newspapers at the beginning of 2023. According to data, China's retail sales of consumer goods grew by 5.8% year-on-year in the first quarter of 2023, and consumer spending contributed to 66.6% of China's economic growth, regaining its position as the major driver of China's economic growth. The May Day holiday is expected to further boost the consumer market. Consumption boom boosts the local economies which have further launched various favorable measures to stimulate nationwide consumption. Zhu Min, Director of the Shanghai Municipal Commission of Commerce, recently said that the upcoming 4th "May 5 Shopping Festival" in Shanghai will feature no less than 300 new shopping venues and activities that integrate commerce, tourism, culture, sports and exhibitions to provide consumers with a brand-new consumption experience. The 515 Fosun Family Day, a significant part of the "May 5 Shopping Festival" this year, will be heavily linked with the festival to help continuous release of potential consumption. The Shanghai Nightlife Festival with the theme of "Shanghai at night, it's not too late to meet each other", one of the key activities of the "May 5 Shopping Festival", will be launched at the Bund Financial Center in Huangpu District on June 3. The Night Market will be held at BFC Weekend Market. Shanghai Watch and other classic brands of Fosun Family will be rolling out during the "May 5 Shopping Festival". In addition, a series of activities at the Yuyuan Garden will bring the visitors immersive art experiences. On April 28, Fosun announced that it would collaborate with Alipay, a subsidiary of Ant Group, to fully connect with Alipay's open digital ecology and carry out digital operations that cover the entire online and offline chain, ranging from digital payment and membership services to applets and live streaming. Fosun will distribute consumption vouchers worth a total of over RMB1.5 billion via Alipay to help boost the spending of the May 5 Shopping Festival through a combination of online and offline scenarios. Consumption vouchers worth over RMB1.5 billion to boost spending Being a representative enterprise of the civilian economy rooted in Shanghai, Fosun has always been dedicated to contributing "Fosun Power" to the economic growth of Shanghai. The 515 Fosun Family Day this year, with the theme of "I want my Fosun-style life", will collaborate with more than 60 famous brands at home and abroad, as well as four core business districts - Yuyuan, Bund Financial Center, Shanghai Vitality City, and Ningbo Fuyue City, to distribute consumption vouchers worth more than RMB1.5 billion for the first time together with the Internet platform Alipay. The vouchers, covering travel, health, dining, fashion, beauty and other living consumption scenarios, will be given out to consumers and bring them benefits in all aspects of life. Digital intelligence will also be used to link online and offline scenarios, better benefiting individuals and businesses and boosting the consumer market. It is understood that the vouchers will be distributed in four stages. From May 1 to May 14, a limited quantity of high value vouchers will be distributed on time every day; on May 15, searching on Alipay for 515 Fosun Family Day, ten thousand 51.5% off vouchers will be distributed; from May 16 to May 23, featuring hot categories, vouchers for various categories will be distributed every day; from May 24 to June 20, focusing on in-store experience, various benefits ranging from Fosun Family free afternoon tea to Yuyuan parent child camp will be offered. Non-stop activities to fully release consumption vitality The 515 Fosun Family Day is the largest annual event for Fosun and its affiliated brands to give back to customers. The event debuted in 2020 and is now in the fifth year. To fully release consumption vitality, a series of activities under 515 Fosun Family Day this year will run from May 1 to June 20, covering more than 240 essential items in the Fosun ecological supply chain, of which roughly 100 items are newly introduced for the occasion. There will be wonderful activities keep going on. It is reported that time-honored and innovative brands of Yuyuan including Laomiao and Yayi will participate in the 515 Family Day activities by launch new products and hot items. The "Random Happiness Gate" activity, which allows participants to "travel" in a single second to the ideal slow life of Lijiang, see the underwater scenery of Atlantis in Sanya, and discover happiness together with hundreds of millions of families, will be launched at the 515 Fosun Family Day as a festival focused on "family". Additionally, 515 Family Day this year and Fosun Foundation in Shanghai will jointly introduce the "Lijiang Simple Holiday Life Festival" live streaming charity event on May 1 and May 2. Live streaming hosts will bring the participants to "a bazaar". The charity bazaar gathers 90 types of agricultural byproducts with characteristics from 15 counties under the Rural Doctor Program in Yunnan, Sichuan, Guizhou, Hainan, Jiangxi, and other provinces to deeply promote the rural products with characteristics. This event not only connects with charity but also enables participants throughout the nation to take in the relaxing ambiance via live streaming. "Family is the foundation of all good things and the source of happiness. As a global innovation-driven consumer group, Fosun focuses on the needs of household customers and hopes to take 515 Fosun Family Day as an opportunity to reach out to customers, bringing happiness to hundreds of millions of families." said Xu Xiaoliang, Co-CEO of Fosun International. Fosun will keep on innovation and creation, fulfill its mission of "creating happier lives for families worldwide" through its high-quality products and caring services.
A12 藝術空間
Co-CEO
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