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Recently, China Hongqiao (01378.HK), a global market leader in the aluminum industry, released a remarkable interim results announcement, attracting significant market attention. China Hongqiao has demonstrated accelerated development in the first half of 2024, various performance indicators of the company showed a substantial year-on-year growth, with figures increased far exceeding those announced during the positive profit alert released by the Group in June. In particular, the company’s profit has surged by over three times, setting a historic peak. Remarkable Growth in Financial Performance and Dividends In the first half of the year, China Hongqiao achieved a revenue of RMB 73.592 billion, representing a 12.0% year-on-year increase. The net profit attributable to equity holders was RMB 9.155 billion, representing a significant increase of 272.66% year-on-year. The net profit excluding extraordinary profit and loss was RMB 10.77 billion, representing a substantial year-on-year increase of 352.68%. Basic earnings per share increased by approximately 273.0% year-on-year to RMB 0.966. In addition to the growth in revenue and net profit, China Hongqiao also saw a significant increase in gross profit and gross profit margin. In the first half of the year, the company's gross profit increased by approximately 202.1% year-on-year to RMB 17.802 billion, while the overall gross margin was about 24.2%, showing a significant increase of 15.2 percentage points compared to 9.0% in the same period last year. China Hongqiao’s rapid performance growth is driven by both increased product volume and prices, alongside a reduction in cost of key raw materials. "The average selling prices of the Group's aluminum alloy products and alumina products increased compared to the same period in 2023, at the same time, the increase in sales volume and the reduction in purchase prices of key raw materials such as coal and anode carbon blocks were also the favorable factors, thus the Group's gross profit saw a significant increase compared to the same period in 2023," said Mr. Zhang Bo, Chairman of the Board of China Hongqiao. The rising demand in the aluminum industry also contributed to the improvement in China Hongqiao's performance. As inflation continues to moderate globally, and major central banks contemplating potential rate cuts, better than expected improvements in economic performances for major countries are observed, with key growth indicators exhibiting an upward trend. In the context of a slow economic recovery, there are renewed expectations for increased demand for metals like copper and aluminum, driven by industries such as photovoltaics and electric vehicles. Additionally, the supply capacity for certain types of ore and smelting process is experiencing a periodic weaknesses, leading to a significant overall increase in the prices of non-ferrous metals, including aluminum, in the second quarter of 2024. According to Guosheng Securities, with the completion of China Hongqiao’s relocation on electrolytic aluminum production to Yunnan Province, the production cost of electrolytic aluminum is expected to reduce further. Meanwhile, aluminum prices are expected to remain high due to rigid domestic supply and the post-interest rate hike cycle. The increase in both prices and sales volume is foreseen under the expectation of the US Federal Reserve’s rate cuts and increased use of aluminium in green energy applications. All these positive factors further enhance the company’s performance elasticity. As profits surges, China Hongqiao also highly focused on delivering strong returns to its shareholders, China Hongqiao also places great emphasis on shareholders’ returns and continues to increase its dividend payout ratio. In the first half of the year, the company declared a dividend of HKD 0.59 per share, showing a year-on-year increase of 73.5%, with a dividend yield of approximately 5.72% and a payout ratio of 56%. The company's average dividend payout ratio has consistently ranked among the top tier within the industry, providing a stronger secured margin to its shareholders since it became a listed company in HKEX from 2011. Moreover, China Hongqiao currently has a strong cash flow. As at June 30, 2024, the company held approximately RMB 37.502 billion in cash and cash equivalents, which also helps ensuring the stability and flexibility of its business operations. Integrated Industry Chain Highlights Advantages with Strong Momentum for Performance Growth The significant growth in China Hongqiao's performance is not only a result of the overall improvement in industry demand but also the outcome of the company's commitment to building an integrated industry chain and continuously enhancing its internal innovation capabilities. Chairman of the Board Mr. Zhang Bo highlighted that the company is currently at a critical stage of transforming and upgrading from traditional industries, developing and expanding emerging industries, and exploring future industry layouts. During this period, China Hongqiao continued to cement its presence in the aluminum industry, further strengthening its full industry chain from bauxite, alumina, primary aluminum, aluminum deep processing, to recycled aluminum. The company has continuously deepened the conversion of new and old growth drivers, leveraging new technologies to empower sustainable development, and consistently increasing the role of “Green” in business growth. As China Hongqiao continues to enhance its industrial chain, it is also proactively expanding into international markets. The company is currently cooperating with countries and regions such as India, Europe, Malaysia, North America, and other Southeast Asian regions. The key materials for electrolytic aluminum production are alumina, electricity, and prebaked anodes. China Hongqiao has made arrangements for bauxite resources in Guinea and Indonesia while expanding its sources of raw materials from Australian bauxite, this ensures the diversification of raw material supply to reduce exposures to raw material risks. As at March 2024, China Hongqiao's project in Guinea has maintained an annualized production capacity of approximately 50 million tonnes of bauxite, with a total alumina production capacity of 19.5 million tonnes per year (including 17.5 million tonnes per year of domestic alumina production capacity and 2 million tonnes per year of Indonesian alumina production capacity). The company has become fully self-sufficient in alumina, highlighting its advantages through all-round integration. Currently, China Hongqiao's total electrolytic aluminum production capacity has reached 6.46 million tonnes per year, and the company plans to relocate a total of 3.96 million tonbes per year of capacity to Yunnan, which is expected to further reduce the overall electricity costs of the company's total production capacity. While China Hongqiao previously relied primarily on coal-fired power for its energy consumption, in response to national policies and with the support of the Yunnan government, the company has relocated part of its capacity to Yunnan to fully utilize the local hydropower advantages. Additionally, the company is vigorously investing in clean energy projects such as photovoltaics in both Yunnan and Shandong, increasing the proportion of clean energy. China Hongqiao continues to build itself as a global market leader in the integrated aluminum industry chain, with industry chain advantages bringing cost advantages to the company. At the same time, the company's capacity relocation actively adapts to the on-going low-carbon development trends. Along with the company's internal initiatives to enhance both the quality and the efficiency, and external efforts to expand international markets, China Hongqiao is further unleashing its strong development momentum and continuously unlocking its potential for significant performance growth.
Life & Health NBV jumps 11.0% YoY, demonstrating significant positive results in high-quality business development HONG KONG and SHANGHAI, Aug. 22, 2024 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 2318; SSE: 601318) today announced its 2024 interim results for the six month period ended 30 June 2024. In the first half of 2024, China's economy was generally stable despite a complex external environment. Facing opportunities and challenges, Ping An focused on its core financial businesses, strengthened its "integrated finance + health and senior care" strategy, and improved the business quality and efficiency by providing customers with "worry-free, time-saving, and money-saving" service experience. The overall operating results remained solid, demonstrating resilience. In the first half of 2024, Ping An delivered a 16.4% annualized operating ROE, with operating profit attributable to shareholders of the parent company reaching RMB78,482 million. Net profit attributable to shareholders of the parent company rose 6.8% year on year to RMB74,619 million. The Group's total assets grew to nearly RMB12.23 trillion as of June 30, 2024. Attaching importance to shareholder returns, Ping An will pay an interim dividend of RMB0.93 per share in cash, maintaining stable cash dividends. Ping An delivered significant positive results in high-quality business development. Three core businesses, namely life and health insurance ("Life & Health"), property and casualty insurance ("Ping An P&C"), and banking, achieved growth and delivered RMB79,565 million in operating profit attributable to shareholders of the parent company, up 1.7% year on year. Life & Health's new business value ("NBV") grew 11.0% year on year to RMB22,320 million. Agent productivity continued to increase with NBV of the agent channel up 10.8% and NBV per agent up 36.0% year on year. Business quality improved steadily as Ping An Life recorded a material improvement in its persistency ratios with the 13-month persistency ratio rising 2.8 pps year on year. Ping An delivered excellent results in insurance funds investment, with the portfolio achieving an annualized comprehensive investment yield of 4.2% in the first half of 2024. Ping An continued to develop its "integrated finance + health and senior care" strategy. Retail customers increased to 236 million as of June 30, 2024; 24.9% of them held four or more contracts within the Group, with a retention rate of 97.8%. Over 87.92 million retail customers held multiple contracts with different subsidiaries. Customers entitled to service benefits in the health and senior care ecosystem accounted for over 68% of Ping An Life's NBV in the first half of 2024. Top nine business highlights in 1H2024 1. Stable cash dividends amid steady business results. The Group delivered a 16.4% annualized operating ROE, with operating profit attributable to shareholders of the parent company reaching RMB78,482 million in the first half of 2024. Three core businesses, namely Life & Health, Ping An P&C, and banking, achieved growth and delivered RMB79,565 million in operating profit attributable to shareholders of the parent company, up 1.7% year on year. Attaching importance to shareholder returns, Ping An will pay an interim dividend of RMB0.93 per share in cash. 2. Life & Health grew continuously and achieved high-quality development in its agent channel. NBV amounted to RMB22,320 million in the first half of 2024, up 11.0% year on year. Agent productivity continued to increase with NBV of the agent channel up 10.8% and NBV per agent up 36.0% year on year. The number of Ping An Life's individual life insurance sales agents reached about 340,000 as of June 30, 2024. 3. Ping An P&C maintained good business quality with steady revenue growth. Ping An P&C's insurance revenue rose 3.9% year on year to RMB161,910 million in the first half of 2024. The company maintained a healthy overall combined ratio at 97.8% through enhanced business management and risk screening. 4. Ping An Bank maintained steady business performance as well as adequate capital and risk provisions. Net profit grew 1.9% year on year to RMB25,879 million in the first half of 2024. Core tier 1 capital adequacy ratio rose to 9.33% and provision coverage ratio was 264.26% as of June 30, 2024. 5. Ping An delivered excellent results in insurance funds investment. In a complex and volatile market environment, Ping An's insurance funds investment portfolio achieved an annualized comprehensive investment yield of 4.2% in the first half of 2024, up 0.1 pps year on year. The portfolio achieved a 5.4% average comprehensive investment yield over the past decade. 6. Ping An continued to develop integrated finance. Retail customers increased to 236 million as of June 30, 2024; 24.9% of them held four or more contracts within the Group, with a retention rate of 97.8%. 7. Ping An continued to implement its health and senior care ecosystem strategy, achieving significant positive results with differential advantages. By integrating providers, Ping An partnered with all top 100 hospitals and 3A hospitals, and accumulated about 50,000 in-house doctors and contracted external doctors in China as of June 30, 2024. Ping An partnered with approximately 233,000 pharmacies as of June 30, 2024, up by over 2,500 from the beginning of the year. Customers entitled to service benefits in the health and senior care ecosystem accounted for over 68% of Ping An Life's NBV in the first half of 2024. 8. Ping An actively fulfilled its social responsibilities and supported the real economy. Ping An cumulatively invested nearly RMB9.46 trillion as of June 30, 2024 to bolster the real economy. Green investment of insurance funds and green loan balance reached RMB124,877 million and RMB164,634 million respectively as of June 30, 2024. Ping An's green insurance premium income amounted to RMB23,605 million, and funds provided for rural industrial vitalization via "Ping An Rural Communities Support" totaled RMB17,024 million in the first half of 2024. Ping An made its debut in the Fortune China ESG Impact List in 2024. 9. Ping An further increased its brand value. In 2024, Ping An ranked 53rd on the Fortune Global 500 list and remained first in the global "Insurance: life and health" industry; 29th on the Forbes Global 2000 list and remained 1st among Chinese insurers; 1st on the Brand Finance Insurance 100 list for the 8th consecutive year. Deepened integrated finance model drove the stable growth in three core businesses. Life insurance operating results grew continuously, and the business quality continued to improve. Ping An Life continued to enhance its channels and improve business quality under the "4 channels + 3 products" strategy in the first half of 2024. By upgrading "insurance + service" solutions, Ping An Life continuously strengthened its presence in health and senior care sectors to empower high-quality business development. Life & Health NBV grew 11.0% year on year to RMB22,320 million in the first half of 2024. Ping An Life recorded a material improvement in its persistency ratios with the 13-month persistency ratio rising 2.8 pps year on year and 25-month persistency ratio rising 3.3 pps year on year in the first half of 2024. Ping An Life continued to enhance channel development. In the agent channel, the company continued to deepen the transformation and improve the team structure, focusing on recruiting high-quality new agents with the support of existing high-quality agents. Agent channel NBV grew 10.8% year on year in the first half of 2024. NBV per agent grew 36.0% year on year. The proportion of "Talent+" new agents increased by 10.2 pps year on year. The number of Ping An Life's individual life insurance sales agents reached about 340,000 as of June 30, 2024. In the bancassurance channel, Ping An Life adhered to its value-oriented transformation strategy. Bancassurance channel NBV rose 17.3% year on year in the first half of 2024. In Community Grid and other channels, Ping An Life focused on retained customers and set up 126 Community Grid outlets in 90 cities as of June 30, 2024, an increase of 39 cities from the beginning of the year. Ping An Life built a team of approximately 15,000 highly competent specialists who perform effective service operations. Community Grid's 13-month policy persistency ratio of retained customers improved by 5.8 pps year on year in the first half of 2024, and FYP was 2.6 times that for the same period last year. In the lower-tier channel, Ping An Life continuously promoted sales in 7 provinces, gradually building robust sales channels in the first half of 2024. "Insurance + service" offerings have gained traction. Ping An Life provided health management services to nearly 16 million customers in the first half of 2024. More than 120,000 customers qualified for home-based senior care services, which covered 64 cities across China as of June 30, 2024. Ping An has unveiled premium health and senior care communities in 5 cities. Ping An P&C maintained stable business growth and good business quality. The company grew its insurance revenue by 3.9% year on year and improved its overall combined ratio ("COR") by 0.2 pps to 97.8% in the first half of 2024. In auto insurance, overall operations are steady and in good order. Auto insurance premium income rose 3.4% year on year to RMB104,824 million, and vehicles insured increased 5.9% year on year in the first half of 2024. As a one-stop service platform for auto owners, the "Ping An Auto Owner" app had more than 218 million registered users as of June 30, 2024, with over 142 million vehicles linked to it. Ping An P&C offers leading online claims services and scored 90.87 in the Auto Insurance Service Quality Index evaluation by CBIT (China Banking and Insurance Information Technology Management Co., Ltd.), positioning the company among the leading players in the property and casualty insurance industry. Ping An Bank maintained steady business performance and adequate risk provisions. The bank adheres to its strategy of "strong retail banking, selective corporate banking, and specialized interbank business." Net profit grew 1.9% year on year to RMB25,879 million in the first half of 2024. Core tier 1 capital adequacy ratio increased to 9.33% as of June 30, 2024. Ping An Bank continuously strengthened risk management and maintained adequate risk provisions. Non-performing loan ratio and provision coverage ratio were 1.07% and 264.26% respectively as of June 30, 2024. The bank promoted the high-quality sustainable development of its retail business. Retail assets under management ("AUM") rose 2.2% from the beginning of the year to RMB4,120,630 million, and retail deposit balance grew 6.9% from the beginning of the year to RMB1,290,345 million as of June 30, 2024. In corporate business, Ping An Bank closely follows national strategies to serve the real economy. Corporate loan balance grew 11.4% from the beginning of the year to RMB1,592,139 million as of June 30, 2024. Corporate deposit balance grew 3.7% from the beginning of the year to RMB2,280,467 million. Ping An delivered excellent results in insurance funds investment. The Group's insurance funds investment portfolio grew 10.2% from the beginning of the year to more than RMB5.20 trillion as of June 30, 2024. The Group upheld a balanced and prudent approach to its insurance funds investment portfolio under the guidance of long-term strategic asset allocation in the first half of 2024. The portfolio achieved an annualized comprehensive investment yield of 4.2% in the first half of 2024, up by 0.1 pps year on year. The portfolio achieved a 5.4% average comprehensive investment yield over the past decade. Ping An advanced its integrated finance strategy under a customer-centric philosophy. The Group focused on the development of retail customers, building a brand of heartwarming financial services by providing "worry-free, time-saving, and money-saving" one-stop integrated financial solutions. Integrated finance brought Ping An higher operational efficiency, lower operating and risk costs, and higher customer retention rates. The Group's retail customers increased 1.9% from the beginning of the year to 236 million as of June 30, 2024; 24.9% of retail customers held four or more contracts within the Group, with a retention rate of 97.8%. Contracts per retail customer reached 2.93. Over 87.92 million retail customers held multiple contracts with different subsidiaries. Thanks to Ping An's diverse integrated finance products and channels, as well as the enhanced "worry-free, time-saving, and money-saving" services, new customers acquired in the first half of 2024 totaled 13.92 million. Retail cross-selling deepens as Ping An adheres to long-term customer development and continuously gains customer insights. Middle-class and above customers accounted for approximately 77.7% of the Group's total retail customers, and high net-worth individuals ("HNWIs") held about 20.13 contracts per customer as of June 30, 2024. Ping An launched a Chinese "managed care model" as a new driver of value growth. Ping An actively promoted the Chinese "managed care model" by seamlessly combining its online/offline health and senior care ecosystem with financial businesses in which Ping An acted as a payer. The Group built a health and senior care ecosystem in China with differential advantages, including "online, in-store and home-delivered" service capabilities, extensive coverage of health and senior care service resources, and access to high-quality proprietary resources. Ping An empowered core financial businesses through differentiated "Product + Service" offerings. 28.6% of the Group's new retail customers were acquired from its health and senior care ecosystem in the first half of 2024. Customers entitled to service benefits in the Group's health and senior care ecosystem accounted for over 68% of Ping An Life's NBV in the first half of 2024. More than 63% of Ping An's 236 million retail customers used services from the health and senior care ecosystem as of June 30, 2024. They held approximately 3.36 contracts and RMB57,500 in AUM per capita, 1.6 times and 3.8 times those held by non-users of these services respectively. Nearly 16 million customers of Ping An Life used services from the health and senior care ecosystem in the first half of 2024. Notably, nearly 70% of Ping An Life's newly-enrolled customers used health management services in the first half of 2024. Ping An made significant progress in retail and corporate customer development by effectively integrating insurance with health and senior care services. The Group's health and senior care ecosystem had more than 67,000 paying corporate clients and their nearly 27 million employees were served in the first half of 2024. Ping An Health had approximately 40 million paying users over the 12 months ended June 30, 2024. PKU Healthcare Group's revenue continued to grow to approximately RMB2.52 billion in the first half of 2024, driven by its robust operations and faster development since its takeover by Ping An in 2021. Ping An had about 50,000 in-house doctors and contracted external doctors as well as 34 general hospitals, health management centers, and children's rehabilitation centers in China as of June 30, 2024. The Group also partnered with more than 36,000 hospitals, over 104,000 health care management institutions, and approximately 233,000 pharmacies in China as of June 30, 2024. Overseas, Ping An partnered with more than 1,300 health care institutions in 35 countries as of June 30, 2024, including 8 of the global top10 on the Newsweek's World's Best Hospitals List. Ping An continued to build world-leading AI capabilities. The Group focused on developing core technologies and securing proprietary intellectual property rights. According to the latest ranking released by the World Intellectual Property Organization (WIPO) in 2024, Ping An ranked second globally with 1,564 generative AI patent applications. The Group's patent applications led most international financial institutions, totaling 52,185 as of June 30, 2024. Ping An had a first-class technology team of more than 20,000 technology developers and over 3,000 scientists as of June 30, 2024. From the perspective of transforming and upgrading Ping An's core businesses, technology benefits are reflected in higher sales, better business efficiency, and stronger risk management. The volume of services provided by Ping An's AI service representatives reached about 870 million times, accounting for 80% of Ping An's total customer service volume in the first half of 2024. It took an average of 7.4 minutes to close a claim with Smart Quick Claim. Moreover, claims savings via smart fraud risk identification grew 4.3% year on year to RMB6.1 billion in the first half of 2024 as Ping An continuously strengthened risk management. In the second half of 2024, China's economic recovery will be further bolstered as the government deepens reform comprehensively and household consumption and public expectations continuously improve. Ping An will thoroughly study and implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China (the "CPC"), uphold the CPC Central Committee's centralized, unified leadership over financial work, adhere to a people-centered value orientation, relentlessly pursue high-quality development, and strive for sustainable, well-structured and high-quality resilient growth. Ping An will continue to implement its business policy of "focusing on core businesses, boosting revenue and cutting costs, optimizing structure, and enhancing quality and efficiency," and advance its technology-driven "integrated finance + health and senior care" strategy. Taking the "worry-free, time-saving, and money-saving" value proposition as its business guidance, service standard, and long-term commitment, the Group strives to create long-term, stable and sustainable value for customers, employees, shareholders and society. – End –
BEIJING, April 18, 2024 /PRNewswire/ -- Purchasers were seen carrying luggage, exchanging name cards when passing by each other, and rushing through the exhibition halls of the Canton Fair on Monday morning, the first day of the 135th session of China's landmark trade fair, which will run until May 5. On the first day of the 135th session of the China Import and Export Fair, commonly known as the Canton Fair, over 60,000 global purchasers visited the physical exhibition halls. By Sunday, more than 149,000 purchasers from 215 countries and regions had registered to visit the 135th session of Canton Fair, up 17.4 percent from the 134th session held in October and November 2023, the Global Times learned from the fair organizer. With an exhibition area of 1.55 million square meters, the fair accommodates 28,600 enterprises attending the export exhibition and 680 firms attending the import exhibition. One buyer from Brazil,bringing a huge suitcase with him, was rushing to the exhibition hall for new-energy vehicles (NEVs). "The suitcase is used to hold exhibitors' brochures and business cards. I'm planning to take about 80 booklets today, which is a heavy burden if I carry them by hand," the buyer, who was in too much of a hurry to share his name, told the Global Times on Monday. While experienced purchasers from all over the world attending the Canton Fair are trying to improve their efficiency, David Beschaftigt, a first-time Canton Fair participant from Germany, and his peers, were dazzled by the millions of products on display. "We're looking for products that are great for selling to customers in Germany," Beschaftigt, a representative of an e-commerce platform, told the Global Times on Monday. "It's very big here. We first look with our eyes, touch the things and check the quality. And then we can do some research if the products are interesting to sell and whether we can make profit," Beschaftigt said. They are among the global purchasers at the Canton Fair hoping to explore the latest high-quality products for global customers. Helpful, open to all Exhibitors said that attending the 135th Canton Fair helps enterprises grab global orders, expand the market and help consolidate China's foreign trade and foreign investment. "We export about $30-50 million worth of electric bicycles to the world every year, mainly to Europe and North America," Eddie Xu, sales manager at Jinhua-based Yongkang Lohas Vehicle Co, told the Global Times on Monday at the Canton Fair. Xu said the company attends many exhibitions domestically and overseas, but the Canton Fair is the most effective one as it targets the largest customer group. Lu Aohua, sales manager at Ji'nan-based Gweike Tech Co, echoed Xu by saying that the exhibition halls of some expos overseas are relatively small, as are the number of visitors. "But the Canton Fair is different. It is large, and the categories of products on display are comprehensive. It's easy to set up contacts with upstream and downstream enterprises, which makes potential customer exploration easier," Lu told the Global Times on Monday at the fair. Gweike, a manufacturer of laser cutting machines, exports about 1.2 billion yuan ($166 million) worth of products annually, mainly to the US, Turkey, Russia, Italy and some South American countries, according to Lu. Lu also said that he feels a larger crowd of overseas purchasers have come to this edition of the Canton Fair than at the 134th session held in October and November in 2023. Many other exhibitors shared the same feeling. One salesperson at Supcon Chemical Industry Indonesia told the Global Times that she is already exhausted from having received some 60 batches of customers by 2 pm on Monday. The Canton Fair, often dubbed the No.1 expo in the world in terms of scale, is seen as a symbol of foreign trade that gives confidence to international commerce dealers. The fair's popularity tells of the vitality of China's foreign trade and attractiveness to global participants. The fair is now open to all, so global exporters and importers can enjoy the dividends of China's opening-up. More than 9.3 million overseas merchants have participated in the Canton Fair since the first session held in 1957, the Global Times learned from the Canton Fair organizer. The number of global cooperation partners comes to 195, which has strongly promoted trade and people-to-people exchanges between China and other countries and regions in the world. China vows to pursue higher-level opening-up and to promote mutual benefits, as was announced in this year's Government Work Report. "We will promote coordinated development of domestic and foreign trade. Major trade events will be hosted, such as the China International Import Expo, the China Import and Export Fair, the China International Fair for Trade in Services, the Global Digital Trade Expo, and the China International Consumer Products Expo," read the report. The Canton Fair, together with other events, demonstrates China's determination to expand high-level opening-up and promotes an open world economy and mutually beneficial cooperation. Behind these major events is the transformation and upgrading of China's economic structure. Transformation and upgrading The Canton Fair, for example, used to mainly showcase consumer goods, but in recent years, the proportion of intermediate and capital goods on display has increased to 12 percent. In the machinery exhibition area where capital goods are concentrated, the number of booths has increased by more than 50 percent in the past five years. Capital goods and intermediate goods are becoming more and more important in the Canton Fair, through which China provides the world with a large number of high-quality products with strong competitiveness and stable supply. This has helped all countries and regions, especially developing countries, achieve industrialization and enhanced the resilience and stability of industrial and supply chains in the world. The Canton Fair released on Friday a survey of exhibitors, which showed that more than 80 percent of them know more suppliers through the Canton Fair, 64 percent of exhibitors found more suitable supporting services providers, and 62 percent of exhibitors obtained more efficient production alternatives. Consumer goods displayed at the Canton Fair are also smarter and greener, showcasing the country's advanced manufacturing level. The number of exhibitors for sectors such as NEVs, smart transportation, industrial automation, intelligent manufacturing and new-energy materials increased during the current Canton Fair. There are more than 90,000 intelligent products such as brain-computer interface bionic hands, automatic navigation and transportation equipment, and artificial intelligence (AI) translation machines. More than 50 percent of exhibitors are actively applying digital technologies such as AI and big data analysis to transform production and operation. Over 1 million new products are expected to be showcased at the first phase of the 135th session of Canton Fair, from Monday to Friday, themed "advanced manufacturing." Of these, 450,000 are green and low-carbon items and more than 250,000 are products with independent intellectual properties, the Global Times learned from the Canton Fair organizer. The spring Canton Fair is divided into three phases, with the second phase themed "quality home furnishings" from April 23 to 27, and the third phase themed "better life" from May 1 to 5. A cross-border e-commerce pilot zone and overseas warehouse zone were set up for the first time, with a total exhibition area of 3,000 square meters. A total of 165 e-commerce comprehensive pilot zones are promoted on the Canton Fair online platform.
A Legacy of Growth: Weichai Power Champions Unprecedented Expansion and Returns Innovation Through Unity: Weichai Leads with a Vision for Shared Value Development WEIFANG, China, March 26, 2024 /PRNewswire/ -- Weichai Power Co., Ltd. (2338.HK, 000338.SZ), in its latest annual report released on March 26, unveiled significant financial achievements for the year 2023. The company recorded revenue of RMB 213.96 billion, a notable increase of 22.2% compared to the previous year. Net profit attributable to shareholders surged by 83.8% to RMB 9.01 billion, while basic earnings per share jumped 84.5% to RMB 1.04. In a move reflective of its commitment to shareholder returns, Weichai Power announced an enhancement of its dividend strategy, increasing the cash dividend ratio to 50% for the year. This strategic decision underscores the company's robust financial health and its focus on sustaining high returns for its investors. Weichai Power Co., Ltd. commemorated the 20th anniversary of its Hong Kong listing with a seminar on March 26 in Weifang, China, attended by a wide range of participants from the global financial community, investors, and media. The event highlighted the company's journey of reform and innovation over the past two decades. Tan Xuguang, chairman of Shandong Heavy Industry Group, Weichai Power, and China National Heavy Duty Truck Group, delivered a keynote speech, "Growth, Value, Future", discussing the company's five strategic models and four development approaches. In 2004, Weichai Power became the first company from China's internal combustion engine sector to go public in Hong Kong, raising US$170 million and setting a record with its initial offering being oversubscribed by 928 times and international placement oversubscribed by 52 times, the highest since 1998. Following China's market reforms in 2007, Weichai Power completed a merger with Torch Automobile Group, resulting in a Shenzhen Stock Exchange listing. This innovative approach marked Weichai Power as the first company to transition from an H-share to an A-share listing through a merger, a move recognized for its creativity in the global financial market. This strategy has been instrumental in advancing Weichai Power's international presence and has laid the foundation for further domestic and international mergers and acquisitions. In an aggressive move in 2005, Weichai Power Co., Ltd. laid down RMB 1.02338 billion for Torch Automobile Group, in what was then the largest cash acquisition deal in China's capital markets. This strategic merger not only brought together Weichai's engines, Fast Gear's transmissions, and Hande's axles into a pioneering "golden powertrain integration" model but also reversed integrated giants like Shaanxi Heavy Duty Automobile, Lovol Agricultural Equipment and Lovol Construction Machinery. The ambitious amalgamation has propelled Weichai to the forefront of the heavy machinery sector, claiming top spots in global sales for its heavy-duty engines and transmissions, as well as leading positions in China's agricultural equipment, axle and heavy-duty truck markets. In 2009, Weichai Power's acquisition of the French company Baudouin marked the company's inaugural venture into the international market, signaling a strategic pivot towards global capital markets. This acquisition spearheaded a series of international acquisitions, including but not limited to, Kion Group (Germany) and Linde Hydraulics (Germany), PSI (US), Ceres (UK), Ballard Power Systems (Canada), Aradex (Germany), VDS (Austria), and Fischer (Switzerland). These acquisitions have enabled Weichai Power to focus on key strategic areas including large bore high power density engines, advanced hydraulics, continuously variable transmission (CVT) powertrains, and fuel cell technology, culminating in the creation of a leading-edge intelligent logistics industrial chain. Weichai Power's international footprint, as measured by its transnational index, has reached 48.57%, underscoring the company's prominence on the global stage. Over the past two decades, Weichai Power has evolved into a global conglomerate with diversified interests spanning power systems, commercial vehicles, agricultural machinery, and intelligent logistics solutions. Financially, the company has seen a remarkable trajectory of growth. From 2004 to 2023, revenue surged from RMB 6.2 billion to RMB 214 billion, reflecting a thirty-threefold increase. Net profit attributable to the parent company escalated from RMB 540 million in 2004 to RMB 9.01 billion in 2023, marking a sixteen-fold increase. This financial growth underscores Weichai Power's comprehensive capabilities, exceptional investment value, and widespread brand recognition across the capital markets. The company's total market value has exceeded RMB 140 billion, a 30-fold increase since its listing. Weichai Power has witnessed exceptional market value growth, surpassing 40 times its initial listing value. Over the past 20 years, the firm has distributed dividends exceeding RMB 28 billion. The Weichai chairman, Tan Xuguang, reflected on the company's journey, emphasizing how the two decades of collaborative efforts and mutual success have cemented a formidable partnership network worldwide. At Weichai Power, we envisage "growth, value, and future" as our core guiding principles. "Growth" is interpreted as the ambition to rank among the world's leading enterprises. "Value" signifies our aspiration to be acknowledged as a globally respected powerhouse. Looking ahead, Weichai Power is poised for an even more promising future, characterized by ceaseless energy, boundless potential, and enduring excellence. We remain a beacon of innovation and leadership, continually attracting the attention and support of stakeholders globally.
BARCELONA, Spain, Feb. 29, 2024 /PRNewswire/ -- During MWC Barcelona 2024, Liu Kang, President of Huawei ICT Marketing & Solution Sales, delivered a keynote speech titled "Embracing 5.5G to Unleash Industry Dividends" at the 5G Advanced: Completing the Enterprise Opportunity conference. Liu Kang said that 5G has become a must for industry digitalization and that upgrading to 5.5G is expected to enhance network capabilities by 10-fold. This, he noted, will drive industries to accelerate intelligent digital transformation and further unleash industry dividends. Liu Kang delivering a keynote speech Supported by 5.5G's key features such as 10 Gbps downlink, 1 Gbps uplink, deterministic network, support for 100 billion IoT connections, and native intelligence, operators can provide enterprise users with better connectivity services and a wider range of integrated ICT services. Such services will effectively support the core production processes of enterprises, and enable the all-scenario connection of things and more reliable intelligent transportation, thus accelerating both social and economic development. Providing better connectivity services to enhance SME connectivity Supported by 5.5G, FWA will continue evolving towards FWA² that features 20-ms low latency and high reliability. Operators will replace microwave lines and low-speed copper lines with better connectivity services, extending FWA services from home to enterprise scenarios, enhancing the connectivity of SMEs and maximizing network value. Offering a wider range of integrated ICT services to accelerate industry digitalization With its enhanced capabilities, 5.5G provides guaranteed speeds of 300 Mbps, 20-ms latency at 99.999% reliability. Furthermore, by supporting additional industry demands, such as networking, computing, cloud, and IoT, 5.5G will create "X capabilities" for industries, driving the digitalization and automation of more application scenarios in the future. Providing effective support for enterprises' core production processes to increase production efficiency 5.5G enables uplink rates up to 1 Gbps, latency as low as 4 ms, and reliability as high as 99.999%. These capabilities can effectively support the core production processes of enterprises, significantly enhancing their production efficiency. Taking production at coal mines as an example, many underground mines have a fully-mechanized mining face that is longer than 100 meters. Thanks to 5.5G's ultra-large uplink capability, over 100 HD cameras can be deployed for real-time video uploading, and AI technology is employed to stitch panoramic videos from fully-mechanized mining faces. This 5.5G smart mine solution realizes "see all, see clearly" for underground operations. This is how 5.5G technology can contribute to health and safety regarding underground mining. Adapting to IoT requirements across all scenarios to accelerate the development of a market of 100 billion IoT connections 5.5G enhancements can be seen in areas like uplink bandwidth, latency, positioning, and passive tagging, which can meet IoT requirements across all scenarios. The declining cost of RedCap and passive IoT devices is driving the IoT market to scale up faster and move towards achieving 100 billion IoT connections. Enabling vehicle-road collaboration to improve driving safety and traffic management efficiency By the end of 2023, the global connected vehicle count had reached 350 million. 5.5G Macro Sites enableto deliver low latency of 20 ms and high reliability of 99%, thereby accelerating vehicle-road collaboration for enhanced driving safety and traffic management efficiency. This solution has been verified from end to end in Shanghai, and is projected to improve traffic management efficiency by 30% and reduce average commute times by 20%. Liu Kang noted that close industry partnerships are instrumental in unlocking the benefits of 5.5G. Huawei is committed to working with industry and ecosystem partners to explore the wide-ranging applications of 5.5G technology, and bring about a new era of intelligent interconnection of industry applications. This will enable all participants to benefit from 5.5G development and enjoy shared success.
SHANGHAI, June 29, 2023 /PRNewswire/ -- Li Peng, Huawei's Senior Vice President and President of the Carrier BG, today called for further innovation in 5G to create new value and unleash digital dividends during his keynote at MWC Shanghai 2023. He said the industry needs to innovate together to meet increasing digital requirements in both the consumer and industrial markets. Titled Creating New Value with 5G to Unleash Digital Dividends, his speech discussed how 5G is spearheading the development of the digital industry and enabling the digitalization of all industries. Li said, "The future is now. New business scenarios for people, homes, businesses, and vehicles are delivering new experiences. This is raising higher requirements for network capabilities. Enhanced network capabilities, like 10 Gbps downlink, 1 Gbps uplink, and 100 billion IoT connections, are creating a vast market space in 5.5G for carriers." Li Peng speaks at MWC Shanghai 2023 Connecting people: Demand for new experience boosts traffic dividends Currently, the world has over 1.2 billion 5G users. Li explained that the pursuit of the ultimate experience by the large number of users is driving the development of innovative content and applications as well as the construction of 5G networks that can deliver a 10 Gbps experience. Huawei predicts that these applications and content will also spur a 10-fold surge in traffic. For example, the traffic generated by naked-eye 3D content will see a 3- to 10-fold increase compared with 2D videos. A single New Calling user can generate over 1 GB of data per week while one cloud phone user can generate over 1 GB of data a day. 5G spectrum will also be crucial for achieving the ultimate user experience. Li said that the industry needs access to new frequency bands, including the 6 GHz and mmWave bands, as well as sub-100 GHz spectrum for 5G New Radio. Huawei has already worked with multiple carriers to perform technical verification for the 6 GHz band. Field tests show that 10 Gbps downlink can be achieved on the 6 GHz band and that the band can also achieve co-coverage with C-band for a single site. Connecting homes: Huge room for smart life dividends In the consumer market, skyrocketing demand for new experiences has led to a boom in innovative forms of content and applications, like naked-eye 3D, smart home management, and whole-house intelligence. This has prompted carriers to upgrade home networks that will deliver a bandwidth of 10 Gbps like private lines. Li explained that Huawei launched the 5G FWA Square solutions, including FWA Pro for ultrafast connectivity, FWA Lite for cost-effective connectivity, and FWA Biz for highly reliable connectivity. These three solutions can help carriers better meet user needs in various scenarios and expand the 5G FWA market. Connecting industries and machines: A trillion-yuan market Since 5G commercialization began four years ago, more than 17,000 private 5G networks have been built globally. These networks have turbocharged digitalization in many industries, with clear economic benefits for early adopters in the manufacturing, port, mining, oil & gas, and healthcare industries. As industrial digitalization becomes more common, more businesses will integrate digital technology into their production processes, and they will require more advanced network capabilities that 5G can provide. Together with partners, Huawei helped a customer develop the industry's first 5.5G-powered flexible production line. The project found that the 5.5G deterministic network guaranteed ultra-high reliability and reduced latency down to 4 milliseconds in a high-concurrency environment. Li Peng calls for joint effort on 5.5G research Connecting vehicles: A new path for carriers Li also touched on the popular topic of autonomous vehicles during his speech. Constant progress is being made in the areas of connected vehicles and Internet of Vehicles (IoV). ICT services are essential for intelligent connected vehicles, Vehicle to Everything (V2X), and connected intelligence. 5.5G will help cars sense their surroundings much more clearly. An IoV with advanced sensing is a core component of intelligent traffic light systems, navigation on rainy and foggy days, beyond-line-of-sight sensing, and more. Level-4 autonomous vehicles are expected to hit the commercial market in 2025 and will require massive amounts of computing power and strong networks. An autonomous car generates hundreds of terabytes of data each day, and needs to upload about one terabyte of that data to the cloud to support AI model training and algorithm updates. Li said that Huawei will deepen its partnership with the industry to support these huge demands for computing power on clouds and intelligent real-time computing. The connectivity and computing markets are expected to become promising areas of growth for carriers. MWC Shanghai 2023 runs from June 28 to June 30 in Shanghai, China. Huawei showcases its products and solutions at stands E10 and E50 in Hall N1 of Shanghai New International Expo Centre (SNIEC). Together with global operators, industry professionals, and opinion leaders, we dive into topics such as speeding up 5G prosperity, striding towards the 5.5G era, and intelligent digital transformation. 5.5G creates new business value in areas like the Internet of People (IoP), Internet of Things (IoT), and Internet of Vehicles (IoV), supporting countless industries as they move towards an intelligent world. For more information, please visit: https://carrier.huawei.com/en/events/mwcs2023.
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