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NEW YORK, Sept. 9, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, will announce its financial results for the first half of fiscal year 2024 on Monday, September 16th before the market opens. SunCar will host a conference call on Monday, September 16th at 8:00 AM ET (5:00 AM PT) with the investment community to discuss the Company's financial results and provide a business update. Investors may submit written questions by September 12th via e-mail to: IR@suncartech.com. CONFERENCE CALL & AUDIO WEBCAST To access the call by phone, please dial 1-877-407-0752 (international callers please dial 1-201-389-0912) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://viavid.webcasts.com/starthere.jsp?ei=1688435&tp_key=b4a21ff1d5. A webcast replay will also be available for a limited time at the following link: https://viavid.webcasts.com/starthere.jsp?ei=1688435&tp_key=b4a21ff1d5. About SunCar Technology Group Inc. Originally founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. The Company's multi-tenant, cloud-based platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com. Forward Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Contact Information: SunCar:Investor Relations: Ms. Hui JiangEmail: IR@suncartech.com Legal: Ms. Li ChenEmail: chenli@suncartech.com U.S. Investor RelationsMatthew Abenante, IRCPresidentStrategic Investor Relations, LLCTel: 347-947-2093Email: matthew@strategic-ir.com
HONG KONG SAR - Media OutReach Newswire - 4 September 2024 - Luxshare Precision (002475.SZ) announced its 2024 interim results and 2024 Q3 forecast on August 23. In the first half of 2024, the company achieved a revenue of RMB103.60 billion, marking a year-on-year increase of 5.74%. Net profit attributable to ordinary shareholders of the company reached RMB5.40 billion, a significant rise of 23.89%, with basic earnings per share at RMB0.75, up by 22.95%. Luxshare Precision's profitability improved steadily, with a gross margin of 11.71%, up 1.07% from the first half of 2023, and a slight increase in net profit margin to 5.56%. Expanding Business Dimensions: Diversified Strategies Driving High-Quality Growth Luxshare Precision 's strategic diversification in consumer electronics, automotive, and communication and data center sectors has fueled high-quality growth. In the first half of 2024, the company strengthened its consumer electronics business while also demonstrating robust growth in automotive, and communication and data center. In its core consumer electronics segment, Luxshare Precision reported steady performance with a revenue of RMB85.55 billion, a year-on-year increase of 3.25%. The gross margin improved to 10.49%, up by 0.98% compared to 2023 1H. The company is expanding its client base and product development, actively participating in smartphone, smart wearable, and VR/AR glass supply chains of major clients including Apple, gaining significant recognition in acoustic products and smart devices. According to market information, iPhone 16 models could be launched as early as September 10. Industry insiders believe that among Apple's existing phones, only the iPhone 15 Pro series supports Apple's AI, and the release of the iPhone 16 is expected to drive a wave of upgrades. As a key supplier in the iPhone supply chain, Luxshare Precision is likely to benefit from this upgrade cycle. Analyst Ming-Chi Kuo stated that Luxshare Precision has successfully secured the New Product Introduction (NPI) for the highest-end iPhone 16 model (Pro Max) for 2024, further increasing its value per unit. According to the market research by Canalys, the global wearable brand market is projected to grow by 10% in 2024, with smartwatch shipments expected to increase by 17%. As demand for the Apple Watch rises, Luxshare Precision, as a major supplier, is poised to benefit from this trend. Since joining the AirPods supply chain in 2017, the company has significantly enhanced production efficiency and yield rates through smarter, automated processes, driving revenue growth. China International Capital Corporation (CICC) states that Luxshare Precision's JDM, ODM, and OEM capabilities are key factors in its ongoing success in the expanding AI smartphone and wearable device markets. In the VR/AR sector, Luxshare Precision has made strategic advances in both components and complete system assembly. In June 2024, Apple Vision Pro was officially launched in multiple regions around the world. As a major supplier, Luxshare Precision played a crucial role in the production and supply chain integration of the Vision Pro, which has further accelerated the company's growth in the high-end smart device market. In the automotive business, Luxshare Precision achieved revenues of RMB4.76 billion in the first half of 2024, representing a year-on-year increase of 48.3%. The company has developed a diverse product matrix covering automotive wiring harnesses, intelligent cabins, and intelligent driving, serving OEMs globally, which has driven growth in its automotive parts business. According to the research report by China Merchants Securities, Luxshare Precision's expansion of clients and capacity in automotive wiring harness and connector is progressing well, with growth rates expected to exceed 50% in 2024. In addition, Luxshare Precision aims to become a Tier 1 leader in global automotive parts within the "three five-year" periods. Ms. Wang Laichun (Grace Wang), Chairman of Luxshare Precision, said in a conference call after the release of the financial report that the communications business increased by 21.65% year-on-year in the first half of the year and the growth rate will continue to exceed expectations in the next 2-3 years. It is also worth mentioning that in June 2024, Intel invested in a subsidiary of Luxshare Precision, reaching a strategic partnership. Leveraging Intel's technological advantages, Luxshare Precision can better serve global data centers and cloud providers, enhancing competitiveness in telecommunications and data centers. Looking Ahead: Business Will Achieve Sustainable Growth Driven by the recovery of the consumer electronics market, expansion in the communication and data center sector, and rapid development in the automotive business, Luxshare Precision is expected to maintain strong growth. The company projected a 20% to 25% increase in net profit attributable to ordinary shareholders of the company for the first three quarters of 2024. Over the past five years, revenue grew from RMB62.52 billion in 2019 to RMB231.91 billion in 2023, with net profit attributable rising from RMB4.71 billion to RMB10.95 billion, achieving compound annual growth rates (CAGR) of 38.78% and 23.46%, respectively. In addition, Luxshare Precision has been included in the Fortune Global 500 list for two consecutive years, underscoring its global influence and market performance. This recognition not only affirms the company's past achievements but also highlights the synergistic potential of its three major business sectors to drive sustainable development and create greater value in the future. Hashtag: #LuxsharePrecisionThe issuer is solely responsible for the content of this announcement.
SHANGHAI, Aug. 29, 2024 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors, today announced its unaudited financial results for the second quarter of 2024. The Company recorded total net revenues of RMB 616 million (US$ 85 million) in the second quarter of 2024, with overseas businesses contributing RMB 279 million (US$ 38 million). Noah's operating profit reached RMB 134 million (US$ 18 million) in the second quarter of this year, representing an operating profit margin of 21.8%, an increase from 18.7% in the first quarter of 2024. The second quarter also marked a significant milestone in Noah's strategic transformation, as the Company continues to pivot towards international markets. Financial Results Breakdown In the second quarter of 2024, Noah achieved total net revenues of RMB 616 million (US$85 million), driven by the strong performance of its overseas business. The overseas segment generated RMB 279 million (US$ 38 million), underscoring the Company's successful global expansion. For the first half of 2024, Noah's total revenues reached RMB 1.3 billion (US$ 174 million), with the overseas segment contributing RMB 585 million (US$ 81 million). Notably, the Company made significant strides in expanding its international client base in the first half of 2024, with the number of overseas registered clients increasing by 23.0% year-over-year. The number of overseas Diamond and Black Card clients also expanded by 14.2% year-over-year, demonstrating the growing appeal of Noah's wealth management services among high-net-worth individuals globally. Global Strategy Drives Growth In response to the evolving macroeconomic environment, Noah has implemented its unique global asset allocation strategies that align with market trends and client needs. The U.S. Consumer Price Index (CPI) cooled to 2.9% in July 2024, the first time the inflation rate dipped below 3% since March 2021. During the quarter, Noah raised approximately $152 million for US private equity (PE) products, a significant increase of 46.2% year-over-year. The increment reflects the alignment of clients' interests with market expectations of a potential Fed rate cut and reflects the accuracy of Noah's previous CIO investment report forecasts, showcasing the Company's integrated research and investment capabilities in supporting client portfolio decisions that may contribute to the growth of the Company's US$ AUA. The strategic adjustments, aimed at realigning Noah's business towards overseas markets, had a temporary impact on profitability. Yet the Company's goals become clearer and compliance is further strengthened. By continuing to expand its overseas private banking team and enhancing its professional service capabilities in Hong Kong, Singapore, Japan, and the United States, Noah will strengthen its position among high net worth overseas Chinese clients, which may contribute significantly to future growth. Share Repurchase Signals Undervaluation As part of its commitment to enhancing shareholder returns, the board of directors of the Company authorized a share repurchase program under which the Company may repurchase up to US$50 million of its American depositary shares or ordinary shares, effective immediately. The authorized term for carrying out this share repurchase program is two years. Mr Zhe Yin, CEO of Noah, said, "This quarter marked a pivotal moment for Noah as we continue to realign our strategy to drive growth in a dynamic global market. Our overseas revenue contribution increase to 46.3% in the first half of 2024 and asset under management increasing 14.1% year-over-year during the quarter. We also raised US$ 338 million for overseas private equity, private credit, and other primary market funds year-to-date, a significant 40.2% year-over-year increase." "In addition, our team of overseas relationship manager hits over 110, a dramatic growth of 101.8% year-over-year and 24.2% sequentially during the quarter. This achievement underscore our commitment to providing innovative solutions that meet the evolving needs of our clients worldwide. We believe that wealth management is a long-term career. Our business is built on the premise that it will bring long-term value to our clients, shareholders, and management broad. "Yin said. China's wealth management industry is currently facing a challenging period and undergoing a transition. This share repurchase program, along with the recently completed dividend payout, reflects the unwavering commitment to prioritizing shareholder interests and delivering sustained returns from the Company. Furthermore, it demonstrates the Company's confidence in its future growth. Ms. Jingbo Wang, co-founder and chairwoman of Noah, commented, " We believe that our stock is deeply undervalued and does not reflect our growth prospects, robust balance sheet and cash reserves, or the special bond we have formed with the Mandarin-speaking HNWIs globally. We value both our long-term and new shareholders and are committed to sharing our success with them through more proactive capital allocation policies moving forward. " Looking ahead, the Company's ongoing focus on international markets, coupled with its expertise in global allocation strategies and a strong emphasis on compliance, positions Noah for sustainable growth.
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 29 August 2024 - Malaysia's leading independent investment bank, Kenanga Investment Bank Berhad ("Kenanga" or "The Group") today announced stronger earnings for the period ended 30 June 2024 ("1H24"). Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad Revenue for 1H24 rose by 18.3% to RM447.3 million from RM378.1 million, while profit before tax ("PBT") increased by 13.1% to RM40.5 million from RM35.8 million in the preceding year. This improved performance is primarily due to a 60.4% increase in operating profit and share of profit from associates. Net profit stood at RM32.2 million, reflecting an 18.8% growth from 1H23. In line with the improved trading volumes on the local bourse, the Group's Stockbroking division PBT surged nearly three-folds to RM13.6 million in 1H24, from RM4.7 million in the corresponding period. Its revenue also reported robust growth, rising 38.4% from RM142.4 million to RM197.1 million in 1H24, driven by higher trading and investment income, as well as brokerage fee income. Additionally, the division maintained strong retail market share of 24.8%, demonstrating its continued presence and competitiveness in the market. For the period 1H24, the Group's Asset and Wealth Management division reported higher revenue of RM118.5 million, while PBT stood at RM11.6 million, impacted by lower management and performance fees income, as well as higher credit loss expense. Its AUA demonstrated a steady growth, increasing by 12.9% to RM23.6 billion against the same period last year. For the Group's Listed Derivatives business, the segment reported a 10.8% increase in revenue to RM13.3 million for 1H24 compared to RM12.0 million in the corresponding period. The growth is attributed to higher commission and interest income generated as a result of higher trading activities in the derivatives space. Mirroring this, its PBT jumped 18.8% year-on-year to RM3.8 million. The Group's Investment Banking division registered higher revenue of RM121.2 million, reflecting an 11.8% increase from the RM108.4 million reported in 1H23, attributed to higher investment banking fees income, as well as trading and investment income. Lower interest income and credit loss expenses resulted in a loss before tax of RM3.0 million for the division. "Barring any unforeseen circumstances, we anticipate surpassing last year's performance, driven by improving economic conditions and increased volumes on Bursa Malaysia," said Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank Berhad. "Amidst recent market volatility and geopolitical tensions, vigilant risk management and prudent credit management have been key to strengthening our resilience. With over five decades of capital market expertise and experience behind us, we are well-positioned to navigate challenges, capitalise on emerging opportunities, and sustain our growth momentum to continue delivering long-term shareholder value," concluded Datuk Chay. Earlier last week, Kenanga launched KDi GO, Malaysia's newest wealth management app that integrates a spectrum of financial services into a seamless ecosystem. This launch marks another milestone in Kenanga's commitment to providing innovative solutions that meet the evolving needs of its clients. KDi GO is available for download on the Apple App Store and Google Play Store. For more information, visit https://getkdigo.com. Hashtag: #KenangaThe issuer is solely responsible for the content of this announcement.Kenanga Investment Bank Berhad (197301002193 (15678-H))Established for over 50 years, Kenanga Investment Bank Berhad ("The Group") is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. An innovative and established home-grown brand, the Group's digital ambition includes building a robust digital ecosystem that meets the needs of its clients and businesses. Some of its game-changing products include Malaysia's fully online digital stockbroking platform Rakuten Trade and a fully A.I. robo-advisor, Kenanga Digital Investing. The Group also launched Malaysia's first securities broking e-wallet, Kenanga Money, paved the way in AI-led Quan and algorithmic trading, kick-started a revolutionary supply chain financing solution for SMEs and made inroads into the digital assets space through its investment in Tokenize Technology (M) Sdn.Bhd. The Group has garnered a host of awards and accolades reflecting its strong market position. It was awarded Highest Returns to Shareholder Over Three Years, Highest Growth in Profit After Tax Over Three Years and Highest Return on Equity Over Three Years by The Edge Malaysia Centurion Club in the Financial Services Category, Best Overall Equities Participating Organisation (Champion), Best Retail Equities Participating Organisation – Investment Bank (Champion), and Best Online Retail Participating Organisation (Champion), as well as Best Overall Derivatives Trading Participant (Champion), Best Trading Participant Commodity Derivatives (Champion), and Best Institutional Derivatives Trading Participant (Champion) in the Bursa Excellence Awards 2023. The Group was also accorded the title of Best Educational Initiative Award at the SRP Asia Pacific Awards 2023 and was recognised for Most Innovative Use of Technology at the FinanceAsia Awards 2024. The Group continues to be a regular and repeat recipient of distinguished industry accolades, such as the Lipper, Fundsupermart and Morningstar awards. Rakuten Trade, Malaysia's first fully digital securities broker in 2017 via a joint venture with Japanese fintech giant Rakuten Securities Inc was also named Malaysia's Digital Experience of the Year – Brokerage at the Asian Experience Awards 2022. The Group is also a Participant of the United Nations Global Compact and adheres to its principle-based approach to responsible business and is one of the highest scoring constituents in the FTSE4Good Bursa Malaysia Index. Today, Kenanga Investment Bank Berhad is an award-winning leading independent investment bank in the country with a continuous commitment towards driving collaboration, innovation, digitalisation and sustainability in the marketplace. This Press Release was issued by Kenanga Group's Marketing, Communications & Sustainability Department.
PHILADELPHIA and PERTH, Australia, July 12, 2024 /PRNewswire/ -- Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, "Arcadium Lithium") today announced it will release second quarter 2024 earnings results on Tuesday, August 6, 2024, after stock market close via PR Newswire and the company's investor relations website at: https://ir.arcadiumlithium.com. The company will subsequently host a webcast conference call on Tuesday, August 6, 2024 at 5:00 p.m. ET (7:00 a.m. AEST on Wednesday, August 7, 2024) that is open to the public via Internet broadcast. Internet broadcast: https://ir.arcadiumlithium.com. A replay of the webcast will be available via the Internet at: https://ir.arcadiumlithium.com/investors/financials-and-filings Arcadium Lithium Contacts Investors:Daniel Rosen +1 215 299 6208daniel.rosen@arcadiumlithium.com Phoebe Lee +61 413 557 780phoebe.lee@arcadiumlithium.com Media:Karen Vizental +54 9 114 414 4702karen.vizental@arcadiumlithium.com About Arcadium Lithium Arcadium Lithium is a leading global lithium chemicals producer committed to safely and responsibly harnessing the power of lithium to improve people's lives and accelerate the transition to a clean energy future. We collaborate with our customers to drive innovation and power a more sustainable world in which lithium enables exciting possibilities for renewable energy, electric transportation and modern life. Arcadium Lithium is vertically integrated, with industry-leading capabilities across lithium extraction processes, including hard-rock mining, conventional brine extraction and direct lithium extraction (DLE), and in lithium chemicals manufacturing for high performance applications. We have operations around the world, with facilities and projects in Argentina, Australia, Canada, China, Japan, the United Kingdom and the United States. For more information, please visit us at www.ArcadiumLithium.com. Important Information and Legal Disclaimer:Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, we have identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for Arcadium Lithium based on currently available information. There are important factors that could cause Arcadium Lithium's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the factors described under the caption entitled "Risk Factors" in Arcadium Lithium plc's 2023 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 29, 2024, as well as Arcadium Lithium's other SEC filings and public communications. Although Arcadium Lithium believes the expectations reflected in the forward-looking statements are reasonable, Arcadium Lithium cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Arcadium Lithium nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Arcadium Lithium is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations. Logo - https://mma.prnasia.com/media2/2310012/Arcadium_Lithium_Horizontal_Logo.jpg?p=medium600
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