本網站使用瀏覽器紀錄 (Cookies) 來提供您最好的使用體驗，我們使用的 Cookie 也包括了第三方 Cookie。相關資訊請訪問我們的隱私權與 Cookie 政策。如果您選擇繼續瀏覽或關閉這個提示，便表示您已接受我們的網站使用條款。 關閉
CHAM, Switzerland, May 2, 2025 /PRNewswire/ -- Landis+Gyr Group AG (SIX: LAND), a leading global provider of integrated energy management solutions, today announced unaudited financial results for financial year 2024 (April 1, 2024 – March 31, 2025). Exceptional order intake of USD 2.6 billion (up 33.3% YoY) driven by contract wins in all regions, corresponding to a book-to-bill ratio of 1.5 Record committed backlog of USD 4.6 billion (up 22.9% YoY) FY 2024 net revenue of USD 1,729.3 million (down 10.5% in constant currency) due to non-recurrence of 2023 pent-up demand realization, tariffs impacting timing of shipments in March and softness in EMEA in the first half Adjusted EBITDA of USD 170.9 million, down 25.7% YoY, due to lower operating leverage and inventory write-off of USD 20 million; strong expense management resulted in a margin of 9.9%; Adjusted EBITDA margin of 10.4% when excluding one-off effects Net loss from continuing operations of USD (84.7) million or USD (2.97) per share (diluted) due to a non-cash goodwill impairment of USD 111.0 million Cash flow from operating activities of USD 78.9 million, down 34.9% on lower profitability and higher working capital To preserve balance sheet strength, a reduced distribution of CHF 1.15 per share is proposed to the Annual General Meeting Guidance for FY 2025 with net revenue growth of between 5% and 8% and Adjusted EBITDA margin in the range between 10.5% and 12.0% Strategic transformation with review of EMEA and U.S. listing progressing according to plan "Financial year 2024 has underscored the strength and resilience of Landis+Gyr's business model and technology, demonstrated by our record order intake of USD 2.6 billion and an unprecedented backlog of USD 4.6 billion. This success was driven by our team delivering key wins in the Americas and Asia Pacific, alongside a notably solid performance in EMEA. We remain confident in our long-term growth trajectory supported by the record-high backlog and pipeline, both propelled by the adoption of our innovative grid-edge solutions. With the new management team fully in place, we are continuing to make progress with our strategic transformation, marked by our completed exit from EV charging. We are encouraged to see customers beyond North America embracing grid edge technology to address the challenge of increasing energy demand," said Peter Mainz, Chief Executive Officer of Landis+Gyr. Davinder Athwal, Chief Financial Officer of Landis+Gyr, commented: "FY 2024 was a transition year for Landis+Gyr. We are excited about our future and expect 5% to 8% growth in revenue and an improvement in our margins in FY 2025. We are confident in our ability to manage tariff-related costs and at present expect them to have a minimal impact in 2025. Our solid balance sheet positions Landis+Gyr robustly for sustained investment and long-term profitable growth." Read the full ad hoc announcement here. Media ContactFabio FranceschiPhone +41 41 935 6123Fabio.Franceschi@landisgyr.com Investor Contact Christian WaeltiPhone +41 41 935 6331Christian.Waelti@landisgyr.com About Landis+Gyr Landis+Gyr is a leading global provider of integrated energy management solutions. We measure and analyze energy utilization to generate empowering analytics for smart grid and infrastructure management, enabling utilities and consumers to reduce energy consumption. Our innovative and proven portfolio of software, services and intelligent sensor technology is a key driver to decarbonize the grid. Having avoided 9 million tons of CO2 in FY 2024, Landis+Gyr manages energy better – since 1896. With sales of USD 1.7 billion in FY 2024, Landis+Gyr employs around 6,300 talented people across five continents. For more information, please visit our website www.landisgyr.com.
ZHONGSHAN, China, May 2, 2025 /PRNewswire/ -- Wing Yip Food Holdings Group Limited (the "Company" or "Wing Yip") (Nasdaq: WYHG), a meat product processing company operating through its subsidiaries in mainland China, today announced its financial results for the fiscal year ended December 31, 2024. Ms. Tingfeng Wang, Chief Executive Officer of Wing Yip, remarked, "We are pleased to share our performance for fiscal year 2024, during which we achieved a 7.88% year-over-year increase in net revenue. This growth was primarily driven by an increase in sales of snack products and frozen meat, fueled by stronger promotion efforts across our direct stores and e-commerce platforms. We believe this performance reflects our success in meeting the growing consumer demand for delicious, convenient, and diverse snack options, a segment we are committed to expanding. In 2024, we introduced 81 new products, including 35 snack items aimed at younger consumers, which enhanced our product range and deepened market engagement. Our research and development expenses increased by 17.01% in fiscal year 2024, driven by our efforts in accelerating product development and deepening our presence in the health food sector. We are focusing on the development of products for fitness-conscious consumers, alongside ongoing innovation in plant-based meat alternatives. In addition, food safety and product quality remain central to us. In April 2024, we established our own quality testing center, to improve risk detection for our own products. In the future, we plan to open the quality testing center to other market participants for quality testing, as well." Ms. Wang continued, "By strengthening our product offerings and enhancing quality assurance, we believe we are set to capture emerging opportunities and reinforce our leadership in China's meat processing industry. As we move forward, we expect to continue leveraging our expertise, resources, and strategic investments to deliver long-term value for our shareholders, partners, and customers." Fiscal Year 2024 Financial Summary Net revenues were $144.63 million in fiscal year 2024, an increase of 7.88% from $134.07 million in fiscal year 2023. Gross profit was $44.80 million in fiscal year 2024, compared to $47.10 million in fiscal year 2023. Gross profit margin was 30.97% in fiscal year 2024, compared to 35.13% in fiscal year 2023. Net income was $11.25 million in fiscal year 2024, compared to $14.01 million in fiscal year 2023. Basic and diluted earnings per share were $0.23 in fiscal year 2024, compared to $0.29 in fiscal year 2023. Fiscal Year 2024 Financial Results Net Revenues Net revenues were $144.63 million in fiscal year 2024, an increase of 7.88% from $134.07 million in fiscal year 2023, which was primarily attributable to a $2.74 million decrease in sales of cured meat products, a $6.91 million increase in sales of snack products, and a $0.91 million increase in sales of frozen meat products, mainly due to increased promotion of snack products by direct stores and e-commerce. Revenue from sales of cured meat products was $86.02 million in fiscal year 2024, an increase from $83.28 million in fiscal year 2023. The sales volume of cured meat products increased from 10,956 tons in fiscal year 2023 to 12,873 tons in fiscal year 2024. The increase in sales volume resulted in an increase of $14.57 million in revenue. The increase was partially offset by the decrease in the currency exchange rates applied to statements of operations from RMB7.0809 to $1.00 for the fiscal year in 2023 to RMB7.1957 to $1.00 for fiscal year in 2024, which caused a decrease of $1.39 million in revenue. In addition, the increase was partially offset by the decrease in the average unit sales price from $8.00 per kilogram for fiscal year 2023 to $6.79 per kilogram for fiscal year 2024, which resulted in a decrease of $10.44 million in revenue. Revenue from sales of snack products was $50.54 million in fiscal year 2024, an increase of 15.83% from $43.64 million in fiscal year 2023. The sales volume of snack products increased from 5,785 tons for fiscal year 2023 to 6,864 tons for fiscal year 2024. The increase in sales volume resulted in an increase of $8.13 million in revenue. The increase was partially offset by the decrease in the currency exchange rates applied to statements of operations from RMB7.0809 to $1.00 for fiscal year 2023 to RMB7.1957 to $1.00 for fiscal year 2024, which caused a decrease of $0.81 million in revenue. In addition, the increase was partially offset by the decrease in the average unit sales price from $7.94 per kilogram for fiscal year 2023 to $7.48 per kilogram for fiscal year 2024, which resulted in a decrease of $0.41 million in revenue. Revenue from sales of frozen meat products was $8.07 million in fiscal year 2024, an increase of 12.78% from $7.16 million in fiscal year 2023. The sales volume of frozen meat products increased from 1,520 tons for fiscal year 2023 to 1,836 tons for fiscal year 2024. The increase in sales volume resulted in an increase of $1.48 million in revenue. The increase was partially offset by the decrease in the currency exchange rates applied to statements of operations from RMB7.0809 to $1.00 for fiscal year 2023 to RMB7.1957 to $1.00 for fiscal year 2024, which caused a decrease of $0.13 million in revenue. In addition, the increase was partially offset by the decrease in the average unit sales price from $4.95 per kilogram for fiscal year 2023 to $4.47 per kilogram for fiscal year 2024, which resulted in a decrease of $0.44 million in revenue. Cost of Revenues Cost of revenues were $99.83 million in fiscal year 2024, an increase of 14.79% from $86.97 million in fiscal year 2023. The increase was primarily attributable to an increase in sales volume resulting in an increase of costs, accordingly. Gross Profit and Gross Profit Margin Gross profit was $44.80 million in fiscal year 2024, a decrease of 4.89% from $47.10 million in fiscal year 2023. Gross profit margin was 30.97% in fiscal year 2024, which decreased from 35.13% in fiscal year 2023. The decrease was mainly due to a $2.17 million decrease in gross profit for sales of cured meat products, a $0.31 million decrease in gross profit for sales of snack products, and a $0.18 million increase in gross profit for sales of frozen meat products. Operating Expenses Total operating expenses were $29.03 million in fiscal year 2024, an increase of 4.12% from $27.88 million in fiscal year 2023. Selling expenses were $19.67 million in fiscal year 2024, an increase of 0.62% from $19.55 million in fiscal year 2023. The increase was mainly due to an increase in advertising costs of $0.11 million. General and administrative expenses were $4.38 million in fiscal year 2024, an increase of 7.45% from $4.08 million in fiscal year 2023. The increase was primarily attributable to expense in connection with the initial public offering. Research and development expenses were $4.97 million in fiscal year 2024, an increase of 17.01% from $4.25 million in fiscal year 2023. The increase was primarily attributable to the new research and development cooperation project of $0.69 million. Net Income Net income was $11.25 million in fiscal year 2024, compared to $14.01 million in fiscal year 2023. Basic and Diluted Earnings per Share Basic and diluted earnings per share were $0.23 in fiscal year 2024, compared to $0.29 in fiscal year 2023. Financial Condition As of December 31, 2024, the Company had cash and cash equivalents of $87.93 million, compared to $90.96 million as of December 31, 2023. Net cash provided by operating activities was $12.48 million in fiscal year 2024, compared to $17.65 million in fiscal year 2023. Net cash used in investing activities was $10.10 million in fiscal year 2024, compared to $0.22 million in fiscal year 2023. Net cash provided by financing activities was $4.41 million in fiscal year 2024, compared to $6.13 million in fiscal year 2023. Recent Development On November 27, 2024, the Company completed its initial public offering (the "Offering") of 2,050,000 American Depositary Shares ("ADSs") at a public offering price of US$4.00 per ADS. Each ADS represents one ordinary share of the Company. On January 14, 2025, the underwriters exercised the over-allotment option in full to purchase an additional 307,500 ADSs at the public offering price of US$4.00 per ADS. The gross proceeds were approximately $9.43 million, before deducting underwriting discounts and other related expenses. The ADSs commenced trading on the Nasdaq Capital Market on November 26, 2024 under the ticker symbol "WYHG." About Wing Yip Food Holdings Group Limited Wing Yip, is a meat product processing company operating through its subsidiaries in mainland China. The Company, through its operating subsidiaries, sells and markets products under its flagship brand, "Wing Yip," which can trace its history back to 1915, and has also developed two snack product brands, "Jiangwang" and "Kuangke." The Company's products are sold through its self-operated stores, distributors, and e-commerce platforms in over 18 provinces across mainland China. The Company offers cured meat products, snack products, and frozen meat products, processing them through its own dedicated production lines. The Company focuses on product development and is committed to improving product quality and expanding product offerings to cater to evolving consumer preferences. The Company's ordinary shares have been listed on the Korea Securities Dealers Automated Quotations of the Korea Exchange since 2018. For more information, please visit the Company's website: http://ir.wingyip-food.com/. Information on the Company's website does not constitute a part of and is not incorporated by reference into this press release. 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. 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 that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement and other filings of the Company filed with the U.S. Securities and Exchange Commission ("SEC"). 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. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. For more information, please contact: Wing Yip Food Holdings Group Limited Investor Relations DepartmentEmail:ir@wingyip-food.com Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: investors@ascent-ir.com WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Expressed in U.S. Dollars, except for the number of shares) As ofDecember 31,2024 As ofDecember 31,2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 87,927,726 $ 90,963,594 Restricted cash 880,358 - Accounts receivable, net 7,768,381 7,347,892 Inventories 8,456,295 6,576,151 Prepaid expenses and other current assets 7,779,378 3,922,368 TOTAL CURRENT ASSETS $ 112,812,138 $ 108,810,005 NON-CURRENT ASSETS: Property, plant and equipment, net $ 79,568,773 $ 70,510,340 Intangible assets, net 47,094 56,069 Land-use rights, net 605,343 650,187 Right-of-use assets 300,664 215,392 Deferred offering costs - 605,866 Other non-current assets 157,076 174,317 TOTAL NON-CURRENT ASSETS $ 80,678,950 $ 72,212,171 TOTAL ASSETS $ 193,491,088 $ 181,022,176 LIABILITIES CURRENT LIABILITIES: Short-term loans $ 6,712,972 $ 6,478,964 Long-term loans 10,506,144 781,701 Accounts payable 8,095,509 7,786,391 Notes payable 2,934,527 - Deferred income 46,874 65,495 Accrued expenses and other payables 3,195,138 3,433,862 Taxes payable 3,603 857,512 Lease liabilities 87,648 41,985 TOTAL CURRENT LIABILITIES $ 31,582,415 $ 19,445,910 NON-CURRENT LIABILITIES: Long-term loans $ 4,335,336 $ 16,726,570 Lease liabilities 278,282 212,615 Deferred tax liabilities 1,550,063 1,580,428 TOTAL NON-CURRENT LIABILITIES $ 6,163,681 $ 18,519,613 TOTAL LIABILITIES $ 37,746,096 $ 37,965,523 COMMITMENTS AND CONTINGENCIES (NOTE 19) — — SHAREHOLDERS' EQUITY Ordinary shares (No par value; 50,023,428 and 47,973,428 shares issued andoutstanding as of December 31, 2024 and 2023) $ - $ - Additional paid-in capital 42,997,303 37,370,297 Statutory reserve 12,087,066 10,435,949 Accumulated other comprehensive loss (9,307,406) (5,119,036) Retained earnings 109,968,029 100,369,443 TOTAL SHAREHOLDERS' EQUITY $ 155,744,992 $ 143,056,653 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 193,491,088 $ 181,022,176 WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Expressed in U.S. Dollars, except for the number of shares) Years ended December 31, 2024 2023 2022 Revenues 144,629,055 134,068,317 130,789,405 Cost of revenues (99,833,630) (86,972,132) (86,444,589) Gross profit 44,795,425 47,096,185 44,344,816 Operating expenses: Selling expenses (19,672,532) (19,550,604) (19,691,729) General and administrative expenses (4,379,642) (4,075,896) (4,006,282) Research and development expenses (4,973,452) (4,250,451) (4,105,172) Total operating expenses (29,025,626) (27,876,951) (27,803,183) Other income (expenses): Interest income 179,412 178,758 244,416 Interest expenses (1,064,745) (995,345) (83,516) Other income, net 58,766 208,908 122,240 Other expense, net (2,839,598) (2,111,109) (1,762,251) Exchange loss (3,298) (11,651) (55,654) Total other expenses, net (3,669,463) (2,730,439) (1,534,765) Income before income tax 12,100,336 16,488,795 15,006,868 Income tax expenses (850,633) (2,478,882) (3,812,884) Net income 11,249,703 14,009,913 11,193,984 Comprehensive income Net income Foreign currency translation adjustments, net of tax 4,188,370 3,831,082 10,312,615 Comprehensive income 15,438,073 17,840,995 21,506,599 Earnings per share, basic and diluted 0.23 0.29 0.23 Weighted average number of shares 48,175,620 47,973,428 47,973,428 WING YIP FOOD HOLDINGS GROUP LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in U.S. Dollars, except for the number of shares) For the years endedDecember 31, 2024 2023 2022 Cash flows from operating activities: Net income $ 11,249,703 $ 14,009,913 $ 11,193,984 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation of property, plant and equipment 4,418,774 3,016,946 1,347,274 Written off property, plant and equipment 614,527 2,007,477 1,668,442 Allowance for credit losses (43,797) 18,630 (8,374) Amortization of intangible assets 9,003 7,402 6,995 Amortization of land use right 27,472 22,933 16,863 Amortization of right-of-use asset 91,368 134,971 649,362 Deferred income taxes (30,365) (43,378) (27,160) Changes in operating assets and liabilities: Accounts receivable (376,692) (3,310,188) (2,233,756) Inventories (1,880,144) 1,152,696 (1,813,479) Prepaid expenses and other current assets (3,857,006) 1,139,213 (724,326) Other non-current assets 17,241 30,893 16,045 Accounts payable 309,118 671,155 (6,041,247) Notes Payable 2,934,530 - - Deferred revenue (18,621) (19,737) (26,296) Taxes payable (853,909) (859,792) (1,422,488) Lease liabilities 111,330 (124,456) (678,659) Accrued expenses and other payables (238,724) (203,052) (312,809) Net cash provided by operating activities 12,483,808 17,651,626 8,922,859 Cash flows from investing activities: Purchase of property, plant and equipment (10,102,478) (217,053) (18,056,679) Purchase of intangible assets (548) (5,113) — Net cash used in investing activities (10,103,026) (222,166) (18,056,679) Cash flows from financing activities: Issuance of ordinary shares, net of offering costs 6,232,872 - - Proceeds from short-term loans 7,123,971 6,478,964 9,961,845 Proceeds from long-term loans 650,747 4,647,953 11,598,910 Repayment of short-term loans (6,712,972) (3,802,870) (15,727,397) Repayment of long-term loans (2,880,120) (591,558) - Deferred offering costs - (605,866) - Net cash provided by financing activities 4,414,498 6,126,623 5,833,358 Effect of exchange rate changes (8,950,790) 13,817 (6,070,232) Net increase (decrease) in cash (2,155,510) 23,569,900 (9,370,694) Cash and cash equivalents at beginning of the year 90,963,594 67,393,694 76,764,388 Cash and cash equivalents at end of the year 88,808,084 90,963,594 67,393,694 Supplemental disclosures of cash flows information: Cash paid for income taxes 2,352,255 5,310,182 2,044,224 Cash paid for interest expense 992,556 923,699 576,097 Supplemental disclosures of non-cash information: Lease liabilities arising from obtaining right-of-use assets 183,839 15,225 39,947
NEW YORK, May 1, 2025 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins. Kristen Scholer delivers the pre-market update on May 1st The S&P 500 extended its win streak to seven straight sessions on Wednesday. The Index however finished April lower for its third consecutive monthly decline. Q1 GDP data released Wednesday showed the economy contracted by 0.3%. Traders are responding this morning to earnings results late Wednesday from Microsoft and Meta. Microsoft exceeded earnings expectations, while Meta reported stronger than expected revenue on advertising stability. Charles Schwab (NYSE: SCHW) begins a new initiative today, debuting National Investing Day. Schwab will use the day to provide accessible tools and resources for individuals at every stage of their financial journey. Opening Bell Core Molding Technologies (NYSEAmerican: CMT) celebrates kicking-off their Invest for Growth Strategy Closing Bell Charles Schwab (NYSE: SCHW) launches the inaugural National Investing Day, focusing on empowerment and education to get more people involved in shaping their financial futures. Watch NYSE TV Live every weekday 9:00-10:00am ET
Sequential Growth in Adjusted EBITDA and Market S hare HONG KONG, May 1, 2025 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months ended March 31, 2025 (the "Period"). The Group is pleased to see Macau's average daily visitor arrival in the first quarter up 12% quarter-to-quarter to 109,585, recovered to 95% of same period in 2019. Gross gaming revenue (GGR) in Macau also saw sequential growth. Headline daily GGR rose 3% quarter-to-quarter to MOP641 million per day in the first quarter, represented 76% of same period 2019. Mass GGR (including slot) was estimated to have recovered to approximately 110% of pre-COVID levels. VIP GGR was estimated to be approximately 26% of the equivalent period. Sector EBITDA was estimated to reach nearly 80% of 2019 levels. MGM China continued to record sequential growth across segments. Property visitation for the Period was 177% of 2019. Daily GGR was 128% of the first quarter 2019. Mass GGR (including slot) and VIP GGR were 183% and 43% respectively of pre-COVID levels. Net revenue of the Group was HK$8.0 billion, up by 1% from previous quarter, reached 139% of first quarter 2019. Adjusted EBITDA grew 11% quarter-to-quarter to HK$2.4 billion, represented 146% of the same period in 2019. Adjusted EBITDA margin for the Period also improved to 29.6% from 26.8% in previous quarter. MGM China saw overall GGR marketshare grew to 15.7% in the first quarter, up from 15.5% in the previous period. Estimated Mass (including slot) marketshare was 15.8% (24Q4: 15.7%) and VIP marketshare was 15.2% (24Q4: 13.8%). Average occupancy was 93.3% for the Period. MGM China maintained a healthy financial position. As of March 31, 2025, the Group had total liquidity of approximately HK$17.8 billion, comprised of cash and cash equivalents and available undrawn credit facilities. The Company has announced during the Period to update our dividend policy, intends to make semi-annual distributions in an aggregate amount per year that will not exceed 50% of the anticipated consolidated annual profits, increased from 35% previously. The Company may also declare special distributions from time to time in addition to the semi-annual distributions. During the Period, MGM China has received again seven Forbes Travel Guide's Five-Star Awards, a recognition of our dedication to delivering exceptional experiences. MGM MACAU achieved its tenth consecutive Five-Star rating, Tria spas at both MGM MACAU and MGM COTAI earnt the distinction for the sixth consecutive year. The Company has garnered four Five-Star Awards across both properties for the fourth consecutive year: the Emerald Tower, the Skylofts and Sichuanese restaurant Five Foot Road at MGM COTAI, alongside the newly renovated Chinese Lingnan restaurant Imperial Court at MGM MACAU. These achievements not only reinforce our leading position in Macau's hospitality sector but also strengthen Macau's appeal as a premier global destination for international travelers. Kenneth Feng, President and Executive Director of MGM China said: "Our outstanding performance demonstrates our deep understanding of customers with continued improvements in service levels. It is also a testament to our team's continuous innovation in crafting compelling experiences for our customers." In February, the POLY MGM MUSEUM has reached a milestone of receiving 500,000 visitors in just three months since it opened at MGM MACAU. The Museum showcases the brilliance of Chinese civilization to the global community with top-notch international exhibition standards, highlighting our devotion in developing cultural tourism as well as Macau's cultural essence as a world centre of tourism and leisure. The inaugural exhibition The Maritime Silk Road — Discover the Mystical Seas and Encounter the Treasures of the Ancient Trade Route has enjoyed widespread popularity and recorded a daily average over 10,000 visitors during the Chinese New Year period. "We are delighted to see the diversification development of Macau. We are committed to bringing more unique and integrated experiences to our customers, to develop Macau into a global and diversified tourist destination through our concession commitments," said Kenneth Feng. About MGM China Holdings Limited MGM China Holdings Limited (HKEx: 2282) is a leading developer, owner and operator of gaming and lodging resorts in the Greater China region. We are the holding company of MGM Grand Paradise, SA which holds one of the six gaming concessions to run casino games in Macau. MGM Grand Paradise, SA owns and operates MGM MACAU, the award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary luxury integrated resort in Cotai, which opened in early 2018 and more than doubles our presence in Macau. MGM China is majority owned by MGM Resorts International (NYSE: MGM) one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, ARIA, MGM Grand, Mandalay Bay and Park MGM. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
WUXI, China, April 30, 2025 /PRNewswire/ -- Mingteng International Corporation Inc. (Nasdaq: MTEN) (the "Company" or "Mingteng International"), an automotive mold developer and supplier in China, today announced its financial results for the fiscal year ended December 31, 2024. Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, "In fiscal year 2024, we made several strategic decisions, including expanding our production capacity and increasing our workforce, to adapt to evolving market dynamics and rising competition. While these initiatives resulted in higher investments and operating expenses, we achieved solid revenue growth of 23.0%, underscoring the effectiveness of our business strategy and the strength of our long-standing relationships with major customers. Notably, our machining services have become a key growth driver due to prioritized resource allocation. This segment grew by an impressive 327.6% during this year, surpassing our mold repair business to become the second-largest revenue contributor, accounting for the 21.2% of total revenue in fiscal year 2024. As a result of scaling up our operations, our cost of revenues rose at a faster pace. However, we managed to maintain a healthy gross margin above 30%, despite increased costs and relatively stable selling prices. This demonstrates our ability to sustain profitability while building a strong business foundation for the future growth. Overall, we remained committed to our core strengths in technical expertise, service reputation, and product quality, even in the face of external challenges. The past year was a transformative for Mingteng International, marked by significant expansion, we believe these efforts have laid a robust foundation for long-term, sustainable growth. Backed by the dedication of our team and the successful execution of our strategic initiatives, we are confident in our ability to unlock further development opportunities and elevate our business to the next level with enhanced capabilities and infrastructure." Fiscal Year 2024 Financial Summary Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in the fiscal year 2023. Gross profit was 3.07 million in fiscal year 2024, compared to $3.32 million in fiscal year 2023. Gross margin was 30.3% in fiscal year 2024, compared to 40.4% in fiscal year 2023. Net loss was $5.68 million in fiscal year 2024, compared to net income $1.51 million in fiscal year 2023. Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share $0.30 in fiscal year 2023. Fiscal Year 2024 Financial Results Revenues Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in fiscal year 2023. After consideration of the impact of rising exchange rates, total revenue increased by 24.3% or 14.1 million in RMB base currency. For the Year Ended December 31, 2024 2023 ($ millions) Revenue Cost of Revenue Gross Margin Revenue Cost of Revenue Gross Margin Mold production 6.87 4.86 29.3 % 6.64 4.20 36.7 % Mold repair 1.10 0.48 56.5 % 1.08 0.43 60.8 % Machining services 2.14 1.71 20.1 % 0.50 0.27 45.2 % Total 10.12 7.05 30.3 % 8.23 4.90 40.4 % Revenue from mold production was $6.87 million in fiscal year 2024, an increase of 3.5% from $6.64 million in fiscal year 2023. Despite the adverse impact of exchange rate fluctuations, mold production volume and revenues still represented a slight increase, this indicates that Wuxi Mingteng Mould Technology Co., Ltd. ("Wuxi Mingteng Mould") maintains long-term relationships with major customers and continues to open up the mold market in fiscal year 2025. Revenue from mold repair was $1.10 million in fiscal year 2024, an increase of 1.7% from $1.08 million in fiscal year 2023. Revenue from machining services was $2.14 million in fiscal year 2024, an increase of 327.6% from $0.50 million in fiscal year 2023. The increase was mainly attributed to the Company continuing investment in improving the production capacity in the second half of year 2023 and the first half of year 2024. Revenues from machining services gradually serve as a main source of revenue for the Company in the year 2024. Currently, Kehua Holding Co., Ltd. and Suzhou Green Control Transmission Technology Co., Ltd. are our major customers in machine services. Cost of Revenues Cost of revenues was $7.05 million in fiscal year 2024, an increase of 43.9% from $4.90 million in fiscal year 2023. The cost of revenues mainly comes from raw material costs, manufacturing costs and labor costs. The revenues had not increased significantly, the reasons that costs growth has far exceed the growth of revenues as follows: First, in order to promote the future development of machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in fiscal year 2024, which lead to an increase of $821,025 in labor cost in fiscal year 2023. Second, in order to pursue the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, the total investment of production machinery and equipment was $1,131,506 in fiscal year 2024, an increase from $650,982 in fiscal year 2023, resulting in an increase of depreciation expense which allocated to production costs of $59,817. The depreciation expense increased to $412,992 in fiscal year 2024 compared to $353,175 in fiscal year 2023. In addition, due to the expansion of production scale in fiscal year 2024, the indirect manufacturing costs also increased, such as the low-value consumption materials (mainly metal processing tools) increased by $446,490, amount to $972,225 in fiscal year 2024 from $525,735 in fiscal year 2023, and the charges for water and electricity increased by $106,101, amount to $260,541 in fiscal year 2024 from $154,440 in fiscal year 2023. Last, due to the expansion of sales, the production orders increased, which means the materials assumptions also increased accordingly, the assumption of materials increased by $572,183, amount to $2,092,519 in fiscal year 2024 from $1,520,336 in fiscal year 2023. Gross Profit and Gross Margin Gross profit was $3.07 million in fiscal year 2024, a decrease from $3.32 million in fiscal year 2023. Gross margin was 30.3% for fiscal year 2024, compared to 40.4% in fiscal year 2023. Compared to fiscal year 2023, the labor costs and manufacturing expenses increased more significantly than the cost of raw materials in fiscal year 2024, leading to a relative decline in the proportion of raw materials within the total cost structure. Gross margins for mold production, mold repair and machining services were 29.3%, 56.5%, and 20.1%, respectively, in fiscal year 2024, compared to 36.7%, 60.8%, and 45.2%, respectively, in fiscal year 2023. Operating Expenses Operating expenses were $8.18 million in fiscal year 2024, an increase of 417.4% from $1.58 million in fiscal year 2023. Selling expenses were $150,418 in fiscal year 2024, a decrease of 1.8% from $153,213 in fiscal year 2023.The selling expenses remain stable. General and administrative expenses were $7,395,559 in fiscal year 2024, an increase of 827.8% from $797,140 in fiscal year 2023, primarily due to a) share based compensation $4,408,200; b) the increase of consulting fee in fiscal year 2024 by $1,023,451 compared to fiscal year 2023, the Company paid large amount of consulting and professional fees for the Initial Public Offering ("IPO") in April 2024; and c) due to the number of employees increased, the employee welfare expenses increased by $201,854; d) the increase in personal income tax accrued for stock-based payment of $736,473; e) after the successful listing of the Company, three independent directors were hired, resulting in an increase in salaries of $67,500. Research and development expenses were $634,046 in fiscal year 2024, an increase of 0.5% from $630,752 in fiscal year 2023. Research and development expenses remain stable with a slight increase. Net Income (Loss) Net loss was $5.68 million in fiscal year 2024, compared to net income of $1.51 million in fiscal year 2023. Basic and Diluted Earnings (Losses) per Share Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share of $0.30 in fiscal year 2023. Financial Condition As of December 31, 2024, the Company had cash and cash equivalents of $2.08 million, compared to $1.06 million as of December 31, 2023. Net cash provided by operating activities was $0.29 million in fiscal year 2024, compared to $1.30 million in fiscal year 2023. Net cash used in investing activities was $3.43 million in fiscal year 2024, compared to $0.76 million in fiscal year 2023. Net cash provided by financing activities was $4.15 million in fiscal year 2024, compared to net cash used in financing activities of $1.25 million in fiscal year 2023. About Mingteng International Corporation Inc. Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized and integrated mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated "Turnkey Project" for customers. The Company's main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company's website: https://ir.wxmtmj.cn/. 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. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. 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. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company's final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company's securities. 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. For investor and media inquiries, please contact: Mingteng International Corporation Inc.Investor Relations DepartmentEmail: ir@wxmtmj.cn Ascent Investor Relations LLC Tina XiaoPhone: +1-646-932-7242Email: investors@ascent-ir.com MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2024 2023 ASSETS Current Assets Cash and cash equivalents $ 2,080,715 $ 1,056,236 Accounts receivable, net 4,171,809 3,517,632 Other receivables-bank acceptance notes, net 971,044 471,166 Advances to suppliers 122,456 388,110 Other receivables 15,690 12,344 Inventories, net 1,183,572 1,217,045 Contract costs, net 96,656 - Total current assets 8,641,942 6,662,533 Non-current Assets Property and equipment, net 3,857,200 3,335,187 Intangible assets 67,710 - Operating lease right-of-use assets, net 38,133 - Deferred offering costs - 715,771 Long-term investments 1,356,618 - Total non-current assets 5,319,661 4,050,958 Total Assets $ 13,961,603 $ 10,713,491 LIABILITIES AND EQUITY Current Liabilities Short-term loans $ 1,391,130 $ 282,378 Accounts payable 1,276,419 1,053,215 Other payables and other current liabilities 1,829,642 1,041,910 Advance from customers 515,650 401,935 Amounts due to related parties 240,166 240,309 Current portion of lease liabilities 13,006 - Total current liabilities 5,266,013 3,019,747 Non-current Liabilities Deferred tax liabilities 221,551 246,893 Non-current portion of lease liabilities 20,408 - Total non-current liabilities 241,959 246,893 Total liabilities 5,507,972 3,266,640 Commitments and contingencies Shareholders' Equity: Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares authorized, 6,839,600 and 5,000,000 shares issued and outstanding as of December 31, 2024 and 2023) 68 50 Additional paid-in capital 7,620,339 897,308 Statutory reserves 465,572 465,572 Retained earnings 787,211 6,466,293 Accumulated other comprehensive loss (419,559) (382,372) Total shareholders' equity 8,453,631 7,446,851 Total Liabilities and Shareholders' Equity $ 13,961,603 $ 10,713,491 MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Years Ended December 31, 2024 2023 2022 Revenues $ 10,120,257 $ 8,225,911 $ 8,026,764 Cost of revenues (7,052,835) (4,902,078) (4,113,661) Gross profit 3,067,422 3,323,833 3,913,103 Operating expenses: Selling expenses 150,418 153,213 132,542 General and administrative expenses 7,395,559 797,140 926,786 Research and development expenses 634,046 630,752 492,526 Total operating expenses 8,180,023 1,581,105 1,551,854 (Loss) income from operations (5,112,601) 1,742,728 2,361,249 Other income (expenses): Government subsidies 651,267 129,138 92,832 Interest income 1,226 4,459 2,171 Interest expense (36,769) (59,477) (53,991) Other-than-temporary impairment (1,121,382) - - Other income, net 19,183 34,440 58,311 Total other income (expenses), net (486,475) 108,560 99,323 (Loss) income before income taxes (5,599,076) 1,851,288 2,460,572 Provision for income taxes (80,006) (344,586) (327,384) Net (loss) income $ (5,679,082) $ 1,506,702 $ 2,133,188 Comprehensive income (loss) Net (loss) income $ (5,679,082) $ 1,506,702 $ 2,133,188 Foreign currency translation loss (37,187) (133,740) (479,845) Total comprehensive (loss) income $ (5,716,269) $ 1,372,962 $ 1,653,343 (Losses)/earnings per share - Basic and diluted $ (0.97) $ 0.30 $ 0.43 Weighted average number of ordinary shares outstanding - Basic and diluted 5,884,590 5,000,000 5,000,000 MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2024 2023 2022 Cash flows from operating activities Net (loss) income $ (5,679,082) $ 1,506,702 $ 2,133,188 Adjustments to reconcile net (loss) income to net cash provided byoperating activities: Depreciation of property and equipment 515,982 404,881 272,237 Amortization of intangible assets 6,213 - - Amortization of right-of-use assets 1,031 97,095 158,180 Share-based compensation expenses 4,408,200 - - Impairment loss on long-term investments 1,121,382 - - Provision for impairment of inventory 55,510 5,936 - Provision for impairment of contract costs 11,827 - - (Recovery) provision of credit loss (6,650) (5,079) 17,606 Deferred income tax (21,916) 254,224 (4,304) Loss on disposal of property and equipment 24,905 648 - Changes in operating assets and liabilities: Accounts receivable (705,865) (1,129,372) (489,078) Other receivables-bank acceptance notes (511,554) 302,846 (294,440) Advances to suppliers 196,125 (151,983) (223,562) Other receivables 28,631 (35,657) 760,209 Inventories (39,787) (180,335) 194,674 Contract costs (109,388) - - Accounts payable 75,993 348,641 224,538 Advances from customers 120,746 343,470 (34,598) Other payables 7,696 - 50,474 Payroll payable 134,421 (32,932) 166,388 Taxes payable 662,925 (269,691) 354,593 Amounts due to related parties 3,422 (70,819) (348,333) Change in operating lease liabilities (5,794) (88,586) (85,075) Net cash provided by operating activities 294,973 1,299,989 2,852,697 Cash flows from investing activities Purchase of property and equipment (945,918) (761,792) (1,439,365) Purchase of intangible asset (37,698) - - Proceeds from disposal of property and equipment 28,083 - 6,558 Purchase of long-term investment (2,478,000) - - Net cash used in investing activities (3,433,533) (761,792) (1,432,807) Cash flows from financing activities Proceeds from short-term loans 1,404,163 1,419,094 1,709,764 Shareholder contribution - - 148,675 Dividends - - (352,123) Repayment of short-term loans (280,833) (2,483,415) (966,388) Proceeds from initial public offering, net 3,293,096 - - Payments of deferred offering costs (264,950) (172,179) (144,000) Principal payments under finance lease obligations - (12,488) (230,372) Net cash provided by (used in) financing activities 4,151,476 (1,248,988) 165,556 Effect of foreign exchange rate change on cash and cash equivalents 11,563 (26,296) (99,156) Net increase (decrease) in cash and cash equivalents 1,024,479 (737,087) 1,486,290 Cash and cash equivalents at the beginning of the year 1,056,236 1,793,323 307,033 Cash and cash equivalents at the end of the year $ 2,080,715 $ 1,056,236 $ 1,793,323 Supplemental disclosures of cash flow information: Interest paid $ 36,769 $ 59,477 $ 101,459 Income taxes paid $ 113,108 $ 205,761 $ 53,991 Non-cash investing activities: Right-of-use assets acquired under operating lease $ 39,526 $ - $ - Liabilities incurred for purchase of property and equipment $ 208,651 $ 21,257 $ - Liabilities incurred for purchase of intangible assets $ 36,859 $ - $ -
A12 藝術空間
Earnings
請先登入後才能發佈新聞。
還不是會員嗎？立即 加入台灣產經新聞網會員 ，使用免費新聞發佈服務。 （服務項目） （投稿規範）
