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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.
As Vietnam becomes a magnet for foreign investment, Vingroup is at the forefront of the country's global ascent. Beyond the electric vehicle company VinFast, the conglomerate is making waves in real estate, tourism, and technology, with initiatives like VinFuture underscoring the company’s commitment to a better world. HANOI, VIETNAM - Media OutReach Newswire - 30 August 2024 - Vietnam's economy is revving up, with foreign investment pouring into the Southeast Asian nation. In the first seven months of 2024, total registered foreign direct investment (FDI) surged 10.9 percent to $18 billion, while new investments soared by 35.6 percent to nearly $10.8 billion. The World Bank has praised Vietnam's economic resilience, noting its steady growth trajectory. The country's per capita income has outpaced many regional rivals, a testament to its growing economic clout. Vietnam's economic ascent is also fueling the growth of domestic conglomerates. Vingroup, the nation's largest private corporation, is expanding rapidly across sectors including industry, technology, real estate, services, healthcare, and education. These domestic giants, like Vingroup, the parent company of VinFast, are not only benefiting from Vietnam's attractiveness to foreign investors but are also actively building global brands of their own. A prime example of this transformation is the electric vehicle. VinFast's sleek, high-tech cars are seen as symbols of Vietnam's technological prowess and a bridge between its heroic past and its modern, ambitious future. They embody the nation's shift from a resilient underdog to a globally integrated economic player. VinFast's Strategic Expansion Worldwide The ringing of the Nasdaq golden bell in August 2023 marked a pivotal moment for VinFast and Vietnam's business landscape. The successful listing on the U.S. stock exchange signaled the maturity of a homegrown company with global ambitions while inspiring a new generation of Vietnamese startups. Since the Nasdaq debut, VinFast has rapidly expanded its global footprint. Beyond its presence in the U.S., Europe, Canada, and the Middle East, the automaker made strategic moves into emerging markets closer to home, including India, the Philippines, and Indonesia. In Indonesia, VinFast has quickly gained traction. The company has launched the VF e34 and VF 5 models, opened dealerships, and broken ground on an assembly plant in Subang. These initiatives underscore VinFast's commitment to the region and its strategy of offering high-quality, affordable electric vehicles backed by strong after-sales service. This global push was underscored by the inclusion of VinFast's founder and CEO, Pham Nhat Vuong, on the prestigious 2024 MotorTrend Power List. Notably, Vuong is the only honoree from Southeast Asia, highlighting his visionary leadership and the groundbreaking work underway at VinFast. In another achievement for Vietnamese business, VinFast was named one of the world's 100 most influential companies by TIME magazine in May 2024. The honor marked the first time a Vietnamese enterprise has been included in the prestigious list. Beyond Borders: Vingroup's Global Impact VinFast has captured international headlines, but the broader Vingroup ecosystem is also gaining recognition. Subsidiaries such as VinFuture, VinAI, and Vinhomes are contributing to the group's growing stature. Vingroup demonstrated its commitment to society during the COVID-19 pandemic by donating billions of Vietnamese dong to pandemic relief efforts. The company also launched the VinFuture Foundation, a global science and technology award that has elevated Vietnam's international profile. The award's growing influence, with nearly eight times as many nominating partner scientists and 2.5 times as many nominations in its fourth year, affirms Vingroup's role in addressing global challenges. Vingroup's technology division is making significant strides, offering a range of products and services in big data, artificial intelligence, healthcare AI, operational transformation, cybersecurity, data management, and more. These solutions are gaining traction in global markets. The division is also a key contributor to VinFast's success, developing cutting-edge technologies like Advanced Driver Assistance Systems (ADAS), smart services, and self-generating AI virtual assistants. These innovations provide VinFast with a substantial competitive edge in the electric vehicle market. VinFast made history on January 8, 2024, when its MirrorSense technology was honored with the Innovation Award Honoree at CES 2024 in the Vehicle Tech and Advanced Mobility category. Developed jointly with VinAI, a Vingroup subsidiary specializing in AI research and development, MirrorSense is the world's first AI-driven automatic mirror adjustment system. This prestigious award recognizes the groundbreaking nature of MirrorSense and solidifies VinFast and VinAI's position as leaders in automotive technology innovation. The system uses AI to accurately detect a driver's head position and eye gaze, adjusting mirrors accordingly with a precision of 10 millimeters. Vingroup's influence extends far beyond its industrial and technological ventures. Its real estate arm, Vinhomes, has captured global attention. This year, the Ocean City complex garnered widespread acclaim from international media as one of the world's most desirable places to live. Since its inception in 2013, Vinhomes has redefined urban living in Vietnam. The developer has created a portfolio of world-class residential and commercial projects that have transformed the country's skyline and set new standards for luxury living. Vinhomes' growing collection of prestigious international awards solidifies its position as a global real estate leader. Meanwhile, Vingroup's foray into tourism began in 2002 with the opening of the five-star Vinpearl Resort Nha Trang, transforming the pristine Hon Tre Island into a luxurious destination and symbolizing the nascent Vietnamese tourism industry. Just four years later, the group unveiled Vinpearl Land, Southeast Asia's largest and most unique resort and entertainment complex, complete with the world's longest over-sea cable car at the time. These iconic projects not only created world-class destinations but also elevated Vietnam's global tourism profile through a series of high-profile events. Vinpearl and VinWonders have played a pivotal role in positioning Vietnam as a must-visit destination for international travelers, contributing seamlessly to Vingroup's mission of positively impacting virtually every aspect of Vietnamese people's lives and expanding its global reach. Hashtag: #Vingroup #VinFast https://vinfastauto.euThe issuer is solely responsible for the content of this announcement.
NEW YORK, Aug. 29, 2024 /PRNewswire/ -- A new competitive assessment by global technology intelligence firm ABI Research has found that BYD is the leading Electric Vehicle (EV) Original Equipment Manufacturer (OEM), just beating Tesla for the top spot. The assessment provides an in-depth and unbiased examination of the products offered by 18 OEMs across a wide range of criteria. The companies evaluated and ranked are: Market Leaders: BYD, TeslaMainstream: GAC Aion, General Motors, Hyundai-Kia, Stellantis, Volkswagen, XPENG, ZEEKRFollowers: BMW, Ford, Honda, Mercedes-Benz, NIO, Nissan, Renault, Toyota, Volvo "The EV market is rapidly growing and is the clear future of the automotive industry. OEMs have had widely differing responses to the EV transition as an opportunity and a challenge; some have fully embraced the technology, while others are being dragged into it against their wishes. This is reflected in their innovation and implementation capabilities," explains Dylan Khoo, Industry Analyst at ABI Research A total of nine criteria were chosen for this analysis, segmented between innovation and implementation clusters. These included the OEMs' battery technology, platform design, coverage of different vehicle segments, and electrified share of sales. BYD and Tesla stand out as the overall market leaders; electric-only brands from China such as ZEEKR, XPENG, and GAC Aion are also notable for their strong performance in the innovation rankings. Ahead of Tesla at the top of the rankings is BYD, the Chinese OEM that is taking the world by storm. Tesla scored highly in vehicle range, platform innovation, and fast charging capabilities. BYD, however, significantly outperformed Tesla with its degree of vertical integration and the number of models that it offers in different segments. "The automotive industry is in a state of transition, and this assessment demonstrates the varying capabilities of OEMs as they try to make it through this period and come out on top. In some areas the new upstart EV brands are a generation ahead of many 'legacy OEMs'. The incumbents must look to technology solutions providers to revolutionize their capabilities and ensure they can maintain their position as the industry electrifies," Khoo concludes. These findings are from ABI Research's Electric Vehicle OEMs Competitive Ranking report. This report is part of the company's Electric Vehicles research service, which includes research, data, and ABI Insights. Competitive Ranking reports offer comprehensive analysis of implementation and innovation strategies to offer unparalleled insight into a company's performance and standing compared to its competitors. About ABI Research ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers. ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。 For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com. Contact Info: Global Deborah Petrara Tel: +1.516.624.2558 pr@abiresearch.com
VinFast is striving for a first-mover advantage in the Middle East's nascent EV market, aiming to establish early brand recognition and customer loyalty, paving the way for long-term success in the region.HANOI, VIETNAM - Media OutReach Newswire - 29 August 2024 - The race to dominate the electric vehicle market has begun, and VinFast, a subsidiary of Vingroup, Vietnam's largest private conglomerates, is sprinting to the front. VinFast EV manufacturing complex in Hai Phong, Vietnam The company's founder, Pham Nhat Vuong, once declared, "The growth of electric vehicles will be inevitable," underscoring VinFast's resolute belief in the electric future. This conviction has been the cornerstone of the company's strategy, propelling it into a global race where establishing a foothold in emerging markets is paramount. In the still-young EV landscape, the even younger car company has moved at a breakneck pace into multiple markets, impressing even TIME magazine enough to include it in their Top 100 Most Influential Companies of 2024. VinFast has now established its presence in various international regions, including Asia, North America, Europe, and the Middle East. VinFast's selection of the Middle East as one of its key markets is intriguing, considering the region's historical dependence on fossil fuels and a track record not typically associated with environmental consciousness. However, this decision unveils VinFast's underlying approach: sprinting to the starting line to secure a first-mover advantage in a nascent market, cultivating strong brand recognition, and then transitioning into a marathon towards the finish line. This strategy is particularly well-suited for emerging markets like the Middle East, where established competition is scarce but a growing demand for EVs exists. The Middle East, with its affluent population and growing interest in sustainable technologies, presents a fertile ground for VinFast's expansion. For instance, the region's EV market is projected to grow at a compound annual growth rate (CAGR) of 28.9% by 2028, according to 6Wresearch. The UAE alone aims to have 30% of its vehicles be electric by 2030, and Saudi Arabia has set an ambitious target of 30% EV adoption in Riyadh by 2030. VinFast's diverse range of electric SUVs, e-scooters, and e-buses caters to the varied needs and preferences of consumers in the region. Moreover, the company's emphasis on smart technology, coupled with a commitment to inclusive pricing, positions it as an attractive option for Middle Eastern consumers who are increasingly looking for alternatives to traditional gasoline-powered vehicles. It seems that with each passing day, VinFast's approach gains further validation as the competitive landscape in the Middle East becomes increasingly dynamic. Global brands are expanding their EV lineups in the region, local brands are emerging, and government support for EVs in countries like the UAE and Saudi Arabia is growing. These developments are making the market even more attractive to both local and international players. By moving fast and first, VinFast is positioning itself to be ahead of the curve. The company's early entry allows it to establish a foothold before the market becomes crowded, giving it the time to build brand recognition and customer trust. The road ahead is long, but VinFast's strategic marathon has begun, and the company is moving with determination. As the Middle Eastern EV market evolves, the company is well-positioned to reap the rewards of its early investments, solidifying its presence and brand recognition. The EV industry is not just about speed but also about endurance, and VinFast is preparing for both. Hashtag: #VinFasthttps://me.vinfast.com/The issuer is solely responsible for the content of this announcement.
LISHUI, China, Aug. 29, 2024 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), announced today that on August 27, 2024, it received notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has been granted an additional 180 calendar day period for compliance under its minimum bid price requirement through February 24, 2025. To regain compliance with NASDAQ's minimum bid price requirement, the closing bid price of the Company's common shares needs to be at least $1.00 per share or greater for at least ten consecutive business days by February 24, 2025. About Tantech Holdings Ltd For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangnilai Technology Co., Ltd (formerly, Zhejiang Shangchi New Energy Automobile Co., Ltd.), in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. The Company's subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. For more information, please visit: https://tanhtech.com. Forward-Looking Statements This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. For more information, please contact: Tantech Holdings LtdInvestor RelationsTel: +86 (578) 226-2305ir@tantech.cn
TAIPEI, Aug. 28, 2024 /PRNewswire/ -- Noodoe and Skoda Taiwan have partnered to build an extensive charging infrastructure across Taiwan. This is part of Skoda's recently announced initiative to enhance the electric vehicle (EV) experience for its customers. The two companies are setting the stage for a seamless and worry-free transition to electric mobility. Two Skoda electric vehicles charging on an EV charging station Powered by Noodoe. To support the launch of the Enyaq electric SUV, Skoda is rolling out over 50 ultra-high-speed DC charging stations, all powered by Noodoe EV Operating System (EV OS). This will ensure that Skoda EV owners have access to some of the fastest and most reliable charging options available. These Noodoe-powered chargers will be strategically located at Skoda's authorized EV dealerships and service centers, providing unparalleled convenience for Skoda's growing electric vehicle customer base. Noodoe EV OS, known for its industry-leading reliability and ease of use, brings significant benefits to Skoda's charging infrastructure. It offers an open, user-friendly experience for drivers, eliminating the need to download additional apps, which consumers find inconvenient. The system also includes automated monitoring and self-repair features, which ensure maximum uptime and minimal maintenance. This technology guarantees that Skoda customers can always count on dependable charging experiences, whether they're at home, work, or on the road. The partnership between Skoda and Noodoe creates a worry-free electric driving experience. Noodoe's cutting-edge technology and extensive charging solutions will allow Skoda owners to easily charge their vehicles. By relying on Noodoe's expertise in EV charging management and the advanced power of Noodoe EV OS, Skoda is not just preparing for the arrival of the Enyaq; it's setting a new standard for electric vehicle ownership in Taiwan, offering customers the peace of mind and convenience they need to fully embrace a zero-emission lifestyle. About Noodoe: Noodoe is at the forefront of the EV revolution. Dedicated to facilitating the global transition towards sustainable transportation, Noodoe creates the custom-built EV Operating System (EV OS) that empowers businesses worldwide to seamlessly enter or expand in local EV charging markets. Noodoe EV OS offers comprehensive solutions that automate and streamline EV charging operations while enhancing user experiences. Dedicated to customer-centric design and continuous innovation, Noodoe sets the bar for intelligent management systems in the EV charging industry.https://www.noodoe.com/
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