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BANGKOK, Nov. 21, 2024 /PRNewswire/ -- Banpu NEXT, a subsidiary of Banpu PCL and a leading Net Zero Solutions provider in Asia-Pacific, together with Durapower*, a global leader in performance lithium battery storage solutions for the electric mobility and renewable energy applications, today inaugurated the DP NEXT assembly plant to accelerate electrification and clean transport in the Thai mobility market. Image: Mr.Smittipon Srethapramote,CEO of Banpu NEXT (Left),Mr.Wirat Tatsaringkansakul,Deputy Secretary General,Thailand Board of Investment(BOI) (Center),Mr.Kelvin Lim,Group CEO of Durapower (Right) Image: DP Next Battery Assembly Plant Located in AMATA City Chonburi Industrial Estate, this state-of-the-art facility is poised to accelerate the adoption of electric buses and heavy-duty vehicles within Thailand and the wider Asia-Pacific region. The plant's operation aligns with Thailand's Net Zero emissions goals and contributes to the country's transition towards a sustainable future and economic growth. Being operated by the joint venture (JV) company between Banpu NEXT and Durapower, the DP NEXT plant leverages the combined expertise of both teams, bringing together advanced technological know-how and a deep understanding of the market to deliver high-performance, reliable batteries tailored to the region's needs. The plant utilizes semi-automated intelligent production lines, mirroring the technology employed at Durapower's facilities. This ensures that batteries are specifically engineered to meet the demands of electric buses and heavy-duty electric vehicles with their lightweight designs, fast-charging, and high storage capacities. The batteries also prioritize safety through rigorous standards, such as UNECE Regulation No. 100 Rev.3, an important European requirement for the approval of road electric vehicles or IEC 62660, a performance testing standard for secondary lithium-ion cells for the propulsion of electric road vehicles. All of batteries produced at the DP NEXT plant are also required to pass the stringent nail penetration test, demonstrating the ability of the technology to mitigate any undesirable battery effects in cases of vehicular incidents. The DP NEXT plant boasts a production capacity of more than 15,000 battery packs per year in response to market demand, with long-term plans to expand to a maximum capacity of 1 GWh. This will cater to the rapidly growing demand for EVs in this region, with 80% of production allocated for the domestic market and 20% for export to Southeast Asia, India, and USA. The plant offers a comprehensive range of battery solutions for both Nickel Manganese Cobalt (NMC) as well as Lithium Iron Phosphate (LFP) chemistries, catering to various EV segments for the transportation and logistics industry. These include: Commercial Vehicles: Electric trucks, buses, forklifts, trailers, dump trucks, semi-trailers, and aircraft tow tractors. Specialty Vehicles: Tailored solutions for specific applications such as electric tuk-tuks, vessel/shipbuilders and vehicles used for port transportation. EV Scooters (Motorcycles) and battery swapping for electric motorcycles. Energy Storage Systems (ESS) Image: Mr. Kelvin Lim, Chief Executive Officer of Durapower Group (Left) and Mr. Smittipon Srethapramote, Chief Executive Officer, Banpu NEXT Co., Ltd (Right) Mr. Smittipon Srethapramote, Chief Executive Officer, Banpu NEXT Co., Ltd., said: "The Asia-Pacific region is at the forefront of the global electric bus market, with projected growth expected to surge from US$44.74 billion in 2024 to US$73.88 billion by 2029**. As part of Thailand's aims to have 33,000 electric buses and trucks or 40% of registered vehicles on its road by 2030***, this new plant is a prime example of this trend. It also presents a great opportunity for suppliers of heavy-duty EV batteries, as the battery assembly plant marks a pivotal step in our journey to become the 'Net-Zero Solutions Provider' for enterprises across Asia Pacific. In addition, this plant will significantly boost Thailand's jobs market by creating over 300 job opportunities for local workers, aligning with its long-term production." Mr. Kelvin Lim, Chief Executive Officer of Durapower Group, said: "This new DP NEXT plant will allow Durapower to expand its reach in providing industry leading battery solutions to customers worldwide. Besides the usual production and assembly processes, the DP NEXT plant has the unique added benefit of supporting steadfast innovation, by harnessing our advanced technology and deep industry expertise to deliver superior-quality battery systems, tailored to the specific needs of our different customer segments. It will enable us to provide clean and sustainable energy solutions to our customers in Thailand, further enhancing our vision of a circular economy across the Asia-Pacific region." Beyond providing innovative and reliable battery solutions to a diverse customer base, Banpu NEXT and Durapower empower businesses to embrace electric mobility, supporting the business transformation and energy transition to a Net Zero society. This facility will play a crucial role in accelerating EV adoption in Thailand and contributing to a more sustainable future. *Durapower is a subsidiary of Banpu NEXT, in which Banpu NEXT holds a 65.1% stake **Source: Asia Pacific Electric Bus Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029) ***Source: Industry Outlook 2024-2026: Electric Vehicle Industry #BanpuNEXT #TotalSmartEnergySolutions #Durapower #DPNEXT #EnergyStorageSystems About Banpu NEXT Banpu NEXT Co., Ltd., a subsidiary of Banpu PCL, is a leading Net Zero Solutions provider in the Asia-Pacific region. The company supports the transition to Net Zero society. The five core business groups are Renewable Power, Energy Storage Systems, Energy Trading, e-Mobility, and Smart Cities & Energy Management. With all these five businesses, the company boasts the capability to offer "Total Smart Energy Solutions" as the long-term partner who combines technology and digital platform with its energy expertise to provide the best tailor-made solutions, empowering organizations to tap into an infinite of clean energy and accelerate smart business transformation. Banpu NEXT is the Thailand Greenhouse Gas Management Organization (TGO)-certified for its Carbon Footprint for Organizations (CFO). In 2023, the company and its Thai subsidiaries operate on 100% renewable energy, offset through the International REC Standard (I-REC). This underscores Banpu NEXT's commitment to sustainable growth and environmental stewardship. For more information, visit www.banpunext.co.th, www.facebook.com/banpunext, www.linkedin.com/company/banpu-next-company-limited/ About Durapower Group Headquartered in Singapore, Durapower offers closed-loop, end-to-end energy storage solutions for the electric mobility and renewable energy applications including on and off-road Electric, Hybrid and Plug-in Hybrid Electric Vehicles, electric marine vessel and stationary energy storage solutions. Since 2009, Durapower has been a leading innovator of Lithium-Ion cell technology, focusing on the research and development of battery materials, battery cell manufacturing and system integration. With a global presence spanning 24 countries and 49 cities, including European Countries, China, India and Southeast Asia. Durapower Group strives to make scalable, sustainable batteries that support the circular economy, empowering lives and transforming the future towards a carbon neutral economy. For more information, visit www.durapowergroup.com. Media Contact:Banpu NEXT Co., Ltd.,Kankhachee Meecharoen, Brand and Marketing Communications, Kankhachee_M@banpunext.co.thManapah Pongtanesuan, Brand and Marketing Communications, Manapah_P@banpunext.co.th Burson ThailandPublic Relations Consultancy Team: banpunexthkth@hkstrategies.com Durapower GroupKristina Wijaya, Corporate Affairs, Kristina@durapowergroup.comGerald Woon, Corporate Communications, corpcomm@durapowergroup.com
BEIJING, Nov. 21, 2024 /PRNewswire/ -- This is an article from China.org.cn: Chinese President Xi Jinping has emphasized that in a world of economic globalization, only by upholding openness and cooperation in global industrial and supply chains can win-win development be achieved. The resolution adopted at the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) proposed facilitating international cooperation in industrial and supply chains. In alignment with these instructions, the China Council for the Promotion of International Trade (CCPIT) has embraced its mission by safeguarding the public-good nature of industrial and supply chains, fostering connections between government and business, integrating domestic and global markets, and streamlining coordination between supply and demand. As part of these efforts, the CCPIT is meticulously preparing for the second China International Supply Chain Expo (CISCE), so as to contribute to the development of an open global economy and the building of a community with a shared future for humanity. Rapid reconstruction of global industrial and supply chains The world today is undergoing major changes unseen in a century. Profound and complex shifts in the international political and economic landscape are marked by frequent local conflicts and turmoil, intensified rivalries among major powers, and a rising wave of anti-globalization. Against this backdrop, the restructuring of global industrial and supply chains is occurring at an accelerated pace. On one hand, a new wave of scientific and technological revolutions, represented by information technology, artificial intelligence and new energy, is rapidly advancing. Digitalization and green transition have emerged as the primary directions for upgrading and modernizing industrial and supply chains. In response to these sweeping technological and industrial trends, countries around the world are making forward-looking strategies and investments. Breakthroughs in cutting-edge technologies are triggering changes in traditional industrial chains, giving rise to new fields and sectors such as artificial intelligence, green energy and biomedicine. These developments are significantly enhancing the efficiency and quality of supply systems, generating substantial new demand, and creating opportunities for global cooperation in industrial and supply chains while injecting new vitality into development. On the other hand, due to the rise of protectionism, public health crises and geopolitical turmoil in recent years, industrial and supply chain cooperation has shown tendencies of politicization and securitization. Some nations are promoting "decoupling" and "small yard, high fence" policies, prompting multinational companies to shift their priorities from pursuing "cost and efficiency" to balancing "efficiency and security." This trend has driven global industrial and supply chains toward onshoring, nearshoring and friendshoring, heightening the risk of economic fragmentation. Given the diverse resource endowments and development levels of different countries, economic and trade cooperation remains the only viable path to achieving complementary strengths and mutual benefits. As the world's largest developing country, China has long been committed to its own development while deeply participating in global industrial and supply chain cooperation, continuously making new contributions to the stability and resilience of global industrial and supply chains. China as a pillar of stability for global industrial and supply chains Security and stability are the cornerstones of development. Achieving these requires enhancing global resource coordination of key industrial chains, ensuring that countries and businesses have reliable partners and stable development expectations. China has the world's most comprehensive industrial categories and a well-rounded industrial system, with manufacturing value-added accounting for around 30% of the global total, and over 40% of major industrial products ranking first in global output. In recent years, China's position in mid-to-high-end industries, such as electronics, electrical equipment and machinery, has risen rapidly within the global division of labor. This has provided significant support for the stable operation of global industrial and supply chains, establishing China as a solid and reliable player in the global economic system. The world economy operates as an interconnected whole. It requires the seamless circulation and effective allocation of production factors, while China plays a pivotal role in driving global connectivity. With high-quality Belt and Road Initiative (BRI) cooperation as a guide, China has focused on strengthening the "hard connectivity" of infrastructure and the "soft connectivity" of rules and standards with partner countries. To date, China has signed over 200 BRI cooperation agreements with more than 150 countries and 30 international organizations, aligning development strategies, management rules and standards. Landmark projects such as the China-Europe Railway Express, the Hungary-Serbia Railway and the Jakarta-Bandung High-Speed Railway have been completed, significantly reducing cross-border transportation and transaction costs while enhancing the quality and efficiency of global industrial and supply chains. China pursues a proactive strategy of opening up and sharing the benefits of its vast market of over 1.4 billion people with the world. It has become the primary trading partner for more than 150 countries and regions, firmly maintaining its position as the world's second-largest consumer market and the largest trading nation in goods. More than 90% of foreign-funded enterprises in China are oriented toward the Chinese market. By continuously easing market access, fostering a market-oriented, law-based and internationalized business environment, and attracting foreign investment on a global scale, China provides multinational companies with broad opportunities for growing their global presence. Openness and inclusiveness are vital for fostering shared development and prosperity. Promoting the integration of global industrial and supply chains while driving the green, low-carbon transition is essential. Upholding the principles of harmony and coexistence, China has proposed initiatives on supply chain cooperation at such multilateral platforms as APEC, the G20 and BRICS, urging all parties to eliminate non-economic disruptions in trade relations. China has actively promoted international cooperation in green development. It has significantly enriched global supply with high-quality production capacities in electric vehicles, lithium batteries and photovoltaic products, contributing to the green development of global industrial chains. China also hosted the ASEAN Plus Three Industrial Chain & Supply Chain Partnering Conference to help enterprises in relevant countries integrate into global industrial and supply chains. Building closer global industrial and supply chain partnerships In line with President Xi's directives, the CCPIT successfully launched the inaugural CISCE in 2023. This is the world's first national-level supply chain expo, which has played a pivotal role in facilitating connections across the upstream, midstream and downstream sectors, promoting collaboration among enterprises of all sizes, fostering partnerships between industry, academia and research, and enhancing dealings between Chinese and international businesses. As a new open platform for win-win global partnerships, it strengthens cooperation between China and the world. The second CISCE is going to take place in Beijing from Nov. 26 to 30, 2024. We will adhere to the principles of internationalization, specialization, market orientation and green development in organizing the event. We aim to amplify the expo's role as a hub for trade promotion, investment cooperation, innovation and knowledge exchange, working alongside all stakeholders to build a closer global industrial and supply chain partnership. This will contribute to the recovery and growth of the global economy. We will enhance CISCE's role as a window for high-level opening up. This year, CCPIT has hosted over 60 roadshows globally, inviting enterprises and stakeholders from around the world to participate in the second CISCE. Five international organizations – the United Nations Conference on Trade and Development (UNCTAD), the United Nations Industrial Development Organization, the World Intellectual Property Organization, the International Trade Centre (ITC) and the International Chamber of Commerce – have joined as supporting units. The expo has attracted more than 600 companies and institutions from nearly 70 countries, a 20% increase from its debut. Notably, over 60% of participants are either Fortune Global 500 companies or industry leaders. The percentage of overseas exhibitors has risen from 26% to 32%, with equal representation from Europe and the U.S and over 40 BRI partner countries. Delegates from over 100 countries and organizations will gather to explore the theme of "Connecting the World for a Shared Future." We will strengthen the platform to serve the new development pattern. The 2024 CISCE serves as a bridge for industrial integration, innovative promotion and market connectivity between China and the world. It uses supply chains as a catalyst for long-term collaboration between Chinese and foreign companies, to foster a precise and dynamic corporate ecosystem. The new advanced manufacturing chain exhibition area will focus on developing new quality productive forces with nearly 80 leading global enterprises showcasing cutting-edge technological achievements from front-end designs to end-use applications, enhancing exchanges with innovation as well as cooperation. Over 70 new products, technologies and services will debut alongside targeted initiatives, such as promoting high-quality industrial chains in the Yangtze River Delta and showcasing investment opportunities in the Hainan Free Trade Port. These efforts aim to turn exhibitors into investors, fostering deeper engagement and investment of global enterprises in China. We will enrich mechanisms to foster an open and inclusive global economy. The CISCE encourages joint participation by Chinese and international enterprises. For example, Rio Tinto, Bosch, Baowu and XPeng will jointly depict a comprehensive upgrade of the smart and green automotive industry. Fonterra, together with its Chinese supply chain partners, will demonstrate sustainable development of the "farm-to-table" ecological chain. Lenovo and SAP will highlight innovations in private cloud and commercial AI. The expo will release the Global Supply Chain Promotion Report 2024, the Global Supply Chain Promotion Index and the Connectivity Index as well as will gather Chinese and foreign guests to discuss sustainable market initiatives and the New International Land-Sea Trade Corridor, thus providing suggestions for promoting open global cooperation. We will broaden practical pathways for building a community with a shared future for humanity. This year, the CCPIT has been proactively sharing China's experiences in strengthening cooperation with global supply chains. It facilitated a joint APEC proposal on supply chain resilience with US business leaders, organized a delegation for the UNCTAD Global Supply Chain Forum and co-hosted a seminar on building greener and more resilient supply chains with the ITC at the World Trade Organization Public Forum. The 2024 CISCE will release a "Beijing Initiative" to promote international cooperation in industrial and supply chains, and support the launch of industrial alliance initiatives across its six key industrial chains and one exhibition area, thus to broaden global consensus. Focusing on expanding unilateral opening up to the least developed countries, the CCPIT will support exhibitors from Africa, the Pacific Islands and the Caribbean, demonstrating in concrete actions China's commitment to inclusivity and shared prosperity. The author is chairman of the China Council for the Promotion of International Trade. This article was written in Chinese and translated by China.org.cn.Opinion articles reflect the views of their authors, not necessarily those of China.org.cn. Promoting international cooperation in industrial and supply chainshttp://www.china.org.cn/opinion/2024-11/21/content_117561461.htm
NEW YORK, Nov. 21, 2024 /PRNewswire/ -- Fly-E Group, Inc. (Nasdaq: FLYE) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced its unaudited financial results for the second quarter and first half of fiscal year 2025 ended September 30, 2024. Selected Second Quarter Financial Results Revenue: $6.8 million, compared with $8.8 million in Q2 2023. Gross profit: $2.9 million, compared with $3.8 million in Q2 2023. Total operating expense: $4.1 million, compared with $2.7 million in Q2 2023. Net loss: $1.1 million, or $0.05 per share, compared with net income of $0.7 million, or $0.03 per share, in Q2 2023. Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, remarked, "Despite recent market challenges, we remain committed to driving growth and expanding our market presence. In the second quarter of fiscal year 2025, we held a stable gross margin above 40%, even as operating expenses increased with our efforts to add e-bike rental business. For the first half of fiscal 2025, our gross margin improved to 40.9%, up from 39.0% last year, reflecting disciplined cost management and a commitment to profitability. While we saw a dip in revenue due to external factors, these stable margins underscore the effectiveness of our approach. On the product and market side, we're energized by the success of our recent initiatives. At October's Electrify Expo in New York, our product lineup— featuring 11 models spanning e-bikes, e-motorcycles, and e-scooters, with three newly launched models in the e-motorcycles—drew strong interest and received highly positive feedback. Additionally, the launch of our e-bike Rental Service offers customers a flexible, affordable way to experience our products and positions us well to meet shifting consumer needs. As part of our growth strategy, we're expanding into key markets like Miami, Los Angeles and Toronto and broaden our presence . On the technological front, we are leveraging innovation to enhance customer convenience, including ongoing development of our mobile apps designed to streamline user experiences and provide more features for our customers. Our involvement in New York City's Trade-in Program for e-bikes and batteries is aligned with our commitment to setting high safety standards in the electric vehicle industry, helping provide UL-certified e-bikes for delivery workers. Moving forward, our dedication to innovation, safety, and superior customer experience is expected to continue to drive growth and enhance value for our shareholders." Second Quarter of Fiscal Year 2025 Financial Results Net revenues were $6.8 million for the second quarter of fiscal year 2025, a decrease of 22.1%, from $8.8 million for the same period last year. The decrease in net revenues was primarily due to the decrease in sales volume by 5,850 units, from 20,906 units for the same period last year to 15,056 units for the second quarter of fiscal year 2025. Retail sales revenue was $5.9 million for the second quarter of fiscal year 2025, a decrease of 12.5%, from $6.8 million for the same period last year. Wholesale revenue was $0.9 million for the second quarter of fiscal year 2025, a decrease of 54.8% from $2.0 million for the same period last year. The decrease in retail sales revenue is mainly due to recent lithium battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery explosion incidents in New York, customers are less inclined to purchase E-Bikes. Consequently, the management believes that sales have declined as customers opt for oil-powered vehicles over electric vehicles. The decrease in wholesales revenue was driven primarily by the decrease in orders from the top two customers who closed their stores. Cost of Revenues Cost of revenues was $3.9 million for the second quarter of fiscal year 2025, a decrease of 21.6%, from $5.0 million for the same period last year. The decrease in cost of revenues was primarily attributable to a reduction in units sold, which declined by 5,850 units, to 15,056 units for the second quarter of fiscal year 2025 from 20,906 units for the same period last year. Gross Profit Gross profit was $2.9 million for the second quarter of fiscal year 2025, a decrease of 22.8%, from $3.8 million for the same period last year. Gross margin was 42.6% for the second quarter of fiscal year 2025, compared to 42.9% for the same period last year. Total Operating Expenses Total operating expenses were $4.1 million for the second quarter of fiscal year 2025, an increase of 54.5%, from $2.7 million for the same period last year. The increase in operating expenses was attributable to the increase in payroll expenses, rent expenses, advertising expenses, professional fees, and insurance expenses as the Company expanded its business. Selling expenses were $2.0 million for the second quarter of fiscal year 2025, compared to $1.6 million for the same period last year. Selling expenses primarily consist of payroll expenses, rent, utilities expenses, and advertising expenses of retail stores. Total payroll expenses were $0.9 million for the second quarter of fiscal year 2025, compared to $0.4 million for the same period last year. Rent expenses were $0.8 million for the second quarter of fiscal year 2025, compared to $0.6 million for the same period last year. Advertising expenses were $0.1 million for the second quarter of fiscal year 2025, compared to $14,339 for the same period last year. The increase in these expenses was primarily due to the increased number of new employees hired for repair and maintenance business operation in the second quarter of fiscal year 2025. General and administrative expenses were $2.1 million for the second quarter of fiscal year 2025, compared to $1.1 million for the same period last year. Professional fees increased to $0.9 million for the second quarter of fiscal year 2025, compared to $0.3 million for the same period last year, primarily attributable to the increase in audit fee, consulting fee, legal fee and IR expenses associated with ongoing reporting obligations. Payroll expenses increased to $0.4 million for the second quarter of fiscal year 2025 from $0.2 million for the same period last year primarily due to additional employees hired in operation departments. Insurance expenses increased to $0.3 million for the second quarter of fiscal year 2025, compared to $24,570 for the same quarter of prior year as a result of purchase of the directors and officers liability insurance after initial public offering in the second quarter of fiscal year 2025. Net Income (Loss) Net loss was $1.1 million for the second quarter of fiscal year 2025, compared to net income of $0.7 million for the same period last year. Basic and Diluted Earnings (Losses) per Share Basic and diluted losses per share were $0.05 for the second quarter of fiscal year 2025, compared to basic and diluted earnings per share of $0.03 for the same period last year. EBITDA EBITDA was negative $1.2 million for the second quarter of fiscal year 2025, compared to positive EBITDA of $1.3 million for the same period last year. First Half of Fiscal Year 2025 Financial Results Net Revenues Net revenues were $14.7 million for the first half of fiscal year 2025, a decrease of 11.5%, from $16.6 million for the same period last year. The decrease in net revenues was driven primarily by a decrease in total units sold, which decreased by 4,067 units, to 31,936 units for the first half of fiscal year 2025 from 36,003 units for the same period last year. For the six months ended September 30, 2023 and for the six months ended September 30, 2024, the quantity of E-bikes and batteries sold decreased by 2,963 and 2,624, respectively. Retail sales revenue was $12.8 million for the first half of fiscal year 2025, a decrease of 1.1%, from $12.9 million for the same period last year. Wholesale revenue was $1.9 million for the first half of fiscal year 2025, a decrease of 48.1% to $3.7 million for the same period last year. The decrease in retail sales revenue is mainly due to recent lithium-battery accidents involving E-Bikes and E-Scooters. With an increasing number of lithium-battery explosion incidents in New York, customers are less inclined to purchase E-Bikes. Consequently, sales have declined as customers opt for oil-powered vehicles over electric vehicles. The decrease in wholesales revenue was driven primarily by the closure of stores by the top two customers who closed their stores in December 2023 due to lack of profitability. Cost of Revenues Cost of revenues was $8.7 million for the for the first half of fiscal year 2025, a decrease of 14.1%, from $10.1 million for the same period last year. The decrease in cost of revenues was primarily attributable to more favorable pricing the Company obtained from its suppliers, particularly for batteries, as well as a reduction in battery sales volume. These factors collectively contributed to the overall decrease in cost of revenues. The unit cost for battery decreased 36%, to $75 in the first half of fiscal year 2025 from $117 in the same period last year. Gross Profit Gross profit was $6.0 million for the first half of fiscal year 2025, a decrease of 7.4%, from $6.5 million for the same period last year. Gross margin was 40.9% for the first half of fiscal year 2025, increased from 39.0% for the same period last year. Total Operating Expenses Total operating expenses were $7.3 million for the first half of fiscal year 2025, an increase of 57.2%, from $4.6 million for the same period last year. The increase in operating expenses was attributable to the increase in payroll expenses, rent expenses, meals and entertainment expenses, professional fees, and development expenses as the Company expanded business. Selling expenses were $3.7 million for the first half of fiscal year 2025, compared to $2.7 million for the same period last year. Selling expenses primarily consist of payroll expenses, rent, utilities expenses, and advertising expenses of retail stores. Total payroll expenses were $1.5 million for the first half of fiscal year 2025, compared to $0.8 million for the same period last year. Rent expenses were $1.5 million for the first half of fiscal year 2025, compared to $1.1 million for the same period last year. Utilities expenses were $119,252 for the first half of fiscal year 2025, compared to $68,863 for the same period last year. Advertising expenses were $0.2 million for the first half of fiscal year 2025, compared to $26,066 for the same period last year. The increase in these expenses was primarily due to the increase number of new employees hired for business operating in the first half of fiscal year 2025. General and administrative expenses were $3.6 million for the first half of fiscal year 2025, compared to $1.9 million for the same period last year. Professional fees increased to $1.3 million for the first half of fiscal year 2025, compared to $0.5 million for the same period last year, primarily attributable to the increase in audit fee, consulting fee, legal fee and IR expenses associated with the Company's initial public offering and ongoing reporting obligations. Payroll expenses increased to $0.8 million for the first half of fiscal year 2025, from $0.4 million for the same period las year primarily due to additional employees hired in operation and accounting departments. Insurance expenses increased to $0.5 million for the first half of fiscal year 2025, compared to $0.1 million for the same period of prior year as a result of purchase of directors and officers liability insurance after initial public offering in the first half of fiscal year 2025. Software development fee increase to $0.3 million for the first half of fiscal year 2025, compared to $0.1 million for the same period last year as a result of maintenance for Fly E-Bike app during the first half of fiscal year 2025. Net Income (Loss) Net loss was $1.3 million for the first half of fiscal year 2025, compared to net income of $1.2 million for the same period last year. Basic and Diluted Earnings (Losses) per Share Basic and diluted losses per share were $0.06 for the first half of fiscal year 2025, compared to basic and diluted earnings per share of $0.05 for the same period last year. EBITDA EBITDA was negative $1.1 million for the first half of fiscal year 2025, compared to positive EBITDA of $2.1 million for the same period last year. Financial Condition As of September 30, 2024, the Company had cash of $1.3 million. Net cash used in operating activities was $9.4 million for the first half of fiscal year 2025, compared to net cash provided by operating activities of $1.6 million for the same period last year. Net cash used in investing activities was $2.8 million for the first half of fiscal year 2025, compared to $0.5 million for the same period last year. Net cash provided by financing activities was $12.1 million for the first half of fiscal year 2025, compared to net cash used in financing activities of $0.3 million for the same period last year. Business Update At the Electrify Expo in New York, a leading event in the micromobility industry held from October 12 to 13, 2024, the Company showcased its full product lineup, featuring 11 models, including e-bikes, e-motorcycles, and e-scooters. Among the highlights were three newly launched e-motorcycle models: the DT, designed for off-road adventures; the EK, offering a balanced mix of stability and efficiency; and the DP, delivering a powerful and exhilarating riding experience. Over the two-day event, Fly-E captivated more than 10,000 attendees, facilitating over 1,500 successful test rides and receiving overwhelmingly positive feedback. With four dedicated booths and meticulous preparation, the Company's offerings attracted a diverse audience, ranging from couples and families to young professionals. Many attendees expressed interest in visiting the Company's New York stores in Queens, Manhattan, Bronx, and Brooklyn for further exploration and in-store shopping. As part of its growth strategy, Fly-E is committed to prioritizing eco-friendly innovation and enhancing user experience in its product development. Leveraging insights gained from the event, the Company plans to refine its offerings and expand its market presence. About Fly-E Group, Inc. Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand "Fly E-Bike." The Company's commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. For more information, please visit the Company's website: https://investors.flyebike.com. Non-GAAP Financial Measures To supplement the Company's financial information presented in accordance with the generally accepted accounting principles in the United States (the "U.S. GAAP"), management periodically uses certain "non-GAAP financial measures," as such term is defined under the rules of the SEC, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. For example, non-GAAP measures may exclude the impact of certain items such as acquisitions, divestitures, gains, losses and impairments, or items outside of management's control. Management believes that the following non-GAAP financial measure provides investors and analysts useful insight into its financial position and operating performance. Any non-GAAP measure provided should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S. GAAP. Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented by other companies and therefore may not be comparable among companies. The Company uses EBITDA (earnings before interest, taxes, depreciation, and amortization) to evaluate its operating performance. The Company believes EBITDA provides additional insight into its underlying, ongoing operating performance and facilitates year-to-year comparisons by excluding the earnings impact of interest, tax, depreciation and amortization and that presenting EBITDA is more representative of its operational performance and may be more useful for investors. The Company reconciles its non-GAAP financial measure to its net income, which is its most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. EBITDA includes adjustments for provision for income taxes, as applicable, interest income and expense, depreciation, and amortization. EBITDA does not represent and should not be considered an alternative to net income as determined by U.S. GAAP, and its calculations thereof may not be comparable to those reported by other companies. The Company believes EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in its business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on its operating performance. EBITDA, as presented herein, is a supplemental measure of its performance that is not required by, or presented in accordance with, U.S. GAAP. The Company uses non-GAAP financial measures as supplements to its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its business. EBITDA is a measure of operating performance that is not defined by U.S. GAAP and should not be considered a substitute for net (loss) income as determined in accordance with U.S. GAAP. 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 that the forward-looking statements contained in this press release are subject to the risks set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the section under "Risk Factors" of its most recent Annual Report on Form 10-K for the fiscal year ended March 21, 2024, filed with the SEC on June 28, 2024. 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: Fly-E Group, Inc.Investor Relations DepartmentEmail: ir@flyebike.com Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: investors@ascent-ir.com FLY-E GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in U.S. dollars, except for the number of shares) September 30, 2024 March 31, 2024 ASSETS Current Assets Cash $ 1,274,935 $ 1,403,514 Accounts receivable 366,838 212,804 Accounts receivable – related parties 91,885 326,914 Inventories, net 8,596,108 5,364,060 Prepayments and other receivables 2,453,340 588,660 Prepayments and other receivables – related parties 387,808 240,256 Total Current Assets 13,170,914 8,136,208 Property and equipment, net 6,644,717 1,755,022 Security deposits 837,179 781,581 Deferred IPO costs - 502,198 Deferred tax assets, net 497,939 35,199 Operating lease right-of-use assets 15,438,347 16,000,742 Intangible assets, net 527,538 36,384 Long-term prepayment for property - 450,000 Long-term prepayment for software development– related parties 1,055,980 1,279,000 Total Assets $ 38,172,614 $ 28,976,334 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 365,129 $ 1,180,796 Short-term loan payables 4,909,982 - Current portion of long-term loan payables 90,809 1,213,242 Short term mortgage loan payables 1,800,000 - Accrued expenses and other payables 545,206 925,389 Other payables – related parties - 92,229 Operating lease liabilities – current 3,149,827 2,852,744 Taxes payable - 1,530,416 Total Current Liabilities 10,860,953 7,794,816 Long-term loan payables 191,128 412,817 Operating lease liabilities – non-current 13,288,194 13,986,879 Total Liabilities 24,340,275 22,194,512 Commitment and Contingencies Stockholders' Equity Preferred stock, $0.01 par value, 4,400,000 shares authorized and niloutstanding as of September 30, 2024 and March 31, 2024* — — Common stock, $0.01 par value, 44,000,000 shares authorized and 24,587,500shares outstanding as of September 30, 2024 and 22,000,000 sharesoutstanding as of March 31, 2024* 245,875 220,000 Additional Paid-in Capital 10,744,024 2,400,000 Shares Subscription Receivable (219,998) (219,998) Retained Earnings 3,073,293 4,395,649 Accumulated other comprehensive loss (10,855) (13,829) Total FLY-E Group, Inc. Stockholders' Equity 13,832,339 6,781,822 Total Liabilities and Stockholders' Equity $ 38,172,614 $ 28,976,334 * Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance onDecember 21, 2022 and to give effect to the stock split completed on April 2, 2024. FLY-E GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Expressed in U.S. dollars, except for the number of shares) For the Three Months Ended September 30, For the Six Months Ended September 30, 2024 2023 2024 2023 Revenues $ 6,824,406 $ 8,763,839 $ 14,697,832 $ 16,606,185 Cost of Revenues 3,919,952 5,002,540 8,693,744 10,122,171 Gross Profit 2,904,454 3,761,299 6,004,088 6,484,014 Operating Expenses Selling Expenses 2,041,435 1,618,439 3,653,930 2,701,545 General and Administrative Expenses 2,094,078 1,058,235 3,626,716 1,930,300 Total Operating Expenses 4,135,513 2,676,674 7,280,646 4,631,845 (Loss) Income from Operations (1,231,059) 1,084,625 (1,276,558) 1,852,169 Other Income (Expenses), net (53,929) 40,779 (47,411) 29,701 Interest Expenses, net (23,795) (17,969) (91,877) (50,592) (Loss) Income Before Income Taxes (1,308,783) 1,107,435 (1,415,846) 1,831,278 Income Tax Benefit (Expense) 165,935 (360,879) 93,490 (644,279) Net (Loss) Income $ (1,142,848) $ 746,556 $ (1,322,356) $ 1,186,999 Other Comprehensive Income (Loss) Foreign currency translation adjustment 4,298 — 2,974 — Total Comprehensive (Loss) Income $ (1,138,550) $ 746,556 $ (1,319,382) $ 1,186,999 (Losses) Earnings per Share* $ (0.05) $ 0.03 $ (0.06) $ 0.05 Weighted Average Number of Common Stock – Basic and Diluted* 24,587,500 22,000,000 23,622,596 22,000,000 * Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. FLY-E GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in U.S. dollars, except for the number of shares) For the Six Months Ended September 30, 2024 2023 Cash flows from operating activities Net (loss) income $ (1,322,356) $ 1,186,999 Adjustments to reconcile net (loss) income to net cash (used in) providedby operating activities: Depreciation expense 180,910 190,559 Amortization expense 8,846 — Deferred income taxes (benefits) expenses (462,740) 189,600 Amortization of operating lease right-of-use assets 1,676,991 1,221,280 Inventories reserve 330,823 159,851 Changes in operating assets and liabilities: Accounts receivable (154,034) (463,949) Accounts receivable – related parties 235,029 (203,069) Inventories (3,562,871) (1,672,986) Prepayments and other receivables (1,864,681) 5,223 Prepayments for operation services to related parties (180,000) — Security deposits (55,598) (78,191) Accounts payable (815,667) 1,813,644 Accrued expenses and other payables (380,183) 33,873 Operating lease liabilities (1,516,198) (1,132,114) Taxes payable (1,530,416) 343,148 Net cash (used in) provided by operating activities (9,412,145) 1,593,868 Cash flows from investing activities Purchases of equipment (1,575,936) (526,214) Purchase of Software from a related party (500,000) — Prepayment for purchasing software from a related party (801,980) — Repayment from a related party 510,381 — Advance to a related party (477,933) — Net cash used in investing activities (2,845,468) (526,214) Cash flows from financing activities Advance to a related party — (99,500) Borrowing from loan payables 3,737,500 400,000 Repayments of loan payables (391,308) (335,374) Repayments on other payables - related parties (92,229) (198,615) Payments of related party loan — (120,000) Capital Contributions from Stockholders — 136,370 Payments of IPO cost (282,403) (100,000) Net proceeds from issuance of common stock - IPO 9,154,500 — Net cash provided by (used in) financing activities 12,126,060 (317,119) Net changes in cash (131,553) 750,535 Effect of exchange rate changes on cash 2,974 — Cash at beginning of the period 1,403,514 358,894 Cash at the end of the period $ 1,274,935 $ 1,109,429 Supplemental disclosure of cash flow information Cash paid for interest expense $ 91,877 $ 50,592 Cash paid for income taxes $ 1,940,595 $ 185,347 Supplemental disclosure of non-cash investing and financing activities Settlement of accounts payable by related parties $ — $ 50,000 Settlement of accounts payable by capital contribution $ — $ 2,263,630 Purchase of vehicle funded by loan $ 219,668 $ 34,974 Purchase of office funded by loan $ 1,800,000 $ — Purchase software and office by using previous prepayments $ 1,975,000 $ — Deferred IPO cost recognized as additional paid-in capital $ 502,198 $ — Termination of operating lease right-of-use assets and operating lease liabilities $ (280,087) $ — Right-of-use assets obtained in exchange for operating lease liabilities $ 1,394,682 $ 2,523,012 The following table sets forth the components of our EBITDA for the three months ended September 30, 2024 and 2023, with reconciliations to the nearest GAAP financial measures provided below: For the Three Months Ended September 30, 2024 2023 Change Percentage Change (Loss) Income from Operations $ (1,142,848) $ 746,556 $ (1,889,404) (253.1) % Income Tax (Benefit) Expense (165,935) 360,879 (526,814) (146.0) % Depreciation 85,859 126,891 (41,032) (32.3) % Interest Expenses 23,795 17,969 5,826 32.4 % Amortization 7,895 — 7,895 100.0 % EBITDA $ (1,191,234) $ 1,252,295 $ (2,443,529) (195.1) % Percentage of Revenue (17.5) % 14.3 % (31.7) % The following table sets forth the components of our EBITDA for the six months ended September 30, 2024 and 2023, with reconciliations to the nearest GAAP financial measures provided below: For the Six Months Ended September 30, 2024 2023 Change Percentage Change (Loss) Income from Operations $ (1,322,356) $ 1,186,999 $ (2,509,355) (211.4) % Income Tax provision (93,490) 644,279 (737,769) (114.5) % Depreciation 180,910 190,559 (9,649) (5.1) % Interest Expenses 91,877 50,592 41,285 81.6 % Amortization 8,846 — 8,846 100.0 % EBITDA $ (1,134,213) $ 2,072,429 $ (3,206,642) (154.7) % Percentage of Revenue (7.7) % 12.5 % (20.2) %
MUSCAT, Oman, Nov. 20, 2024 /PRNewswire/ -- Future Fund Oman (FFO), the latest investment initiative under Oman Investment Authority (OIA), has announced its first batch of approved investment projects. With a combined value exceeding US$ 2 billion, these projects include US$ 1.6 billion committed by foreign investors and US$ 571 million contributed by FFO. The investments are expected to create more than 1,600 direct employment opportunities, marking a significant step forward in Oman's economic diversification and development strategy. Future Fund Oman launches first wave of investment projects worth over US$ 2 billion The approved projects span ten key sectors, including technology, manufacturing, tourism, renewable energy, and electric vehicles. In addition, small and medium enterprises (SMEs) and startups will play a prominent role, with investments targeting food, health, financial technology, e-commerce, and more. This comprehensive approach reflects FFO's commitment to fostering innovation and growth across a broad spectrum of industries, ensuring that both large-scale ventures and emerging businesses contribute to Oman's economic progress. Mulham Al Jarf, Deputy President for Investments at Oman Investment Authority, stated that these projects underscore the Fund's dedication to fulfilling its strategic objectives. These include stimulating local economic growth, fostering collaboration with the private sector, attracting foreign investments, and creating opportunities for Omani businesses and job seekers. He emphasized that these projects represent just the beginning of FFO's efforts since its establishment in January 2024. Among the approved projects are transformative initiatives that position Oman as a leader in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone, which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This facility will produce 100,000 tonnes of polysilicon annually, a critical component for renewable energy industries such as solar panel manufacturing. Other major partnerships include the IDG Oman Fund, developed in collaboration with China's IDG Capital, which will focus on ICT, renewable energy, and electric vehicles. Additionally, FFO has also partnered with EW Partners to establish the EWP Oman Fund, which targets key sectors such as ICT, energy, tourism, and agriculture. Future Fund Oman is also supporting a range of SMEs and startups in partnership with fund managers like Tanmia, ITHCA, Omantel, and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen featuring over 30 virtual brands; Bima, an online insurance brokerage service; and Qpay, the first licensed Omani entity offering a "buy now, pay later" service. Other groundbreaking projects include BcLear Aligner, an AI-powered solution for dental braces; Nashid, a blockchain-based digital identity platform; and Antom, a digital financial platform that enhances the capabilities of Oman's fintech ecosystem. FFO was established in collaboration with the Ministry of Finance with a capital of $5.2 billion, allocated over five years from 2024 to 2028. The Fund strategically excludes investments in oil, gas, and real estate, focusing on growth-oriented sectors aligned with Oman's Vision 2040. Interested investors are invited to submit proposals through the dedicated platform, https://futurefund.om/futurefund/ Media Contact:Fahad Al Toubi+968 24745781Fahad.AlToubi@oia.gov.omwww.oia.gov.om
Highlights of FY24/25 Half-Year Results Group sales US$1,854 million – down 4% compared to first half of the prior financial year Gross profit US$438 million or 23.6% of sales (compared to US$430 million or 22.2% of sales in the first half of the prior financial year) Adjusted EBITA US$177 million or 9.5% of sales (compared to US$180 million or 9.3% of sales in the first half of the prior financial year) Net profit attributable to shareholders increased by 8% to US$130 million or 13.92 US cents per share on a fully diluted basis Underlying net profit, excluding the net impact of unrealized gains or losses relating to exchange rate movements and restructuring costs, increased by 3% to US$133 million Free cash flow from operations US$144 million (compared to US$208 million in the first half of the prior financial year) Total debt to capital ratio of 12% and cash reserves of US$688 million as of 30 September 2024 Interim dividend 17 HK cents per share (2.18 US cents per share) HONG KONG SAR - Media OutReach Newswire - 20 November 2024 - Johnson Electric Holdings Limited ("Johnson Electric"), a global leader in electric motors and motion subsystems, today announced its results for the six months ended 30 September 2024. Total group sales for the first half of the 2024/25 financial year were US$1,854 million, a decrease of 4% compared to the first half of the prior financial year. Net profit attributable to shareholders increased by 8% to US$130 million or 13.92 US cents per share on a fully diluted basis. Underlying net profit increased by 3% to US$133 million. Automotive Products Group The Automotive Products Group ("APG"), which accounted for 84% of total Group sales in the period under review, reported a 3% decline in sales on a constant currency basis – which was in line with the overall reduction in global light vehicle production volumes. On a regional basis, APG's constant currency sales were lower by 1% in Asia, 3% in Europe, and 5% in the Americas. All major product and subsystem categories felt the effects of weaker OEM demand as the industry worked to reduce excess inventory levels that accumulated during 2023's post-Covid rebound in production. At the same time, consumer appetite to purchase new cars is being negatively impacted in China by concerns over declining property prices and, in the case of North America and Europe, by high vehicle prices and high interest rates. Current macro-economic conditions notwithstanding, the automotive industry's structural evolution is continuing at a rapid pace. Most notably, China has emerged as a transformative force in the sector through its position as both the world's largest market and the most dynamic in terms of its adoption of electric propulsion technology. Sales of all-electric and plug-in hybrid models recently exceeded the rate of one million vehicles per month and these now account for close to half of all passenger vehicles sold. Furthermore, in less than five years, PRC OEMs have become the domestic market leaders by offering high-quality, cost-competitive new energy vehicles that feature integrated software and advanced infotainment systems. APG's strategy of developing a portfolio of motion subsystems and products that function as key technology enablers of electrification has meant that we have continued to grow our sales across all of the major PRC OEMs. This includes the supply of electric water pumps, coolant valves, and integrated thermal management systems that optimize the performance of battery-powered vehicles, as well as a wide array of motion products that improve the comfort and safety of passengers. The automotive markets in the major western economies are experiencing a period of adjustment which, for a number of reasons, is leading to greater volatility and less visibility on production volumes. In the face of changing consumer preferences, increasing regulatory pressures, and the imperative to reduce production costs, OEMs have been shifting production to different plants in different regions, exiting unprofitable models, and delaying new model launches. The pace of adoption of electric vehicles in some countries has also slowed as the market seeks to progress beyond early adopters to mass market acceptance at a time when consumers remain concerned about high vehicle prices and financing costs, along with persistent anxieties about driving range, charging infrastructure and resale values. Indicative of these concerns, sales of hybrid vehicles in Europe and North America have picked up strength as buyers view these vehicles as an affordable compromise between all-combustion and all-electric. Although the varying speed and dimensions of the structural changes taking place in the automotive industry creates near-term operational challenges for component suppliers, APG remains particularly well positioned to continue to gain market share. We possess a unique global manufacturing footprint that extends across every major geographic market. And our strength in China places us at the forefront of vehicle electrification technology development. Industry Products Group The Industry Products Group ("IPG"), which accounted for 16% of total Group sales, reported a 9% decrease in sales on a constant currency basis. Although the rate of sales contraction compared to a year earlier has slowed, IPG continues to experience challenging operating conditions. In part this reflects the prolonged weakness in demand in the aftermath of the pandemic which has seen consumers generally less willing to spend on discretionary hardware products compared to services. It also reflects delays to a number of contracted new product launches and heightened competition in more commoditized product segments where price rather than functionality and reliability has become the key determinant of purchase. IPG's management is responding to these difficult conditions by rationalizing and consolidating its production to focus on segments where it can obtain the greatest leverage from highly automated assembly lines and digital processes. At the same time, the division is aggressively pursuing new business in a number of high growth segments where Johnson Electric has innovative solutions to customer problems, including warehouse automation, semiconductor manufacturing equipment, liquid cooling applications, and electric bikes. Gross Margins and Operating Profitability Despite the slowdown in sales in the first half of the year, management has continued to make encouraging progress in implementing its core strategies aimed at reducing operating costs and improving profitability. Gross profit margins increased to 23.6% from 22.2%. The improvement was largely the result of lower raw material costs and gains from foreign currency hedging contracts. Earnings before interest, tax and amortization ("EBITA") were US$171 million (compared to US$168 million in the first half of the prior year). Adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, EBITA was US$177 million or 9.5% of sales (compared to 9.3% in the first half of the prior year). The increase in EBITA margins reflected the improvement in gross profit, offset by modest increases in freight and staff costs. Net Profit and Financial Condition Net profit attributable to shareholders totalled US$130 million or 13.92 US cents per share on a fully diluted basis. Underlying net profit, adjusted to exclude the non-cash impact of foreign exchange rate movements and restructuring charges, was US$133 million compared to US$130 million in the first half of the prior year. Free cash flow from operations declined from US$208 million to US$144 million due to an increase in working capital and slightly higher capital expenditure. Johnson Electric's overall financial condition remains robust with a total debt to capital ratio of 12% and cash balances of US$688 million as of 30 September 2024. Interim Dividend The Board has today declared an interim dividend of 17 HK cents per share, equivalent to 2.18 US cents per share (2023/24 interim: 17 HK cents per share). The interim dividend will be payable on 8th January 2025 to shareholders registered on 17th December 2024. Chairman's Comments on the Half-Year Results and Outlook Commenting on the results, Dr. Patrick Wang, Chairman and Chief Executive, said, "Johnson Electric achieved satisfactory financial results in the six-month period ended 30 September 2024 in the context of a subdued global economy and reduced automotive industry output." "Global demand for manufactured goods, including automobiles, has been sluggish through the course of 2024. European economies are struggling to grow in the face of high interest rates and geopolitical volatility. China continues to grapple with the effects of a severe property market downturn and an investment-driven model that has created significant excess capacity in many sectors. In the US, whilst overall economic conditions are more buoyant, industrial order levels have contracted in recent months and consumer confidence remains subdued." Regarding the outlook for the second half of the financial year, Dr. Patrick Wang commented, "Looking ahead to the second half of the financial year, we are cautiously optimistic that the scheduled launch of new programs and the replenishment of channel inventory in several application segments will provide the basis for a return to top-line growth." Dr. Patrick Wang further commented, "The main caveat to this sales outlook remains uncertainties over macro-economic conditions and consumer confidence. The recent US presidential election campaign has featured several potentially far-reaching, but loosely defined economic proposals that if implemented could have a highly disruptive impact on geopolitical relations and global trade. However, at this stage, it is not possible to gauge exactly how, or over what timeframe, the next US administration intends to proceed with its proposed radical changes to trade and economic policy. In the meantime, Johnson Electric will remain focused on executing its core strategies that include leading the market in developing innovative technology solutions to customer problems, driving continuous improvement in automation and digital processes to reduce cost, and optimizing a global manufacturing footprint that has consistently demonstrated its resilience and adaptability in response to external shocks or periods of volatility." Forward Looking Statements This news release contains certain forward looking statements with respect to the financial condition, results of operations and business of Johnson Electric and certain plans and objectives of the management of Johnson Electric. Words such as "outlook", "expects", "anticipates", "intends", "plans", "believe", "estimates", "projects", variations of such words and similar expressions are intended to identify such forward looking statements. Such forward looking statements involve known and unknown risk, uncertainties and other factors which may cause the actual results or performance of Johnson Electric to be materially different from any future results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Johnson Electric's present and future business strategies and the political and economic environment in which Johnson Electric will operate in the future. Note to Editors and Securities Analysts: The full text of the Half-Year Results announcement, including additional financial statements, is available through the Investors section of company's website at www.johnsonelectric.com Hashtag: #JohnsonElectricThe issuer is solely responsible for the content of this announcement.About Johnson Electric GroupThe Johnson Electric Group is a global leader in electric motors, actuators, motion subsystems and related electro-mechanical components. It serves a broad range of industries including Automotive, Smart Metering, Medical Devices, Business Equipment, Home Automation, Ventilation, White Goods, Power Tools, and Lawn & Garden Equipment. The Group is headquartered in Hong Kong and employs over 30,000 individuals in 22 countries worldwide. Johnson Electric Holdings Limited is listed on The Stock Exchange of Hong Kong Limited (Stock Code: 179). For further information, please visit: www.johnsonelectric.com.
BEIJING, Nov. 20, 2024 /PRNewswire/ -- Chinese President Xi Jinping has met with a number of leaders on the sidelines of the 19th G20 Leaders' Summit held in Rio de Janeiro, Brazil, underscoring the world's recognition of China's role as a powerful and stabilizing force amid global geopolitical uncertainties as well as China's significant contribution to promoting development globally. In meeting with German Chancellor Olaf Scholz on Tuesday on the sidelines of the G20 Leaders' Summit, Xi said as the second and third largest economies in the world, China and Germany are both major countries with significant influence. The two countries need to view and develop bilateral relations from a long-term and strategic perspective. China regards Germany as an important partner in advancing Chinese modernization, and will continue to provide broad market opportunities for German companies. Xi also said China and Germany share highly integrated economic interests, and bilateral cooperation is an opportunity for shared development and common future. The EU's tariffs on Chinese electric vehicles are drawing attention around the world, and China always insists on resolving differences through dialogue and consultation. It is hoped that Germany will continue to play an important role in this regard, Xi said. On Tuesday, Xi also met with French President Emmanuel Macron on the sidelines of the G20 Leaders' Summit. Xi said China-France relations are of unique strategic significance and global influence as both are independent, mature and responsible major countries. China is willing to work with France to make greater contribution to the sound development of China-Europe relations and world peace and stability, Xi said. While meeting with British Prime Minister Keir Starmer on Monday, Xi said China and Britain should adopt a rational and objective perspective on each other's development. The two countries should enhance strategic communication and deepen political mutual trust to ensure a steady, substantial, and enduring development of bilateral relations, he said. In meeting with Australian Prime Minister Anthony Albanese on Monday, Xi said there is no fundamental conflict of interests between China and Australia. As long as the two sides adhere to mutual respect, treat each other as equals, and seek common ground while shelving differences, China-Australia relations will surely develop well, Xi said. Noting that both China and Australia are supporters and defenders of economic globalization and free trade, he urged the two sides to promote the sharing of opportunities and benefits among various countries via opening up, so as to realize common development. In meeting with Mexican President Claudia Sheinbaum Pardo on Monday, Xi said that China and Mexico should continue to enhance exchanges, renew friendship, make good use of the highly complementary nature of the two economies, constantly advance practical cooperation and push for all-round development of bilateral relations in the new era. Xi once again congratulated Sheinbaum on becoming the first female president in the history of Mexico, and recalled his visit to Mexico in 2013, which he said had left a deep and unforgettable impression. Highlighting the two countries' time-honored traditional friendship, Xi said China and Mexico share similar views and ideas on many international issues, and both countries advocate a universally beneficial and inclusive economic globalization. Force of stability The world is currently grappling with a profound sense of uncertainty, prompting major world leaders to adopt a dynamic approach to diplomacy. The meetings between the Chinese leader and several leaders from other countries underscore the world's perception of China as a powerful and stabilizing force in the face of global geopolitical uncertainties, Zhu Jiejin, a professor of global governance studies at Fudan University, told the Global Times. The series of meetings also shows that China is primarily seeking to maintain stability amid the ever-changing international landscape; moreover, China's main contribution on the current international stage is promoting development, which is also why China's international influence is expanding, said Zhu. In his speech at Session I of the 19th G20 Summit on Fight Against Hunger and Poverty on Monday, Xi said from Hangzhou to Rio, we have been working for one and the same goal, that is, to build a just world of common development. To build such a world, we need to channel more resources to such fields as trade, investment and development cooperation, and strengthen development institutions. There should be more bridges of cooperation, and less "small yard, high fences," so that more and more developing countries will be better off and achieve modernization, the Chinese president said. To build such a world, we need to support developing countries in adopting sustainable production and lifestyle, properly responding to challenges like climate change, biodiversity loss and environmental pollution, enhancing ecological conservation, and achieving harmony between man and nature, Xi said. Zhu said that under the backdrop of rising protectionism, China has been actively advocating win-win cooperation and expanding its international "circle of friends" through active participation in international cooperation. China's presence in Latin America has made an increasingly important impact, particularly in trade, investment, and infrastructure. Today, China is an essential partner for the region, a major importer of agricultural and mineral commodities, and a key source of financing and technology. This relationship offers alternatives that once depended primarily on the US and Europe, Ronnie Lins, a Brazilian economist and director of the China-Brazil Center for Research and Business, told the Global Times when talking about the impact China's presence has had on the economies and societies of Latin American countries. Within the Global South, the China-Latin America partnership represents a model of autonomous and reciprocal development. This partnership encourages other Global South countries to pursue mutually beneficial horizontal relationships, supporting a new multipolar order, said Lins.
A12 藝術空間
Electric vehicles
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