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SINGAPORE, May 8, 2023 /PRNewswire/ -- Trip.com Group's corporate travel arm, Trip.Biz, recently released its Corporate Travel Management Market White Paper, taking a closer look at the Chinese mainland's business travel market and trends. Companies in China are optimistic about the resumption of corporate travel as border policies relax, and flight capacity gradually resumes. According to Trip.Biz survey data, 84.5% of companies expect an increase in domestic business travel budget for 2023, while 74.5% expect an increase in international business travel budget. This sentiment is carried across the global business travel market. In August 2022, the GBTA (Global Business Travel Association) estimated that worldwide business travel would recover to 81% of its pre-pandemic level in 2023, while the Chinese market would reach about 75% of its pre-pandemic level in 2022 and 89% in 2023, with an 18.9% increase in business travel spending. Business travellers are increasingly eager for a comfortable, safe, and efficient travel experience. Trip.Biz survey data suggests greater demand for fast-track security lanes, flexible change & cancellation policies, and quality hotel service. Many employees are embracing bleisure travel, with over 90% of business travellers in Trip.Biz survey stating they may visit local tourist attractions or historical sites at their own expense during a business trip. 38.4% of business travellers expect to have more leisure time in the local area. Business travellers believe that developed cities or scenic destinations offer the most when undertaking business travel. The white paper shows that in 2022, over 30% of companies allocated more than 10% of their budgets to business travel, an increase from 2021. The proportion of spending on business travel is also increasing, making it one of the main expenses for these organisations as business travel budgets increase. Therefore, businesses seek evidence-based cost control and higher profits through lower-cost e-management. Companies are vigorously pursuing digital transformation. Trip.Biz survey data shows that nearly 60% of companies have begun digitalising their business travel processes. State-owned enterprises, Sino-foreign joint ventures, and wholly foreign-owned enterprises have a higher tendency to manage business travel digitally. Additionally, digital business travel management is more prevalent in large and medium-sized enterprises. "This year's strong demand for business travel and the pursuit of efficient management will be a major focus for companies, making the digital transformation of business travel management more urgent than before," said Steven Zhang, Chief Executive Officer at Trip.Biz. Additionally, the white paper discusses trends such as combining business travel with low-carbon initiatives. Companies have gradually begun exploring low-carbon business travel options. According to Trip.Biz survey, approximately 85% of business travellers prefer flights and hotels with low-carbon certifications. Additionally, those responsible for business travel believe that implementing an online management system benefits sustainable and low-carbon development. Download the full report here: Trip.Biz Corporate Travel Management Market White Paper About Trip.Biz Trip.Biz is a rapidly growing business travel management company with a vast network of corporate clients extending out of mainland China. It is the corporate travel arm of the leading global travel service provider Trip.com Group. For over 17 years, Trip.Biz has provided services to over 14,000 large-scale corporations, including over 300 Fortune Global 500 companies. Trip.Biz counts over 820,000 small to medium sized enterprises among its clients that have a combined total of over 38 million employees. Trip.Biz strives to help corporations lower their travel costs and increase efficiency. Find out more at trip.biz.
TAIPEI, May 3, 2023 /PRNewswire/ -- Vpon Big Data Group (Vpon), the leading big data company in Asia, has successfully developed the AI visual generative system "InVnity", utilizing AI and big data to generate and optimize advertising design and delivery. The system is 10 times more efficient than the design workflow in the past, with the precise design requirements and keywords, the AI system will automatically generate high-quality advertising visuals with various creative to choose from. Then, "InVnity" would identify tags such as age, location, and behavior of the target audience to match the most relevant advertisement for each individual, and continuously monitors, evaluates and optimizes the effectiveness of the advertisement in real-time. The first client to use the revolutionary AI creative system is the Hong Kong-based soft drinks brand Mezzanine Makers. Through "InVnity", a series of AI-powered advertisements were created, and the innovative collaboration campaign has already launched. 'InVnity' can generate styles of ads based on the keywords and requirements. The image shows three completely different design produced with 'InVnity' around different keywords. 10x More Efficient, Breakthrough the Boundaries of Reality As Asia's leading big data expert, Vpon reaches over 900 million mobile devices every month, holds a vast amount of mobile device data, and possesses high-quality media resources in the Asia-Pacific region. Recently, Vpon has successfully developed the AI visual generative system "InVnity". With "InVnity", when the creators input the requirements and keywords based on their understanding of the target audiences, the system will autonomously generate an abundant of high-quality advertisements. This process is up to 10 times more efficient than the visual generating process in the past, allowing designers to explore more possibilities with a few clicks. From realistic painting and comic styles to portraits and scenery photographs, "InVnity" is capable of generating a diversified artistic style in response to the prompts. However, the true power of "InVnity" is beyond reality. Creators can envision their products in surreal setting in just a split second, such as historical and futuristic scenery, which would require a large amount of production cost and resources in real life. The 'Dreambooth' function of 'InVnity' allows products to appear in any scene from past, present, or future, bringing unlimited possibilities. AI-powered Analytics, Reaching the Full Potential Vpon's AI visual generative system "InVnity" has been adopted by Mezzanine Makers, a Hong Kong-based boutique soft drink brand, as its first user. Vpon's professional team created a series of advertising visuals with "InVnity" tailored for the target audiences of Mezzanine Makers. The system's AI capabilities allow it to learn from real-time advertising results and continuously optimize the visual material based on big data analysis. Fanko Yim, Global Solutions Director of Vpon Big Data Group, stated that "Mezzanine Makers has a diversified targeting group. Making good use of AI technologies like 'InVnity' allows Vpon to quickly provide a range of advertising designs for our clients in a relatively cost-effective way. To overcoming the pain points of designers and the limitation of resources, we specifically designed the 'dreambooth' function in "InVnity", which can generate quality designs using our client's product photos as the main subject. Creators then can quickly modify details partially such as background and clothing with the 'inpainting' function, for a highly flexible advertising design experience." Different from other AI visual generator tool in the market, the 'inpainting' function of “InVnity” allows designers to make partial modifications to details such as background and clothing. Arthur Chan, Chief Operating Officer of Vpon Big Data Group, believes that integrating AI and big data will drive significant breakthroughs in the advertising industry. "Artificial intelligence is changing the world rapidly. We can foresee that AI would be found at every corner of business activities very soon," he explains. "Therefore, Vpon will not cease our AI innovation. 'InVnity' will keep on learning and improving from our database, while simultaneously collecting visual-based data with the new technology, further our understanding of the audiences." The ultimate goal of Vpon's leading AI technology team is to leverage "InVnity" to deliver cost-effective, hyper-personalised, and innovative advertising designs to individual brand audiences, ensuring that each potential customer receives a brand message that resonates with them on a deeper level. InVnity can generate an array of design responding to the prompts, enhance the efficiency significantly. Adrian Ng, the co-founder of Mezzanine Makers, expressed his excitement at the brand's ability to reach the public in a new and unique way. "As a Hong Kong-based brand, Mezzanine Makers has always drawn inspiration from old Hong Kong in its designs. The unique styles of these AI-powered advertisement by Vpon perfectly aligns with our innovative brand image. As an independent boutique soft drink brand, we may not have the resources to always ensure the effectiveness of our advertisements, meaning we could potentially miss out when a change of visual or strategy is needed. However, with the "InVnity" AI system, the advertising performances are analyzed autonomously for real-time optimization of the strategy and visuals, ensuring the advertisement are amplifying our brand message, none of our resources would go wasted." For Vpon, "InVnity" is merely the starting point of the company's AI development. They will continue to enhance the system's capability and user's journey, take advantage of their big data expertise to tailor to the needs of the brands, surpassing other AI generator currently available on the market. With a focus on innovative technologies, Vpon is striving to revolutionize the advertising industry and break through existing limitations. Visual materials: https://drive.google.com/drive/folders/1EJd4kZ4RpeGcMdX73H0-SfdIZWEo6BpR?usp=share_link About Vpon Big Data Group Vpon Big Data Group, a leading big data company focused on data analytics built with cutting-edge technologies to provide clients with the broadest set of mobile data across Asia in delivering effective mobile data-driven marketing solutions. Supported by the accumulation of massive data from 900 million mobile devices and strategic partnership with premium media resources across APAC, Vpon provides clients with customized data-centric marketing solutions, including data analytics services, brand awareness, performance-driven and cross border marketing solutions. Vpon Taiwan has obtained ISO 27001 (Information Security Management) and ISO 27701 (Privacy Information Management) Certification from British Standard Institution (BSI), becoming the first big data company to attain both certifications and setting an exciting milestone for the data industry.
The ESG 2030 Roadmap targets include 1,000 MW of rooftop solar power capacity and creation of an ESR Group Foundation programme with an investment capacity of up to US$20 million HONG KONG, May 3, 2023 /PRNewswire/ -- ESR Group Limited ("ESR" or the "Company", together with its subsidiaries as the "Group"; SEHK Stock Code: 1821), APAC's largest real asset manager powered by the New Economy, has reaffirmed its commitment to accelerate its long-term sustainable growth by unveiling its ESG (Environmental, Social and Governance) 2030 Roadmap across the enlarged Group. ESR's ESG 2030 Roadmap is built on the significant progress achieved under its 2025 Roadmap which was launched in November 2020. The ESG 2030 Roadmap covers three key pillars under its ESG Framework: Creating a Human Centric environment that is safe, supportive and inclusive for internal and external stakeholders; Developing and maintaining a sustainable and efficient Property Portfolio; and Delivering outstanding Corporate Performance for sustained and balanced growth. Some of the key achievements of the Group's progress to date include: Human Centric · Gender ratio of 45%, exceeding the 40/60 women/men target by 2025 · Zero workforce fatalities among ESR Group employees Property Portfolio · Installing close to 100 MW rooftop solar power capacity across the enlarged Group, exceeding its initial target of 52 MW by 2025 · On track to obtaining sustainable building certifications for 50% of the Group's portfolio, with 39% of the Group's portfolio of assets already certified Corporate Performance · Secured ~US$3 billion in Sustainability-Linked Loans ("SLLs") to date, strengthening the Group's leadership in sustainable financing · Recognised for robust and exemplary ESG disclosure with outstanding 2022 rankings in the Global Real Estate Sustainability Benchmark ("GRESB") Assessment, MSCI ESG Ratings and Sustainalytics ESG Risk Ratings Jeffrey Shen and Stuart Gibson, ESR Group Co-founders and Co-CEOs, said: "Since the launch of the ESG 2025 Roadmap in 2020, we have taken big strides forward in our ESG journey. With the successful acquisition of ARA and its subsidiary LOGOS, we aspire to expand and accelerate our ESG efforts across the Group. The remarkable scale and synergies of our enlarged Group today have strengthened our position as an ESG steward as we continue to raise the bar on our ESG actions and impact, creating long-term value for our stakeholders." Under its enhanced ESG 2030 Roadmap, ESR has established ambitious targets across the three key pillars to accelerate positive impact as an enlarged Group. These targets include: Human Centric · Maintain a safe working environment by targeting Zero ESR workforce fatalities · Achieve and maintain gender ratio of 50/50 women/men · Creation of an ESR Group Foundation programme with an investment capacity of up to US$20 million Property Portfolio · Set up 1,000 MW of solar power capacity on the rooftop of assets · Attain sustainable building certifications and ratings for 50% of the Group's portfolio · Reduce energy consumption intensity in line with the Group's Net Zero Carbon commitment and decarbonisation roadmap Corporate Performance · Achieve a 3-Star GRESB rating average · Maintain a culture of strong corporate governance · Adhere to UN PRI principles in our investment and asset management policies and practices Tang Boon Kang, ESR Group Head, Governance & Sustainability and Emma Larsson, ESR Group ESG Officer, said: "ESR has achieved great progress on the targets set out in our 2025 roadmap. As we lead the way forward in the transition to a more inclusive, low-carbon and climate resilient future, our ESG 2030 Roadmap will sharpen our focus in driving ESG efforts forward as an enlarged Group. It includes new targets that are coherent with our 2025 roadmap and drive greater accountability as we continue to accelerate best-in-class practices across the Group." In conjunction with unveiling of the ESG 2030 Roadmap, ESR has published its ESG Report 2022 which can be found on the Group's website. The ESG Report 2022 describes the Group's achievements in line with its vision to be a leading provider of Space and Investment Solutions for a Sustainable Future. Under the Human Centric pillar, the Group has developed employee engagement initiatives focusing on employee well-being, diversity, equity and inclusion, and training; contributed positively to the communities where it operates; and built modern logistics facilities with human centric design. Under the Property Portfolio pillar, the Group has accelerated its renewables strategies, continued its focus on sustainable & efficient operations and sustainable building certifications & ratings, and adopted the Task Force on Climate-related Financial Disclosures (TCFD) Framework to mitigate climate change. Under the Corporate Performance pillar, the Group has maintained its high standards of corporate governance, integrated ESG factors into its investment and asset management policies and practices and improved its performance in the global ESG benchmarks and ratings. Please refer to ESR's ESG 2030 Roadmap and ESG Report 2022 for details. About ESR ESR is APAC's largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. With approximately US$150 billion in total assets under management (AUM), our fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, representing over 95% of GDP in APAC, and also includes an expanding presence in Europe and the U.S. We provide a diverse range of real asset investment solutions and New Economy real estate development opportunities across our private funds business, which allow capital partners and customers to capitalise on the most significant secular trends in APAC. ESR is the largest sponsor and manager of REITs in APAC with a total AUM of US$46 billion. Our purpose – Space and Investment Solutions for a Sustainable Future – drives us to manage sustainably and impactfully and we consider the environment and the communities in which we operate as key stakeholders of our business. Listed on the Main Board of The Stock Exchange of Hong Kong, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI Hong Kong Index. For more information on ESR, please visit www.esr.com Investor Relations Marilyn Tan Group Head, Investor Relations +65 6601 9361 marilyn.tan@esr.com Media Contact Kathleen Goh Senior Director, Group Corporate Affairs Tel: +65 6972 2192 kathleen.goh@esr.com
GUANGZHOU, China, May 3, 2023 /PRNewswire/ -- The 133rd China Import and Export Fair ("Canton Fair", "the Fair") proved to be a treat for home decor enthusiasts, as over 1400 textile companies displayed quilt & bed sheets, blankets, curtain, bathroom and table textiles, mattress and cushion designs, brought in new patterns and comfortable designs, and set a benchmark for global home living. Shanghai Star Industry and Trade Co., Ltd. ("Star") wowed attendees at the Fair with their impressive display of over 300 products in 4 categories, including printed quilts, plain quilts, fleece quilts, and special fabric quilts. With over a decade of experience in the production and export of home textiles such as quilts, bedspreads, quilt covers, and sofa covers, Star has become a leading contender in the global market. "The skin-friendly, fashion-forward, and affordable product from Star has resonated with global consumers," said Winni Yu, General Manager of the company. "We're using more skin-friendly materials in our products, because we know quilts and blankets create a relaxing and peaceful moment for each family to rest, refresh and seek comfort." Orient Hometex Co., Ltd. ("Orient Hometex") has unveiled a stunning collection of customized home textiles that are sure to catch the eye of the most discerning customers. The collection features a variety of products, including down, cotton-filled quilt cores, pillow cores, bed covers, and quilt covers and blankets made of cotton and chemical fiber textiles. "Following the trend of consumers paying increasing attention to health, sterilization, and improvement of the quality of home textiles, we insist on design innovation while also improving comprehensive product functions," said Mr. Cheng, General Manager of Orient Hometex. Orient Hometex has developed nano-silver pillows, antibacterial fabrics, multi-functional down blankets, smart heating scarves, etc, and obtained the DOWNPASS high-quality down certificate, OHSAS 18001:2007 Occupational Health and Safety Management System Certification, and many other authoritative certifications." Feng Cheng City River Garments Co., Ltd. ("River") has made a significant breakthrough in innovative development and material application with their latest tussah silk home wear. The company has utilized China's unique natural tussah silk as raw material to create a product that boasts an exceptional combination of style, comfort, and durability. For more information about the home textile products at the 133rd Canton Fair, please register at https://invitation.cantonfair.org.cn/BuyerUser/RegisterUser?MediaType=16 or contact: Ms. Cai, caiyiyi@cantonfair.org.cn
LISHUI, China, May 2, 2023 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company, today reported its audited financial results for the twelve months ended December 31, 2022. For the year ended December 31, 2022 2021 Change Revenues $ 53,490 55,264 -3.2 % Gross profit 10,093 10,431 -3.2 % Gross Margin 18.9 % 18.9 % 0.0 % Operating expenses 5,520 18,946 -70.9 % Net income (loss) attributable to common stockholders $ 3,021 (8,358) -136.1 % Earnings (loss) from continuing operations per share $ 3.03 (48.35) N/A Revenues decreased by approximately $1.8 million, or 3.2%, to approximately $53.5 million in fiscal 2022 from approximately $55.3 million in fiscal 2021. The decreased was mainly attributable to decrease of approximately $4.4 million in revenues from consumer products and decrease of approximately $1.3 million in revenues from EV segment, due to weak consumer market as the result of soft economy, partially offset by increase of approximately $4.0 million in revenues from biodegradable packaging business which we started in fiscal 2022. Our gross profit decreased by approximately $0.3 million, or 3.2% to approximately $10.1 million in fiscal 2022 from approximately $10.4 million in fiscal 2021. The gross profit margin were 18.9% in both fiscal 2022 and 2021. On segment basis, gross margins for consumer product segment, EV segment, and biodegradable packaging business were 20.4%, (3.4)% and 2.7%, respectively, in fiscal 2022, compared to 18.7%, 24.2%, and nil, respectively, in fiscal 2021. Research and development expenses decreased by approximately $7.8 million, or 97.2%, to approximately $0.2 million in fiscal 2022 from approximately $8.1 million in fiscal 2021. The decrease was primarily due to less R&D activities in connection with our EV segment in fiscal 2022. Total operating expenses decreased by approximately $13.4 million, or 70.9%, to approximately $5.5 million in fiscal 2022 from approximately $18.9 million in fiscal 2021, which was mainly due to decrease of approximately $7.8 million in research and development expenses, decrease of approximately $3.8 million in general and administrative expense and decrease of approximately $1.8 million in share-based compensation in fiscal 2022 compared to fiscal 2021. Our income before income tax was approximately $5.7 million in fiscal 2022, an increase of approximately $14.0 million compared to loss of approximately $8.3 million in fiscal 2021. The increase was primarily attributable to a decrease of approximately $13.4 million in operating expenses compared to fiscal 2021. As of December 31, 2022, we had cash and restricted cash of approximately $19.0 million. Our current assets were approximately $106.8 million and our current liabilities were approximately $13.5 million, which resulted in a current ratio of 7.9:1. Total shareholders' equity as of December 31, 2022 was approximately $115.9 million. Mr. Wangfeng Yan, Chief Executive Officer of Tantech, said, "Our revenue is stable at $53.5 million for the full year 2022, and net income attributable to common shareholders is positive at $3 million after losses in the proceeding 3 years. We are very glad to achieve this result given the COVID-19 pandemic and closures in China in 2022." "In the meantime, we expanded our business into several sectors and transformed our business to focus more on the specialty electric vehicles (EVs) market. We are building our presence methodically, with our R&D investments and technology advancements more in specialty-use EVs which we believe will be a key long-term growth driver for us, rather than general consumer EV market." Mr. Wangfeng Yan continued, "in 2022 we also started biodegradable packaging business. This market has been growing rapidly in recent years, driven by increased awareness of environmental issues and the desire to reduce plastic waste. Biodegradable packaging can break down naturally in the environment without leaving behind harmful pollutants or waste." Mr. Wangfeng Yan concluded, "In 2022 we had $106.8 million current assets balance with just $13.5 million in current liabilities. There are many opportunities for us to explore and add value for shareholders. With continuing leadership in bamboo charcoal-based products and our unique knowledge in specialty EV segment, we have full confidence in the future development of the Company." About Tantech Holdings Ltd For the last two decades, Tantech has been a leading high-tech enterprise pioneering and specializing in producing, researching and developing products based on bamboo charcoals with a well-established domestic and international sales and distribution network. Tantech expanded into the clean vehicle industry in 2017 through acquiring 70% shares of Shangchi Automobile. In November 2020, Tantech established two additional subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., to produce and market electric vehicles, including automatic high-speed street sweepers and others. 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. Tantech has recently expanded its operation into international markets. In May and July 2022, the Company established wholly-owned subsidiaries, EPakia Inc. and EPakia Canada Inc., in the United States and Canada to develop biodegradable packaging business in the North American and other international markets. The Company is fully ISO 90000 and ISO 14000 certified and has received numerous national, provincial and local honors, awards and certifications for its products and scientific research efforts. For more information, please visit: http://ir.tantech.cn. 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, except as expressly required by applicable laws. Tantech Holdings Ltd and Subsidiaries Consolidated Balance Sheets December 31, December 31, 2022 2021 Assets Current Assets Cash and cash equivalents $ 18,976,684 $ 43,144,049 Restricted cash 4,827 422,832 Accounts receivable, net 40,174,332 44,962,926 Financing receivable 43,864,192 — Inventories, net 898,686 1,069,698 Due a from related party — 10,354,051 Advances to suppliers, net 1,291,998 3,420,628 Prepaid taxes 494,467 1,609,466 Prepaid expenses and other receivables, net 1,051,631 824,239 Total Current Assets 106,756,817 105,807,889 Other Assets Property, plant and equipment, net 1,656,442 2,103,947 Intangible assets, net 184,822 205,971 Right of use assets 1,417,088 313,172 Long-term investment 24,116,835 26,096,079 Total Non-current Assets 27,375,187 28,719,169 Total Assets $ 134,132,004 $ 134,527,058 Liabilities and Stockholders' Equity Current Liabilities Short-term bank loans $ 3,636,591 $ 4,719,552 Accounts payable 2,118,705 1,563,787 Due to related parties 1,047,512 1,847,421 Customer deposits 1,826,996 3,580,622 Taxes payable 1,251,975 823,701 Loan payable to third parties — 7,002,385 Lease liabilities-current 161,480 115,330 Accrued liabilities and other payables 3,497,532 2,114,258 Total Current Liabilities 13,540,791 21,767,056 Due to third parties-long term 3,395,861 — Lease liabilities-non-current 1,259,958 223,291 Total Liabilities 18,196,610 21,990,347 Stockholders' Equity Common stock, $0.24 par value, 6,000,000 shares authorized, 1,217,906and 266,640 shares issued and outstanding as of December 31, 2022 and2021, respectively* 292,299 63,995 Additional paid-in capital 79,454,309 69,566,786 Statutory reserves 7,490,398 6,874,614 Retained earnings 39,090,079 36,684,794 Accumulated other comprehensive (loss) income (8,242,727) 1,071,149 Total Stockholders' Equity attributable to the Company 118,084,358 114,261,338 Noncontrolling interest (2,148,964) (1,724,627) Total Stockholders' Equity 115,935,394 112,536,711 Total Liabilities and Stockholders' Equity $ 134,132,004 $ 134,527,058 *Retroactively restated for one-for-twenty-four reverse split with effective date of November 9, 2022. Tantech Holdings Ltd and Subsidiaries Consolidated Statements of Income (Loss) and Comprehensive Loss Ended December 31, 2022 2021 Revenues $ 53,490,294 $ 55,263,673 Cost of revenues 43,397,756 44,832,347 Gross Profit 10,092,538 10,431,326 Operating expenses Selling expenses 278,013 221,364 General and administrative expenses 5,013,933 8,831,407 Share based compensation — 1,840,000 Impairment of goodwill and intangible asset — Research and development expenses 227,829 8,053,400 Total operating expenses 5,519,775 18,946,171 Income (loss) from operations 4,572,763 (8,514,845) Other income (expenses) Interest income 208,142 117,735 Interest expense (602,037) (740,400) Financing interest income 1,400,227 — Rental income from related party 89,039 117,958 Gain from sale property to a related party — 545,874 Other income (loss), net 60,031 210,176 Total other (expenses) income 1,155,402 251,343 Income (loss) before income tax 5,728,165 (8,263,502) Income tax provision (benefit) 3,141,969 2,429,480 Net income (loss) 2,586,196 (10,692,982) Less: net loss attributable to noncontrolling interest (434,873) (2,334,853) Net income (loss) attributable to common stockholders ofTantech Holdings Ltd $ 3,021,069 $ (8,358,129) Net income (loss) 2,586,196 (10,692,982) Other comprehensive income (loss): Foreign currency translation adjustment (9,303,340) 2,535,599 Comprehensive loss (6,717,144) (8,157,383) Less: Comprehensive loss attributable to noncontrolling interest (424,337) (2,363,473) Comprehensive loss attributable to common stockholdersof Tantech Holdings Ltd $ (6,292,807) $ (5,793,910) Earnings (loss) per share - Basic and Diluted* Basic $ 3.03 $ (48.35) Diluted $ 3.00 $ (48.35) Weighted Average Shares Outstanding Basic 996,934 172,864 Diluted 1,006,169 172,864 *Retroactively restated for one-for-twenty-four reverse split with effective date of November 9, 2022. Tantech Holdings Ltd and Subsidiaries Consolidated Statements of Cash Flows Ended December 31, 2022 2021 Cash flows from operating activities Net income (loss) $ 2,586,196 $ (10,692,982 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Allowance (reversal of) for doubtful accounts - accountsreceivable 738,922 (52,789 ) Allowance for (reversal of) doubtful accounts - advance tosuppliers 49,038 (142,799 ) Write off manufacturing rebate receivable — 5,819,059 Reversal of for doubtful accounts – other receivables — — Share based compensation — 1,840,000 Inventory reserve 51,676 359,501 Impairment of goodwill and intangible asset — — Decrease in deferred tax liability — — Depreciation expense 344,852 444,462 Amortization of intangible asset 8,356 472,140 Amortization of right of use assets 347,127 44,964 (Gain) Loss from disposal of property, plant and equipment (6,291 ) (545,844 ) Issuance of common stock for service — — Contingent liability — 535,389 Changes in operating assets and liabilities: Accounts receivable - non-related party 673,738 (9,573,463 ) Advances to suppliers 1,885,042 3,694,066 Advances to suppliers - related party — 1,550,000 Inventory 43,811 (737,552 ) Prepaid expenses and other receivables (296,077 ) (768,288 ) Manufacturing rebate receivable — — Accounts payable 671,669 (16,266 ) Accrued liabilities and other payables 1,560,046 (323,441 ) Customer deposits (1,518,851 ) 318,875 Lease liabilities (366,772 ) (19,824 ) Taxes payable 1,520,519 (295,666 ) Net cash provided by (used in) operating activities 8,293,001 (8,090,458 ) Cash flows from investing activities Acquisition of property, plant and equipment (79,273 ) (220,308 ) Proceeds from disposal of property, plant and equipment 35,792 748,612 Additions to intangible assets (2,692 ) (4,220 ) Financing receivable (44,953,234 ) — Net cash (used in) provided by investing activities (44,999,407 ) 524,084 Cash flows from financing activities (Repayment of) proceeds from (repayment of) loans fromthird parties — 6,917,589 Repayment of loans from third parties (3,151,786 ) (310,000 ) Bank acceptance notes payable, net of repayment — (1,772,550 ) Cancellation of common stock due to reverse split (4,573 ) — Proceeds from bank loans 3,875,478 7,774,800 Repayment of bank loans (4,618,488 ) (8,738,900 ) Proceeds from (repayment of) loans from related parties,net 9,071,272 (10,428,196 ) Proceeds from issuance of common stock and warrants 10,120,400 19,362,706 Net cash provided by financing activities 15,292,303 12,805,449 Effect of exchange rate changes on cash, restricted cash and cashequivalents (3,171,267 ) 988,502 Net (decrease) increase in cash, restricted cash and cashequivalents (24,585,370 ) 6,227,577 Cash, restricted cash and cash equivalents, beginning of year 43,566,881 37,339,304 Cash, restricted cash and cash equivalents, end of year $ 18,981,511 $ 43,566,881 Supplemental disclosure information: Income taxes paid $ 2,590,282 $ 2,278,134 Interest paid $ 474,579 $ 265,248 The accompanying notes are an integral part of these consolidated financial statements. For more information, please contact: Golden Communication International, LLCWilliam Tu, William.tu@goldenir.comTel: +1 202-656-3688
FortiGate 600F series earned near-perfect ‘AAA’ ranking across all four scoring categories, showcasing industry-leading performance at a lower price per Mbps than competitors SUNNYVALE, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- RSAC 2023 -- John Maddison, EVP of Products and CMO at Fortinet “Independent third-party testing provides unbiased information to help organizations select the right security solutions to fit their needs. FortiGate’s near perfect score in the latest CyberRatings.org NGFW test showcases our continued commitment to independent testing and transparency, and underscores our track record of delivering cutting-edge, high-performing enterprise security solutions. Customers can be confident in our products because of our stand-out results in this objective suite of real-world tests.” News Summary Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the FortiGate 600F Next-Generation Firewall (NGFW) received a Recommended rating by CyberRatings.org, the industry’s only independent third-party cybersecurity testing non-profit. Fortinet earned the highest possible ranking of ‘AAA’ across all four scoring categories. Ideal Performance in all Scoring Categories The FortiGate 600F received the ‘AAA’ rating in the Threat Prevention, SSL/TLS Functionality, Stability & Reliability, and Routing & Access Control testing categories, proving FortiGate delivers the necessary security performance to address modern enterprise networking needs. Threat Prevention: FortiGate 600F, which leverages FortiGuard AI-Powered Security Services across the entire attack surface, achieved a near perfect score for Threat Prevention against a robust testing repository of 1,724 exploits and 1,482 evasions. It blocked 100% of all client-initiated exploits and evasions, 99.88% of all server-initiated exploits, and 100% of all client-initiated evasions. SSL/TLS Functionality: FortiGate correctly identified all insecure cipher suites, including TLS 1.3 and 1.2, and properly decrypted and inspected traffic for prohibited content. Stability & Reliability: With more than 10 Gbps of threat protection throughput, the FortiGate 600F ensures exceptional user experience while blocking exploits, and this was on full display during a battery of stability tests across a variety of loads, traffic types, and protocol mutation. Routing & Access Control: FortiGate correctly enforced policies across various configurations—including a complex multiple-zone configuration that supports thousands of users, networks, policies, and applications—with minimal performance degradation. Low Cost of Ownership, High ROI The FortiGate 600F, which includes purpose-built ASIC technology, passed all CyberRatings.org performance tests, which simulated a variety of traffic conditions including raw packet processing performance, HTTP capacity, and real-world single application flows. CyberRatings.org concluded that FortiGate had a lower price per Mbps than comparable NGFWs included in the test, delivering excellent return on investment (ROI) and promoting cost savings. Leading the Convergence of Networking and Security Fortinet was recognized as a Gartner® Magic Quadrant™ Leader for Network Firewalls1 in 2022, and we believe it's because FortiGate NGFWs seamlessly converge networking and security to deliver integrated Secure Networking features that address complex enterprise needs. Because FortiGate is built on a single operating system, FortiOS, and leverages a simple-to-use, centralized management console, it delivers unparalleled functionality, visibility, and control across the entire hybrid environment—including support for the industry evolution to Hybrid Mesh Firewalls. Supporting Quote “We don’t hold back when we test cybersecurity products. FortiGate blocked the thousands of sophisticated threats and evasions we threw at it while remaining reliable and performing well. Any organization that needs a comprehensive firewall solution should consider FortiGate based on its strong performance on this year’s test.” - Vikram Phatak, Chief Executive Officer of CyberRatings.org Download the full 2023 CyberRatings.org Enterprise Firewall Report on the FortiGate 600F here. Additional Resources Learn more about FortiGate next-generation firewalls. Learn about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs. Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks. Learn more about Fortinet’s FortiGuard Security Services portfolio. Read about how Fortinet customers are securing their organizations. Follow Fortinet on Twitter, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and PEER INSIGHTS are a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. 1. Gartner, Magic Quadrant for Network Firewalls, Rajpreet Kaur, Adam Hils, Tom Lintemuth, 20 December 2022 About Fortinet Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet's solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. FTNT-O Copyright © 2023 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. Media Contact: Investor Contact: Analyst Contact: Margaret Reeb Fortinet, Inc. 408-235-7700 pr@fortinet.com Peter Salkowski Fortinet, Inc. 408-331-4595 psalkowski@fortinet.com Brian Greenberg Fortinet, Inc. 408-235-7700 analystrelations@fortinet.com A PDF accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/c4392cef-9fe9-44af-a084-636038df424a
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