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ROCKVILLE, Md. and SUZHOU, China, May 15, 2023 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncology, metabolic, autoimmune, ophthalmology and other major diseases, announced that the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) has granted Breakthrough Therapy Designation (BTD) for IBI351 (GFH925) for the treatment of previously treated advanced colorectal carcinoma (CRC) patients with KRASG12C mutation. This BTD for IBI351 was based on the pooled analysis of two ongoing clinical trials (NCT05005234, NCT05497336), which include 54 CRC patients that received IBI351 monotherapy. Favorable safety and tolerability and promising antitumor activity of IBI351 monotherapy were observed. The study results will be published at the upcoming American Society Of Clinical Oncology (ASCO) Annual Meeting 2023. IBI351 is the first KRASG12C inhibitor that received NMPA BTD for advanced CRC. In January 2023, IBI351 has received NMPA BTD for the treatment of patients with advanced non-small cell lung cancer (NSCLC) harboring KRASG12C mutation who have received at least one systemic therapy. "We are glad to see the NMPA grants another Breakthrough Therapy Designation based on the preliminary results of IBI351 monotherapy in advanced colorectal carcinoma," said Dr. Hui Zhou, Senior Vice President of Innovent. "The prognosis of advanced colorectal carcinoma patients with KRASG12C mutation is worse than KRAS wild type patients with limited therapeutic options. Currently, there are no approved drugs targeting KRASG12C available on the market in China. The preliminary data of IBI351 monotherapy has shown outstanding efficacy and favorable safety in previously treated advanced colorectal carcinoma. We look forward to obtaining more data from the ongoing clinical trials, and further validating the clinical benefits of IBI351 as monotherapy or combination therapy in patients with advanced colorectal carcinoma." NMPA Breakthrough Therapy Designation is intended to facilitate and expedite the development and review of an investigational drug to treat a serious disease or condition when preliminary clinical evidence indicates that the drug has demonstrated substantial improvement over current therapies. The BTD will not only qualify a drug candidate to receive status for rapid review by the CDE, but it will also allow the sponsor to obtain timely advice and communication from the CDE to accelerate the approval and launch to address the unmet clinical need of patients at an accelerated pace. Click here for the published list of drugs which have been granted BTD by NMPA. About Colorectal Carcinoma (CRC) According to GLOBOCAN 2020 report, there were about 1.14 million new cases and 580,000 deaths of colorectal cancer worldwide in 2020. In the past 30 years, the number of CRC cases and deaths has continued to increase in China. In 2015, there were 376,000 new cases and 191,000 deaths, and the numbers will continue to increase in the next 25 years, which is a major public health problem that China is faced with. KRASG12C is a specific KRAS mutation subtype that causes KRAS to be in a state of sustained GTP-binding activation. KRASG12C mutation occurs in about 3% of colorectal cancer patients in the Western population and 2.33% of Chinese colorectal cancer patients. About IBI351/GFH925 (KRASG12C Inhibitor) Discovered by GenFleet Therapeutics, GFH925 (Innovent R&D code: IBI351) is a novel, orally active, potent KRASG12C inhibitor designed to effectively target the GTP/GDP exchange, an essential step in pathway activation, by modifying the cysteine residue of KRASG12C protein covalently and irreversibly. Preclinical cysteine selectivity studies demonstrated high selectivity of IBI351 towards KRASG12C. Subsequently, IBI351 effectively inhibits the downstream signal pathway to induce tumor cells' apoptosis and cell cycle arrest. In September 2021, Innovent and GenFleet Therapeutics entered into an exclusive license agreement for the development and commercialization of IBI351 in China (including mainland China, Hong Kong, Macau and Taiwan) with additional option-in rights for global development and commercialization. About Innovent Inspired by the spirit of "Start with Integrity, Succeed through Action," Innovent's mission is to develop, manufacture and commercialize high-quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to developing, manufacturing and commercializing high-quality innovative medicines in the fields of oncology, metabolism, autoimmunity, ophthalmology and other major diseases. On October 31, 2018, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 01801.HK. Since its inception, Innovent has developed a fully integrated multi-functional platform which includes R&D, CMC (Chemistry, Manufacturing, and Controls), clinical development and commercialization capabilities. Leveraging the platform, the company has built a robust pipeline of 35 valuable assets in the fields of cancer, metabolic disorder, autoimmune disease and other major therapeutic areas, with 8 approved products on the market. These include: TYVYT® (sintilimab injection), BYVASDA® (bevacizumab biosimilar injection), SULINNO® (adalimumab biosimilar injection), HALPRYZA® (rituximab biosimilar injection) , Pemazyre® (pemigatinib oral inhibitor), olverembatinib (BCR-ABL TKI) , Cyramza® (ramucirumab) and Retsevmo® (selpercatinib). An additional 3 assets are under NMPA NDA review, 6 assets are in Phase 3 or pivotal clinical trials, and 18 more molecules are in clinical studies. Innovent has built an international team with advanced talent in high-end biological drug development and commercialization, including many global experts. The company has also entered into strategic collaborations with Eli Lilly and Company, Sanofi, Adimab, Incyte, MD Anderson Cancer Center and other international partners. Innovent strives to work with many collaborators to help advance China's biopharmaceutical industry, improve drug availability and enhance the quality of the patients' lives. For more information, please visit: www.innoventbio.com. and www.linkedin.com/company/innovent-biologics/. Note: TYVYT® (sintilimab injection) is not an approved product in the United States. BYVASDA® (bevacizumab biosimilar injection), SULINNO®, and HALPRYZA® (rituximab biosimilar injection) are not approved products in the United States. TYVYT® (sintilimab injection, Innovent) BYVASDA® (bevacizumab biosimilar injection, Innovent) HALPRYZA® (rituximab biosimilar injection, Innovent) SULINNO® (adalimumab biosimilar injection, Innovent) Pemazyre® (pemigatinib oral inhibitor, Incyte Corporation). Pemazyre® was discovered by Incyte Corporation and licensed to Innovent for development and commercialization in Mainland China, Hong Kong, Macau and Taiwan. CYRAMZA® (ramucirumab, Eli Lilly). Cyramza® was discovered by Eli Lilly and licensed to Innovent for commercialization in Mainland China. Retsevmo® (selpercatinib, Eli Lilly). Retsevmo® was discovered by Eli Lilly and licensed to Innovent for commercialization in Mainland China. Disclaimer: Innovent does not recommend any off-label usage. Forward-Looking StatementsThis news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly. These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions. Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.
Singapore-Indonesia based startup, Jagat, attracted more than daily active users (DAU) within the first month after launch, topping global charts. The startup with a background in social, gaming, and commerce, is backed by leading investors in the Southeast Asian tech scene. SINGAPORE, May 12, 2023 /PRNewswire/ -- This emerging startup has gained significant traction globally, topping the charts in Taiwan, Spain and in some Eastern European regions. The company's vision is to revolutionize experience of its social map app by integrating a whole new augmented experience in the near future. Jagat next-gen social map app The company's pioneer launch was attended and endorsed by the President of Republic of Indonesia where they featured a social-first mobile virtual world where users can explore, create, and connect with others in real-time in a game-like environment. According to the company's CEO, Barry Beagen, their initial traction is only the beginning. "We are building a social platform for the next-generation. We believe social networking platforms should get users to go out more, and explore the world with their friends. We start with location sharing as a foundation because we believe the need for location is universal, and on top of this, we'll be building exciting features that not only will allow the next generation of mobile users to have more fun in this hybrid real and virtual world, but also to power countless businesses and creators worldwide." Amongst the new generation of social apps that encourage spontaneous and authentic interactions, Jagat draws inspiration from successful platforms like Zenly. Jagat has already surpassed Zenly's DAU numbers at the time of its acquisition by Snap for $200 million in 2017. With over 1,000,000 daily active users and growing, Jagat is gaining momentum and expanding its global reach under the leadership of Beagen, who was trained as an architect and urban planner and had worked with cities around the world. Jagat's growth has been fueled by user-driven virality, sharing invitation links on social media like Twitter, Tiktok and RED (xiao hong shu) for east Asian markets. With features like real-time location sharing, status updates, and immersive emoji based interactions, Jagat allows users to stay connected with their peers in a way that feels more authentic and immediate, which attracts mostly high school and university students. Patrick Walujo, Co-Founder and Managing Partner of Northstar Group, the first institutional investor in Jagat, said, "Jagat's founding team is unique, and comes with backgrounds in tech spanning AI/ML, e-commerce, social media and gaming. With their dynamic and agile go-to-market approach, their insights into this next generation social map app has the potential to transform the way we see location sharing and exploring the world with our mobile phones today. We are excited to be part of this journey and look forward to seeing Jagat redefine the future of social media for the next generation." As Jagat continues to expand its global presence, the company remains committed in its mission to create a more inclusive and engaging social network that benefits individuals and businesses alike. Apart from being an up and coming social platform, Jagat is one of the few SEA startups that are able to break into the global market, a sign for a promising future of tech in the region.
SHANGHAI, CHINA, and PRINCETON, N. J., USA - Media OutReach - 12 May 2023 - LianBio (Nasdaq: LIAN), a biotechnology company dedicated to bringing innovative medicines to patients in China and other major Asian markets, announced yesterday that CAMZYOS ®(mavacamten) has received marketing approval for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM) from the Pharmaceutical Administration Bureau of the Macau SAR. "Hypertrophic cardiomyopathy is a cardiovascular disease that significantly impacts the quality of life of patients," said Dr. Xiuhua Feng, Consultant of Cardiology at Kiang Wu Hospital. "We are very pleased to see the approval of mavacamten in Macau, as it will bring hope to local patients living with this chronic and debilitating condition." "Macau marks mavacamten's first approval in LianBio's licensed territories," said Yizhe Wang, Ph.D., Chief Executive Officer of LianBio. "This approval is a major milestone for patients in the region and demonstrates LianBio's commitment to accelerating patient access throughout Asia to innovative new treatments." In April 2023, the China National Medical Products Administration (NMPA) accepted with Priority Review the New Drug Application for mavacamten for the treatment of adults with symptomatic oHCM. In April 2023, LianBio announced positive topline results from the Phase 3 EXPLORER-CN trial investigating mavacamten for the treatment of Chinese patients with symptomatic oHCM. EXPLORER-CN met its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement in Valsalva left ventricular outflow tract (LVOT) gradient from baseline to week 30 compared to placebo (p<0.001). Additionally, mavacamten demonstrated clinically important improvements for all secondary endpoints, including change from baseline to week 30 in resting LVOT peak gradient, proportion of participants achieving a Valsalva LVOT peak gradient <30 mmHg at week 30, proportion of participants achieving a Valsalva LVOT peak gradient <50 mmHg at week 30, proportion of participants with at least one NYHA class improvement from baseline to week 30, change from baseline to week 30 in Kansas City Cardiomyopathy Questionnaire (KCCQ) Clinical Summary Score (CSS), and change from baseline to week 30 in left ventricular mass index evaluated by cardiac magnetic resonance imaging. Safety results in the trial were consistent with previous studies of mavacamten in symptomatic oHCM, and no new safety signals were reported. Hashtag: #LianBio #CAMZYOSThe issuer is solely responsible for the content of this announcement.About MavacamtenCAMZYOS (mavacamten) is the first and only cardiac myosin inhibitor approved by the U.S. FDA indicated for the treatment of adults with symptomatic New York Heart Association (NYHA) class II-III oHCM to improve functional capacity and symptoms. It has also received regulatory approvals in Australia, Canada, Brazil, Switzerland and Macau. CAMZYOS is an allosteric and reversible inhibitor selective for cardiac myosin. CAMZYOS modulates the number of myosin heads that can enter "on actin" (power generating) states, thus reducing the probability of force producing (systolic) and residual (diastolic) cross-bridge formation. Excess myosin actin cross bridge formation and dysregulation of the super relaxed state are mechanistic hallmarks of HCM. CAMZYOS shifts the overall myosin population towards an energy sparing, recruitable, super relaxed state. In HCM patients, myosin inhibition with CAMZYOS reduces dynamic left ventricular outflow tract (LVOT) obstruction and improves cardiac filling pressures. LianBio licensed rights from MyoKardia, now a wholly owned subsidiary of Bristol Myers Squibb, in August 2020 for the development and commercialization of mavacamten in Mainland China, Hong Kong, Macau, Taiwan, Thailand and Singapore. Mavacamten was granted Breakthrough Therapy Designation in China for the treatment of patients with oHCM in February 2022. About Hypertrophic CardiomyopathyHypertrophic cardiomyopathy (HCM) is a chronic, progressive disease in which excessive contraction of the heart muscle and reduced ability of the left ventricle to fill can lead to the development of debilitating symptoms and cardiac dysfunction. HCM is estimated to affect one in every 500 people globally. The most frequent cause of HCM is mutations in the heart muscle proteins of the sarcomere. In both obstructive and non-obstructive HCM patients, exertion can result in fatigue or shortness of breath, interfering with a patient's ability to participate in activities of daily living. HCM has also been associated with increased risks of atrial fibrillation, stroke, heart failure and sudden cardiac death. In China, there are an estimated 1.1 million to 2.8 million patients with HCM. About LianBioLianBio is a cross-border biotechnology company on a mission to bring transformative medicines to historically underserved patients in China and other Asian markets. Through partnerships with highly innovative biopharmaceutical companies around the world, LianBio is advancing a diversified portfolio of clinically validated product candidates with the potential to drive new standards of care across cardiovascular, oncology, ophthalmology, and inflammatory disease. LianBio is establishing an international infrastructure to position the company as a partner of choice with a platform to provide access to China and other Asian markets. For more information, please visit www.lianbio.com.
SHANGHAI, May 12, 2023 /PRNewswire/ -- An imported version of Nefecon (budesonide) delayed release capsule has been added to the 2023 New Reimbursement Drug List of Specialized Medicines of the "Beijing Puhui Health Insurance Program." Nefecon is a first-in-disease treatment for adults with primary immunoglobulin A nephropathy (IgAN). Nefecon has been approved by the United States Food and Drug Administration under accelerated approval under the trademark "TARPEYO®" to reduce proteinuria in adults with IgAN at risk of rapid disease progression, generally a urine protein-to-creatinine ratio (UPCR) ≥ 1.5 g/g. Coverage by this and other local insurance plans will help increase patient access to Nefecon, listed in the Beijing Puhui Health Insurance Program as "TARPEYO." The Beijing Puhui Health Insurance Program is under the supervision of both the Beijing Municipal Medical Insurance Bureau and Beijing Municipal Bureau of Financial Regulation and Supervision, and is an important part of Beijing's multi-tier medical insurance system. In the two years since launch, more than 6 million people have signed up for the program. Beijing Puhui Health Insurance covers 100 specialized drugs that are not listed in the National Reimbursement Drug List and some imported drugs from overseas, including those newly marketed abroad and those that can be prescribed only in designated medical institutions in Boao Lecheng. The maximum insurance coverage for each person is 1 million yuan a year. The updated list, which includes Nefecon, went into effect on May 5, 2023. "The inclusion of Nefecon into the drug reimbursement list of the Beijing Puhui Health Insurance Program enables patients insured in Beijing to receive reimbursement for up to 60% of the drug costs. This inclusion can help alleviate the financial burden for patients and improve patient adherence to the treatment," said Rogers Luo, Chief Executive Officer of Everest Medicines. "Nefecon was made available for clinical use in Shanghai Ruijin Hospital's Hainan subsidiary in April, and we expect that our application for a marketing approval for Nefecon will receive nationwide approval in the second half of this year. In addition to Beijing, Nefecon has also been included in other local insurance programs, such as those in Kunming city and Shanxi Province. Diversified payment models allow more IgAN patients in China to benefit from this first-in-disease medicine, meeting significant unmet medical needs." About Nefecon Nefecon is a patented oral, delayed release formulation of budesonide, a corticosteroid with potent glucocorticoid activity and weak mineralocorticoid activity that undergoes substantial first pass metabolism. The formulation is designed as a delayed release capsule that is enteric coated so that it remains intact until it releases budesonide to the distal ileum. Each capsule contains coated beads of budesonide that target mucosal B-cells present in the ileum where the disease originates, as per the predominant pathogenesis models. In June 2019, Everest Medicines entered into an exclusive, royalty-bearing license agreement with Calliditas, which gives Everest Medicines exclusive rights to develop and commercialize Nefecon in Mainland China, Hong Kong, Macau, Taiwan and Singapore. The agreement was extended in March 2022 to include South Korea as part of Everest Medicine's territories. Nefecon was approved in the United States under accelerated approval based on a reduction in proteinuria. Recently announced topline results from the global, randomized, double-blind, placebo-controlled Phase 3 clinical trial NefIgArd demonstrated a statistically significant benefit for Nefecon over placebo in estimated glomerular filtration rate (eGFR), a measure of renal function. About Everest Medicines Everest Medicines is a biopharmaceutical company focused on developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules, many of which are in late-stage clinical development. The Company's therapeutic areas of interest include renal diseases, infectious diseases, mRNA platform and autoimmune disorders.. For more information, please visit its website at www.everestmedicines.com. Forward-Looking Statements: This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.
All currency figures stated in this report are in US Dollars unless stated otherwise. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). SHANGHAI, May 11, 2023 /PRNewswire/ -- Semiconductor Manufacturing International Corporation (SEHK: 00981; SSE STAR MARKET: 688981) ("SMIC", the "Company" or "we"), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended March 31, 2023. 2023 First Quarter Highlights Revenue was $1,462.3 million in 1Q23, compared to $1,621.3 million in 4Q22, and $1,841.9 million in 1Q22. Gross profit was $304.7 million in 1Q23, compared to $518.7 million in 4Q22, and $750.3 million in 1Q22. Gross margin was 20.8% in 1Q23, compared to 32.0% in 4Q22 and 40.7% in 1Q22. Second Quarter 2023 Guidance The Company expects (in accordance with IFRS): Revenue to increase by 5% to 7% QoQ. Gross margin to range from 19% to 21%. The Management Comments According to the international financial reporting standards, in the first quarter, the Company's revenue slightly beat guidance, gross margin was close to the high end of our guided range; in the second quarter, the Company expects the capacity utilization rate and shipments will perform better than first quarter. Revenue is expected to increase by 5% to 7% sequentially, with a decline in blended ASP due to the impact of changes in product mix; gross margin is expected to be between 19% and 21%. The Company carries out capital expenditures in line with the expansion plan. Currently, SMIC Shenzhen has entered mass production; SMIC Jingcheng is expected to enter mass production in the second half of the year; SMIC Oriental is expected to start the mini-line by the end of this year; SMIC Xiqing is still under the construction. Looking ahead to the full year of 2023, although the revenue bottoms out in the second quarter, the visibility of recovery magnitude for the second half of the year is still not clear. Overall, we haven't seen the sign of market full recovery. Thus, the full year's guidance remains unchanged, revenue is expected to decline by low-teens percentage year-over-year, and the gross margin is expected to be around 20%. We will strive to do better based on the current situation. Facing the dynamic market changes, we will continue to follow the strategy of being market-oriented and customer-focused, strengthen communication with the end market; we will fully cooperate with the launch of new products, and make adjustments to fix bottleneck issues, so as to meet the next round of growth cycle. To see the complete results including financial tables, please click here: https://www.smics.com/uploads/645cc628/ER_EN.pdf Conference Call / Webcast Announcement Date: Friday, May 12, 2023Time: 8:30 A.M. - 9:30 A.M. WEBCASTThe call will be webcast live at:https://edge.media-server.com/mmc/p/496fcwj6 CONFERENCE CALLPlease register in advance for the conference call at:https://register.vevent.com/register/BI8af784294cda4ffd922600e49250090e REPLAYRecording will be available 1 hour after the event and it will be archived for 12 months.https://www.smics.com/en/site/company_financialSummary About SMIC Semiconductor Manufacturing International Corporation (SEHK: 00981; SSE STAR MARKET: 688981) and its subsidiaries is one of the leading foundries in the world and is the front runner in manufacturing capability, manufacturing scale, and comprehensive service in the Chinese Mainland. SMIC Group provides semiconductor foundry and technology services to global customers on 0.35 micron to FinFET process node technologies. Headquartered in Shanghai, China, SMIC Group has an international manufacturing and service base, with three 8-inch wafer fabrication facilities ("fabs") and four 12-inch fabs in Shanghai, Beijing, Tianjin and Shenzhen, and three 12-inch fabs under construction in Shanghai, Beijing and Tianjin. SMIC Group also has marketing and customer service offices in the U.S., Europe, Japan, and Taiwan, China, and a representative office in Hong Kong, China. For more information, please visit www.smics.com. Forward-Looking Statements This release contains, in addition to historical information, forward-looking statements. These forward-looking statements are based on SMIC's current assumptions, expectations, beliefs, plans, objectives, and projections about future events or performance. SMIC uses words including but not limited to "believe", "anticipate", "intend", "estimate", "expect", "project", "target", "going forward", "continue", "ought to", "may", "seek", "should", "plan", "could", "vision", "goal", "aim", "aspire", "objective", "schedule", "outlook" and other similar expressions to identify forward looking statements. These forward-looking statements are estimates made by SMIC's senior management based on their best judgment and involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, risks associated with cyclicality and market conditions in the semiconductor industry, intense competition in the semiconductor industry, timely wafer acceptance by SMIC's customers, timely introduction of new technologies, SMIC's ability to ramp new products into volume, supply and demand for semiconductor foundry services, industry overcapacity, shortages in equipment, parts, raw materials and software, availability of manufacturing capacity, orders or judgments from pending litigation, intellectual property litigation in the semiconductor industry, general economic conditions, fluctuations in currency exchange rates and the risk of geopolitics. In addition to the information contained in this release, you should also consider the information contained in our other filings with The Stock Exchange of Hong Kong Limited ("SEHK") and Shanghai Stock Exchange ("SSE") from time to time. Other unknown or unpredictable factors also could have material adverse effects on our future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated or, if no date is stated, as of the date of this release. Except as required by applicable laws, SMIC undertakes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the possible or actual occurrence of unanticipated events after the date on which such statement is made, whether as a result of new information, future events or otherwise. About Non-International Financial Reporting Standards ("non-IFRS") Financial Measures To supplement SMIC's consolidated financial results presented in accordance with IFRS, SMIC uses the presentation of non-IFRS financial measures, including EBITDA, EBITDA margin and non-IFRS operating expenses in this release. The presentation of non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures are not calculated or presented in accordance with, and are not alternatives or substitutes for financial measures prepared in accordance with IFRS, and should be read only in conjunction with the Group's financial measures prepared in accordance with IFRS. The Group's non-IFRS financial measures may be different from similarly-titled non-IFRS financial measures used by other companies. SMIC believes that use of these non-IFRS financial measures facilitates investors' and management's comparisons to SMIC's historical performance. The Group's management regularly uses these non-IFRS financial measures to understand, manage and evaluate the Group's business and make financial and operational decisions. The accompanying table has more information and reconciliations of each non-IFRS financial measure to its most directly comparable IFRS financial measure. Contact: Investor Relations +86-21-2081- 2800 ir@smics.com
Total revenue increased by approximately 35.17% to approximately NTD319.92 million Revenue from the turnkey solutions increased by approximately 79.85% to approximately NTD 164.04 million Total comprehensive income for the period attributable to owners of the Company increased by approximately 32.80% to approximately NTD30.34 million 2023 Q1 Results Highlights The total revenue increased by approximately 35.17% to approximately NTD319.92 million Total comprehensive income for the period attributable to owners of the Company increased by approximately 32.80% to approximately NTD30.34 million Revenue from the turnkey solutions increased by approximately 79.85% to approximately NTD164.04 million Basic earnings per share were approximately NTD2.89 cents HONG KONG, May 11, 2023 /PRNewswire/ -- Genes Tech Group Holdings Co. Ltd ("Genes Tech Group" or "The Group", Stock Code: 8257.HK) announces its Q1 results for the three months ended 31 March 2023 ("During the period"). During the period, the total revenue of the Group amounted to approximately NTD319.92 million. Total comprehensive income for the period attributable to owners of the Company amounted to approximately NTD30.34 million. Basic earnings per share were approximately NTD2.89 cents. During the period, revenue from the turnkey solutions amounted to approximately NTD164.04 million, representing an increase of approximately 79.85% as compared to the corresponding period of last year, accounting for approximately 51.27% of the Group's total revenue. The revenue from trading of used SME and parts amounted to approximately NTD155.89 million, representing an increase of approximately 7.15% as compared to the corresponding period of last year, accounting for approximately 48.73% of the Group's total revenue. During the period under review, revenue from the domestic business in Taiwan amounted to approximately NTD225.84 million, accounted for approximately 70.59% of the Group's total revenue. Since the second half of 2022, the global semiconductor market has been continuously affected by factors including Russia- Ukraine geopolitical conflicts, Mainland China's epidemic control, the US Federal Reserve's interest rate hike and inflation. With the weak end market demand for electronic consumer products such as personal computers and smartphones, semiconductor industry players along the production and marketing supply chain are facing varying degrees of pressure to destock. The global semiconductor market has contracted for the first time in 2023 after three consecutive years of positive growth. According to Gartner's research, the global shipment of personal computers in the first quarter of 2023 was 55.2 million units, representing a 30% decrease compared with the first quarter of 2022 and a year-on-year decline for the second consecutive quarter. According to the International Data Corporation (IDC) mobile phone quarterly tracking report, the global smartphone market shipments in 2023 will be less than 1.2 billion units, representing a year-on-year decrease of 1.1%. It is expected that the smartphone market will not recover until 2024 and achieve 5.9% year-on-year growth, Nevertheless, benefiting from the demand in industrial fields such as electric and autonomous vehicles (ADAS), high-performance computing (HPC), artificial intelligence (AI), and low-orbit satellites, the mid-to-long-term structural demand of the semiconductor industry is still very strong, and future growth remains promising. The International Semiconductor Industry Association (SEMI) has revised the total investment downward in global front-end fab equipment in 2023, which is expected to decline by 22% from the record US$98 billion in 2022 to US$76 billion; it will rebound by 21% to US$92 billion in 2024. Taiwan will remain firmly at the top of the global fab equipment expenditure, with a total increase of 4.2% from 2023 to US$24.9 billion. The Group will pay close attention to changes in the market environment, respond prudently and quickly to market changes, seize development opportunities, and actively explore market development opportunities. Mr. Yang Ming-Hsiang, Chairman and Chief Executive Officer concluded: "2023 is a year of adjustment for the semiconductor industry. The global semiconductor market continues to be affected by persistent macroeconomic challenges and weak demand in the consumer sector. To cope with market demand and cyclical changes in the macro economy, the Taiwan Semiconductor Industry Association (TSIA) released the latest forecast data in mid-February 2023 and revised the annual output value of Taiwanese semiconductor industry downward to NTD4.56 trillion with a decline of 4.56%. Various market research institutions predict that this downward cycle is expected to bottom out in the second half of 2023, and global semiconductor sales will rebound in 2024. In response to changes in the market environment, the Group will actively seize development opportunities, and strive to keep up with the research and development of investment products and technological improvement, to enhance the core competitiveness of the Group. About Genes Tech Group Holdings Co. Ltd (Stock Code: 8257.HK) Genes Tech Group Holdings Co. Ltd is turnkey solution provider and exporter of used SME and parts in Taiwan. Since the commencement of its business in 2009, the Group mainly engaged in providing turnkey solution of SME and parts to its customers and modifying and/or upgrading the semiconductor equipment of its production systems according to customers needs. In addition, the Group is also engaged in the trading of used SEM and parts. The used SME and parts supplied by the Group included furnaces, clean tracks and other related items, which were used at the front-end of the semiconductor manufacturing process, wafer fabrication such as deposition, photoresist coating and development, and these were extensively applied in mobile phones, game consoles, DVD players, automotive sensors and other digital electronic products.
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