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First of its kind in Hong Kong's construction industry to drive ESG initiativesHONG KONG SAR - Media OutReach Newswire - 16 May 2024 - DBS Bank (Hong Kong) Limited ("DBS Hong Kong") and Sanfield (Management) Limited ("Sanfield") today announced the launch of pioneering Sustainability-linked Supplier Payment Services ("SPS") for the Hong Kong construction industry. The SPS program marks a significant milestone in extending environmental, social and governance ("ESG") initiatives from Sanfield to its suppliers and sub-contractors, setting a new industry standard. DBS Hong Kong will act as the sole arranger for this innovative financing initiative. Desmond Tsoi, General Manager of Sanfield (left), and Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Bank Hong Kong (right), announce the launch of pioneering Sustainability-linked Supplier Payment Services in the Hong Kong construction industry. This SPS program, the first of its kind in the Hong Kong construction industry, will help Sanfield develop a sustainable construction ecosystem with its suppliers and sub-contractors and fulfil its ESG commitments and vision. Under the SPS program, DBS Hong Kong will act as the only advisor to Sanfield in setting a series of sustainability-related performance targets, including ESG disclosure, safety performance, waste reduction, adoption of innovative technology and carbon-emissions reduction. By joining the SPS program and meeting the predetermined targets, Sanfield's suppliers and sub-contractors may benefit by getting early payment for their goods or projects, thereby improving their cash conversion cycle while enhancing their ESG performance. The launch of the SPS program represents a significant step towards building a greener and more environmentally conscious construction sector. Desmond Tsoi, General Manager of Sanfield, said, "We are delighted to partner with DBS Hong Kong for this landmark program. The Sustainability-Linked Supplier Payment Services program will encourage our suppliers to accelerate their transition to more sustainable construction practices, creating a 'triple-win' situation, benefitting the environment, the industry and our construction partners. We anticipate the new program will drive a wider adoption of green building equipment in the industry and create a cleaner and healthier work environment for frontline workers." Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Bank Hong Kong, said, "We are proud to support Sanfield in their sustainability journey. DBS Hong Kong has been committed in providing financing for projects with positive environmental and social impacts, and assisting clients in formulating sustainable development roadmaps. We believe that green construction is the future of the industry, and we are excited to be a part of this transformation. Our collective efforts will contribute to making Hong Kong a greener low-carbon city." Sanfield is a wholly-owned subsidiary of Sun Hung Kai Properties (SHKP). It not only focuses on building premium properties but also takes a holistic approach to integrating and promoting sustainability in the construction industry. It achieves this through five key areas, which encompass the adoption of green smart technologies, the development of green energy infrastructure, research and innovation in green building technologies, the supply of green building materials, and the training of green building professionals. This comprehensive approach ensures that sustainability is integrated into every aspect of its operations. DBS Hong Kong actively integrates sustainable concepts into its products and services, promoting the development of green finance through investment support, fund allocation, risk management and advisory services. In recent years, DBS Hong Kong has completed a number of sustainability-linked financings for various listed companies and enterprises. Hashtag: #DBSHongKongThe issuer is solely responsible for the content of this announcement.About DBSDBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named "World's Best Bank" by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 15 consecutive years from 2009 to 2023. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com. About SanfieldSanfield (Management) Limited is a wholly-owned subsidiary of Sun Hung Kai Properties' construction division and a prominent player in the Hong Kong construction industry. Guided by the motto of SHKP, Building Homes with Heart spirit, Sanfield consistently demonstrates its dedication to excellence and innovation. The company offers a wide range of professional, top-notch services encompassing foundation work, site formation, civil engineering, building construction, electrical and mechanical installations, concrete production, precast-concrete-unit manufacturing, production and installation of wooden doors, construction plant and machinery leasing, as well as landscaping. Sanfield plays a vital role in SHKP's property development business and has made significant contributions to the development of several iconic buildings, including the International Finance Centre (IFC), International Commerce Centre (ICC) and Central Plaza.
TAIPEI, May 16, 2024 /PRNewswire/ -- The "Asian Nonwovens Exhibition and Conference (ANEX 2024)," jointly organized by the Asia Nonwoven Fabrics Association (ANFA) and the Taiwan Nonwoven Fabrics Industry Association (TNFIA), will make its debut at Taipei Nangang Exhibition Center from May 22nd to 24th. The exhibition has attracted more than 300 exhibitors from 18 countries and regions, with a total of 700 booths. 2024 ANEX Top 40 Nonwoven Industry Companies lead, showcasing related raw materials and equipment This exhibition gathers reputable companies and will focus on showcasing nonwoven-related raw materials, manufacturing equipment, and applications. At the same time, over a quarter of the world's top 40 nonwoven industries will be present at ANEX 2024, including Germany's leading performance materials company - Freudenberg, Korea's advanced materials company - Toray, top of China's nonwoven industry for consecutive years - Zhejiang Kingsafe, one of the world's largest nonwoven manufacturers - Fibertex Personal Care, Taiwan's largest OEM wet wipes manufacturer - Nan Liu, pioneer of Taiwan's nonwoven industry - KNH, Jinjiang Xingtai which owns several world-class production lines, leading innovation for over 140 years - Japan's TOYOBO, fiber chemical manufacturing giant with over a century of history - UNITIKA, and dedicated to developing functional and sustainable materials - DAIWABO. In terms of nonwoven manufacturing equipment, the list of exhibitors is equally noteworthy, with world-leading nonwoven post-processing equipment supplier ANDRITZ, manufactures advanced sanitary medical filtration and industrial nonwoven equipment - Germany's Reifenhäuser, specializes in providing high-speed composite production lines - Italy's A.Celli, Korea's leading nonwoven production machinery manufacturer – SAMHWA, leading dyeing and finishing automation equipment provider - Art Logic Automation, and leading automation service developer and supplier with a history of over 220 years - Valmet AB. The Sustainable Innovation Pavilion showcases diverse applications of nonwovens and expands efforts toward promoting net-zero sustainable development. In addition to raw materials and equipment, the exhibition will also present various application scenarios of nonwovens. Nonwovens are widely used in our lives, including personal care, clothing and footwear materials, medical supplies, filtration materials, automotive interiors, and decorative materials. To provide visitors with a better understanding of the wide-ranging applications of nonwovens, the Taiwan Nonwovens Industry Association will set up a "Sustainable Innovation Pavilion," focusing on medical and health, household, automotive, and other three major themes, showcasing Taiwan's nonwoven industry's cross-domain applications and sustainable environmental protection technology innovation. At the same time, to further promote the transformation of the textile industry towards net-zero sustainability in recent years, such as intelligence, low-carbon, circular sustainability, innovation research and development, etc., the pavilion will also set up a special area to promote the environmental sustainability and technological upgrades and achievements of Taiwan's textile industry. International-level speakers take turns discussing industry trends starting from sustainable innovation ANEX 2024 focuses on environmental protection and ESG issues under the theme "Sustainability Innovating with Nonwovens." The exhibition will hold multiple thematic lectures and seminars, including the "ANEX Keynote Speech," inviting Director Ms. Cynthia Kiang of the International Trade Bureau of the Ministry of Economic Affairs, Chairman Dr. Kirk Hwang of the Taiwan Textile Federation and the Taiwan Pulp and Paper Industry Association, and Vice President Dr. Sheng-fu Chiu of the Textile Industry Institute, to bring different industry perspectives and analyses from the government, enterprises, and academia; the "Asia Nonwovens Conference" will invite international professional speakers, including Dr. Peter Tsai, the inventor of the N95 mask who assisted the association during the epidemic, Truetzschler, Shinih enterprise, Freudenberg, Berry, BASF, TEIJIN, and other well-known companies, to share insights on sustainable innovation, advanced technology research and development, and international trends in the industry; the "Global Nonwovens Forum (GNS)" will be shared by the Asia Nonwoven Fabrics Association (ANFA), the European Disposable and Nonwovens Association (EDANA), and the Association of the Nonwoven Fabrics Industry (INDA) to discuss nonwoven market trends in various regions, and finally, representatives from Vietnam, India, Indonesia and Malaysia will hold discussions. In addition, there will be an A-NEXT HUB innovation technology presentation session, where companies such as Sateri, ExxonMobil, TSRC, Henkel, YUHO, Logic Art automation, Kuraray, Dalian Huayang, as well as industry organizations such as the Hong Kong Nonwovens Association (HKNA) and the Industrial Delegation of Eskisehir Province, Turkey, will take turns to exchange technical ideas and explore cooperation opportunities with attending audiences. For the details of ANEX 2024, please check the official website: https://www.anex2024.com Chan Chao International Co., Ltd. is the executor of ANEX 2024.
WUXI, China, May 16, 2024 /PRNewswire/ -- Mingteng International Corporation Inc. (Nasdaq: MTEN) (the "Company" or "Mingteng International"), an automotive mold developer and supplier in China, today announced its financial results for the fiscal year ended December 31, 2023. Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, "We are delighted to present our financial results for fiscal year 2023. The automotive mold industry in China has witnessed remarkable dynamism in recent years, characterized by a convergence of challenges and opportunities stemming from heightened market demands, technological advancements, intense competition, and uncertain international trade trends. We endeavor to navigate market challenges effectively and enhance profitability by implementing our growth strategies. Specifically, we have strengthened our partnerships with key long-term customers and sustained our efforts to expand within the mold market. Additionally, we have prioritized consistent yet substantial investments in research and development (R&D), harnessing emerging innovative technologies such as computer-aided design (CAD), and computer-aided manufacturing (CAM). Furthermore, we remain vigilant regarding concentration risks, capitalizing on opportunities in the favorable market landscape to continually broaden our customer base." Mr. Xu continued, "Looking ahead, we remain committed to our established core business strategy, with a heightened focus on mitigating risks associated with fluctuating upstream and downstream prices. More importantly, we are actively exploring opportunities for overseas business expansion. In this regard, our listing on Nasdaq has unlocked a realm of opportunities and prosperity for us, bolstering our capital funding capabilities to support business expansion, R&D initiatives, potential acquisitions, and ultimately, the creation of enhanced shareholder value in the future." Fiscal Year 2023 Financial Highlights Total revenue was $8.23 million in the fiscal year 2023, an increase of 2.5% from $8.03 million in the fiscal year 2022. Gross profit was 3.32 million in the fiscal year 2023, compared to $3.91 million in the fiscal year 2022. Gross margin was 40.4% in the fiscal year 2023, compared to 48.8% in the fiscal year 2022. Income from operations was $1.74 million in the fiscal year 2023, compared to $2.36 million in the fiscal year 2022. Net income was $1.51 million in the fiscal year 2023, compared to $2.13 million in the fiscal year 2022. Basic and diluted earnings per share were $0.30 in the fiscal year 2023, compared to $0.43 in the fiscal year 2022. Fiscal Year 2023 Financial Results Revenues Total revenue was $8.23 million in the fiscal year 2023, an increase of 2.5% from $8.03 million in the fiscal year 2022. The increase was primarily due to increases in the revenue from mold production and machining services, and partially offset by the decrease in revenue from mold repair. After consideration of the impact of rising exchange rates, total revenue increased by 7.4% or 2.5 million in RMB base currency. For the Year Ended March 31, 2023 2022 ($ millions) Revenue Cost of Revenue Gross Margin Revenue Cost of Revenue Gross Margin Mold production 6.64 4.15 37.5 % 6.58 3.65 44.5 % Mold repair 1.08 0.42 61.6 % 1.14 0.30 73.7 % Machining services 0.50 0.27 46.0 % 0.31 0.10 68.7 % Total 8.23 4.83 40.4 % 8.03 4.05 48.8 % Revenue from mold production was $6.64 million in the fiscal year 2023, which increased by 0.8% from $6.58 million in the fiscal year 2022. Despite the adverse impact of exchange rate fluctuations, mold production volume and revenues still represented a slight increase, this indicates that Wuxi Mingteng Mould Technology Co., Ltd. ("Wuxi Mingteng Mould") maintains long-term relationships with major customers and continues to open up the mold market in the fiscal year 2023. In addition, Wuxi Mingteng Mould entered the aluminum alloy pressure casting mold business in the fiscal year 2022. Revenue from this product has experienced rapid growth in the fiscal year 2023, which accounted for 23% and 10% of our total mold production sales for the year ended December 31, 2023 and 2022, respectively. Currently, Runxingtai (Changzhou) Technology Co., Ltd. has become a key customer for the future growth of this business. Revenue from mold repair was $1.08 million in the fiscal year 2023, which decreased by 4.6% from $1.14 million in the fiscal year 2022. The order volume of mold repair in the fiscal year 2023 has actually increased by 10% compared to the same period in 2022, and after considering the adverse effect from the exchange rate fluctuation, the revenue from mold repair maintained relatively stable. In addition, certain delivered products had not yet received the customer's confirmation of acceptance notice, and this portion of the revenue totaling $65,890 will be recognized after passing the acceptance inspection in the future. Revenue from machining services was $0.50 million in the fiscal year 2023, which increased by 64.2% from $0.31 million in the fiscal year 2022. The increase was mainly due to the Company's improvement in the production capacity in the second half of year 2023. Cost of Revenues Cost of revenues was $4.83 million in the fiscal year 2023, which increased by 19.5% from $4.05 million in the fiscal year 2022. The cost of revenues mainly comes from raw material costs, manufacturing costs and labor costs. The revenues had not increased significantly, the reasons that costs growth has far exceed the growth of revenues as follows: First is the increase in the investment in machinery and equipment in the fiscal year 2023 and 2022. Second, Wuxi Mingteng Mould entered the aluminum alloy pressure casting mold business in the fiscal year 2022. As a new entrant in the aluminum alloy pressure casting mold business, Wuxi Mingteng Mould does not have the ability to handle the whole manufacturing process and needed to purchase outside processing services, the cost of outside processing increased by $250,948. Last, in order to promote the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in the fiscal year 2023, which lead to an increase in labor cost by approximately $285,835 compared with the same period in the fiscal year 2022. Gross Profit Gross profit was $3.32 million in the fiscal year 2023, which decreased by 15.1% from $3.91million for fiscal year 2022. Gross profit margin was 40.4% for fiscal year 2023, compared to 48.8% for fiscal year 2022. Gross margins for mold production, mold repair and machining services were 37.5%, 61.6%, and 46.0%, respectively, for fiscal year 2023, compared to 44.5%, 73.7%, and 68.7%, respectively, for fiscal year 2022. Operating Expenses Operating expenses were $1.58 million in the fiscal year 2023, which increased by 1.9% from $1.55 million in the fiscal year 2022. Selling expenses were $153,213 in the fiscal year 2023, which increased by 15.6% from $132,542 in the fiscal year 2022, primarily due to the Company continuing to open up the mold market, which lead to an increase in business entertainment expenses and travel expenses. General and administrative expenses were $797,140 in the fiscal year 2023, which decreased by 14.0% from $926,786 in the fiscal year 2022, primarily due to a) the validity period for the accrual of social security and housing provident funds under the laws of the PRC for the fiscal year 2020 and 2021 has expired on December 31,2023, which should be written off in the fiscal year 2023, led to the decrease of $273,885 in 2023 compared to 2022; b) payment for audit fees of $290,000 in the fiscal year 2023, increased by $62,259 from $227,741 in the fiscal year 2022; and c) the increase of consulting fee in the fiscal year 2023 by $26,305 compared with the same period in 2022; and d) the increase of entertainment expenses in the fiscal year 2023 by $57,799 compared with the same period in 2022. Research and development expenses were $630,752 in the fiscal year 2023, which increased by 28.1% from $492,526 in the fiscal year 2022. This increase was mainly attributable to the increase in R&D raw material consumption by $133,661 in 2023 due to the Company increased efforts in R&D in order to expand the market. Net Income Net income was $1.51 million for fiscal year 2023, compared to $2.13 million for fiscal year 2022. Basic and Diluted Earnings per Share Basic and diluted earnings per share were $0.30 in the fiscal year 2023, compared to basic and diluted earnings per share of $0.43 in the fiscal year 2022. Financial Condition As of December 31, 2023, the Company had cash and cash equivalents of $1.06 million, compared to $1.79 million as of December 31, 2022. Net cash provided operating activities was $1.30 million in the fiscal year 2023, compared to $2.85 million in the fiscal year 2022. Net cash used in investing activities was $0.76 million in the fiscal year 2023, compared to $1.43 million in the fiscal year 2022. Net cash used in financing activities was $1.25 million in the fiscal year 2023, compared to net cash provided by financing activities of $0.17 million in the fiscal year 2022. Recent Development The Company's ordinary shares began trading on the Nasdaq Capital Market on April 18, 2024, under the ticker symbol "MTEN." On April 22, 2024, the Company completed its initial public offering (the "Offering") of 1,050,000 ordinary shares at a public offering price of US$4.00 per ordinary share. On May 10, 2024, the underwriters of the Offering have exercised their over-allotment option in full to purchase an additional 157,500 ordinary shares at the public offering price of US$4.00 per share. The gross proceeds were $4.83 million, before deducting underwriting discounts and offering expenses payable by the Company. About Mingteng International Corporation Inc. Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated "Turnkey Project" for customers. The Company's main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company's website: https://ir.wxmtmj.cn/. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company's final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company's securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. For investor and media inquiries, please contact: Mingteng International Corporation Inc.Investor Relations DepartmentEmail: ir@wxmtmj.cn Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: investors@ascent-ir.com MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2023 2022 ASSETS Current Assets Cash and cash equivalents $ 1,056,236 $ 1,793,323 Accounts receivable, net 3,517,632 2,429,450 Notes receivable 471,166 785,574 Advances to suppliers 388,110 240,620 Other receivables 12,344 5,287 Inventories, net 1,217,045 1,061,226 Total current assets 6,662,533 6,315,480 Non-current Assets Property and equipment, net 3,335,187 2,647,165 Deferred tax assets, net - 6,143 Lease right-of-use assets, net - 549,684 Deferred offering costs 715,771 550,368 Total non-current assets 4,050,958 3,753,360 Total Assets $ 10,713,491 $ 10,068,840 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term loans $ 282,378 $ 1,364,041 Accounts payable 1,053,215 718,322 Other payables 47,982 48,745 Advance from customers 401,935 61,229 Payroll payable 474,629 515,999 Taxes payable 519,299 800,977 Amounts due to related parties 240,309 316,039 Current portion of lease liabilities - 100,565 Total current liabilities 3,019,747 3,925,917 Non-current Liabilities Long-term payable - 69,034 Deferred tax liabilities 246,893 - Total non-current liabilities 246,893 69,034 Total Liabilities 3,266,640 3,994,951 Commitments and contingencies (Note 15) Shareholders' Equity: Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares authorized, 5,000,000 shares issued and outstanding as of December 31, 2023 and 2022) 50 50 Additional paid-in capital 897,308 897,308 Statutory reserves 465,572 465,572 Retained earnings 6,466,293 4,959,591 Accumulated other comprehensive (loss) (382,372) (248,632) Total shareholders' equity 7,446,851 6,073,889 Total Liabilities and Shareholders' Equity $ 10,713,491 $ 10,068,840 MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2023 2022 Revenues $ 8,225,911 $ 8,026,764 Cost of revenues (4,834,521) (4,046,514) Sales tax (67,557) (67,147) Gross profit 3,323,833 3,913,103 Operating expenses: Selling expenses 153,213 132,542 General and administrative expenses 797,140 926,786 Research and development expenses 630,752 492,526 Total operating expenses 1,581,105 1,551,854 Income from operations 1,742,728 2,361,249 Other income (expenses): Government subsidies 129,138 92,832 Interest income 4,459 2,171 Interest (expense) (59,477) (53,991) Other income, net 34,440 58,311 Total other income, net 108,560 92,832 Income before income taxes 1,851,288 2,460,572 Provision for income taxes (344,586) (327,384) Net income $ 1,506,702 $ 2,133,188 Comprehensive income Net income $ 1,506,702 $ 2,133,188 Foreign currency translation (loss) (133,740) (479,845) Total comprehensive income $ 1,372,962 $ 1,653,343 Earnings per share – Basic and diluted $ 0.30 $ 0.43 Weighted average number of shares outstanding – Basic and diluted 5,000,000 5,000,000 MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years EndedDecember 31, 2023 2022 Cash flows from operating activities Net income $ 1,506,702 $ 2,133,188 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 404,881 272,237 Amortization of right-of-use-assets 97,095 158,180 (Recovery of) provision for doubtful accounts (5,079) 17,606 Deferred tax liability (benefits) 254,224 (4,304) Loss on disposal of property and equipment 648 - Changes in operating assets and liabilities: Accounts receivable, net (1,129,372) (489,078) Notes receivable 302,846 (294,440) Advance to suppliers (151,983) (223,562) Other receivables, net (35,657) 760,209 Inventories, net (174,399) 194,674 Accounts payable 348,641 224,538 Advance from customers 343,470 (34,598) Other payables - 50,474 Payroll payable (32,932) 166,388 Taxes payable (269,691) 354,593 Amounts due to related parties (70,819) (348,333) Principal payments under operating lease obligations (88,586) (85,075) Net cash provided by operating activities 1,299,989 2,852,697 Cash flows from investing activities Purchase of property and equipment (761,792) (1,439,365) Proceeds on disposal of property and equipment - 6,558 Net cash (used in) investing activities (761,792) (1,432,807) Cash flows from financing activities Net (repayment of) proceeds from short-term loans (1,064,321) 743,376 Shareholder contribution - 148,675 Dividends - (352,123) Payments of offering costs (172,179) (144,000) Principal payments under finance lease obligations (12,488) (230,372) Net cash (used in) provided by financing activities (1,248,988) 165,556 Effect of foreign exchange rate changes on cash and cash equivalents (26,296) (99,156) Net (decrease) increase in cash and cash equivalents (737,087) 1,486,290 Cash and cash equivalents at the beginning of the year 1,793,323 307,033 Cash and cash equivalents at the end of the year $ 1,056,236 $ 1,793,323 Supplemental disclosures of cash flow information: Interest paid $ 59,477 $ 53,991 Income taxes paid $ 205,761 $ 101, 459
BANGKOK, May 15, 2024 /PRNewswire/ -- During the event of Future Mobility Asia 2024 (FMA) and Future Energy Asia 2024 (FEA) held in Bangkok from May 15 to 17, Microvast will highlight a wide range of the fast-charging chemistries and energy storage solutions which fully demonstrate the latest exploration and achievements in li-ion battery material R&D. The booth of Microvast is going to showcase not only powering batteries, but also the energy storage products. These products have been extensively applied in the fields of E-bus, Electric Truck, Light Commercial Vehicle(LCV), Passenger Car, Construction Machinery, Automated Guided Vehicle, ESS, Information and Communication Equipment etc. Fast Charging: Microvast Power batteries can be operated within a temperature range of -20°C to 55°C. It will take 16 minutes if to charge from 0-80% SOC, greatly reducing charging time. Long Cycle Life: The cycle life can reach up to 8000 cycles at actual operation, ensuring equivalent lifespan aligned with the vehicle. Microvast batteries are highly suitable for commercial vehicles and specialty vehicles requiring long-range endurance, as well as for energy storage equipment. High Safety: To address the safety issues of power batteries fundamentally, Microvast has innovated in membrane materials, anode materials, and electrolyte technology, enabling the product to maintain high energy density while being safe. Convenient Integration: Microvast battery products can be customized according to the technical requirements of commercial vehicles and specialty vehicles. The compact design allows for easy integration into the fourth-generation MV-B and MV-C battery pack. In the future, Microvast will actively invest in advanced battery technology to accelerate the adoption and reduce carbon emissions, thereby contributes to a greener and healthier planet.
LIAOCHENG, China, May 15, 2024 /PRNewswire/ -- On May 6, Eddie, deputy general manager of Taixing Industry (Thailand) Co., Ltd., led a team to visit Liaocheng High-tech Zone. They had in-depth discussions on the R&D and manufacturing of new agricultural intelligent equipment and reached a preliminary cooperation intention. It is expected that the annual output value of the project will reach 300 million yuan after production. This reflects the remarkable achievements of Liaocheng High-tech Zone in optimizing the business environment and attracting foreign investment projects in recent years. By focusing on the two major advantageous industries of green chemical industry and high-end equipment manufacturing, and fostering new quality productive forces, Liaocheng High-tech Zone strives to introduce and initiate projects. It has newly built and renovated the park covering nearly one million square meters, which facilitates the implementation of light-asset projects related to the industrial chain, further facilitating upstream and downstream connections and turning industrial park into industrial chain. In the chemical new materials industry, Liaocheng High-tech Zone prioritizes new chemical materials such as polycarbonates and fine chemicals. It pursues the extension of upstream and downstream industrial chains to create a 100-billion-level chemical industry park. In the high-end equipment manufacturing industry, Liaocheng High-tech Zone aims to build a smart equipment industrial park covering an area of over 1,000 mu around textile machinery, automotive parts, and intelligent equipment. Shandong Boyuan Precision Machinery Co., Ltd., a listed company, specializes in core components for new energy vehicles, with its stator and rotor occupying 85% market share in China's high-end electric vehicle market. The Zone also houses manufacturing champions and high-quality enterprises like RIFA, the largest shuttleless loom R&D and production base in the area north of the Yangtze River. In terms of emerging industries and zone construction, Liaocheng High-tech Zone has built several characteristic zones, such as Zhongkun Future City spanning over 2,500 mu. It has also planned 3,000 mu of land for industrial, research and commercial purposes to accommodate various types of projects. Additionally, Liaocheng High-tech Zone is home to the largest rose-themed park in north China, the cultural tourism district of "Rose Street" with an investment of 350 million yuan, and 1,100 sets of talent apartments, with a green coverage rate of 54% in the built-up area.
SHANGHAI, May 13, 2024 /PRNewswire/ -- Leading construction machinery manufacturer SANY Heavy Industry (SANY) has officially published its annual Sustainable Development Report, detailing SANY's initiatives and achievements in advancing full-process decarbonization as the world faces severe climate challenges, promoting diversity-centric green talent development, and strong commitment and investment into social welfare to strengthen shared values. SANY Heavy Industry's sustainable development footprint "SANY's annual Sustainable Development Report is a showcase of the company's decarbonization progress and achievements and our commitment to environmental protection and sustainable development. SANY is responding to the global climate challenges and to reach the 'Dual-Carbon' goals with concrete actions. We hope to anchor the industry transformation and development and make substantial contributions to greenhouse gas emission reduction and advancing clean energy development," said Xiang Wenbo, chairman of SANY Heavy Industry. Sustainability: continued investment into renewable energy with strengthened emission management With vigorous measures to promote photovoltaic and hydrogen production, SANY accelerated its use of clean energy including solar and hydrogen. By the end of 2023, 21 of SANY's subsidiaries had photovoltaic power generation equipment in use, with the total clean energy usage amounting to 44,815.9 kWh, a proportion of 6.55 percent. In 2023, SANY's VOCs emission concentration was 0.00136 tons per million units, a 23 percent decrease from the base year with the target achieved; the wastewater discharge density at 5.42 tons per million units was a 38 percent decrease from the base year. Meanwhile, SANY has been carrying out free maintenance to extend the service life of shutdown equipment globally to recycle obsolete equipment, while exploring ways to recycle packaging and upgrade cardboard and wooden boxes. In 2023, it saved 2.2 million yuan (USD 303,820) in packaging materials and significantly reduced solid waste. Going green: green factories and green supply chain SANY integrates energy-saving initiatives in all links of production and operations. In 2023, its energy consumption per RMB 10,000 of production value in production areas was 39.53 yuan (USD5.46), a 10.7 percent drop year-on-year, and the energy conservation and consumption reduction programs have saved 11.89 million yuan (USD1.64 million) of energy costs. In 2023, SANY designed and built its first overseas 'lighthouse factory' in Indonesia, achieving fully networked and unmanned production. SANY now operates 33 lighthouse factories, which have, on average, reduced labor costs by 46.33 percent. As a result of these achievements, SANY has been honored by Forbes China as one of 'China's Top 50 Multinational Companies'. And since 2021, SANY has been actively applying advanced technologies such as industrial internet, robotics, and AI in various production scenarios. In 2023, SANY Automobile was recognized by The Ministry of Industry and Information Technology of the People's Republic of China as a "Green Supply Chain Management Enterprise." Innovation-driven talent development focusing on sustainability and social welfare In 2023, SANY conducted 394 training sessions that were attended by 23,993 people - about 93 percent of SANY employees participated in various trainings with an average training time of 121.4 hours. SANY's total training expenditure reached 56 million yuan (USD 7.73 million). SANY places the safety, health, and wellbeing of its employees a top priority, and has been named "China's Best Employer" for three years in a row. The Hunan SANY Polytechnic College has successfully cultivated 450 technical talents to overseas posts as of December 2023 through the overseas management headquarters orientation course. SANY has also invested 27.872 million yuan (USD 3.98 million) into various public and social welfare programs. The "SANY Public Welfare" platform now has 17,002 registered volunteers, SANY now has 51 volunteer teams participated by 714 people, with a cumulative volunteer service length of 2,266.2 hours. SANY continues to strengthen and expand its team by drawing on a wide range of talented individuals from diverse backgrounds. By the end of 2023, the company had 25,930 full-time employees, with a record 10 percent of the executive team being women.
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