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SHANGHAI, Nov. 28, 2024 /PRNewswire/ -- A news report from japanese.shanghai.gov.cn Shanghai presented its annual Magnolia Silver Award to 50 outstanding expats from 18 countries on Nov 23, recognizing their significant contributions to the city's development and international exchanges. The ceremony took place at the Grand Halls on the northern end of the Bund, with Kong Fu'an, director-general of the Foreign Affairs Office of Shanghai Municipal People's Government, conferring the medals and certificates to the recipients. In his address, Kong emphasized Shanghai's status as an international, innovative, and inclusive city that has taken the lead in achieving Chinese-style modernization. He highlighted the vital roles that expats, foreign-invested enterprises, and foreign institutions play in the city, noting that they have been "not only witnesses, but also active participants and contributors." This year's award recipients come from diverse fields such as trade, finance, technology, shipping, healthcare, education, culture, sports, and agriculture. Among those honored was Pietro Brambilla from Italy, North Asia chief financial officer at L'Oreal China. Brambilla has spearheaded L'Oreal's investment and development in Shanghai, helping the Chinese market become the company's largest globally. He has also contributed to creating a market-oriented, law-based, and international business environment in the city. Professor Marc Delpech from France, a representative of the awardees, shared his experiences contributing to Sino-French medical cooperation over three decades. As the coordinator of the French-language training program for medical students at Shanghai Jiao Tong University and currently vice-dean of the Sino-French School of Medicine at the university, Delpech emphasized the enduring and expanding friendship between China and France. He noted that his predecessor, Professor Guy Vincendon, received the Shanghai Magnolia Silver Award in 2003, highlighting the continuity and strength of their bilateral medical and educational relationship. Another awardee, Carlo D'Andrea, chief representative of Studio Legale DAndrea, has helped many foreign companies settle in China, particularly in Shanghai. The Italian lawyer praised Shanghai as "the best location to do business in China", especially in the fields of new technology and high tech. He highlighted Shanghai's commitment to deepening reform and opening-up, which gives the city "a lot of potentials to be unleashed". D'Andrea valued the direct access to the city's leadership, noting that each year, the Shanghai mayor meets with international business leaders to seek advice, feedback, and ideas for better development of the city. "I had the opportunity to meet many times with the mayor and the vice-mayor to discuss how we can attract more European investment into Shanghai," he said. "I like this kind of opportunities where you have direct access to the leadership, because the exchange of ideas and exchange of opinion is the best way in order to have a better future together." Shanghai began awarding the Magnolia Silver Award to expats in 1989, later introducing the Magnolia Gold Award and Honorary Citizenship in 1992 and 1997, respectively. Over the past 35 years, 1,877 expats have received these honors, underscoring the city's appreciation for their contributions.
Revenue Grew 59.4% to $7.8 million from Prior Year and 30.9% SequentiallyOfficially Launched IM8Health.com, a new premium supplements brandTencent Invests $30 million in Insighta's Early Cancer DetectionReiterates Revenue Target to Exceed $33 million for FY 2024 CHARLOTTE, N.C., Nov. 27, 2024 /PRNewswire/ -- Prenetics Global Limited (NASDAQ: PRE) ("Prenetics" or the "Company"), a leading health sciences company, today announced unaudited financial results for the third quarter ended September 30, 2024, along with recent business updates. Third Quarter 2024 Financial Highlights Revenue from continuing operations of $7.8 million, as compared to $4.9 million in the third quarter 2023, an increase of 59.4%. Gross profit from continuing operations of $3.9 million, as compared to $1.7 million in the third quarter of 2023, an increase of 138.6%. Gross margin of continuing operations increased to 50.8% from 33.9% in the third quarter 2023, driven by operational efficiencies, better pricing strategies, and cost optimization measures. Adjusted EBITDA[1] loss from continuing operations of $5.8 million, an improvement compared to $6.1 million in the third quarter 2023. Cash and other short-term assets[2] of $69.1 million and debt-free as of September 30, 2024. Insighta[3], our early cancer detection venture with Professor Dennis Lo, had a cash balance of $81.6 million on its balance sheet and debt-free as of September 30, 2024. Third Quarter 2024 and Subsequent Operational Updates Successfully launched IM8health.com on November 18, 2024 and shipping to 31 countries and regions. Initial customer response has been very positive. Completed the acquisition of Europa Sports Partners: Established Prenetics' U.S. headquarters in Charlotte, NC. Europa, along with its third-party logistics arm Hubmatrix, supported IM8's U.S. launch while undergoing a digital transformation focused on advanced consumer technologies and digital strategies. Consummated Tencent's $30 million strategic investment in Insighta: Collaboration with Tencent leverages their AI resources and healthcare expertise to advance early cancer detection through venture business Insighta. Cash and short-term assets increased to approximately $98 million: Tencent's $30 million secondary investment, boosted cash and other short-term assets. CircleDNA and ACT Genomics are on track to achieve business-unit breakeven by the second half of 2024. [1] Adjusted EBITDA is defined as loss from operations excluding (1) employee equity-settled share-based payment expenses, (2) depreciation and amortization, (3) amortization of deferred expenses, (4) acquisition and transaction-related costs, (5) strategic realignment and discontinued products impact, and (6) finance income and exchange gain or loss, net. These adjustments are made for items that may not be indicative of our business performance, including non-cash and/or non-recurring items. [2] Represents current assets, including cash and cash equivalents totaling $31.9 million, financial assets at fair value through profit or loss of $10.9 million, and trade receivables of $5.7 million, amongst other accounting line items under current assets as of September 30, 2024. [3] As of September 30, 2024, we owned 50% shareholding in Insighta, which was accounted for under equity-accounted investee. Equity-accounted investees, totaling $97.6 million as of September 30, 2024, were classified as non-current assets on our balance sheet. Management Commentary Danny Yeung, Chief Executive Officer and Co-Founder, remarked: "I am incredibly proud of our team's execution and the strides we've made in launching IM8 Health, a brand that fills a significant unmet need in the health and wellness market with science-backed premium supplements supported by clinical trials and third-party testing. This launch represents a pivotal moment in our growth strategy, reflecting our commitment to innovation and consumer trust. These efforts have also been supported by a strong third quarter, with 59.4% year-over-year revenue growth and 30.9% growth from the second quarter. Improved gross margins further highlight our focus on operational excellence and cost optimization, even as we invest in structuring the Company for IM8's success—including the strategic acquisition of Europa to support our US expansion." Mr. Yeung continued, "With Tencent's $30 million investment to purchase secondary shares, Insighta's valuation of $200 million has been validated, further strengthening our financial position. This strategic collaboration will enhance our early cancer detection and diagnostic capabilities by leveraging AI and positions us for future growth. As we approach the close of 2024, we are energized by the growth opportunities arising from our strategic pivot to the US market and are confident in surpassing our FY 2024 revenue target of $33 million. IM8 is not just another launch—it's the start of a transformative journey in consumer health, built on science, innovation, and trust, and we remain committed to driving additional value for our shareholders." About Prenetics Prenetics (NASDAQ:PRE), a leading health sciences company, is dedicated to advancing consumer and clinical health. Our consumer initiative is led by IM8, a new health and wellness brand and Europa, one of the largest sports distribution companies in the USA. Our clinical division is led by Insighta, our $200 million venture focused on multi-cancer early detection technologies. This is followed by ACT Genomics, which has achieved FDA clearance for comprehensive genomic profiling of solid tumors, and CircleDNA, which uses NGS to offer comprehensive DNA tests. Each of Prenetics' units synergistically enhances our global impact on health, embodying our commitment to 'enhancing life through science'. To learn more about Prenetics, please visit prenetics.com. Forward-Looking Statements This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of the Company, and growth opportunities are forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which involve inherent risks and uncertainties, therefore they should not be relied upon as being necessarily indicative of future results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the Company's ability to further develop and grow its business, including new products and services; its ability to execute on its new business strategy in genomics, precision oncology, and specifically, early detection for cancer; the results of case control studies and/or clinical trials; and its ability to identify and execute on M&A opportunities, especially in precision oncology. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described in the "Risk Factors" section of the Company's most recent registration statement and the prospectus therein, and the other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Basis of Presentation Non-IFRS Financial Measure has been provided in the financial statements tables included at the end of this press release. An explanation of this measure is also included below under the heading "Non-IFRS Financial Measure". Non-IFRS Financial Measure To supplement Prenetics' consolidated financial statements prepared in accordance with International Financial Reporting Standards ("IFRS"), the Company is providing non-IFRS measure, adjusted EBITDA loss from continuing operations. This non-IFRS financial measure is not based on any standardized methodology prescribed by IFRS and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes this non-IFRS financial measure is useful to investors in evaluating the Company's ongoing operating results and trends. Management is excluding from some or all of its non-IFRS results (1) Employee equity-settled share-based payment expenses, (2) depreciation and amortization, (3) Amortization of deferred expenses, (4) Acquisition and transaction-related costs, (5) Strategic realignment and discontinued products impact, and (6) finance income and exchange gain or loss, net — items that may not be indicative of our business, results of operations, or outlook, including but not limited to non-cash and/ or non-recurring items. These non-IFRS financial measures are limited in value because they exclude certain items that may have a material impact on the reported financial results. Management accounts for this limitation by analyzing results on an IFRS basis as well as a non-IFRS basis and also by providing IFRS measures in the Company's public disclosures. In addition, other companies, including companies in the same industry, may not use the same non-IFRS measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations, the Company's non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the non-IFRS reconciliations provided in the tables captioned "Reconciliation of loss from operations from continuing operations under IFRS and adjusted EBITDA loss from continuing operations (Non-IFRS)" set forth at the end of this document. PRENETICS GLOBAL LIMITED Unaudited consolidated statements of financial position (Expressed in United States dollars unless otherwise indicated) September 30, June 30, December 31, 2024 2024 2023 Assets Property, plant and equipment $ 9,238,067 $ 4,745,228 $ 5,777,794 Intangible assets 11,987,708 12,455,997 13,424,648 Goodwill 37,363,809 29,170,123 29,170,123 Interests in equity-accounted investees 97,575,853 97,875,233 98,464,875 Financial assets at fair value through profit or loss 9,371,064 9,371,064 9,371,064 Deferred tax assets — 27,627 27,680 Deferred expenses — — 3,530,756 Other non-current assets 1,110,390 968,525 743,173 Non-current assets 166,646,891 154,613,797 160,510,113 Deferred expenses 5,648,473 7,710,439 8,312,890 Inventories 8,932,408 2,878,258 3,126,776 Trade receivables 5,706,585 4,086,030 4,058,007 Deposits, prepayments and other receivables 5,857,371 11,797,508 5,284,848 Amount due from a related company 2,574 2,561 5,123 Amount due from an equity-accounted investee 139,909 120,966 132,114 Financial assets at fair value through profit or loss 10,893,094 10,893,094 11,034,200 Short-term deposits — — 16,000,000 Cash and cash equivalents 31,939,164 41,204,165 45,706,448 Current assets 69,119,578 78,693,021 93,660,406 Total assets $ 235,766,469 $ 233,306,818 $ 254,170,519 Liabilities Deferred tax liabilities $ 2,162,250 $ 2,238,336 $ 2,614,823 Warrant liabilities 205,942 311,152 223,850 Lease liabilities 3,637,751 1,181,457 867,215 Other non-current liabilities 346,955 286,047 823,345 Non-current liabilities 6,352,898 4,016,992 4,529,233 Trade payables 8,740,592 1,693,564 1,671,019 Accrued expenses and other current liabilities 8,174,008 6,821,131 8,174,815 Contract liabilities 5,709,876 5,480,399 6,111,017 Lease liabilities 2,849,971 1,183,046 1,502,173 Liabilities for puttable financial instrument4 16,409,452 15,707,143 14,622,529 Tax payable 7,433,612 7,402,553 7,402,461 Current liabilities 49,317,511 38,287,836 39,484,014 Total liabilities 55,670,409 42,304,828 44,013,247 Equity Share capital 19,094 19,024 18,308 Reserves 178,659,723 188,225,181 206,339,490 Total equity attributable to equity shareholders of the Company 178,678,817 188,244,205 206,357,798 Non-controlling interests 1,417,243 2,757,785 3,799,474 Total equity 180,096,060 191,001,990 210,157,272 Total equity and liabilities $ 235,766,469 $ 233,306,818 $ 254,170,519 PRENETICS GLOBAL LIMITED Unaudited consolidated statements of profit or loss and other comprehensive income (Expressed in United States dollars unless otherwise indicated) Nine Months Ended September 30, September 30, 2024 2023 (Restated) Continuing operations Revenue $ 20,132,902 $ 16,314,215 Direct costs (8,634,517) (10,154,500) Gross profit 11,498,385 6,159,715 Other income and other net gain 1,451,384 3,791,541 Selling and distribution expenses5 (6,230,284) (6,334,964) Research and development expenses5 (8,344,625) (9,830,791) Administrative and other operating expenses5 (29,951,055) (32,420,130) Loss from operations (31,576,195) (38,634,629) Fair value loss on financial assets at fair value through profit or loss (141,106) (3,944,407) Fair value gain on warrant liabilities 17,908 2,679,485 Share of loss of equity-accounted investees (909,455) (170,717) Other finance costs (124,370) (120,735) Loss before taxation (32,733,218) (40,191,003) Income tax credit 450,479 164,199 Loss from continuing operations (32,282,739) (40,026,804) Discontinued operation Profit/(loss) from discontinued operation, net of tax6 18,582 (7,234,839) Loss for the period (32,264,157) (47,261,643) Other comprehensive income for the period Item that may be reclassified subsequently to profit or loss: Exchange difference on translation of foreign operations (296,142) 677,474 Total comprehensive income for the period $ (32,560,299) $ (46,584,169) Loss attributable to: Equity shareholders of Prenetics $ (29,962,285) $ (45,776,458) Non-controlling interests (2,301,872) (1,485,185) $ (32,264,157) $ (47,261,643) Total comprehensive income attributable to: Equity shareholders of Prenetics $ (30,178,068) $ (44,534,436) Non-controlling interests (2,382,231) (2,049,733) $ (32,560,299) $ (46,584,169) Loss per share: Basic (2.42) (4.18) Diluted (2.42) (4.18) Loss per share - Continuing operations: Basic (2.42) (3.52) Diluted (2.42) (3.52) Weighted average number of common shares: Basic 12,388,243 10,964,344 Diluted 12,388,243 10,964,344 PRENETICS GLOBAL LIMITED Unaudited consolidated statements of profit or loss and other comprehensive income (Expressed in United States dollars unless otherwise indicated) Three Months Ended September 30, June 30, September 30, 2024 2024 2023 (Restated) Continuing operations Revenue $ 7,777,973 $ 5,941,532 $ 4,878,941 Direct costs (3,830,506) (2,173,260) (3,224,316) Gross profit 3,947,467 3,768,272 1,654,625 Other income and other net (loss)/gain (48,625) 752,118 1,627,592 Selling and distribution expenses5 (1,915,373) (2,416,438) (1,662,029) Research and development expenses5 (2,588,117) (3,025,458) (4,004,476) Administrative and other operating expenses5 (11,203,672) (9,687,454) (10,559,225) Loss from operations (11,808,320) (10,608,960) (12,943,513) Fair value loss on financial assets at fair value through profit or loss — (141,106) — Fair value gain/(loss) on warrant liabilities 105,210 (167,888) 926,739 Share of (loss)/profit of equity-accounted investees (329,512) (363,698) 54,567 Other finance costs (80,552) (27,479) (35,492) Loss before taxation (12,113,174) (11,309,131) (11,997,699) Income tax credit 75,307 89,234 11,544 Loss from continuing operations (12,037,867) (11,219,897) (11,986,155) Discontinued operation (Loss)/profit from discontinued operation, net of tax6 (28,963) 74,160 (2,094,298) Loss for the period (12,066,830) (11,145,737) (14,080,453) Other comprehensive income for the period Item that may be reclassified subsequently to profit or loss: Exchange difference on translation of foreign operations 474,278 (339,976) (480,209) Total comprehensive income for the period $ (11,592,552) $ (11,485,713) $ (14,560,662) Loss attributable to: Equity shareholders of Prenetics $ (10,672,236) $ (10,721,954) $ (13,570,455) Non-controlling interests (1,394,594) (423,783) (509,998) $ (12,066,830) $ (11,145,737) $ (14,080,453) Total comprehensive income attributable to: Equity shareholders of Prenetics $ (10,252,010) $ (10,924,679) $ (14,000,699) Non-controlling interests (1,340,542) (561,034) (559,963) $ (11,592,552) $ (11,485,713) $ (14,560,662) Loss per share: Basic $ (0.84) $ (0.88) $ (1.16) Diluted (0.84) (0.88) (1.16) Loss per share - Continuing operations: Basic (0.84) (0.88) (0.98) Diluted (0.84) (0.88) (0.98) Weighted average number of common shares: Basic 12,722,810 12,222,337 11,743,434 Diluted 12,722,810 12,222,337 11,743,434 PRENETICS GLOBAL LIMITED Non-IFRS Financial Measures (Expressed in United States dollars unless otherwise indicated) Reconciliation of loss from operations from continuing operations under IFRS and adjusted EBITDA loss from continuing operations (Non-IFRS) Nine Months Ended September 30, September 30, 2024 2023 (Restated) Loss from operations from continuing operations under IFRS $ (31,576,195) $ (38,634,629) Employee equity-settled share-based payment expenses 4,861,707 10,632,798 Depreciation and amortization 4,530,392 5,106,206 Amortization of deferred expenses 6,195,173 6,064,443 Acquisition and transaction-related costs 1,824,210 — Strategic realignment and discontinued products impact 162,678 1,767,296 Finance income, exchange gain or loss, net (1,362,803) (3,579,732) Adjusted EBITDA loss from continuing operations (Non-IFRS) $ (15,364,838) $ (18,643,618) Three Months Ended September 30, June 30, September 30, 2024 2024 2023 (Restated) Loss from operations from continuing operations under IFRS $ (11,808,320) $ (10,608,960) $ (12,943,513) Employee equity-settled share-based payment expenses 1,388,861 1,535,578 4,348,329 Depreciation and amortization 1,377,068 1,433,769 1,703,843 Amortization of deferred expenses 2,061,966 2,044,934 2,062,142 Acquisition and transaction-related costs 1,025,900 798,310 — Strategic realignment and discontinued products impact 125,394 28,994 345,578 Finance income, exchange gain or loss, net 31,980 (694,194) (1,634,998) Adjusted EBITDA loss from continuing operations (Non-IFRS) $ (5,797,151) $ (5,461,569) $ (6,118,619) ————————————————————————— 4 In connection with the acquisition of ACT Genomics, the remaining shareholders of ACT Genomics - representing 25.61% of the fully diluted shareholding of ACT Genomics that Prenetics does not own - were granted put options which allow these remaining shareholders to put their remaining shares to Prenetics under certain conditions. The liabilities arising from such put option are recorded as liabilities for puttable financial instrument, and are valued at the present value of the exercise price of the put option. As of September 30, 2024, the shareholding of ACT Genomics was diluted, with the remaining shareholders holding 26.73%. 5 Includes equity-settled share-based payment expenses from continuing operations as follows: Nine Months Ended September 30, September 30, 2024 2023 (Restated) Direct costs $ 1,026 $ — Selling and distribution expenses 5,054 100,561 Research and development expenses 2,258,374 2,891,754 Administrative and other operating expenses 2,360,340 7,576,866 Total equity-settled share-based payment expenses $ 4,624,794 $ 10,569,181 Three Months Ended September 30, June 30, September 30, 2024 2024 2023 (Restated) Direct costs $ 5 $ 440 $ — Selling and distribution expenses 3,591 410 (3,307) Research and development expenses 689,530 810,450 1,530,858 Administrative and other operating expenses 504,597 699,991 2,798,696 Total equity-settled share-based payment expenses $ 1,197,723 $ 1,511,291 $ 4,326,247 6 We ceased our COVID-19 testing business entirely in 2023 Q2, and other DNA testing operations in the EMEA regions in 2023 Q4. As a result, COVID-19 testing business and the operations in the EMEA regions are reported as a discontinued operation under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. In accordance with IFRS 5, the results of the discontinued operation have been presented separately from the continuing operations in the consolidated statements of profit or loss and other comprehensive income.
Maintained Operational Profitability for the Third Consecutive Quarter Operating Expenses as a Percentage of Revenues Decreased 160 Basis Points YoY Held Positive Operating Cash Flow for Three Consecutive Quarters SHANGHAI, Nov. 27, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced its unaudited financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights Net revenues were RMB3.6 billion (US$513.1 million), remaining relatively flat compared to the same quarter last year. Gross segment profit (1) was RMB 210.6 million (US$ 30.0 million) increased by 10.5% year-over-year. Total operating expenses were RMB208.2 million (US$29.7 million), an improvement of 23.2% compared to RMB271.0 million in the same quarter of last year. As a percentage of net revenues, total operating expenses decreased by 160 basis points to 5.8% from 7.4% in the same quarter of last year, demonstrating continuous improvement in the Company's operational efficiency. Income from operations was RMB2.4 million (US$0.3 million), compared to loss from operations of RMB80.4 million in the same quarter of last year. 111 maintained operational profitability for the third consecutive quarter. Non-GAAP income from operations (2) was RMB7.1 million (US$1.0 million), compared to Non-GAAP loss from operations of RMB54.0 million in the same quarter of last year. Net cash from operating activities was RMB109.9 million (US$15.7 million). The Company has achieved positive operating cash flow for three consecutive quarters. (1) Gross segment profit represents net revenues less cost of goods sold. (2) Non-GAAP income from operations represents income from operations excluding share-based compensation expenses. Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, "While the macroeconomic environment in China continues to present challenges, we are proud of our ability to maintain operational profitability for the third consecutive quarter. This achievement is a testament to the strength of our business model as a one-stop shopping platform that offers the most comprehensive selection of pharmaceutical products at competitive prices. It also highlights our commitment to operational efficiency across the organization. As a result, income from operations in Q3 reached RMB2.4 million, a significant improvement from an operational loss of RMB80.4 million in the prior year." Mr. Liu added, "We gained greater operational efficiency through diligent cost management, ongoing infrastructure investments, and effective staffing arrangements, all of which has enabled us to navigate an unfavorable consumer spending environment while delivering solid performance results. Operating expenses were 5.8% of revenues, a reduction of 160 basis points compared to the previous year, while non-GAAP operating expenses as a percentage of revenues decreased by 100 basis points to 5.7%. We aim to lead the pharmaceutical e-commerce sector in efficiency and sharpen our competitive advantages. As we scale and optimize operations, we expect further cost savings, which will be reinvested into growth initiatives, including technological advancements, market expansion, and client base growth, driving future profitability." "We are strengthening our core competitiveness in digitalization through advancements across multiple areas, laying a strong foundation for an agile, highly efficient, and customer-centric business that can swiftly adapt to evolving industry needs. Additionally, we've bolstered our supply chain with an expanded transshipment network and new fulfillment centers, further enhancing our service capabilities." "Despite challenges, we are still confident in the long-term opportunities ahead. Our investments in AI and digital technologies are not only providing industry-leading efficiency and reshaping the healthcare value chain, but also positioning us to capture significant shifts in the pharmaceutical industry—particularly the unstoppable trend of digital transformation, the growing demand for out-of-hospital drug distribution, and the expansion of the silver economy. By deepening our partnerships with pharmaceutical companies, expanding our fulfillment network, refining our digital platforms, and prioritizing new growth engines, we are well-positioned to engage more industry stakeholders, meet the needs of a broad customer base, and generate sustained growth." Third Quarter 2024 Financial Results Net revenues were RMB3.6 billion (US$513.1 million), representing a decrease of 1.8% from RMB3.7 billion in the same quarter of last year. (In thousands RMB) For the three months ended September 30, 2023 2024 YoY B2B Net Revenue Product 3,556,749 3,514,298 -1.2 % Service 20,671 21,731 5.1 % Sub-Total 3,577,420 3,536,029 -1.2 % Cost of Products Sold(3) 3,406,320 3,340,998 -1.9 % Segment Profit 171,100 195,031 14.0 % Segment Profit % 4.8 % 5.5 % (In thousands RMB) For the three months ended September 30, 2023 2024 YoY B2C Net Revenue Product 82,538 61,031 -26.1 % Service 5,287 3,615 -31.6 % Sub-Total 87,825 64,646 -26.4 % Cost of Products Sold 68,301 49,061 -28.2 % Segment Profit 19,524 15,585 -20.2 % Segment Profit % 22.2 % 24.1 % (3) For segment reporting purposes, purchase rebates are allocated to the B2B segment and B2C segments primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses. Cost of service revenue is recorded in the operating expense. Operating costs and expenses were RMB3.6 billion (US$512.8 million), representing a decrease of 3.9% from RMB3.7 billion in the same quarter of last year. Cost of products sold was RMB3.4 billion (US$483.1 million), representing a decrease of 2.4% from RMB3.5 billion in the same quarter of last year. Fulfillment expenses were RMB100.0 million (US$14.2 million), representing a decrease of 1.6% from RMB101.6 million in the same quarter of last year. Fulfillment expenses accounted for 2.8% of net revenues this quarter, maintaining the same as last year. Selling and marketing expenses were RMB77.0 million (US$11.0 million), representing a decrease of 19.4% from RMB95.5 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.6 million for the quarter and RMB5.1 million for the same quarter last year, respectively, selling and marketing expenses as a percentage of net revenues accounted for 2.1% in the quarter as compared to 2.5% in the same quarter of last year. General and administrative expenses were RMB14.4 million (US$2.0 million), representing a decrease of 68.7% from RMB45.8 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB2.3 million for the quarter and RMB16.8 million for the same quarter last year, respectively, general and administrative expenses as a percentage of net revenues accounted for 0.3% in the quarter as compared to 0.8% in the same quarter of last year. Technology expenses were RMB17.5 million (US$2.5 million), representing a decrease of 30.9% from RMB25.4 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB0.9 million for the quarter and RMB4.5 million for the same quarter last year, respectively, technology expenses as a percentage of net revenues accounted for 0.5% in the quarter as compared to 0.6% in the same quarter of last year. Income from operations was RMB2.4 million (US$0.3 million), compared to loss from operations of RMB80.4 million in the same quarter of last year. Non-GAAP income from operations was RMB7.1 million (US$1.0 million), compared to non-GAAP loss from operations of RMB54.0 million in the same quarter of last year. Net loss was RMB3.5 million (US$0.5 million), representing an improvement of 96% from RMB83.5 million in the same quarter of last year. As a percentage of net revenues, net loss amounted to 0.1% in the quarter, down from 2.3% in the same quarter of last year. Non-GAAP net income (4) was RMB1.3 million (US$0.2 million), compared to non-GAAP net loss of RMB57.1 million in the same quarter of last year. Net loss attributable to ordinary shareholders was RMB17.1 million (US$2.4 million), representing an improvement of 82% from RMB93.3 million in the same quarter of last year. As a percentage of net revenues, net loss attributable to ordinary shareholders accounted for 0.5% in the quarter, down from 2.5% in the same quarter of last year. Non-GAAP net loss attributable to ordinary shareholders (5) was RMB12.4 million (US$1.8 million), representing an improvement of 82% from RMB66.9 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders, accounted for 0.3% in the quarter, down from 1.8% in the same quarter of last year. (4) Non-GAAP net income represents net income excluding share-based compensation expenses, net of tax. Considering the impact of accretion of redeemable non-controlling interest for the third quarter 2024, non-GAAP net income is used as a meaningful measurement of the operation performance of the Company. (5) Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. As of September 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB614.4 million (US$87.6 million), compared to RMB673.7 million as of December 31, 2023. To date, the Company has a total outstanding amount of RMB1.1 billion, which has been included in the balances of redeemable non-controlling interests and accrued expenses and other current liabilities, owed to a group of investors of 1 Pharmacy Technology pursuant to their equity investments made in 2020 as previously disclosed. 111 received redemption requests from certain of such investors in accordance with the terms of their initial investments in 1 Pharmacy Technology. Following communication and negotiation, the Company has reached agreements and/or commitment letters with investors representing approximately 90% of the total amount to reschedule the repayments, allowing for phased repayments at extended periods, if the holders exercise their redemption right. The Company has paid a portion of the repurchase funds upon signing of the agreements. Additionally, the Company is in ongoing discussions with investors holding the remaining approximately 10% of the total amount. For more information about the terms of 111's arrangements with these investors, see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources" in the Company's annual report for the fiscal year ended December 31, 2023. Conference Call 111's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Wednesday, November 27, 2024 (8:30 PM Beijing Time on the same day). Details for the conference call are as follows: Event Title: 111, Inc. Third Quarter 2024 Unaudited Financial ResultsRegistration Link: https://s1.c-conf.com/diamondpass/10042738-te7sgd.html All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique Registration ID, which can be used to join the conference call. Please dial in 15 minutes before the call is scheduled to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call. A telephone replay of the call will be available after the conclusion of the conference call until December 4, 2024 via: China: 4001 209 216United States: +1 855 883 1031International: +61 7 3107 6325Conference ID: 10042738 A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/3nkscjv6. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding share-based compensation expenses. The Company defines non-GAAP net income (loss) as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income (loss) from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company's core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release. Exchange Rate Information Statement This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024. Forward-Looking Statements This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: http://ir.111.com.cn/. For more information, please contact: 111, Inc.Investor RelationsEmail: ir@111.com.cn 111, Inc.Media Relations Email: press@111.com.cnPhone: +86-021-2053 6666 (China) 111, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) As of As of December 31, 2023 September 30, 2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 603,523 531,981 75,807 Restricted cash 20,025 32,430 4,621 Short-term investments 50,143 50,000 7,125 Accounts receivable, net 536,823 425,159 60,585 Notes receivable 77,598 80,853 11,521 Inventories 1,419,396 1,532,170 218,332 Prepayments and other current assets 225,823 234,295 33,388 Total current assets 2,933,331 2,886,888 411,379 Property and equipment, net 34,340 25,558 3,642 Intangible assets, net 2,256 1,643 234 Long-term investments 2,000 1,000 142 Other non-current assets 13,310 15,684 2,235 Operating lease right-of-use asset 103,799 98,909 14,094 Total assets 3,089,036 3,029,682 431,726 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities: Short-term borrowings 338,075 168,517 24,013 Accounts payable 1,588,693 1,912,109 272,474 Accrued expense and other current liabilities 818,295 569,246 81,116 Total current liabilities 2,745,063 2,649,872 377,603 Long-term operating lease liabilities 62,624 63,969 9,116 Other non-current liabilities 5,245 8,331 1,187 Total liabilities 2,812,932 2,722,172 387,906 MEZZANINE EQUITY Redeemable non-controlling interests 870,825 943,774 134,487 SHAREHOLDERS' DEFICIT Ordinary shares Class A 32 33 5 Ordinary shares Class B 25 25 3 Treasury shares (5,887) (5,887) (839) Additional paid-in capital 3,169,114 3,167,794 451,407 Accumulated deficit (3,819,249) (3,864,151) (550,637) Accumulated other comprehensive income 72,514 72,602 10,346 Total shareholders' deficit (583,451) (629,584) (89,715) Non-controlling interest (11,270) (6,680) (952) Total deficit (594,721) (636,264) (90,667) Total liabilities, mezzanine equity and deficit 3,089,036 3,029,682 431,726 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands, except for share and per share data) For the three months ended September 30, For the nine months ended September 30, 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ Net revenues 3,665,245 3,600,675 513,092 10,839,503 10,553,474 1,503,858 Operating costs and expenses: Cost of products sold (3,474,621) (3,390,059) (483,080) (10,204,779) (9,926,727) (1,414,547) Fulfillment expenses (101,602) (99,977) (14,247) (299,202) (276,559) (39,409) Selling and marketing expenses (95,523) (76,954) (10,966) (274,880) (237,724) (33,875) General and administrative expenses (45,839) (14,367) (2,047) (126,235) (50,747) (7,231) Technology expenses (25,386) (17,549) (2,501) (75,243) (54,225) (7,727) Other operating (expenses) income, net (2,696) 602 86 (2,723) 1,941 277 Total operating costs and expenses (3,745,667) (3,598,304) (512,755) (10,983,062) (10,544,041) (1,502,512) (Loss) Income from operations (80,422) 2,371 337 (143,559) 9,433 1,346 Interest income 2,362 1,533 218 6,517 5,574 794 Interest expense (5,433) (7,810) (1,113) (14,525) (23,067) (3,287) Foreign exchange gain (loss) 79 642 91 (1,095) 40 6 Other income (loss), net 38 (193) (28) 4,552 (116) (17) Loss before income taxes (83,376) (3,457) (495) (148,110) (8,136) (1,158) Income tax expense (102) (5) (1) (102) (93) (13) Net loss (83,478) (3,462) (496) (148,212) (8,229) (1,171) Net loss attributable to non-controlling interest 4,315 848 121 7,837 (431) (61) Net loss attributable to redeemable non-controlling interest 7,253 438 62 12,529 1,168 166 Adjustment attributable to redeemable non-controlling interest (21,391) (14,931) (2,128) (54,481) (37,410) (5,331) Net loss attributable to ordinary shareholders (93,301) (17,107) (2,441) (182,327) (44,902) (6,397) Other comprehensive loss Unrealized gains of available-for-sale securities, 1,013 (407) (58) 3,936 (753) (107) Realized gains of available-for-sale debt securities (841) 407 58 (3,558) 896 128 Foreign currency translation adjustments (1,690) (1,184) (169) 4,234 (55) (8) Comprehensive loss (94,819) (18,291) (2,610) (177,715) (44,814) (6,384) Loss per ADS: Basic and diluted (1.10) (0.20) (0.02) (2.16) (0.52) (0.08) Weighted average number of shares used in computation of loss per share Basic and diluted 169,088,015 171,938,537 171,938,537 168,179,779 171,526,062 171,526,062 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the three months ended September 30, For the nine months ended September 30, 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ Net cash provided by (used in) operating activities 35,208 109,865 15,656 (250,230) 311,563 44,397 Net cash provided by (used in) investing activities 5,163 49,845 7,103 91,913 (141) (20) Net cash provided by (used in) financing activities 110,452 (110,510) (15,748) 204,230 (370,453) (52,789) Effect of exchange rate changes on cash and cash equivalents, and restricted cash 2,621 (313) (45) 3,514 (106) (15) Net increase (decrease) in cash and cash equivalents, and restricted cash 153,444 48,887 6,966 49,427 (59,137) (8,427) Cash and cash equivalents, and restricted cash at the beginning of the period 612,774 515,524 73,462 716,791 623,548 88,855 Cash and cash equivalents, and restricted cash at the end of the period 766,218 564,411 80,428 766,218 564,411 80,428 111, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands, except for share and per share data) For the three months ended September 30, For the nine months ended September 30, 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ (Loss) Income from operations (80,422) 2,371 337 (143,559) 9,433 1,346 Add: Share-based compensation expenses 26,402 4,756 678 74,818 15,122 2,155 Non-GAAP (loss) income from operations (54,020) 7,127 1,015 (68,741) 24,555 3,501 Net loss (83,478) (3,462) (496) (148,212) (8,229) (1,171) Add: Share-based compensation expenses, net of tax 26,402 4,756 678 74,818 15,122 2,155 Non-GAAP net (loss) income (57,076) 1,294 182 (73,394) 6,893 984 Net loss attributable to ordinary shareholders (93,301) (17,107) (2,441) (182,327) (44,902) (6,397) Add: Share-based compensation expenses, net of tax 26,402 4,756 678 74,818 15,122 2,155 Non-GAAP net loss attributable to ordinary shareholders (66,899) (12,351) (1,763) (107,509) (29,780) (4,242) Loss per ADS(6): Basic and diluted (1.10) (0.20) (0.02) (2.16) (0.52) (0.08) Add: Share-based compensation expenses per ADS(6), net of tax 0.32 0.06 0.00 0.88 0.18 0.02 Non-GAAP loss per ADS(6) (0.78) (0.14) (0.02) (1.28) (0.34) (0.06) (6) Every one ADS represents two Class A ordinary shares.
SHENZHEN, China, Nov. 26, 2024 /PRNewswire/ -- nubia, a global leader in smartphone innovation, proudly announces the global launch of the highly anticipated nubia Z70 Ultra. This groundbreaking flagship smartphone sets a new industry benchmark with its revolutionary Nebula AIOS system, cutting-edge seventh-generation Under Display Camera technology, and the world's first 1.5K Full-Screen Display, powered by an AIGC Selfie Algorithm. Additionally, it features a fourth-generation 35mm customized optical lens with an Adjustable Physical Aperture, alongside the industry's first Bionic Dynamic Lens that mimics the human eye. Powered by the Snapdragon® 8 Elite and equipped with a robust 6150mAh battery, the Z70 Ultra delivers exceptional performance, combining power with precision. Seamlessly integrating advanced AI technology at every level, the nubia Z70 Ultra delivers a truly intelligent, intuitive, and efficient user experience. Whether for work or play, it effortlessly bridges the gap between cutting-edge innovation and daily life, empowering users to confidently embrace the future and all its possibilities. nubia Z70 Ultra Seventh-Generation True Full-Screen: Display and Selfie Redefined As the latest evolution in nubia's True Full-Screen Flagship Series, the nubia Z70 Ultra introduces groundbreaking advancements in both display and selfie technology. Featuring the world's first 1.5K Ultra-clear True Full-Screen Display, the device achieves an impressive 430 PPI Pixel Density across both the main and under display areas. The screen incorporates a Full-Screen Blue Diamond arrangement, boasting a 144Hz Under Display Refresh Rate and a peak brightness of 2000 nits, ensuring vibrant clarity even in bright sunlight. The FIAA extreme compression wiring technology results in an exceptional 95.3% Screen-to-Body Ratio, while the integrated UDC Ultra Independent Display Chip enables pixel-level display optimization. For selfies, the Z70 Ultra leverages advanced Nanometer-Level High-Transparency Materials, Independent Pixel Driving Technology, and Invisible Driving Circuit Technology to significantly enhance light transmission through the Under Display Camera. This ensures flawless concealment of the under-display lens in all scenarios. The 16MP Front Camera, coupled with a large f/2.0 aperture and AI Clear Algorithm 7.0, improves preview and shooting results by 30%, delivering sharper, more stable video calls and enhanced overall selfie performance. The World's First Human-Eye Bionic Dynamic Lens: New Era in Imaging Imaging that defies convention brings unparalleled depth. The nubia Z70 Ultra introduces the world's first Human-Eye Bionic Dynamic Lens, featuring a Fourth-Generation native 35mm Custom Lens with a variable aperture ranging from f/1.59 to f/4.0. Equipped with a Sony IMX 9 Series, it offers 50MP high-definition resolution, OIS Optical Image Stabilization, a 1G+6P Professional Optical Lens group with ALD coating, and a Blue Glass Spin-Coated IR Filter, all ensuring precision optical calibration. The variable aperture delivers hardware-level optical bokeh in close-up shots, clearer document-edge details, and breathtaking starburst effects on point light sources in star mode. Additionally, the nubia Z70 Ultra boasts a 64MP Periscope Telephoto Lens with a 1/2-inch Large Sensor, f/2.48 Aperture, and meticulously calibrated optics, enhancing the resolution of long-range images. A 50MP AF Ultra-Wide-Angle Macro Lens with a 13mm Equivalent Focal Length, f/2.0 Aperture, and 122° Ultra-Wide Field of View further elevates its imaging capabilities. Together, these three lenses cover the full focal length spectrum, complemented by a physical mechanical shutter button that adds a DSLR-like ritual to every shot. AI-powered features bring even more fun to imaging. The AI Ultra Clear and AI Lightning Capture functions intelligently enhance image details, ensuring sharpness even in high-speed motion scenes. The 35mm AI Super Panorama mode guides users to capture multiple images, automatically stitching them into an ultra-high-definition panoramic shot. Next-Level Gaming and All-Day Power The nubia Z70 Ultra is powered by the Snapdragon® 8 Elite, paired with enhanced LPDDR5X RAM and UFS 4.0 Storage, ensuring seamless multitasking and superior performance. Featuring an AI Gaming Enhancement Chip, the device delivers dual improvements in AI Super-Resolution and Frame Rate, offering stunning visuals and enhancement for smooth, dynamic gameplay. Over 200 popular games are supported. The Battery, with its advanced Silicon-Carbon Anode Material, boasts an impressive 6150mAh Capacity. With IP68 and IP69 Dust and Water Resistance, as well as NFC, the Z70 Ultra provides a comprehensive and enhanced user experience. Cosmic Window Design: Aesthetic Brilliance Meets Cutting-Edge Technology The nubia Z Series' signature "Cosmic Window" design continues to evolve, with the Z70 Ultra introducing a gravitational center design. The iconic radiant red circle accentuates its professional imaging capabilities, while the full-metal frame delivers a sleek, sturdy look, highlighting its exceptional display. The micro-arc curve softens the edges for a comfortable grip, making the device lighter and slimmer overall. The glass back panel features a new optical coating and etching, with a starry soft-glow sand finish that offers a refined, tactile feel. Available in three stunning colors—Black, Yellow, and Blue— stands out with its exclusive "flowing light embossing" technique, combining three-dimensional brush strokes with high-resolution starry night micro-etching and lens nano-textures. The colors are vibrant and radiant, bringing the design to life. Revolutionary Nebula AIOS: Intelligent Features for Every Scenario Building on the powerful functionality and efficiency of AI, nubia's Nebula AIOS enhances user emotional engagement, delivering a truly personalized and rewarding experience. The AI Translate feature enables seamless multilingual communication, ensuring barrier-free interactions. The nubia Z70 Ultra integrates AI technology into every detail, offering a convenient, intelligent, and highly efficient user experience. Wherever you are, the nubia Z70 Ultra brings technology closer to everyday life, becoming your ultimate partner in embracing the future. Pricing and Availability nubia is excited to reveal the pricing and availability details for the highly anticipated nubia Z70 Ultra in global markets. The cutting-edge device will be available at the following MSRPs: For the 12GB+256GB variant: $729 in the US, £649 in the UK, and €749 in the EU. For the 16GB+512GB variant: $829 in the US, £749 in the UK, and €849 in the EU. For the 16GB+512GB variant (Blue): $849 in the US, £769 in the UK, and €869 in the EU. Available for preorder now, with shipping in December. For the 24GB+1TB variant: $949 in the US, £899 in the UK, and €969 in the EU. Pre-order for the nubia Z70 Ultra is now available on the nubia Official Website, where customers can enjoy exclusive offers. Key availability dates are outlined below: Official Global Launch and Pre-Order: November 26, 2024 (20:00 p.m. HKT, 7:00 a.m. EST, 13:00 p.m. CET) Official Global Open Sale: December 5, 2024 (20:00 HKT, 07:00 EST, and 13:00 CET.) Official Online Stores: Global: https://intl.nubia.com/ EU: https://eu.nubia.com/ UK: https://uk.nubia.com/ Mexico: https://mx.nubia.com/ About nubia Founded in October 2012, nubia aims to bring high-end innovative smartphones to adventurous users who want to pursue new experiences and an enhanced quality of life. Inspiring the world to "Be yourself," nubia continues to elevate lifestyles by encouraging users to chase their dreams and pursue new passions.
HONG KONG, Nov. 26, 2024 /PRNewswire/ -- Gear up for Marintec Innovation Conference 2024, the definitive maritime technology and innovation event organised by Informa Markets and SSNAME, happening on 12 – 13 December at the Shanghai Renaissance Zhongshan Park Hotel. This year's theme, "Alternative Energy and Fuels Contribute to Low Carbon Maritime," underscores the industry's dedication to sustainable practices and groundbreaking advancements. Distinguished Speakers and Industry Experts Prepare to be inspired by an impressive lineup of speakers from some of the most influential organisations in the maritime industry. These panels will delve into critical topics such as: "Alternative Energy and Fuels Review and Outlook": Exploring the latest developments in renewable energy sources and their integration into maritime operations. "Sailing Efficiency – Shipowner's Perspective": Offering practical strategies for improving operational efficiency from leading shipowners. "Industry Chain Support": Highlighting the collaborative efforts across the maritime value chain to support these innovations. Notable speakers include: ABB Marine & Ports, Switzerland: Mr. Meng Desheng, Sales Director Alfa Laval (Shanghai) Technologies Co Ltd, Denmark: Mr. James Le, President of Marine Division China Association of the National Shipbuilding Industry, China: Mr. Li Yanqing, Secretary General China Merchants Energy Shipping, China: Mr. Wu Jianyi, Technical Director CSSC Shanghai Marine Energy Saving Technology Co Ltd, China: Mr. Zhang Xiaosong, Deputy Chief of R&D Department CSSC Silent Electric System (Wuxi) Technology Co Ltd, China: Mr. Guo Wei, Deputy General Manager DNV, Norway: Mr. Jason Liu Xiaofeng, Head of Smart Centre / Deputy Head of Technical Centre China Headway Technology Group (Qingdao) Co Ltd, China: Mr. Zhang Zongkai, Project Manager of the R&D Center Inmarsat Maritime, United Kingdom: Mr. William Ku, Regional Director, Asia Pacific International Chamber of Shipping – ICS, United Kingdom: Mr. Guy Platten, Secretary General International Windship Association – IWSA, United Kingdom: Mr. Gavin Allwright, Secretary General Jotun, Norway: Mr. Christer Lorentz Øpstad (Ph.D.), Global R&D Director - Fouling Protection Kongsberg Maritime, Norway: Mr. Carl Magne Rustand, Country Manager - Greater China Maersk, Denmark: Mr. Karim Fahssis, Maersk Decarbonisation China Head RINA Italy Classification Society (China) Co Ltd, China: Mr. Fang Peng, Head of RINA Greater China Excellence Centre Trelleborg Marine Engineering (Qingdao) Co Ltd, China: Mr. Andrew Stafford, Technical Director Ulstein, Norway: Mr. Kirk Du, Deputy Managing Director Wikborg Rein Advokatfirma AS: Mr. Bård Bjerken, Managing Associate and Shanghai Representative These panel discussions will provide attendees with invaluable insights and practical knowledge from leading experts, fostering a deeper understanding of the challenges and opportunities in the maritime sector. Innovation on Display In complement to the compelling sessions and expert speakers, the event will feature sponsors such as Bestway, Bicentric Technology, Shanghai Moury Marine Equipment, Shanghai SIBO Automation, Shanghai Tonghe Marine Equipment, Sonyo Appliances Refrigeration System, Zhenjiang Tongzhou Propeller and others showcasing their cutting-edge innovations. A Hub for Maritime Innovation Over and above the conference sessions, the Marintec Innovation Conference 2024 will offer numerous networking opportunities, including dedicated networking sessions and an exclusive closing dinner. These events will enable attendees to build valuable connections, exchange ideas, and forge partnerships that will drive the future of maritime technology. Registration and Additional Information Registration for the Marintec Innovation Conference 2024 is now open. For more information about the conference program and speakers, please visit the official conference website at www.marintecchina.com. Call to Action It is time to invest in and adopt alternative energy. By working together, we can meet the challenges and lead the industry into a sustainable, zero-carbon future. This conference is a movement towards a greener world for generations to come. Marintec Innovation Conference Background: Following its inaugural edition in 2017 during Marintec China, the Marintec Innovation Conference will be held in December of even-numbered years at the Shanghai Renaissance Zhongshan Park Hotel. Organised by Informa Markets and SSNAME, Marintec Innovation continues to provide a unique platform for fostering interactions on diverse findings and advancements in the maritime industry through collaboration and knowledge sharing. Marintec Innovation's Themes 2017: Cruise Shipbuilding at Marintec China2018: International Marine Intelligent Energy Efficiency Technology2020: The Fourth Industrial Revolution at Sea2022: Defining the Path to Decarbonisation2024: Alternative Energy and Fuels Contribute To Low-carbon Maritime Organisers of Marintec China: Marintec China is organised and managed by Informa Markets and Shanghai Society of Naval Architects & Marine Engineers (SSNAME). Informa Markets Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world's leading exhibitions organiser, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com Shanghai Society of Naval Architects and Marine Engineers (SSNAME) Shanghai Society of Naval Architecture and Marine Engineers (SSNAME), founded in early 1951, is the first scientific and technological society in the field of shipbuilding and marine engineering of the People's Republic of China. SSNAME currently has 5,000 individual members and more than 60 group members. It has 5 working Committees, 11 Specialized Committees and 3 Representative offices. As an important non-governmental scientific and technological society with high reputation and influence in the international field of shipbuilding and marine engineering, SSNAME has been committed to promoting the progress of shipbuilding and marine engineering technology and international exchanges and cooperation. SSNAME has established closely cooperative relations with 14 well-known overseas maritime engineering societies, such as SNAME, RINA, STG, JSNAOE, SNAK and so on. It is the initiator and first chairman of the Pan-Asian Association of Maritime Engineering Societies (PAAMES) and is also a member of the International Standing Committee of the World Maritime Technology Conference (WMTC). The "Xin Yixin Ship and Marine Engineering Science and Technology Innovation Award" founded by SSNAME has become an important award for scientific and technological talents. SSNAME organizes many academic exchanges, popular science and scientific and technological publication every year. For more information, please visit www.ssname.com.cn.
NEW YORK, Nov. 23, 2024 /PRNewswire/ -- Monport Laser, an industry-leading brand of laser cutters and engravers, proudly announces the release of the Monport MEGA, the world's first 70W intelligent desktop CO2 laser engraving machine. This revolutionary product is the culmination of Monport's dedication to innovation and a reflection of its commitment to empowering creativity in America. Focusing on innovation, strength, and empowering individuals, Monport has designed the MEGA as a symbol of American ingenuity. The MEGA is poised to transform the laser engraving market by combining state-of-the-art technology with unmatched precision. The Monport MEGA is not just an engraving machine; it's a technological masterpiece designed to redefine creativity and productivity. Powerful Performance: With 70W CO2 laser power, the MEGA delivers exceptional performance, effortlessly handling intricate designs and large-scale projects on a variety of materials. Lightning-Fast Speed: Achieve engraving speeds of up to 1,000mm/s, allowing creators to complete projects faster without compromising precision. Generous Work Area: The 27.56" x 13.78" workspace accommodates larger designs, making it perfect for small business owners and creative professionals tackling diverse projects. Innovative Smart Features: The 16MP ultra-wide-angle camera streamlines bulk engraving, even on curved surfaces. The visual light path system ensures effortless setup in just 5 minutes, saving time and enhancing productivity. Advanced Safety Systems: With dual-layer fire protection, AI-powered flame detection, and an anti-laser leakage design, the MEGA ensures a safe and secure engraving experience. The MEGA's compatibility with a wide range of materials—including wood, leather, glass, acrylic, and certain metals—makes it a versatile tool for both artistic and commercial applications. Whether crafting personalized gifts, producing intricate signage, or designing high-quality prototypes, the Monport MEGA rises to the challenge. The Revolution Starts with the MEGA Pre-Sale Building on the success of its first pre-sale phase, Monport is excited to extend the opportunity for new customers to reserve their Monport MEGA. The exclusive pre-sale period is open for just 40 days, making this a limited-time chance to secure the world's most advanced desktop laser engraver at an unbeatable price. Reserve Your MEGA for Just $500: A small deposit ensures your spot to own this groundbreaking machine. Early Payment Rewards: Complete the balance payment of $2,999 by December 10, 2024, and receive a $500 discount on your order. Prompt Shipping: Machines are scheduled to ship starting December 5, 2024, ensuring early adopters can begin their engraving journeys without delay. Celebrating the Launch with Live Events and Exclusive Giveaways To showcase the MEGA's unparalleled capabilities, Monport will host an exclusive live-stream event on November 25, 2024, where the machine's features and applications will be demonstrated in real-time. Participants can engage with the Monport team, ask questions, and witness the MEGA's revolutionary performance. During the live stream, attendees can enter giveaways to win exciting prizes, including: 3 LightBurn Software Licenses (valued at $199 each) 3 Air Purifiers (valued at $299.99 each) These prizes are Monport's way of celebrating the MEGA's launch and rewarding its vibrant community of creators and innovators. At its core, the Monport MEGA represents more than just a machine—it's a commitment to empowering creators, small businesses, and hobbyists to push the boundaries of design and innovation. By blending American ingenuity with groundbreaking technology, the MEGA is designed to inspire a new generation of makers and entrepreneurs. From personalized gifts and intricate artwork to business branding and industrial prototyping, the MEGA offers endless possibilities. It's the ultimate tool for those looking to turn their creative dreams into reality. The Monport MEGA is here to revolutionize laser engraving, offering unmatched performance, precision, and safety. Don't miss this opportunity to be among the first to experience the future of engraving. Visit Monport MEGA to learn more and claim your exclusive pre-sale benefits. As excitement mounts for the MEGA's launch, Monport is thrilled to announce its biggest sales event of the year—the Black Friday Blowout! Running from November 5 to December 5, 2024, this exclusive event offers unbeatable savings of up to $6,000 on top-tier laser engraving machines and accessories. Take advantage of bundle deals with "Buy More, Save More" offers, designed to help creators and businesses elevate their engraving capabilities while enjoying maximum savings. Whether you're looking to upgrade your setup or start your engraving journey, this once-a-year event is your chance to invest in premium tools at incredible value. Stay tuned for more details, and don't miss the opportunity to save big during Monport's Black Friday Blowout!
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