The new compact crossover SUV scored 88.64, setting a new benchmark for automotive safety

MANILA, Philippines, Aug. 30, 2024 /PRNewswire/ — Global automotive brand OMODA & JAECOO has achieved a major milestone by earning the prestigious 5-Star Safety Certification for its compact crossover SUV, OMODA C5, from the Association of Southeast Asian Nations New Car Assessment Programme (ASEAN NCAP). This marks the first joint China-Malaysia 5-Star safety test, highlighting OMODA C5’s commitment to safety excellence.

The certification was awarded during a media press conference held by the Malaysian Institute of Road Safety Research (MIROS) in Kuala Lumpur on August 13. Scoring 88.64 points overall, the OMODA C5 excelled in critical areas such as Adult Occupant Protection (AOP), Child Occupant Protection (COP), and Safety Assist (SA), setting a new benchmark in its segment.

In the ASEAN NCAP AOP tests, OMODA C5 provided substantial protection, particularly for the chest and lower legs, with its front compartment remaining stable during impact tests. The vehicle’s construction includes 78% high-strength steel, with key areas reinforced by ultra-high-strength and hot-formed steel, offering tensile strength of up to 1500 MPa. This design, referred to as a "golden armor" or "iron shirt," effectively protects the driver in the event of a collision.

OMODA C5’s innovative "caged energy absorption" design contributes to its safety, featuring a lightweight yet durable structure that disperses impact forces during frontal and side collisions. This system, combining "three-way pressure distribution" and "bilateral four energy-absorbing boxes," minimizes force transmission to occupants, enhancing overall safety.

The vehicle also achieved top marks in the ASEAN NCAP Safety Assist (SA) category, thanks to its advanced driving assistance technology. This system includes 16 safety features such as a 360° panoramic camera, full-speed adaptive cruise control (ACC), and Rear Cross Traffic Alert (RCTA). These technologies work together to detect potential hazards, providing timely warnings for scenarios like emergency stops, driver distraction, and lane deviations, ensuring a safer driving experience.

This ASEAN NCAP 5-Star certification follows previous successes for the OMODA C5, which also earned 5-star safety ratings from the European New Car Assessment Programme (E-NCAP) and the Australasian New Car Assessment Programme (A-NCAP). These achievements underscore OMODA’s commitment to adhering to global safety standards and advancing automotive innovation.

OMODA’s "safety first" philosophy has driven every aspect of the C5’s development, from materials and design to structure and advanced technology. "Securing the ASEAN NCAP safety rating underscores our steadfast commitment to safety, innovation, and, most importantly, to our customers. The brand’s core mission—prioritizing safety and quality, with a focus on superior products—is embedded in its DNA and rigorously applied throughout the quality control process," said Marco Chen, Country Director OMODA+JAECOO Philippines.

OMODA C5 will be up for pre-order in various mall activations throughout Metro Manila this September. For more details pre-order announcements, follow their official social media accounts: Facebook (OMODA Philippines and JAECOO Philippines); Instagram (@omoda.philippines and jaecoo.philippines); and TikTok (@omodaph). xx

Joanna Peng
Email: [email protected] 
Phone: +86 13676095951

Guillen Infantado
Email: [email protected] 
Phone: +639455393791

Source : OMODA C5 Earns 5-Star ASEAN NCAP Safety Certification

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

GUANGZHOU, China, Aug. 30, 2024 /PRNewswire/ — MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced its unaudited financial results for the quarter ended June 30, 2024 (the "June Quarter") and the six months ended June 30, 2024 (the "First Half of 2024").

Financial Highlights for the June Quarter

Revenue increased 24.1% year over year to RMB4,035.2 million (US$555.3 million), surpassing RMB4 billion for the first time. Gross profit increased 36.9% year over year to RMB1,773.3 million (US$244.0 million). Gross margin was 43.9%, a record high for the Company, compared to 39.8% in the same period of 2023. Operating profit increased 8.9% year over year to RMB751.5 million (US$103.4 million). Profit for the period increased 8.1% year over year to RMB591.4 million (US$81.4 million). Adjusted net profit(1) increased 9.4% year over year to RMB625.0 million (US$86.0 million). Adjusted net profit included a net foreign exchange loss of RMB4.2 million (US$0.6 million) in the June Quarter, compared to a net foreign exchange gain of RMB66.1 million in the same period of last year. Excluding net foreign exchange loss and gain, adjusted net profit would have increased 24.6% year over year. Adjusted net margin(1) was 15.5%, compared to 17.6% in the same period of 2023. Excluding net foreign exchange loss and gain, adjusted net profit margin for the June Quarter would have been 15.6%, compared to 15.5% in the same period of 2023. Adjusted EBITDA(1) increased 17.1% year over year to RMB1,002.0 million (US$137.9 million). Adjusted EBITDA margin(1) was 24.8%, compared to 26.3% in the same period of 2023. Adjusted basic and diluted earnings per ADS(1) both increased 11.1% year over year to RMB2.00 (US$0.28).

Financial Highlights for the First Half of 2024

Revenue increased 25.0% year over year to RMB7,758.7 million (US$1,067.6 million). Gross profit increased 37.9% year over year to RMB3,389.8 million (US$466.5 million). Gross margin was 43.7%, compared to 39.6% in the same period last year. Operating profit increased 18.1% year over year to RMB1,494.8 million (US$205.7 million). Profit for the period increased 15.7% year over year to RMB1,177.4 million (US$162.0 million). Adjusted net profit(1) increased 17.8% year over year to RMB1,241.9 million (US$170.9 million). Adjusted net profit included a net foreign exchange loss of RMB12.4 million (US$1.7 million) in the First Half of 2024, compared to a net foreign exchange gain of RMB54.9 million in the same period of last year. Excluding net foreign exchange loss and gain, adjusted net profit would have increased 25.5% year over year. Adjusted net margin(1) was 16.0%, compared to 17.0% in the same period of 2023. Excluding net foreign exchange loss and gain, adjusted net profit margin for the First Half of 2024 would have been 16.2%, compared to 16.1% in the same period of 2023. Adjusted EBITDA(1) increased 26.0% year over year to RMB1,967.4 million (US$270.7 million). Adjusted EBITDA margin(1) was 25.4%, compared to 25.2% in the same period of 2023. Adjusted basic and diluted earnings per ADS(1) were both RMB3.96 (US$0.54), representing increases of 17.9% and 19.3% year over year, respectively. Net cash from operating activities increased 4.9% year over year to RMB1,293.8 million (US$178.0 million). Capital expenditure was RMB302.8 million (US$41.7 million) and free cash flow was RMB991.0 million (US$136.4 million) for the First Half of 2024.

Operational Highlights

Number of MINISO stores was 6,868 as of June 30, 2024, with an opening of 455 net new stores in the First Half of 2024. Number of MINISO stores in mainland China was 4,115 as of June 30, 2024, with an opening of 189 net new stores in the First Half of 2024. Number of MINISO stores in overseas markets was 2,753 as of June 30, 2024, with a record opening of 266 net new stores in the First Half of 2024, compared to 72 in the same period of 2023. Number of TOP TOY stores was 195 as of June 30, 2024, with a record opening of 47 net new stores in the First Half of 2024.

Note:

(1) See the sections titled "Non-IFRS Financial Measures" and "Reconciliation of Non-IFRS Financial Measures" in this press release for more information.

The following table provides a breakdown of the Company’s store network and its growth. The Company nearly doubled its directly operated stores compared to a year ago. In the First Half of 2024, the Company had a net increase of 115 directly operated stores, 105 of which located in overseas markets, demonstrating the Company’s development strategy.

As of

June 30,

2023

December 31,

2023

June 30,

2024

YoY

YTD(3)

Number of MINISO stores(1)

5,791

6,413

6,868

1,077

455

Mainland China

3,604

3,926

4,115

511

189

—Directly operated stores

15

26

29

14

3

—Third-party stores

3,589

3,900

4,086

497

186

Overseas

2,187

2,487

2,753

566

266

—Directly operated stores

176

238

343

167

105

—Third-party stores

2,011

2,249

2,410

399

161

Number of TOP TOY stores(2)

118

148

195

77

47

—Directly operated stores

9

14

21

12

7

—Third-party stores

109

134

174

65

40

Notes:

(1) "MINISO stores" refers to the offline stores operated under the "MINISO" brand, including those directly operated by the Company, and those operated by third parties under the MINISO Retail Partner model and the distributor model.

(2) "TOP TOY stores" refers to the offline stores operated under the "TOP TOY" brand, including those directly operated by the Company, and those operated by third parties under the MINISO Retail Partner model.

(3) "Year-to-date" or "YTD" refers to the period starting from January 1, 2024 to June 30, 2024.

Mr. Guofu Ye, Founder, Chairman, and CEO of MINISO, commented, "The year of 2024 marks the first year of our five-year strategic plan. I am pleased to see that in the past six months, all of our businesses have made firm progress in accordance with the five-year strategic plan and our performance has met the expectations at the beginning of the year. During the reporting period, our footprints in overseas markets continued to expand. Meanwhile, we achieved the milestone of 7,000 stores globally, and it has been less than one year since we achieved the milestone of 6,000 stores. In the First Half of 2024, we had 502 net new stores at the group level, including 266 net new MINISO stores in overseas markets and 47 net new TOP TOY stores, both marking the fastest store opening paces during the first half of a year. MINISO in overseas markets and TOP TOY also maintained a double-digit same-store sales growth, acting as growth engines of the Company. We had 189 net new MINISO stores in mainland China in the First Half of 2024, and same-store sales of MINISO in mainland China recovered to 98.3% of the prior year’s level, representing MINISO’s industrial leading position and robust growth. As a result, revenue increased by 25% to RMB7.76 billion for the First Half of 2024, including a 7% same-store sales growth and a 19% average store count expansion."

"Despite short-term headwind and uncertainties brought by the macro environment, MINISO Group will still steadfastly focus on our long-term strategy, adhering to "Affordability", "Globalization" and "Product Innovation (IP design)". We will always uphold our "Happy Philosophy" and target to become the world’s No.1 IP design retail group, maintaining strategic focus and moving toward our five-year strategic goals. Meanwhile, we are committed to providing competitive career development opportunities for employees and bringing long-term and sustainable return to shareholders." Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, "Thanks to our ongoing brand upgrade and increasing overseas revenue contribution, gross margin for the First Half of 2024 reached 43.7%, with a 4.1 percentage point increase year over year. Even though we are still at an investment stage in overseas markets, we have managed to maintain profitability at a healthy level under our effective cost control measures. This is evidenced by an 18% year-over-year increase in adjusted net profit and a 26% year-over-year increase in adjusted EBITDA. Excluding foreign exchange impacts, adjusted net margin would have been 16.2% for the First Half of 2024, compared with 16.1% for the same period of last year, implying our good profitability under scalable growth.

Our financial strategy will continue to remain disciplined in terms of budgeting, cost controls and allocation of capital as we commit to delivering stable profit and healthy cash flows. Our targets for the year of 2024 remain unchanged from our expectations at the beginning of the year, revenue is expected to increase 20% to 30% on year-over-year basis, and adjusted net profit target is RMB2.8 billion or higher."

"Our capital allocation strategy will also continue to balance fast growth and our commitment to bring stable and foreseeable returns to shareholders. The Board of the Company has approved an interim cash dividend for the First Half of 2024, with a total amount of approximately RMB621 million. Upon the payment of the interim dividend, the Company will have returned RMB1.4 billion in cash to shareholders through dividends and share repurchases from year to date. Since 2020, we will have returned RMB3.6 billion to shareholders upon the payment of the interim dividend, accounting for 62% of adjusted net profit accumulated from 2020 until the First half of 2024. We are confident in accomplishing our full-year business plan and five-year strategy and believe that our share price has been trading below its intrinsic value. Accordingly, the Board of the Company has approved a share repurchase program to make the best of the general mandate granted at its annual general meeting held in June 2024, under which the Company may repurchase its shares and/or ADSs in the next 12 months not exceeding 10% of the total outstanding shares and execute share repurchases in the open market subject to market conditions. We believe that the share repurchase program is in the best interests of the Company and its shareholders as a whole and creates value for shareholders." Mr. Zhang concluded.

Interim Dividend Declaration

On August 30, 2024, the Company’s board of directors approved the distribution of an interim cash dividend in the amount of US$0.2744 per American Depositary Share ("ADS") or US$0.0686 per ordinary share, to holders of ADSs and ordinary shares of record as of the close of business on September 13, 2024, New York Time and Beijing/Hong Kong Time, respectively. The ex-dividend date will be September 12, 2024. The payment date is expected to be September 23, 2024 for holders of ordinary shares and September 27, 2024 for holders of ADSs. The aggregate amount of cash dividend to be paid is approximately US$85.5 million (RMB621.3 million at an exchange rate of RMB7.2672 to US$1.0000), which is approximately 50% of the Company’s adjusted net profit for the First Half of 2024 and will be distributed from additional paid-in capital and settled by a cash distribution.

For holders of ordinary shares, in order to qualify for the interim cash dividend, all valid documents for the transfer of ordinary shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 P.M. on September 13, 2024 (Beijing/Hong Kong Time).

Unaudited Financial Results for the June Quarter 2024

Revenue was RMB4,035.2 million (US$555.3 million), representing an increase of 24.1% year over year. Revenue from mainland China increased by 18.1% year over year, accelerated from the March quarter, including (i) an increase of 17.4% in revenue from MINISO’s offline stores in mainland China, and (ii) an increase of 24.3% in revenue from TOP TOY. Revenue from overseas markets increased 35.5% to RMB1,510.1 million (US$207.8 million), breaking its previous record set in December quarter of 2023, which was usually a peak season in overseas markets.

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB2,261.9 million (US$311.2 million), representing an increase of 15.6% year over year.

Gross profit was RMB1,773.3 million (US$244.0 million), representing an increase of 36.9% year over year.

Gross margin was 43.9%, representing a record high with an increase of 4.1 percentage points year over year.

Selling and distribution expenses were RMB826.1 million (US$113.7 million), representing an increase of 72.5% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB808.6 million (US$111.3 million), representing an increase of 76.4% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores both in mainland China and overseas markets to pursue the future success of the Company’s business, especially in strategic overseas markets such as the U.S. market. As of June 30, 2024, total number of directly operated stores in overseas markets was 343, nearly doubling such figure compared to a year ago. In the June Quarter, revenue from directly operated stores increased 109.3%, while related expenses including rental and related expenses, depreciation and amortization expenses, and payroll excluding share-based compensation expenses increased 85.8%.

General and administrative expenses were RMB227.2 million (US$31.3 million), representing an increase of 38.1% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB211.1 million (US$29.1 million), representing an increase of 31.2% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business.

Other net income was RMB26.9 million (US$3.7 million), compared to RMB38.0 million in the same period of 2023. The year-over-year decrease was mainly due to a net exchange loss of RMB4.2 million (US$0.6 million) in the June Quarter, compared to a net exchange gain of RMB66.1 million in the same period of last year.

Profit for the period was RMB591.4 million (US$81.4 million), representing an increase of 8.1% year over year.

Adjusted net profit, which represents profit for the period excluding equity-settled share-based payment expenses, was RMB625.0 million (US$86.0 million), representing an increase of 9.4% year over year. Adjusted net profit included a net foreign exchange loss of RMB4.2 million (US$0.6 million) in the June Quarter, compared to a net foreign exchange gain of RMB66.1 million in the same period of last year. Excluding net foreign exchange loss and gain, adjusted net profit would have increased 24.6% year over year.

Adjusted net margin was 15.5%, compared to 17.6% in the same period of 2023. Excluding net foreign exchange loss and gain, adjusted net margin would have been 15.6%, compared to 15.5% in the same period of 2023.

Adjusted EBITDA was RMB1,002.0 million (US$137.9 million), representing an increase of 17.1% year over year.

Adjusted EBITDA margin was 24.8%, compared to 26.3% in the same period of 2023.

Basic and diluted earnings per ADS were both RMB1.88 (US$0.26) in the June Quarter, representing an increase of 9.3% year over year from RMB1.72 in the same period of 2023. Each ADS represents four of the Company’s ordinary shares.

Adjusted basic and diluted earnings per ADS were both RMB2.00 (US$0.28) in the June Quarter, representing an increase of 11.1% year over year from RMB1.80 in the same period of 2023.

Unaudited Financial Results for the First Half of 2024

Revenue was RMB7,758.7 million (US$1,067.6 million), representing an increase of 25.0% year over year, primarily driven by an 18.8% year-over-year increase in average store count, and an around 7% same-store sales growth on group level.

Revenue from mainland China increased by 17.2% to RMB5,026.7 million (US$691.7 million), including (i) an increase of 16.5% in revenue from MINISO’s offline stores in mainland China, which was primarily due to a 16.0% year-over-year growth in average store count, while same-store sales were 98.3% of the prior year’s level, and (ii) an increase of 37.9% in revenue from TOP TOY, which was primarily powered by a strong same-store sales growth of 13.6% and a rapid growth in average store count.

Revenue from overseas markets increased 42.6% to RMB2,732.0 million (US$375.9 million). The year-over-year increase was primarily due to an increase of 21.8% in average store count, coupled with a strong same-store sales growth of 16.3%. Revenue from overseas markets contributed 35.2% of the Company’s total revenue for the First Half of 2024, compared to 30.9% for the same period in 2023.

For more information on the composition and year-over-year change of revenue, please refer to the "Unaudited Additional Information" in this press release.

Cost of sales was RMB4,369.0 million (US$601.2 million), representing an increase of 16.5% year over year.

Gross profit was RMB3,389.8 million (US$466.5 million), representing an increase of 37.9% year over year.

Gross margin was 43.7%, representing an increase of 4.1 percentage points. The year-over-year increase in gross margin was primarily due to (i) higher revenue contribution from directly operated markets which accounted for 55.7% of revenue from overseas markets, compared to 45.7% in the same period of 2023, (ii) higher gross margin in mainland China contributed by newly launched products in relation to the Company’s execution of IP strategy and strategic brand upgrade of MINISO, and (iii) higher gross margin of TOP TOY due to a shift in product mix towards more profitable products.

Other income was RMB12.7 million (US$1.7 million), compared to RMB3.6 million in the same period of 2023. The increase was primarily due to an increase in income from depositary bank.

Selling and distribution expenses were RMB1,522.1 million (US$209.4 million), increased by 65.8% year over year. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,480.6 million (US$203.7million), increased by 66.4% year over year. The year-over-year increase was mainly attributable to the Company’s investments into directly operated stores both in mainland China and overseas markets to pursue the future success of the Company’s business, especially in strategic overseas markets such as the U.S. market. As of June 30, 2024, total number of directly operated stores in overseas markets was 343, nearly doubling such figure compared to a year ago. In the First Half of 2024, revenue from directly operated stores increased 111.4%, while related expenses including rental and related expenses, depreciation and amortization expenses and payroll excluding share-based compensation expenses increased 82.7%. These new stores are expected to contribute more substantial sales in the second half of 2024. Promotion and advertising expenses increased 46.5% in the First Half of 2024, as a percentage of revenue stabilizing at around 3% in both comparative periods. Licensing expenses increased 24.2%, consistent with revenue growth. Logistics expenses increased 54.3%, reflecting the rising freight costs caused by the tension in international shipping during the First Half of 2024.

General and administrative expenses were RMB418.6 million (US$57.6 million), increased by 30.9% year over year. Excluding share-based compensation expenses, general and administrative expenses were RMB395.6 million (US$54.4 million), increased by 26.9% year over year. The year-over-year increase was primarily due to the increase of personnel-related expenses in relation to the growth of the Company’s business.

Other net income was RMB41.7 million (US$5.7 million), compared to RMB41.3 million in the same period of 2023.

Operating profit was RMB1,494.8 million (US$205.7 million), representing an increase of 18.1% year over year.

Net finance income was RMB34.0 million (US$4.7 million), compared to RMB62.3 million in the same period of 2023. The year-over-year decrease was mainly due to a decrease in interest income as a result of decreased principal in bank deposits, and an increase in finance cost due to increased interest on lease liabilities.

Profit for the period was RMB1,177.4 million (US$162.0 million), compared to RMB1,017.9 million in the same period of 2023, representing an increase of 15.7% year over year.

Adjusted net profit, which represents profit for the period excluding equity-settled share-based payment expenses, was RMB1,241.9 million (US$170.9 million), representing an increase of 17.8% year over year. Adjusted net profit included a net foreign exchange loss of RMB12.4 million (US$1.7 million) in the First Half of 2024, compared to a net foreign exchange gain of RMB54.9 million in the same period of last year. Excluding net foreign exchange loss and gain, adjusted net profit would have increased 25.5% year over year.

Adjusted net margin was 16.0%, compared to 17.0% in the same period of 2023. Excluding net foreign exchange loss and gain, adjusted net margin would have been 16.2%, compared to 16.1% in the same period of 2023.

Adjusted EBITDA increased 26.0% year over year to RMB1,967.4 million (US$270.7 million).

Adjusted EBITDA margin was 25.4%, compared to 25.2% in the same period of 2023.

Basic earnings per ADS increased 16.0% year over year to RMB3.76 (US$0.52), compared to RMB3.24 in the same period of 2023.

Diluted earnings per ADS increased 17.5% year over year to RMB3.76 (US$0.52), compared to RMB3.20 in the same period of 2023.

Adjusted basic earnings per ADS increased 17.9% year over year to RMB3.96 (US$0.54), compared to RMB3.36 in the same period of 2023.

Adjusted diluted earnings per ADS increased 19.3% year over year to RMB3.96 (US$0.54), compared to RMB3.32 in the same period of 2023.

Net cash from operating activities increased 4.9% year over year to RMB1,293.8 million (US$178.0 million) for the First Half of 2024. Capital expenditure was RMB302.8 million (US$41.7 million) and free cash flow was RMB991.0 million (US$136.4 million) for the First Half of 2024.

Conference Call

The Company’s management will hold an earnings conference call at 5:00 A.M. Eastern Time on Friday, August 30, 2024 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. The conference call can be accessed by the following Zoom link or dialing the following numbers:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/95898852484?pwd=tBbbJPUtyGu20f1OCy4sxYDNBAGy72.1

Meeting Number: 958 9885 2484

Meeting Passcode:9896

Access 2

Listeners may access the call by dialing the following numbers with the same meeting number and passcode with access 1.

United States:

+1 689 278 1000 (or +1 719 359 4580)

Hong Kong, China:

+852 5803 3730 (or +852 5803 3731)

United Kingdom:

+44 203 481 5237 (or +44 131 460 1196)

France:

+33 1 7037 9729 (or +33 1 7037 2246)

Singapore:

+65 3158 7288 (or +65 3165 1065)

Canada:

+1 438 809 7799 (or +1 204 272 7920)

Access 3

Listeners can also access the meeting through the Company’s investor relations website at https://ir.miniso.com/.

The replay will be available approximately two hours after the conclusion of the live event at the Company’s investor relations website at https://ir.miniso.com/.

About MINISO Group

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO’s wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/.

Exchange Rate

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 28, 2024, which was RMB7.2672 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

Non-IFRS Financial Measures

In evaluating the business, MINISO considers and uses adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its operating performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted net profit as profit for the period excluding equity-settled share-based payment expenses. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus depreciation and amortization, finance costs and income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares.

MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its operating performance and formulate business plans. These non-IFRS financial measures enable the management to assess its operating results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its operating performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its operating results in the same manner as the management and board of directors.

These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO’s operations. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-IFRS financial measures should not be considered in isolation or construed as alternatives to profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO’s operating performance. Investors are encouraged to review MINISO’s historical non-IFRS financial measures in light of the most directly comparable IFRS measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO’s data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-IFRS financial measures, please see the table captioned "Reconciliation of Non-IFRS Financial Measures" set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "aim", "estimate", "intend", "plan", "believe", "is/are likely to", "potential", "continue" or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO’s strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), 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. Statements that are not historical facts, including statements about MINISO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. 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 following: MINISO’s mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO’s products; expectations regarding MINISO’s relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO’s business and the industry. Further information regarding these and other risks is included in MINISO’s filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contacts:

Raine Hu
MINISO Group Holding Limited
Email: [email protected] 
Phone: +86 (20) 36228788 Ext.8039

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in thousands)

As at

As at

December 31, 2023

June 30, 2024

(Audited)

(Unaudited)

RMB’000

RMB’000

US$’000

ASSETS

Non-current assets

Property, plant and equipment

769,306

1,047,687

144,167

Right-of-use assets

2,900,860

3,684,817

507,048

Intangible assets

19,554

12,333

1,697

Goodwill

21,643

21,247

2,924

Deferred tax assets

104,130

116,577

16,042

Other investments

90,603

106,102

14,600

Trade and other receivables

135,796

173,136

23,823

Term deposits

100,000

103,308

14,216

Interests in equity-accounted
investees

15,783

14,814

2,038

4,157,675

5,280,021

726,555

Current assets

Other investments

252,866

350,913

48,287

Inventories

1,922,241

1,949,849

268,308

Trade and other receivables

1,518,357

1,614,148

222,114

Cash and cash equivalents

6,415,441

6,233,089

857,702

Restricted cash

7,970

1,965

270

Term deposits 

210,759

283,007

38,943

10,327,634

10,432,971

1,435,624

Total assets

14,485,309

15,712,992

2,162,179

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

(Expressed in thousands)

As at

As at

December 31, 2023

June30, 2024

(Audited)

(Unaudited)

RMB’000

RMB’000

US$’000

EQUITY

Share capital

95

95

13

Additional paid-in capital

6,331,375

5,543,845

762,858

Other reserves

1,114,568

1,260,576

173,461

Retained earnings

1,722,157

2,892,259

397,988

Equity attributable to equity
shareholders of the
Company

9,168,195

9,696,775

1,334,320

Non-controlling interests

23,022

28,006

3,854

Total equity

9,191,217

9,724,781

1,338,174

LIABILITIES

Non-current liabilities

Contract liabilities

40,954

39,299

5,408

Loans and borrowings

6,533

6,414

883

Other payables

12,411

32,786

4,512

Lease liabilities

797,986

1,481,836

203,907

Deferred income

29,229

37,480

5,157

887,113

1,597,815

219,867

Current liabilities

Contract liabilities

324,028

344,422

47,394

Loans and borrowings

726

713

98

Trade and other payables

3,389,826

3,328,888

458,070

Lease liabilities

447,319

455,453

62,672

Deferred income

6,644

6,685

920

Current taxation

238,436

254,235

34,984

4,406,979

4,390,396

604,138

Total liabilities

5,294,092

5,988,211

824,005

Total equity and liabilities

14,485,309

15,712,992

2,162,179

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS 

AND OTHER COMPREHENSIVE INCOME

(Expressed in thousands, except for per ordinary share and per ADS data)

Three months ended June 30,

Six months ended June 30,

2023

2024

2023

2024

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB’000

RMB’000

US$ ‘000

RMB’000

RMB’000

US$ ‘000

Revenue

3,252,182

4,035,212

555,264

6,206,330

7,758,743

1,067,639

Cost of sales

(1,956,535)

(2,261,884)

(311,246)

(3,748,938)

(4,368,957)

(601,188)

Gross profit

1,295,647

1,773,328

244,018

2,457,392

3,389,786

466,451

Other income

2,842

9,053

1,246

3,624

12,698

1,747

Selling and distribution expenses

(478,948)

(826,061)

(113,670)

(917,966)

(1,522,088)

(209,446)

General and administrative expenses

(164,499)

(227,232)

(31,268)

(319,705)

(418,573)

(57,598)

Other net income

37,966

26,867

3,697

41,256

41,696

5,738

Reversal/(Credit loss) of credit loss on
trade and other receivables

460

(2,939)

(404)

4,788

(3,606)

(496)

Impairment loss on non-current assets

(3,448)

(1,492)

(205)

(3,448)

(5,104)

(702)

Operating profit

690,020

751,524

103,414

1,265,941

1,494,809

205,694

Finance income

46,814

33,716

4,639

80,541

74,606

10,266

Finance costs

(9,631)

(24,686)

(3,397)

(18,277)

(40,595)

(5,586)

Net finance income 

37,183

9,030

1,242

62,264

34,011

4,680

Share of profit of an equity-accounted
investees, net of tax

–

181

25

–

301

41

Profit before taxation

727,203

760,735

104,681

1,328,205

1,529,121

210,415

Income tax expense

(180,212)

(169,310)

(23,298)

(310,287)

(351,742)

(48,401)

Profit for the period

546,991

591,425

81,383

1,017,918

1,177,379

162,014

Attributable to:

Equity shareholders of the Company

539,331

587,630

80,861

1,004,836

1,170,102

161,013

Non-controlling interests

7,660

3,795

522

13,082

7,277

1,001

Earnings per share for ordinary shares

-Basic

0.43

0.47

0.06

0.81

0.94

0.13

-Diluted

0.43

0.47

0.06

0.80

0.94

0.13

Earnings per ADS

(Each ADS represents 4 ordinary
shares)

-Basic

1.72

1.88

0.26

3.24

3.76

0.52

-Diluted

1.72

1.88

0.26

3.20

3.76

0.52

MINISO GROUP HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS 

AND OTHER COMPREHENSIVE INCOME (CONTINUED)

(Expressed in thousands)

Three months ended June 30,

Six months ended June 30,

2023

2024

2023

2024

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB’000

RMB’000

US$ ‘000

RMB’000

RMB’000

US$ ‘000

Profit for the period

546,991

591,425

81,383

1,017,918

1,177,379

162,014

Items that may be reclassified
subsequently to profit or loss:

Exchange differences on translation of
financial statements of foreign
operations

62,799

2,990

411

54,832

6,845

941

Other comprehensive income for the
period

62,799

2,990

411

54,832

6,845

941

Total comprehensive income for the
period

609,790

594,415

81,794

1,072,750

1,184,224

162,955

Attributable to:

Equity shareholders of the Company

601,200

591,877

81,445

1,057,099

1,178,043

162,104

Non-controlling interests

8,590

2,538

349

15,651

6,181

851

MINISO GROUP HOLDING LIMITED

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

(Expressed in thousands, except for per share, per ADS data and percentages)

Three months ended June 30,

Six months ended June 30,

2023

2024

2023

2024

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB’000

RMB’000

US$’000

RMB’000

RMB’000

US$’000

Reconciliation of profit for the period to
adjusted net profit:

Profit for the period

546,991

591,425

81,383

1,017,918

1,177,379

162,014

Add back:

Equity-settled share-based payment
expenses

24,212

33,570

4,619

36,302

64,507

8,876

Adjusted net profit

571,203

624,995

86,002

1,054,220

1,241,886

170,890

Adjusted net margin

17.6 %

15.5 %

15.5 %

17.0 %

16.0 %

16.0 %

Attributable to:

Equity shareholders of the Company

563,543

621,021

85,455

1,041,138

1,234,430

169,864

Non-controlling interests

7,660

3,974

547

13,082

7,456

1,026

Adjusted net earnings per share(1)

-Basic

0.45

0.50

0.07

0.84

0.99

0.14

-Diluted

0.45

0.50

0.07

0.83

0.99

0.14

Adjusted net earnings per ADS
(Each ADS represents 4 ordinary
shares)

-Basic

1.80

2.00

0.28

3.36

3.96

0.54

-Diluted

1.80

2.00

0.28

3.32

3.96

0.54

Reconciliation of adjusted net profit for
the period to adjusted EBITDA:

Adjusted net profit

571,203

624,995

86,002

1,054,220

1,241,886

170,890

Add back:

Depreciation and amortization

94,379

183,029

25,186

179,004

333,131

45,840

Finance costs

9,631

24,686

3,397

18,277

40,595

5,586

Income tax expense

180,212

169,310

23,298

310,287

351,742

48,401

Adjusted EBITDA

855,425

1,002,020

137,883

1,561,788

1,967,354

270,717

Adjusted EBITDA margin

26.3 %

24.8 %

24.8 %

25.2 %

25.4 %

25.4 %

Note:

(1) Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis.

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

(Expressed in thousands, except for percentages)

Three months ended June 30,

Six months ended June 30,

2023

2024

YoY

2023

2024

YoY

RMB’000

RMB’000

US$’000

RMB’000

RMB’000

US$’000

Revenue

Mainland China

2,137,422

2,525,064

347,460

18.1 %

4,290,654

5,026,729

691,701

17.2 %

-MINISO Brand(1)

1,951,592

2,308,008

317,592

18.3 %

3,952,460

4,592,798

631,990

16.2 %

-TOP TOY Brand

172,965

214,952

29,578

24.3 %

310,867

428,772

59,001

37.9 %

-Others(2)

12,865

2,104

290

(83.6) %

27,327

5,159

710

(81.1) %

Overseas

1,114,760

1,510,148

207,804

35.5 %

1,915,676

2,732,014

375,938

42.6 %

3,252,182

4,035,212

555,264

24.1 %

6,206,330

7,758,743

1,067,639

25.0 %

Note:

(1) "MINISO Brand" refers to the revenue generated from MINISO brand including revenue from offline stores, e-commerce and others in mainland China.

(2) "Others" refers to revenue generated from other operating segments such as "WonderLife", which was a secondary brand targeting on lower-tier cities in mainland China, aggregated and presented as "others". As the MINISO brand increasingly penetrated into lower-tier cities in mainland China, "WonderLife" has become marginalized.

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN MAINLAND CHINA

As of

June 30,

2023

December 31,

2023

June 30,

2024

YoY

YTD(1)

By City Tiers

First-tier cities

474

522

541

67

19

Second-tier cities

1,496

1,617

1,705

209

88

Third- or lower-tier cities

1,634

1,787

1,869

235

82

Total

3,604

3,926

4,115

511

189

Note:

(1) "YTD" refers to the period starting from January 1, 2024 to June 30, 2024.

MINISO GROUP HOLDING LIMITED

UNAUDITED ADDITIONAL INFORMATION

NUMBER OF MINISO STORES IN OVERSEAS MARKETS

As of

June 30,
2023

December 31,
2023

June 30,
2024

YoY

YTD(1)

By Regions

Asia excluding China

1,206

1,333

1,484

278

151

North America

123

172

234

111

62

Latin America

492

552

584

92

32

Europe

198

231

244

46

13

Others

168

199

207

39

8

Total

2,187

2,487

2,753

566

266

Note:

(1) "YTD" refers to the period starting from January 1, 2024 to June 30, 2024.

Source : MINISO Group Announces 2024 June Quarter and Interim Unaudited Financial Results

>

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

HONG KONG, Aug. 30, 2024 /PRNewswire/ — CoinEx is pleased to announce the launch of an enhanced information page for its native token, CET. This update is part of our ongoing commitment to transparency and providing our users with detailed, accessible information about the digital assets within our ecosystem.

The newly updated page offers an in-depth look at CET, covering all aspects of the token’s structure and functionality. Users will now find comprehensive details on the total issuance of CET, offering a clear understanding of its supply metrics and distribution. The economic model underlying CET is also meticulously explained, illustrating how the token is designed to operate within the market and maintain its value over time.

In line with CET’s deflationary mechanism, the page provides detailed records of CET’s buyback and burn activities, demonstrating CoinEx’s ongoing efforts to reduce the circulating supply of CET and enhance its long-term value proposition. Furthermore, the various rights and benefits available to CET holders are outlined, including trading fee discounts and early access to new products within the CoinEx ecosystem.

This update also includes an expansive overview of the entire CoinEx ecosystem, showcasing how CET integrates with our range of platforms, products, and services. As innovation continues, CET will soon be at the forefront of new applications and use cases within CoinEx’s ecosystem, broadening its utility and importance.

The updated CET information page is a reflection of CoinEx’s dedication to transparency and vision for a robust, user-centered ecosystem. Moving forward, CoinEx remains dedicated to expanding the functionality of CET and exploring new avenues for its use. We encourage our community to stay tuned for upcoming announcements that will further enhance the value and utility of CET within the digital economy.

For more information, please visit CET information page.

About CoinEx

Established in 2017, CoinEx is a global cryptocurrency exchange committed to making crypto trading easier. The platform provides a range of services, including spot and futures trading, margin trading, swaps, automated market makers (AMM), and financial management services for over 10 million users across 200+ countries and regions. Since its establishment, CoinEx has steadfastly adhered to a "user-first" service principle. With the sincere intention of nurturing an equitable, respectful, and secure crypto trading environment, CoinEx enables individuals with varying levels of experience to effortlessly access the world of cryptocurrency by offering easy-to-use products.

To learn more about CoinEx, visit: Website | Twitter | Telegram | LinkedIn | Facebook | Instagram  | YouTube

Source : CoinEx Unveils Enhanced Token Information Page for CET

>

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SINGAPORE, Aug. 30, 2024 /PRNewswire/ — Bracell, a member of the RGE group of companies, recently launched a new TV documentary titled "Engineering Challenges: The Mill of the Future".

In a world increasingly reliant on paper products, the demand for pulp, a vital yet limited resource, continues to rise. To address the pressure on the planet’s forests, Bracell, a global frontrunner in the sustainable cultivation of eucalyptus and the production of dissolving pulp, is revolutionising the industry through innovative technology and a steadfast commitment to sustainability.

In 2019, the company marked a significant milestone with the launch of the world’s largest and greenest pulp mill in Lençóis Paulista, São Paulo. The journey of this groundbreaking project is chronicled in the documentary "Engineering Challenges: The Mill of the Future," which first premiered on TV Cultura, a Brazilian public television network headquartered in São Paulo, on 10 August 2024. 

The documentary provides an in-depth look at the construction process, capturing the engineering hurdles faced and the innovative solutions implemented along the way. It also highlights the human stories behind the project, featuring individuals such as Misaeli Alves, a nursery technician nurturing eucalyptus seedlings, and Sandy Quandt, a safety technician breaking barriers in a male-dominated field.

Bracell’s CEO, Praveen Singhavi, underscores the importance of the new plant in meeting the company’s sustainability goals. "We have revamped our long-term sustainability strategy through Bracell 2030, which sets ambitious targets for climate, nature, and communities. This new plant is a cornerstone of our commitment to these bold goals," he said.

The mill’s construction has not only advanced Bracell’s production capabilities, boosting kraft pulp output from 250,000 to 3 million tonnes per year and soluble pulp production to 1.5 million tonnes annually, but has also created over 30,000 direct and indirect jobs in the surrounding region, alongside qualification programs for the local community.

"Engineering Challenges: The Mill of the Future" serves as a valuable resource for businesses exploring sustainability strategies, researchers pursuing innovation, and individuals interested in the intersection of technology and environmental stewardship. The documentary will be rebroadcast on 4 September 2024 at 7pm local time.

In addition to the TV documentary, the mill construction process can also be seen in the book Project Star, available on the company’s website here.

– Ends –

About Bracell – www.bracell.com 

About Bracell Bracell is a global leader in the production of dissolving pulp and specialty cellulose with two main operations in Brazil in Camaçari, Bahia and in Lençóis Paulista, São Paulo. In addition to its operations in Brazil, Bracell has a management office in Singapore and sales offices in Asia, Europe and the United States.

About RGE – www.rgei.com 

Headquartered in Singapore, RGE is a group of resource-based manufacturing companies with global operations. We produce sustainable natural fibres, edible oils, green packaging and clean natural gas used to create products that feed, clothe and energise the world. We help improve billions of peoples’ lives through sustainable products they use every day. With more than US$35 billion in assets and 80,000 employees, we are creating a more recyclable, biodegradable and lower carbon future.

Committed to sustainable development, conservation and community development, we strive towards what is good for the community, good for the country, good for the climate, good for the customer, and good for the company.  With current operations spanning across Indonesia, China, Brazil, Canada, Spain and Malaysia, we continue to expand and engage new markets.

Media Contact
Shirley Lam
Corporate Communications, RGE
Tel: +65 8828 9669
Email: [email protected]

Source : Bracell Launches New TV Documentary "Engineering Challenges: The Mill of the Future" Showcasing Sustainable Innovations in Pulp Production

>

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BEIJING, Aug. 30, 2024 /PRNewswire/ — In today’s China, the cultivation and development of new quality productive force is in full swing. Green development is the essence of high-quality development, and new quality productive force is inherently green productivity. Actively developing clean energy is crucial to the overall economic and social development. In addressing global climate change, strengthening ecological civilization, and promoting the green and low-carbon transition of the economy and society, China’s clean energy industry continues to advance, with the scale of development and utilization leading the world. Exploring pathways for high-quality development of clean energy and building a green, low-carbon, and circular economy are of great significance for actively and steadily advancing carbon peaking and carbon neutrality, as well as establishing a beautiful China.

With the tailwind at our back, it’s the perfect time to forge ahead. Recently, Beijing Energy International (00686.HK) disclosed its performance for the first half of 2024. The report shows that its total assets reached 101.8 billion RMB, a 13% increase from the beginning of the year; total installed capacity reached 10.045 million kilowatts, a 17% increase from the beginning of the year; achieving its interim target. Its operating income reached 3.272 billion RMB, up 27% year-on-year; total profit reached 434 million RMB, also up 27% year-on-year. Beijing Energy International (hereinafter referred to as "the company") has become the first platform within Beijing Energy Holding (BEH) to exceed 100 billion in assets, setting a new benchmark for comprehensive strength.

Strategic Vision: Leading with Excellence

Innovators lead, adapters thrive, and wisers succeed. In 2020, the company was restructured, with the new leadership demonstrating insight and pragmatism. In just one year, the company turned losses into profits. Over the past four years, the company has stayed ahead of the curve by understanding industry trends, continuously innovating its strategy with sharp insight and forward-thinking, thereby sustaining a trajectory of high-quality development.

Wisers grasp trends, and winners leverage them. In 2024, to achieve the corporate vision of becoming the most respected international player in clean energy investment and operations, the company reshaped its strategic development plan, promoted institutional reform, and explored the "dual-circle, one-center and one-focus" strategic pathway. It established a new business structure centered around "Energy + Intelligent Computing," with six synergistic business segments: wind, solar, hydropower, integrated energy, gas turbines, green hydrogen, and intelligent computing.

Enhancing Quality through Innovation: Promoting Development through Diverse Business Models

The company aims to improve asset quality and economic benefit, focusing on cost reduction and efficiency improvement. It aligns its work with the main lines of "focusing on the main business, diversified drivers, lean management, and innovation for effectiveness," promoting coordinated development across its six business segments, with multiple key projects achieving breakthroughs.

At the project development level, the dual-circle base projects have seen significant favorable developments. The "Northeast Songliao Clean Energy Base Power Transmission to North China Project" has been included in the plan, with the energy bureaus of Heilongjiang and Jilin provinces both explicitly supporting the company’s lead in the "Green Electricity to Beijing" Project of the Northeast base. The East China base project continues to make breakthroughs, and the East China Branch has obtained 5.1 GW equity installed capacity of new energy in the Yangtze River Delta region. Additionally, the Southwest Branch has secured a 1 GW wind power project construction quota in Panzhou City, Guizhou Province, marking a major breakthrough in its new energy industry layout in Guizhou.

In the diversified business development field, energy storage, gas turbines, green hydrogen, and intelligent computing have flourished, establishing differentiated competitive advantages. A new chapter of coordinated development of "Energy + Intelligent Computing" has kicked off, creating a crucial foundation for Beijing’s digital economy innovation, with the data industry platform gradually maturing. The storage battery module independently designed and developed by the Beijing Jingneng International Integrated Smart Energy Company has completed the new national standard product certification, indicating that this company has the capability for independent R&D and system integration of storage products, meeting the energy storage and reserve needs in regional project development processes. The Chongqing Dazu 2*500 MW gas turbine power station project has been included in the "14th Five-Year Plan for Power Development in Chongqing," meeting the requirements for initial groundwork. Additionally, a cooperation consensus was reached with Zhangjiakou’s Xuanhua District Government and HBIS Xuan Steel to accelerate the implementation of the "Green Electricity to Green Hydrogen, and Green Hydrogen for Metallurgy" project, jointly creating a leading national demonstration project that is internationally leading.

In overseas business expansion, the company has emerged as the largest Chinese enterprise in Australia, methodically establishing a new profit growth center. It is in the process of acquiring a local Australian electricity sales company, boosting market expectations for its Australian branch to join the ranks of top-tier power enterprises, and striving to realize overseas asset securitization. With an expanded global vision, the company plans to launch a Canadian photovoltaic project next year, positioning it as a strategic pivot to develop new growth centers beyond Australia and secure new footholds for its overseas market expansion.

Enhancing Quality through Trust: Optimizing the Company’s Capital Structure

In 2023, the company was assigned by with a Long-Term Foreign-Currency IDR of ‘A’ by Fitch Ratings, a Long-Term Issuer rating of ‘BBB+’ by Standard & Poor’s Global Ratings; and in 2024, it was assigned a ‘AAA’ Long-term Issuer Credit Rating by China Lianhe Credit Rating Co., Ltd. and an ESG Entity Rating of ‘2’ and an entity score of 78 by Sustainable Fitch, marking the highest publicly disclosed ESG score by Fitch in China’s history. These excellent credit ratings have helped the company gain dual recognition from capital markets and financial regulators. The strong ESG ratings also fully demonstrate the company’s confidence and commitment to supporting high-quality green and low-carbon energy development in China. Initial progress in the introduction of strategic investors has been made, and investment intention has been reached with multiple companies. The company has issued a total of 5 billion RMB in Panda perpetual bonds in the interbank market and plans to issue an additional 5 billion RMB in perpetual bonds, aiming to issue them in installments within 2024. The defect elimination task at the Baoshan Energy Development’s Hydropower Station is nearing completion, and efforts to enlarge the fundraising of hydropower REITs are accelerating, with plans to further explore quality wind and solar power station projects for the next round of fundraising expansion, continuously enhancing asset securitization. By leveraging its stellar reputation and growth expectations in the industry, the company focuses on results by connecting with influential and high-potential entities both domestically and internationally. Through actively pursuing potential investors, it continuously refines its shareholder base, and genuinely cuts down on the cost of equity capital.

Enhancing Quality through Integration: Building Intellectual Support for Development

The capable journey far, and the inclusive attain greatness. The company is driving forward institutional reform, attracting top talent across diverse market segments with its multi-segment business lineup. By continually refining talent allocation and systematically promoting positive empowerment, it unlocks potential by focusing on practical outcomes and injecting new energy. The company is committed to nurturing talent, ensuring that everyone’s potential is fully realized.

The company revitalizes its corporate culture, refining and distilling its core values. With a focus on both the present and the future, it has fostered an "Integration Culture." This culture is built on pillars of growth and unity, self-driven responsibility, transparency, diligence, a pursuit of excellence, and a spirit of openness and innovation. By using culture to guide development and harness collective strength, the company fosters an intrinsic drive for sustainable growth, paving the way for high-quality development and making the vision of making the clean energy accessible for all.

The remarkable past is now history, and the brilliant present continues to unfold. Moving into the second half of 2024, the company highlights this message: "We remain committed to our entrepreneurial spirit, embracing change, striving for excellence, and maintaining a focus on high-quality development. Our goal is to maximize company value and enhance shareholder interests."

Source : Beijing Energy International: Quadruple Growth in Four Years, Total Assets Surpass 100 Billion!

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

TAIPEI, Aug. 30, 2024 /PRNewswire/ — Zettabyte, Asia’s leading AI data center (AIDC) software and systems technology provider, is proud to announce its strategic partnership with Wistron Corporation [TWSE:3231], a leading technology service provider, supplying innovative information and communications technology products, service solutions, and systems to premier brands around the world. Together, we will build Taiwan’s first Hyperscale AI Data Center, a groundbreaking initiative set to revolutionize AI computing in the Asia Pacific region.

This collaboration marks a significant milestone as Zettabyte leverages Wistron’s cutting-edge products, services, and extensive experience in ICT technology. Aligning with NVIDIA’s advanced AI hardware platforms, Zettabyte and Wistron are poised to construct a state-of-the-art AI computing data center that will elevate Taiwan’s AI ecosystem to new heights.

Key Highlights of the Collaboration:

First of Its Kind in Taiwan: This Hyperscale AI Data Center will be the first in Taiwan, designed to meet the growing demands for AI computing in Taiwan and in the Asia Pacific region. Enhancing Taiwan’s AI Capabilities: The project aims to bolster Taiwan’s AI technologies infrastructure, enhancing Taiwan’s global competitiveness and fostering the development of AI talents.

Quote from Zettabyte Chairman: "We are thrilled to partner with Wistron Corporation in this groundbreaking venture. By combining our expertise and IaaS software, we aim to create a world-class AI computing facility that will drive innovation and growth in the AI sector, not just in Taiwan but across the entire Asia Pacific region and the Middle East," said Kenneth Chung-Hou Tai, Chairman of Zettabyte.

Quote from Wistron Chairman: "Wistron is excited to collaborate with Zettabyte to build this Hyperscale AI Data Center using the most advanced liquid cooling AIDC systems. Our shared vision and commitment to advancing AI technology in Taiwan will significantly contribute to the growth of Taiwan’s AI ecosystem and its standing on the global stage," said Simon Lin, Chairman of Wistron Corporation.

The new AI Data Center is expected to play a pivotal role in enhancing Taiwan’s AI infrastructure, supporting diverse applications ranging from semiconductor, healthcare and finance to manufacturing and smart cities. This initiative is set to drive innovation, improve operational efficiencies, and cultivate a new generation of AI professionals in Taiwan.

About Zettabyte: Zettabyte is at the forefront of AI innovation, dedicated to developing cutting-edge AIDC software solutions that transform industries and improve lives. With a focus on excellence and a commitment to pushing the boundaries of technology, Zettabyte is poised to make a significant impact in the AI landscape by delivering ever greater AI computing efficiency, across multiple data centers.

About Wistron Corporation: Wistron Corporation is a global leading technology service provider supplying innovative ICT (information and communications technology) products, service solutions, and systems to top branded companies worldwide. From initial product conceptualization, volume manufacturing, and after-sales repairing to end-of-life products recycling, Wistron supports customers with the products and related services reaching international standards for innovation and quality levels.

Source : Zettabyte Partners with Wistron Corporation to Launch Taiwan's First Hyperscale AI Data Center

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network