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ZENVIA Reports Q1 2024 Results

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Normalized EBITDA of BRL 23.5 million

Strict cost control led G&A as % of revenues to 14.7% in Q1 24 from 17.6% in Q1 23

SÃO PAULO, July 15, 2024 /PRNewswire/ — Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX solution in Latin America empowering companies to craft personal, engaging and fluid experiences throughout the customer journey, today reported its operational and financial metrics for the first quarter of 2024.

Cassio Bobsin, Founder & CEO of ZENVIA, said: “The highlight of this first quarter of 2024 was the soft launch of Zenvia Customer Cloud for select clients. This platform represents the future of our CX SaaS solutions and fulfills the plan outlined three years ago, in our IPO.  Zenvia Customer Cloud is a unified multichannel solution that empowers B2C companies to sell more and serve better with full automation, integration and communication across the customer journey. With this solution fully deployed, we will be ready to unlock solid and profitable growth while gaining actionable insights about our customers with AI-enabled automation, boosting productivity for the whole journey.”

Shay Chor, CFO & IRO of ZENVIA, said: “Our first quarter 2024 results came in line with our expectations, with a combination of revenue growth and strict expense control that resulted in an EBITDA of BRL 23.5 million, allowing us to reaffirm our BRL 120 million to BRL 140 million guidance for 2024. Following our recent capital raise and debt refinance, which brought us closer to achieving an optimal capital structure to support our strategic objectives while maximizing shareholder value, we are now planning to finalize integrations, deliver growth and keep deleveraging the business. We appreciate your continued trust and support as we move ahead, committed to building a profitable and exciting future for Zenvia.”

Key Financial Metrics (BRL MM and %)

Q1 2024

Q1 2023

YoY

Total Active Customers(1)

13,257

13,292

-0.3 %

Revenues

212.6

179.0

18.8 %

Gross Profit

80.9

78.9

2.4 %

Gross Margin

38.0 %

44.1 %

-6.1p.p.

Non-GAAP Adjusted Gross Profit(2)

93.6

92.5

1.3 %

Non-GAAP Adjusted Gross Margin(3)

44.0 %

51.6 %

-7.6p.p.

Operating Loss (EBIT)

-9.4

-12.3

-23.9 %

Adjusted EBITDA(4)

13.4

7.8

71.6 %

Normalized EBITDA(5)

23.5

7.8

200.2 %

Loss for the Period

(55.9)

(16.8)

n.m.

Cash Balance

71.5

159.0

-55.0 %

Net cash flow from (used in) operating activities

(12.9)

99.6

n.m.

(1)

We define an Active Customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an Inactive Customer.

(2)

For a reconciliation of our Non-GAAP Gross Profit to Gross Profit, see Selected Financial Data section below.

(3)

We calculate Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.

(4)

For a reconciliation of our Adjusted EBITDA to Loss for the Period, see Selected Financial Data section below.

(5)

For a reconciliation of our Normalized EBITDA to Loss for the Period, see Selected Financial Data section below.

Highlights Q1 2024

Revenues totaled BRL 212.6 million, up 18.8% when compared to BRL 179.0 million in Q1 2023 as a result of both SaaS (+12% YoY) and CPaaS (+23%) expansion. CPaaS expanded SMS volumes mainly with large enterprises, while SaaS saw growth from both SMBs and large enterprises, with a stronger participation from the latter.Non-GAAP Adjusted Gross Profit of BRL 93.6 million was up 1.3% YoY while Non-GAAP Adjusted Gross Margin was down 7.6 percentage points to the expected level of 44.0% YoY as highlighted in our guidance for 2024. This decrease is due to:(i) Higher mix of CPaaS in the period, mainly from large enterprises with lower margins; and(ii) Lower SaaS margins, which also grew in large enterprises with lower margins, combined with an increase in infrastructure costs related to the final phase of integration of acquired companies.Total number of active customers remained unchanged at 13.3k, being 7.1k from SaaS and 6.5k from CPaaS.Normalized EBITDA was positive BRL 23.5 million in the quarter, up 200.2% from Q1 2023, benefited by higher revenues and expense control.On March 11, 2024, we soft launched Zenvia Customer Cloud for select clients. The platform will be rolled out to the whole client base throughout the year. Zenvia Customer Cloud is a unified, multichannel solution that centralizes and stores customer data, facilitating management, communication, and relationship building with end consumers, enabling companies to manage and provide personalized, engaging, and seamless experiences across the customer journey.

Subsequent Events

By the end of April 2024, Zenvia raised R$ 40 million in additional funding with local Brazilian banks, following the liabilities management announced in February.On May 2, 2024, Zenvia announced the hiring of Mr. Gilsinei (Gil) Hansen for the newly-created role of Chief Revenue Officer (CRO), reporting to Cassio Bobsin. The new role was created to consolidate the current segments into one single Business area which will be responsible for the entire customer journey. The new area will be organized by customer profile/segment instead of by solution/product, with a focus on strengthening the Company’s integrated offering, improving experiences for all customers, and driving profitable growth. Mr. Hansen will also oversee two important growth initiatives: the rollout of Zenvia Customer Cloud and the Company’s international expansion.On June 20, 2024, Zenvia launched its Generative AI Chatbot. A game-changing solution that revolutionizes chatbot development, making it as simple and intuitive as a personal interaction and accessible to businesses of all sizes looking to improve and automate customer service. Key highlights include easy customization and efficient integration with multiple communication channels, ensuring a superior solution for all customer needs.

SaaS Business

SaaS Key Operational & Financial Metrics (BRL MM and %)

Q1 2024

Q1 2023

YoY

Revenues

76.8

68.6

12.0 %

Gross Profit

30.6

32.9

-7.1 %

Gross Margin

39.8 %

48.0 %

-8.2p.p.

Non-GAAP Adjusted Gross Profit (1)

43.4

46.4

-6.6 %

Non-GAAP Adjusted Gross Margin(2)

56.4 %

67.7 %

-11.3p.p.

Total Active Customers(3)

7,139

6,446

10.8 %

(1)

For a reconciliation of the Non-GAAP Adjusted Gross Profit of our SaaS business segment to Gross Profit of our SaaS business segment, see Selected Financial Data section below.

(2)

We calculate Non-GAAP Adjusted Gross Margin of our SaaS business segment as Non-GAAP Gross Profit of our SaaS business segment divided by revenue of our SaaS business segment.

(3)

We define an Active Customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an Inactive Customer.

In Q1 2024, our SaaS business Revenue went up 12.1% YoY to BRL 76.8 million, compared to BRL 68.6 million in Q1 2023. The client base increased by 11%. SaaS saw growth from both SMBs and large enterprises, with a stronger participation from the latter.

As a result, Q1 2024 Non-GAAP Adjusted Gross Profit was down 6.6% YoY to BRL 43.4 million from BRL 46.4 million. The increase in revenues mainly from large enterprises that carry lower margins, coupled with an increase in infrastructure costs related to the final phase of integration of the acquired companies, and our expansion plans, resulted in lower Non-GAAP Adjusted Gross Margin from SaaS, down 11.3 percentage points YoY to 56.4%, reaching our expected target margin for SaaS for the period.

CPaaS Business

CPaaS Key Operational & Financial Metrics (BRL MM and %)

Q1 2024

Q1 2023

YoY

Revenues

135.8

110.5

23.0 %

Non-GAAP Adjusted Gross Profit (1)

50.3

46.0

9.3 %

Non-GAAP Adjusted Gross Margin(2)

37.0 %

41.7 %

-4.7p.p.

Total Active Customers(3)

6,458

7,358

-12.2 %

(1)

For a reconciliation of the Non-GAAP Adjusted Gross Profit of our CPaaS business segment to Gross Profit of our CPaaS business segment, see Selected Financial Data section below.

(2)

We calculate Non-GAAP Adjusted Gross Margin of our CPaaS business segment as Non-GAAP Gross Profit of our CPaaS business segment divided by revenue of our CPaaS business segment.

(3)

We define an active customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an inactive customer.

Our CPaaS business reported Net Revenues of BRL 135.8 million in Q1 2024, up 23.0% YoY, while Non-GAAP Gross Profit increased 9.3% YoY to BRL 50.3 million from BRL 46.0 million. Non-GAAP Gross Margin reached 37.0% to our expected target margins, compared to 41.7% mainly due to the higher concentration of large enterprises in the revenue mix. We were able to maintain the SMS volumes recovered from certain large clients in H2 2023.

Consolidated Financial Results

Revenue
Consolidated revenues in Q1 2024 totaled BRL 212.6 million, up 18.8% YoY, mainly reflecting the 23.0% increase in CPaaS and 12.0% in SaaS.

Profitability
Our Non-GAAP Adjusted Gross Profit increased 1.3% YoY in Q1 2024 to BRL 93.6 million, mainly reflecting the 9.3% increase in CPaaS Non-GAAP Adjusted Gross Profit, which has lower margins than SaaS, and which was offset by the decrease in SaaS Non-GAAP Adjusted Gross Profit. Non-GAAP Adjusted Gross Margin went down by 7.6 p.p. to 44.0% in Q1 2024 from 51.6% in Q1 2023, reflecting the higher CPaaS participation in the revenue mix, from 61.7% in Q1 2023 to 63.9% in Q1 2024 and the lower margins in SaaS, as it expanded more with large enterprise customers. The 44.0% margin level is within our guidance range for 2024.

Adjusted EBITDA in Q1 2024 was positive BRL 13.4 million, compared to BRL 7.8 million in Q1 2023. The 71.6% increase is mainly due to higher revenues and stricter expense control. Additionally, our Adjusted EBITDA included earn-out expenses of R$10.1 million, related to the last renegotiations of earn-out payments, without cash impact for Q1 2024. Our Normalized EBITDA, which excludes the earn-out expenses impact, totaled R$23.5 million, up 200.2% YoY.

Reiterating FY 2024 Guidance

FY 2024 Guidance

Revenue

BRL$930 – $970 million

     Y/Y Growth

15% – 20%

Non-GAAP Adjusted Gross Margin

42% – 45%

Normalized EBITDA

BRL$120 – $140 million

Conference Call
In the following week, the Company will upload the presentation and pre-recorded remarks to its investor relations website. The IR team will be available for any questions.

Additional information regarding Zenvia can be found at https://investors.zenvia.com.

Contacts

Investor Relations

Caio Figueiredo

Fernando Schneider

ir@zenvia.com

Media Relations – FG-IR

Fabiane Goldstein – (954) 625-4793 – fabi@fg-ir.com

 

 

About ZENVIA
Zenvia (NASDAQ: ZENV) is a technology company dedicated to creating a new world of experiences. It focuses on enabling companies to create personalized, engaging and fluid experiences across the entire customer journey, all through its unified, multi-channel customer cloud solution. Boasting two decades of industry expertise, over 13,000 customers and operations throughout Latin America, Zenvia enables businesses of all segments to amplify brand presence, escalate sales, and elevate customer support, generating operational efficiency, productivity and results, all in one place. To learn more and get the latest updates, visit our website and follow our social media profiles on LinkedIn, Instagram, TikTok and YouTube.

Forward-Looking Statements
The preliminary fourth quarter and full year operating results set forth above are based solely on currently available information, which is subject to change. These preliminary operating results constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Zenvia’s control. Zenvia’s actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: our ability to innovate and respond to technological advances, changing market needs and customer demands, our ability to successfully acquire new businesses as customers, acquire customers in new industry verticals and appropriately manage international expansion, substantial and increasing competition in our market, compliance with applicable regulatory and legislative developments and regulations, the dependence of our business on our relationship with certain service providers, among other factors.

SELECTED FINANCIAL DATA
The following selected financial information are preliminary, unaudited and are based on management’s initial review of operations for the first quarter of 2024.

INCOME STATEMENT

Q1

2024

2023

Variation

(non-audited)

(restated)

(in thousands of R$)

( %)

Revenue

212,636

179,047

18.8 %

Cost of services 

(131,779)

(100,098)

31.6 %

Gross profit

80,857

78,949

2.4 %

Selling and marketing expenses

(27,359)

(27,442)

-0.3 %

General and Administrative expenses

(31,270)

(31,447)

-0.6 %

Research and development expenses

(14,796)

(14,004)

5.7 %

Allowance for expected credit losses

(5,431)

(18,269)

-70.3 %

Other income and expenses, net

(11,353)

(83)

n.m.

Operating loss

(9,352)

(12,296)

-23.9 %

Financial expenses

(65,487)

(18,724)

249.7 %

Finance income

5,283

2,625

101.3 %

Financial expenses, net

(60,204)

(16,099)

274.0 %

Loss before taxes

(69,556)

(28,395)

145.0 %

Deferred income tax and social contribution

16,083

11,846

35.8 %

Current income tax and social contribution

(2,420)

(218)

1010.1 %

Loss for the period

(55,893)

(16,767)

233.4 %

Loss for the period attributable to Owners of the Company

(56,011)

(16,839)

232.6 %

Non-controlling interests

118

72

63.9 %

 

BALANCE SHEET

31-Dec-23

31-Mar-24

(audited)

(non-audited)

Assets

Current assets

250,331

294,438

   Cash and cash equivalents

63,742

71,525

   Trade and other receivables

148,784

171,905

   Tax assets

28,058

34,983

   Prepayments

5,571

9,063

   Other assets

4,176

6,962

Non-current assets

1,461,233

1,469,158

   Restricted Cash

6,403

6,578

   Tax assets

12

   Prepayments

1,109

865

   Financial Investment

   Property, plant and equipment

14,413

14,518

   Intangible assets and goodwill

1,347,327

1,339,121

   Deferred Tax Assets

91,971

108,054

   Other Assets

10

10

Total assets

1,711,564

1,763,596

31-Dec-23

31-Mar-24

(audited)

(non-audited)

Liabilities

Current liabilities

607,374

585,153

Loans, borrowings and Debentures

36,191

33,696

Derivative financial instruments

Trade and other payables

353,998

367,851

Liabilities from acquisitions

134,466

96,963

Tax liabilities

18,846

16,779

Employee benefits

50,085

59,257

Lease liabilities

2,056

2,314

Deferred revenue

11,547

8,156

Taxes to be paid in installments

185

137

Non-current liabilities

215,243

340,923

Liabilities from acquisitions

160,237

193,919

Trade and other payables

Loans, borrowings and Debentures

51,605

59,844

Lease liabilities

752

2,004

Provisions for tax, labor and civil risks

1,721

1,412

Taxes to be paid in installments

313

302

Employee Benefits

615

1,036

Derivative financial instruments

82,406

Equity

888,947

837,520

Capital

957,525

1,007,522

Reserves

247,464

199,627

Translation reserve

3,129

5,419

Accumulated losses

-319,591

-375,602

Other components of equity

283

283

Non-controlling interests

137

271

Total equity and liabilities

1,711,564

1,763,596

 

Q1

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Net cash from (used in) operating activities

-12,865

99,560

Net cash used in investing activities

-12,429

-2,703

Net cash from (used in) financing activities

33,334

-38,366

Exchange rate change on cash and cash equivalents

-257

288

Net (decrease) increase in cash and cash equivalents

7,783

58,779

 

Interest

December 31, 2023
(audited)

March
31, 2024
(non-audited)

(in thousands of R$)

Working capital

100% CDI+2.51% to 6.55%

69,667

76,161

Debentures

18.16 %

18,129

17,379

Total

87,796

93,540

Special Note Regarding Non-GAAP Financial Measures
This press release presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA. A Non-GAAP financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. Non-GAAP financial measures do not have standardized meanings and may not be directly comparable to similarly-titled measures adopted by other companies. These Non-GAAP financial measures are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. We also believe that the disclosure of our Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA. Flow provides useful supplemental information to investors and financial analysts and other interested parties in their review of our operating performance. Potential investors should not rely on information not recognized under IFRS as a substitute for the IFRS measures of earnings, cash flows or profit (loss) in making an investment decision.

The following table shows the reconciliation for our consolidated Non-GAAP Gross Profit and consolidated Non-GAAP Gross Margin:

Q1

Consolidated

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Gross profit

80,857

78,949

(+) Amortization of intangible assets acquired from business combinations

12,785

13,511

Non-GAAP Gross Profit(1)

93,642

92,460

Revenue

212,636

179,047

Gross Margin(2)

38.0 %

44.1 %

Non-GAAP Gross Margin(3)

44.0 %

51.6 %

(1)

We calculate Non-GAAP Adjusted Gross Profit as gross profit plus amortization of intangible assets acquired from business combinations.

(2)

We calculate gross margin as gross profit divided by revenue.

(3)

We calculate Non-GAAP Adjusted Gross Margin as Non-GAAP Adjusted Gross Profit divided by revenue.

The following tables shows the reconciliation for the Non-GAAP Gross Profit and Non-GAAP Gross Margin for our SaaS and CPaaS business segments:

Q1

SaaS Segment

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Gross profit

30,569

32,916

(+) Amortization of intangible assets acquired from business combinations

12,785

13,511

Non-GAAP Gross Profit(1)

43,354

46,427

Revenue

76,820

68,582

Gross Margin(2)

39.8 %

48.0 %

Non-GAAP Gross Margin(3)

56.4 %

67.7 %

(1)

We calculate Non-GAAP Adjusted Gross Profit for our SaaS business segment as gross profit for our SaaS business segment plus amortization of intangible assets acquired from business combinations for our SaaS business segment.

(2)

We calculate gross margin for our SaaS business segment as gross profit for our Saas business segment divided by revenue of our SaaS business segment.

(3)

We calculate Non-GAAP Adjusted Gross Margin for SaaS business segment as Non-GAAP Adjusted Gross Profit for our SaaS business segment divided by revenue for our SaaS business segment.

 

Q1

CPaaS Segment

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Gross profit

50,300

46,033

(+) Amortization of intangible assets acquired from business combinations

0

0

Non-GAAP Gross Profit(1)

50,300

46,033

Revenue

135,816

110,462

Gross Margin(2)

37.0 %

41.7 %

Non-GAAP Gross Margin(3)

37.0 %

41.7 %

(1)

We calculate Non-GAAP Adjusted Gross Profit for our CPaaS business segment as gross profit for our CPaaS business segment plus amortization of intangible assets acquired from business combinations for our CPaaS business segment.

(2)

We calculate gross margin for our CPaaS business segment as gross profit for our CPaaS business segment divided by revenue of our CPaaS business segment.

(3)

We calculate Non-GAAP Adjusted Gross Margin for CPaaS business segment as Non-GAAP Adjusted Gross Profit for our CPaaS business segment divided by revenue for our CPaaS business segment.

The following table shows the reconciliation for our Adjusted EBITDA and Normalized EBITDA:

Q1

2024
(non-audited)

2023
(restated)

(in thousands of R$)

Loss for the period

-55,893

-16,767

Current and Deferred Income Tax

-13,663

-11,628

Financial expenses, net

60,204

16,099

Depreciation and Amortization

22,797

20,133

Adjusted EBITDA(1)

13,445

7,837

Earn-outs

10,081

Non-Recurring Events

Normalized EBITDA(2)

23,526

7,837

(1)

We calculate Adjusted EBITDA as loss for the period adjusted by income tax and social contribution (current and deferred), financial expenses, net, depreciation and the goodwill impairment.

(2)

We calculate Normalized EBITDA as the Adjusted EBITDA adjusted by non-recurring events and non-cash impacts from earn-out adjustments.

View original content:https://www.prnewswire.com/news-releases/zenvia-reports-q1-2024-results-302196864.html

SOURCE Zenvia

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TCL 50 PRO NXTPAPER 5G Smartphone Named CES 2025 Innovation Award Honoree

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IRVINE, Calif., Nov. 14, 2024 /PRNewswire/ — TCL, a pioneer in display technology across feature-rich smartphones, tablets, and connected devices, is proud to announce its TCL 50 PRO NXTPAPER 5G smartphone has been honored with a CES 2025 Innovation Award for Mobile Devices. The recognition exemplifies TCL’s commitment to humanize technology and deliver innovative products optimized for the user experience.

This marks the second year in a row TCL has been recognized by the CTA for its mobile products. Last year, the TCL 40 NXTPAPER smartphone was also named a CES 2024 Innovation Award honoree in the Mobile Devices category. Emboldened by the positive feedback and results, TCL is committed to further pushing the boundaries of innovation with even more advanced and humanized technology for all users.

“At TCL, we’re not only keeping our finger on the pulse of the industry; we dig deep into every aspect of the user journey to help inform the devices that we craft,” said Jefferson Li, General Manager of TCL Mobile Phone Business Unit. “Integrating the pioneering NXTPAPER technology with cutting-edge AI capabilities, the TCL 50 PRO NXTPAPER 5G phone represents a significant upgrade in how we experience our digital world, providing users a clearer, more comfortable way to watch, create, and read wherever they go – all at an affordable price.”

The launch of the TCL 50 PRO NXTPAPER 5G at IFA 2024 in September has been a major highlight in TCL’s journey towards excellence this year. Leveraging AI functionalities powered by TCL’s partnership with Microsoft, and the distinct advantages of the latest NXTPAPER technology, the device is tailored to enrich reading and viewing experiences with enhanced productivity and unparalleled eye comfort. Representing a harmonious integration of technology and daily life, it empowers users with the freedom to effortlessly access and enjoy content in any setting.

The CES Innovation Awards program, organized by the Consumer Technology Association (CTA), is an annual competition honoring outstanding design and engineering in a multitude of consumer technology product categories. An elite panel of industry expert judges review and select the highest-scoring submissions based on innovation, engineering and functionality, aesthetics, and design.

The TCL 50 PRO NXTPAPER 5G boasts an exceptionally clear display that can minimize glare and reduce eye strain in any lighting condition, emulating the look and feel of paper that is gentle on the eyes. Adaptive screen settings optimize brightness and automatically adjust color temperature based on the time of day for a comfortable and natural viewing experience. A switch of the NXTPAPER Key instantly activates Max Ink Mode, promoting focused and immersive reading and minimizing eye fatigue. Combined with the Eye Care Assistant, the smartphone accommodates a contemporary digital lifestyle by prioritizing visual comfort. With sleek basalt cover and infinite pool design, it seamlessly blends both form and function.

About TCL Mobile
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About TCL
TCL Electronics specializes in the research, development and manufacturing of consumer electronics including TVs, mobile phones, audio devices, smart home products and appliances. Combining thoughtful design and innovative technology to inspire greatness, our lineup delivers must-have features and meaningful experiences. As one of the world’s largest consumer electronics brands, our vertically integrated supply chain, and state-of-the-art display panel factory help TCL deliver innovation for all. For more information, please visit: https://www.tcl.com 

TCL is a registered trademark of TCL Corporation. All other trademarks are the property of their respective owners. 

 

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SOURCE TCL Communication Technology Holdings Ltd.

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The Board approves Rs 5000 Crore investmentIncludes Greenfield infrastructure capex and Technology LicenseTo manufacture 165000 Metric Tonnes Polycarbonate Resin at DahejDeepak Chem Tech Limited is a wholly owned subsidiary of Deepak Nitrite Ltd.

VADODARA, India, Nov. 15, 2024 /PRNewswire/ — Deepak Chem Tech Limited plans to invest Rs 5000 Crores in Polycarbonate Project. Deepak Chem Tech Limited (DCTL) – a wholly owned subsidiary of Deepak Nitrite Limited, has approved to undertake a project for manufacturing Polycarbonate resins, proposed to be setup at the greenfield site located at Dahej, Gujarat, to produce 165,000 Metric Tonnes. The plant is expected to be commissioned by the fourth quarter of FY 2028. For this, Deepak Chem Tech Ltd. has entered into an agreement with Trinseo to acquire its Polycarbonate assets located at Stade, Germany along with technology license. The agreement also provides access to Trinseo’s globally recognized CALIBRETM resins and trademark.

Polycarbonate is amongst the most versatile emerging polymer finding extensive applications in automotive segments including electric mobility, electronics and electrical, construction, appliances, medical devices and other sunrise sectors such as aerospace, aviation, drones etc.

Commenting on the development, Shri Deepak C Mehta, Chairman and Managing Director of Deepak Nitrite Limited said, “This is historic collaboration between DCTL and Trinseo opens strategic opportunities for both the companies to explore partnerships in downstream compounds as well as complimentary technology tie-ups to service India’s burgeoning appetite for high quality engineering polymers. The tagline ‘Made in India‘ coupled with world scale capacities and formidable brand credibility, opens a new horizon of opportunities in the Advanced Materials front.”

Trinseo is a major manufacturer of engineering polymers and compounds with reported net sales of approximately $3.7 billion in 2023. Its engineering compound portfolio finds application with global, marque brands across industries.

About Deepak Nitrite Limited:

Deepak Nitrite Limited (NSE: DEEPAKNTR, BSE: 506401), India’s fastest growing Chemical Intermediates company, has a diversified portfolio that caters to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home, and personal care segments and Petro derivates intermediates -phenolics, acetone and IPA in India, and overseas. Its products are manufactured across seven locations, which are all accredited by Responsible Care. It is certified by Ecovadis, TfS and is part of the Nicer Globe Alliance. Focusing on a Triple Bottomline principle of People, Planet, Profit, Deepak Nitrite Ltd. deploys globally benchmarked standards & systems, we are now accredited ‘Silver Rating’ by EcoVadis in 2022, for sustainability initiatives.

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Global Times: Illuminate roof of ‘Beautiful China’: Solar-powered rooftops transform countryside environments, boost rural revitalization efforts

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BEIJING, Nov. 14, 2024 /PRNewswire/ — The upper part of the Chinese character “home” resembles a roof, symbolizing a home can only exist with a roof over it.

Today, an increasing number of Chinese people are creating environmentally friendly landscapes on the roofs they cherish most, showcasing a tangible “Beautiful China” through their homes.

In early winter, at the foot of the Helan Mountains, the sun still brightly shines over the vast Gobi Desert. When people enter Yuanlong village of Minning town, Northwest China’s Ningxia Hui Autonomous Region, one can find rows of newly constructed agricultural residences with red tiles and white walls lining the road. From above, the blue photovoltaic panels glimmering on each red roof create a colorful mosaic under the sunlight.

Chinese people have aspired to convey their vision of harmony between heaven, earth, and humanity through architecture. Regarding the decision to install photovoltaic panels on the roof of her house, villager Zhang Hui told the Global Times that by installing photovoltaic panels on their roofs, they earn extra money, and the clean energy generated by the panels also gives them a channel to make their contribution to the country’s emissions reduction and energy conservation efforts.

“We want to further emphasize the harmonious coexistence of humanity and nature, embodying a characteristic of Chinese modernization through our roofs,” she said.

In recent years, China’s solar photovoltaic technology is emerging as a key component of China’s strategy to achieve its “dual carbon” goals, which aimed at achieving peak carbon emissions by 2030, and carbon neutrality by 2060. 

The creation of this elevated landscape is a vivid representation of the Chinese people’s efforts in building a “Beautiful China” in all respects. In this revolutionary transformation that involving production methods, lifestyles, and values, countless individuals have keenly perceived that China is keeping pace with the times, making a sound, inclusive ecological environment for the well-being of the people.

Cash in on the sun

For the residents of the village, installing rooftop solar systems and earning money from sunlight has now become a source of joy. “Because when you look up, you can see your own roof, and it reminds you of the abundant harvest you have,” Zhang said.

Since 2016, Yuanlong village has successively built a 5-megawatt rooftop photovoltaic power station, supplied by photovoltaic panels on the roofs of over 1,635 immigrant households, accounting for nearly 96 of the village’s total households. As of March 2024, this initiative had earned a total of 40.22 million yuan ($ 5.5 million) in photovoltaic revenue for the village.

Since 2018, Zhang’s family has been renting the 54-square-meter rooftop to the power company, and the annual rental fee has increased from 300 yuan to 480 yuan as the power station has gradually entered a stable operating phase.

Beyond the tangible rental income, Zhang has also witnessed the thriving changes brought to her village by the rooftop photovoltaic power station program.

In 2020, the photovoltaic power station in Yuanlong village generated 850,000 yuan in revenue for the village collective. A portion of this revenue is distributed to villagers as rental fees, while another part is used as dividends for the village collective’s shares, funding various public welfare expenditures such as environmental sanitation improvements, major illness assistance for villagers, and education support.

The Global Times has learned how the rooftop solar systems program in Yuanlong village was operated: the local government attracts external investment to bid for the construction of a photovoltaic power station, guarantees a 100 percent buyback of the project’s output, ensuring that the village and its residents will receive 100 percent of profits during the 20-year operational period of the power station.

“Turning green, clean energy advantages into economic development advantages is a new concept for us,” said Ha Manpeng, 44, a villager from Yuanlong

Ha and many other villagers learned that the area they live has a high altitude, flat terrain and long sunlight hours, making it suitable for the installing of clean and efficient solar photovoltaic systems

“Simply retrofit the vacant roof, there will be a stable and long-term additional benefit. The manufacturers cooperating with the government will regularly send personnel to maintain, and regularly update the equipment, thus we have nothing to worry about,” Ha said.

Comfort life out of mountains

Zhang jokingly remarked that rooftop solar power generation has allowed the Yuanlong’s villagers to truly transition from a weather-dependent life to “making money from the weather.”

The over 10,000 villagers in Yuanlong were moved from another village – Xihaigu in 2012, which is a largely mountainous region that was labeled the “most unfit place for human settlement” by the United Nations in the 1970s due to land reclamation, drought, and a fragile ecological environment. 

Ha recalled his childhood living in the village hidden in the folds of the mountains, where every household was plunged into darkness at night.

Over the past 40 years, Ningxia launched six large-scale resettlement schemes, moving some 1.23 million people from Xihaigu to more habitable areas. The relocation was part of the poverty alleviation drive, fulfilling many villagers’ desire for a comfortable life out of the mountains.

Having escaped the vicious cycle of ecological and survival crises, what kind of life and development path did the villagers of Xihaigu choose in their new homes?

Yuanlong village is one of the villages that has benefited early from the income generated by photovoltaic power stations. Ha was among the first residents to install solar panels on roof.

Initially, Ha’s personal experience with the five photovoltaic panels installed on his roof was simply that they provided shade on sunny days, and made the roof less prone to leaks on rainy days. As more households in the village adopted the solar rooftops, Ha witnessed a profound improvement in the living conditions of the villagers, along with an increase in their income.

As of November 2020, China had achieved the feat of delisting all 832 poverty-stricken counties. The development of photovoltaic power stations, as a typical model of industrial poverty alleviation, has contributed to this historic achievement.

According to China’s National Energy Administration, by the end of 2020, China had built photovoltaic power stations with a combined capacity of 26.36 million kilowatts,  generating approximately 18 billion yuan in annual electricity revenue, and creating 1.25 million public welfare jobs.

When this clean, low-carbon, safe, and efficient energy enters the homes of ordinary people, it not only provides shelter through new types of rooftops for families, but also supports more Chinese people in achieving a moderately prosperous life. Many residents have come to realize that their choices contribute to the country’s energy conservation and emission reduction efforts.

They want to do even more.

“When I was a child, there was no electricity in my home, but now we can even produce electricity at home. In our village, people prefers to buy new energy vehicles. Waste sorting has become a habit for the villagers,” Ha said.

“When we go out traveling, the children can immediately ‘capture’ solar panels everywhere. They are also very happy to see that more and more villages began to install solar rooftops just like us,” Zhang added. 

Green electricity town

Facing the changes in life, as an official of the Yuanlong village, Zhang’s focus has gradually shifted from the land owned by villagers to the cattle and sheep they raise, and the job opportunities available to them. Now, she is also gradually learning to consider all these key aspects within the context of the new era of development she is in.

Whenever representatives from enterprises and communities visit Yuanlong village, Zhang highlights the embroidery skills of the local women and the solar roofs they have. 

One of Zhang’s proudest achievements this year has been helping to showcase and sell the village women’s embroidered crafts to a power supply company in Fuzhou, East China’s Fujian Province. She is very proud that this “green collaboration” has broken through regional limitations, built more bridges for communication between her village and the outside world, and empowered the development of local women.

With the official launch of the “green electricity town” project in Minning town in August 2023, which aims to create a new type of system demonstration area powered entirely by clean energy 24 hours a day, the project is expected to reduce carbon emissions by 48,000 tons annually once completed.

Zhang believes that the villagers in Yuanlong will have more opportunities to showcase their talents and felt gratified that she is living in a country that pays more attention to protecting the ecological environment.

At a national conference on ecological and environmental protection held in July 2023, Chinese President Xi Jinping has stressed efforts to promote the building of a Beautiful China in all respects and accelerate the advancement of modernization featuring harmony between human and nature.

The next five years is a crucial period for building a Beautiful China, which should be placed in a prominent position in building a great modern socialist country in all respects and advancing national rejuvenation, Xi said.

The country should support high-quality development with a high-quality ecological environment and promote the modernization featuring the harmonious co-existence between human and nature, he noted.

Looking up at her rooftop, Zhang eagerly awaits the completion of the “green electricity town.” She hopes it will build a stronger bridge connecting the common people’s dream of a better life with the country’s plans for emission reduction and energy conservation, leading to a more “Beautiful China.”

https://www.globaltimes.cn/page/202411/1323101.shtml

 

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SOURCE Global Times

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