Technology
KLA Corporation Reports Fiscal 2024 Fourth Quarter Results and Full Year Results
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For the quarter, total revenues were $2.569 billion, at the upper end of the guidance range of $2.5 billion +/- $125 million;For the quarter, GAAP diluted EPS attributable to KLA was $6.18 and non-GAAP diluted EPS attributable to KLA was $6.60, each finishing above the midpoints of the respective guidance ranges;Cash flow from operating activities for the quarter and fiscal year was $892.6 million and $3.31 billion, respectively, and free cash flow was $831.9 million and $3.03 billion, respectively; andCapital returns for the quarter and fiscal year were $667.8 million and $2.51 billion, respectively.
MILPITAS, Calif., July 24, 2024 /PRNewswire/ — KLA Corporation (NASDAQ: KLAC) today announced financial and operating results for its fourth quarter and fiscal year ended June 30, 2024. KLA reported GAAP net income attributable to KLA of $836.4 million and GAAP diluted earnings per share (“EPS”) attributable to KLA of $6.18 on total revenues of $2.57 billion for the fourth quarter of fiscal year 2024. For the fiscal year ended June 30, 2024, KLA reported GAAP net income attributable to KLA of $2.76 billion and GAAP diluted EPS attributable to KLA of $20.28 on total revenues of $9.81 billion.
“KLA’s June quarter results exceeded expectations, including revenue, gross margin and EPS, which were all above their respective guidance midpoints, demonstrating the enduring power and differentiation of the KLA portfolio,” said Rick Wallace, President and CEO, KLA Corporation. “We are encouraged by the early signs of a strengthening market environment for our customers at the leading edge and are increasingly confident in our plan for steady improvement throughout the remainder of this calendar year and into 2025.”
GAAP Results
Q4 FY 2024
Q3 FY 2024
Q4 FY 2023
Total Revenues
$2,569 million
$2,360 million
$2,355 million
Net Income Attributable to KLA
$836 million
$602 million
$685 million
Net Income per Diluted Share Attributable to KLA
$6.18
$4.43
$4.97
Non-GAAP Results
Q4 FY 2024
Q3 FY 2024
Q4 FY 2023
Net Income Attributable to KLA
$893 million
$715 million
$743 million
Net Income per Diluted Share Attributable to KLA
$6.60
$5.26
$5.40
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. KLA will discuss the results for its fiscal year 2024 fourth quarter and full year, along with its outlook, on a conference call today beginning at 2 p.m. PT. A webcast of the call will be available at: www.kla.com.
First Quarter Fiscal 2025 Guidance
The following details our guidance for the first quarter of fiscal 2025 ending in Sept.:
Total revenues is expected to be in a range of $2.75 billion +/- $150 millionGAAP gross margin is expected to be in a range of 59.9% +/- 1.0%Non-GAAP gross margin is expected to be in a range of 61.5% +/- 1.0%GAAP diluted EPS is expected to be in a range of $6.69 +/- $0.60Non-GAAP diluted EPS is expected to be in a range of $7.00 +/- $0.60
For additional details and assumptions underlying our guidance metrics, please see the company’s published Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic on the KLA investor relations website. Such Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic are not incorporated by reference into this earnings release.
About KLA:
KLA Corporation (“KLA”) develops industry-leading equipment and services that enable innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers and reticles, integrated circuits, packaging and printed circuit boards. In close collaboration with leading customers across the globe, our expert teams of physicists, engineers, data scientists and problem-solvers design solutions that move the world forward. Investors and others should note that KLA announces material financial information including SEC filings, press releases, public earnings calls and conference webcasts using an investor relations website (ir.kla.com). Additional information may be found at: www.kla.com.
Note Regarding Forward-Looking Statements:
Statements in this press release other than historical facts, such as statements pertaining to total revenues, GAAP and non-GAAP gross margin and GAAP and non-GAAP diluted EPS for the quarter ending Sept. 30, 2024, are forward-looking statements and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including, but not limited to: our vulnerability to a weakening in the condition of the financial markets and the global economy; risks related to our international operations; evolving Bureau of Industry and Security of the U.S. Department of Commerce rules and regulations and their impact on our ability to sell products to and provide services to certain customers in China; costly intellectual property disputes that could result in our inability to sell or use the challenged technology; risks related to the legal, regulatory and tax environments in which we conduct our business; increasing attention to ESG matters and the resulting costs, risks and impact on our business; unexpected delays, difficulties and expenses in executing against our environmental, climate, diversity and inclusion or other ESG targets, goals and commitments; our ability to attract, retain and motivate key personnel; our vulnerability to disruptions and delays at our third party service providers; cybersecurity threats, cyber incidents affecting our and our business partners’ systems and networks; our inability to access critical information in a timely manner due to system failures; our ability to identify suitable acquisition targets and successfully integrate and manage acquired businesses; climate change, earthquake, flood or other natural catastrophic events, public health crises such as the COVID-19 pandemic or terrorism and the adverse impact on our business operations; the war between Ukraine and Russia, and the war between Israel and Hamas, and the significant military activity in that region; lack of insurance for losses and interruptions caused by terrorists and acts of war, and our self-insurance of certain risks including earthquake risk; risks related to fluctuations in foreign currency exchange rates; risks related to fluctuations in interest rates and the market values of our portfolio investments; risks related to tax and regulatory compliance audits; any change in taxation rules or practices and our effective tax rate; compliance costs with federal securities laws, rules, regulations, NASDAQ requirements, and evolving accounting standards and practices; ongoing changes in the technology industry, and the semiconductor industry in particular, including future growth rates, pricing trends in end-markets, or changes in customer capital spending patterns; our vulnerability to a highly concentrated customer base; the cyclicality of the industries in which we operate; our ability to timely develop new technologies and products that successfully address changes in the industry; risks related to artificial intelligence; our ability to maintain our technology advantage and protect proprietary rights; our ability to compete in the industry; availability and cost of the materials and parts used in the production of our products; our ability to operate our business in accordance with our business plan; risks related to our debt and leveraged capital structure; we may not be able to declare cash dividends at all or in any particular amount; liability to our customers under indemnification provisions if our products fail to operate properly or contain defects or our customers are sued by third parties due to our products; our government funding for R&D is subject to audit, and potential termination or penalties; we may incur significant restructuring charges or other asset impairment charges or inventory write offs; risks related to receivables factoring arrangements and compliance risk of certain settlement agreements with the government; and risks related to the Court of Chancery of the State of Delaware being the sole and exclusive forum for certain actions and proceedings. For other factors that may cause actual results to differ materially from those projected and anticipated in forward-looking statements in this press release, please refer to KLA’s Annual Report on Form 10-K for the year ended June 30, 2023, and other subsequent filings with the Securities and Exchange Commission (including, but not limited to, the risk factors described therein). KLA assumes no obligation to, and does not currently intend to, update these forward-looking statements.
KLA Corporation
Condensed Consolidated Unaudited Balance Sheets
(In thousands)
June 30, 2024
June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents
$ 1,977,129
$ 1,927,865
Marketable securities
2,526,866
1,315,294
Accounts receivable, net
1,833,041
1,753,361
Inventories
3,034,781
2,876,784
Other current assets
659,327
498,728
Total current assets
10,031,144
8,372,032
Land, property and equipment, net
1,109,968
1,031,841
Goodwill, net
2,015,726
2,278,820
Deferred income taxes
915,241
816,899
Purchased intangibles, net
668,764
935,303
Other non-current assets
692,723
637,462
Total assets
$ 15,433,566
$ 14,072,357
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 359,487
$ 371,026
Deferred system revenue
985,856
651,720
Deferred service revenue
501,926
416,606
Current portion of long-term debt
749,936
—
Other current liabilities
2,063,569
2,303,490
Total current liabilities
4,660,774
3,742,842
Long-term debt
5,880,199
5,890,736
Deferred tax liabilities
486,690
529,287
Deferred service revenue
294,460
176,681
Other non-current liabilities
743,115
813,058
Total liabilities
12,065,238
11,152,604
Stockholders’ equity:
Common stock and capital in excess of par value
2,280,133
2,107,663
Retained earnings
1,137,270
848,431
Accumulated other comprehensive loss
(49,075)
(36,341)
Total stockholders’ equity
3,368,328
2,919,753
Total liabilities and stockholders’ equity
$ 15,433,566
$ 14,072,357
KLA Corporation
Condensed Consolidated Unaudited Statements of Operations
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands, except per share amounts)
2024
2023
2024
2023
Revenues:
Product
$ 1,954,837
$ 1,816,524
$ 7,482,679
$ 8,379,025
Service
613,898
538,613
2,329,568
2,117,031
Total revenues
2,568,735
2,355,137
9,812,247
10,496,056
Costs and expenses:
Costs of revenues
1,010,551
962,949
3,928,073
4,218,307
Research and development
325,759
317,110
1,278,981
1,296,727
Selling, general and administrative
255,106
250,857
969,509
986,326
Impairment of goodwill and purchased intangible assets
—
—
289,474
—
Interest expense
82,836
73,491
311,253
296,940
Loss on extinguishment of debt
—
—
—
13,286
Other expense (income), net
(50,560)
(24,776)
(155,075)
(104,720)
Income before income taxes
945,043
775,506
3,190,032
3,789,190
Provision for income taxes
108,597
90,852
428,136
401,839
Net income
836,446
684,654
2,761,896
3,387,351
Less: Net income attributable to non-controlling interest
—
—
—
74
Net income attributable to KLA
$ 836,446
$ 684,654
$ 2,761,896
$ 3,387,277
Net income per share attributable to KLA:
Basic
$ 6.22
$ 5.00
$ 20.41
$ 24.28
Diluted
$ 6.18
$ 4.97
$ 20.28
$ 24.15
Weighted-average number of shares:
Basic
134,462
136,873
135,345
139,483
Diluted
135,342
137,654
136,187
140,235
KLA Corporation
Condensed Consolidated Unaudited Statements of Cash Flows
Three Months Ended June 30,
(In thousands)
2024
2023
Cash flows from operating activities:
Net income
$ 836,446
$ 684,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
101,001
104,813
Unrealized foreign exchange loss and other
4,214
17,602
Asset impairment charges
11,307
—
Stock-based compensation expense
58,621
49,907
Deferred income taxes
(30,634)
23,567
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable
(221,958)
105,096
Inventories
(32,843)
(144,654)
Other assets
(65,884)
(90,591)
Accounts payable
24,177
(105,844)
Deferred system revenue
(8,613)
117,928
Deferred service revenue
74,096
52,672
Other liabilities
142,685
143,965
Net cash provided by operating activities
892,615
959,115
Cash flows from investing activities:
Capital expenditures
(60,745)
(78,683)
Purchases of available-for-sale securities
(602,081)
(481,096)
Proceeds from sale of available-for-sale securities
36,816
50,079
Proceeds from maturity of available-for-sale securities
488,779
434,819
Purchases of trading securities
(21,635)
(18,852)
Proceeds from sale of trading securities
18,644
19,249
Proceeds from other investments
1,430
—
Net cash used in investing activities
(138,792)
(74,484)
Cash flows from financing activities:
Issuance of common stock
96,501
90,939
Common stock repurchases
(470,266)
(388,825)
Payment of dividends to stockholders
(197,521)
(179,510)
Tax withholding payments related to vested and released restricted stock units
(47,508)
(21,102)
Payment of contingent consideration payable
(67)
(12,823)
Net cash used in financing activities
(618,861)
(511,321)
Effect of exchange rate changes on cash and cash equivalents
(6,000)
(13,958)
Net increase in cash and cash equivalents
128,962
359,352
Cash and cash equivalents at beginning of period
1,848,167
1,568,513
Cash and cash equivalents at end of period
$ 1,977,129
$ 1,927,865
Supplemental cash flow disclosures:
Income taxes paid, net
$ 65,553
$ 43,858
Interest paid
$ 25,171
$ 25,049
Non-cash activities:
Contingent consideration payable – financing activities
$ —
$ (29)
Dividends payable – financing activities
$ 1,953
$ 2,047
Unsettled common stock repurchase – financing activities
$ 5,500
$ 11,000
Accrued purchase of land, property and equipment – investing activities
$ 13,849
$ 18,445
KLA Corporation
Segment Information (Unaudited)
The following is a summary of results for each of our three reportable segments and reconciliation to total revenues for the indicated periods:
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands)
2024
2023
2024
2023
Revenues:
Semiconductor Process Control
$ 2,307,994
$ 2,097,479
$ 8,733,556
$ 9,324,190
Specialty Semiconductor Process
121,268
129,008
528,701
543,398
PCB and Component Inspection
140,017
128,977
552,491
631,604
Total revenues for reportable segments
2,569,279
2,355,464
9,814,748
10,499,192
Corporate allocations and effects of changes in foreign exchange rates
(544)
(327)
(2,501)
(3,136)
Total revenues
$ 2,568,735
$ 2,355,137
$ 9,812,247
$ 10,496,056
KLA Corporation
Condensed Consolidated Unaudited Supplemental Information
Reconciliation of GAAP Net Income to Non-GAAP Net Income
Three Months Ended
Twelve Months Ended
(In thousands, except per share amounts)
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
GAAP net income attributable to KLA
$ 836,446
$ 601,541
$ 684,654
$ 2,761,896
$ 3,387,277
Adjustments to reconcile GAAP net income to non-GAAP net income:
Acquisition-related charges
a
58,777
58,573
64,564
239,901
271,563
Restructuring, severance and other charges
b
17,721
2,042
8,135
21,033
22,035
Impairment of goodwill and purchased intangible assets
c
—
70,474
—
289,474
—
Loss on extinguishment of debt
d
—
—
—
—
13,286
Income tax effect of non-GAAP adjustments
e
(23,227)
(19,879)
(20,892)
(86,311)
(90,409)
Discrete tax items
f
3,092
2,386
6,203
7,630
(46,074)
Non-GAAP net income attributable to KLA
$ 892,809
$ 715,137
$ 742,664
$ 3,233,623
$ 3,557,678
GAAP net income per diluted share attributable to KLA
$ 6.18
$ 4.43
$ 4.97
$ 20.28
$ 24.15
Non-GAAP net income per diluted share attributable to KLA
$ 6.60
$ 5.26
$ 5.40
$ 23.74
$ 25.37
Shares used in diluted net income per share calculation
135,342
135,856
137,654
136,187
140,235
Pre-tax Impact of GAAP to Non-GAAP Adjustments Included in Condensed Consolidated Unaudited Statements of Operations
(In thousands)
Acquisition-Related
Charges
Restructuring,
Severance and
Other Charges
Goodwill
Impairment
Total Pre-tax GAAP to
Non-GAAP
Adjustments
Three Months Ended June 30, 2024
Costs of revenues
$ 45,937
$ 2,240
$ —
$ 48,177
Research and development
—
2,230
—
2,230
Selling, general and administrative
12,840
13,251
—
26,091
Total in three months ended June 30, 2024
$ 58,777
$ 17,721
$ —
$ 76,498
Three Months Ended March 31, 2024
Costs of revenues
$ 44,839
$ 805
$ —
$ 45,644
Research and development
867
922
—
1,789
Selling, general and administrative
12,867
315
—
13,182
Impairment of goodwill
—
—
70,474
70,474
Total in three months ended March 31, 2024
$ 58,573
$ 2,042
$ 70,474
$ 131,089
Three Months Ended June 30, 2023
Costs of revenues
$ 45,437
$ 2,570
$ —
$ 48,007
Research and development
—
2,727
—
2,727
Selling, general and administrative
19,127
2,838
—
21,965
Total in three months ended June 30, 2023
$ 64,564
$ 8,135
$ —
$ 72,699
Free Cash Flow Reconciliation
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands)
2024
2023
2024
2023
Net cash provided by operating activities
$ 892,615
$ 959,115
$ 3,308,575
$ 3,669,805
Capital expenditures
(60,745)
(78,683)
(277,384)
(341,591)
Free cash flow
$ 831,870
$ 880,432
$ 3,031,191
$ 3,328,214
Capital Returns Calculation
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands)
2024
2023
2024
2023
Payments of dividends to stockholders
$ 197,521
$ 179,510
$ 773,041
$ 732,556
Common stock repurchases
470,266
388,825
1,735,746
1,311,864
Capital returns
$ 667,787
$ 568,335
$ 2,508,787
$ 2,044,420
First Quarter Fiscal 2025 Guidance
Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS
Three Months Ending Sept. 30, 2024
(In millions, except per share amounts)
Low
High
GAAP net income per diluted share
$6.09
$7.29
Acquisition-related charges
a
0.40
0.40
Restructuring, severance and other charges
b
0.05
0.05
Income tax effect of non-GAAP adjustments
e
(0.14)
(0.14)
Non-GAAP net income per diluted share
$6.40
$7.60
Shares used in net income per diluted share calculation
135.0
135.0
Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
Three Months Ending Sept. 30, 2024
Low
High
GAAP gross margin
58.9 %
60.9 %
Acquisition-related charges
a
1.5 %
1.5 %
Restructuring, severance and other charges
b
0.1 %
0.1 %
Non-GAAP gross margin
60.5 %
62.5 %
The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for, KLA’s financial results presented in accordance with United States GAAP.
To supplement our Condensed Consolidated Financial Statements presented in accordance with GAAP, we provide certain non-GAAP financial information, which is adjusted from results based on GAAP to exclude certain gains, costs and expenses, as well as other supplemental information. The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of our operating performance and our prospects in the future. Specifically, we believe that the non-GAAP information, including non-GAAP net income attributable to KLA, non-GAAP net income per diluted share attributable to KLA, non-GAAP gross margin and free cash flow, provides useful measures to both management and investors regarding financial and business trends relating to our financial performance by excluding certain costs and expenses that we believe are not indicative of our core operating results to help investors compare our operating performances with our results in prior periods as well as with the performance of other companies. The non-GAAP information is among the budgeting and planning tools that management uses for future forecasting. However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics are inherently subject to significant discretion (for example, determining which costs and expenses to exclude when calculating such a metric). As a result, non-GAAP financial metrics may be defined very differently from company to company, or even from period to period within the same company, which can potentially limit the usefulness of such information to an investor. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP. The following are descriptions of the adjustments made to reconcile GAAP net income attributable to KLA to non-GAAP net income attributable to KLA:
a.
Acquisition-related charges primarily include amortization of intangible assets, transaction costs associated with our acquisitions and dispositions, as well as intangible asset impairment charges. Although we exclude the effect of amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and such amortization of intangible assets related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of these intangible assets contributed to our revenues earned during the periods presented and are expected to contribute to our future period revenues as well.
b.
Restructuring, severance and other charges primarily include costs associated with employee severance including associated acceleration of recognition of certain stock-based and other compensation expenses, gains and losses from exiting non-core businesses, write downs of certain right of use assets and fixed assets that were abandoned and adjustments related to non-controlling interest. Restructuring, severance and other charges in the twelve months ended June 30, 2023 include a gain on the sale of Orbograph, Ltd. (“Orbograph”), which was sold in the first quarter of fiscal 2023, partially offset by certain transaction bonuses triggered by the sale of Orbograph.
c.
Impairment of goodwill and purchased intangible assets included non-cash expense recognized in the three months ended March 31, 2024 and Dec. 31, 2023, following the downward revision of financial outlook for the PCB and Display reporting units in the second quarter of fiscal 2024 and the subsequent decision to exit the Company’s Display business that was based on many factors, including the cancellation of a significant new technology project by a major customer, in the third quarter of fiscal 2024. Management believes that it is appropriate to exclude these impairment charges as they are not indicative of ongoing operating results and therefore limit comparability. Management also believes excluding this item helps investors compare our operating performance with our results in prior periods as well as with the performance of other companies.
d.
Loss on extinguishment of debt during the twelve months ended June 30, 2023 included a pre-tax loss on early extinguishment of the $500 million 4.650% Senior Notes due in Nov. 2024.
e.
Income tax effect of non-GAAP adjustments includes the income tax effects of the excluded items noted above.
f.
Discrete tax items in the twelve months ended June 30, 2024 included a one-time tax benefit resulting from changes made to our international structure to better align ownership of certain intellectual property rights with how our business operates. Discrete tax items in all periods presented included a tax impact relating to the amortization of the aforementioned tax benefit or similar tax benefits recorded in other periods. Discrete tax items in the twelve months ended June 30, 2023 also include the following: an adjustment of the net benefit of the Orbotech Ltd. 2012 to 2018 Israel tax audit settlement, for which the net benefit includes the liability on the audit settlement less reductions in unrecognized tax positions and deferred tax assets and liabilities; a tax expense of $19.8 million from an internal restructuring; and a tax impact from the sale of Orbograph.
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Global Times: 75 years on, China committed to global common development
Published
53 mins agoon
September 28, 2024By
BEIJING, Sept. 28, 2024 /PRNewswire/ — October 1 this year marks the 75th anniversary of the founding of the People’s Republic of China. Over the past 75 years, under the leadership of the Communist Party of China (CPC), the country has undergone tremendous changes, realizing unprecedented development. China has achieved in a few decades what took developed countries several centuries, with its economy now ranking as the second largest in the world. With strenuous efforts, China has realized its first centenary goal – building a moderately prosperous society in all respects.
China’s influence on the world has never been as profound and long-lasting as it is today. Likewise, the world’s attention to China has never been as deep, and focused as it is now.
As globalization deepens, nations are becoming more interdependent, while various global challenges continue to emerge. Humanity faces natural challenges such as climate change and the loss of biodiversity, as well as common global threats like extreme poverty, nuclear proliferation, political extremism, hegemony, and escalating geopolitical conflicts. The need for cooperation has never been more urgent or important than it is today, experts said.
“Where is humanity headed?” has become a significant question concerning the future and destiny for all.
To answer this question, Chinese President Xi Jinping put forward the vision of building a community with a shared future for humanity in 2013. This is seen as China’s solution to addressing global challenges and creating a better future through concerted efforts of the international community. “The common interest of all humankind is in a world united and peaceful rather than divided and volatile,” Xi said, Xinhua News Agency reported.
Building a community with a shared future for humanity is not about replacing one system with another or one civilization with another. Instead, it is about countries with different social systems, ideologies, historical contexts, and levels of development achieving mutual benefits, sharing rights, and jointly bearing responsibilities in international affairs, experts said.
“Unlike the confrontational or competitive approaches that often dominate international relations, this concept advocates for inclusivity and multilateralism,” Hamad Al Hosani, senior researcher at TRENDS Research and Advisory, a think tank of the United Arab Emirates, told the Global Times. “It also reflects a shift from traditional approach to one that embraces a holistic and interconnected global outlook.”
Hosani added that this concept helps address global challenges by focusing on shared responsibilities, such as equitable resource distribution, environmental stewardship, and collective security measures. It encourages countries to promote a sense of global solidarity and cooperation in managing transnational threats.
China’s vision, embodied in initiatives like the Belt and Road Initiative, focuses on infrastructure investment, trade connectivity, and mutual development without imposing political conditions, Hosani told the Global Times, adding that “this reflects a more pragmatic and cooperative approach that respects the individual paths of nations.”
Therefore, the Chinese path offers developing countries an alternative model of engagement, one that values equal partnership and mutual benefit rather than hierarchical or conditional relationships. “This has attracted many countries, particularly in the Global South, to China’s approach, which they see as less intrusive and more respectful of their developmental needs and choices,” Hosani said.
Li Haidong, a professor at the China Foreign Affairs University, told the Global Times that China has provided substantial aid to the Global South over the past decade and established various organizations such as the Asian Infrastructure Investment Bank (AIIB), which reflect China’s principles of equality, inclusiveness, cooperation, and sustainability.
For a better world
Over the 11 years since the concept of building a community with a shared future for humanity was proposed, China has been both an advocate and a practitioner. Through joint efforts, the Belt and Road Initiative (BRI) has transformed from a Chinese proposal to an international practice, from an idea to concrete actions. It has not only brought tangible benefits to the participating countries but also contributed positively to promoting healthy globalization, addressing global development challenges, and improving global governance.
Projects such as the China-Pakistan Economic Corridor, China-Europe Railway Express, China-Laos Railway, Jakarta-Bandung High-Speed Railway, Piraeus Port, Kopa wind power project have greatly benefited local people. By the end of June 2023, China had signed over 200 cooperation documents with more than 150 countries across five continents and over 30 international organizations under the BRI framework, creating countless iconic projects as well as smaller, people-centered projects.
Bojan Lalic, director of the Belt and Road Institute in Belgrade, told the Global Times that different from the West’s selective alliances, China has opted for a path of inclusive multilateralism, advocating for broader cooperation and promoting inclusive frameworks such as the BRI to facilitate development across numerous nations.
“As developing countries increasingly engage with China, a shift in global power dynamics may occur, enabling a multipolar world where various development models coexist,” Lalic said.
Under the vision of building a community with a shared future for humanity, President Xi proposed the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative successively from 2021 to 2023. These three initiatives focus on addressing global development challenges, eliminating global security dilemmas, and promoting exchanges and mutual learning among civilizations.
So far, more than 100 countries and international organizations have voiced support for the Global Development Initiative, with over 70 countries joining this “Group of Friends.” More than 200 development cooperation projects have yielded results, according to the People’s Daily Overseas Edition.
UN Secretary-General António Guterres praised the Global Development Initiative as a “valued contribution to addressing common challenges and accelerating the transition to a more sustainable and inclusive future.”
View original content:https://www.prnewswire.com/news-releases/global-times-75-years-on-china-committed-to-global-common-development-302261718.html
SOURCE Global Times
Technology
Sungrow Liquid-Cooled ESS PowerTitan 2.0 is Set to Unleash the AC Block Era
Published
3 hours agoon
September 28, 2024By
LONDON, Sept. 28, 2024 /PRNewswire/ — Recently, 66 sets of Sungrow’s energy storage system, PowerTitan 2.0, arrived in the UK, demonstrating its acceleration of energy storage deployment in Europe. In the Middle East, over 1,500 sets of PowerTitan 2.0 are set for deployment, contributing to one of the world’s largest energy storage projects with a capacity of 7.8 GWh. Similarly, in Asia, multiple PowerTitan 2.0 projects have been successfully commissioned, showcasing impressive performance in cost reduction, safety, grid forming, etc. PowerTitan 2.0 is being rapidly gaining global traction, pioneering the energy storage industry’s transition into the AC Block era.
What is the AC Block?
PowerTitan 2.0 introduces the revolutionary AC Block, which integrates a 5 MWh battery with a 2.5 MW PCS into a standard 20-foot container, a significant departure from the traditional method of separating direct current battery systems and alternating current PCS systems. This integration goes beyond just rearranging components; it involves efficiently combining the battery, PCS, fire suppression systems, and other modules while pushing the boundaries of spatial design. According to a report by S&P Global Commodity Insight, only three companies worldwide, including Sungrow, currently provide authentic AC Block solutions.
Dr. James Li, Sungrow ESS Director for Europe, stated that the success of PowerTitan 2.0 is significantly attributed to Sungrow’s fully self-developed PACK/BMS/PCS/EMS technologies, driving innovation through a foundational logic and holistic design approach. Moreover, PowerTitan 2.0 revolutionizes PACK structures and production processes, reducing the width of each PACK by 40mm for a more compact layout. Additionally, each cabinet houses 12 small standardized PCS units, matching the size specifications of PACKs for efficient space utilization. These benefits and innovations make the AC Block concept feasible.
With a more compact structure, increased heat dissipation challenges arise. PowerTitan 2.0 addresses this with a Fully Liquid-Cooled solution for battery PACKs and PCS units, ensuring rapid heat dissipation and extending system longevity.
The AC Block: An Optimal Choice
“In the operational projects, PowerTitan 2.0 demonstrates its exceptional competitiveness,” said Dr. James Li. It saves 29% on land usage, requiring only 2000 square meters for a hundred-megawatt-hour system, significantly reducing land costs. The all-in-one AC-DC block design streamlines deployment with embedded PCSs, pre-assembled components, MVT, and comprehensive factory testing to reduce installation time onsite.
Thanks to its innovative AC-DC block design, PowerTitan 2.0 increases the system’s round-trip efficiency (RTE) by 2%, boosts the total discharge volume over the entire lifecycle by 8%, and reduces fault losses by 92%. Moreover, standardized short cable connections between batteries and PCS in a fully liquid-cooled cabinet, along with advanced AI-based battery health management and ArcDefender Technology, effectively minimize thermal runaway and arcing risks, ensuring overall cabinet safety.
The system also incorporates the latest Stem Cell Grid Tech, enabling seamless 0ms grid switching, and active harmonic absorption. It has been widely deployed in global projects such as the SPP Hybrid project in Thailand, the Dalia project in the Middle East, and China’s offshore grid-forming energy storage project in Guangxi. The solution plays a vital role in supporting the smooth operation of new power systems. Notably, PowerTitan 2.0 operates with low noise levels below 75 dBA, utilizing carefully selected biodegradable or renewable transformer oil, refrigerants, and fire extinguishing agents, aligning with environmental sustainability.
Looking ahead, with continuous product innovation and further cost reductions, AC Blocks represented by PowerTitan 2.0 will become the optimal choice in the energy storage market and driving the global energy transition.
Contact:
Mina Zhang
mina.zhang@cn.sungrowpower.com
Logo – https://mma.prnewswire.com/media/1344575/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sungrow-liquid-cooled-ess-powertitan-2-0-is-set-to-unleash-the-ac-block-era-302261707.html
Technology
Closer China-ASEAN cooperation boosts regional high-quality development
Published
6 hours agoon
September 28, 2024By
NANNING, China, Sept. 28, 2024 /PRNewswire/ — A news report from Beijing Review:
Viet Nam’s aromatic Trung Nguyen coffee, Malaysia’s Musang King durian, Thailand’s fragrant jasmine rice and Laos’ refreshing beer—what do they all have in common?
The answer is they’ve all made an entrance into the vast Chinese market through the China-ASEAN Expo (CAEXPO), earning rave reviews from delighted consumers.
On September 24, the 21st CAEXPO and China-ASEAN Business and Investment Summit kicked off in Nanning, Guangxi Zhuang Autonomous Region. Like a foodie’s fantasy come true and a business bonanza wrapped into one, the expo promised not just to tantalize taste buds but also to turbocharge trade ties between China and its Southeast Asian neighbors.
In addressing the opening ceremony, Chinese Vice Premier Ding Xuexiang said interactions between China and ASEAN have served as the most successful and dynamic model of cooperation in the Asia-Pacific region, and are a vivid example of the building of a community with a shared future for humanity.
Along with the flourishing ties, the expo has become an important supplement to the 10 Plus One cooperation framework between China and ASEAN, providing strong support for regional high-quality development, Luo Yongkun, Deputy Director of the Institute of Southeast Asia and Oceania Studies at the China Institutes of Contemporary International Relations, told Beijing Review.
The expo has been standing as a testament to the enduring friendship, cooperation and shared prosperity between China and ASEAN countries over the years, Kao Kim Hourn, Secretary General of ASEAN, said at the opening ceremony, adding that since its inception in 2004, the event has evolved into an important platform for dialogue, cooperation and development, covering sectors such as infrastructure, agriculture, technology, education and tourism.
“China considers ASEAN a priority in its neighborhood diplomacy and a key region in high-quality Belt and Road cooperation,” Ding said. “ASEAN countries, on their part, see in China a trustworthy and close partner.”
The shared values of peace, cooperation and mutual respect between China and ASEAN form the foundation of their partnership, Vongsey Vissoth, Deputy Prime Minister of Cambodia, said, adding he believes that the two sides can achieve more fruitful results through their cooperation in trade and economy, with the China-ASEAN Free Trade Area bringing new opportunities.
China has been ASEAN’s largest trading partner for 15 consecutive years, while ASEAN has been China’s top trading partner since 2020. The cumulative two-way investment has exceeded $400 billion, according to China’s Ministry of Commerce.
The CAEXPO has made important contributions to the economic integration between ASEAN and China, facilitating investment flows and cross-border economic opportunities, laying the foundation for building a more connected, resilient and dynamic region, Kao said.
In 2010, the China-ASEAN Free Trade Area was officially launched, opening a channel for ASEAN enterprises to gain more efficient and convenient access to the Chinese market.
China’s Vice Minister of Commerce Li Fei said mutually beneficial cooperation between China and ASEAN countries has reached new levels.
Bilateral economic and trade cooperation has continued to upgrade over the years, with positive progress achieved in negotiations for version 3.0 of the China-ASEAN Free Trade Area, he added.
As early as 2015, China and ASEAN initiated the construction of the China-ASEAN Information Harbor to cultivate new drivers of economic development. Today, nearly 20 projects across nine ASEAN countries in fields such as digital government, digital industries and new communications have been conducted under the framework, Luo said.
“We need to leverage the harbor to promote digital connectivity and information sharing, and work for a digital Silk Road,” Ding said in his speech.
At this year’s CAEXPO, a new section was conducted to highlight strategic emerging industries, showcasing the latest progresses and technologies in fields such as digital technology, new energy and intelligent connected vehicles.
Leading Chinese green technology companies are also working closely with ASEAN enterprises and investing in new facilities to produce innovative and locally adapted products, contributing to ASEAN’s green transition.
The ongoing efforts to advance the China-ASEAN Free Trade Area 3.0 will lead to a broader opening up in investment and services trade, Lei Xiaohua, a researcher with the Southeast Asia Research Institute at the Guangxi Academy of Social Sciences, said, adding that the CAEXPO will be endowed with a new mission in future regional industrial and supply chain cooperation.
View original content:https://www.prnewswire.com/apac/news-releases/closer-china-asean-cooperation-boosts-regional-high-quality-development-302261693.html
SOURCE Beijing Review
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