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Sanmina’s Third Quarter Fiscal 2024 Financial Results

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SAN JOSE, Calif., July 29, 2024 /PRNewswire/ — Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal third quarter ended June 29, 2024 and outlook for its fiscal fourth quarter ending September 28, 2024.

Third Quarter Fiscal 2024 Financial Highlights

Revenue: $1.84 billionGAAP operating margin: 4.5%GAAP diluted EPS: $0.91Non-GAAP(1) operating margin: 5.3%Non-GAAP(1) diluted EPS: $1.25Cash flow from operations: $90 millionEnding cash and cash equivalents: $658 million

(1) See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.

“We delivered third quarter results in line with our outlook. We are starting to see stabilization and demand improve going into our fourth quarter, and we expect to see growth in fiscal 2025,” stated Jure Sola, Chairman and Chief Executive Officer. “We continue to execute our strategy, which is to deliver profitable growth and free cash flow generation while maintaining our strong balance sheet and returning value to shareholders.”

Fourth Quarter Fiscal 2024 Outlook
The following outlook is for the fiscal fourth quarter ending September 28, 2024. These statements are forward-looking and actual results may differ materially. 

Revenue between $1.9 billion to $2.0 billionGAAP diluted earnings per share between $1.02 to $1.12Non-GAAP diluted earnings per share between $1.30 to $1.40

Safe Harbor Statement
The statements above including our financial outlook for the fourth quarter fiscal 2024 and expectations for growth in fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, including from the war in Ukraine and conflict in the Middle East; and the other risk factors set forth in the Company’s annual and quarterly reports filed with the Securities Exchange Commission.

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the third quarter and outlook for the fourth quarter of fiscal 2024 on Monday, July 29, 2024 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q3’24 Earnings. Additional information in the form of a slide presentation is available on Sanmina’s website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 27876#.

About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.

Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610

 

Sanmina Corporation

Condensed Consolidated Balance Sheets

(in thousands)

(GAAP)

(Unaudited)

June 29,
2024

September 30,
2023

ASSETS

Current assets:

Cash and cash equivalents

$          657,709

$          667,570

Accounts receivable, net

1,154,834

1,230,771

Contract assets

414,805

445,757

Inventories

1,384,332

1,477,223

Prepaid expenses and other current assets

81,655

58,249

Total current assets

3,693,335

3,879,570

Property, plant and equipment, net

630,254

632,836

Deferred tax assets

162,782

177,597

Other

177,160

183,965

Total assets

$       4,663,531

$       4,873,968

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$       1,433,803

$       1,612,833

Accrued liabilities

243,429

267,148

Accrued payroll and related benefits

126,824

127,406

Short-term debt, including current portion of long-term debt

17,500

25,945

Total current liabilities

1,821,556

2,033,332

Long-term liabilities:

Long-term debt

299,665

312,327

Other

200,972

209,684

Total long-term liabilities

500,637

522,011

Stockholders’ equity

2,341,338

2,318,625

Total liabilities and stockholders’ equity

$       4,663,531

$       4,873,968

 

Sanmina Corporation

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(GAAP)

(Unaudited)

Three Months Ended

Nine Months Ended

June 29,
2024

July 1,
2023

June 29,
2024

July 1,
2023

Net sales

$     1,841,430

$     2,207,118

$     5,550,823

$     6,883,029

Cost of sales

1,687,891

2,023,910

5,081,687

6,313,246

Gross profit

153,539

183,208

469,136

569,783

Operating expenses:

Selling, general and administrative

61,720

68,828

195,704

192,948

Research and development

7,659

6,719

20,271

18,712

Restructuring

1,793

296

7,257

1,731

Total operating expenses

71,172

75,843

223,232

213,391

Operating income

82,367

107,365

245,904

356,392

Interest income

2,572

4,213

9,641

9,685

Interest expense

(7,506)

(10,066)

(24,136)

(28,033)

Other expense

(2,795)

(2,508)

(652)

(11,988)

Interest and other, net

(7,729)

(8,361)

(15,147)

(30,336)

Income before income taxes

74,638

99,004

230,757

326,056

Provision for income taxes

19,900

17,267

60,346

63,898

Net income before noncontrolling interest

54,738

81,737

170,411

262,158

     Less: Net income attributable to noncontrolling interest

3,136

5,243

9,256

14,029

Net income attributable to common shareholders

$          51,602

$          76,494

$        161,155

$        248,129

Net income attributable to common shareholders per share:

Basic

$               0.93

$               1.32

$               2.88

$               4.28

Diluted

$               0.91

$               1.28

$               2.82

$               4.14

Weighted-average shares used in computing per share amounts:

Basic

55,466

57,987

55,862

57,995

Diluted

56,711

59,592

57,216

59,996

 

Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended

June 29,
2024

March 30,
2024

July 1,
2023

GAAP Operating income

$           82,367

$           75,961

$        107,365

GAAP Operating margin

4.5 %

4.1 %

4.9 %

Adjustments:

Stock compensation expense (1)

14,682

14,651

13,317

Amortization of intangible assets

669

Distressed customer charges (recoveries) (2)

(2,500)

4,299

Legal and other (3)

500

1,350

4,475

Restructuring

1,793

3,274

296

Non-GAAP Operating income

$           96,842

$           99,535

$        126,122

Non-GAAP Operating margin

5.3 %

5.4 %

5.7 %

GAAP Net income attributable to common shareholders

$           51,602

$           52,485

$          76,494

Adjustments:

Operating income adjustments (see above)

14,475

23,574

18,757

Legal and other (3)

(4,967)

Adjustments for taxes (4)

4,751

2,849

(3,093)

Non-GAAP Net income attributable to common shareholders

$           70,828

$           73,941

$          92,158

GAAP Net income attributable to common shareholders per share:

Basic

$               0.93

$               0.94

$               1.32

Diluted

$               0.91

$               0.93

$               1.28

Non-GAAP Net income attributable to common shareholders per share:

Basic

$               1.28

$               1.33

$               1.59

Diluted

$               1.25

$               1.30

$               1.55

Weighted-average shares used in computing per share amounts:

Basic

55,466

55,585

57,987

Diluted

56,711

56,699

59,592

(1)

Stock compensation expense

Cost of sales

$             4,327

$             4,416

$            4,518

Selling, general and administrative

10,082

9,984

8,588

Research and development

273

251

211

Total

$           14,682

$           14,651

$          13,317

(2)

Relates to accounts receivable and inventory write-downs (recoveries) associated with distressed customers.

(3)

Represents expenses, charges and recoveries associated with certain legal and other matters.

(4)

GAAP provision for income taxes

$           19,900

$           19,122

$          17,267

Adjustments:

Tax impact of operating income adjustments

1,303

2,611

1,817

Discrete tax items

1,462

385

6,957

Deferred tax adjustments

(7,516)

(5,845)

(5,681)

Subtotal – adjustments for taxes

(4,751)

(2,849)

3,093

Non-GAAP provision for income taxes

$           15,149

$           16,273

$          20,360

 

 

Q4 FY24 Earnings Per Share Outlook*:

Q4 FY24 EPS Range

Low

High

GAAP diluted earnings per share

$                  1.02

$                  1.12

Stock compensation expense

$                  0.28

$                  0.28

Non-GAAP diluted earnings per share

$                  1.30

$                  1.40

* Due to uncertainty regarding the timing of recognition of restructuring charges, impairment charges and other unusual or infrequent items, if any, that could be incurred during the fourth quarter of FY24, an estimate of such items is not included in the outlook for Q4 FY24 GAAP EPS.

 

Sanmina Corporation

Condensed Consolidated Cash Flow

(in thousands)

(GAAP)

(Unaudited)

Three Month Periods

Q3’24

Q2’24

Q1’24

Q4’23

Q3’23

Net income before noncontrolling interest

$      54,738

$      55,309

$      60,364

$      65,355

$      81,737

Depreciation and amortization

29,764

30,274

30,726

30,521

29,898

Other, net

19,708

18,634

18,185

21,947

21,174

Net change in net working capital

(14,211)

(31,900)

16,750

(40,966)

(76,300)

Cash provided by operating activities

89,999

72,317

126,025

76,857

56,509

Purchases of long-term investments

(600)

(700)

(600)

(500)

(500)

Net purchases of property & equipment

(22,772)

(29,611)

(34,216)

(37,803)

(52,167)

Cash used in investing activities

(23,372)

(30,311)

(34,816)

(38,303)

(52,667)

Holdback paid in connection with previous business combination

(8,558)

Net share repurchases

(54,629)

(17,477)

(115,619)

(30,397)

(52,072)

Net borrowing activities

(4,375)

(4,375)

(12,820)

4,070

(4,375)

Cash used for financing activities

(59,004)

(21,852)

(128,439)

(26,327)

(65,005)

Effect of exchange rate changes

(772)

(886)

1,250

(1,245)

(452)

Net change in cash & cash equivalents

$        6,851

$      19,268

$    (35,980)

$      10,982

$    (61,615)

Free cash flow:

Cash provided by operating activities

$      89,999

$      72,317

$    126,025

$      76,857

$      56,509

Net purchases of property & equipment

(22,772)

(29,611)

(34,216)

(37,803)

(52,167)

$      67,227

$      42,706

$      91,809

$      39,054

$        4,342

 

Schedule 1

The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.

Management excludes these items principally because such charges or benefits are not directly related to the Company’s ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company’s operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company’s strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management’s approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company’s liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company’s performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.

Additional information regarding the economic substance of each exclusion, management’s use of the resultant non-GAAP measures, the material limitations of management’s approach and management’s methods for compensating for such limitations is provided below.

Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company’s results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company’s core results with those of its competitors.

Restructuring, Acquisition and Integration Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company’s competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company’s core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company’s competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Therefore, management also reviews GAAP results including these amounts.

Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company’s liquidity. In addition, given the fact that the Company’s competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors.

Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company’s liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors because the Company’s competitors complete acquisitions at different times and for different amounts than the Company.

Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company’s ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company’s competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.

Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company’s core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.

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SOURCE Sanmina Corporation

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In 75 years, China has become increasingly prominent in driving global development: Global Times editorial

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BEIJING, Sept. 29, 2024 /PRNewswire/ — The 75th anniversary of the founding of the People’s Republic of China is a momentous occasion, not only for the over 1.4 billion Chinese people but also with global significance and historical importance. 

Over these 75 years, the journey of Chinese modernization has profoundly transformed China and influenced the world, truly realizing that “our work will be written in the annals of human history.” 

This year also marks the 70th anniversary of the Five Principles of Peaceful Coexistence. Amid a changing international landscape, China has steadfastly maintained an independent and peaceful foreign policy, upholding international fairness and justice. As China increasingly approaches global center stage, it continues to make new and greater contributions to the cause of peace and development for humanity.

Seventy-five years ago, when this ancient nation in the East opened a new chapter in its history, the world was just beginning to recover from the devastation of two wars. From a struggling agricultural country, China has evolved into the world’s second-largest economy, the world’s leading manufacturing power, the top trader of goods, and the holder of the largest foreign exchange reserves. This historical elevation in national strength matches China’s significant contributions to global development. 

From 1979 to 2023, China’s average annual contribution to global economic growth reached 24.8 percent, with an average of over 30 percent from 2013 to 2023. For 12 consecutive years, China’s outbound direct investment in foreign countries has ranked among the top three globally, holding over 10 percent of the global share for eight years. China’s “new three items” – electric vehicles, lithium-ion batteries, and solar cells – are facilitating the globe to accelerate their green and low-carbon transitions, while its infrastructure projects span over 190 countries and regions worldwide. Today, averagely speaking, China engages in approximately 80 million yuan ($11.4 million) worth of trade with the world every minute, invests approximately 112 million yuan abroad every hour, and attracts about 3.377 billion yuan in foreign investment daily. The development of China is intricately linked with global progress, achieving mutual success, and driving the world toward greater progress and prosperity.

A great nation with over 5,000-year-old civilization stands majestically in the East, as over 1.4 billion people stride forward on the path to modernization. Such a vast scale itself is one of the main powerful driving forces for the progress of the entire world and human society. The practices of Chinese modernization teaches us that development is the key to solving all problems. China has proposed the Global Development Initiative to support the development and revitalization of countries in the Global South. By the end of 2023, China’s direct investment in countries participating in the Belt and Road Initiative had exceeded $300 billion. Chinese companies have built the first ultra-high voltage direct current transmission line in the Americas, the first electrified railway, the first digital mine, and numerous infrastructure and livelihood projects in Africa, making an indelible contribution to global infrastructure construction.

From “seek knowledge even if you have to go as far as China” to “seek peace even if you have to go as far as China,” peace is a valuable public good that China offers to a turbulent world. Over the past 75 years, China has never initiated any war or conflict and has never occupied an inch of another country’s territory. In the face of numerous international security challenges, China has proposed the Global Security Initiative. It has mediated the reconciliation between Saudi Arabia and Iran, facilitated a historic reconciliation among Palestinian factions, and promoted a political resolution to the crisis in Ukraine. Today, China has become the second-largest contributor to the UN regular budget, the second-largest contributor to peacekeeping operations, and the largest troop-contributing country among the permanent members of the UN Security Council. China has always been committed to promoting world peace and development.

To leave behind achievements worthy of being engraved in world history, a nation and its people must not only be judged by their material accomplishments but also by the amount of spiritual wealth they have contributed. The latter often holds more profound significance than the former. 

In today’s world, where the destinies of nations are closely intertwined, China has proposed the Global Civilization Initiative, advocating cultural exchanges that transcend estrangement, mutual learning that transcends clashes, and coexistence that transcends feelings of superiority. It addresses significant questions, such as how different civilizations can coexist and where human civilization is headed, offering Chinese wisdom and solutions to promote cultural exchanges and the advancement of human civilization.

Over the past 75 years, China has demonstrated an uncommon empathy in the political arena of major powers throughout human history. From proposing the Five Principles of Peaceful Coexistence, emphasizing equality and non-interference in other countries’ internal affairs, to the new era’s initiatives like jointly building the Belt and Road Initiative, building a community with a shared future for mankind, and the promotion of solidarity and cooperation among the Global South, China has advocated that the sovereignty of all countries are equal regardless of size on global arena while showing respect and support for the development of other countries. 

China has provided the worldview of “shared future” and the methodology of “jointly building and win-win cooperation” for all mankind. This is rare in the history of human civilization and is urgently needed in today’s world. 

The 75-year journey through challenges has underscored the invaluable role China plays in global peace, development and progress. The modernization China has promoted, which embodies justice, openness, mutual benefit, people-first policies, diversity, inclusiveness, eco-friendliness, and peace and security, will only become more significant and valuable to the world as time progresses.

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SOURCE Global Times

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Xinhua Silk Road: Research project on sustainable development of agriculture and animal husbandry launched with support from Chinese dairy giant Mengniu

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BEIJING, Sept. 29, 2024 /PRNewswire/ — With support from Mengniu public welfare foundation set up by Chinese dairy giant Inner Mongolia Mengniu Dairy (Group) Co., Ltd., China Economic Information Service recently established a research group to carry out studies on how the ecological protection compensation mechanism and the mechanism for realizing the value of ecological products can promote sustainable development of agriculture and animal husbandry.

The research group will first sort out relevant policies and theories on the topic.

Field visits and research then will be conducted in key regions of agriculture and animal husbandry development nationwide. The research group will identify prominent problems that arise in local practices where the two mechanisms are adopted to boost sustainable development of agriculture and animal husbandry and analyze specific causes. The group will also create hypotheses about combining the ecological protection compensation mechanism and the ecological product value realization mechanism to propel agriculture and animal husbandry sustainability.

Finally, the researchers will compile a report based on research results and put forward suggestions.

Founded in 2022, the Mengniu public welfare foundation carry out public welfare and charity activities mainly related to emergency and disaster relief, rural revitalization, nutrition empowerment, and ecological protection.

Original link: https://en.imsilkroad.com/p/342397.html

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SOURCE Xinhua Silk Road

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Global Times: Chinese youth increasingly embrace, share millennia-old cultural traditions

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Li Ziyao, a young Chinese student studying in Boston, the US, recently completed Black Myth: Wukong, a game playing based on the classic Chinese novel Journey to the West.

He was excited that this game, rich in traditional cultural elements, has become a sensation in America too. As he observed his American classmates discussing the Monkey King, the architectural styles, and Chinese history, a strong sense of pride surged within him.

“I am witnessing firsthand how Chinese culture is being spread and understood globally in a novel and modern way,” Li told the Global Times.

Culture plays a vital role in inspiring national spirit, maintaining identity, and promoting both economic and personal development.

China’s achievements over the past 75 years are closely tied to its millennia-old culture and cultural confidence. Generations of young people with strong values and ethics worked to develop Chinese culture and present it to the world. 

Chinese civilization has thrived along with the open expression of young people. They relish and discuss with foreign friends China’s traditional culture, allowing it to resonate with international audiences. 

In ancient times, Chinese ancestors sailed the seas along the historical Maritime Silk Road, spreading Chinese culture toward the rest of the world.

Today, young people, especially Generation Z, are using unique ways to share Chinese culture with the world.

Set new trend

Li mentioned that one of the American Twitch streamers he follows, Zack, also known as Asmongold, a content creator with over 2.9 million YouTube subscribers, once commented that Chinese mythology has a natural freshness for Western players, sparking their desire to explore the unknown.

The cultural elements carried by Black Myth: Wukong are also reflected in its music. The game incorporates traditional Chinese melodies from the 1986 hit TV series Journey to the West soundtrack, including the iconic track Celestial Symphony in key scenes.

“Hearing Celestial Symphony evokes me an indescribable feeling of nostalgia. One of my American classmates told me that the music made him feel as if he were immersed in a world filled with the charm of ancient Eastern culture,” Li noted.

With the international success of Celestial Symphony, Li has noticed that many of his classmates have expressed their desire to learn traditional Chinese musical instruments, especially pipa, which embodies unique Chinese aesthetics.

In a recent interview, US musician Lauv commented on the beauty of pipa, while interacting with young pipa player Liu Jialiang, also known as Marsix.

During the interview, Marsix used pipa to perform Lauv’s breakout hit I Like Me Better. Lauv, who is also known as Ari Staprans Leff, is followed by more than 1 million fans on the platform known as X. 

The instrument’s sound, representing Chinese aesthetics, stunned the Western singer and left him with a look of amazement. Marsix’s performance has also revealed how the 2,000-year-old instrument remains versatile in playing global pop music. 

“I was thrilled to share our traditional music culture again,” the young player told the Global Times. He also emphasized that his journey with pipa has always been about “fusion.”

Since 2022, Marsix has been posting remixed pipa music that blends traditional Chinese melodies with Western genres like jazz, hip-hop, and electronic music. 

Through his fusion of traditional Chinese music, Marsix has captured the attention of international fans. On YouTube, netizens commented on Marsix’s performance, saying “the Chinese ‘guitar’ would set a new trend.” 

“I think the traditional instrument is a tool for us young Chinese musicians to express our open-mindedness to world music,” Marsix noted. 

Confident in his cultural roots, the young Chinese musician has also inspired many young fans in China to rediscover the beauty of traditional Chinese music. Marsix told the Global Times that most of his fans are in their 20s, and he hopes to guide them on a journey of rediscovering Chinese culture.

“In the past, the word ‘pipa’ would evoke images of classical performers, but now it represents a trendy instrument played by performers of all ages and genders. Young Chinese musicians are using their creativity to revive the tradition,” Zhu Xiao, a Chinese folk music fan and cucurbit flute player, told the Global Times. 

Dressed in confidence

For many in Generation Z, wearing Hanfu – traditional Chinese dress – is just like playing pipa as a way to reconnect with the cultural root and also a way to express cultural confidence.

Driven by strong curiosity about the world, Chinese storyboard artist Lei Yumeng, better known as Mi Lei, travels between reality and fantasy in her storyboard work. Nearly every piece of work she posts on social media becomes a hit. So far, the Chinese artist has more than 8 million followers on different platforms.

Lei’s love for Chinese culture extends to her admiration for Hanfu. She told the Global Times that through her paintings of Hanfu from various dynasties, she can explore the aesthetics and auspicious intentions of ancient Chinese people, as reflected in the clothing’s patterns and embroidery.

Lei’s embrace of Chinese cultural heritage has been recognized internationally, with her videos on platforms like Instagram earning praise for showcasing traditional clothing. This global appreciation has been a reminder of the richness of her motherland’s unique cultural roots, which she said she “has initially taken for granted.”

Lei said her work in animation and storytelling is a celebration of China’s cultural legacy, a legacy she is “proud to share with the world.”

 

View original content:https://www.prnewswire.com/news-releases/global-times-chinese-youth-increasingly-embrace-share-millennia-old-cultural-traditions-302262003.html

SOURCE Global Times

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