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CBAK Energy Reports Second Quarter and First Half 2024 Unaudited Financial Results

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DALIAN, China, Aug. 9, 2024 /PRNewswire/ — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy,” or the “Company”) a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the second quarter and the first half of 2024 ended June 30, 2024.

First Half of 2024 Financial Highlights

Net revenues from sales of batteries were $80.4 million, an increase of 55% from $51.8 million in the same period of 2023.

    –    Net revenues from batteries used in light electric vehicles were $3.3 million, an increase of 7% from $3.1 million in the same period of 2023.

    –    Net revenues from batteries used in electric vehicles were $0.7 million, a decrease of 65% from $2.0 million in the same period of 2023.

    –    Net revenues from residential energy supply & uninterruptible supplies were $76.4 million, an increase of 63% from $46.8 million in the same period of 2023.

Gross margin for the battery business was 39.0%, an increase of 26.2 percentage points from 12.8% in the same period of 2023.Net income from the battery business was $19.6 million, compared to net loss of $1.0 million in the same period of 2023.

Yunfei Li, Chairman and Chief Executive Officer of the Company, commented, “We are thrilled to share with our shareholders and investors that we have achieved a remarkable 55% increase in net revenues from our battery business, reaching $80.4 million for the first half of the year. This significant growth is particularly notable given the broader industry challenges and declining sales volumes faced by our competitors. Our strategic pivot towards residential energy solutions and diverse energy storage applications has been a key driver of this success, with the bulk of our revenue increase coming from these sectors. Our major clients remain highly satisfied with the performance of our products and continue to show strong loyalty. We are confident that this exceptional sales momentum will continue to drive our success in the future.”

Jiewei Li, Chief Financial Officer and Secretary of the Board of the Company, added, “In addition to the remarkable surge in net revenues from our battery business, we are thrilled to report an impressive gross margin of 39% for the first half of the year. This outstanding performance not only highlights our efficiency but also places us ahead of all our competitors in battery manufacturing. Consequently, our net income from the battery sector has reached $19.6 million, surpassing the figures from the previous fiscal year.

We are confident that our gross margin will remain robust due to high client satisfaction with our battery products, and we anticipate continued growth in net income in the upcoming quarters. Furthermore, we are engaged in discussions with several private equity investors regarding both our sodium and lithium battery segments. These investors are showing interest in contributing capital at a significantly higher valuation. We expect to finalize these transactions and deliver positive news to the market.”

Second Quarter of 2024 Business Highlights & Recent Developments

In June, CBAK Energy announced that its subsidiary, CBAK Power, had secured an order valued at almost USD7.0 million from a Renowned European Client.In June, CBAK Energy unveiled a significant advancement in fast-charging technology with the enhanced model 32140 battery, achieving a full charge in just 35 minutes.

Second Quarter of 2024 Financial Results

Net revenues[1] were $47.8 million, representing an increase of 13% compared to $42.4 million in the same period of 2023. This increase was primarily attributable to an increase in revenue from the Company’s battery business.

Among these revenues, detailed revenues from our battery business are:

Battery Business

2023

Second

Quarter

2024
Second

Quarter

% Change
YoY

Net Revenues ($)

22,232,003

35,598,124

60

Gross Profits ($)

3,425,147

12,912,293

276

Gross Margin

15.4

%

36.3

%

–

Net (Loss) Income ($)

(1,126,224)

7,892,641

–

Net Revenues from Battery Business on
Applications ($)

Electric Vehicles

135,731

199,258

46

Light Electric Vehicles

1,147,902

1,825,501

59

Residential Energy Supply &
Uninterruptable supplies

20,948,370

33,573,365

60

Total

22,232,003

35,598,124

60

 

[1] Net revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business.

Cost of revenues was $35.1 million, representing a slightly decrease of 9% from $38.5 million in the same period of 2023. The decrease in the cost of revenues corresponds to the Company’s higher gross profit from the battery business.

Gross profit was $12.7 million, representing an increase of 227% from $3.9 million in the same period of 2023. Gross margin was 26.6%, compared to 9.2% in the same period of 2023.

Total operating expenses were $6.8 million, representing a decrease of 12% from $7.7 million in the same period of 2023.

Research and development expenses was $3.0 million for the three months ended June 30, 2024 and 2023.Sales and marketing expenses were $1.4 million, an increase of 42% from $1.0 million in the same period of 2023.General and administrative expenses were $3.1 million, a slightly decrease of 14% from $3.6 million in the same period of 2023.Recover of doubtful accounts was $0.67 million, compared to a provision of doubtful accounts of $0.13 million in the same period of 2023.

Operating income amounted to $5.9 million, compared to an operating loss of $3.8 million in the same period of 2023.

Finance income, net amounted to $0.7, compared to $0.3 million in the same period of 2023.

Change in fair value of warrants was nil, compared to $0.04 million in the same period of 2023.

Net income attributable to shareholders of CBAK Energy was $6.45 million, compared to net loss attributable to shareholders of CBAK Energy of $2.6 million in the same period of 2023.

Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $6.45 million, compared to a net loss of $2.7 million in the same period of 2023, mainly due to the strong performance of our battery business. 

Basic and diluted income per share were both $0.07, compared to basic and diluted loss per share of $0.03 in 2023.

First Half of 2024 Financial Results

Net revenues[1] were $106.6 million, representing an increase of 26% compared to $84.8 million in the same period of 2023. This increase was primarily attributable to an increase in revenue from the Company’s battery business.

Among these revenues, detailed revenues from our battery business are:

Battery Business

2023

First

Half

2024
First

Half

% Change
YoY

Net Revenues ($)

51,835,386

80,435,993

55

Gross Profits ($)

6,638,505

31,375,815

372

Gross Margin

12.8

%

39.0

%

–

Net (Loss) Income ($)

(1,017,300)

19,575,070

–

Net Revenues from Battery Business on
Applications ($)

Electric Vehicles

1,955,979

679,439

-65

Light Electric Vehicles

3,115,959

3,335,793

7

Residential Energy Supply &
Uninterruptable supplies

46,763,448

76,420,761

63

Total

51,835,386

80,435,993

55

 

[1] Net revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business.

Cost of revenues was $75.0 million, representing a slightly decrease of 4% from $78.0 million in the same period of 2023. The increase in the cost of revenues corresponds to the Company’s higher gross profit from the battery business.

Gross profit was $31.5 million, representing an increase of 22% from $6.8 million in the same period of 2023. Gross margin was 29.5%, compared to 8.0% in the same period of 2023.

Total operating expenses were $15.3 million, representing an increase of 14% from $13.4 million in the same period of 2023.

Research and development expenses were $5.8 million, an increase of 6% from $5.4 million in the same period of 2023.Sales and marketing expenses were $3.1 million, an increase of 8.4% from $1.7 million in the same period of 2023.General and administrative expenses were $7.2 million, an increase of 19% from $6.1 million in the same period of 2023.Recover of doubtful accounts was $0.8 million, compared to a provision of doubtful accounts of $0.26 million in the same period of 2023.

Operating income amounted to $16.2 million, compared to an operating loss of $6.7 million in the same period of 2023.

Finance income, net amounted to $0.7, compared to $0.3 million in the same period of 2023.

Change in fair value of warrants was nil, compared to $0.12 million in the same period of 2023.

Net income attributable to shareholders of CBAK Energy was $16.3 million, compared to net loss attributable to shareholders of CBAK Energy of $4.0 million in the same period of 2023.

Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $16.3 million, compared to a net loss of $4.1 million in the same period of 2023, mainly due to the strong performance of our battery business. 

Basic and diluted income per share were both $0.18, compared to basic and diluted loss per share of $0.05 in 2023.

Conference Call

CBAK Energy’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, August 9, 2024 (8:00 PM Beijing/Hong Kong Time on August 9, 2024).

For participants who wish to join our call online, please visit:

https://edge.media-server.com/mmc/p/etm9tt44

Participants who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed instructions.

Participant Online Registration:

https://register.vevent.com/register/BI88cb5143d85b4257ac2ba1e1f0e4d8e2

Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.

A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/etm9tt44

The earnings release and the link for the replay are available at ir.cbak.com.cn.

About CBAK Energy

CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium and sodium batteries, as well as the production of raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, energy storage and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as a large-scale R&D and production base in Dalian.

For more information, please visit ir.cbak.com.cn.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company’s products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

For further inquiries, please contact:

In China:

CBAK Energy Technology, Inc.
Investor Relations Department
Phone: +86-18675423231
Email: ir@cbak.com.cn

 

CBAK Energy Technology, Inc. and Subsidiaries

Condensed consolidated Balance Sheets

As of December 31, 2023 and June 30, 2024

(Unaudited)

(In US$ except for number of shares)

December 31,
2023

June 30,
2024

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$

4,643,267

$

9,709,059

Pledged deposits

54,179,549

10,418,508

Short-term deposits

–

34,342,812

Trade and bills receivable, net

28,653,047

32,710,720

Inventories

33,413,422

31,226,831

Prepayments and other receivables

7,459,254

5,017,982

Receivables from a former subsidiary, net

74,946

12,620

Total current assets

128,423,485

123,438,532

Property, plant and equipment, net

91,628,832

86,966,492

Construction in progress

37,797,862

36,086,788

Long-term investments, net

2,565,005

2,256,386

Prepaid land use rights

11,712,704

11,281,490

Intangible assets, net

841,360

599,350

Deposit paid for acquisition of long-term investments

7,101,492

15,934,172

Operating lease right-of-use assets, net

1,084,520

3,053,819

Total assets

$

281,155,260

$

279,617,029

Liabilities

Current liabilities

Trade and bills payable

$

82,429,575

$

71,644,150

Short-term bank borrowings

32,587,676

35,077,469

Other short-term loans

339,552

338,623

Accrued expenses and other payables

41,992,540

33,431,784

Payables to a former subsidiary, net

411,111

418,499

Deferred government grants, current

375,375

482,714

Product warranty provisions

23,870

17,888

Operating lease liability, current

691,992

994,562

Finance lease liability, current

1,643,864

1,424,535

Income tax payable

–

798,715

Total current liabilities

160,495,555

144,628,939

Deferred government grants, non-current

6,203,488

5,700,353

Product warranty provisions

522,574

434,724

Operating lease liability, non-current

475,302

2,326,064

Total liabilities

167,696,919

153,090,080

Commitments and contingencies

Shareholders’ equity

Common stock $0.001 par value; 500,000,000 authorized; 90,063,396
    issued and 89,919,190 outstanding as of December 31, 2023 and
    90,083,396 issued and 89,939,190 outstanding as of June 30, 2024

90,063

90,083

Donated shares

14,101,689

14,101,689

Additional paid-in capital

247,465,817

247,674,563

Statutory reserves

1,230,511

1,230,511

Accumulated deficit

(134,395,762)

(118,113,850)

Accumulated other comprehensive loss

(11,601,403)

(14,326,079)

116,890,915

130,656,917

Less: Treasury shares

(4,066,610)

(4,066,610)

Total shareholders’ equity

112,824,305

126,590,307

Non-controlling interests

634,036

(63,358)

Total equity

113,458,341

126,526,949

Total liabilities and shareholder’s equity

$

281,155,260

$

279,617,029

 

CBAK Energy Technology, Inc. and Subsidiaries

Condensed consolidated Statements of Operations and Comprehensive Income (Loss)

For the three and six months ended June 30, 2023 and 2024

(Unaudited)

(In US$ except for number of shares)

Three months ended
June 30,

Six months ended
June 30,

2023

2024

2023

2024

Net revenues

$

42,420,870

$

47,793,045

$

84,817,571

$

106,615,477

Cost of revenues

(38,536,228)

(35,065,019)

(78,027,185)

(75,106,404)

Gross profit

3,884,642

12,728,026

6,790,386

31,509,073

Operating expenses:

Research and development expenses

(2,980,718)

(2,955,509)

(5,436,046)

(5,771,027)

Sales and marketing expenses

(963,588)

(1,368,373)

(1,684,592)

(3,092,405)

General and administrative expenses

(3,582,893)

(3,129,994)

(6,062,028)

(7,222,521)

Recovery of (provision for) doubtful
   accounts

(130,493)

673,330

(261,660)

787,343

Total operating expenses

(7,657,692)

(6,780,546)

(13,444,326)

(15,298,610)

Operating income (loss)

(3,773,050)

5,947,480

(6,653,940)

16,210,463

Finance (expenses) income, net

252,472

688,721

257,783

698,384

Other income, net

238,040

141,975

421,253

509,413

Share of loss of equity investee

–

18,824

–

–

Gain on disposal of equity investee

–

26,912

–

26,912

Change in fair value of warrants

36,000

–

121,000

–

Income before income tax

(3,246,538)

6,823,912

(5,853,904)

17,445,172

Income tax credit (expenses)

307,311

(800,727)

710,195

(1,849,513)

Net income (loss)

(2,939,227)

6,023,185

(5,143,709)

$

15,595,659

Less: Net (income) loss attributable
   to non-controlling interest

304,237

422,277

1,128,364

686,253

Net income (loss) attributable to
   CBAK Energy Technology, Inc.

$

(2,634,990)

$

6,445,462

$

(4,015,345)

$

16,281,912

Net income (loss)

(2,939,227)

6,023,185

(5,143,709)

15,595,659

Other comprehensive loss

      – Foreign currency translation
          adjustment

(6,639,109)

(829,769)

(5,890,330)

(2,735,817)

Comprehensive (loss) income

(9,578,336)

5,193,416

(11,034,039)

12,859,842

Less: Comprehensive (loss) income
   attributable to non-controlling
   interest

643,620

423,171

1,373,641

697,394

Comprehensive (loss) income
   attributable to CBAK Energy
   Technology, Inc.

$

(8,934,716)

$

5,616,587

$

(9,660,398)

$

13,557,236

Income (loss) per share

      – Basic

$

(0.03)*

$

0.07

$

(0.05)

$

0.18

      – Diluted

$

(0.03)*

$

0.07

$

(0.05)

$

0.18

Weighted average number of shares of common stock:

      – Basic

89,029,399

89,931,617

89,021,424

89,931,727

      – Diluted

89,029,399

90,111,613

89,021,424

90,289,544

View original content:https://www.prnewswire.com/news-releases/cbak-energy-reports-second-quarter-and-first-half-2024-unaudited-financial-results-302218678.html

SOURCE CBAK Energy Technology, Inc.

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Technology

Data Center Asia 2025 Set for Ground-breaking Launch in Hong Kong

Published

51 mins ago

on

September 23, 2024

By

HONG KONG, Sept. 22, 2024 /PRNewswire/ — Positioned as an essential knowledge exchange platform and a cross-continental meeting place for the industry, Data Center Asia (DCA), organized by Informa Markets Asia, is set to make its grand debut from 15 to 17 July 2025 at AsiaWorld-Expo, Hong Kong. Building on the success of the long-running, AFCOM-affiliated Data Center World event in the US, Data Center Asia will serve as the epicenter for data center technology innovations and business transformations in the fast-growing Asia-Pacific markets, with highlights to the regional hotspots such as the Greater Bay Area (GBA). Hong Kong as a prime event location allows the event to attract a diverse visitor mix across Asia-Pacific region and boost the connectivity with global markets.

By showcasing the end-to-end data center value chain, DCA 2025 promises to be a transformative moment for Asia’s data center ecosystem, offering unparalleled opportunities for education, networking and sourcing that will shape the future of digital infrastructure. The event will be co-located with Build4Asia, The Battery Show Asia and Mobility Tech Asia, bringing content and visitor synergies under a broad renewable energy theme that covers advanced battery technologies, energy storage, electric/hybrid technologies, green facilities and green building solutions, and other relevant subjects.

The Ultimate Showcase of Data Center Innovations

The three-day DCA 2025 will showcase hundreds of advanced solutions designed to help attendees refine their data center strategies. Exhibitors will span the entire data center industry ecosystem, bringing together every key element from data center infrastructure, design engineering and systems integration, intelligent products and technologies, cloud and virtualisation to telecommunications. Corporate users and industry professionals including data center operators, IT and infrastructure managers, facility managers, cloud service experts, cybersecurity specialists and sustainability advocates will have the opportunity to connect with top-tier global suppliers, explore the latest technologies, and rethink the full lifecycle of data center operations.

Held alongside the exhibition, The DCA conference will feature a series of expertly curated tracks, each focused on the latest trends and best practice in the industry. Featuring over 100 top-tier speakers across the region and from outside Asia, attendees will   engage in in-depth discussions on key topics such as the current market landscape, energy efficiency & sustainability, data center design & operations, among many others. This dynamic exchange of ideas will inject new energy into the data center communities, offering attendees invaluable insights and practical takeaways.

Hong Kong as a Springboard to China and the Wider Asian Markets

Strategically located in the heart of Asia, Hong Kong bridges between Mainland China and the rest of the world, offering unmatched access for foreign businesses to enter the burgeoning GBA and the wider China markets and meanwhile enabling China local enterprises to expand their global footprint. Situated at AsiaWorld-Expo, which is conveniently located next to the Hong Kong International Airport and near the Hong Kong-Zhuhai-Macao Bridge, DCA 2025 ensures seamless access for visitors from all directions, making it an ideal platform to foster global connections and explore trans-continental business opportunities.

Hong Kong is distinguished by its superior connectivity, deep talent pool and advanced hardware infrastructure that complement the essential needs of the data center industry. The city’s commitment to supporting this sector is evident in its significant government initiatives, including subsidies for relevant R&D projects and the redevelopment initiatives to convert industrial buildings into the state-of-the-art data centers. These efforts are also complemented by Hong Kong’s strong supply-demand dynamics within key industries such as finance, trade, insurance and logistics, which drive lasting and robust needs for data center solutions. All these offer a fertile environment for investment and growth to the data center.

Strategic Co-Location for Maximum Synergy

As a strategic move to create powerful synergies, DCA 2025 will be co-located with three other technology-focused events held across seven standard halls at AsiaWorld-Expo:

the locally acclaimed Build4Asia, which specializes in green building, smart facilities and efficient power managementthe inaugural edition of The Battery Show Asia, which showcases the advancements in advanced battery and energy storage technologiesthe newly created Mobility Tech Asia, which explores the future of new energy vehicles across land, air and water.

This co-location is set to attract a diverse audience encompassing regional professionals from Internet Data Center (IDC) experts, EPC contractors, data center infrastructure manufacturers and distributors, end users and more, which would offer a broader perspective on data applications and drive valuable cross-sector exchange.

In addition, leveraging Informa’s extensive technology media network including Data Center Knowledge, InformationWeek, Network Computing and OMdia, DCA 2025 will serve up unprecedented opportunities for networking, knowledge exchange and business collaborations. The extensive industry expertise and audience base brought by these sister brands will significantly enhance the event’s global impact and educational value.

Join Us to Shape the Future of Data Center

Data Center Asia 2025 is set to be a premier destination for business networking and knowledge exchange and an industry-leading think tank. The event will cultivate a vibrant community of researchers, business leaders, industry associations and opinion makers, all of whom will contribute ground-breaking insights that could make a lasting impact on Asia’s data center industry. Join us in Hong Kong from 15 to 17 July 2025 and be a part of the conversation that will shape the future of Asian data center industry!

About Informa Markets

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organizer, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/data-center-asia-2025-set-for-ground-breaking-launch-in-hong-kong-302255014.html

SOURCE Informa Markets Asia; Data Center Asia

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Technology

On Track for A Low Carbon Future: CRRC to Unveil Passenger and Freight Rail Transit and Full Life-Cycle System Solutions at InnoTrans 2024

Published

2 hours ago

on

September 23, 2024

By

BERLIN, Sept. 22, 2024 /PRNewswire/ — Under the theme of On Track for A Low Carbon Future, CRRC Corporation Limited (“CRRC”, SHA: 601766) will display its line-up of passenger and freight transportation offerings, alongside full life-cycle system solutions, at InnoTrans 2024 in Berlin, Germany. Highlighting the event, two innovative, eco-friendly, and intelligent trains will make their world premiere: the CINOVA H2 New Energy Intelligent Intercity Train and the Autonomous Rail Rapid Transit (ART) 2.0, at Stand 210, Hall 4.2 of the venue.

Green Intelligent Passenger Transport Solutions

CRRC will showcase its environmentally responsible and intelligent passenger transport solutions, which include the Intelligent EMU, Intercity/Regional EMU, Intelligent Urban Rail Transit, and New Energy Passenger Transportation. These offerings cater to every speed level and application scenario, envisioning a future of passenger transport that is faster, greener, smarter, and more cost-effective.

The exhibition will highlight standout products that are redefining passenger mobility, including the 350 km/h High-Speed Intelligent EMU, the CINOVA 2.0 New Intelligent Intercity/Regional EMU, the 160 km/h Hydrogen Full-Automatic Intelligent Regional Train, and the Autonomous Rail Rapid Transit (ART).

Diversified Freight Transport Solutions

CRRC introduce a wide range of heavy-duty, fast, and environmentally responsible solutions during the event. To address the growing demand for higher freight capacity, CRRC plans to unveil several new products, among them, the 24-axle Freight Electric Locomotive and the 45-ton Axle Load Ore Car. The 350 km/h High-Speed Freight EMU, the fastest and the most spacious in the industry, will be a focal point. In line with the global push for green transportation, CRRC will launch its serialized new energy locomotives, including the diesel-battery hybrid locomotive, the power battery locomotive, and the hydrogen-battery hybrid locomotive, with power levels from 1000KW to 2000KW. The diversified solutions offer more choices for the global railway freight industry.

Full Life-Cycle System Solutions

CRRC will showcase its expertise beyond just train units with the Train-Ground Integrated Electromechanical System (TIES), a game-changer that centers on the vehicle and incorporates all related operating scenarios. The system reconstructs, integrates, and optimizes the electromechanical system for power supply, signaling, track, depot and passenger service scenarios. It exemplifies the Train-Ground Integration concept, driving overall efficiency gains across disciplines and throughout the entire vehicle-road-station-depot lifecycle.

Focusing on user experience and the diverse needs of the global rail transit market, CRRC will give a detailed presentation on its Digital Life-Cycle System Solution (DLS) at the event. The flexible solution accommodates various city sizes and populations through tailored system designs that support diverse business models such as PPP (public-private partnership), system integration, and electro-mechanical turnkey projects.

For more information about CRRC at the exhibition, please visit https://www.crrcgc.cc/en/.

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SOURCE CRRC Corporation Limited

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Reshaping Future Lifestyles: Markor Unveils AI Strategy at the Apsara Conference

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September 23, 2024

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BEIJING, Sept. 21, 2024 /PRNewswire/ — On September 19, the 2024 China Apsara Conference, a major annual event for the Chinese cloud computing industry, commenced in Hangzhou. Over three days, industry representatives, media professionals, and numerous AI technology enthusiasts gathered to witness the event’s grandeur.

This year’s summit, themed “AI on Cloud: Recharging• Innovating • Transforming,” spotlighted the evolution of cloud computing across various sectors in the AI era, presenting the world’s largest showcase of generative AI applications. Industry giants including NVIDIA, Intel, Alibaba Cloud, and Tesla were in attendance. Markor distinguished itself as the sole home furnishing company represented at the summit, presenting its cutting-edge “AI Smart Home” system, which introduced a new era of AI-driven home consumption experiences, attracting significant attention.

Live at the Scene: Markor’s AI Smart Home Takes a Giant Leap Forward

From its transition to new retail in recent years to its embrace of AI, the home furnishing industry’s exploration and implementation of AI have drawn immense attention. It has been recognized as a long-term strategy that will influence the future of urban living and people’s quality of life.
In 2023, dubbed the first year of AI in China, Markor led the industry by launching its AI-powered home application, “AI Smart Home.” This program integrates cutting-edge AI model technology with a curated selection of best-selling products, offering features such as a home knowledge encyclopedia, lifestyle analysis and recommendations, design style suggestions, furniture recommendations, and one-click product replacements, providing users with 24/7 intelligent home design and easy home setup solutions.

The AI Smart Home system revolutionizes traditional home setup processes, enabling users to enjoy services conveniently via mobile devices. At the summit, Markor provided live demonstrations of the AI Smart Home system, with an interactive area for hands-on experiences. The system’s ease of use, wide range of style options, instant results, one-click sharing, and seamless purchasing capabilities ushered in a new era, allowing attendees to transition from imagining AI-powered home setups to instantly experiencing full-room services. The audience was left impressed and full of praise.

As the world’s first AI multimodal model for professional interior design, and the only AI application to incorporate a large language model in home furnishing retail, the AI Smart Home offers flexible and dynamic solutions that go beyond pre-existing layout-generated designs. It represents a groundbreaking leap in the home industry, emerging as a leading tool that reshapes service ecosystems.

Open, Shared, and Collaborative AI Business Achievements Define AI’s Sustainable Future

As a traditional home furnishing retailer closely tied to people’s daily lives, the success of AI Smart Home is no coincidence. Markor’s global strategy and presence ensure that the brand remains open and internationally competitive. Whether through prestigious awards or its global manufacturing footprint, each leap in innovation is supported by its competitive edge.
Since the beta launch of AI Smart Home by Markor Furnishings, a home furnishing brand under Markor, it has recorded over 50,000 page visits in a short time, with tens of thousands of users generating sales orders worth tens of millions of yuan. This achievement has boosted confidence in the traditional industry’s digital transformation.
A representative of Markor at the summit stated, “AI represents openness, and Markor has always embraced the times through an open ecosystem to meet users’ needs. With over 20 years of accumulated lifestyle experience, we aim to extend the reach of quality living experiences through AI interaction and expansion. The true sustainable future of AI lies in achieving shared success among users, brands, and technology platforms.”

It is evident that Markor is not simply focused on app development; it is committed to a long-term strategy that builds AI-driven lifestyles and reshapes business models. By creating personalized shopping experiences and innovating marketing models that cater to new consumer demands, Markor’s AI-based tools like “AI Xiaomei” and “AI Smart Home” serve as personalized recommendation and virtual design solutions. The company is poised to further enhance its services by leveraging AI to accurately predict market trends, optimize advertising effectiveness, and upgrade customer solutions, thus driving marketing conversion opportunities. Through disruptive shopping experiences and business models, Markor aims to become the world’s first AI-driven home furnishing brand with a fully digital and intelligent shopping experience.

Pioneering Future Living with AI: Unlocking New Opportunities

Markor is committed to leveraging technological convenience, unlocking potential, and sharing technological benefits. As a trailblazer in quality living, its development path consistently follows a “science + art” approach, which has proven to be a long-term strategy in line with current market trends. In 2024, Markor was honored with the title of “Outstanding Home Furnishing Brand Enterprise of 2024.” Its sub-brand, Markor Furnishings, reached a new brand value of over 32.2 billion yuan, securing a spot in the “Top 100 New Quality Home Brands of 2024” and winning the “Home Service Excellence Award” for the 13th consecutive year.
Backed by its national-level Industrial Design Center, robust R&D systems, and global operational capabilities, Markor continues to invigorate the ecosystem through digitalization, intelligence, and supply chain integration. With AI Smart Home as the bridge, Markor is reigniting public interest and confidence in AI’s potential and advancing the commercialization of AI technologies like natural language processing. It is building a continually open-source platform for both DTC end-users and B2B interior designers.
In July 2024, Markor hosted the “Art + AI + Life” forum in Beijing and launched a national AI painting and design competition, further embedding AI practices in the industry. In September, it signed a strategic partnership with the AI technology leader Shengshu Technology to break new ground in product design, manufacturing, marketing content innovation, and service experience. This collaboration will fuel the company’s efforts toward smart, personalized home furnishing upgrades, setting new benchmarks in the industry. These initiatives underscore Markor’s determination to use AI to enhance its future competitiveness.

Democratizing design empowers everyone to shape their dreams and take control of their future. Markor’s ongoing AI strategy not only provides opportunities for those pursuing a better life but also highlights new possibilities in the ever-evolving home living landscape.

 

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SOURCE Markor International Home Furnishings

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