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

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3 months ago

on

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

Global Times: Xi’s letter to lecturers in Shanghai inspires silver generation to contribute to city building

Published

53 minutes ago

on

November 14, 2024

By

BEIJING, Nov. 14, 2024 /PRNewswire/ — On a sunny afternoon in early November, the warm sunlight pours into a solarium by the Huangpu River in downtown Shanghai. Huang Baomei and several other senior citizens gather around a table, excitedly reading a special letter together.

A day earlier, they received a letter from President Xi Jinping, after writing a letter to him weeks before to share their experiences and thoughts of providing free lectures to local residents in recent years as members of “Laoyangshu,” or “Old Poplar,” a grassroots lecture program in Shanghai consisting of retired officials, military officers, experts, teachers, and role models.

In his reply to the “Old Poplar” members, Xi praised the initiative as a meaningful approach to recount historical events, explain the Party’s new theories, and share the positive changes in the city with residents by blending the lecture content with the lecturers’ personal experiences.

Underlining the principle that cities should be built by the people and for the people, Xi called on the members of the program to inspire more people to embrace and implement the concept of a people-oriented city, the Xinhua News Agency reported. 

“Xi’s letter has given us tremendous encouragement and strength,” Huang told the Global Times with a big smile on her face.

“Even though I’m not young anymore, I never find delivering lectures tiring,” she said. “Instead, sharing the positive changes that have happened, and are happening, in Shanghai and China with my personal experiences, brings me great joy.”

Simplify the profound

With her straight posture and quick reflexes, Huang appears much younger than her actual age of 93. This elegant and energetic elderly lady was selected as China’s first generation of “model workers” in the 1950s as a textile worker, and was awarded the “July 1st Medal” – a top medal for lifelong contribution – by President Xi in 2021. She has been a role model for her dedication and professionalism for generations. 

Huang worked for 42 years at a textile factory in Shanghai. Now, as one of the eldest members of the “Old Poplar,” she passionately engages with residential communities, enterprises, and schools, sharing stories about China’s development with young people.

“At my busiest, I gave three lectures in a day, each lasting two hours, and the audience would give me a thumbs up,” Huang said proudly.

Development is a grand topic. Instead of discussing abstract concepts, Huang often shares her personal experiences filled with vivid and encouraging moments.

“When I worked in the textile factory, I tried many methods to improve efficiency and yield,” Huang told the audience that she made a lot of effort in optimizing the work process, and later successfully doubled the efficiency to simultaneously operate 800 spindles alone. Inspired by Huang’s talent and endeavor, the spinners at the local factory produced nearly half of China’s cotton cloth in the 1950s, a manufacturing miracle by then. 

Moreover, Huang once had an opportunity to become a movie star, but she rejected. “Spinning is my specialty and life career,” she said.

Huang’s heartfelt narrations embody the dedication and relentless spirit of the older Chinese generation, and vividly represent the past decades of rapid development in the country, which have resonated deeply with many in the audience. “As long as my health permits, I will continue to try hard to inspire more people, especially the young ones, in ways that they like,” Huang told the Global Times.

Similarly, 75-year-old Hu Jun, another “Old Poplar” member, is also good at using relatable details to explain macro policies in methods that resonate with the public.

The “Old Poplar” program mainly targets residents of Shanghai’s downtown Yangpu district. When discussing China’s industrial restructuring, Hu used Yangpu as an example to illustrate how this cradle of modern Chinese industry has continuously adapted its industrial structure to keep pace with the times.

“Yangpu was once known as the ‘golden belt’ of industry. After China’s reform and opening-up in the late 1970s, it became the ‘Rust Belt.’ Now, through years of industrial upgrading, Yangpu has transformed into the ‘beautiful belt,’ evolving into a green and livable community,” said Hu.

Hu was an official in the Yangpu district government before retirement. He expressed his excitement and enthusiasm upon receiving the reply letter from Xi, saying it reflects the president’s great expectations for grassroots retired officials and his affirmation of Shanghai’s urban construction.

“Even though I am retired, I will continue to serve as a promoter and practitioner of constructing a people-oriented city.”

Both teachers and friends

The “Old Poplar” members have conducted more than 2,600 free lectures over the last five years. They not only do well in vividly explaining macro topics, but are also good at sharing relatable life experiences tailored to audiences of different ages, becoming both teachers and friends to local residents.

Li Peirong, 75, used to work in a local township-level subdistrict before retiring, from which she gained rich experience dealing with the elderly. Now as an “Old Poplar” member, Li’s lecturers are mainly for senior citizens, whom she teaches how to use electronics such as smartphones. “Most of my elderly audience members have learned how to use [smartphones],” she said.

Li also promotes knowledge about electronic fraud prevention in her lectures. “We want to help more elderly people bridge the digital divide, and enjoy the benefits of modern technology.”

She said that receiving the reply from Xi makes her very proud, and further appreciates the significance of what she and other “Old Poplar” members are doing. “I never feel old,” she told the Global Times. “Even in retirement, we can continue to harness the power of our ‘silver generation’ in contributing to society.”

For young audiences, the “Old Poplar” has also made many efforts to prepare its lectures.

As former chairman of the board of supervisors of a technological innovation enterprise, 64-year-old Xin Peihua now mainly engages with young people through the “Old Poplar” program, giving lectures at internet companies.

Xin said she usually keeps her lectures to about half an hour, considering that most young people have busy work schedules. During and after the lectures, she talks with the young employees about work-related stress and their anxieties regarding potential layoffs, much like a caring senior family member. “Now when they’re feeling confused, they sometimes come to me to share their concerns and seek advice,” Xin told the Global Times.

Xin also regularly talks with the new couples at Yangpu’s marriage registries, sharing with them experiences of getting along with spouses and in-laws, maintaining marriage, and building a happy family. These small talks are so popular, that some new couples from other districts choose to register their marriages at Yangpu, said Xin.

She said that receiving a reply from President Xi is a “supreme honor” to her. “I want to serve as a flourishing old poplar, contributing my strength to the joint effort of building a beautiful city for the people, and creating a happy and fulfilling life together.”

Attract the young

The “Old Poplar” program was established in 2020, following Xi’s inspection trip to Shanghai the previous year.

In November 2019, during his visit to the city, Xi proposed the concept that “the cities are built by the people and are for the people,” and has issued several important directives regarding the construction of a people-oriented city in Shanghai. 

During that visit, Xi met Huang and encouraged her to further share her experiences with the young people, to strengthen their confidence in the path, theory, system, and culture of socialism with Chinese characteristics.

Inspired by Xi’s words, Yangpu district established the “Old Poplar” program to share with the public the Party’s stories and promote the spirit of Shanghai city. The program has gathered over 300 retired senior citizens who are well-versed in theory, skilled in public speaking, and eager to contribute as volunteer lecturers, according to Deng Qing, head of the Bureau of Retired Veteran Cadres of the CPC Yangpu District Committee, which built the program.

To date, the “Old Poplar” has had a cumulative audience of more than 280,000. How to make young people interested in this format of lectures, and enjoy listening to the stories shared by these “grandpas” and “grandmas,” have been topics that the “Old Poplar” keeps considering.

To attract a Gen Z audience, the program has created accounts on popular video platforms like Bilibili, inviting its members to host livestream lectures. “A Huang lecture, for example, attracted 5,000 viewers during the live broadcast, with a total of over 50,000 views for the replay,” Deng told the Global Times.

The engaging and diverse lectures have been well received by the younger audience. Xu Yifan, a staffer at a Shanghai-based internet enterprise, said he has watched livestream and videos of “Old Poplar” lectures on Bilibili, and felt the deep love of the elderly lecturers for Shanghai and China.

“Their lectures convey knowledge but also power to us, strengthening our young generation’s aspirations for the future, and encouraging us to actively participate in the development of a people-oriented city,” Xu told the Global Times.

Cheng Yunuo is a fifth-grader at a primary school in Yangpu. She has attended many lectures held by the “Old Poplar” at her school. 

“The experiences and insights of the older generation have made me deeply realize that, as a Chinese teenager in the new era, I have a responsibility to study hard and continuously improve my knowledge and skills,” Cheng said.

https://www.globaltimes.cn/page/202411/1323005.shtml

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SOURCE Global Times

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Longsys Unveils New Products at Electronica Munich, PTM Business Model Drives Innovation in Automotive Storage

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53 minutes ago

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November 14, 2024

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MUNICH, Nov. 14, 2024 /PRNewswire/ — The much-anticipated Electronica Munich has officially opened. At this international event, Longsys(301308.SZ) launched a range of new products alongside its PTM (Product Technology Manufacturing) business model, with a focus on industrial and automotive storage solutions to meet the global demand for intelligent storage across various industries.

Global Expansion of Storage Solutions
International Debut of the PTM Business Model

Longsys introduced its innovative PTM business model for the first time to a global audience at this event. PTM provides high-end, flexible, and efficient full-stack custom services to empower the intelligent transformation of industries such as automotive and industrial sectors, breaking through the homogeneity of existing products.

Through a series of mergers and an extensive global presence, Longsys has established subsidiaries and branches across Europe, the Americas, and Asia. This forms an international service chain from R&D through to production and sales. Additionally, the company has developed a flexible, efficient, and cost-optimized global storage manufacturing supply chain network to cater to diverse custom demands. This network not only provides efficient localized support and services but also lays a solid foundation for PTM’s global implementation.

New Products Showcased

In Germany—a powerhouse of the automotive and industrial sectors—Longsys unveiled high-reliability industrial and automotive-grade products, including the xSPI NOR Flash and Automotive Grade 2 LPDDR4x. The Lexar brand showcased products like the JumpDrive dashcam USB and PCIe Gen5 SSD, covering a broader range of automotive consumer markets.

xSPI NOR Flash
In-house Chip, Expanding Automotive Storage, Multi-Form Factor Packaging, High Frequency, Large Capacity

To better meet customer storage demands, Longsys has strengthened its design capabilities in controllers and Flash chips, gaining a deeper understanding of underlying technologies and manufacturing processes. xSPI NOR Flash, a key component of its in-house Flash chip capabilities, enhances its automotive storage range and expands its technical service capabilities.

The xSPI NOR Flash employs advanced 4xnm technology with a single chip capacity of 256Mb and supports on-chip ECC for improved data reliability. It supports x1 and x8 interface modes, with a maximum clock frequency of 200MHz, reaching up to 3200Mbps data transfer in DTR mode. Compared to traditional SPI NOR Flash, it significantly accelerates code read speeds, reducing system boot-up and response times. Industrial-grade products support operating temperatures from -40°C to 85°C and -40°C to 105°C, while forthcoming automotive-grade versions will comply with Grade 2 standards for rigorous automotive storage requirements.

Additionally, Longsys launched a 1.8V 256Mb traditional SPI NOR Flash product, compatible with mainstream industry command sets and available in multiple packaging options, including WSON8, BGA24, and SOP16. This product supports x1, x2, and x4 interface modes with a maximum clock frequency of 166MHz, achieving up to 1328Mbps data transfer in DTR mode, providing customers with compatibility, flexibility, and performance.

Longsys’s xSPI NOR Flash and SPI NOR Flash products, with high capacity, speed, and reliability, are ideal storage solutions across automotive, communications, industrial control, personal computing, security, and wearable tech fields, offering high-performance, dependable storage support.

Automotive Grade 2 LPDDR4x
Automotive-grade DRAM Products, AEC-Q100, High and Low-Temperature Tolerance

The Automotive Grade 2 LPDDR4x supports capacities of 2GB, 4GB, 6GB, and 8GB, with transfer rates up to 4266Mbps and a broad operational temperature range of -40°C to 105°C. Equipped with internal ECC for enhanced data consistency, it meets high data reliability requirements essential for automotive products.

With VDDQ voltage as low as 0.6V and support for PASR (Partial Array Self-Refresh) to reduce power consumption, this product optimizes data transfer for automotive electronics, supporting energy efficiency and handling high workloads. It also incorporates ODT and DQS technologies for signal stability and anti-interference, enhancing data transmission and supporting automotive intelligence demands.

After successfully launching automotive-grade eMMC and UFS products, Longsys has introduced automotive-grade DRAM, creating a dual-drive layout in automotive storage solutions for global customers.

Notably, Longsys’s Automotive LPDDR4x received the Best-in-Show award from Embedded Computing Design during the event, the only automotive-grade DRAM product to earn this honor. This achievement not only recognizes Longsys’s exceptional R&D capabilities but also underscores the market potential and global appeal of its automotive storage products.

Click on this video to learn more.
https://www.youtube.com/watch?v=exDIJqSegTE

Lexar® JumpDrive® Dashcam USB
Compact, Durable, Convenient

With the push for intelligent automotive advancements, public interest in data security for in-vehicle devices is rising. The Lexar® JumpDrive® Dashcam USB, with its compact and reliable design, provides a professional in-vehicle storage solution. Offering capacities from 64GB to 256GB and read speeds up to 200MB/s, it features a compact, seamless design to securely fit vehicle interfaces without obstructing access. Even in extreme temperatures, it ensures data safety and integrity. The JumpDrive® Dashcam USB supports loop recording and sentry mode, compatible with various vehicle brands and designed specifically for dashcam applications. Awarded the Red Dot Design Award in 2024, it’s recognized for both performance and design, making it ideal for vehicle monitoring.

Enterprise Storage, New Technology
Accelerating AI Terminal Storage Innovation

With advancements in AI, technology companies are experiencing new growth in cloud services, intelligent driving, and streaming, leading to increased demand for high-capacity SSDs and DRAM in AI terminals. This year, Longsys launched a series of innovative storage products, including eSSDs, RDIMMs, CXL 2.0 memory expansion modules designed for AI servers, and a new LP-CAMM2 memory module tailored for AI PCs, addressing new storage needs in the AI era and exploring more possibilities in edge AI with global partners.

At Electronica Munich, Longsys engaged with experts and users worldwide to discuss the potential applications of storage technology in industrial and automotive intelligence, aiming to drive global intelligent transformation through its PTM business model and a dual-brand lineup of innovative products.

About Longsys

Longsys is a globally leading semiconductor memory brand founded in 1999. As an innovative memory solution manufacturer that integrates R&D, design, packaging and testing, manufacturing, and sales services, Longsys upholds the corporate vision of “Everything for memory.” With memory technology innovation at its core, Longsys provides high-end, flexible, and efficient full-stack customized services to global customers. For more information please visit https://www.longsys.com/, and follow Longsys on LinkedIn, Facebook and Twitter.

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Petnow Wins Korean-German Innovation Award, Aims Nordic Expansion at SLUSH 2024

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54 minutes ago

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November 14, 2024

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South Korean Pet ID Leader Recognized for AI Solutions, Eyes Partnerships in Finland

SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — Petnow Inc., the South Korean provider of pet biometric identification and ‘PetWayHome’ location-based lost pet recovery service, announced that the company was chosen as the Honoree of the Innovation in Business Award. Held by the Korean-German Chamber of Commerce and Industry, the 10th KGCCI Innovation Awards is officially sponsored by the Korean Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups. Petnow was awarded for its efforts to pioneer the pet tech industry while pursuing public interests with its AI technology.

Founder and CEO of Petnow Inc., Dr. Jesse Lim, stated “We have been proving our competitiveness by winning the Fresh Ideas Contest at Interzoo 2024, while expanding our client base in Germany by participating in the Global Market Expansion Program assisted by Start2Group in Munich.”. He also highlighted that “We are also looking forward to connecting with potential partners, namely various city municipalities, pet insurers, and vet clinic software providers at the upcoming SLUSH event in Finland.”

Supported by Seoul Business Agency, Petnow will be participating in SLUSH and its community side event ‘K-Startup Demo Day with Vertical’ that will be held at Maria01 (Lars Sonck Venue) to pitch on Nov 18. Any pet industry players interested in connecting with Petnow in person are welcome to pre-register at the Lyyti website for participation.

About Petnow Inc.: Developed to provide an animal welfare-friendly pet identification measure, the Petnow app has been distributed in 19 countries located in Europe, Asia, and North America to recognize dogs by scanning their noses that are unique like fingerprints. It is also the first app to support cat facial recognition that can identify two kinds of most popular pet animals. Since winning the Best of Innovation at CES 2022, the company has been securing SuperZoo 2023 NPS Award and iF Design Award 2024. The company has been collaborating with insurers, government departments, and licensees globally to actively add its application utilizing the technology.

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View original content:https://www.prnewswire.co.uk/news-releases/petnow-wins-korean-german-innovation-award-aims-nordic-expansion-at-slush-2024-302302722.html

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