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Be Friends Holding Announced the 2024 Interim Results, Revenue Increased by over 43%, Net Profit Surged by over 90%

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HONG KONG, Aug. 26, 2024 /PRNewswire/ — Be Friends Holding Limited (“Be Friends” or the “Group,” Stock Code: 1450), a leading live-streaming e-commerce platform in China, today announced its interim results for the six months ended 30 June 2024 (the “Interim Period”).

For the first half of 2024, the Group recorded revenue of approximately RMB622.1 million, representing a 43.8% year-on-year increase compared to approximately RMB432.7 million for the six months ended June 30, 2023 (the “Corresponding Period of the Previous Year”). The Group’s net profit amounted to approximately RMB83.8 million, marking an approximately 93.8% growth compared to RMB43.3 million in the Corresponding Period of the Previous Year.

Business Review

In the first half of 2024, China’s economy steadily recovered, demonstrating an upward trend toward stabilization. The nation’s gradual relaxation of industrial policies and further emphasis on consumption-driven growth positively impacted various industries. Consequently, the Group’s new media services segment experienced sustained robust growth during the Interim Period, generating revenue of approximately RMB563.6 million, representing an increase of approximately 43.9% compared to approximately RMB391.7 million in the Corresponding Period of the Previous Year. This segment contributed roughly 90.6% of the Group’s total revenue. By implementing a standardized and replicable “matrix live-streaming channel” operation model, the Group has been able to cater to consumers’ diverse and nuanced preferences, thereby enabling more precise user engagement and fostering enhanced user conversion efficiency. During the Interim Period, the Group completed gross merchandise volume (GMV) of approximately RMB5.96 billion on the new media platform, representing an increase of approximately 18.2% as compared to the Corresponding Period of the Previous Year, and remained firm in occupying the top spot in the live-steaming e-commerce industry. The number of live-streaming channels independently owned and operated by the Group exceeded 50, which is one of the most significant numbers of live-streaming channels in the new media business area, reflecting the Group’s valuable operational experience, methodology, and data capabilities in the field of live-streaming e-commerce, and demonstrating the successful practice of our standardized and replicable “matrix live-streaming channel” operation model.

The Group’s live-streaming e-commerce business is always committed to building a long-term trust environment for merchants and consumers, creating a shopping channel that satisfies merchants and makes consumers comfortable, and becoming a trustworthy friend of our partners. The Group consistently deepens its efforts in product selection, diligently discovering and promoting high-quality merchandise with solid credentials. On the supply chain front, the Group continues to expand its capabilities, with its self-developed “Friend Cloud” platform providing stable and efficient operational support for multi-platform live streaming across various channels, realizing end-to-end management of the entire chain from merchant recruitment, intelligent product selection, compliance audit, goods management to financial settlement, which has greatly improved the efficiency and standardization of the live-streaming retail business. Concurrently, as the live-streaming e-commerce industry experiences rapid development, the Group actively explores innovative technologies and emerging opportunities to spearhead industry advancement. The Group has formally set up a team to initiate the research and development of artificial intelligence (“AI”) live-streaming project during the Interim Period. The goal of the AI live-streaming project is to realize full-scene decision-making by AI system in the field of live-streaming e-commerce, including product selection decision-making, data analysis, traffic placement decision-making, and data review, etc., to ensure that the entire operation process is highly efficient and intelligent.

The Group’s strategic layout of new media services business has passed the fourth year, “Be Friends” has become a popular brand in the field of new media. During the Interim Period, the Group set up the “Be Friends Industry Research Institute” and were included in the “Specialized, Sophisticated and New Enterprises Cultivation Plan for Improving Quality and Efficiency in Zhejiang Province” as a think-tank. In addition, the Group was awarded the “Best MCN Organization of the Year” by Douyin E-commerce for its outstanding performance and contribution to the field of e-commerce live-streaming.

The Group’s television broadcasting business segment also strongly performed during the Interim Period. With the impact of the pandemic gradually fading and improved annual budget conditions among clients, the Group’s television broadcasting business segment generated approximately RMB58.4 million, representing an approximately 42.6% increase compared to approximately RMB41.0 million in the Corresponding Period of the Previous Year. This segment accounted for roughly 9.4% of the Group’s total revenue. The Group has continued to invest in research and development, responded to the government’s policy of supporting the localization of scientific and technological achievements, and persisted in accumulating self-developed products in the field of communication and transmission. Relying on its strong technical strength, rich industry experience, and sales channels, the Group’s television broadcasting business segment remains in a relatively leading position in the industry.

Looking to the future, the all-media industry has entered a new stage of development. As industry concentration gradually increases, it presents challenges and significant opportunities for the Group. The Group will firmly march towards becoming a technology-driven new retail enterprise. The Group persists in cultivating technological innovation and digital infrastructure development. By leveraging the “Friend Cloud” platform and AI systems, the Group strives to enhance supply chain management and operational efficiency comprehensively. Additionally, the Group actively promotes the new retail model of industrial traceability, explores overseas markets, and aspires to achieve long-term, stable business growth globally.

Meanwhile, to express its gratitude for the unwavering support from the shareholders, the Group announced on July 8 that it intends to use its own funds of up to HK$30 million to repurchase shares of the Company in the open market from time to time to bolster market confidence, enhance shareholder returns, and demonstrate the management’s belief in the long-term value of the Group.

About Be Friends Holding Limited

Be Friends Holding Limited (1450.HK) is dedicated to becoming a technology-driven new retail enterprise with a core focus on all media live-streaming operations within its new media services and television broadcasting business. The Group has successfully established its presence across multiple platforms, including Douyin, Taobao, and JD.com, independently owning and operating over 50 live-streaming channels, with a total live-streaming fan base exceeding 68 million and a standardized and replicable “matrix live-streaming channel” operation model, enabling the Group to become a trusted channel brand for both merchants and consumers, ultimately contributing to steady business growth.

For more information about the Company, please visit: https://www.befriends.com.cn

For inquiry, please contact: IR@befriends.com.cn, or DLK Advisory: +852 2857 7101 pr@dlkadvisory.com

View original content:https://www.prnewswire.com/news-releases/be-friends-holding-announced-the-2024-interim-results-revenue-increased-by-over-43-net-profit-surged-by-over-90-302230361.html

SOURCE Be Friends Holding Limited

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Internet Society Report Highlights Challenges and Recommendations for Internet Connectivity in the Middle East

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WASHINGTON, Sept. 22, 2024 /PRNewswire/ — The Internet Society (ISOC), a global charitable organization advocating for an open, globally connected, and secure Internet, released a comprehensive report on the state of Internet connectivity across the Middle East and North Africa (MENA) region.

The report underscores Internet connectivity as a catalyst for economic growth and social development and how an increase in fixed broadband access has a direct impact on growing gross domestic product (GDP).

Key Findings:

Growth in Mobile and Fixed Broadband: Both mobile and fixed broadband connections have grown substantially from 2015 to 2021, particularly in Gulf States with advanced fiber-optic and 5G networks. However, deployment has been slower in other parts of the region, primarily due to infrastructure challenges and affordability issues.

Mobile Internet users increased from 130M to over 180M between 2016 and 2021, with Egypt, Tunisia, and Morocco showing the highest growth rates. Fixed broadband users rose from 17M to 29M in the same period, with Egypt leading the way. The Arab region lags behind other regions in fiber optic deployment, with stagnation in investment since 2018.

High-Income Countries: Significant progress in broadband infrastructure, especially in Gulf Cooperation Council (GCC) countries due to 5G rollout. High-income countries improved their Internet availability from 77.34 to 79.37, surpassing global averages.Low-Middle-Income Countries: Broadband has improved modestly, but challenges persist. Despite overall progress, a significant digital divide remains between high-income and low-middle-income countries, partly due to political and economic instability in some regions, such as Tunisia and Syria.

Infrastructure Challenges: There is a heavy reliance on European Internet Exchange Points for international Internet traffic, which results in slower speeds due to additional data hops.

Emerging Technologies: The report emphasizes the role of emerging technologies such as High-Throughput Satellites (HTS) and Low-Earth Orbit (LEO) satellites in bridging the connectivity gap. These technologies are crucial for expanding access to underserved rural areas.

Impact of COVID-19: The COVID-19 pandemic has adversely affected network performance and digital transformation plans, causing delays and disruptions in connectivity improvements.

Recommendations:

Policy and Regulation: The Internet Society advocates revising regulatory frameworks to accelerate infrastructure deployment. Key recommendations include enhancing spectrum policies, removing regulatory barriers, and fostering public-private partnerships to drive investment, competition, and support for small and medium enterprises.

Spectrum Availability: North African countries have limited spectrum compared to global averages, impacting network capacity and costs.Regulatory Frameworks: Enhance regulatory frameworks to foster investment, encourage spectrum and infrastructure sharing, and support new technologies like HTS and LEO satellites.

Collaboration and Investment: Promote public-private partnerships and update national broadband plans to improve infrastructure and connectivity.

Digital Skills and Literacy: Addressing digital skills and literacy is crucial for maximizing the benefits of Internet connectivity. The report calls for more affordable, relevant, and inclusive education and training programs to build a digital workforce.

Local Internet Exchange Points (IXPs): The report stresses the importance of establishing and upgrading IXPs to enhance local Internet traffic, reduce costs, and improve service quality. Governments are encouraged to support IXPs by providing resources and facilitating network interconnections.

“The Internet has become indispensable for many people, and its role in connecting people, fostering economic opportunities, and driving innovation is undeniable. The Arab region has made big leaps in the availability and adoption of the Internet in recent years; however, adoption rates are still low. We hope that governments will use our report to learn about the improvements that can be made in infrastructure deployment, affordability of service, market structure, and regulatory frameworks,” explains Nermine El Saadany, Regional Vice President for the Middle East for the Internet Society.

About the Internet Society
Founded by Internet pioneers, the Internet Society (ISOC) is a global charitable organization dedicated to ensuring the open development, evolution, and use of the Internet. Through a global community of chapters and members, the Internet Society collaborates with a wide range of groups to promote the technologies that keep the Internet safe and secure and advocates for policies that enable universal access. The Internet Society is also the organizational home of the Internet Engineering Task Force (IETF).

Logo – https://mma.prnewswire.com/media/1656167/Internet_Society.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/internet-society-report-highlights-challenges-and-recommendations-for-internet-connectivity-in-the-middle-east-302251836.html

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Representatives from 57 countries, regions and 6 international organizations, are gathering in Suzhou.

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What important topics are they discussing about? Let’s find out!

BEIJING, Sept. 22, 2024 /PRNewswire/ — I’m Xiao Lin from National Immigration Administration. On September 9th, the first Sub-Forum on Migration Management Cooperation was successfully held. Representatives from all parties expressed their insights and appeals around the development and innovation of migration governance.

It was truly a content-rich event!

Why does the international community focus on the topic of “Migration Governance” so much?

At present, changes unseen in a century is unfolding at a faster pace. The situation in the wider world remains complex and fluid. However, peace, development, cooperation and win-win results are still an unstoppable historical trend. Migration governance is critical to economic development of individual countries, global security governance and international cultural and people-to-people exchanges. It has increasingly become a key issue in global governance.

Here are the key points:
At the forum, NIA made three commitments: implementing more open policies for the cross-border flow of people, more effective actions in the governance of transnational crimes and more extensive global cooperation in migration governance, injecting new impetus to opening up and development; At the same time, three initiatives have been put forward, [Original scene of the initiative] contributing China’s wisdom and solutions to global migration governance and further showcasing its image as an open, confident, secure, and thriving major power.

Representatives also made keynote speeches, sharing their migration governance policies, measures and experience, and providing their perspectives on regional and international migration governance.

Pooling wisdom for win-win results.

In a changing era, National Immigration Administration of China stands ready to work with all parties to promote global migration governance to a higher level and contribute more wisdom to world peace, development, prosperity and stability!

View original content to download multimedia:https://www.prnewswire.com/news-releases/representatives-from-57-countries-regions-and-6-international-organizations-are-gathering-in-suzhou-302254859.html

SOURCE National Immigration Administration

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Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24

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The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.

TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.

“I am very humbled and proud to be a part of the book, “Daanis the Judge.” My hope is that this book will inspire youth to dream big and know that anything is possible. I am evidence of that!” – Justice Michelle O’Bonsawin

Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.

“Daanis the Judge” was inspired by Justice O’Bonsawin’s trailblazing career. It tells the story of a young student, Daanis, who dreams of becoming a judge after learning about Justice O’Bonsawin’s achievements.

The story is part of Chapter One’s growing collection of original children’s e-storybooks, co-created with Indigenous writers, illustrators and communities. The e-storybooks celebrate Indigenous experiences and perspectives, and feature audio clips of Elders pronouncing foundational words in their communities’ first languages. All e-storybooks are provided for free through the Global Free Library.

About Chapter One

Chapter One (chapterone.org/ca) is a global nonprofit and registered Canadian charity that provides one-on-one early literacy tutoring programs to 2,300 children in eight provinces and territories across Canada. Its proven “short burst” high-impact tutoring approach—five-minute sessions, three to five times a week—is ideally suited to young children’s attention spans and aligns with the Science of Reading. In one of the largest randomized control trials conducted on early literacy instruction, researchers from Stanford University found that 7 out of 10 students receiving Chapter One high impact tutoring achieved phonics benchmarks by the end of Kindergarten, compared to 32% in the control group.

Children at risk of reading failure receive 1:1 reading support from trained, paid paraprofessional tutors through Chapter One’s online reading platform and custom software. Programs are delivered in-person and virtually in classrooms through agreements with schools and school boards, and at home on families’ smartphones, connecting struggling readers with individualized reading support—regardless of location and circumstance, even in some of the most geographically remote communities in Canada.

In addition to its tutoring programs, Chapter One collaborates with Indigenous communities to co-create children’s stories that represent the communities’ priorities and experiences and advance language revitalization efforts. The e-storybooks are provided for free online, as part of the Global Free Library.

Event details

The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.

Media Contact

Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca

View original content to download multimedia:https://www.prweb.com/releases/supreme-court-justice-michelle-obonsawin-joins-elementary-students-for-live-virtual-qa-and-chapter-one-storybook-reading-on-sep-24-302254639.html

SOURCE Chapter One Canada

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