Technology

Quhuo Reports Unaudited Financial Results for the First Half of 2024

Published

4 months ago

August 28, 2024

BEIJING, Aug. 28, 2024 /PRNewswire/ — Quhuo Limited (NASDAQ: QH) (“Quhuo,” the “Company,” “we” or “our”), a leading gig economy platform focusing on local life services in China, today reported its unaudited financial results for the six months ended June 30, 2024.

Financial and Operational Highlights for the First Half of 2024

Revenues from mobility service solutions were RMB 100.5 million (US$13.8 million), representing an increase of 71.7% year-over-year.General and administrative expenses were RMB70.9 million (US$9.8 million), representing a decrease of 13.2% year-over-year.Quhuo International has signed service contracts for over 3,000 units of vehicles under its vehicle export solutions, of which 815 units have been shipped in the first half of 2024.The Company has expanded services to 132 cities nationwide, representing a year-over-year increase from 119 cities in the first half of 2023.

Mr. Leslie Yu, Chairman and CEO of Quhuo, stated, “We are pleased to conclude that in the first half of 2024, our business growth remained strong, led by a 71.7% increase in revenue from our mobility solution. While the first quarter was impacted by seasonal factors, the second quarter saw a strong rebound, with profitability exceeding last year’s levels. We also made significant strides in operational efficiency, highlighted by a reduction in general and administrative expenses.

In response to global market trends and domestic policy shifts, our vehicle export solutions have experienced strong growth, quickly becoming a key driver of our overall expansion. Meanwhile, our housekeeping services and others have also shown consistent progress, steadily expanding market reach and further solidifying our presence in the market. Together, these developments are propelling us forward as we continue to adapt and grow.

Looking forward, we aim to further advance our housekeeping services within China, with upcoming partnerships with leading long-term rental platforms. We also see considerable growth potential in our vehicle export business, with expectations for increased revenue and shipments. With a strategic focus on global expansion, we are advancing our overseas technology initiatives, with on-demand delivery and ride-hailing services currently being piloted in select international cities. Through these developments, we aim to create greater commercial and social value.”

Unaudited Financial Results of the First Half of 2024 Compared to the First Half of 2023

Total revenues decreased by 6.7% from RMB1,736.3 million in the six months ended June 30, 2023 to RMB1,619.9 million (US$222.9 million) in the six months ended June 30, 2024 due to the following reasons.

Revenues from on-demand delivery solutions were RMB1,499.1 million (US$206.3 million), representing a slight decrease of 9.1% from RMB1,649.6 million in the six months ended June 30, 2023, primarily because we optimized our business by disposing several inferior business districts, which leads to a decrease in revenue scale.Revenues from mobility service solutions, consisting of shared-bike maintenance, ride-hailing and vehicle export solutions, were RMB100.5 million (US$13.8 million), representing a remarkable increase of 71.7% from RMB58.5 million in the six months ended June 30, 2023, primarily due to the growth of our vehicle export solutions, which generated revenue of RMB58.6 million.Revenues from housekeeping and accommodation solutions and other services were RMB20.4 million (US$2.8 million), representing a decrease of 27.8% from RMB28.2 million in the six months ended June 30, 2023, primarily due to the transition of business model in hotel service.

Cost of revenues was RMB1,595.2 million (US$219.5 million), representing a decrease of 4.5% year-over-year, primarily attributable to the decreases in our labor cost and service fees paid to team leaders, in line with the decrease in revenue from on-demand delivery solutions.

General and administrative expenses were RMB70.9 million (US$9.8 million), representing a decrease of 13.2% from RMB81.6 million in the six months ended June 30, 2023, primarily due to the decreases in (1) professional service fees from RMB22.2 million in the first half of 2023 to RMB14.5 million (US$2.0 million) in the first half of 2024, (2) welfare and business development expenses and office expenses from RMB17.3 million in the first half of 2023 to RMB12.4 million (US$1.7 million) in the first half of 2024, and (3) share-based compensation expenses from RMB3.9 million in the first half of 2023 to nil in the first half of 2024. All of the above are owing to our expense control through technological optimization.

Research and development expenses were RMB4.9 million (US$0.7 million), representing a decrease of 25.7% from RMB6.6 million in the six months ended June 30, 2023, primarily due to the decrease in the average compensation level for our research and development personnel as we restructured our R&D team.

We recorded gain on disposal of assets, net of RMB8.9 million and RMB7.0 million (US$1.0 million) in the six months ended June 30, 2023 and 2024, respectively, primarily due to the transfer of certain customer relationships related to our on-demand delivery solutions to third parties.

Our interest income was RMB0.7 million and RMB0.3 million (US$36,000) in the six months ended June 30, 2023 and 2024, respectively, primarily relating to our bank deposits and structured notes.

Our interest expense remained stable at RMB2.3 million (US$0.3 million) for both the six months ended June 30, 2023 and 2024, respectively, primarily relating to the stability in our average short-term bank borrowings.

We recorded other loss, net, of RMB3.1 million (US$0.4 million) in the six months ended June 30, 2024, compared to other income, net, of RMB6.0 million in the six months ended June 30, 2023, primarily due to the decrease in fair value change of investment in a mutual fund.

We recorded income tax benefit of RMB2.6 million (US$0.4 million) in the six months ended June 30, 2024, as compared to income tax benefit of RMB2.4 million in the six months ended June 30, 2023, primarily due to the increase in deferred tax asset benefit.

As a result of the foregoing, we had net loss of RMB5.7 million and RMB46.5 million (US$6.4 million) in the six months ended June 30, 2023 and 2024, respectively.

Adjusted net loss was RMB46.5 million (US$6.4 million), as compared to adjusted net loss of RMB1.8 million in the first half of 2023.(1)

Adjusted EBITDA loss was RMB34.8 million (US$4.8 million), as compared to adjusted EBITDA of RMB11.1 million in the first half of 2023.(1)

(1) See “Use of Non-GAAP Financial Measures.”

CONFERENCE CALL

Quhuo will hold a conference call on Wednesday, August 28, 2024 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong time on the same day) to discuss the financial results.

Dial-in details for the earnings conference call are as follows:

PARTICIPANT DIAL IN (TOLL FREE):

1-888-346-8982

PARTICIPANT INTERNATIONAL DIAL IN:

1-412-902-4272

Hong Kong Toll Free:

800-905945

Hong Kong-Local Toll:

852-301-84992

Mainland China Toll Free:

4001-201203

Conference ID:

QUHUO

Please dial in ten minutes before the call is scheduled to begin and provide the conference ID to join the call.

A replay of the conference call may be accessed by phone at the following numbers until September 04, 2024:

US Toll Free:

1-877-344-7529

International Toll:

1-412-317-0088

Canada Toll Free:

855-669-9658

Replay Access Code:

2435048

Additionally, a live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.quhuo.cn/.

USE OF NON-GAAP FINANCIAL MEASURES

Quhuo has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP).

Quhuo uses adjusted net income/(loss) and adjusted EBITDA, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Adjusted net income/(loss) represents net income/(loss) before share-based compensation expenses. Adjusted EBITDA represents adjusted net income/(loss) before income tax benefit/(expense), amortization, depreciation and interest. Quhuo believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of share-based compensation expenses, income tax benefits or expenses, amortization, depreciation and interest. Quhuo believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other performance measures or as an indicator of Quhuo’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Quhuo encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Quhuo mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The following table sets forth a reconciliation of our net loss to adjusted net loss and adjusted EBITDA, respectively.

QUHUO LIMITED

Reconciliation of GAAP and Non-GAAP Results

For the Six Months Ended

June 30, 2023

June 30, 2024

(RMB)

(US$)

(in thousands)

Net loss

(5,690)

(46,515)

(6,401)

Add: Share-based Compensation

3,853

–

Adjusted net loss

(1,837)

(46,515)

(6,401)

Add:

Income tax benefit

(2,395)

(2,622)

(361)

Depreciation

2,927

2,676

368

Amortization

10,128

9,385

1,291

Interest

2,323

2,301

317

Adjusted EBITDA

11,146

(34,775)

(4,786)

EXCHANGE RATE INFORMATION

This press release contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for readers’ convenience. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the rate in effect as of June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

ABOUT QUHUO LIMITED

Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”) is a leading gig economy platform focusing on local life services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.

With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.

SAFE HARBOR STATEMENT

This press release contains ”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 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo’s business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo’s current expectations and involve risks and uncertainties. Quhuo’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo’s abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) remain its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationship with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares to competitors in existing markets and its success in expansion into new markets. Other risks and uncertainties are included under the caption “Risk Factors” and elsewhere in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information about Quhuo, please visit https://ir.quhuo.cn/.

QUHUO LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share

data)

As of December 31,

2023

As of June 30,

2024

As of June 30,

2024

(RMB)

(US$)

Assets

Current assets

Cash

45,185

39,930

5,495

Restricted cash

1,271

914

126

Short-term investments

68,378

64,014

8,809

Accounts receivable, net

475,992

443,105

60,973

Prepayments and other current

assets

108,354

115,849

15,940

Amounts due from related party

253

–

Total current assets

699,433

663,812

91,343

Property and equipment, net

14,635

11,869

1,633

Right-of-use assets, net

6,217

8,048

1,107

Intangible assets, net

82,818

69,248

9,529

Goodwill

65,481

9,010

Deferred tax assets

21,968

24,607

3,386

Other non-current assets

141,384

138,209

19,018

Total non-current assets

332,503

317,462

43,683

Total assets

1,031,936

981,274

135,026

Liabilities, non-controlling interests

and shareholders’ equity

Current liabilities

Accounts payables

254,099

249,280

34,302

Accrued expenses and other

current liabilities

108,132

61,972

8,528

Short-term debt

92,653

104,195

14,338

Short-term lease liabilities

3,906

3,942

542

Amounts due to related party

–

2,430

334

Total current liabilities

458,790

421,819

58,044

Long-term debt

7,533

6,147

846

Long-term lease liabilities

1,434

3,433

472

Deferred tax liabilities

4,689

2,467

339

Other non-current liabilities

54,212

72,554

9,984

Total non-current liabilities

67,868

84,601

11,641

Total liabilities

526,658

506,420

69,685

QUHUO LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31,

2023

As of June 30,

2024

As of June 30,

2024

(RMB)

(US$)

Shareholders’ equity

Ordinary shares

Additional paid-in capital

1,885,142

1,899,380

261,363

Statutory reserve

–

14,994

2,063

Accumulated deficit

(1,376,530)

(1,444,059)

(198,709)

Accumulated other comprehensive

loss

(2,466)

(616)

(85)

Total Quhuo Limited shareholders’

equity

506,189

469,745

64,638

Non-controlling interests

(911)

5,109

703

Total shareholders’ equity

505,278

474,854

65,341

Total liabilities and shareholders’

equity

1,031,936

981,274

135,026

QUHUO LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)

For the Six Months Ended

June 30, 2023

June 30, 2024

(RMB)

(US$)

Revenues

1,736,317

1,619,938

222,911

Cost of revenues

(1,669,515)

(1,595,192)

(219,506)

General and administrative

(81,611)

(70,868)

(9,752)

Research and development

(6,645)

(4,939)

(680)

Gain on disposal of assets, net

8,916

7,022

966

Operating loss

(12,538)

(44,039)

(6,061)

Interest income

742

258

Interest expense

(2,323)

(2,301)

(317)

Other income/(loss), net

6,034

(3,055)

(420)

Loss before income tax

(8,085)

(49,137)

(6,762)

Income tax benefit

2,395

2,622

361

Net loss

(5,690)

(46,515)

(6,401)

Net income attributable to non-

controlling interests

(3,958)

(6,020)

(828)

Net loss attributable to ordinary

shareholders of the Quhuo limited

(9,648)

(52,535)

(7,229)

Non-GAAP Financial Data

Adjusted net loss

(1,837)

(46,515)

(6,401)

Adjusted EBITDA

11,146

(34,775)

(4,786)

Loss per share for class A and class B ordinary shares

Basic

(0.17)

(0.63)

(0.09)

Diluted

(0.17)

(0.63)

(0.09)

Shares used in loss per share computation:

Basic

56,441,811

83,289,067

Diluted

56,441,811

83,289,067

View original content:https://www.prnewswire.com/news-releases/quhuo-reports-unaudited-financial-results-for-the-first-half-of-2024-302232648.html

SOURCE Quhuo Limited

Technology

JinkoSolar Announces Results of 2024 Annual General Meeting

Published

24 minutes ago

December 27, 2024

SHANGRAO, China, Dec. 27, 2024 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that all shareholders resolutions proposed at the Company’s 2024 annual general meeting held today were duly passed. Specifically, the Company’s shareholders passed the following resolutions approving:

The re-election of Mr. Xianhua Li as a director of the Company;The re-election of Mr. Steven Markscheid as a director of the Company;The ratification of the appointment of Mr. Gang Chu as an independent director of the Company and the re-election of him as an independent director of the Company;The ratification of the appointment of PricewaterhouseCoopers Zhong Tian LLP as auditors of the Company for the fiscal year of 2024;The authorization of the directors of the Company to determine the remuneration of the auditors of the Company; andThe authorization of each of the directors of the Company be authorized to take any and all action that might be necessary to effect the foregoing resolutions 1 to 5 as such director, in his or her absolute discretion, thinks fit.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2024. To find out more, please see: www.jinkosolar.com

For investor and media inquiries, please contact:

In China:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-results-of-2024-annual-general-meeting-302339506.html

SOURCE JinkoSolar Holding Co., Ltd.

Technology

Inkan.link Debuts at CES 2025 with Revolutionary Anti-Fraud Solution as Business Email Compromise Reaches $5B Annual Loss

Published

24 minutes ago

December 27, 2024

LAS VEGAS, Dec. 27, 2024 /PRNewswire/ — In its first-ever CES appearance, European deeptech pioneer Inkan.link unveils Sealfie, a groundbreaking solution to combat the escalating Business Email Compromise (BEC) crisis that costs businesses $5 billion annually. Forget complex security protocols – Sealfie turns a simple selfie into an unbreakable chain of evidence. Multiple attestations work silently in the background while executives simply snap and approve. If it’s not this easy, question why.

“When criminals can perfectly imitate your CEO’s voice and writing style for less than $400, traditional fraud prevention becomes obsolete,” explains Nicolas Thomas, Inkan.link’s founder and 25-year enterprise technology veteran. “Sealfie’s approach is revolutionary in its simplicity – if your CEO won’t take a selfie to approve a major transaction, they’re probably an impostor.”

The strategic partnership between Inkan.link and https://ShareID.ai/, announced at CES, marks a new era in business transaction security. By combining our technologies, we’ve created a seamless verification ecosystem where multiple expert teams work silently in the background while users enjoy a remarkably simple experience. When suspicious activity occurs, IT professionals from both companies spring into action – no user training required, just instant expert protection.

The fraud landscape has fundamentally changed: WormGPT now enables criminals to create flawless CEO impersonations for $100/month, rendering traditional security checks useless. Sealfie (https://sealf.ie/en) meets this challenge with state of the art protection wrapped in consumer-grade simplicity.

Accessible globally through major app stores, our solution deploys instantly and scales effortlessly. Organizations can start protecting their transactions immediately with our €95/month per user subscription, while enterprise clients benefit from customized solutions that complement existing processes.

“Traditional security training tells users what they did wrong. We empower IT professionals to actually help users prevent fraud before it happens.”

Visit Inkan.link Booth Venetian Expo, Hall G – 60711 for:

Live demonstrations of Sealfie technologyEnterprise integration consultationsInvestement opportunityDiscover Sealfie and deepfake-proof your business finances

About Inkan.link

Inkan.link is a European deeptech pioneer that builds deepfake-proof digital services, with its first solution Sealfie protecting enterprises from Business Email Compromise epidemic. Nicolas Thomas and backed by the L3i Laboratory’s anti-fraud expertise, we’ve developed patented blockchain technology that makes legitimate transactions unquestionably authentic through multi-source verification.

Media Resources:

BEC Fraud Analysis: https://inkan.link/en/posts/blog-bec-5billions-annum-scam/

Case Studies: https://inkan.link/en/posts/blog-save-accountant-ryan/

UNO/ITU-T speech on AI for good: https://inkan.link/en/posts/news-itu-t-workshop-securing-ai/

VIPRE’s Email Threat Trends Report: Q3 2024: https://vipre.com/resources/q3-2024-email-threat-report/

BEC is the new weapon of choice https://www.darkreading.com/cloud-security/business-email-compromise-bec-impersonation-the-weapon-of-choice-of-cybercriminals

View original content to download multimedia:https://www.prnewswire.com/news-releases/inkanlink-debuts-at-ces-2025-with-revolutionary-anti-fraud-solution-as-business-email-compromise-reaches-5b-annual-loss-302338995.html

SOURCE Inkan.link

Technology

China Report ASEAN: Lighting Up Lives

Published

24 minutes ago

December 27, 2024

BEIJING, Dec. 27, 2024 /PRNewswire/ — A news report from China Report ASEAN:

Any time of the year, Hami, a city in northwest China’s Xinjiang Uygur Autonomous Region, is memorable for its unique food and stunning landscapes set against the majestic Tianshan Mountains. However, September’s significant temperature drops once the sharp rays of sunset beneath the Gobi Desert make Hami an even more fascinating seasonal destination.

The renowned sun-drenched scenery is ideal for renewable energy projects such as wind, solar, and hydrogen power. The region also hosts one of China’s two supercomputers, which requires significant energy.

A key city in Xinjiang, Hami has attracted substantial investment in renewable energy. Though not a typical tourist destination, Hami now symbolizes Xinjiang’s expanding new-energy sector. Its strategic position between the Gobi Desert and the Tianshan Mountains creates a natural wind corridor that produces consistent, high-speed winds perfect for turbines. Wind turbines and solar panels can be found all over Hami’s landscapes.

Hami has utilized its vast land and favorable wind conditions to develop large-scale wind and solar projects, contributing 10 GW to Xinjiang’s total 70 GW renewable energy capacity. On August 25, 2024, Hami’s Vice Mayor Li Jianyong highlighted the city’s role in China’s renewable energy efforts. “Hami is one of the best regions in China for wind and solar energy,” he declared.

Baili Wind Zone

In a treeless desert, the turbines of Baili Wind Zone look like a forest.

Baili Wind Zone, also known as the Hundred Mile Wind Zone, is a prominent project in Hami. The 231-square-kilometer project is the result of a wind-storage integration initiative introduced because 66.3 percent of Xinjiang’s wind resources are located in Hami. The project is expected to generate 3 billion kilowatt-hours of electricity annually, equivalent to the energy use of 900,000 tons of standard coal, reducing carbon dioxide emissions by about 2.8 million tons.

The Shisanjianfang wind-storage power station, located at the heart of Baili Wind Zone, is Xinjiang’s largest integrated wind-storage project. Developed by China State Shipbuilding Corporation Wind Power Development Co., Ltd. and Hami State Investment, it is a benchmark for high-quality new energy development and the first cross-city new energy project in Xinjiang.

SANY Wind Equipment Manufacturing

One of China’s largest companies, SANY is investing big in renewable energy.

SANY Renewable Energy’s Large Megawatt Intelligent Wind Equipment Manufacturing Industrial Park, located in Balikun County of Hami, is a major facility for producing large megawatt wind turbines and ultra-long blades. Spanning 675 acres and with nearly 1 billion yuan (US$141.73 million) invested, the park includes a factory and office building. As of July 2024, construction was complete, and trial production had begun.

The park produces onshore wind turbines over 10 MW and blades longer than 110 meters every year. It plans to manufacture 400 turbines and 1,200 blades annually to support the “Xinjiang Power to Chongqing” initiative. The park focuses on automation, intelligent manufacturing, and digital management, aiming to become SANY Renewable Energy’s leading “zero-carbon industrial park” known for quality, efficiency, cost-effectiveness, and environmentally friendly operations.

World’s First UHVDC Transmission Project

Hami is home to the world’s first ultra-high voltage direct current (UHVDC) transmission project, the ±800 kV Southern Hami-Zhengzhou UHVDC Transmission Project. This project, part of China’s strategy to transmit electricity from Xinjiang to central China, extends 2,192 kilometers from the Tianshan Converter Station in Xinjiang through Gansu Province, Ningxia Hui Autonomous Region, Shaanxi Province, Shanxi Province, and Henan Province, ending at the Zhongzhou Converter Station in Zhengzhou, provincial capital of Henan. With a rated voltage of ±800 kV, a DC of 5,000 A, and a transmission capacity of 8,000 MW, it delivers 50 billion kWh annually—equivalent to 23 million tons of coal—while funneling 100 billion yuan (US$14.17 billion) of investment to Xinjiang. Approved in May 2011, construction began in May 2012, and structures became operational on January 27, 2014. The Tianshan Converter Station features over 80 percent localized equipment including advanced Chinese-developed thyristors and transformers.

In 2023, Hami launched the Hami-Chongqing ±800 kV UHVDC Transmission Project for both its coal and renewable energy resources, with new energy accounting for 71.83 percent of the planned 14.2 million kilowatts. The project aims to boost Xinjiang’s power transmission capacity, support regional economic growth, and enhance national energy security.

The Tianshan Converter Station, located in Nanhu Township, Yizhou District, Hami City, covers 519.1 acres and is equipped with advanced technology. Xinjiang’s significant coal, solar, and wind energy resources make it a crucial energy hub.

Green Computing Power

Hami is also home to a museum showcasing China’s supercomputer and its applications. Placing the supercomputer in a major energy base like Hami made sense because it consumes so much energy. Given the high electricity demands of data centers, China is incorporating green energy into its computing infrastructure, with western regions leveraging renewable resources to build large data centers.

With 65.8 percent of its 25.98-million-kilowatt power capacity generated from renewables, Hami is an ideal green energy hub. The city’s coal chemical industry helps regulate peak new energy usage, reducing costs.

The Hami Integrated Computing Center, completed with a 97 million yuan (US$13.75 million) investment, features intelligent, supercomputing, and general computing capabilities. It includes eight intelligent computing servers, 80 supercomputing nodes, and 100 general computing servers to deliver about 150 PFLOPS of power. The center is now serving sectors like healthcare, wind power, and the metaverse and plans to explore quantum computing and further applications with institutions like the Chinese Academy of Sciences and Tsinghua University.

High Quality Development

A few other advanced technology industries in Hami provide support to the renewable energy sector while also delivering important products to the country.

With an investment of 4 billion yuan (US$567 million), Qingdian Silicon Industry Co., Ltd. produces monocrystalline silicon rods and slices, contributing to Hami’s development of a complete silicon photovoltaic industry chain. The company’s facilities will support the growing solar energy sector in Hami.

Xinjiang Xiangsheng New Materials Technology Co., Ltd. was the first in China to cover the entire titanium industry chain from ore extraction to final products. The company, with an annual production capacity of 20,000 tons, aims to become a global leader in titanium production and meet Hami’s ambition to become a major titanium industry hub.

Hami is advancing its hydrogen energy industry with significant investments in hydrogen production, storage, and refueling infrastructure. The city plans to deploy 500 hydrogen fuel vehicles and 15 refueling stations by the end of 2024 to become a leading base for hydrogen energy and transportation. Guanghui Energy Co., Ltd. is investing 150 million yuan (US$21 million) to develop a hydrogen production, storage, and refueling station. The project features a 6 MW wind and solar power setup and a 2-ton per day hydrogen station to support 10 hydrogen trucks transporting coal.

Hami is emerging as a major player in China’s renewable energy landscape. Leveraging its natural resources and strategic investments in wind, solar, and hydrogen technologies, the city is setting benchmarks for energy production and sustainability. As it continues to expand its renewable energy projects and infrastructure, Hami is not only contributing to China’s energy goals but also shaping the future of green technology.

View original content:https://www.prnewswire.com/apac/news-releases/china-report-asean-lighting-up-lives-302339509.html

SOURCE China Report ASEAN