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Yeahka Announces 2024 Interim Results

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Strengthened Commercialization across Payments and Digital Commerce Ecosystem
Remarkable Overseas Expansion Progress 
Wider AI Technology Application

HONG KONG, Aug. 28, 2024 /PRNewswire/ — Yeahka Limited (“Yeahka” or the “Company,” Stock Code: 9923.HK), a leading payment and digital commerce technology platform in China, is pleased to announce its interim results for the six months ended June 30, 2024 (the “Reporting Period” or the “first half”).

Business and Financial Summary

Our one-stop payment services continue to lead the industry and our market-leading position in app-based payments is solidified, with peak daily transaction counts reaching nearly 60 million;Against the backdrop of the high base in the same period last year and macroeconomic volatility, our gross payment volume (GPV) for the six months ended June 30, 2024 was RMB1,166.2 billion, representing a decrease of 17.8% compared to the same period in 2023;Commercialization capability was solid with our payments fee rate maintaining at 12.3 basis points (bps);Revenue for the six months ended June 30, 2024 was RMB1,577.7 million, representing a decrease of 23.5% from the same period in 2023;Revenue contribution from non-payment digital commerce services, comprising merchant solutions and in-store e-commerce services, continue to increase, with their percentage to total revenue increasing from 11.0% for the six months ended June 30, 2023 to 14.6% for the same period in 2024;Overall gross profit margin increased from 17.7% for the six months ended June 30, 2023 to 19.0% for the same period in 2024;Gross profit contribution from non-payment digital commerce services continue to increase, with their percentage to total gross profit increasing from 52.6% for the six months ended June 30, 2023 to 69.1% for the same period in 2024;Driven by our wider application of artificial intelligence, selling and administrative expenses decreased by 11.2% for the six months ended June 30, 2024 compared to the same period in 2023;Finance costs reduced by 6.2% for the six months ended June 30, 2024 compared to the same period in 2023;Profit for the Period amounted to RMB32.6 million for the six months ended June 30, 2024, exceeding the amount for the full year of 2023; andGearing ratio decreased to 41.1% as at June 30, 2024 on the back of the Company’s early repurchase of its convertible bonds using its internal cash flow.

Mr. Luke Liu, Chairman of the Board and Chief Executive Officer, said, “Amid the macroeconomic volatility in the first half of 2024, we remain steadfast to our long-term vision being an all-rounded commerce enablement services provider to merchants. We made more progress increasing synergies beyond payments into other business lines, more international expansion and wider application of AI. We believe this provides higher quality of bases to seize many opportunities in the longer game and to deliver sustainable profits and value to our stakeholders. We made great strides overseas winning over 200 global brands covering more than 20,000 stores. Our investment company, Fushi, also offers proprietary and localized merchant solutions that satisfy demands from world-renowned customers. It is ramping up its products & verticals coverage. Overseas markets, especially developed ones, have many pockets with attractive economics and relatively high willingness to pay. This paves the way for a very wide channel of profits to come. On AI and technology, we also further integrated large language models for both revenue-generating and cost-optimizing purposes. Our new products helped merchants automate price setting to optimize monetization. We empowered them with precise marketing and automatic content generation tools to raise sales conversion. We also applied to our own customers servicing system, thereby meaningfully driving down our selling and administrative expenses. Our ESG efforts were also recognized internationally, for instance, in S&P Global’s 2024 Sustainability Yearbook and ranked first in our industry in China. Our business uplifts underserved merchants and consumers in communities locally and abroad. In this year’s first half, we increased energy usage utilization rate by 7% through constructing green data centers and treated 12 million risky transactions with wider adoption of AI.”

Mr. Vincent Chan, General Manager of Capital Markets, added, “We upped both our non-payment services’ commercialization and share of revenue and profit contribution. This makes our service offerings even more comprehensive and resilient than before. These non-payment businesses also enhanced their profit margins year over year. We also significantly increased sales efficiencies in our in-store e-commerce services and there is a visible pathway to run-rate profitability in the second half and sustainable growth in the years to come for this business. We also advanced our one-stop payment services’ business model with wider regions covered in underserved markets, further diversified & resilient sets of verticals penetrated, more profitable customer segments served and broader customer acquisition channels through deeper collaboration with strategic partners. We served more large-and-medium-sized merchants leveraging the network and partnerships with over 5,000 SaaS providers and over a hundred of banks as we scaled our product and region coverage. Our one-stop offerings of payments plus other commerce enablement services also gave us a unique edge in digitizing for and satisfying the various demands of large-and-medium-sized merchants. We therefore maintain our market leadership with a strengthened foundation. Our proposition has always been to leverage our extensive payments platform to fully digitize merchants all around their commerce. Such full-suite technology remains our edge over others in being more agile scaling up. And now is increasingly about “Going global”, as we play a more important role in the global journey of digitization.”

Outlook

Mr. Luke Liu concluded, “We are committed to being the go-to commerce enablement services provider for merchants. Whilst maintaining our established market leadership in the one-stop payment services segment. We strive to continue accelerating the growth and profit contribution of other services including merchant solutions and in-store e-commerce services as we upgrade our intrinsically synergistic business model. We have a strong foundation underscored by technical set-up, merchants servicing insights and business network domestically and beyond to further our progress in international expansion into attractive segments and widespread application of AI tools for both commercialization and efficiency purposes. By being steadfast to our vision and business model upheld for over a decade, such strategies will build a natural moat against further externalities whilst equipping us with early mover advantage capturing emerging opportunities on a much wider scale in the long-term.”

About YEAHKA LIMITED (Stock Code: 9923.HK)

Yeahka is a leading payment-based technology platform empowering businesses, dedicated to creating value for merchants and consumers. We are committed to expanding an independent digital commerce ecosystem by (i) providing seamless, convenient, and reliable payment service to merchants and consumers through our one-stop payment service business, (ii) enabling merchants to better manage and drive business growth through our merchant solutions business, and (iii) offering consumers high-value local lifestyle services through our in-store e-commerce service business.

For more information, please visit https://www.yeahka.com/ 

Investor and media inquiries, please contact:

Yeahka Limited
IR Team
E-mail: ir@yeahka.com

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HUAWEI CONNECT 2024 | Huawei Unveils the Brand-New Xinghe Intelligent Fabric Solution, Powering the AI Era

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SHANGHAI, Sept. 21, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, over 300 industry leaders, experts, and scholars gathered for the data center network session themed “Xinghe Intelligent Fabric, Powering the AI Era.” The event featured discussions on the evolution and technological advancements of data center networks. During the session, Arthur Wang, President of Data Center Network Domain at Huawei’s Data Communication Product Line, introduced the newly upgraded Xinghe Intelligent Fabric solution. This cutting-edge solution aims to establish a data center network characterized by one map for intelligent operations and maintenance (O&M), one network for diverse computing, and one platform for simplified deployment, providing a robust network infrastructure to support enterprises’ digital and intelligent transformations.

In his keynote speech, Arthur Wang outlined the emerging trends in data center network development. He emphasized that in the AI era, data center networks require both a “brilliant brain” and “resilient bones.” The newly launched Xinghe Intelligent Fabric solution is designed to deliver a powerful network infrastructure tailored for the AI era, featuring:

One Map for Intelligent O&M: Zero Management Concerns

Huawei’s exclusive network digital map enables rapid cross-data center and cross-vendor fault identification within minutes. Additionally, the NetMaster network large model facilitates AI-driven O&M, eliminating manual intervention and ensuring zero management concerns.

One Network for Diverse Computing: Zero Service Interruptions

The Xinghe Intelligent Fabric supports various application scenarios, including intelligent computing, general-purpose computing, and storage. The innovative Network Scale Load Balancing (NSLB) algorithm increases network throughput to 95% and boosts AI training efficiency by over 10%. With the exclusive iReliable three-level fast switchover capability, it achieves sub-millisecond switchover, guaranteeing zero service interruptions.

One Platform for Simplified Deployment: Zero Configuration Errors

By employing digital twins to simulate networks in advance and verify configurations post-deployment, the solution ensures 100% accuracy in network changes. By harnessing network-security convergence capabilities, AI creates an intelligent security matrix to analyze millions of security policies, achieving zero configuration errors.

Looking ahead, Huawei will continue to collaborate with industry partners to enhance research and innovation in data center networks, promote intelligent upgrades, and create greater value for the industry.

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SOURCE Huawei

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Cultivating a Culture of Peace: International Day of Peace Statement by Education Cannot Wait Executive Director Yasmine Sherif

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NEW YORK, Sept. 21, 2024 /CNW/ — The longing for peace transcends time, geography and religion. Based on justice, human rights and universal values outlined in the UN Charter, a culture of peace brings us all together in our common agenda for humanity. We can only co-exist by aligning ourselves with such a world order.

On today’s International Day of Peace, we call on world leaders to end conflict and embrace a culture of peace as enshrined in the UN Charter and related international law.

As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace  a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”

Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.

Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt. 

Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.

“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.

We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.

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SOURCE Education Cannot Wait

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Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”

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BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.

Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces

The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.  

Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.

The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.

Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem

Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.

Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.

At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.  

The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.

In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.

 

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