Technology
VIAVI Announces First Quarter Fiscal 2025 Results
Published
4 weeks agoon
By
CHANDLER, Ariz., Oct. 31, 2024 /PRNewswire/ — VIAVI (NASDAQ: VIAV) today reported results for its first quarter ended September 28, 2024 with the following highlights.
First Quarter
Net revenue of $238.2 million, down $9.7 million or 3.9% year-over-yearGAAP operating margin of 4.8%, down 170 bps year-over-yearNon-GAAP operating margin of 10.0%, down 240 bps year-over-yearGAAP net loss of $1.8 million, down $11.6 million or 118.4% year-over-yearNon-GAAP net income of $12.4 million, down $7.1 million or 36.4% year-over-year GAAP diluted loss per share of $(0.01), down $0.05 or 125.0% year-over-yearNon-GAAP diluted earnings per share (EPS) of $0.06, down $0.03 or 33.3% year-over-year
“VIAVI’s Q1FY25 revenue came in slightly below the midpoint of our guidance, with weaker demand in NSE partially offset by stronger OSP performance. On a positive side, we are starting to see a pickup in the NSE order momentum with our advanced fiber products such as 800G and recently announced 1.6Tb, being particularly strong. This aligns with our expectations for the beginning of NSE demand recovery in second half of FY25,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.
Financial Overview:
The tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”
First Quarter Ended September 28, 2024
GAAP Results
Q1
Q4
Q1
Change
FY 2025
FY 2024
FY 2024
Q/Q
Y/Y
Net revenue
$ 238.2
$ 252.0
$ 247.9
(5.5) %
(3.9) %
Gross margin
57.1 %
57.8 %
58.2 %
(70) bps
(110) bps
Operating margin
4.8 %
(2.3) %
6.5 %
710 bps
(170) bps
Income (loss) from operations
$ 11.5
$ (5.7)
$ 16.0
301.8 %
(28.1) %
Net (loss) income per share
(0.01)
(0.10)
0.04
90.0 %
(125.0) %
Non-GAAP Results
Q1
Q4
Q1
Change
FY 2025
FY 2024
FY 2024
Q/Q
Y/Y
Gross margin
59.1 %
59.6 %
60.1 %
(50) bps
(100) bps
Operating margin
10.0 %
10.9 %
12.4 %
(90) bps
(240) bps
Income from operations
$ 23.9
$ 27.5
$ 30.8
(13.1) %
(22.4) %
Earnings per share
0.06
0.08
0.09
(25.0) %
(33.3) %
Net Revenue by Segment
Q1
Q4
Q1
Change
FY 2025
FY 2024
FY 2024
Q/Q
Y/Y
Network Enablement
$ 141.6
$ 158.5
$ 150.0
(10.7) %
(5.6) %
Service Enablement
17.8
23.7
20.4
(24.9) %
(12.7) %
Optical Security and Performance Products
78.8
69.8
77.5
12.9 %
1.7 %
Total
$ 238.2
$ 252.0
$ 247.9
(5.5) %
(3.9) %
Americas, Asia-Pacific and EMEA customers represented 37.2%, 36.1% and 26.7%, respectively, of total net revenue for the quarter ended September 28, 2024.As of September 28, 2024, the Company held $497.9 million in total cash, short-term investments and short-term restricted cash.As of September 28, 2024, the Company had $250 million aggregate principal amount of 1.625% Senior Convertible Notes and $400 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $637.6 million.During the fiscal quarter ended September 28, 2024, the Company generated $13.5 million of cash flows from operations.
Business Outlook for the Second Quarter of Fiscal 2025
For the second quarter of fiscal 2025 ending December 28, 2024, the Company expects net revenue to be between $255 million to $265 million and non-GAAP EPS to be between $0.09 to $0.11.
With respect to our expectations above, the Company has not reconciled GAAP net loss per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the “Use of Non-GAAP (Adjusted) Financial Measures” section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.
Conference Call
The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on October 31, 2024 in a live webcast, which will also be archived for replay on the Company’s website at https://investor.viavisolutions.com. The Company will post supplementary slides outlining the Company’s latest financial results on https://investor.viavisolutions.com under the “Quarterly Results” section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.
About VIAVI Solutions
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.
Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company’s ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (k) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (l) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (m) the uncertain and ongoing impact to our supply chain of military conflicts, such as the ongoing conflict between Russia and Ukraine and the ongoing conflict between Israel and Hamas and the expansion of conflict in the Middle East, including in Lebanon and with Iran, tariffs, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of “trade wars,” cyber-attacks, and retaliatory measures; (n) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (o) inherent uncertainty related to global markets, including inflationary pressures, recessions, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements. We have not filed our Form 10-Q for the quarter ended September 28, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q.
Contact Information
Investors:
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com
Press:
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
-SELECTED PRELIMINARY FINANCIAL DATA –
VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
PRELIMINARY
Three Months Ended
September 28,
2024
September 30,
2023
Net revenue
$ 238.2
$ 247.9
Cost of revenues
98.8
100.0
Amortization of acquired technologies
3.3
3.5
Gross profit
136.1
144.4
Operating expenses:
Research and development
49.4
49.9
Selling, general and administrative
74.1
77.2
Amortization of other intangibles
1.1
2.1
Restructuring and related benefits
—
(0.8)
Total operating expenses
124.6
128.4
Income from operations
11.5
16.0
Interest and other income, net
3.2
10.2
Interest expense
(7.5)
(7.8)
Income before income taxes
7.2
18.4
Provision for income taxes
9.0
8.6
Net (loss) income
$ (1.8)
$ 9.8
Net (loss) income per share:
Basic
$ (0.01)
$ 0.04
Diluted
$ (0.01)
$ 0.04
Shares used in per share calculations:
Basic
222.0
222.0
Diluted
222.0
224.2
The preliminary financial statements are estimated based on our current information.
VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
PRELIMINARY
September 28, 2024
June 29, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 467.9
$ 471.3
Short-term investments
25.2
19.9
Restricted cash
4.8
5.0
Accounts receivable, net
203.1
213.1
Inventories, net
93.2
96.5
Prepayments and other current assets
69.8
70.7
Total current assets
864.0
876.5
Property, plant and equipment, net
230.5
228.2
Goodwill, net
461.2
452.9
Intangibles, net
34.0
38.2
Deferred income taxes
86.1
82.5
Other non-current assets
61.8
58.0
Total assets
$ 1,737.6
$ 1,736.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 47.4
$ 50.4
Accrued payroll and related expenses
44.4
48.2
Deferred revenue
63.7
65.7
Accrued expenses
23.8
25.3
Other current liabilities
53.5
57.5
Total current liabilities
232.8
247.1
Long-term debt
637.6
636.0
Other non-current liabilities
165.1
171.6
Total liabilities
1,035.5
1,054.7
Total stockholders’ equity
702.1
681.6
Total liabilities and stockholders’ equity
$ 1,737.6
$ 1,736.3
The preliminary financial statements are estimated based on our current information.
VIAVI SOLUTIONS INC.
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
PRELIMINARY
Three Months Ended September 28, 2024
Network and Service Enablement
Network
Enablement
Service
Enablement
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 141.6
$ 17.8
$ 159.4
$ 78.8
$ —
$ 238.2
Gross profit
$ 86.3
$ 10.8
$ 97.1
$ 43.6
$ (4.6)
$ 136.1
Gross margin
60.9 %
60.7 %
60.9 %
55.3 %
57.1 %
Operating (loss) income
$ (7.3)
$ 31.2
$ (12.4)
$ 11.5
Operating margin
(4.6) %
39.6 %
4.8 %
Three Months Ended September 30, 2023
Network and Service Enablement
Network
Enablement
Service Enablement
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 150.0
$ 20.4
$ 170.4
$ 77.5
$ —
$ 247.9
Gross profit
$ 94.6
$ 13.7
$ 108.3
$ 40.7
$ (4.6)
$ 144.4
Gross margin
63.1 %
67.2 %
63.6 %
52.5 %
58.2 %
Operating income
$ 1.5
$ 29.3
$ (14.8)
$ 16.0
Operating margin
0.9 %
37.8 %
6.5 %
(1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items.
The preliminary financial schedules are estimated based on our current information.
Use of Non-GAAP (Adjusted) Financial Measures
The Company provides non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA financial measures as supplemental information regarding the Company’s operational performance. The Company uses the measures disclosed in this release to evaluate the Company’s historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company’s core operating performance, which the Company believes represent its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition-related intangibles, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities and certain investing and acquisition related expenses and other activities that management believes are not reflective of such ordinary, ongoing and core operating activities.
The Company believes providing this additional information allows investors to see Company results through the eyes of management. The Company further believes that providing this information allows investors to better understand the Company’s financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.
The non-GAAP adjustments described in this release are excluded by the Company from its GAAP financial measures because the Company believes excluding these items enables investors to evaluate more clearly and consistently the Company’s core operational performance. The non-GAAP adjustments are outlined below.
Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company’s GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, equipment and intangibles that have been identified for disposal but remained in use until the date of disposal, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) changes in fair value of contingent consideration liabilities and (vii) other charges unrelated to our core operating performance comprised mainly of acquisition related transaction costs, integration costs related to acquired entities, litigation and legal settlements and other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA.
Non-cash interest expense and other expense: The Company excludes certain investing expenses, including accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.
Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as the utilization of net operating losses where valuation allowances were released, intra-period tax allocation benefit and the tax effect for amortization of non-tax deductible intangible assets, when calculating non-GAAP net income and non-GAAP EPS.
Interest, taxes, depreciation, amortization and other adjustments: The Company’s EBITDA calculation primarily excludes interest income and other income (expense), interest expense, taxes, depreciation and amortization, and other items that are not part of its core operating performance described above. The Company’s adjusted EBITDA excludes items in addition to the items excluded from the EBITDA calculation, such as stock-based compensation, restructuring, gain or loss on sale of available for-sale investments, changes in fair value of contingent consideration liabilities arising from prior acquisitions and other charges related to activities that are not part of its core operating performance described above. Management believes adjusted EBITDA is a helpful indicator of the Company’s core operational cash flow.
Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is net income per share. The Company believes these GAAP measures alone are not fully indicative of its core operating expenses and performance and that providing non-GAAP financial measures in conjunction with GAAP measures provides valuable supplemental information regarding the Company’s overall performance.
VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO NON-GAAP MEASURES
(in millions, except per share data)
(unaudited)
PRELIMINARY
The following tables reconcile GAAP measures to non-GAAP measures:
Three Months Ended
September 28, 2024
September 30, 2023
Gross
Profit
Gross
Margin
Gross
Profit
Gross
Margin
GAAP measures
$ 136.1
57.1 %
$ 144.4
58.2 %
Stock-based compensation
1.2
0.5 %
1.2
0.5 %
Other charges (benefits) unrelated to core operating performance
0.1
0.1 %
(0.1)
— %
Amortization of intangibles
3.3
1.4 %
3.5
1.4 %
Total related to Cost of Revenue
4.6
2.0 %
4.6
1.9 %
Non-GAAP measures
$ 140.7
59.1 %
$ 149.0
60.1 %
Three Months Ended
September 28, 2024
September 30, 2023
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
GAAP measures
$ 11.5
4.8 %
$ 16.0
6.5 %
Stock-based compensation
12.7
5.3 %
11.2
4.5 %
Change in fair value of contingent liability
(3.5)
(1.5) %
(1.4)
(0.6) %
Acquisition and integration related charges
0.6
0.3 %
—
— %
Other (benefits) charges unrelated to core operating performance (1)
(0.5)
(0.2) %
0.2
0.1 %
Amortization of intangibles
4.4
1.8 %
5.6
2.2 %
Restructuring and related charges
—
— %
(0.8)
(0.3) %
Litigation settlement
(1.3)
(0.5) %
—
— %
Total related to Cost of Revenue and Operating Expenses
12.4
5.2 %
14.8
5.9 %
Non-GAAP measures
23.9
10.0 %
30.8
12.4 %
Three Months Ended
September 28, 2024
September 30, 2023
Net (Loss)
Income
Diluted
EPS
Net
Income
Diluted
EPS
GAAP measures
$ (1.8)
$ (0.01)
$ 9.8
$ 0.04
Items reconciling GAAP Net (Loss) Income and EPS to Non-GAAP Net Income and EPS:
Stock-based compensation
12.7
0.06
11.2
0.05
Change in fair value of contingent liability
(3.5)
(0.01)
(1.4)
—
Acquisition and integration related charges
0.6
—
—
—
Other (benefits) charges unrelated to core operating performance (1)
(0.5)
—
0.2
—
Amortization of intangibles
4.4
0.02
5.6
0.02
Restructuring and related benefits
—
—
(0.8)
—
Litigation settlement
(1.3)
(0.01)
(7.3)
(0.03)
Non-cash interest expense and other expense
1.1
0.01
1.2
0.01
Provision for income taxes
0.7
—
1.0
—
Total related to Net (Loss) Income and EPS
14.2
0.07
9.7
0.05
Non-GAAP measures
$ 12.4
$ 0.06
$ 19.5
$ 0.09
Shares used in per share calculation for Non-GAAP EPS
224.0
224.2
Note: Certain totals may not add due to rounding.
(1) Included in the three months ended September 28, 2024 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $0.4 million.
The preliminary financial schedules are estimated based on our current information.
VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO ADJUSTED EBITDA
(in millions, unaudited)
PRELIMINARY
Three Months Ended
September 28,
2024
September 30,
2023
GAAP Net (Loss) Income
$ (1.8)
$ 9.8
Interest and other income, net (1)
(3.2)
(10.2)
Interest expense
7.5
7.8
Provision for income taxes
9.0
8.6
Depreciation
9.7
9.8
Amortization
4.4
5.6
EBITDA
25.6
31.4
Restructuring and related benefits
—
(0.8)
Stock-based compensation
12.7
11.2
Change in fair value of contingent liability
(3.5)
(1.4)
Acquisition and integration related charges
0.6
—
Other (benefits) charges unrelated to core operating performance (2)
(1.9)
0.1
Adjusted EBITDA
$ 33.5
$ 40.5
Note: Certain totals may not add due to rounding.
(1) Includes favorable litigation settlement of $7.3 million recorded as a gain to Interest and other income, net in the Consolidated Statements of Operations for the three months ended September 30, 2023.
(2) Included in the three months ended September 28, 2024 is a gain on litigation settlement of $1.3 million, a gain on the sale of assets previously classified as held for sale of $0.9 million and other charges unrelated to core operating performance of $0.3 million.
The preliminary financial schedules are estimated based on our current information.
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Global Times: The ‘engines’ behind China’s cultural ‘troika’: online dramas, games and novels
Published
56 minutes agoon
November 26, 2024By
BEIJING, Nov. 26, 2024 /PRNewswire/ — “Watching this drama throws me back to my school days when I used to watch many films and dramas from Hong Kong.” “I even tried the snacks mentioned in the novel, indulging in the same treats while reading.” Such online comments about Chinese cultural works on overseas social media and review platforms are fairly common. Audiences around the world are increasingly sharing reviews and forming online communities around China’s popular cultural products, especially online literature, games and dramas, despite physical distances.
Online dramas, games and novels have been seen as the “troika” of Chinese culture winning global audiences, according to reports such as the Report on the Development of Chinese Online Literature released by the Institute of Literature, Chinese Academy of Social Sciences.
Rooted in rich traditional culture and aligned with shared human values and sentiments, a growing number of cultural works in the realms of this “troika” have thrived, thanks in part to convenient channels of communication. These works not only showcase the uniqueness and allure of Chinese culture but also foster deeper connections among people around the globe.
Since Wednesday, international audiences on Netflix have been able to watch the thriller series See Her Again, centered on the fight between evil and justice, simultaneously with Chinese viewers on domestic video platform Tencent. This synchronized release has provided audiences with the opportunity to engage in real-time discussions about the drama across various review platforms.
Netizens have flocked to platforms like MyDramaList and Reddit to share their thoughts on the plot, background music, and characters in the drama, often receiving responses from other users.
“I can’t wait for the next episode. Wondering who is the real culprit. I’m on ep 10. I like time travel dramas. For me the storyline is interesting,” commented one viewer. Reviews like these are often upvoted by other netizens. These positive reactions are reflected in the drama’s viewership numbers on Netflix, where it has climbed to the Top 4 on the popularity list for Singapore.
“The online drama showcasing the local social atmosphere and customs also seeks to discuss the common values and shared emotions of all of humanity such as seeking the truth, protecting loved ones and upholding justice. This is the main reason that the work can stand out and attract audiences in different regions,” Shi Wenxue, a veteran cultural critic based in Beijing, told the Global Times on Monday.
“This is just like the hit online game Black Myth: Wukong,” Shi added, noting that the success stories of these remarkable cultural works across various forms share common factors.
The game secured top honors at the 2024 Golden Joystick Awards on Friday, winning “Ultimate Game of the Year” and “Best Visual Design,” while earning additional nominations for “Best Game Direction,” “Best Action Game,” and “Best Art Direction.” The results evoked cheers among international players, many of whom noted that this game deserves its reputation.
Shi noted that rooted in Chinese classics and traditional legends, Chinese game developers have been striving to weave compelling narratives with distinct Chinese characteristics through games. In doing so, they have created an expansive world view and values that resonate with global youth, contributing to the global success of their works.
Zhang Peng, a cultural researcher and associate professor at Nanjing Normal University, attributed Chinese online literature’s growing popularity overseas to its rich Chinese cultural elements, common spirit and innovative promulgation channels.
“Chinese online literature integrates diverse media and forms a diverse path of global dissemination. Besides this, the protagonists’ spirit such as persistence and wisdom in these works, along with the rich elements of traditional Chinese culture, render them highly captivating and influential, enabling overseas readers to gain a better understanding of China,” Zhang told the Global Times on Monday.
By the end of 2023, the number of Chinese online literature readers had reached a record 537 million, with the overseas market for this genre surpassing 4 billion yuan ($552 million) and spanning over 200 countries and regions.
Jose from Peru, Hoan from Poland and Vaishnu Ojha from India are representatives of the numerous readers of Chinese web novels. They are loyal followers of the hit Chinese web novel Lord of the Mysteries, a top-ranked fantasy, adventure and steampunk thriller that has amassed over 47 million views on WebNovel.
The three readers of the novel have formed a 24,000-member group on Facebook run by Vaishnu Ojha. They discuss classic passages in the book and share their reviews of newly released content with other group members around the world. For them, the online group has been a spiritual home or a joyful base to communicate with peers.
Zhang noted that as important carriers of Chinese culture, online literature, games and dramas allow global readers to access and understand Chinese culture through unique stories and cultural elements, thereby enhancing their understanding and awareness of Chinese culture.
“The global popularity of the ‘troika’ demonstrates the need for us to pay greater attention to the power of the internet and to fully leverage its advantage in disseminating Chinese culture. This approach will help foster a positive international atmosphere that respects Chinese history, appreciates Chinese culture, and understands the essence of the Chinese spirit,” said Zhang.
View original content:https://www.prnewswire.com/news-releases/global-times-the-engines-behind-chinas-cultural-troika-online-dramas-games-and-novels-302316199.html
SOURCE Global Times
Technology
Creality Shines at Formnext 2024, Unveils K2 Plus, New CoreXY Model, and Accessories
Published
56 minutes agoon
November 26, 2024By
FRANKFURT, Germany, Nov. 26, 2024 /PRNewswire/ — Creality made a strong impression at Formnext 2024, continuing its legacy as a leading innovator in 3D printing technology. This year’s exhibit underscored Creality’s commitment to innovation and collaboration with a diverse range of solutions for both hobbyists and professionals.
Flagship Products and New Launches
Among Creality’s star attractions was the K2 Plus Combo, a major addition to the K1 Series. Offering a 350mm³ build volume, the K2 Plus enhances Creality’s flagship lineup with features like automatic filament identification, multi-filament support, and seamless loading/unloading. Powered by Creality OS and Edge AI, the K2 Plus provides exceptional print quality, active chamber heating, and smart monitoring.
The Ender-5 Max made its debut at the fair, designed for professional use with a 400mm³ build volume, auto bed leveling, and a robust all-metal frame. It is ideal for high-speed operations, reaching up to 700mm/s, and optimized for print farms with multi-printer management.
The Ender-3 V3 Plus also stole the spotlight, featuring a 300x300x330mm build area, advanced CoreXZ structure, and a next-gen extrusion system for faster, high-quality prints. Its automatic bed leveling and user-friendly touchscreen make it suitable for users of all levels. The Ender-3 V3, a compact version, also impressed with dual motors and a powerful cooling system, achieving speeds up to 600mm/s without compromising on quality. Both models will soon support Co Print for multi-filament printing.
Creality also showcased the Halot-Mage S, a top-tier resin printer with a 10.1″ 14K mono LCD and impressive print speeds of up to 150mm/h. Its uniform integral light source ensures sharp, precise prints, while Smart HALOT OS offers remote printing capabilities.
Ecosystem Upgrades
The Falcon A1, a compact, easy-to-use 3D printer, delivers speeds up to 600mm/s with auto material recognition and no assembly required, making it ideal for home use. Creality also highlighted the Creality RaptorX, a professional-grade 3D scanner with high precision (0.02mm) and modular design, perfect for large objects (5-4000mm).
Creality introduced several new filaments and resins, including Rainbow PLA for vibrant multi-color prints, Hyper PETG for outdoor models requiring high impact and chemical resistance, and PPA-CF, a high-temperature nylon filament reinforced with carbon fibers for industrial applications. New resins like Halot Rigid Resin and Plant-Based Resin expand Creality’s material ecosystem, offering higher performance, eco-friendliness, and ease of use.
Industrial Solutions by PioCreat
Creality’s industrial arm, PioCreat, showcased its advanced solutions for large-scale and dental applications. The DJ89 PLUS resin printer, with an 8K LCD and integral light source, delivers high precision and automatic feeding. The G12 FGF Pellet 3D Printer features a massive build volume of 1200×1000×1000mm, perfect for molds and prototypes, while the G5Ultra, designed for educational and research purposes, uses cost-effective thermoplastic pellets.
Engaging Attendees and Partners
Creality also launched a “Life is Colorful, Just Like You” social media campaign, offering attendees the chance to interact with products and receive 3D-printed souvenirs. The company’s models were also featured at partner booths, including Sunlu, Kexcelled, Keli, BASF, and eSUN. Creality further engaged the global audience through live-streaming and interviews with leading media outlets such as All3DP and 3Dnatives.
Commitment to the Global Market
Mr. TANG Jingke, Co-founder of Creality, reaffirmed the company’s commitment to the European market, emphasizing its growing presence and partnerships within the region. “Our participation at Formnext highlights our dedication to advancing 3D printing technology and deepening our engagement with Europe’s manufacturing and tech sectors. We look forward to fostering global collaborations and driving the future of 3D printing,” he stated.
For more information on Creality’s innovations and products, visit their official website.
CONTACT: brand@creality.com
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View original content:https://www.prnewswire.co.uk/news-releases/creality-shines-at-formnext-2024-unveils-k2-plus-new-corexy-model-and-accessories-302316037.html
Technology
MARINTEC INNOVATION CONFERENCE 2024: Charging the Future with Alternative Energy Sources
Published
56 minutes agoon
November 26, 2024By
HONG KONG, Nov. 26, 2024 /PRNewswire/ — Gear up for Marintec Innovation Conference 2024, the definitive maritime technology and innovation event organised by Informa Markets and SSNAME, happening on 12 – 13 December at the Shanghai Renaissance Zhongshan Park Hotel. This year’s theme, “Alternative Energy and Fuels Contribute to Low Carbon Maritime,” underscores the industry’s dedication to sustainable practices and groundbreaking advancements.
Distinguished Speakers and Industry Experts
Prepare to be inspired by an impressive lineup of speakers from some of the most influential organisations in the maritime industry. These panels will delve into critical topics such as:
“Alternative Energy and Fuels Review and Outlook”: Exploring the latest developments in renewable energy sources and their integration into maritime operations.”Sailing Efficiency – Shipowner’s Perspective”: Offering practical strategies for improving operational efficiency from leading shipowners.”Industry Chain Support”: Highlighting the collaborative efforts across the maritime value chain to support these innovations.
Notable speakers include:
ABB Marine & Ports, Switzerland: Mr. Meng Desheng, Sales DirectorAlfa Laval (Shanghai) Technologies Co Ltd, Denmark: Mr. James Le, President of Marine DivisionChina Association of the National Shipbuilding Industry, China: Mr. Li Yanqing, Secretary GeneralChina Merchants Energy Shipping, China: Mr. Wu Jianyi, Technical DirectorCSSC Shanghai Marine Energy Saving Technology Co Ltd, China: Mr. Zhang Xiaosong, Deputy Chief of R&D DepartmentCSSC Silent Electric System (Wuxi) Technology Co Ltd, China: Mr. Guo Wei, Deputy General ManagerDNV, Norway: Mr. Jason Liu Xiaofeng, Head of Smart Centre / Deputy Head of Technical Centre ChinaHeadway Technology Group (Qingdao) Co Ltd, China: Mr. Zhang Zongkai, Project Manager of the R&D CenterInmarsat Maritime, United Kingdom: Mr. William Ku, Regional Director, Asia PacificInternational Chamber of Shipping – ICS, United Kingdom: Mr. Guy Platten, Secretary GeneralInternational Windship Association – IWSA, United Kingdom: Mr. Gavin Allwright, Secretary GeneralJotun, Norway: Mr. Christer Lorentz Øpstad (Ph.D.), Global R&D Director – Fouling ProtectionKongsberg Maritime, Norway: Mr. Carl Magne Rustand, Country Manager – Greater ChinaMaersk, Denmark: Mr. Karim Fahssis, Maersk Decarbonisation China HeadRINA Italy Classification Society (China) Co Ltd, China: Mr. Fang Peng, Head of RINA Greater China Excellence CentreTrelleborg Marine Engineering (Qingdao) Co Ltd, China: Mr. Andrew Stafford, Technical DirectorUlstein, Norway: Mr. Kirk Du, Deputy Managing DirectorWikborg Rein Advokatfirma AS: Mr. Bård Bjerken, Managing Associate and Shanghai Representative
These panel discussions will provide attendees with invaluable insights and practical knowledge from leading experts, fostering a deeper understanding of the challenges and opportunities in the maritime sector.
Innovation on Display
In complement to the compelling sessions and expert speakers, the event will feature sponsors such as Bestway, Bicentric Technology, Shanghai Moury Marine Equipment, Shanghai SIBO Automation, Shanghai Tonghe Marine Equipment, Sonyo Appliances Refrigeration System, Zhenjiang Tongzhou Propeller and others showcasing their cutting-edge innovations.
A Hub for Maritime Innovation
Over and above the conference sessions, the Marintec Innovation Conference 2024 will offer numerous networking opportunities, including dedicated networking sessions and an exclusive closing dinner. These events will enable attendees to build valuable connections, exchange ideas, and forge partnerships that will drive the future of maritime technology.
Registration and Additional Information
Registration for the Marintec Innovation Conference 2024 is now open. For more information about the conference program and speakers, please visit the official conference website at www.marintecchina.com.
Call to Action
It is time to invest in and adopt alternative energy. By working together, we can meet the challenges and lead the industry into a sustainable, zero-carbon future. This conference is a movement towards a greener world for generations to come.
Marintec Innovation Conference Background:
Following its inaugural edition in 2017 during Marintec China, the Marintec Innovation Conference will be held in December of even-numbered years at the Shanghai Renaissance Zhongshan Park Hotel. Organised by Informa Markets and SSNAME, Marintec Innovation continues to provide a unique platform for fostering interactions on diverse findings and advancements in the maritime industry through collaboration and knowledge sharing.
Marintec Innovation’s Themes
2017: Cruise Shipbuilding at Marintec China
2018: International Marine Intelligent Energy Efficiency Technology
2020: The Fourth Industrial Revolution at Sea
2022: Defining the Path to Decarbonisation
2024: Alternative Energy and Fuels Contribute To Low-carbon Maritime
Organisers of Marintec China:
Marintec China is organised and managed by Informa Markets and Shanghai Society of Naval Architects & Marine Engineers (SSNAME).
Informa Markets
Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organiser, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com
Shanghai Society of Naval Architects and Marine Engineers (SSNAME)
Shanghai Society of Naval Architecture and Marine Engineers (SSNAME), founded in early 1951, is the first scientific and technological society in the field of shipbuilding and marine engineering of the People’s Republic of China. SSNAME currently has 5,000 individual members and more than 60 group members. It has 5 working Committees, 11 Specialized Committees and 3 Representative offices. As an important non-governmental scientific and technological society with high reputation and influence in the international field of shipbuilding and marine engineering, SSNAME has been committed to promoting the progress of shipbuilding and marine engineering technology and international exchanges and cooperation. SSNAME has established closely cooperative relations with 14 well-known overseas maritime engineering societies, such as SNAME, RINA, STG, JSNAOE, SNAK and so on. It is the initiator and first chairman of the Pan-Asian Association of Maritime Engineering Societies (PAAMES) and is also a member of the International Standing Committee of the World Maritime Technology Conference (WMTC). The “Xin Yixin Ship and Marine Engineering Science and Technology Innovation Award” founded by SSNAME has become an important award for scientific and technological talents. SSNAME organizes many academic exchanges, popular science and scientific and technological publication every year. For more information, please visit www.ssname.com.cn.
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View original content:https://www.prnewswire.co.uk/news-releases/marintec-innovation-conference-2024-charging-the-future-with-alternative-energy-sources-302316104.html
Global Times: The ‘engines’ behind China’s cultural ‘troika’: online dramas, games and novels
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