Technology
Ginkgo Bioworks Reports Third Quarter 2024 Financial Results
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2 weeks agoon
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Ginkgo provides update on its restructuring process including an acceleration of site consolidation initiatives and continued progress on cost reductions
Ginkgo signs new and expanded deals with Novo Nordisk and achieves a major research milestone with Merck
BOSTON, Nov. 12, 2024 /PRNewswire/ — Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, “Ginkgo”), which is building the leading platform for cell programming and biosecurity, today announced its results for the third quarter ended September 30, 2024. The update, including a webcast slide presentation with additional details on the third quarter and supplemental financial information will be available at investors.ginkgobioworks.com.
Third Quarter 2024 Financial Results
Third quarter 2024 Total revenue of $89 million, up from $55 million in the comparable prior year period, an increase of 61% driven by $45 million of non-cash revenue from a release of deferred revenue relating to the mutual termination of a customer agreement. Excluding this impact, Total revenue in the quarter was $44 million, a decrease of 21% over the prior year periodExcluding the $45 million non-cash deferred revenue release, third quarter 2024 Cell Engineering revenue of $30 million, down from $37 million in the comparable prior year period, a decrease of 20% driven by the continued shift from early stage customers to large/enterprise customers along with commercial changes related to the restructuringThird quarter 2024 Biosecurity revenue of $14 million with gross profit margin of 28%. Biosecurity revenue decreased from the comparable prior year period due to the expected ramp down of K-12 testingThird quarter 2024 Loss from operations of $(55) million (inclusive of stock-based compensation expense of $14 million and M&A and restructuring related costs of $2 million, net), compared to Loss from operations of $(286) million (inclusive of stock-based compensation expense of $54 million and M&A and restructuring related costs, including asset impairments, of $124 million) in the comparable prior year period. The 2024 period also benefited from the above non-cash deferred revenue releaseThird quarter 2024 Adjusted EBITDA of $(20) million, up from $(84) million in the comparable prior year period, driven by the above non-cash deferred revenue release and a decrease in operating expensesCash and cash equivalents balance as of the end of the third quarter of $616 million
“I’m extremely proud of the significant progress we made in the third quarter,” said Jason Kelly, co-founder and CEO of Ginkgo. “The team has been laser-focused on delivering for customers while driving down costs even further. We are achieving ambitious milestones, signing new deals with several new and existing customers while also launching our new Automation, Datapoints and AI offerings. Beyond customer successes, we will substantially consolidate our overall real estate footprint by exiting several facilities in Cambridge, MA and Europe by year end. We couldn’t have done this without the support of our Board and we’re very grateful to Arie for all of his service and contributions to our journey since going public, and look forward to working closely with Sri as he brings a wealth of knowledge in the automation and life science tools space as we expand increasingly into tools. It’s an incredibly important time to be pursuing the mission of making biology easier to engineer and creating sustainable biosecurity infrastructure for the future. I am excited by the momentum we are gaining to meet that mission as we close out this year on a substantially reduced cost base.”
Recent Business Highlights & Strategic Positioning
Cell Engineering closed deals with new and existing customersAdded 25 new programs and other customer contracts to the Cell Engineering platform in Q3 2024, of which 11 were comparable in size and scope to historically reported New Programs and an additional 14 contracts that represent a variety of other deal archetypes, such as Datapoints projectsSigned a new deal with Novo Nordisk focused on the discovery and development of proteins while also expanding Ginkgo’s existing collaboration on expression systems for pharmaceutical productsDelivered on a major research milestone for Ginkgo’s previously announced deal with Merck. As part of this milestone completion, Ginkgo will receive a fee of $9 million in cash, expected in Q4 2024, and will move to Stage 2 to work towards making an even more effective production processSigned three new Datapoints deals with a major TechBio company and two of the top 25 pharmaceutical companiesGinkgo Biosecurity continues to work towards creating solutions that offer persistent, pervasive monitoringGinkgo validated its approach to rapidly detect H5N1 and has updated its offerings to include DNA sequencing of raw milk, bioinformatics as a service and comprehensive analyzed data setsGinkgo made significant progress on its plan to reach Adjusted EBITDA breakeven by the end of 2026The reduction in force is estimated to achieve over $85 million in annualized savings by mid-2025Ginkgo has continued implementing significant non-people cost cutting measures, including rationalizing third-party costs and site consolidationDr. Sri Kosuri, CEO of Octant and former associate professor at UCLA in the Chemistry and Biochemistry Department, joined our Board on November 6, 2024. Dr. Arie Belldegrun, a director since September 2021 and member of our compensation committee, resigned from the Board on November 7, 2024
Full Year 2024 Outlook
Ginkgo previously issued 2024 guidance for Total revenue of $170-190 million; Cell Engineering services revenue of $120-140 million; and Biosecurity revenue of at least $50 million. Ginkgo updates its previously issued guidance solely to reflect the impact of the previously mentioned $45 million non-cash deferred revenue release in the third quarter to:Total revenue guidance of $215-235 million in 2024;Cell Engineering services revenue of $165-185 million in 2024; andBiosecurity revenue of at least $50 million in 2024.
Conference Call Details
Ginkgo will host a videoconference today, Tuesday, November 12, 2024, beginning at 5:30 p.m. ET. The presentation will include an overview of third quarter financial performance, recent business updates, a discussion on Ginkgo’s outlook, as well as a moderated question and answer session.
To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo’s Investor Relations website and a replay will be made available following the presentation.
Ginkgo Investor Website: https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
Webinar ID: 920 8859 2008
If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our website at https://investors.ginkgobioworks.com/events/ for updated dial-in information.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo Biosecurity is building and deploying the next-generation infrastructure and technologies that global leaders need to predict, detect, and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and ginkgobiosecurity.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @Ginkgo_Biosec), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, including with respect to our current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven and profitability, our reduction in workforce and anticipated impacts thereof, the timing and structuring of our facilities consolidation and the potential financial impact thereof, potential customer success, including successful application of our offerings by our customers, expectations with regard to revenue, expenses, including our stock-based compensation expenses, our full year 2024 outlook, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “can,” “project,” “potential,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) our ability to realize near-term and long-term cost savings associated with our site consolidation plans, including the ability to terminate leases or find sub-lease tenants for unused facilities, (ii) volatility in the price of Ginkgo’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo’s business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against Ginkgo, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development or commercialization success of our customers, and (xi) the potential negative impact on our business of our planned reduction in force or the failure to realize the anticipated savings associated therewith. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Ginkgo’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 29, 2024 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.
Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles (“GAAP”), and constitute “non-GAAP financial measures” as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo’s financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo’s most comparable GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR CONTACT:
investors@ginkgobioworks.com
MEDIA CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data, unaudited)
As of September 30, 2024
As of December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$ 616,214
$ 944,073
Accounts receivable, net
23,411
17,157
Accounts receivable – related parties
531
742
Prepaid expenses and other current assets
22,324
39,777
Total current assets
662,480
1,001,749
Property, plant, and equipment, net
211,035
188,193
Operating lease right-of-use assets
405,911
206,801
Investments
62,103
78,565
Intangible assets, net
79,566
82,741
Goodwill
—
49,238
Other non-current assets
59,788
58,055
Total assets
$ 1,480,883
$ 1,665,342
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 15,700
$ 9,323
Deferred revenue
22,894
44,486
Accrued expenses and other current liabilities
75,833
110,051
Total current liabilities
114,427
163,860
Non-current liabilities:
Deferred revenue, net of current portion
105,247
158,062
Operating lease liabilities, non-current
445,592
221,835
Other non-current liabilities
17,674
24,433
Total liabilities
682,940
568,190
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value
—
—
Common stock, $0.0001 par value
5
5
Additional paid-in capital
6,527,698
6,386,191
Accumulated deficit
(5,730,023)
(5,290,528)
Accumulated other comprehensive income
263
1,484
Total stockholders’ equity
797,943
1,097,152
Total liabilities and stockholders’ equity
$ 1,480,883
$ 1,665,342
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share data, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Cell Engineering revenue
$ 75,089
$ 37,176
$ 139,183
$ 116,555
Biosecurity revenue:
Product
—
6,495
—
28,949
Service
13,957
11,759
44,013
71,196
Total revenue
89,046
55,430
183,196
216,700
Costs and operating expenses:
Cost of Biosecurity product revenue
—
906
—
7,481
Cost of Biosecurity service revenue
9,987
6,017
30,996
39,913
Cost of other revenue
2,016
—
3,930
—
Research and development (1)
77,006
156,662
347,684
463,583
General and administrative (1)
52,292
82,028
188,864
295,802
Impairment of lease assets
—
96,210
—
96,210
Goodwill impairment
—
—
47,858
—
Restructuring charges
2,949
—
20,015
—
Total operating expenses
144,250
341,823
639,347
902,989
Loss from operations
(55,204)
(286,393)
(456,151)
(686,289)
Other income (expense):
Interest income, net
9,251
15,020
31,275
43,914
Loss on equity method investments
—
—
—
(1,516)
Loss on investments
(6,912)
(36,324)
(16,282)
(44,815)
Loss on deconsolidation of subsidiary
(7,013)
—
(7,013)
—
Change in fair value of warrant liabilities
1,528
1,891
5,701
(1,387)
Other income, net
1,572
2,893
2,821
9,045
Total other income (expense)
(1,574)
(16,520)
16,502
5,241
Loss before income taxes
(56,778)
(302,913)
(439,649)
(681,048)
Income tax expense (benefit)
(375)
(22)
(154)
127
Net loss
$ (56,403)
$ (302,891)
$ (439,495)
$ (681,175)
Net loss per share, basic and diluted
$ (1.08)
$ (6.21)
$ (8.58)
$ (14.09)
Weighted average common shares outstanding:
Basic
52,240
48,770
51,244
48,330
Diluted
52,246
48,770
51,250
48,330
Comprehensive loss:
Net loss
$ (56,403)
$ (302,891)
$ (439,495)
$ (681,175)
Other comprehensive income (loss):
Foreign currency translation adjustment
494
(1,599)
(2,713)
(267)
Reclassification of foreign currency translation
adjustment realized upon sale of
foreign subsidiary
1,492
—
1,492
—
Total other comprehensive income (loss)
1,986
(1,599)
(1,221)
(267)
Comprehensive loss
$ (54,417)
$ (304,490)
$ (440,716)
$ (681,442)
(1) Total stock-based compensation expense, inclusive of employer payroll taxes, was allocated as follows (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Research and development
$ 3,214
$ 33,976
$ 48,028
$ 122,086
General and administrative
10,799
19,671
46,608
69,238
Total
$ 14,013
$ 53,647
$ 94,636
$ 191,324
Ginkgo Bioworks Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities:
Net loss
$ (439,495)
$ (681,175)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
47,368
57,670
Stock-based compensation
91,783
187,047
Goodwill impairment
47,858
—
Restructuring related impairment charges
4,823
—
Loss on investments and equity method investments
16,282
46,331
Loss on deconsolidation of subsidiary
7,013
—
Change in fair value of warrant liabilities
(5,701)
1,387
Change in fair value of contingent consideration liability
3,698
10,217
Non-cash lease expense
20,619
24,635
Non-cash in-process research and development
19,796
3,981
Impairment of long-lived assets
—
121,404
Other non-cash activity
655
3,053
Changes in operating assets and liabilities:
Accounts receivable
(6,101)
21,168
Prepaid expenses and other current assets
3,487
13,557
Operating lease right-of-use assets
19,224
9,277
Other non-current assets
(196)
(2,733)
Accounts payable, accrued expenses and other current liabilities
(31,099)
(4,822)
Deferred revenue, current and non-current
(67,779)
(29,382)
Operating lease liabilities, current and non-current
(11,383)
(18,310)
Other non-current liabilities
1,998
(974)
Net cash used in operating activities
(277,150)
(237,669)
Cash flows from investing activities:
Purchases of property and equipment
(48,831)
(37,355)
Business acquisition
(5,400)
—
Proceeds from sales of marketable securities
3,951
—
Proceeds from sale of equipment
591
3,000
Other
538
336
Net cash used in investing activities
(49,151)
(34,019)
Cash flows from financing activities:
Proceeds from exercise of stock options
84
79
Principal payments on finance leases
(694)
(977)
Contingent consideration payment
(922)
(1,082)
Other
(4)
(604)
Net cash used in financing activities
(1,536)
(2,584)
Effect of foreign exchange rates on cash and cash equivalents
(208)
(690)
Net decrease in cash, cash equivalents and restricted cash
(328,045)
(274,962)
Cash and cash equivalents, beginning of period
944,073
1,315,792
Restricted cash, beginning of period
45,511
53,789
Cash, cash equivalents and restricted cash, beginning of period
989,584
1,369,581
Cash and cash equivalents, end of period
616,214
1,049,244
Restricted cash, end of period
45,325
45,375
Cash, cash equivalents and restricted cash, end of period
$ 661,539
$ 1,094,619
Selected Non-GAAP Financial Measures
(in thousands, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Net loss (1)
$ (56,403)
$ (302,891)
$ (439,495)
$ (681,175)
Interest income, net
(9,251)
(15,020)
(31,275)
(43,914)
Income tax expense (benefit)
(375)
(22)
(154)
127
Depreciation and amortization
17,171
21,060
47,368
57,670
EBITDA
(48,858)
(296,873)
(423,556)
(667,292)
Stock-based compensation (2)
14,013
53,647
94,636
191,324
Impairment expense (3)
—
112,403
47,858
121,404
Restructuring charges (4)
2,949
—
20,015
—
Merger and acquisition related expenses (5)
(796)
12,253
6,110
43,127
Loss on equity method investments
—
—
—
1,516
Loss on investments
6,912
36,324
16,282
44,815
Loss on deconsolidation of subsidiary
7,013
—
7,013
—
Change in fair value of warrant liabilities
(1,528)
(1,891)
(5,701)
1,387
Change in fair value of convertible notes
281
317
1,127
121
Adjusted EBITDA
$ (20,014)
$ (83,820)
$ (236,216)
$ (263,598)
(1)
All periods include non-cash revenue when earned, including $45.4 million in the three and nine months ended September 30, 2024, recognized pursuant to the termination of revenue contracts with Motif.
(2)
Includes $0.2 million and $1.1 million in employer payroll taxes for the three months ended September 30, 2024 and 2023, respectively, and $2.9 and $4.3 million for the nine months ended September 30, 2024 and 2023, respectively.
(3)
For 2024, includes $47.9 million related to goodwill impairment. For the three months ended September 30, 2023, includes a $16.2 million impairment loss on lab equipment and a $96.2 million impairment loss on an operating lease right-of-use asset and related leasehold improvements associated with an exited Zymergen leased facility. For the nine months ended September 30, 2023, includes a $25.2 million impairment loss on lab equipment and a $96.2 million impairment loss on lease assets associated with the exited Zymergen leased facility.
(4)
Restructuring charges consist of employee termination costs from the reduction in force commenced in June 2024, as well as the impairment of a right-of-use asset relating to facilities consolidation.
(5)
Represents transaction and integration costs directly related to mergers and acquisitions, including: (i) due diligence, legal, consulting and accounting fees associated with acquisitions, (ii) post-acquisition employee retention bonuses and severance payments, (iii) the fair value adjustments to contingent consideration liabilities resulting from acquisitions, (iv) costs associated with the Zymergen Bankruptcy, as well as securities litigation costs, net of insurance recovery. Not included in this adjustment are non-cash charges for acquired in-process research and development expenses, which totaled $19.8 million and $4.0 million in the nine months ended September 30, 2024 and 2023, respectively.
Ginkgo Bioworks Holdings, Inc.
Segment Information
(in thousands, unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue:
Cell Engineering
$ 75,089
$ 37,176
$ 139,183
$ 116,555
Biosecurity
13,957
18,254
44,013
100,145
Total revenue
89,046
55,430
183,196
216,700
Segment cost of revenue:
Cell Engineering
2,016
—
3,930
—
Biosecurity
9,987
6,923
30,996
47,394
Segment research and development expense:
Cell Engineering
57,201
90,889
253,790
275,494
Biosecurity
141
313
720
1,408
Total segment research and development expense
57,342
91,202
254,510
276,902
Segment general and administrative expense:
Cell Engineering
29,319
42,617
103,167
155,216
Biosecurity
10,040
12,207
33,169
42,862
Total segment general and administrative expense
39,359
54,824
136,336
198,078
Segment operating (loss) income:
Cell Engineering
(13,447)
(96,330)
(221,704)
(314,155)
Biosecurity
(6,211)
(1,189)
(20,872)
8,481
Total segment operating loss
(19,658)
(97,519)
(242,576)
(305,674)
Operating expenses not allocated to segments:
Stock-based compensation (1)
14,013
53,647
94,636
191,324
Depreciation and amortization
17,171
21,060
47,368
57,670
Impairment expense (2)
—
112,403
47,858
121,404
Restructuring charges
2,949
—
20,015
—
Change in fair value of contingent consideration liability
1,413
1,764
3,698
10,217
Loss from operations
$ (55,204)
$ (286,393)
$ (456,151)
$ (686,289)
(1)
Includes $0.2 million and $1.1 million in employer payroll taxes for the three months ended September 30, 2024 and 2023, respectively, and $2.9 million and $4.3 million in employer payroll taxes for the nine months ended September 30, 2024 and 2023, respectively.
(2)
For 2024, includes $47.9 million related to goodwill impairment. For the three months ended September 30, 2023, includes a $16.2 million impairment loss on lab equipment and a $96.2 million impairment loss on an operating lease right-of-use asset and related leasehold improvements associated with an exited Zymergen leased facility. For the nine months ended September 30, 2023, includes a $25.2 million impairment loss on lab equipment and a $96.2 million impairment loss on lease assets associated with the exited Zymergen leased facility.
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SOURCE Ginkgo Bioworks
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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
26 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
26 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
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