Technology

111, Inc. Announces Second Quarter 2024 Unaudited Financial Results

Published

4 months ago

August 29, 2024

Maintained Operational Profitability for the Second Consecutive QuarterOperating Expenses as a Percentage of Revenues Decreased 120 Basis Points YoYHeld Positive Operating Cash Flow for Two Consecutive Quarters

SHANGHAI, Aug. 29, 2024 /PRNewswire/ — 111, Inc. (“111” or the “Company”) (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

Net revenues were RMB3.4 billion (US$471.2 million) and gross segment profit (1) was RMB 207.6 million (US$ 28.6 million), remaining relatively flat compared to the same quarter last year.Total operating expenses were RMB204.3 million (US$28.1 million), an improvement of 18.1% compared to RMB249.3 million in the same quarter of last year. As a percentage of net revenues, total operating expenses decreased by 120 basis points to 6.0% from 7.2% in the same quarter of last year, demonstrating continuous improvement in the Company’s operation efficiency.Income from operations was RMB3.3 million (US$0.5 million), compared to loss from operations of RMB41.4 million in the same quarter of last year. 111 maintained operational profitability for the second consecutive quarter.Non-GAAP income from operations (2) was RMB8.5 million (US$1.2 million), compared to Non-GAAP loss from operations of RMB17.2 million in the same quarter of last year.Net cash from operating activities was RMB93.3 million (US$12.8 million), compared to negative RMB164.1 million in the same quarter of last year. The company realized positive operating cash flow for two consecutive quarters.

(1) Gross segment profit represents net revenues less cost of goods sold.

(2) Non-GAAP income from operations represents income from operations excluding share-based compensation expenses.

Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, “Despite a challenging macroeconomic landscape, we successfully achieved operational profitability for the second consecutive quarter, underscoring the resilience of our business model and the effectiveness of our strategic initiatives as a top digital healthcare platform for empowering the whole industry chain. Our continued focus on operational efficiency has driven a significant turnaround, with income from operations hitting RMB3.3 million during quarter—an impressive recovery from an operational loss of RMB41.4 million a year earlier.

Mr. Liu added, “We’ve significantly improved operational efficiency through prudent expense control, strategic investments in infrastructure, and optimal staffing efforts. Operating expenses as a percentage of net revenues decreased by 120 basis points to 6%, while non-GAAP operating expenses fell by 70 basis points to 5.8%. Our goal is to set the standard for efficiency in pharmaceutical e-commerce and strengthen our competitive edge through superior operational effectiveness. As we expand and refine our operations, we expect further cost reductions and enhanced efficiency. These savings will be reinvested into strategic areas such as innovation, market expansion, and customer engagement, all of which are crucial for driving revenue and profitability growth.”

“Our commitment to advancing digital capabilities and leveraging cutting-edge technologies has significantly improved our operational performance across various facets, making our business more adaptable, efficient, and customer-focused. This positions us for higher future returns in the evolving healthcare e-commerce sector and reinforces our leading role to drive the pharmaceutical digital transformation. Our achievements in technology are highlighted by the acquisition of four new patents. Additionally, we’ve strengthened supply chain with our effective transshipment model, the expansion of fulfillment centers, and the deepening of our partnership.”

“The drug sales and prescription shift towards retail pharmacies is a robust growth avenue, along with continued digital reform of the healthcare value chain. In order to grasp these enormous opportunities, we will focus on offering seamless, convenient shopping experiences for customers with the most comprehensive and cost-effective product portfolio. Strengthening partnerships with pharmaceutical companies, lifting operational efficiency, driving digitalization and AI applications, and accelerating new growth engines such as private label business and JBP platform are also key to our continued growth and success. We believe these concerted efforts will enable us to garner a larger market share and achieve higher revenue and profit levels while generating long-term value for our shareholders, customers, and stakeholders.”

Second Quarter 2024 Financial Results

Net revenues were RMB3.4 billion (US$471.2 million), representing a decrease of 1.5% from RMB3.5 billion in the same quarter of last year.

(In thousands RMB)

For the three months ended June 30,

2023

2024

YoY

B2B Net Revenue

Product

3,367,732

3,328,249

-1.2 %

Service

20,974

25,270

20.5 %

Sub-Total

3,388,706

3,353,519

-1.0 %

Cost of Products Sold(3)

3,200,156

3,162,928

-1.2 %

Segment Profit

188,550

190,591

1.1 %

Segment Profit %

5.6 %

5.7 %

(In thousands RMB)

For the three months ended June 30,

2023

2024

YoY

B2C Net Revenue

Product

83,251

65,480

-21.3 %

Service

5,540

5,371

-3.1 %

Sub-Total

88,791

70,851

-20.2 %

Cost of Products Sold

69,454

53,844

-22.5 %

Segment Profit

19,337

17,007

-12.0 %

Segment Profit %

21.8 %

24.0 %

(3) For segment reporting purposes, purchase rebates are allocated to the B2B segment and B2C segments primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses. Cost of service revenue is recorded in the operating expense.

Operating costs and expenses were RMB3.4 billion (US$470.7 million), representing a decrease of 2.8% from RMB3.5 billion in the same quarter of last year.

Cost of products sold was RMB3.2 billion (US$442.6 million), representing a decrease of 1.6% from RMB3.3 billion in the same quarter of last year.

Fulfillment expenses were RMB88.1 million (US$12.1 million), representing a decrease of 7.3% from RMB95.0 million in the same quarter of last year. Fulfillment expenses accounted for 2.6% of net revenues this quarter as compared to 2.7% in the same quarter of last year.

Selling and marketing expenses were RMB80.4 million (US$11.1 million), representing a decrease of 10.8% from RMB90.1 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.7 million for the quarter and RMB4.4 million for the same quarter last year, respectively, selling and marketing expenses as a percentage of net revenues, accounted for 2.3% in the quarter as compared to 2.5% in the same quarter of last year.

General and administrative expenses were RMB17.3 million (US$2.4 million), representing a decrease of 55.7% from RMB39.1 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB2.5 million for the quarter and RMB15.7 million for the same quarter last year, respectively, general and administrative expenses as a percentage of net revenues, accounted for 0.4% in the quarter as compared to 0.7% in the same quarter of last year.

Technology expenses were RMB18.4 million (US$2.5 million), representing a decrease of 25.2% from RMB24.5 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.0 million for the quarter and RMB4.2 million for the same quarter last year, respectively, Technology expenses as a percentage of net revenues, accounted for 0.5% in the quarter as compared to 0.6% in the same quarter of last year.

Income from operations was RMB3.3 million (US$0.5 million), compared to loss from operations of RMB41.4 million in the same quarter of last year.

Non-GAAP income from operations was RMB8.5 million (US$1.2 million), compared to Non-GAAP loss from operations of RMB17.2 million in the same quarter of last year.

Net loss was RMB2.1 million (US$0.3 million), representing an improvement of 95% from RMB45.4 million in the same quarter of last year. As a percentage of net revenues, net loss decreased to 0.1% in the quarter from 1.3% in same quarter of last year.

Non-GAAP net income (4) was RMB3.1 million (US$0.4 million), compared to Non-GAAP net loss of RMB21.2 million in the same quarter of last year.

Net loss attributable to ordinary shareholders was RMB14.0 million (US$1.9 million), representing an improvement of 76% from RMB57.2 million in the same quarter of last year. As a percentage of net revenues, net loss attributable to ordinary shareholders decreased to 0.4% in the quarter from 1.6% in same quarter of last year.

Non-GAAP net loss attributable to ordinary shareholders (5) was RMB8.8 million (US$1.2 million), representing an improvement of 73% from RMB33.0 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders decreased to 0.3% in the quarter from 0.9% in same quarter of last year.

(4) Non-GAAP net income represents net income excluding share-based compensation expenses, net of tax. Considering the impact of accretion of redeemable non-controlling interest for the second quarter 2024, non-GAAP net income is used as a more meaningful measurement of the operation performance of the Company.

(5) Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax.

As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB615.5 million (US$84.7 million), compared to RMB673.7 million as of December 31, 2023. To this date, the Company has a total outstanding amount of RMB1.1 billion, which has been included in the balances of redeemable non-controlling interests and accrued expenses and other current liabilities, owed to a group of investors of 1 Pharmacy Technology pursuant to their equity investments made in 2020 as previously disclosed. 111 has received redemption requests from certain of such investors for a total redemption amount of RMB0.2 billion in accordance with the terms of their initial investments in 1 Pharmacy Technology. Furthermore, the Company has entered into written agreements and/or commitment letters with investors representing the majority of the total carrying amounts. For more information about the terms of 111’s arrangements with these investors, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources” in the Company’s annual report for the fiscal year ended December 31, 2023.

Conference Call

111’s management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Thursday, August 29, 2024 (7:30 PM Beijing Time on the same day).

Details for the conference call are as follows:

Event Title: 111, Inc. Second Quarter 2024 Unaudited Financial Results

Registration Link: https://s1.c-conf.com/diamondpass/10040837-g09iyj.html

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique Registration ID, which can be used to join the conference call.

Please dial in 15 minutes before the call is scheduled to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call.

A telephone replay of the call will be available after the conclusion of the conference call until September 5, 2024 on:

China: 4001 209 216
United States: +1 855 883 1031
International: +61 7 3107 6325
Conference ID: 10040837

A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/a2w3gscg.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding share-based compensation expenses. The Company defines non-GAAP net income (loss) as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The Company believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income (loss) from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company’s core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2024.

Forward-Looking Statements

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111’s strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About 111, Inc.

111, Inc. (NASDAQ: YI) (“111” or the “Company”) is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company’s online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.

For more information on 111, please visit: http://ir.111.com.cn/.

111, Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

As of

December 31, 2023

June 30, 2024

RMB

US$

ASSETS

Current Assets:

Cash and cash equivalents

603,523

495,454

68,177

Restricted cash

20,025

20,070

2,762

Short-term investments

50,143

100,000

13,760

Accounts receivable, net

536,823

411,303

56,597

Notes Receivable

77,598

72,875

10,028

Inventories

1,419,396

1,367,173

188,129

Prepayments and other current assets

225,823

189,204

26,036

Total current assets

2,933,331

2,656,079

365,489

Property and equipment, net

34,340

27,511

3,786

Intangible assets, net

2,256

1,847

254

Long-term investments

2,000

275

Other non-current assets

13,310

13,424

1,847

Operating lease right-of-use asset

103,799

88,369

12,160

Total Assets

3,089,036

2,789,230

383,811

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current Liabilities:

Short-term borrowings

338,075

189,366

26,058

Accounts payable

1,588,693

1,597,892

219,877

Accrued expense and other current liabilities

818,295

691,445

95,146

Total Current liabilities

2,745,063

2,478,703

341,081

Long-term operating lease liabilities

62,624

56,171

7,729

Other non-current liabilities

5,245

7,623

1,049

Total Liabilities

2,812,932

2,542,497

349,859

MEZZANINE EQUITY

Redeemable non-controlling interests

870,825

869,845

119,695

SHAREHOLDERS’ DEFICIT

Ordinary shares Class A

Ordinary shares Class B

Treasury shares

(5,887)

(810)

Additional paid-in capital

3,169,114

3,163,032

435,248

Accumulated deficit

(3,819,249)

(3,847,044)

(529,371)

Accumulated other comprehensive income

72,514

73,786

10,153

Total shareholders’ deficit

(583,451)

(616,055)

(84,772)

Non-controlling interest

(11,270)

(7,057)

(971)

Total Deficit

(594,721)

(623,112)

(85,743)

Total liabilities, mezzanine equity and deficit

3,089,036

2,789,230

383,811

111, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except for share and per share data)

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

Net Revenues

3,477,497

3,424,370

471,209

7,174,258

6,952,799

956,737

Operating Costs and expenses:

Cost of products sold

(3,269,610)

(3,216,772)

(442,643)

(6,730,158)

(6,536,668)

(899,475)

Fulfillment expenses

(94,950)

(88,059)

(12,117)

(197,600)

(176,582)

(24,298)

Selling and marketing expenses

(90,117)

(80,410)

(11,065)

(179,357)

(160,770)

(22,123)

General and administrative expenses

(39,079)

(17,306)

(2,381)

(80,396)

(36,380)

(5,006)

Technology expenses

(24,541)

(18,367)

(2,527)

(49,857)

(36,676)

(5,047)

Other operating income, net

(605)

(118)

(16)

(27)

1,339

184

Total Operating costs and expenses

(3,518,902)

(3,421,032)

(470,749)

(7,237,395)

(6,945,737)

(955,765)

(Loss) Income from operations

(41,405)

3,338

460

(63,137)

7,062

972

Interest income

2,206

2,075

286

4,155

4,041

556

Interest expense

(4,820)

(7,275)

(1,001)

(9,092)

(15,257)

(2,099)

Foreign exchange loss

(2,808)

(383)

(53)

(1,174)

(602)

(83)

Other Income, net

1,450

200

4,514

Loss before income taxes

(45,377)

(2,045)

(280)

(64,734)

(4,679)

(643)

Income tax expense

–

(37)

(5)

–

(88)

(12)

Net Loss

(45,377)

(2,082)

(285)

(64,734)

(4,767)

(655)

Net Loss attributable to non-controlling interest

2,122

(1,106)

(152)

3,522

(1,279)

(176)

Net Loss attributable to redeemable non-controlling interest

3,728

441

5,276

730

100

Adjustment attributable to redeemable non-controlling interest

(17,712)

(11,273)

(1,551)

(33,090)

(22,479)

(3,093)

Net Loss attributable to ordinary shareholders

(57,239)

(14,020)

(1,927)

(89,026)

(27,795)

(3,824)

Other comprehensive loss

Unrealized gains of available-for-sale securities,

788

(312)

(43)

2,923

(346)

(48)

Realized gains of available-for-sale debt securities

(815)

312

(2,717)

489

Foreign currency translation adjustments

9,037

509

5,924

1,129

155

Comprehensive loss

(48,229)

(13,511)

(1,857)

(82,896)

(26,523)

(3,650)

Loss per ADS:

Basic and diluted

(0.68)

(0.16)

(0.02)

(1.06)

(0.32)

(0.04)

Weighted average number of shares used in computation of loss per share

Basic and diluted

168,102,392

171,414,144

167,718,135

171,317,558

111, Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

Net cash (used in) provided by operating activities

(164,111)

93,260

12,834

(285,439)

201,698

27,755

Net cash provided by (used in) investing activities

139,938

(79,728)

(10,971)

86,750

(49,986)

(6,878)

Net cash provided by (used in) financing activities

15,281

(104,472)

(14,376)

93,778

(259,943)

(35,769)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash

2,385

(865)

(119)

894

207

Net decrease in cash and cash equivalents, and restricted cash

(6,507)

(91,805)

(12,632)

(104,017)

(108,024)

(14,864)

Cash and cash equivalents, and restricted cash at the beginning of the period

619,281

607,329

83,571

716,791

623,548

85,803

Cash and cash equivalents, and restricted cash at the end of the period

612,774

515,524

70,939

612,774

515,524

70,939

111, Inc.

Unaudited Reconciliation of GAAP and Non-GAAP Results

(In thousands, except for share and per share data)

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

(Loss) Income from operations

(41,405)

3,338

460

(63,137)

7,062

972

Add: Share-based compensation expenses

24,208

5,195

715

48,416

10,366

1,426

Non-GAAP (loss) income from operations

(17,197)

8,533

1,175

(14,721)

17,428

2,398

Net Loss

(45,377)

(2,082)

(285)

(64,734)

(4,767)

(655)

Add: Share-based compensation expenses, net of tax

24,208

5,195

715

48,416

10,366

1,426

Non-GAAP net (Loss) Income

(21,169)

3,113

430

(16,318)

5,599

771

Net Loss attributable to ordinary shareholders

(57,239)

(14,020)

(1,927)

(89,026)

(27,795)

(3,824)

Add: Share-based compensation expenses, net of tax

24,208

5,195

715

48,416

10,366

1,426

Non-GAAP net Loss attributable to ordinary shareholders

(33,031)

(8,825)

(1,212)

(40,610)

(17,429)

(2,398)

Loss per ADS(6): Basic and diluted

(0.68)

(0.16)

(0.02)

(1.06)

(0.32)

(0.04)

Add: Share-based compensation expenses per ADS(6), net of tax

0.30

0.06

0.00

0.58

0.12

0.02

Non-GAAP Loss per ADS(6)

(0.38)

(0.10)

(0.02)

(0.48)

(0.20)

(0.02)

(6) Every one ADSs represent two Class A ordinary shares.

View original content:https://www.prnewswire.com/news-releases/111-inc-announces-second-quarter-2024-unaudited-financial-results-302233780.html

SOURCE 111, Inc

Technology

TESSAN Teams Up with One Tree Planted to Launch Global Tree Planting Initiative

Published

27 seconds ago

December 24, 2024

SHELBURNE, Vt., Dec. 24, 2024 /PRNewswire/ — The leading charging solution provider TESSAN has announced a new initiative to plant 10,000 trees across the United States and beyond. Through its collaboration with One Tree Planted, a non-profit organization dedicated to global reforestation, TESSAN showcases its long-term commitment to environmental sustainability and climate action as a climate-friendly brand.

Alex, the CEO of TESSAN, emphasized the brand’s dedication to fostering meaningful connections, not only between people and places but also between humanity and the planet. “We are excited to join One Tree Planted to make contribution to global reforestation,” said Alex. “Our journey at TESSAN is not just about creating innovative charging solutions. It is about establishing meaningful connections, and planting trees is one of the most direct actions to forge this bond. Through our collaboration with One Tree Planted, we aim to strengthen our connection with the Earth and encourage travelers using our products to seize every opportunity to engage in climate action, truly exploring the world and building a green connection with the planet.”

One Tree Planted is committed to global tree planting and forest restoration efforts. The organization operates with a mission to engage transparently and effectively in worldwide forest conservation by planting one tree for every dollar donated. Their initiatives span the globe, striving to enhance ecosystem sustainability.

The shared vision between TESSAN and One Tree Planted has brought their collaboration to reality. TESSAN consistently prioritizes its responsibility to protect and maintain resources for future generations. In August, TESSAN received ClimatePartner certification, elevating its dedication to sustainability by assessing the carbon footprint of its products, setting targets for emission reduction, and persistently striving to meet these objectives.

Even before this certification, TESSAN has been dedicated to reducing carbon emissions by integrating sustainability principles throughout its product lifecycle. The company promotes a low-carbon lifestyle, encouraging eco-friendly practices in product development and employee habits.

Moreover, in partnership with ClimatePartner, TESSAN has backed a biogas initiative in Nepal, effectively neutralizing 386 tons of CO2 equivalent. This project transforms cow manure combined with water into biogas via anaerobic digestion, substituting firewood for cooking and aiding in the reduction of deforestation.

TESSAN has long championed climate action within the travel charging industry. Its sustainability efforts encompass eco-friendly product designs crafted from recycled and biodegradable materials, green manufacturing processes that prioritize energy efficiency and waste reduction, and sustainable packaging made from environmentally friendly materials. The company also emphasizes transparency in its supply chain to encourage responsible sourcing practices.

TESSAN’s brand philosophy, “The Journey Begins at Home,” underscores the importance of protecting and preserving the planet as it is everyone’s home. Through compact product designs, minimalist packaging, and the use of renewable materials, TESSAN is dedicated to promoting the belief in “Charging for a Greener Future” to travelers around the globe. With a global user base exceeding 20 million, the brand’s vision of a climate-friendly journey continues to gain widespread acceptance.

About TESSAN

TESSAN, a trusted partner in charging solutions, is committed to enriching experiences both at home and during travel. The brand offers a wide array of products, including multifunctional power strips, travel adapters, wall extenders, and smart home devices. Supported by a robust R&D and production team, TESSAN develops innovative socket products for users across the globe. With the trust of over 20 million users, TESSAN empowers their journeys from home to every destination, promoting environmentally conscious electricity usage.

For more information, visit www.tessan.com or the TESSAN Amazon store, and follow TESSAN on Facebook, Instagram, and YouTube.

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SOURCE TESSAN

Technology

Passive Bitcoin Income: The Best Cloud Mining Platforms for Reliable Earnings

Published

1 hour ago

December 24, 2024

A guide to short-term Bitcoin mining, featuring BitFuFu, ZT Mining, and Hashing24 for flexible contracts and quick profits.

READING, England, Dec. 24, 2024 /PRNewswire-PRWeb/ — Engaging in bitcoin mining presents an accessible and potentially lucrative venture for those intrigued by digital currencies but reluctant to endure the complexities and long timelines associated with traditional investment routes.

Short-term mining contracts are popular among beginners as they look to improve their understanding of the market. These contracts range from as brief as a day to several months, offering immediate entry into the mining scene without the long-term entanglements.

The appeal of short-term bitcoin mining is magnified by the ease of access to these services. Legit cloud mining platforms give individuals the opportunity to lease mining power remotely and eliminate traditional obstacles such as acquiring and maintaining hardware. Investors simply select a mining plan that aligns with their financial objectives and risk tolerance, and the platform handles the operational complexities

BitFuFu Cloud Mining

BitFuFu offers a diverse range of contracts, from short to medium-term, tailored to different risk appetites and investment levels. For those looking for quick, low-risk ventures, the Easy Mining plans range from 3 to 50 days, with a starting investment as low as . These plans are ideal for newcomers wanting to dip their toes in mining without significant upfront costs. For example, the Easy Mining 3 Days plan, with an estimated acquisition cost of 5,602.2, starts investments at , promising a low-risk and low-return profile.

On the other hand, BitFuFu’s Pro Mining contracts target more seasoned miners looking for higher returns, albeit with higher risks. The Pro Mining S19 XP 30 Days plan, for instance, boasts a 107.48% return, indicative of the lucrative possibilities for those willing to invest more heavily in their mining endeavors.

ZT Mining

ZT Mining lets you mine over ten different cryptocurrencies like Bitcoin, Dogecoin, Monero, and Zcash. This means you can pick and choose and not just stick to one kind, making it fun to try out different ones. They also make sure everything is super safe. They use special security to protect your information and have strong defenses against online attacks, so everything runs smoothly without any interruptions.

ZT Mining is really cool because it has lots of different mining contracts that can last just a day or even longer, so you can see how much money you can make in a short time or a bit longer. They have a special starter package for only $35, and it’s just for one day. If you try this, you’ll get $36 back the next day, which means you make a $1 profit.

That’s pretty awesome for just a day’s work, right? Plus, if you feel like going bigger, they have longer plans where you can earn a lot more money, like the 15-day plan for mining Dogecoin that can make you thousands in profit!

Hashing24

Hashing24 makes it easy to get into bitcoin mining with its straightforward contracts that last anywhere from 3 to 24 months. Every contract has a steady hash rate of 60 MH/s, perfect for those who want a predictable and simple mining experience.

For those just starting out or looking for a short-term investment, Hashing24’s 3-Month Plan is a great entry point. It’s priced at $22.20 and offers an estimated mining return of $22.21, essentially allowing you to make back your initial investment quickly. It is ideal for testing the waters of cloud mining without committing to a long-term plan.

Investors aiming for substantial long-term gains will find the 24-Month Plan an excellent option. Priced at $111.60, it offers a projected return of 159%, appealing to those prepared to commit to a longer investment period for significant earnings.

Conclusion

Picking the right cloud mining platform is super important if you want to make money with Bitcoin without doing much work. Platforms like BitFuFu, ZT Mining, and Hashing24 have different plans that last for various times and cost different amounts of money. This means you can find one that fits what you’re comfortable with, whether you’re just getting started with cryptocurrency or you want to make a lot of money. By choosing the best plan for you, you can make your money work for you and watch as it grows over time.

Media Contact

Nancy.Delia, ZT CLOUD SERVICES LIMITED, 44 7301463290, support@ztmining.com, https://ztmining.vip

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SOURCE ZT Mining

Technology

CATL Launches the Bedrock Chassis That Withstands 120 km/h Impact Without Catching Fire or Exploding

Published

1 hour ago

December 24, 2024

NINGDE, China, Dec. 24, 2024 /CNW/ — On December 24th, CATL officially launched the CATL Bedrock Chassis, the world’s first ultra-safe skateboard chassis. With its outstanding performance of withstanding 120 km/h frontal impact without catching fire or exploding, CATL’s Bedrock Chassis sets a new standard for intelligent chassis safety, providing comprehensive protection across all scenarios and speed ranges.

Lead the industry with the most stringent safety tests

With the battery-centered design, CATL’s Bedrock Chassis utilizes Cell-to-Chassis integration technology, which directly integrates the battery cells into the chassis, allowing for a shared structural design between them. And based on the decoupling of the chassis from the upper body, the Bedrock Chassis is capable of absorbing 85% of the vehicle’s collision energy (compared to around 60% absorbed by traditional chassis).

Through various technological breakthroughs, the Bedrock Chassis successfully passed the world’s first “highest speed + strongest impact” dual extreme safety test. This achievement enables the chassis to pass the 120 km/h frontal central pole impact test without catching fire, exploding or thermal runway, redefining the benchmark for safety in the industry.

Currently, the speed for frontal impact safety test in the commonly used C-NCAP (China New Car Assessment Program) is 56km/h, which, when experiencing a frontal impact at this speed, generates collision energy equivalent to falling from 12-meter-high building. In comparison, a frontal impact at 120km/h is equivalent to falling from a 56-meter-high building, generating a collision energy 4.6 times that of collision at 56km/h.

In more stringent frontal pole crash tests, which simulate crashes with non-standard objects such as power poles, large trees, or animals, the impact area is only 1/6 of that in a full-width frontal impact, exponentially increasing impact pressure. At a speed of 120km/h, the impact pressure on the chassis per unit area in a frontal central pole impact is 21 times that of the 56 km/h full-width frontal impact in C-NCAP testing.

Due to the extremely high crash speed and intensity, there has been no previous instance of any new energy vehicle daring to challenge a 120km/h frontal pole impact test. With this extreme challenge, CATL’s Bedrock Chassis has blazed a fresh trail for the industry.

Open the era of ultra-safe transportation through three technological breakthroughs

CATL’s Bedrock Chassis has delved deep into the realm of structure and material innovation, leveraging three technological breakthroughs to provide unparalleled protection in all scenarios and speed ranges, ensuring rock-solid safety for the entire vehicle.

The CATL Bedrock Chassis introduces a revolutionary three-dimensional biomimetic tortoise shell structure, where the body and energy unit framework are integrated, deeply coupled to provide the energy unit with indestructible protection. And its aircraft carrier-grade arresting structure disperses impact forces across multiple pathways during a crash, gradually decelerating the vehicle and significantly reducing the depth and speed at which obstacles intrude the cabin. The utilization of submarine-grade hot-formed steel with a strength of 2000MPa, aerospace-grade aluminum alloy with a strength of 600MPa, and multiple barrier structures further enhance the chassis’ rigidity, making it virtually impervious.

Moreover, the CATL Bedrock Chassis incorporates an ultra-safe battery cell design, NP technology, and a high-ductility energy-absorbing insulation film, leading the industry in a groundbreaking manner. In terms of high-voltage disconnection, it achieves instantaneous disconnection of high voltage circuit within 0.01 seconds of impact and completes the discharge of residual high-voltage energy in the vehicle within 0.2 seconds, setting a new industry record.

Notably, the battery cells have undergone highly demanding tests, including high-speed sled impact tests at 60 km/h, 90-degree bending tests, and breakthrough sawing tests, the battery did not catch fire or explode across all three tests. These tests, all industry-firsts by CATL, have elevated the safety standards of battery cells to new heights.

Unlocking the era of customization, and activating a trillion-yuan market

The launch of the Bedrock Chassis not only redefines the standard for intelligent chassis safety but also activates a trillion-yuan market. It greatly accelerates the shift towards modular, personalized, and intelligent automotive design.

Addressing the common pain points of high investment, long development cycles, and accelerated product iteration in the industry, the Bedrock Chassis incorporates three core characteristics: internal integration, decoupling of the chassis from the upper body, and external openness. With a rich array of toolkits and solution packages, it offers a scalable software and hardware architecture and standardized interfaces, enabling flexible configurations for different vehicle models and scenarios. This allows the realization of a “one chassis architecture, multiple vehicle models” concept and significantly improves development efficiency and shortens the R&D cycle. The time required for mass production of a vehicle is reduced from the traditional 36 months or longer to 12 to 18 months.

Furthermore, the Bedrock Chassis breaks the limits of safety and modeling, and expands design flexibility through the design of decoupling of the chassis from the upper body. The fourth-generation Cell-to-Chassis (CTC) technology and inverted battery cell technology enhance the utilization of chassis space while reducing the risk of chassis scraping. Additionally, in terms of intelligence, the chassis supports mechanical decoupling, software decoupling and EE decoupling, enabling L3 to L4 intelligent driving capabilities. It provides high adaptability interfaces and promotes collaborative intelligent applications.

At the launch ceremony, AVATR, the first automaker to use Bedrock Chassis, and CAIT-SH, CATL’s skateboard chassis arm, signed an agreement to deepen cooperation on CATL’s Bedrock Chassis to create a safer, higher-quality travel experience for users.

Safety is a never-ending journey. In the future, CATL will continue to break technological barriers through continuous innovation, and work with partners to build a safe ecosystem for EV batteries and vehicles, safeguarding the safety of users.

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SOURCE Contemporary Amperex Technology Co., Limited (CATL)