Monthly Archives: August 2022

PR Newswire

Thailand’s first communication satellite production by mu Space Corp passes the international standard test by GISTDA

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BANGKOK , Aug. 12, 2022  /PRNewswire/ — mu Space and Advance Technology Company Limited is an aerospace manufacturer in Southeast Asia that also produces aerospace components and provides satellite communication services. The company develops satellites for communication purposes and is almost entirely made by professional in-house engineers. From the 9th-11th of March 2022, mu Space tested their satellite parts with Geo-Informatics and Space Technology Development Agency (GISTDA), which is currently open for testing materials that are prepared to be delivered. With international standard certification, this is a certified test of the first communication satellite components developed and manufactured by mu Space Corp, additionally also the first to be tested by a Thai Space Agency and Space Research organization.

mu Space established Factory 1 to carry out the design, development, and manufacturing process of various components. The facility is also used to complete the assembly of small satellites by a team of expert engineers within the company. The satellite component that mu Space tested with GISTDA is the “Reaction Wheel”, a part that helps stabilize and move the satellite in microgravity. An important and necessary test is the “Vibration Test” as parts may break and cause further damage to other components of the satellite if unable to withstand the inevitable vibrations caused by launching the component into the atmosphere. mu Space’s satellite passed the test, with SSTL/Airbus certification and AS9100 D by GISTDA.

GISTDA is equipped with facilities, tools, and testing experts who can provide accurate plus truthful results in accordance with international standards. This test allows mu Space’s products and satellite components to be launched into the atmosphere, ultimately providing for a high-quality product that can be trusted by customers. In addition, the advancement of space technology development is another important factor in helping to build a foundation for Southeast Asia’s readiness to enter the world-class space technology market.

mu Space Corp, a satellite manufacturer, aims to push the space technology industry to the maximum in order to raise the Southeast Asian economy in various fields as well as create job opportunities for people in this region. In addition, mu Space is also supported by both domestic and foreign investors, such as B.Grimm Joint Venture Company – Thailand’s private power generation industry, Majuven Fund, private business groups such as executives from the University of California Los Angeles (UCLA) Foundation and many other investors. On top of that, mu Space’s projects are gaining a lot of attention among investors in the Southeast Asian region which supports Thailand to become a leader in space technology in the vicinity.

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PR Newswire

Hollysys Automation Technologies Reports Unaudited Financial Results for the Fiscal Year and the Fourth Quarter Ended June 30, 2022

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Fiscal Year 2022 Financial Highlights

  • Total revenues were $707.5 million, an increase of 19.2% compared to the comparable prior year period.
  • Gross margin was 33.8%, compared to 36.8% for the comparable prior year period. Non-GAAP gross margin was 34.0%, compared to 36.8% for the comparable prior year period.
  • Net income attributable to Hollysys was $83.2 million, a decrease of 7.3% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $94.2 million, a decrease of 5.5% compared to the comparable prior year period. 
  • Diluted earnings per share was $1.35, a decrease of 7.5% compared to the comparable prior year period. Non-GAAP diluted earnings per share was $1.53, a decrease of 5.6% compared to the comparable prior year period.
  • Net cash provided by operating activities was $54.5 million.
  • Days sales outstanding (“DSO”) of 171 days, compared to 180 days for the comparable prior year period.
  • Inventory turnover days of 58 days, compared to 51 days for the comparable prior year period.

Fourth Quarter of Fiscal Year 2022 Financial Highlights

  • Total revenues were $182.1 million, an increase of 14.7% compared to the comparable prior year period.
  • Gross margin was 33.7%, compared to 37.8% for the comparable prior year period. Non-GAAP gross margin was 33.9%, compared to 37.9% for the comparable prior year period.
  • Net income attributable to Hollysys was $23.0 million, an increase of 4.9% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $24.7 million, a decrease of 12.0% compared to the comparable prior year period.
  • Diluted earnings per share was $0.37, an increase of 2.8% compared to the comparable prior year period. Non-GAAP diluted earnings per share was $0.40, a decrease of 13.0% compared to the comparable prior year period.
  • Net cash provided by operating activities was $38.8 million.
  • DSO of 174 days, compared to 194 days for the comparable prior year period.
  • Inventory turnover days of 73 days, compared to 47 days for the comparable prior year period.

See the section entitled “Non-GAAP Measures” for more information about non-GAAP gross margin, non-GAAP net income attributable to Hollysys and non-GAAP diluted earnings per share.

BEIJING, Aug. 12, 2022 /PRNewswire/ — Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for fiscal year 2022 and the fourth quarter ended June 30, 2022. Dr. Changli Wang, the CEO and director of Hollysys, stated:

“We are delighted to report another fiscal year and the fourth quarter with solid financial and operational performance and firmly adhered to our tenet of automation for better lives, even under an unfavorable environment of the COVID-19 pandemic which constantly brings challenges. We are confident with our outstanding technologies, satisfactory services and established huge customer bases. Looking forward, Hollysys will unswervingly make progress based on the united efforts of our motivated and inspired management team, experts and employees, and will embrace jointly with our customers and investors for a more prosperous and vigorous future.”

The Industrial Automation (“IA”) business maintained its strong momentum with increased market shares as Hollysys undertook more key and challenging projects, which are expected to relieve the pain points of relevant industries by enhancing the efficiency in operation and contribute to achieving the national carbon peaking and carbon neutrality goals. In the chemical and petrochemical field, we adhere to the development strategy of enhancing our focus on significant projects in addition to normal projects. For example, a one-million-ton ethylene project was signed in Tianjin in which we will provide over 100,000 and 20,000 input/output (“I/O”) points that will be connected to our Optical Bus Control System (“OCS”)—the new released version of Distributed Control System (“DCS”), and Safety Instrumented System (“SIS”), along with Gas Detection System (“GDS”), respectively. The success in signing this project proves that Hollysys is capable of supplying control systems for any chemical process, as the advanced control of ethylene is known as the most sophisticated and critical process in the industry. Meanwhile, we present remarkable achievements and maintain our cooperation with national key customers like Sinopec Group and China National Petroleum Corporation (“CNPC”). For instance, a contract of huge SCADA system for the Guangxi Long-distance Natural Gas Pipeline Project was signed with Sinopec. Additionally, Hollysys also provided CNPC with Hia Advanced Process Control (“Hia APC”) for producing 450,000 tons of synthetic ammonia / 800,000 tons of urea fertilizer, which as another milestone, was the first set of a 100% domestic control system application in the large chemical fertilizer industry in China.

We have also manifested remarkable performance and witnessed business growth in the valve and instrument market. For example, we signed with a world leading copper pipe and rod manufacturer for a Phase I project of 150,000 tons of high-performance copper foil, in which Hollysys provided holistic customized integrated, intelligent solutions, and over 4000 sets of various types of meters and valves. The project represents another milestone for Hollysys in electrical instrument installation engineering.

We continue our business growth by upgrading the capabilities of products in the pharmaceutical field. For example, a project for a pharmaceutical company was delivered in which Hollysys provided a customized intelligent control system based on HiaBatch. HiaBatch is remarkably flexible and efficient, which facilitates customers to operate more smartly and is highly recognized among customers in the industry. We successively signed new projects, including a Good Manufacturing Practice (“GMP”) Application Programming Interface (“API”) pilot test and production project along with the supply of DCS, SIS, electrical instrument and Batch Processing System (“BATCH”).

Meanwhile, we constantly upgrade our Engineering Procurement Construction (“EPC”) capacity. In the fourth fiscal quarter, we signed two breakthrough EPC projects regarding the whole workshop’s engineering, which the lays foundation for our further exploration of EPC projects in the future.

Our business has witnessed continuous development in Indonesia and other overseas markets, and our control system, instruments and technologies are widely recognized. We have signed with Indonesian companies a contract for an electrical instrument engineering project and an additional contract of Phase II DCS and electrical instruments. To further cultivate and grow our business in the Central and Southeast Asia market, Hollysys will persevere in attracting talented people, optimizing market promotion and enhancing its overseas brand image.

In the high-speed rail sector, we continued to deliver on existing projects while retaining our market position. We provided on-ground solutions for Xiangyang East-Wanzhou North high-speed railway and participated in the reconstruction of the Beijing Fengtai Hub, which is now Asia’s largest railway hub. Meanwhile, we continued to explore opportunities in service markets, covering replacement and overhaul, upgrades, spare parts sales, etc. The highlight for the service business is the successful launch of China’s fifth high-speed railway with an operating speed of 350 km/h, the Shijiazhuang-Wuhan High-speed Railway. In this project, Hollysys actively responded to our client’s demand for speed acceleration by upgrading the existing on-board and on-ground products. In the subway sector, our SCADA system for Kunming Subway Line 5 was successfully delivered. This marked another contribution of Hollysys to Kunming rail construction following the successful completion of the Kunming Subway Line 3 project and Kunming Changshui Airport Express project (“Kunming Airport project”),. In the subway signaling business, we won the automated people mover project of the T3B terminal and the fourth runway of Chongqing Jiangbei International Airport. This project, which follows our first subway signaling project—Kunming Airport project—represents another significant advancement for Hollysys in subway signaling. The project will utilize our proprietary GoA4 Fully Automatic Operation system and achieve effective and energy-saving operations. We are grateful for the industry recognition gained from our clients in the past year and we expect to make more contributions to China’s urban rail transit system in the future.

The mechanical and electrical solutions (“M&E”) segment of the Company manifests a stable performance with our smooth executions on various projects. The risk monitor and control will still be our future focus in this field.

With our continuous dedication to the industry and the support of experienced and passionate experts, we believe that we will continue to create greater value for our clients and shareholders.

Fiscal Year and the Fourth Quarter Ended June 30, 2022 Unaudited Financial Results Summary

(In USD thousands, except for %, number of shares and per share data)

Three months ended

June 30,

Fiscal year ended

June 30,

,

2022

2021

%
Change

2022

2021

%
Change

Revenues

$

182,115

158,764

14.7 %

$

707,462

593,466

19.2 %

    Integrated solutions contracts
revenue

$

149,292

126,237

18.3 %

$

573,567

460,180

24.6 %

    Products sales

$

11,823

7,098

66.6 %

$

38,486

28,667

34.3 %

    Service rendered

$

21,000

25,429

(17.4) %

$

95,409

104,619

(8.8) %

Cost of revenues

$

120,780

98,705

22.4 %

$

468,105

375,187

24.8 %

Gross profit

$

61,335

60,059

2.1 %

$

239,357

218,279

9.7 %

Total operating expenses

$

42,215

44,402

(4.9) %

$

164,813

131,034

25.8 %

    Selling

$

10,863

9,601

13.1 %

$

45,301

35,197

28.7 %

    General and administrative

$

23,323

30,260

(22.9) %

$

80,241

69,982

14.7 %

    Research and development

$

16,629

14,194

17.2 %

$

69,580

55,954

24.4 %

    VAT refunds and government
subsidies

$

(8,600)

(9,653)

(10.9) %

$

(30,309)

(30,099)

0.7 %

Income from operations

$

19,120

15,657

22.1 %

$

74,544

87,245

(14.6) %

Other income, net

$

256

6,863

(96.3) %

$

2,185

10,449

(79.1) %

Foreign exchange gain (loss)

$

4,000

(942)

(524.6) %

$

1,789

(6,219)

(128.8) %

Gains on disposal of investments in an
    equity investee

$

–

–

–

$

7,995

–

–

Impairment loss of investments in cost
    investees

$

(773)

–

–

$

(773)

–

–

Share of net income (loss) of equity
    investees

$

1,280

(1,331)

(196.2) %

$

1,838

604

204.3 %

Losses on disposal of subsidiaries

–

–

–

(3)

–

–

Gains on disposal of an investment in
    securities

$

–

3,323

(100.0) %

$

–

3,323

(100.0) %

Dividend income from investments in
    securities

$

–

456

(100.0) %

$

85

912

(90.7) %

Interest income

$

3,363

4,278

(21.4) %

$

12,698

14,131

(10.1) %

Interest expenses

$

(141)

(125)

12.8 %

$

(731)

(553)

32.2 %

Income tax expenses

$

3,928

6,317

(37.8) %

$

16,634

20,554

(19.1) %

Net income (loss) attributable to non-

    controlling interests

$

155

(75)

(306.7) %

$

(189)

(371)

(49.1) %

Net income attributable to Hollysys
     Automation Technologies Ltd.

$

23,022

21,937

4.9 %

$

83,182

89,709

(7.3) %

Basic earnings per share

$

0.38

0.36

5.6 %

$

1.36

1.48

(8.1) %

Diluted earnings per share

$

0.37

0.36

2.8 %

$

1.35

1.46

(7.5) %

Share-based compensation expenses

$

1,327

6,036

(78.0) %

$

9,709

9,724

(0.2) %

Amortization of acquired intangible
assets

$

353

90

292.2 %

$

1,356

316

329.1 %

Non-GAAP net income attributable to
     Hollysys Automation Technologies Ltd.(1)

$

24,702

28,063

(12.0) %

$

94,247

99,749

(5.5) %

Non-GAAP basic earnings per share(1)

$

0.40

0.46

(13.0) %

$

1.54

1.65

(6.7) %

Non-GAAP diluted earnings per share(1)

$

0.40

0.46

(13.0) %

$

1.53

1.62

(5.6) %

Basic weighted average number of
    ordinary shares outstanding

61,195,317

60,698,727

0.8 %

61,007,506

60,566,709

0.7 %

Diluted weighted average number of
    ordinary shares outstanding

61,788,905

61,025,425

1.3 %

61,568,176

61,513,749

0.1 %

________

(1) See the section entitled “Non-GAAP Measures” for more information about these non-GAAP measures.

Operational Results Analysis for the Fiscal Year Ended June 30, 2022

Compared to the prior fiscal year, the total revenues for fiscal year 2022 increased from $593.5 million to $707.5 million, representing an increase of 19.2%. Broken down by the revenue types, integrated solutions contracts revenue increased by 24.6% to $573.6 million, products sales revenue increased by 34.3% to $38.5 million, and services revenue decreased by 8.8% to $95.4 million.

The Company’s total revenues can also be presented by segment as shown in the table below:

(In USD thousands)

Fiscal year ended June 30,

2022

2021

$

% to Total
Revenues

$

% to Total
Revenues

Industrial Automation

439,918

62.2

337,052

56.8

Rail Transportation Automation

183,785

26.0

188,171

31.7

Mechanical and Electrical Solution

83,759

11.8

68,243

11.5

Total

707,462

100.0

593,466

100.0

Gross margin was 33.8% for fiscal year 2022, as compared to 36.8% for the prior fiscal year. Gross margins for integrated solutions contracts, product sales, and services rendered were 26.4%, 73.4% and 62.7% for fiscal year 2022, as compared to 26.9%, 81.5% and 68.1% for the prior fiscal year, respectively. Non-GAAP gross margin was 34.0% for fiscal year 2022, as compared to 36.8% for the prior fiscal year. Non-GAAP gross margin of integrated solutions contracts was 26.6% for fiscal year 2022, as compared to 27.0% for the prior fiscal year. See the section entitled “Non-GAAP Measures” for more information about non-GAAP gross margin and non-GAAP gross margin of integrated solutions contracts.

Selling expenses were $45.3 million for fiscal year 2022, representing an increase of $10.1 million, or 28.7%, compared to $35.2 million for the prior fiscal year. The increase was in line with our sales growth. Selling expenses as a percentage of total revenues were 6.4% and 5.9% for fiscal year 2022 and 2021, respectively. The increase of selling expenses was mainly due to the significant increase of sales scale year over year.

General and administrative expenses were $80.2 million for fiscal year 2022, representing an increase of $10.3 million, or 14.7%, compared to $70.0 million for the prior fiscal year, which was primarily due to a $7.5 million increase in credit losses and a $5.7 million increase in labor cost. Share-based compensation expenses were $9.7 million and $9.7 million for fiscal year 2022 and 2021, respectively. General and administrative expenses as a percentage of total revenues were 11.3% and 11.8% for fiscal year 2022 and 2021, respectively. 

Research and development expenses were $69.6 million for fiscal year 2022, representing an increase of $13.6 million, or 24.4%, compared to $56.0 million for the prior fiscal year, which was primarily due to our increased investments in research and development in connection with the upgrading of mainstream products and new products developed to meet the needs of the digital infrastructure market, such as the new generation DCS Macs V7, SIS Upgrade, OCS, smart factory and smart city rail. R&D expenses as a percentage of total revenues were 9.8% and 9.4% for fiscal year 2022 and 2021, respectively.

The VAT refunds and government subsidies were $30.3 million for fiscal year 2022, as compared to $30.1 million for the prior fiscal year, representing a $0.2 million, or 0.7%, increase.

The income tax expenses and the effective tax rate were $16.6 million and 16.7% for fiscal year 2022, as compared to $20.6 million and 18.7% for the prior fiscal year. The effective tax rate fluctuates, as the Company’s subsidiaries contributed different pre-tax income at different tax rates.

Net income attributable to Hollysys was $83.2 million for fiscal year 2022, representing a decrease of 7.3% from $89.7 million reported in the prior fiscal year. Non-GAAP net income attributable to Hollysys was $94.2 million or $1.53 per diluted share. See the section entitled “Non-GAAP Measures” for more information about non-GAAP net income attributable to Hollysys.

Diluted earnings per share was $1.35 for fiscal year 2022, representing a decrease of 7.5% from $1.46 in the prior fiscal year. Non-GAAP diluted earnings per share was $1.53 for fiscal year 2022, representing a decrease of 5.6% from $1.62 in the prior fiscal year. These were calculated based on 61.6 million and 61.5 million diluted weighted average ordinary shares outstanding for the fiscal year ended June 30, 2022 and 2021, respectively. See the section entitled “Non-GAAP Measures” for more information about non-GAAP diluted earnings per share.

Operational Results Analysis for the Fourth Quarter Ended June 30, 2022

Compared to the fourth quarter of the prior fiscal year, the total revenues for the three months ended June 30, 2022 increased from $158.8 million to $182.1 million, representing an increase of 14.7%. Broken down by the revenue types, integrated solutions contracts revenue increased by 18.3% to $149.3 million, products sales revenue increased by 66.6% to $11.8 million, and services revenue decreased by 17.4% to $21.0 million.

The Company’s total revenues can also be presented by segment as shown in the table below:

(In USD thousands)

Three months ended June 30,

2022

2021

$

% to Total
Revenues

$

% to Total
Revenues

Industrial Automation

121,771

66.9

94,779

59.7

Rail Transportation Automation

34,215

18.8

47,533

29.9

Mechanical and Electrical Solution

26,129

14.3

16,452

10.4

Total

182,115

100.0

158,764

100.0

Gross margin was 33.7% for the three months ended June 30, 2022, as compared to 37.8% for the same period of the prior fiscal year. Gross margin of integrated solutions contracts, product sales, and service rendered was 27.1%, 75.4% and 57.1% for the three months ended June 30, 2022, as compared to 27.8%, 84.3% and 74.6% for the same period of the prior fiscal year, respectively. Non-GAAP gross margin was 33.9% for the three months ended June 30, 2022, as compared to 37.9% for the same period of the prior fiscal year. Non-GAAP gross margin of integrated solutions contracts was 27.3% for the three months ended June 30, 2022, as compared to 27.9% for the same period of the prior fiscal year. See the section entitled “Non-GAAP Measures” for more information about non-GAAP gross margin and non-GAAP gross margin of integrated solutions contracts.

Selling expenses were $10.9 million for the three months ended June 30, 2022, representing an increase of $1.3 million, or 13.1%, compared to $9.6 million for the same period of the prior fiscal year. The increase was in line with our sales growth. Selling expenses as a percentage of total revenues were 6.0% and 6.0% for the three months ended June 30, 2022 and 2021, respectively.

General and administrative expenses were $23.3 million for the three months ended June 30, 2022, representing a decrease of $6.9 million, or 22.9%, compared to $30.3 million for the same period of the prior fiscal year, which was primarily due to a $7.4 million decrease in third-party consulting fees and a $4.7 million decrease in share-based compensation expenses. Share-based compensation expenses were $1.3 million and $6.0 million for the three months ended June 30, 2022 and 2021, respectively. General and administrative expenses as a percentage of total revenues were 12.8% and 19.1% for the three months ended June 30, 2022 and 2021, respectively. The decrease of G&A in the fourth quarter is mainly due to the lower third-party consulting fees year-over-year.

Research and development expenses were $16.6 million for the three months ended June 30, 2022, representing an increase of $2.4 million, or 17.2%, compared to $14.2 million for the same period of the prior fiscal year. Research and development expenses as a percentage of total revenues were 9.1% and 8.9% for the three months ended June 30, 2022 and 2021, respectively.

The VAT refunds and government subsidies were $8.6 million for three months ended June 30, 2022, as compared to $9.7 million for the same period in the prior fiscal year, representing a $1.1 million, or 10.9%, decrease.

The income tax expenses and the effective tax rate were $3.9 million and 14.5% for the three months ended June 30, 2022, respectively, as compared to $6.3 million and 22.4% for the comparable period in the prior fiscal year, respectively. The effective tax rate fluctuates, as the Company’s subsidiaries contributed different pre-tax income at different tax rates.

Net income attributable to Hollysys was $23.0 million for three months ended June 30, 2022, representing an increase of 4.9% from $21.9 million reported in the comparable period in the prior fiscal year. Non-GAAP net income attributable to Hollysys was $24.7 million or $0.40 per diluted share. See the section entitled “Non-GAAP Measures” for more information about non-GAAP net income attributable to Hollysys.

Diluted earnings per share was $0.37 for the three months ended June 30, 2022, representing an increase of 2.8% from $0.36 for the comparable period in the prior fiscal year. Non-GAAP diluted earnings per share was $0.40 for the three months ended June 30, 2022, representing a decrease of 13.0% from $0.46 for the comparable period in the prior fiscal year. These were calculated based on 61.8 million and 61.0 million diluted weighted average ordinary shares outstanding for the three months ended June 30, 2022 and 2021, respectively. See the section entitled “Non-GAAP Measures” for more information about non-GAAP diluted earnings per share.

Contracts and Backlog Highlights

Hollysys achieved $1,057.9 million and $289.9 million in terms of the value of new contracts for the fiscal year and the three months ended June 30, 2022, respectively. The order backlog of contracts was $944.3 million as of June 30, 2022. The order backlog of contracts represents the amount of unrealized revenue to be earned from the contracts that Hollysys won. The detailed breakdown of new contracts and backlog by segment is shown in the table below:

(In USD thousands, except for %)

Value of New contracts
achieved for the fiscal
year

 ended June 30, 2022

Value of New contracts
achieved for the three
months

 ended June 30, 2022

Backlog as of Jun 30,
2022

$

% of  Total
Contract
Value

$

% of Total
Contract
Value

$

% of Total
Backlog

Industrial Automation

582,776

55.1

193,980

67.0

384,805

40.7

Rail Transportation

303,819

28.7

79,524

27.4

359,301

38.1

Mechanical and Electrical Solutions

171,333

16.2

16,359

5.6

200,166

21.2

Total

1,057,928

100.0

289,863

100.0

944,272

100.0

Cash Flow Highlights

For the fiscal year ended June 30, 2022, the total net cash inflow was $23.5 million. The net cash provided by operating activities was $54.5 million. The net cash provided by investing activities was $13.3 million, mainly consisting of $100.6 million maturity of short-term investments, $3.8 million proceeds from disposal of a subsidiary, $9.5 million proceeds received from disposal of equity investments, which was partially offset by $26.4 million purchases of property, plant and equipment, $64.4 million purchases of short-term investments, and $8.7 million cash prepaid for acquisition of a subsidiary. The net cash used in financing activities was $19.6 million, mainly consisting of $19.8 million payment of dividends.

For the three months ended June 30, 2022, the total net cash inflow was $6.9 million. The net cash provided by operating activities was $38.8 million. The net cash provided by investing activities was $23.6 million, mainly consisting of $37.8 million maturity of short-term investments, which was partially offset by $7.3 million purchases of property, plant and equipment, $6.9 million purchases of short-term investments. The net cash used in financing activities was $19.4 million, mainly consisting of $19.8 million payment of dividends.

Balance Sheet Highlights

The total amount of cash and cash equivalents was $679.8 million, $669.8 million, and $664.3 million as of June 30, 2022, March 31, 2022, and June 30, 2021, respectively.

For fiscal year ended June 30, 2022, DSO were 171 days, as compared to 180 days from the prior year, and inventory turnover was 58 days, as compared to 51 days from the prior year.

For the three months ended June 30, 2022, DSO was 174 days, as compared to 194 days for the comparable prior fiscal year and 215 days for the last fiscal quarter; inventory turnover days were 73 days, as compared to 47 days for the comparable prior fiscal year and 69 days for the last fiscal quarter. The significant increase in inventories was mainly due to the company’s increase in safety stock in response to supply chain fluctuations.

Financial Performance Guidance

Based on information available as of the date of this press release, Hollysys provides the following financial performance guidance for the full fiscal year 2023： 

 –   The revenue is expected to be between $810 million and $885 million, with a year-on-year increase of 15% to 25%.

About Hollysys Automation Technologies Ltd.

Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation automation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation automation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2021, Hollysys had cumulatively carried out more than 35,000 projects for approximately 20,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.

SAFE HARBOR STATEMENTS

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements,” including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident,” or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys’ management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In USD thousands except for number of shares and per share data)

Three months ended

Fiscal year ended

June 30,

June 30,

2022

2021

2022

2021

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Net revenues

Integrated solutions contracts revenue

$

149,292

$

126,237

$

573,567

$

460,180

Products sales

11,823

7,098

38,486

28,667

Revenue from services

21,000

25,429

95,409

104,619

Total net revenues

182,115

158,764

707,462

593,466

Costs of integrated solutions contracts

108,866

91,142

422,236

336,471

Cost of products sold

2,913

1,115

10,247

5,293

Costs of services rendered

9,001

6,448

35,622

33,423

Gross profit

61,335

60,059

239,357

218,279

Operating expenses

Selling

10,863

9,601

45,301

35,197

General and administrative

23,323

30,260

80,241

69,982

Research and development

16,629

14,194

69,580

55,954

VAT refunds and government subsidies

(8,600)

(9,653)

(30,309)

(30,099)

Total operating expenses

42,215

44,402

164,813

131,034

Income from operations

19,120

15,657

74,544

87,245

Other income, net

256

6,863

2,185

10,449

Foreign exchange gain (loss)

4,000

(942)

1,789

(6,219)

Gains on disposal of an investment in an equity investee

–

–

7,995

–

Losses on disposal of subsidiaries

–

–

(3)

–

Gains on disposal of an investment in securities

–

3,323

–

3,323

Impairment loss of investments in cost investees

(773)

–

(773)

–

Share of net income (loss) of equity investees

1,280

(1,331)

1,838

604

Dividend income from investments in securities

456

85

912

Interest income

3,363

4,278

12,698

14,131

Interest expenses

(141)

(125)

(731)

(553)

Income before income taxes

27,105

28,179

99,627

109,892

Income taxes expenses

3,928

6,317

16,634

20,554

Net income

23,177

21,862

82,993

89,338

Less: Net income (loss) attributable to non-controlling interests

155

(75)

(189)

(371)

Net income attributable to Hollysys Automation

\Technologies Ltd.

$

23,022

$

21,937

$

83,182

$

89,709

Other comprehensive (loss) income, net of tax of nil

Translation adjustments

(67,103)

18,280

(46,590)

96,577

Comprehensive (loss) income

(43,926)

40,142

36,403

185,915

Less: comprehensive income (loss) attributable to non-
    controlling interests

64

(12)

(1,310)

(125)

Comprehensive (loss) income attributable to Hollysys
Automation Technologies Ltd.

$

(43,990)

$

40,154

$

37,713

$

186,040

Net income per ordinary share:

Basic

0.38

0.36

1.36

1.48

Diluted

0.37

0.36

1.35

1.46

Shares used in net income per share computation:

Basic

61,195,317

60,698,727

61,007,506

60,566,709

Diluted

61,788,905

61,025,425

61,568,176

61,513,749

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED BALANCE SHEETS

(In USD thousands except for number of shares and per share data)

June 30,

March 31,

2022

2022

(Unaudited)

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

679,754

$

669,799

Short-term investments

12,203

44,085

Restricted cash

38,486

36,298

Accounts receivable, net of allowance for credit losses of $77,603 and $76,061 as
    of June 30, 2022 and March 31, 2022, respectively

317,763

360,589

Costs and estimated earnings in excess of billings, net of allowance for credit losses
    of $12,178 and $11,077 as of June 30, 2022 and March 31, 2022, respectively

228,877

220,645

Accounts receivable retention

6,005

6,002

Other receivables, net of allowance for credit losses of $12,449 and $15,798 as of
    June 30, 2022 and March 31, 2022, respectively

26,100

28,734

Advances to suppliers

33,851

32,348

Amounts due from related parties

27,360

21,064

Inventories

91,243

89,175

Prepaid expenses

667

756

Income tax recoverable

258

164

Total current assets

1,462,567

1,509,659

Non-current assets

Restricted cash

787

6,026

Costs and estimated earnings in excess of billings

3,021

2,648

Accounts receivable retention

6,561

5,850

Prepaid expenses

1

2

Property, plant and equipment, net

98,249

97,700

Prepaid land leases

12,447

13,135

Intangible assets, net

10,742

11,767

Investments in equity investees

46,581

42,152

Investments securities

1,693

2,576

Goodwill

20,539

20,822

Deferred tax assets

4,540

16,186

Operating lease right-of-use assets

4,045

4,447

Total non-current assets

209,206

223,311

Total assets

1,671,773

1,732,970

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Short-term bank loans

66

–

Current portion of long-term loans

15,210

15,346

Accounts payable

173,953

176,849

Construction costs payable

92

98

Deferred revenue

206,222

211,593

Accrued payroll and related expenses

23,535

17,878

Income tax payable

4,509

9,068

Warranty liabilities

3,280

6,814

Other tax payables

11,587

4,443

Accrued liabilities

37,282

36,051

Amounts due to related parties

6,299

2,250

Other liability

3

3

Operating lease liabilities

2,518

2,224

Total current liabilities

484,556

482,617

Non-current liabilities

Accrued liabilities

3,349

2,047

Long-term loans

434

523

Accounts payable

1,556

1,338

Deferred tax liabilities

12,966

13,600

Warranty liabilities

1,722

2,618

Operating lease liabilities

1,282

1,912

Other liability

80

76

Total non-current liabilities

21,389

22,114

Total liabilities

505,945

504,731

Commitments and contingencies

–

–

Stockholders’ equity:

Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized;
    61,962,449 shares and 61,962,249 shares issued and outstanding as of June 30,
    2022 and March 31, 2022, respectively

62

62

Additional paid-in capital

243,476

242,149

Statutory reserves

77,263

64,978

Retained earnings

857,141

866,215

Accumulated other comprehensive income

(12,655)

54,358

Total Hollysys Automation Technologies Ltd. stockholder’s equity

1,165,287

1,227,762

Non-controlling interests

541

477

Total equity

1,165,828

1,228,239

Total liabilities and equity

$

1,671,773

$

1,732,970

HOLLYSYS AUTOMATION TECHNOLOGIES LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In USD thousands).

 

Three months ended

Fiscal year ended

June 30, 2022

June 30, 2022

(Unaudited)

(Unaudited)

Cash flows from operating activities:

Net income

$

23,177

$

82,993

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of property, plant and equipment

2,568

10,263

Amortization of prepaid land leases

70

382

Amortization of intangible assets

311

1,356

Allowance for credit losses

7,411

16,122

Gains on disposal of property, plant and equipment

(52)

(75)

Share of net income of equity investees

(1,280)

(1,838)

Share-based compensation expenses

1,327

9,709

Deferred income tax expenses

10,981

4,179

Losses on disposal of subsidiaries

3

3

Impairment loss on investment in a cost investee

773

773

Gains on disposal of an investment in an equity investee

25

(7,995)

Changes in operating assets and liabilities:

Accounts receivable and retention

12,682

(11,807)

Costs and estimated earnings in excess of billings

(20,444)

(39,839)

Inventories 

(6,636)

(40,007)

Advances to suppliers

(3,184)

(14,274)

Other receivables 

1,251

(3,425)

Prepaid expenses

80

257

Due from related parties

(8,528)

4,903

Accounts payable

5,570

28,470

Deferred revenue

5,541

19,221

Accruals and other payables

(146)

(16,417)

Due to related parties

4,049

4,638

Income tax payable

(4,373)

1,423

Other tax payables

7,650

5,511

Net cash provided by operating activities

38,826

54,526

Cash flows from investing activities:

Purchases of short-term investments

(6,937)

(64,383)

Purchases of property, plant and equipment

(7,291)

(26,369)

Proceeds from disposal of a subsidiary

 

–

3,797

Proceeds from disposal of property, plant and equipment

63

140

Maturity of short-term investments

37,813

100,562

Investment of an equity investee

 

–

(1,261)

Proceeds received from disposal of equity investments

–

9,497

Acquisition of a subsidiary, net of cash acquired

–

(8,726)

Net cash provided by investing activities

23,648

13,257

Cash flows from financing activities:

Proceeds from short-term bank loans

68

128

Repayments of short-term bank loans

1

(59)

Proceeds from long-term bank loans

537

876

Repayments of long-term bank loans

(151)

(673)

Payment of dividends

(19,828)

(19,828)

Net cash used in financing activities

(19,373)

(19,556)

Effect of foreign exchange rate changes

(36,197)

(24,747)

Net increase in cash, cash equivalents and restricted cash

$

6,904

23,480

Cash, cash equivalents and restricted cash, beginning of period

$

712,123

695,547

Cash, cash equivalents and restricted cash, end of period

719,027

719,027

Non-GAAP Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, in evaluating our results, we use the following non-GAAP financial measures: non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share.

These non-GAAP financial measures serve as additional indicators of our operating performance and not as any replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the share-based compensation expenses, which are calculated based on the number of shares or options granted and the fair value as of the grant date, and amortization of acquired intangible assets. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects.

Non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share should not be considered in isolation or construed as an alternative to gross profit and gross margin, gross profit and gross margin of integrated solutions contracts, net income attributable to Hollysys Automation Technologies Ltd., basic and diluted earnings per share, or any other measure of performance, or as an indicator of the Company’s operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Non-GAAP gross profit and gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, respectively, adjusted to exclude non-cash amortization of acquired intangibles. The following table provides a reconciliation of our gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin for the periods indicated.

(In USD thousands, except for %)

Three months ended

Fiscal year ended

June 30,

June 30,

2022

2021

2022

2021

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Gross profit

$

61,335

$

60,059

$

239,357

$

218,279

Gross margin(1)

33.7 %

37.8 %

33.8 %

36.8 %

Add:

  Amortization of acquired intangible assets

353

90

1,356

316

Non-GAAP gross profit

$

61,688

$

60,149

$

240,713

$

218,595

Non-GAAP gross margin(2)

33.9 %

37.9 %

34.0 %

36.8 %

__________

(1)           Gross margin represents gross profit for the period as a percentage of revenues for such period.

(2)           Non-GAAP gross margin represents non-GAAP gross profit for the period as a percentage of revenues for such period.

We define non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts as gross profit and gross margin of integrated solutions contracts, respectively, adjusted to exclude non-cash amortization of acquired intangibles associated with integrated solutions contracts. The following table provides a reconciliation of the gross profit of integrated solutions contracts to non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts for the periods indicated.

(In USD thousands, except for %)

Three months ended June 30,

Fiscal year ended June 30,

2022

2021

2022

2021

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Gross profit of integrated
    solutions contracts

$

40,426

$

35,095

$

151,331

$

123,709

Gross margin of integrated

    solutions contracts(1)

27.1 %

27.8 %

26.4 %

26.9 %

Add:

  Amortization of acquired intangible
    assets

353

90

1,356

316

Non-GAAP gross profit of
    integrated solutions contracts

$

40,779

$

35,185

$

152,687

$

124,025

Non-GAAP gross margin of
    integrated solutions contracts(2)

27.3 %

27.9 %

26.6 %

27.0 %

__________

(1)           Gross margin of integrated solutions contracts represents gross profit of integrated solutions contracts for the period as a percentage of integrated solutions contracts revenue for such period.

(2)           Non-GAAP gross margin of integrated solutions contracts represents non-GAAP gross profit of integrated solutions contracts for the period as a percentage of integrated solutions contracts revenue for such period.

We define non-GAAP net income attributable to Hollysys as net income attributable to Hollysys adjusted to exclude the share-based compensation expenses and non-cash amortization of acquired intangible assets. The following table provides a reconciliation of net income attributable to Hollysys to non-GAAP net income attributable to Hollysys for the periods indicated.

(In USD thousands)

Three months ended

Fiscal year ended

June 30,

June 30,

2022

2021

2022

2021

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Net income attributable to Hollysys Automation
    Technologies Ltd.

$

23,022

$

21,937

$

83,182

$

89,709

Add:

Share-based compensation expenses

1,327

6,036

9,709

9,724

Amortization of acquired intangible assets

353

90

1,356

316

Non-GAAP net income attributable to Hollysys
    Automation Technologies Ltd.

$

24,702

$

28,063

$

94,247

$

99,749

Non-GAAP basic (or diluted) earnings per share represents non-GAAP net income attributable to Hollysys divided by the weighted average number of ordinary shares outstanding during the periods (or on a diluted basis). The following table provides a reconciliation of our basic (or diluted) earnings per share to non-GAAP basic (or diluted) earnings per share for the periods indicated.

(In USD thousands, except for number of shares and per share data)

Three months ended

Fiscal year ended

June 30,

June 30,

2022

2021

2022

2021

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Net income attributable to Hollysys 
    Automation Technologies Ltd.

$

23,022

$

21,937

$

83,182

$

89,709

Add:

Share-based compensation expenses

1,327

6,036

9,709

9,724

Amortization of acquired intangible assets

353

90

1,356

316

Non-GAAP net income attributable to
    Hollysys Automation Technologies
    Ltd.

$

24,702

$

28,063

$

94,247

$

99,749

Weighted average number of basic ordinary
    shares

61,195,317

60,698,727

61,007,506

60,566,709

Weighted average number of diluted ordinary
    shares

61,788,905

61,025,425

61,568,176

61,513,749

Basic earnings per share(1)

$

0.38

$

0.36

$

1.36

$

1.48

Add:
    Non-GAAP adjustments to net income per

    share(2)

0.02

0.10

0.18

0.17

    Non-GAAP basic earnings per share(3)

$

0.40

$

0.46

$

1.54

$

1.65

Diluted earnings per share(1)

$

0.37

$

0.36

$

1.35

$

1.46

Add:
    Non-GAAP adjustments to net income per
    share(2)

0.03

0.10

0.18

0.16

Non-GAAP diluted earnings per share(3)

$

0.40

$

0.46

$

1.53

$

1.62

________

(1)           Basic (or diluted) earnings per share is derived from net income attributable to ordinary shareholders for computing basic (or diluted) earnings per share divided by weighted average number of shares (or on a diluted basis).

(2)           Non-GAAP adjustments to net income per share are derived from non-GAAP adjustments to net income divided by weighted average number of shares (or on a diluted basis).

(3)           Non-GAAP basic (or diluted) earnings per share is derived from non-GAAP net income attributable to ordinary shareholders for computing non-GAAP basic (or diluted) earnings per share divided by weighted average number of shares (or on a diluted basis).

Cision View original content:https://www.prnewswire.com/news-releases/hollysys-automation-technologies-reports-unaudited-financial-results-for-the-fiscal-year-and-the-fourth-quarter-ended-june-30-2022-301604882.html

Consumer Electronics, Health, Lifestyle, News

LG’s Latest PuriCare is a Self-Service Thing for MYR 60/month Onward!

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There are a few ways to live healthy. You can exercise and control your diet. To ensure your home is well protected and the air you breathe at home is clean and pure, you can buy air purifiers, or air-conditioning units that comes with air cleaning functions. But there is one thing that you always forget, a rather basic thing that we all need to survive; our water. 

Water is a pretty basic consumable that we take for granted sometimes. With the constant water supply cuts in Selangor, Malaysia, you might grow to appreciate the constant flow of water you might find in your home. That said, access to clean water in Malaysia is rather abundant. Still, clean water is not drinking water. For that you want a water purifier, or some sort of filter to ensure that the water that flows out of your tap is safe to consume.  

The problem with most water purifiers though is the constant servicing that is required. You cannot do it yourself too in most cases. You need to get someone to come in and replace all the filters, clean out the tank, and then bill you for it, on top of however much you are already paying for the water purifier itself. Not LG’s latest PuriCare Tankless water purifier. 

LG PuriCare 2022 04

There is nothing wrong with having someone to come and change your filters or clean out your tank. It costs some of your time though. You need to wait at home for someone to come, wait for them to leave before you can be out and about again. Modern water purifiers are also rather complex machines that requires some know how to service, which also means you have no choice but to engage the service providers to change and clean water purifier.  

LG’s latest PuriCare water purifier eliminates the need for a service person. The new rig is designed to ensure that even you can change the filters in just a few minutes. It is completely toolless too, to make it even simpler to maintain on your own.  

LG’s Tankless technology is nothing new. They launched the technology a couple of years ago to eliminate the need for tank maintenance whenever the rig needs servicing. The benefit of a tankless system is also to ensure that there is no microorganism build up in the tank that will affect the quality of the dispensed water. What is clever is that the machine can dispense hot and cold water all the same.  

  • LG PuriCare 2022 01
  • LG PuriCare 2022 02
  • LG PuriCare 2022 03
  • LG PuriCare 2022 04
  • LG PuriCare 2022 05
  • LG PuriCare 2022 06
  • LG PuriCare 2022 07
  • LG PuriCare 2022 08
  • LG PuriCare 2022 09

Water from the LG PuriCare purifier goes through a 4-stage All Puri Filter System that eliminates microorganisms, 99.99% norovirus, and heavy metals like mercury, lead, arsenic, cadmium, iron, copper, aluminium, manganese, and zinc that are all quite hazardous if consumed in excess amounts. The clever technology inside the compact machine also allows you to have hot water and cold water instantly without needing a tank to store both cold and hot water at the same time.  

The new LG PuriCare self-service tankless water purifier system will set you back MYR 3,200 and comes with 2 years’ worth of filter subscriptions sent every six months to your doorstep. If you still want someone to come by and help you change the filters, it will set you back MYR 4,000. You can get the water purifier in your house for just MYR 60 a month though for a 7-year subscription self-service plan. You can choose between Navy Blue, Silver, and White colour options. If you want to know more about the LG PuriCare tankless water purifier, you can head over to their website.  

PR Newswire

“Great Wall Hero 2022–Beijing, the Night is Young” Global Promotional Campaign Launches at the Liangma River

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BEIJING, Aug. 12, 2022 /PRNewswire/ — On August 11, 2022, the “Great Wall Hero 2022—Beijing, the Night is Young” global promotional campaign event (hereinafter referred to as Great Wall Hero 2022) hosted by Beijing Municipal Culture and Tourism Bureau was held at Yansha Wharf on the banks of the Liangma River.

Ms. Pang Wei awarded official Great Wall Heroes 2022 certificates.
Ms. Pang Wei awarded official Great Wall Heroes 2022 certificates.

Deputy director of Beijing Municipal Culture and Tourism Bureau, Pang Wei, attended the event and delivered a speech. The event was also attended by more than 100 guests, including members of the cultural and tourism bureaus of local Beijing districts, representatives involved in the management of tourist attractions around the city, inbound tourism companies, media reporters, and foreign guests. The event was live streamed on Beijing Municipal Culture and Tourism Bureau’s official international social media accounts to share this wonderful moment with fans around the world.

With the background of the 14th Five-Year Plan, “Great Wall Hero 2022” aims to make Beijing into an international consumption center by showcasing Beijing’s nighttime economy, landmark attractions, and unique cultural resources. The campaign’s diverse coverage of culture, history, entertainment, and lifestyle, in combination with the promotion of emerging cultural tourism resources, lays a solid foundation for the future development of inbound tourism to Beijing. The event aims to stimulate the vitality of Beijing’s international cultural tourism marketing and enhance Beijing’s international influence.

At the event, Beijing Municipal Culture and Tourism Bureau released five new “night economy” themed cultural tourism routes through different regions of Beijing, namely Beijing on Stage, Beijing Through Culture, Beijing for Families, Beijing in Fashion, and Beijing in Motion. The “Beijing, the Night is Young” cultural tourism routes focus on nightlife must-sees in Beijing and showcase Beijing’s rich nighttime cultural tourism from the perspectives of food, accommodation, travel, tourism, shopping, and entertainment. The routes take in some of the most representative nighttime culture and tourism consumption zones in the city, including the National Centre for the Performing Arts, Liangma River, Bloomage Live at Wukesong, Sanlitun, and Qianmen Street, showing off Beijing’s “nighttime charm.”

Foreign experts who have lived and worked in Beijing for a long time were invited to the event to experience the five routes and share the extraordinary fun of Beijing nightlife. Among the invitees were five “Great Wall Heroes,” including professional performers, artists, fashionistas, top chefs, and star sports coaches. As long-term Beijingers, they conveyed their love for Beijing by showcasing the fun journeys they took through the five different routes.

After the video launch session, the guests took a night cruise on the Liangma River. The Liangma River night cruise route was officially opened in July 2021. The total length of the cruise is 1.8 kilometers, starting from Yansha Wharf and ending at Solana Wharf and passing through a number of important landmarks. The tour was live streamed on the Visit Beijing Facebook page, allowing overseas fans to experience “Beijing, the Night is Young.” The live stream was viewed 100,000 views in total.

The “Great Wall Hero 2022—Beijing, the Night is Young” global promotional campaign digs deep into the significance of Beijing as an ancient capital and a modern center with a unique local flavor, striving to promote the integrated development of cultural tourism and commerce, technology, sports and more to increase the number of culture and tourism products in the market. The supply of high-quality cultural and tourism resources will continuously enhance Beijing’s consumption vitality, restore the vitality of the cultural tourism industry market, and help the construction of Beijing as an international consumption center.

“Great Wall Heroes” is a global marketing campaign launched by the Beijing Municipal Culture and Tourism Bureau on Visit Beijing’s international social media platforms. Every year, international influencers are invited to the event to experience the latest Beijing cultural tourism routes and products and promote them online through videos, photos, and more. It has been held for six consecutive sessions since 2016 and has become an important annual event to promote Beijing’s culture and tourism resources. Each event is an organic combination of online and offline events to showcase all that Beijing has to offer in the best way possible. For example, “Great Wall Heroes” leveraged the China-US Year of Tourism to promote key cultural heritage belts like the Great Wall and the Grand Canal, as well as international events like the 2019 Beijing Horticultural Expo.

The tourism industry has been heavily impacted by the Covid-19 pandemic since 2020, and the “Great Wall Heroes” global promotional campaign has adapted in response. Since the pandemic, influential foreign experts with long-term experience in Beijing’s cultural tourism industry have been invited to talk about the city from an international perspective. By leveraging the industry influence of foreign celebrities, the campaign aims to promote Beijing’s international image as an inbound tourism destination and stimulate cultural tourism exchanges and cooperation.

In 2020, the “Great Wall Hero 2020—Visit Beijing Again” global promotional event was held at Guancheng Square at Badaling Great Wall Scenic Spot. The event was combined with the “Beijing Great Wall Cultural Festival” to promote five Great Wall Cultural Tourism Routes. In a popular video, 20 foreign influencers dressed in Han-style costumes toured the Great Wall at night. The video strengthened cultural exchanges between China and other countries around the wall, and greatly enhanced the cultural influence of the Great Wall.

In 2021, the “Great Wall Hero 2021—Beijing Winter Charms” event was held at the Beijing National Speed Skating Oval, which is nicknamed “The Ice Ribbon.” The event showed off Beijing’s sporting and cultural facilities as a winter sports capital, alongside lively Spring Festival folk cultural elements. The event reached an exposure rate of over 20 million views, attracting 200 media reports. A video about the event was viewed more than 430,000 times.

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PR Newswire

Science and Technology Daily: 5G Empowers International Communication Capacity in Multimedia Era

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HARBIN, China, Aug. 11, 2022 /PRNewswire/ — This is a report from Science and Technology Daily: 2022 is a crucial year for the large-scale development of 5G applications and the comprehensive iterative upgrading of the technology.

Held both online and offline on August 9, the theme of the 2022 World 5G Convention Media Forum is “5G empowers international communication capacity”.

Experts and professionals from domestic and international media outlets, and 5G tech enterprises jointly discussed the in-depth integration of 5G technology and international communication from the perspective of globalization, explored the direction of international communication with 5G technology in multimedia era, and analyzed how to formulate targeted international communication strategies in accordance with the needs of international audiences on media forum of the 2022 World 5G Convention.

Media forum of the 2022 World 5G Convention opens in Harbin on August 9. (PHOTO: S&T DAILY)
Media forum of the 2022 World 5G Convention opens in Harbin on August 9. (PHOTO: S&T DAILY)

Director of China International Communications Group (CICG), Du Zhanyuan shared four viewpoints on the future development of 5G media and the empowerment of 5G technology, saying, “we need to build the 5G ecology of the international communication.”

President of Science and Technology Daily, Zhang Biyong said, “Science and Technology Daily (S&T Daily) has been paying close attention to the dynamic development of the integration between 5G technology and media, guiding global media on multiple levels, dimensions and channels. S&T Daily is always upholding scientific spirit when reporting openness and innovation, digital security, ecological protection and climate change. We are trying to influence international media in an objective manner, clear up misunderstandings, making the whole world have a better knowledge of China’s scientific progress and smart solutions and actively promote the building of a community with a shared future for humankind.”

Director of Science and Technology Department of Heilongjiang Province, Zhang Changbin and President of Heilongjiang Daily Press Group, Zhang Chunjiao attended the forum and gave viewpoints concerning local multimedia industry.

The pivotal role of 5G in communication

Editor-in-chief of S&T Daily, Xu Zhilong said that the construction of 5G ecology has reached a golden opportunity. With the empowerment of 5G technology, the structure and ability of media to collect and spread information have changed accordingly, thus strong international communication strength is needed to make China’s voice heard.

Director of China Society of Science and Technology System Reform, Zhang Jingan said, “China’s development needs the world, and the world needs China. It is crucial to let the world know about China through the media. It is of great significance to build the friendship circle among Belt and Road Initiative through the media. 5G technology should be used to enable more foreign friends to understand and support China, so as to become an inevitable force for world peace and development.”

Deputy editor-in-chief of Guangming Daily, Zhao Jianguo said, “5G has brought new opportunities for change of the mainstream media. Artificial intelligence, blockchain, big data and other cutting-edge technologies created ‘a modern communication network on a whole new level’ for production and transmission of news. Ultra HD, 5G livestreaming and VR will lead to greater innovation in transmission, and constantly improve the influence of mainstream media. Empowered by technologies, the news chain will be infinitely expanded with media convergence. These are all enabling tools for international communication.”

Deputy editor-in-chief of China Daily, Sun Shangwu also shared his opinion, saying, “As a media person, firstly we will focus on mobile communication and enhance immediacy, enabling exchanges between China and the rest of the world to spread faster and further. Secondly, we need to make our exchanges more social and interactive to make them more approachable and accessible. Thirdly, we should focus on visualization and make it more vivid so as to make China-foreign exchanges more active.”

New requirements for international communication in 5G era

Dean of Academy of contemporary China and World studies, Yu Yunquan said, “The 5G era has put forward new requirements for international media communication. Firstly is to deepen the thinking of Internet of Things and strengthen the exploration and application of new platforms. Secondly, further improve the “precision” of information services, especially the planning ability. Thirdly, Accelerate the depth of integration with the technology industry, better meet the needs of the audience.”

Targeted communication of all-media, cross culture and multiple languages will become the new trend in the information age.

Vasily Pushkov, director of International Cooperation, Sputnik News Agency and Radio, said, “The COVID-19 pandemic showed the crucial role, which new technologies play in international communications and information exchange. Online formats of interaction are developing rapidly; virtual international events bring together thousands of participants from all over the world, and bilateral online meetings with partners have become something common.”

Zhao Sha, China Media Development Director of PR Newswire said, “People who work in the media industry are paying closer attention to data from the audience. The increase of the number of views, shares, likes and videos played directly affects the entire industry.”

5G empowers the media industry of the future

Emilio Saldaña, head of science and technology for TV channel 22 in Mexico said, “The fast transmission and ultra-low latency of 5G technology will revolutionize the digital media industry, particularly in two aspects: how news is collected and how it is delivered. 5G technology can help our journalists improve their ability to capture breaking news and produce media products in a short period of time. With the popularization of 5G technology, we will continue to optimize the delivery and experience of news in the digital era.”

Forum guests from Huawei, Tencent, ZTE and Qualcomm also elaborated on the various channels and ways that technology can help improve the international communication capacity from the perspective of 5G application technology, and described the multi-sensory experience of immersive news.

News

AMD Commits to Helping Further Research with Expanded High Performance Compute Fund

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Research has evolved over the years. More and more, we are dealing with theoretical models and simulations that vastly change our understanding of the world around us. In fact, these models have spurred some of the innovations and breakthroughs that have been and continue to change the face of many industries. However, one of the biggest challenges in achieving these breakthroughs is access to high-performance computing. With limited stipends and funds, researchers have found themselves unable to afford dedicated high-performance computing machines. AMD has been addressing that with their High Performance Compute Fund.

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Source: AMD

What initially started as a means to drive timely breakthroughs in the midst of the COVID-19 pandemic is now being expanded to more applications. Keeping with the social impact factor of research, the HPC Fund is being expanded to include more fields in medical research and social good. The expansion will, hopefully, drive more breakthroughs in various fields for the betterment of the global society.

In addition to the expansion of its scope, AMD’s recent acquisition of Xilinx is also expanding the technology offered in the program. In addition to access to AMD’s EPYC Processors and Instinct Accelerators, researchers will now be able to make use of the Xilinx Heterogeneous Accelerated Compute Clusters (HACC). This gives them access to Xilinx ALveo accelerators and Xilinx Versal ACAPs. The newly integrated technologies expand the potential applications and decrease the time needed to run complex models.

AMD Expands its HPC Fund to Aid Researchers Solving the World’s Toughest Challenges

As of May 2022, AMD has contributed over 20 petaflops of computing capacity through the High Performance Compute Fund. That’s over USD$31 million in monetary value. Researchers in over 28 institutions in eight countries have benefitted from the HPC Fund. Access has been extended to nearly 6,000 researchers resulting in 55 published research papers covering key issues including the disparities in COVID-19 Vaccination rates by race and ethnicity and improvements in the classification of breast cancer imagery using deep vision techniques.

This includes the National University of Singapore (NUS) where AMD has donated AMD EPYC processors and AMD Radeon Instinct Accelerators to the School of Computing. According to Eric Han, a fourth year PhD student at NUS Computing, “We are studying highly complex Machine Learning techniques that require us to run multiple compute and memory-intensive experiments. The AMD cluster has a high core count with large RAM, allowing us to run multiple experiments across the cluster.”

AMD is granting cloud-based access to universities and research institutions around the world with support from leading system partners Supermicro and WEKA.io. Applications are now being accepted. Research institutions and universities can apply for the new round of computing power grants by submitting their application on their official HPC Fund Website.

PR Newswire

CIMC teams up with JD to enhance supplies purchasing, logistics services

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SHENZHEN, China, Aug. 11, 2022 /PRNewswire/ — Chinese leading container manufacturer China International Marine Containers (Group) Ltd (CIMC) signed a strategic cooperation agreement with e-commerce giant JD in Beijing on August 8 to step up cooperation in various fields, including supplies purchasing, logistics technology and services, etc.


The two companies will leverage their respective strengths to promote cooperation in the purchasing of industrial products, office supplies, commercial vehicles, logistics vehicles, cold chain equipment and so forth.

With long-standing advantages in the manufacturing of logistics equipment, CIMC will provide strategic support for JD and its subsidiaries in terms of pricing, product customization and services.

JD, meanwhile, will take advantage of its edges in retail, logistics and digitalization to help CIMC and its subsidiaries reduce purchasing costs, enhance purchasing management efficiency and accelerate the process of going digital by offering customized and intelligent solutions.

The two companies also said there is large room for cooperation in the area of logistics technology and services, given that they have differentiated advantages.

While CIMC-TianDa is a leading industry player that excels in providing automated logistics solutions, CIMC Wetrans Logistics Technology(Group)Co.,Ltd can offer end-to-end logistics solutions to clients. JD Logistics, meanwhile, owns integrated supply chain capacity and can provide intelligent supply chain solutions.


Based on those complementary advantages, the two can work together to further enhance their logistics technology and services, they said.

In addition, CIMC and JD will also carry out cooperation in other fields, such as digitalization, enterprise operation services, application of clean energy equipment, cold chain industry solutions, etc.

CIMC said the cooperation in cold chain will also play a role in promoting the country’s rural revitalization drive as an industrial cluster covering planting, processing, cold chain, logistics, e-commerce and marketing will be created with the help of the internet, which will benefit various parties.

It is not the first time that the two companies join hands. CIMC has been one of JD’s core partners and suppliers of automated logistics equipment, small-size cold chain logistics equipment, vehicles and other products. The two have also made a lot of cooperation in international logistics services and industrial products purchasing.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cimc-teams-up-with-jd-to-enhance-supplies-purchasing-logistics-services-301604137.html

Mobile, News

Samsung New Foldables, Galaxy Buds2 Pro & Galaxy Watch5 Series are Available for Pre-order in Malaysia

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Hot off the announcement of their new Galaxy Z Flip4 and the new Galaxy Z Fold4, Samsung Malaysia has also announced pre-order details for the foldable. You’ll be able to get your very own foldable smartphone. The new foldables are coming with the latest Qualcomm Snapdragon 8+ Gen 1 and ample RAM – 12GB in the Fold4 and 8GB in the Flip4.

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The new smartphones will be available for pre-order starting on 10 August 2022, yes – that’s immediately after yesterday’s Unpacked event. Pre-ordering either the Samsung Galaxy Z Fold4 or the Galaxy Z Flip4 will get you an additional year of extended warranty worth MYR499 and 3 protective film replacements. This means that you’ll have peace of mind when it comes to the safety of your foldable smartphones. That’s in addition to the added protection and durability Samsung has given its new lineup of foldable smartphones.

In addition, pre-orders of the Flip4 will entitle you to an MYR450 e-voucher for the Samsung Online store. In addition, you will also get a free Flap Leather Cover worth MYR379. If you pre-order the Fold4, you will get an MYR650 e-voucher and a free Standing Cover with Pen worth MYR369.

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Source: Samsung

Together with Samsung’s latest lineup of foldable smartphones, their new wearables are also going on pre-order. The Galaxy Watch5 is Samsung’s most powerful wearable yet with a more efficient BioActive sensor and an additional temperature sensor. The smartwatch is also a step into a new generation of wearables which caters not only to casual fitness enthusiasts but also to more serious semi-pro and pro athletes.

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Pre-orders of either the 40mm or 44mm Bluetooth version of the Galaxy Watch5 will come with a free Hybrid Leather Band worth MYR149 while pre-orders of the 45mm Bluetooth version of the Galaxy Watch5 Pro will come with a free set of the Galaxy Buds Live worth MYR549. Both are also entitled to a 20% purchase-with-purchase (PWP) discount on the Galaxy Buds Live, Galaxy Buds2, or the Galaxy Buds2 Pro. Speaking of the Galaxy Buds2, that too is up for pre-order. If you do pre-order it, you will be entitled to a Galaxy Buds Cover worth MYR99.

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Source: Samsung

The Pre-orders start on 10th August 2022 and ends on 1 September 2022. You’ll be able to pre-order your new device from Samsung Experience Stores, Authorised Partners and the Samsung Malaysia Online Store.

PR Newswire

Arasan refreshes its Total USB IP Solution with its next generation of USB 2.0 PHY IP

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Arasan, a leading provider of semiconductor IP for all things mobile, including automobiles announces its 2’nd generation of USB PHY with an extremely small area.

SAN JOSE, Calif., Aug. 11, 2022 /PRNewswire/ — Arasan announces the immediate availability of its 2nd generation of USB PHY for the USB 2.0 Specification. Arasan 2nd generation USB PHY is a result of its continual evolution over decades, resulting in this generation with ultra-low area and power specifically targeting IoT and Mobile Devices. Highest Priority has been paid to area optimization with the goal to offer the industries smallest USB 2.0 PHY. The USB 2.0 PHY was originally acquired by Arasan from Mentor Graphics as part of our corporate objective to offer a Total IP™ solution across our entire product line, including USB. 

Arasan is among the industry’s first providers of USB IP with the launch of its USB 1.1 Device IP in 1996 and the industries ONLY provider to offer a Total USB 2.0 IP Solution which includes its USB 2.0 Host IP Core, USB 2.0 Device IP Core, USB 2.0 Hub IP, USB 2.0 OTG IP, the USB 2.0 PHY IP and software for multiple OS. Arasan’s USB 2.0 PHY also supports all the additional features required by the USB 2.0 Hub Specifications and is seamlessly integrated with its USB controller IP, including the USB 2.0 Hub IP. 

Over decades, Arasan’s USB IP has been used in a varied range of applications including the defense sector on mission critical projects. 

Arasan’s 2nd Gen USB 2.0 IP is available on nodes 28nm to 5nm immediately. The legacy USB 2.0 PHY is available from 180nm to 40nm on multiple foundries.  

Arasan’s USB 2.0 PHY is also offered as a crystal-less PHY saving on the BoM. 

For more: https://www.arasan.com/products/usb/usb-2-0/usb-2-0-phy/ 

About Arasan 

Arasan is at the forefront of this evolution of “Mobile” with its standards-based IP at the heart of Mobile SoCs. Arasan’s high-quality, silicon-proven, Total IP Solutions include digital IP, AMS PHY IP, Verification IP, HDK, and Software. Arasan has a focused product portfolio targeting mobile SoCs to Automobiles, Drones, and IoT. Arasan Chip Systems, a contributing member of the MIPI Association since 2005 for mobile storage and mobile connectivity interfaces with over a billion chips shipped with our MIPI IP. 

Contact: 
Dr. Sam Beal 
Mktg1@arasan.com 

Source: Arasan Chip Systems, Inc.

Lifestyle, News

Samsung Galaxy Buds2 Pro Announced with Improved Features & Ergonomics

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Samsung is renewing its Galaxy Buds series with a new Pro version. The new Galaxy Buds2 Pro replaces the previous Galaxy Buds Pro as their top-of-the-line offering. It brings improved features and ergonomics.

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The new Galaxy Buds2 Pro are slightly smaller and lighter. The Buds are 15% smaller than their predecessors. These design changes were done to make the Buds fit more securely and more comfortably when worn. They are more sustainable than ever before. Over 90% of the materials used in making the new Buds2 Pro are from recycled materials.

Together with the increased sustainability comes a whole host of new and improved features. The highlight of which is an increased fidelity in the audio streamed from your phones. The Galaxy Buds2 Pro comes with compatibility for Hi-Fi 24bit Audio. The higher audio fidelity comes with increased quality and clarity. Using Samsung’s new Seamless codec (SSC Hi-Fi), music streaming from your Galaxy device is more seamless than ever.

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The Buds2 Pro continue to come with Intelligent Ambient Noise Cancellation (ANC) which allows users to drown out the world around them. However, if you need to speak, it pushes down the volume and allows you to hear what you’re saying. The custom coaxial 2 way speakers of the Buds2 Pro also give better audio quality with 360 Audio.

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The Buds2 Pro also have improved connectivity with compatibility with SmartThings. You will be able to find your buds regardless of whether they are in their casing. In addition, the Buds2 Pro comes with compatibility with Samsung TVs allowing you to have a private viewing session. It will also be able to seamlessly switch between devices. Got a call coming in? The Buds2 Pro will automatically change to your smartphone to answer.

Pricing & Availability

The Samsung Galaxy Buds2 Pro will be available in Graphite, White and Bora Purple. It will retail for MYR899.