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PR Newswire

Recon Technology, Ltd Reports Financial Year Results for Fiscal Year 2023

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BEIJING, Oct. 28, 2023 /PRNewswire/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2023.

Fiscal Year Ended June 30, 2023 Financial Highlights:

–  Total revenue decreased by approximately RMB16.7 million ($2.3 million) or 19.9% to RMB67.1 million ($9.3 million) for the year ended June 30, 2023 from RMB83.8million ($12.5 million) for the same period in 2022.

–  Gross profit decreased to RMB18.9 million ($2.6 million) for the year ended June 30, 2023, from RMB19.4 million ($2.9 million) for the same period in 2022.

–  Gross margin increased to 28.1% for the year ended June 30, 2023 from 23.2% for the same period in 2022.

–  Net loss was RMB61.5 million ($8.5 million) for the year ended June 30, 2023, an increase of RMB155.8 million ($21.5 million) from net income of RMB94.3 million ($14.1 million) for the same period of 2022.

For the Years Ended

June 30,

2023

2022

Increase /(Decrease)

Percentage
Change

(in RMB millions, except
earnings per share;
differences due to rounding)

Revenue

RMB

67.1

RMB

83.8

RMB

(16.7)

(19.9)

%

Gross profit

18.9

19.4

(0.5)

(2.9)

%

Gross margin

28.1 %

23.2 %

6.0 %

——

Net income (loss)

(61.5)

94.3

(155.8)

(165.2)

%

Net earnings per share –
Basic and diluted

(1.7)

3.2

(4.9)

(154.5)

%

Management Commentary

Mr. Shenping Yin, Founder and CEO of Recon said, “Fiscal year ended 2023 was a year of change, challenge and opportunity for Recon. As a result of the impact of the outbreak and changes in the industry, our established business volume temporarily declined and recovered less than optimally, and resulting in a decline in overall revenue in fiscal year ended 2023, but our gross margins improved due to management efficiencies and the overall recovery of the industry.

We believe that China’s investment and demand in the oil industry will not decrease in the near future, and we believe that there are still many opportunities for growth in the oil industry. Recon will continue to benefit from this trend. We expect a significant increase in the volume of business in the oilfield services segment in the coming year. We are also expanding our business focus from oilfield service segment to broader energy sectors, including carbon-zero opportunities and alternative materials for primary petroleum products. We are actively exploring the chemical recycling business of low-value plastics based on waste treatment and recycling, and have reached preliminary cooperation agreements and market expansion and sales intentions with key upstream and downstream customers. Our drive has always been to maximize the long-term benefits for our company and our shareholders based on our experience and resources in the petrochemical and energy industries.”

Fiscal Year Ended 2023 Financial Results:

Revenue

Total revenues for the year ended June 30, 2023 were approximately RMB67.1 million ($9.3 million), a decrease of approximately RMB16.7 million ($2.3 million) or 19.9% from RMB83.8million ($12.5 million) for the same period in 2022. The overall decrease in revenue was mainly due to decrease from all four segments during the year ended June 30, 2023.

 –  Revenue from automation product and software decreased by RMB5.3 million ($0.7 million) or 316.6%. The decrease was mainly caused by decreased orders from JiDong oilfield as this client reduced their investment budget and oil and gas extraction activities.

 –  Revenue from equipment and accessories decreased by ¥0.9 million ($0.1 million) or 5.3% as we decided not to continue working with some oilfield client with low production levels and allocated our sales and service resources into some larger oilfield companies. We believe this was a temporary decline. Our revenue from this segment will increase in the coming year.

 –  Revenue from oilfield environmental protection decreased by RMB6.2million ($0.9 million) or 24.5%. This was mainly caused by less raw materials we could collect. As a result, our revenue decreased due to lower processing volume compared to the same period last year.

 –  Revenue from platform outsourcing services decreased by RMB4.2 million ($0.6 million) or 45.2%. The decrease was mainly due to less overall economic activities and lower refueling volumes at gas stations, and change in the method of settlement with major customers, from the original service fee based on a percentage of the volume and transaction amount to a basic fixed monthly service fee. 

Cost of revenue

Cost of revenues decreased from RMB64.4 million ($9.6 million) for the year ended June 30, 2022 to RMB48.2 million ($6.7 million) for the same period in 2023. This decrease was mainly caused by the decreased cost of revenue from automation product and software, oilfield environmental protection and platform outsourcing services segments, which was partially offset by the decreased cost of revenue from equipment and accessories segment during the year ended June 30, 2023.

Gross profit

Gross profit decreased to RMB18.9 million ($2.6 million) for the year ended June 30, 2023 from RMB19.4 million ($2.9 million) for the same period in 2022. Gross profit as a percentage of revenue increased to 28.1% for the year ended June 30, 2023 from 23.2% for the same period in 2022.

– For the years ended June 30, 2022 and 2023, our gross profit from automation product and software was approximately RMB2.1 million and RMB3.0 million ($0.4 million), respectively, representing an increase in gross profit of approximately RMB0.9 million ($0.1 million) or 42.4%. In year 2021, we mainly carried out contracts that were signed during the COVID-19 and low oil price period, during which we used a low-margin strategy to maintain our cooperation business with clients. As oil price increase in 2022, our customers recovered and contract terms were improved and our margin increased and the margin percentage will also be higher.

–  For the years ended June 30, 2022 and 2023, gross profit from equipment and accessories was approximately RMB6.7 million and RMB7.3 million ($1.0 million), respectively, representing a slight increase of approximately RMB0.6 million ($0.09 million) or 9.3%. This was mainly driven by high oil price and more demands for heating furnaces with higher margin rather than accessories with lower margin.

–  For the years ended June 30, 2022 and 2023, gross profit from oilfield environmental protection was approximately RMB5.1 million and RMB5.2 million ($0.7 million), respectively, maintaining at a stable level.

–  For the years ended June 30, 2022 and 2023, gross profit from platform outsourcing services was approximately RMB5.5 million and RMB3.4 million ($0.5 million), respectively, representing a decrease of approximately RMB2.1 million ($0.3 million) or 38.6%, this was mainly because personnel expenses, which constitutes major part of our costs, reduced during the year ended June 30, 2023.

Operating expenses

Selling expenses increased by 4.8%, or RMB0.4 million ($0.07 million), from RMB10.2 million in the year ended June 30, 2022 to RMB10.6 million ($1.5 million) in the same period of 2023.

General and administrative expenses decreased by 7.8%, or RMB6.5 million ($0.9 million), from RMB83.3 million in the year ended June 30, 2022 to RMB76.8 million ($10.6 million) in the same period of 2023. 

Net recovery of credit losses of RMB0.7 million for the year ended June 30, 2022 as compared to net recovery of credit losses of RMB9.0 million ($1.2 million) for the same period in 2023. 

Research and development expenses remained relatively stable with a slight decrease by 1.8%, or RMB0.2 million ($0.02 million) from RMB9.0 million for the year ended June 30, 2022 to RMB8.8 million ($1.2 million) for the same period of 2023.

Loss from operations

Loss from operations was RMB69.3 million ($9.6 million) for the year ended June 30, 2023, compared to a loss of RMB82.3 million for the same period of 2022. This RMB13.0 million ($1.8 million) decrease in loss from operations was primarily due to the decrease in operating expense as discussed above.

Gain in fair value changes of warrant liability

The Company classified the warrants issued in connection with common share offering as liabilities at their fair value and adjusted the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Gain in change in fair value of warrant liability was RMB174.5 million and RMB6.1 million ($0.8 million) for the years ended June 30, 2022 and 2023, respectively.

Impairment loss on goodwill and intangible assets

In conjunction with the preparation of our consolidated financial statement for years ended June 30, 2022 and 2023, the management performed evaluation on the impairment of goodwill and intangible assets and recorded an impairment loss on goodwill and intangible assets of RMB2.3 million and RMB10.0 million ($1.4 million) for the years ended June 30, 2022 and 2023, respectively. The impairment was mainly due to the decision of the major customers to develop their own autonomous unified system and to significantly reduce the procurement of third-party services. This change has had a significant and negative impact on FGS’s business model and enterprise value. 

Interest income

Net interest income was RMB11.1 million ($1.5 million) for the year ended June 30, 2023, compared to net interest income of RMB3.8 million for the same period of 2022. The RMB.3 million ($1.0 million) increase in net interest income was primarily due to the increased interest-bearing loans to third parties and increased short-term investments we invested during the year ended June 30, 2023.

Other income (expenses), net.

Other net income was RMB0.7 million ($0.1 million) for the year ended June 30, 2023, compared to other net expenses of RMB0.1 million for the same period of 2022.

Net income (loss)

As a result of the factors described above, net loss was RMB61.5 million ($8.5 million) for the year ended June 30, 2023, an increase of RMB155.8 million ($21.5 million) from net income of RMB94.3 million for the same period of 2022.

Cash and short-term investment

As of June 30, 2023, we had cash in the amount of approximately RMB104.1 million ($14.4 million) and short-term investment in bank fixed income product of approximately RMB184.2 million ($25.4 million). As of June 30, 2022, we had cash in the amount of approximately RMB317.0 million ($47.3 million).

About Recon Technology, Ltd (“RCON”)

Recon Technology, Ltd (NASDAQ: RCON) is the People’s Republic of China’s first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/.

Forward-Looking Statements

Recon includes “forward-looking statements” within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “scheduled,” “may,” “will,” “could,” “should,” “would,” “expect,” “believe,” “anticipate,” “project,” “plan,” “estimate,” “forecast,” “goal,” “objective,” “committed,” “intend,” “continue,” or “will likely result,” and similar expressions that concern Recon’s strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon’s operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under “Risk Factors” in Recon’s most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.

RECON TECHNOLOGY, LTD

CONSOLIDATED BALANCE SHEETS

As of June 30

As of June 30

As of June 30

2022

2023

2023

RMB

RMB

U.S. Dollars

ASSETS

Current assets

Cash

¥

316,974,857

¥

104,125,800

$

14,359,604

Restricted cash

723,560

731,545

100,885

Short-term investments

—

184,184,455

25,400,198

Notes receivable

10,828,308

3,742,390

516,099

Accounts receivable, net

22,577,980

27,453,415

3,785,999

Inventories, net

3,894,369

6,330,701

873,044

Other receivables, net

5,501,833

2,185,733

301,427

Loans to third parties

50,383,822

123,055,874

16,970,181

Purchase advances, net

178,208

2,680,456

369,652

Contract costs, net

33,858,820

49,572,685

6,836,386

Prepaid expenses

420,284

350,119

48,284

Prepaid expenses- related parties

275,000

—

—

Total current assets

445,617,041

504,413,173

69,561,759

Property and equipment, net

25,474,162

24,752,864

3,413,576

Construction in progress

239,739

—

—

Intangible assets, net

5,950,000

—

—

Long-term other receivables, net

1,564,381

3,640

502

Goodwill

4,730,002

—

—

Operating lease right-of-use assets (including ¥765,241 and ¥335,976 ($46,333) from a related party as of June 30, 2022 and
2023, respectively)

6,666,759

2,654,900

366,127

Total Assets

¥

490,242,084

¥

531,824,577

$

73,341,964

LIABILITIES AND EQUITY

Current liabilities

Short-term bank loans

¥

10,000,000

¥

12,451,481

$

1,717,138

Accounts payable

16,739,989

10,791,721

1,488,246

Other payables

3,533,918

5,819,010

802,478

Other payable- related parties

2,240,135

2,592,395

357,508

Contract liabilities

2,001,277

2,748,365

379,017

Accrued payroll and employees’ welfare

2,250,547

2,382,516

328,564

Taxes payable

2,210,958

1,163,006

160,386

Short-term borrowings – related parties

9,009,156

20,018,222

2,760,639

Long-term borrowings – related party – current portion

999,530

—

—

Operating lease liabilities – current (including ¥429,265 and ¥335,976 ($46,333) from a related party as of June 30, 2022 and
2023, respectively)

3,892,774

3,066,146

422,841

Total Current Liabilities

52,878,284

61,032,862

8,416,817

Operating lease liabilities – non-current (including ¥335,976 and ¥nil ($nil) from a related party as of June 30, 2022 and 2023,
respectively)

2,184,635

25,144

3,468

Long-term borrowings – related party

5,511,076

—

—

Contract liabilities – non-current

106,000

—

—

Warrant liability

16,677,328

31,615,668

4,360,000

Total Liabilities

77,357,323

92,673,674

12,780,285

Commitments and Contingencies

Equity

Class A ordinary shares, $0.0925 U.S. dollar par value, 150,000,000 shares authorized; 29,700,718 shares and 40,528,218 shares
issued and outstanding as of June 30, 2022 and 2023, respectively

18,001,670

24,912,822

3,435,635

Class B ordinary shares, $0.0925 U.S. dollar par value, 20,000,000 shares authorized; 4,100,000 shares and 7,100,000 shares
issued and outstanding as of June 30, 2022 and 2023, respectively

2,408,498

4,340,731

598,614

Additional paid-in capital

496,038,696

551,118,133

76,002,666

Statutory reserve

4,148,929

4,148,929

572,163

Accumulated deficit

(111,273,525)

(170,440,826)

(23,504,865)

Accumulated other comprehensive income

11,307,461

35,127,173

4,844,259

Total shareholders’ equity

420,631,729

449,206,962

61,948,472

Non-controlling interests

(7,746,968)

(10,056,059)

(1,386,793)

Total equity

412,884,761

439,150,903

60,561,679

Total Liabilities and Equity

¥

490,242,084

¥

531,824,577

$

73,341,964

 *The accompanying notes are an integral part of these consolidated financial statements.

RECON TECHNOLOGY, LTD

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the years ended

June 30, 

2021

2022

2023

2023

RMB

RMB

RMB

USD

Revenue

Revenue – third parties

¥

47,852,918

¥

83,777,571

¥

67,114,378

$

9,255,496

Revenue – related party

85,657

—

—

—

Revenue

47,938,575

83,777,571

67,114,378

9,255,496

Cost of revenue

Cost of revenue – third parties

40,723,547

64,352,834

48,247,395

6,653,620

Cost of revenue

40,723,547

64,352,834

48,247,395

6,653,620

Gross profit

7,215,028

19,424,737

18,866,983

2,601,876

Selling and distribution expenses

8,038,965

10,150,802

10,638,978

1,467,182

General and administrative expenses

45,949,157

83,281,958

76,784,396

10,589,052

Allowance for (net recovery of) credit losses

8,191,247

(658,823)

(9,038,985)

(1,246,533)

Impairment loss of property and equipment and other long-lived assets

768,312

—

1,009,124

139,165

Research and development expenses

5,846,295

8,964,217

8,806,205

1,214,431

Operating expenses

68,793,976

101,738,154

88,199,718

12,163,297

Loss from operations

(61,578,948)

(82,313,417)

(69,332,735)

(9,561,421)

Other income (expenses)

Subsidy income

355,667

11,993

325,425

44,878

Interest income

918,629

5,367,979

13,603,487

1,876,007

Interest expense

(2,210,005)

(1,522,526)

(2,514,850)

(346,814)

Income (loss) from investment in unconsolidated entity

(266,707)

15,411

—

—

Gain in fair value changes of warrants liability

35,365,792

174,485,575

6,116,000

843,435

Remeasurement gain of previously held equity interests in connection with step acquisition

979,254

—

—

—

Foreign exchange transaction gain (loss)

(146,898)

(118,456)

241,652

33,325

Impairment loss on goodwill and intangible assets

—

(2,266,893)

(9,980,002)

(1,376,305)

Other income

192,137

15,855

82,970

11,442

Other income, net

35,187,869

175,988,938

7,874,682

1,085,968

Income (loss) before income tax

(26,391,079)

93,675,521

(61,458,053)

(8,475,453)

Income tax expenses (benefit)

(524,251)

(613,874)

18,339

2,529

Net income (loss)

(25,866,828)

94,289,395

(61,476,392)

(8,477,982)

Less: Net loss attributable to non-controlling interests

(3,034,094)

(1,297,400)

(2,309,091)

(318,438)

Net income (loss) attributable to Recon Technology, Ltd

¥

(22,832,734)

¥

95,586,795

¥

(59,167,301)

$

(8,159,544)

Comprehensive income (loss)

Net income (loss)

(25,866,828)

94,289,395

(61,476,392)

(8,477,982)

Foreign currency translation adjustment

(850,895)

9,332,625

23,819,712

3,284,889

Comprehensive income (loss)

(26,717,723)

103,622,020

(37,656,680)

(5,193,093)

Less: Comprehensive loss attributable to non- controlling interests

(3,034,094)

(1,297,400)

(2,309,091)

(318,438)

Comprehensive income (loss) attributable to Recon Technology, Ltd

¥

(23,683,629)

¥

104,919,420

¥

(35,347,589)

$

(4,874,655)

Earnings (loss) per share – basic and diluted

¥

(1.80)

¥

3.19

¥

(1.74)

$

(0.24)

Weighted – average shares -basic and diluted

12,697,024

30,002,452

33,923,112

33,923,112

*The accompanying notes are an integral part of these consolidated financial statements.

RECON TECHNOLOGY, LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended June 30,

2021

2022

2023

2023

RMB

RMB

RMB

U.S. Dollars

Cash flows from operating activities:

Net income (loss)

¥

(25,866,828)

¥

94,289,395

¥

(61,476,393)

$

(8,477,982)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

3,150,789

3,339,868

3,683,586

507,990

Loss (gain) from disposal of equipment

19,590

48,628

(12,782)

(1,763)

Gain in fair value changes of warrants liability

(35,365,792)

(174,485,575)

(6,116,000)

(843,435)

Amortization of offering cost of warrants

12,584,024

—

1,483,306

204,557

Allowance for (net recovery of) credit losses

8,191,247

(658,823)

(9,038,985)

(1,246,533)

Allowance for slow moving inventories

654,673

266,285

484,644

66,835

Impairment loss of property and equipment and other long-lived assets

768,312

—

1,009,124

139,165

Impairment loss on goodwill and intangible assets

—

2,266,893

9,980,002

1,376,305

Amortization of right of use assets

1,866,803

3,138,518

3,252,066

448,480

Restricted shares issued for management and employees

6,140,037

39,263,485

26,191,707

3,612,002

Restricted shares issued for services

—

8,935,919

7,306,822

1,007,657

Remeasurement gain of previously held equity interests in connection with step acquisition

(979,254)

—

—

—

Loss (income) from investment in unconsolidated entity

266,707

(15,411)

—

—

Deferred tax benefit

(425,913)

(624,087)

—

—

Interest expenses related to convertible notes

430,416

—

—

—

Accrued interest income from loans to third parties

—

(270,563)

(7,997,961)

(1,102,969)

Accrued interest income from short-term investment

—

—

(2,901,955)

(400,198)

Changes in operating assets and liabilities:

Notes receivable

(2,124,748)

(4,522,674)

7,085,918

977,193

Accounts receivable

18,326,410

3,811,866

(495,784)

(68,372)

Accounts receivable-related party

3,409,912

—

—

—

Inventories

(2,502,263)

(689,291)

(2,373,013)

(327,253)

Other receivables

(338,468)

285,786

(1,307,694)

(180,339)

Other receivables-related parties

—

—

(64,122)

(8,843)

Purchase advances

(899,371)

865,430

(2,575,198)

(355,136)

Contract costs

(21,944,876)

15,422,513

(14,236,539)

(1,963,309)

Prepaid expense

143,354

(274,215)

70,164

9,676

Prepaid expense – related parties

(433,000)

158,000

275,000

37,924

Operating lease liabilities

(2,762,949)

(1,594,702)

(3,061,303)

(422,173)

Accounts payable

(2,109,944)

(5,523,938)

(1,710,898)

(235,944)

Other payables

5,685,188

(6,329,042)

2,270,104

313,062

Other payables-related parties

(2,577,610)

969,468

352,260

48,579

Contract liabilities

4,160,456

(5,578,999)

641,087

88,410

Accrued payroll and employees’ welfare

(1,593,822)

296,065

131,971

18,200

Taxes payable

76,452

961,964

(1,036,483)

(142,938)

Net cash used in operating activities

(34,050,468)

(26,247,237)

(51,688,331)

(7,128,147)

Cash flows from investing activities:

Purchases of property and equipment

(522,416)

(692,206)

(940,673)

(129,725)

Proceeds from disposal of equipment

—

—

31,950

4,406

Repayments of loans to third parties

5,150,377

171,435,032

40,113,311

5,531,879

Payments made for loans to third parties

(51,638,458)

(171,071,510)

(103,146,761)

(14,224,589)

Payments for short-term investments

—

—

(290,051,964)

(39,999,995)

Redemption of short-term investments

—

—

108,769,464

14,999,995

Step acquisition of FGS, net of cash

471,843

—

—

—

Net cash used in investing activities

(46,538,654)

(328,684)

(245,224,673)

(33,818,029)

Cash flows from financing activities:

Proceeds from short-term bank loans

16,020,000

10,000,000

13,491,481

1,860,560

Repayments of short-term bank loans

(10,540,000)

(15,000,000)

(11,040,000)

(1,522,486)

Proceeds from short-term borrowings

3,660,000

—

—

—

Repayments of short-term borrowings

(3,360,000)

(530,000)

—

—

Proceeds from short-term borrowings-related parties

18,400,000

11,100,000

15,013,115

2,070,403

Repayments of short-term borrowings-related parties

(15,950,000)

(14,770,000)

(9,000,000)

(1,241,157)

Proceeds from long-term borrowings-related party

—

—

—

—

Repayments of long-term borrowings-related party

(816,952)

(892,701)

(1,499,667)

(206,813)

Proceeds from warrants issued with common stock

212,051,414

—

17,493,069

2,412,405

Proceeds from sale of ordinary shares, net of issuance costs

81,091,141

—

28,174,993

3,885,509

Proceeds from sale of prefunded warrants, net of issuance costs

30,276,569

93,321

3,750,282

517,188

Proceeds from stock issuance for warrants exercised

21,130,035

Proceeds from issuance of convertible notes

42,014,616

—

—

—

Refund of capital contribution by a non-controlling shareholder

—

—

—

—

Capital contribution by non-controlling shareholders

50,000

—

—

—

Net cash provided by (used in) financing activities

394,026,823

(9,999,380)

56,383,273

7,775,609

Effect of exchange rate fluctuation on cash and restricted cash

224,365

10,275,148

27,688,659

3,818,441

Net increase (decrease) in cash and restricted cash

313,662,066

(26,300,153)

(212,841,072)

(29,352,126)

Cash and restricted cash at beginning of year

30,336,504

343,998,570

317,698,417

43,812,615

Cash and restricted cash at end of year

¥

343,998,570

¥

317,698,417

¥

104,857,345

$

14,460,489

Supplemental cash flow information

Cash paid during the year for interest

¥

1,682,863

¥

1,427,174

¥

1,200,699

$

165,584

Cash paid during the year for taxes

¥

(98,338)

¥

10,214

¥

18,339

$

2,529

Reconciliation of cash and restricted cash, beginning of year

Cash  

¥

30,336,504

¥

343,998,570

¥

316,974,857

¥

43,712,832

Restricted cash

—

—

723,560

99,783

Cash and restricted cash, beginning of year

¥

30,336,504

¥

343,998,570

¥

317,698,417

$

43,812,615

Reconciliation of cash and restricted cash, end of year

Cash  

¥

343,998,570

¥

316,974,857

¥

104,125,800

¥

14,359,604

Restricted cash

—

723,560

731,545

100,885

Cash and restricted cash, end of year

¥

343,998,570

¥

317,698,417

¥

104,857,345

$

14,460,489

Non-cash investing and financing activities

Issuance of common stock in exchange of shares of FGS, net of issuance costs

¥

1,689,807

¥

—

¥

—

$

—

Cancellation of common stock issued prior years in exchange of shares of FGS , net of issuance costs

¥

(1,689,807)

¥

—

¥

—

$

—

Issuance of common stock in exchange of shares of Starry, net of issuance costs

27,675,450

¥

—

¥

—

$

—

Cancellation of shares issued to Starry Lab

¥

—

¥

(27,675,450)

¥

—

$

—

Conversion of convertible notes to 9,225,338 shares of ordinary shares

¥

42,435,669

¥

—

¥

—

$

—

Right-of-use assets obtained in exchange for operating lease obligations

¥

7,242,819

¥

937,672

¥

75,182

$

10,368

Reduction of right-of-use assets and operating lease obligations due to early termination of lease agreement

¥

—

¥

—

¥

62,357

$

10,368

Inventories transferred to and used as fixed assets

¥

302,795

¥

—

¥

(65,456)

$

8,599

Receivable for disposal of property and equipment

¥

—

¥

3,000

¥

—

$

(9,027)

Capital contribution receivable due from non-controlling Interest

¥

50,000,000

¥

—

¥

—

$

—

Other payable due to non-controlling interest converted into capital contribution

¥

—

¥

1,130,000

¥

—

$

—

*The accompanying notes are an integral part of these consolidated financial statements.

PR Newswire

STL develops 160-micron fibre, the world’s slimmest fibre and cable technology

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–  Unveiled by Shri Ashwini Vaishnaw, Union Minister for Communications, Electronics & Information Technology & Railways, at IMC 2023

NEW DELHI, LONDON and COLUMBIA, S.C., Oct. 28, 2023 /PRNewswire/ — In a proud achievement for India’s R&D capability, STL [NSE: STLTECH], a leading optical and digital solutions company, today announced that it has developed the world’s slimmest fibre for telecommunications – 160-micron Optical Fibre. Commending the technology innovations which are Designed in India and Made in India, Mr Ashwini Vaishnaw, Union Minister for Communications, Electronics & Information Technology & Railways, unveiled this world-leading product at STL’s booth in IMC 2023. Post unveiling the 160-micron Fibre, the H’onable minister ‘spliced’ or ‘joined’ two strands of optical fibre – a highly calibrated process of perfectly connecting the cores of two hair-thin optical fibres.

Shri Ashwini Vaishnav at STL's booth at IMC 2023
Shri Ashwini Vaishnav at STL’s booth at IMC 2023

Cable made with STL’s 160-micron fibre can pack 3X more capacity than traditional 250-micron fibre. This has been conceptualised and developed indigenously at STL’s Centre of Excellence in Maharashtra, making STL among the first companies globally to develop and patent this industry-leading technology.

As India becomes the fastest-growing digital economy in the world, there’s a need for densely fiberised networks, both in backhaul and closer to customers. Laying ducts account for ~60% of the entire fibre deployment cost, making duct space a precious asset. Network builders all over the globe are in a continued quest to reduce fibre size to pack in more and more capacity in the available duct space.

By packing more capacity in limited duct space with a reduced diameter cable of 6.4mm (~32% reduction compared to 250-micron fibre), STL’s 160-micron fibre will revolutionise deployment, bandwidth capacity and green quotient of the networks. The at-scale impact of this innovation on India’s broadband landscape can be immense. For example – In a large-scale project like Bharatnet, where India needs to deploy ~20 Million fibre km cable by 2025, using 160-micron fibre instead of the standard 250-micron fibre can potentially reduce the deployment time by ~15%. This enables the use of ducts with a smaller diameter, thereby reducing the plastic footprint in the ground by ~30%.

“This slimmest fibre is a noteworthy development and depicts our commitment to innovation and continuous R&D efforts in photonics and materials science,” said Dr Badri Gomatam, Group CTO, STL.

Incremental reduction in fibre size is an incredibly challenging feat which has captured the imagination of optical experts across the world. Some of the key challenges in reducing fibre size below 250-micron include enhanced sensitivity towards micro-bending and increased complexity in the fibre drawing process.

Talking about solving these challenges, Dr Badri added, “Through highly calibrated process and material engineering, we have achieved a breakthrough in manufacturing processes and glass compositions to realise micro bend insensitivity. ”

This product meets telecom-grade optical performance standards and complies with the ITU G.657A2 standard. This announcement comes after a series of innovations by our R&D experts, including India’s first multicore fibre with 4X capacity and 180-micron fibre.

“This groundbreaking innovation exemplifies our passion to put Indian technology and R&D on the world map. I am extremely excited to imagine the future of India’s digital networks with this disruptive fibre design,” said Ankit Agarwal, Managing Director, STL.

About STL – Sterlite Technologies Ltd:

STL is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise and Data Centre networks. Read more, Contact us, stl.tech | Twitter | LinkedIn| YouTube

Shri Ashwini Vaishnav unveils 160 micron - the slimmest fibre at IMC 2023
Shri Ashwini Vaishnav unveils 160 micron – the slimmest fibre at IMC 2023
PR Newswire

ViewSonic Announces Finalists for the 4th ColorPro Awards

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Artists from 107 Countries Shared 10,925 Artworks to Celebrate their RISE

BREA, Calif., Oct. 28, 2023 /PRNewswire/ — ViewSonic Corp., a leading global provider of visual solutions, announces the photography and videography finalists for the 4th ColorPro Awards. This year’s theme, ‘RISE,’ has inspired artists from 107 countries, resulting in a remarkable 10,925 submissions. In addition to the online gallery, ViewSonic will host physical exhibitions of shortlisted artwork, commencing in late November in the UK and in December in Vietnam and Taiwan, with plans for expansion to more countries in the near future.

Emphasizing the strength of human resilience and the journey through adversity, ‘RISE’ implores artists to express their perspectives on transformation and ascension. Through the competition, creativity has flourished in various forms, spanning genres such as natural landscapes, social culture, sports competitions, street photography, portraiture, and more.

Oscar Lin, General Manager of ViewSonic’s Monitor Business Unit, expressed his excitement about the remarkable diversity and level of creativity showcased in this year’s submissions. “RISE embodies a transformative force, extending a warm invitation to all creators to embark on journeys of personal growth, life achievements, and resilience alongside us.” He continued, “Entering the 4th year of the ColorPro Awards, we are thrilled to witness the outstanding participation of artists from around the globe, all uniting to channel their creativity into a theme we can all relate to. We firmly believe that ColorPro represents more than just professional monitors for color-critical tasks; it stands as a symbol of the collective voice in the quest for new realms of artistic expression and the relentless pursuit of visual excellence.”

At the close of submissions, artists based in India secured the highest number of entries, closely followed by their counterparts in Vietnam, the USA, Turkey, and the UK. The finalists’ artwork unveiled an array of interpretations that showcased a profound connection to the ‘RISE’ theme. Emphasizing the crucial role an artwork’s narrative plays in the shortlisting process, Tricia Ting, ViewSonic’s Global Creative Director, explained: “In some instances, the images effectively conveyed the essence of ‘RISE,’ while in others, it was the creator’s narrative that bestowed profound significance upon the final visuals.”

Giulia Gartner, renowned photographer and judging panel member from SHOOTERS, remarked, “Participants interpreted RISE in a wide array of ways. Some captured the literal rising of the sun, while others portrayed the metaphorical rises in people’s lives, showcasing a diverse range of emotions and perspectives within the theme.” Submissions were not only diverse in their interpretation of the theme but also in the diversity of locations depicted. Jack Harding, a member of the judging panel and accomplished Commercial Photographer, elaborated, “The locations of the entries were also vast, with many countries and dynamic scenes. From the mountains of Scotland, cities of Japan, and rural villages of Turkey.”

A distinguished panel of internationally acclaimed photographers and videographers from SHOOTERS, PANTONE®, Capture One, Calibrite, and Shoot The Frame will meticulously review the finalist’s submissions, ensuring impartiality and acknowledging excellence in artistic expression. The submitted artwork will be evaluated based on storytelling, aesthetics, creativity, relevance to the theme, and technical execution.

For more details on the ColorPro Awards, please visit the contest website.

About ViewSonic

Founded in California, ViewSonic is a leading global provider of visual solutions and conducts business in over 100 countries worldwide. As an innovator and visionary, ViewSonic is committed to providing comprehensive hardware and software solutions that include monitors, projectors, digital signage, ViewBoard interactive displays, and myViewBoard software ecosystem. With over 30 years of expertise in visual displays, ViewSonic has established a strong position for delivering innovative and reliable solutions for education, enterprise, consumer, and professional markets and helping customers “See the Difference.” To find out more about ViewSonic, please visit www.viewsonic.com.

Skilling for the Future, Antonio Aragon Renuncio, Spain
Skilling for the Future, Antonio Aragon Renuncio, Spain

Source: ViewSonic Corp.

https://mma.prnasia.com/media2/2259267/2023top100_final.mp4
PR Newswire

Ninety Plus and Hiroia Announce Exciting Collaboration, Bringing Coffee Connoisseurs the Ultimate Home Brewing Experience

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PANAMA CITY, Oct. 27, 2023 /PRNewswire/ — Ninety Plus, the renowned premium specialty coffee brand, is proud to announce further collaborations with Hiroia, the tech subsidiary of Hario. This new and exciting collaboration aims to redefine the coffee brewing experience for connoisseurs worldwide by introducing the Hikaru, an advanced automatic V60 pour over brewer designed for home use.

Ninety Plus and Hiroia Announce Exciting Collaboration with the Hikaru V60 Smart Brewer
Ninety Plus and Hiroia Announce Exciting Collaboration with the Hikaru V60 Smart Brewer

Joseph Brodsky, Founder of Ninety Plus, was deeply impressed by Hiroia’s latest product offering, the Hikaru. This state-of-the-art automatic brewer not only captivated him with its elegant design but also more importantly, with its remarkable ability to consistently brew exceptional coffee using Ninety Plus beans with ease.

Mr. Brodsky’s extensive testing of various automatic coffee brewing systems on the market revealed two common shortcomings: 1) the lack of precise temperature and ratio controls, and 2) under-extraction due to restricted water flows. Many existing systems fell short of his high expectations, failing to deliver the level of performance required for consistently brewing Ninety Plus coffee to perfection.

However, Hikaru stands out from the crowd. It employs an algorithm-driven jet stream through its showerhead design, enabling even saturation and sufficient agitation of the coffee grounds. This novel technique, adopted from its commercial-grade system – Samantha, ensures a precise and consistent brewing process, resulting in the full extraction of the rich spectrum of flavors inherent to Ninety Plus and their many competition-winning coffees.

Hikaru’s unmatched features make it the ideal companion for Ninety Plus coffee enthusiasts seeking a hassle-free brewing experience at home. The collaboration will soon see Ninety Plus introducing a range of coffee beans and packs specifically curated for use with the Hikaru system. This exciting development means that coffee aficionados around the globe can now enjoy the unparalleled quality and flavor profile of Ninety Plus coffee with the push of a button in the comfort of their own homes.

Joseph Brodsky expressed his excitement about the collaboration, saying, “At Ninety Plus, we have always strived for excellence in every cup of coffee we offer, whether supporting the highest level of competition coffees or the discerning home coffee drinker. The Hikaru system by Hiroia aligns perfectly with our commitment to quality and innovation, ensuring that our coffee enthusiasts can experience the full depth of our flavors effortlessly. We are thrilled to be partnering with Hiroia on this exciting journey as we try to make our coffees more accessible.”

Hiroia’s President, Aaron Fujiki, also shared his enthusiasm, stating, “The collaboration with Ninety Plus represents a thrilling start to merge cutting-edge technology with one of coffee’s leading tastemakers and brands. Ninety Plus has been the forerunner in pushing the envelope of the quality of specialty coffee with an unparalleled track record of supporting world champion baristas and brewers. We are excited to help Ninety Plus in this endeavor to reach more customers in their homes and to have them as one of our first partners to redefine the home brewing experience.”

As the collaboration between Ninety Plus and Hiroia takes shape, coffee enthusiasts can anticipate a new era in home coffee brewing. The Hikaru system promises to provide the ingenuity, consistency, and quality that Ninety Plus customers have come to expect.

For further information, please contact:
marketing@hiroia.com
marketing@ninetypluscoffee.com 

About Ninety Plus:

Founded by Joseph Brodsky, Ninety Plus has become a globally recognized name in the coffee industry, celebrated for its world coffee championship performances, cloud forest, low density coffee estates, and innovation in coffee tastemaking.

About Hiroia:

Hiroia is the tech subsidiary of Hario, a leading name in the world of coffee and tea equipment. Hiroia is committed to innovation and technology, creating products that enhance the coffee brewing experience and meet the evolving needs of coffee enthusiasts worldwide.

PR Newswire

PETLIBRO Introduces the Glacier Fountain, The World’s First Crafted Stainless Steel Pet Water Fountain with Human-Grade Ultrafiltration

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SAN JOSE, Calif., Oct. 27, 2023 /PRNewswire/ — Leading US smart pet supply brand, PETLIBRO, has announced the latest addition to their automatic fountain lineup, the Glacier Fountain, the world’s very first crafted stainless steel pet water fountain with human-grade ultrafiltration functionality.

By employing filters made of BASF Ultrason® resins, ion-exchange fibers and activated carbon, the Glacier Fountain provides human-grade ultrafiltration that eliminates 99.9% of bacteria while being highly effective in removing heavy metals and bad odors.
By employing filters made of BASF Ultrason® resins, ion-exchange fibers and activated carbon, the Glacier Fountain provides human-grade ultrafiltration that eliminates 99.9% of bacteria while being highly effective in removing heavy metals and bad odors.

“Our main focus was how we could integrate human-grade ultrafiltration into a pet fountain, alongside giving pet owners the benefit of excellent craftsmanship, effortless maintenance, and an incredibly easy user experience,” said York Wu, Founder and CEO of PETLIBRO. “I’m proud of our team for managing to bring these qualities together into one innovative product.”

Following the slogan “Level Up With Ultimate Filtration,” the Glacier Fountain sets a new standard in PETLIBRO’s range. The human-grade ultrafilter includes advanced features such as:

  • Eliminates 99.9% of Bacteria with BASF Ultrason® Resins – High-performance membrane filtration, made with BASF Ultrason® material, efficiently filters out bacteria larger than 0.01μm due to the membrane’s narrow pore size distribution.
  • Filtration of Heavy Metals and Unpleasant Odors – Ion-exchange fibers and activated carbon make the Glacier Fountain highly effective in removing heavy metals like lead, as well as unpleasant odors, for fresh and clean water at all times.
  • Long Lasting Ultrafilter with 2-Month Lifespan – The human-grade ultrafilter is built to endure and lasts four times longer than most other pet fountain filters on the market, which means no more frequent filter replacements for users’ peace of mind.

The Glacier Fountain also features other benefits for an incredible user experience, including a spacious water tank that is completely dishwasher safe and easy to maintain, alongside user-friendly indicator lights to let users know when water and filter changes are needed. In addition, this cat fountain is designed to be cat-friendly in every detail, featuring a shallow water basin that prevents whisker-fatigue. However, small dogs and other similarly sized pets may also enjoy the Glacier Fountain, as the fountain features vacuum suction technology to safely separate electrical components from running water and chew-proof cables to ensure complete comfort for pet owners and their cherished companions.

Priced at $79.99 with the inclusion of one ultrafilter, the Glacier Fountain is available at PETLIBRO’s official website and Amazon.

About PETLIBRO

Since 2019, PETLIBRO has helped over a million families enrich the lives of their cherished companions with premium pet products, growing into one of the best-selling smart pet supply brands globally. These innovative products are designed with a clear focus on simplifying pet care and enhancing the bond between pet owners and their beloved companions. By prioritizing the needs of pet owners, they offer ideal solutions that are both highly effective and easy to use. Please visit www.petlibro.com for more information.

Media Contact
marketing@petlibro.com 

PR Newswire

CCTV+: Enamored by Jiangxi — Elegant Tea

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BEIJING, Oct. 27, 2023 /PRNewswire/ — As a drink and a food, tea plays an important role in the life of the people of Jiangxi. With profound tea culture, Jiangxi Province is a famous tea-producing area in history. The superb, exquisite and unique tea-making skills reflect the craftsmanship of generations of tea makers. The long history of tea making has also nurtured the profound tea culture in Jiangxi.

https://mma.prnasia.com/media2/2259705/video.mp4
PR Newswire

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. TO HOLD ANNUAL GENERAL MEETING ON NOVEMBER 28, 2023

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BEIJING, Oct. 27, 2023 /PRNewswire/ — New Oriental Education & Technology Group Inc. (the “Company” or “New Oriental”) (NYSE: EDU and SEHK: 9901), a provider of private educational services in China, today announced that it will hold an annual general meeting (the “AGM”) of shareholders (the “Notice of AGM”) at No. 6 Hai Dian Zhong Street Haidian District, Beijing, People’s Republic of China on November 28, 2023 at 5:00 p.m., local time. Holders of record of common shares of the Company at the close of business on the October 30, 2023 (Hong Kong time) are entitled to notice of, to attend and vote at, the AGM or any adjournment or postponement thereof. Holders of the Company’s American depositary shares (“ADSs”) as of the close of business on October 30, 2023, New York time who wish to exercise their voting rights for the underlying common shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

The board of directors of New Oriental fully supports the Amended M&AA (defined in the Notice of AGM) and recommends that shareholders and holders of ADSs vote in favor of the resolution set out in the Notice of AGM. The Notice of AGM and form of proxy for the AGM are available on the Company’s website at http://investor.neworiental.org.

You may obtain an electronic copy of the Company’s annual report, free of charge, from the Company’s website at http://investor.neworiental.org, the U.S. Securities and Exchange Commission’s website at www.sec.gov or from The Stock Exchange of Hong Kong Limited’s website at www.hkexnews.hk.

About New Oriental

New Oriental is a provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental’s program, service and product offerings mainly consist of educational services and test preparation courses, private label products and livestreaming e-commerce and other services, and overseas study consulting services. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental’s ADSs, each of which represents ten common shares, are listed and traded on the NYSE. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english.

Contacts

For investor and media inquiries, please contact:

Ms. Sisi Zhao
New Oriental Education & Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn

Ms. Rita Fong
FTI Consulting
Tel: +852 3768 4548
Email: rita.fong@fticonsulting.com

Source: New Oriental Education and Technology Group Inc.

PR Newswire

Montage Technology Leads in Trial Production of 3rd-Gen DDR5 RCDs

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SHANGHAI, Oct. 27, 2023 /PRNewswire/ — Montage Technology, a leading data processing and interconnect IC company, today announced it has taken the lead in trial production of the 3rd-generation DDR5 Registering Clock Driver (RCD03) designed for use in DDR5 RDIMMs.

Montage Technology's 3rd-Gen DDR5 Registering Clock Driver (RCD03)
Montage Technology’s 3rd-Gen DDR5 Registering Clock Driver (RCD03)

With its blazingly fast 6400 MT/s data rate, the RCD03 sets a new bar for DDR5 memory performance in upcoming server platforms. It unlocks dramatic capacity, bandwidth, and latency improvements to meet the growing demands of data center, cloud, and AI applications.

The RCD03 marks a major advancement in Montage’s continued role as an innovator driving rapid DDR5 developments. This chip achieves a 14.3% speed increase over the 2nd-gen DDR5 RCD and a 33.3% increase over the 1st–-gen, making it one of the fastest DDR5 memory interface solutions available today.

Leveraging enhancements like a dual-channel architecture and lower power supplies (1.1V VDD and 1.0V VDDIO), the RCD03 significantly improves the latency while reducing the power consumption as compared to DDR4 RCDs. Another key benefit is its support for up to 256 GB DRAM per module, quadrupling the capacity of modules in DDR4 generation.

“We are proud to spearhead the production of DDR5 RCD03 and deliver cutting-edge RCD technology to the market. Montage will continue to work closely with major CPU and DRAM manufacturers to propel DDR5 technology towards widespread application,” said Stephen Tai, President at Montage Technology.

“Intel has been at the forefront of driving DDR5 memory technology and enabling a strong ecosystem, in support of reliable and scalable industry standards. We are pleased to see Montage make further progress with the latest-generation memory interface chips, which can be used with Intel’s future Performance-core and Efficient-core Xeon® CPUs, to push the boundaries of performance to new heights,” said Dr. Dimitrios Ziakas, VP of Memory & IO Technologies at Intel.

“Samsung has been committed to enabling advanced memory products to meet the rapidly growing demands for data-intensive applications. Our collaborative engineering work with Montage has contributed to ongoing DDR5 roadmap advancement. As Montage scales production on this 3rd-gen DDR5 solution, we hope to see expanded ecosystem availability,” said Yongcheol Bae, Executive Vice President of Memory Product Planning Team at Samsung Electronics.

In addition to its RCD portfolio, Montage provides a comprehensive lineup of DDR5 infrastructure solutions including SPD EEPROM with Hubs, Temperature Sensors, and Power Management ICs, which are essential in complete DDR5 module designs optimized for performance, reliability and power efficiency.

Availability

Montage’s 1st, 2nd and 3rd-gen DDR5 Registering Clock Drivers are available for sale. The part numbers are M88DR5RCD01, M88DR5RCD02 and M88DR5RCD03 respectively. For more details, please contact Montage’s sales team at globalsales@montage-tech.com or dial +86 21 54679038.

To learn more about Montage’s memory interface products, please click https://www.montage-tech.com/Memory_Interface.

PR Newswire

Masdar signs 1GW Clean Energy Agreement in Azerbaijan following Presidential Inauguration of Garadagh Solar Park, Largest in the Region

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– Masdar signs three investment agreements for two solar projects and one onshore wind project with combined capacity of 1GW, supporting Azerbaijan’s 2030 clean energy ambitions

– Garadagh inauguration attended by HE Ilham Aliyev, President of the Republic of Azerbaijan and HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar

– HE Dr Sultan Ahmed Al Jaber calls on all nations to follow Azerbaijan in setting clear energy transition plans to deliver a COP of action, a COP of solidarity, a COP for all

– Garadagh is Masdar’s first renewable energy project in Azerbaijan as the company expands its footprint across Caucasus and Central Asia

BAKU, Azerbaijan, Oct. 26, 2023 /PRNewswire/ — Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed agreements for solar and onshore wind projects with a total capacity of 1 gigawatt (GW) in Azerbaijan, following the inauguration of the region’s largest operational solar plant, the 230MW Garadagh Solar Park.

HE Ilham Aliyev, President of the Republic of Azerbaijan and senior UAE delegation inaugurate the 230MW Garadagh Solar Park, region’s largest operational solar plant
HE Ilham Aliyev, President of the Republic of Azerbaijan and senior UAE delegation inaugurate the 230MW Garadagh Solar Park, region’s largest operational solar plant

The strategic agreements cover the progression of the first phase of a 10GW pipeline of renewable energy projects in Azerbaijan signed in June 2022. This follows the successful development of Garadagh, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region.

The inauguration of Garadagh was overseen by HE Ilham Aliyev, President of the Republic of Azerbaijan and HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar.

The 1GW clean energy agreements were signed by Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, Azerbaijan Minister of Energy, HE Parviz Shahbazov and Azerbaijan Minister of the Economy, HE Mikayil Jabbarov.

Also in attendance at the inauguration were HE Suhail Al Mazrouei, UAE Minister of Energy; HE Mohamed Hassan Alsuwaidi, UAE Minister of Investment and Deputy Chairman of Masdar; HE Ahmed Ali Al Sayegh, Minister of State; HE Mohammed Murad Al Blooshi, UAE Ambassador to Azerbaijan, and HE Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, and HE Elchin Bagirov, Ambassador Extraordinary and Plenipotentiary of Azerbaijan to the UAE attended.

HE Dr Sultan Al Jaber, COP28 President-Designate and Chairman of Masdar, said: “Garadagh is a testament to our shared commitment to diversifying the global energy mix. Azerbaijan’s ambition to develop low and zero-carbon solutions through renewable energy, is exactly what the world needs at this time.

“The UAE is proud to support Azerbaijan’s clean energy goals, to generate more than 30 percent of its overall energy capacity from renewables by 2030. We need all nations of the world to set out clear energy transition plans with clear targets for renewable energy capacity. As the UAE prepares to host COP28 in November, our North Star for climate action must be to keep the ambition of limiting global temperatures to 1.5C within reach.”

Speaking at the inauguration event, Dr Sultan Al Jaber also commended His Excellency President Ilham Aliyev and the nation of Azerbaijan for its commitment to a defined, strategic plan of action to develop new industries, new jobs and green economic growth. 

In his speech HE Dr Sultan said:

  • With just 34 days to COP28, Garadagh illustrates the practical action needed to turn the goals of the Paris Agreement into tangible reality.
  • Paris unified the world around a common goal, but since then, we have not seen enough action to close a massive emissions gap.
  • While investment in renewable energy continues to grow, with a record 500GW added globally this year, the world must triple renewable energy capacity by 2030 to keep 1.5 within reach.
  • It is critical to bring everybody to the table to be part of the solution. This is the spirit of inclusivity needed at COP28, bringing the world together to focus on solutions and results.

HE Parviz Shahbazov, Azerbaijan Minister of Energy, commented: “Today is marked by the achievements of the state policy of the President of Azerbaijan, which prioritizes the development of renewable energy. The commissioning of the largest solar power plant based on the first foreign investment in our energy history, as well as the signing of investment agreements for the implementation of solar and wind energy projects with a capacity of 1000 MW, show that our country’s green energy and green investment plans are successfully becoming a reality. Azerbaijan is pleased to realize its strategic goals as a green energy producing and exporting country with Masdar and these projects will play an important role in increasing the share of renewable energy sources in electricity generation capacity to 30 percent by 2030.”

The Garadagh plant which represents Masdar’s first project in the country, will generate half a billion kilowatt-hours of electricity each year, enough to power more than 110,000 homes, reducing carbon emissions by over 200,000 tonnes a year. The project is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan International Cooperation Agency.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “The inauguration of Garadagh, the largest operational plant in the region, is a milestone achievement. Azerbaijan is a key strategic partner for Masdar and the signing of these additional agreements today pave the way to accelerate the scale of Azerbaijan’s clean energy vision. Garadagh is the first in a number of potential projects to develop onshore wind, offshore wind, solar and green hydrogen with a total combined capacity of 10GW. This will lead to greater investment and international collaboration as we work together to help Azerbaijan achieve its ambitious climate goals.”

As the UAE’s clean energy powerhouse and one of the leading clean energy companies in the world, Masdar is accelerating the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.

Established in 2006, Masdar is active in more than 40 countries with a total electricity generation capacity of more than 20GW. It has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW and 1 million tonnes of green hydrogen by 2030.

About Masdar

Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the largest companies of its kind in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar is today active in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.

For more information, please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar.

HE Ilham Aliyev, President of the Republic of Azerbaijan, HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, along with senior UAE delegation, inaugurate the 230MW Garadagh Solar Park in Azerbaijan
HE Ilham Aliyev, President of the Republic of Azerbaijan, HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, along with senior UAE delegation, inaugurate the 230MW Garadagh Solar Park in Azerbaijan
PR Newswire

Qorvo® QSPICE™ Revolutionizes Circuit Simulation for Power and Analog Designers

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GREENSBORO, NC, Oct. 25, 2023 /PRNewswire/ — Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, recently announced the release of QSPICE™, a new generation of circuit simulation software that provides power and analog designers significantly higher levels of design productivity through improved simulation speed, functionality and reliability.

In addition to advancing the state of the art in analog simulation technology, QSPICE allows designers to simulate complex digital circuits and algorithms. Its unique combination of modern schematic capture and fast mixed-mode simulation make it the ideal tool to solve the increasingly complex hardware and software challenges faced by today’s system designers.


“QSPICE enables an entirely new generation of mixed-mode circuit simulation,” said Jeff Strang, general manager for Qorvo’s Power Management business. “In the past, power designers relied on analog circuits and silicon power switches. Today, digital control and compound semiconductors are common elements of advanced power designs. Whether an engineer is developing AI algorithms for EV battery charging, optimizing a Qorvo pulsed-radar power supply or evaluating the newest silicon carbide FETs, QSPICE is the perfect platform for innovation.”

Qorvo’s QSPICE is available free of charge and offers numerous enhancements over legacy analog modeling tools. These improvements include:

  • Complete support for advanced analog and digital system simulations, such as those used in AI and machine-learning applications.
  • An upgraded simulation engine that uses advanced numerical methods and is optimized for modern computing hardware, including a GPU-rendered user interface and SSD-aware memory management, to provide dramatically higher speed and accuracy.
  • Reduced overall runtimes and a 100% completion rate, based on Qorvo benchmark tests with a suite of challenging test circuits. This compares to a failure rate of up to 15% with these same test circuits using other popular SPICE simulators.
  • Availability of a regularly updated QSPICE model library featuring Qorvo’s silicon carbide and advanced power management solutions, making it easy for customers to evaluate and design with Qorvo power.

QSPICE is available now at www.qspice.com and is actively supported by Qorvo as well as a robust user community through Qorvo’s QSPICE forum at forum.qorvo.com.

About Qorvo
Qorvo (Nasdaq: QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including consumer electronics, smart home/IoT, automotive, EVs, battery-powered appliances, network infrastructure, healthcare and aerospace/defense. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

Click here to read Qorvo’s forward-looking statements：https://www.qorvo.com/newsroom/news/2023/qorvo-qspice-revolutionizes-circuit-simulation-for-power-and-analog-designers