GROWING SALES TO US$7.8 BILLION, NET PROFIT INCREASED TO US$628 MILLION

HONG KONG, Aug. 5, 2025 /PRNewswire/ — Global cordless power tool, outdoor power equipment and floorcare & cleaning company Techtronic Industries Co. Ltd. (“TTI” or the “Group”) (stock code: HK: 0669, ADR symbol: TTNDY) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries for the six-month period ended June 30, 2025. TTI grew sales in the first half of 2025 to US$7.8 billion, up 7.1% in reported currency and 7.5% in local currency. Its two leading brands, MILWAUKEE and RYOBI, both delivered exceptional performance during this period.

• TTI delivered a strong first half performance, growing sales 7.5% in local currency to US$7.8 billion and net profit 14.2% to US$628 million.
• Our Flagship MILWAUKEE business extended its dominant leadership position as the #1 professional power tool brand worldwide by delivering 11.9% sales growth in local currency.
• RYOBI, the #1 global consumer battery-powered tool and outdoor brand, grew sales 8.7% in local currency.
• TTI reported US$468 million in free cash flow during the first half of 2025, ending the period in a net cash position.

Gross margin improved 34 basis points to 40.3% in the first half of 2025. This increase reflects operational efficiencies made in its consumer brands where TTI focused on profitability, the positive mix impact from the growth of its high margin MILWAUKEE business and productivity improvements captured throughout its manufacturing and sourcing network. EBIT for the first half of 2025 was US$709 million, representing a 13.3% increase compared to the same period in 2024. EBIT margin also increased 49 basis points from the first half of 2024 to 9.1% as a percentage of sales. Net Profit increased 14.2% to US$628 million and earnings per share also improved 14.1% to US34.37 cents. Working capital improved 190 bps versus June 2024 to 16.8% as a percent of sales. The Group generated US$468 million in positive Free Cash Flow in the first half of 2025, ending the period in a net cash position.

The TTI Power Equipment segment grew sales 8.3% in local currency to US$7.4 billion. MILWAUKEE achieved double-digit sales growth in the first half of 2025, finishing up 11.9% in local currency. RYOBI delivered a tremendous first half performance, growing 8.7% in local currency. The Floorcare and Cleaning business increased operating profit 3.6% to US$9.7 million as compared to the first half of 2024, while revenue decreased 4.8% in local currency to US$408 million.

The Directors have resolved to declare an interim dividend of HK125.00 cents (approximately US16.09 cents) (2024: HK108.00 cents (approximately US13.90 cents)) per share for the six-month period ended June 30, 2025. The interim dividend will be paid to shareholders listed on the register of members of the Company on September 5, 2025. It is expected that the interim dividend will be paid on or about September 19, 2025.

Mr. Horst Pudwill, Chairman of TTI, said, “From topline sales growth, solid free cash flow, and improved EBIT and Net Profit margins, we are very pleased with our results in the first half of 2025. We are confident we will successfully navigate the current macro-economic environment, positioning us in an even stronger leadership position in the months and years ahead.”

Mr. Steven P. Richman, CEO of TTI, commented, “Our strong first half results reflect the dedication and culture of our global team. We continue to build on this foundation by recruiting, retaining, and investing in talent worldwide and are extremely proud of the depth of the talent and bench strength we have developed across all levels at TTI.”

Forward-Looking Statements

This announcement contains certain forward-looking statements or uses certain forward-looking terminologies which are based on the current expectations, estimates, projections, beliefs and assumptions of TTI about the businesses and the markets in which the Group operates and reflect TTI’s views as of the date of this announcement. These forward-looking statements are not guarantees of future performance and are subject to market risk, uncertainties and factors beyond the control of TTI. Therefore, actual outcomes and returns may differ materially from the assumptions made and the statements contained in this announcement.

About TTI

Techtronic Industries Company Limited (“TTI” or the “Company”), founded in 1985 by German entrepreneur Horst Julius Pudwill, is a world leader in cordless technology. As a pioneer in Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products, TTI serves professional, industrial, Do It Yourself (DIY), and consumer markets worldwide. With more than 47,000 employees globally, the company’s relentless focus on innovation and strategic growth has established its leading position in the industries it serves.

MILWAUKEE is at the forefront of TTI’s professional tool portfolio. With global research and development headquartered in Brookfield, Wisconsin, the historic MILWAUKEE brand is renowned for driving innovation, safety, and jobsite productivity worldwide. The RYOBI brand, headquartered in Greenville, South Carolina, remains the top choice for DIYers and continues to set the standard in DIY tool innovation. TTI’s diverse brand portfolio also includes trusted brands like AEG, EMPIRE, HOMELITE, and leading floorcare names HOOVER, ORECK, VAX, and DIRT DEVIL (based in Charlotte, North Carolina).

TTI’s international recognition and renowned brand portfolio are supported by a strong ownership structure that underscores the company’s global reach and stability. The Pudwill family remains the company’s largest shareholder, with the remaining ownership held largely by institutional investors at North American and European-owned firms. TTI is publicly traded on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index, operating globally with a strong commitment to environmental, social, and corporate governance standards. For more information, visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.) and is used under license. RYOBI is a registered trademark of Ryobi Limited and is used under license.

BEIJING, Aug. 5, 2025 /PRNewswire/ — Recon Technology Ltd. (“Recon” or “the Company”), a China-based provider of oilfield and low-carbon energy services, announced today that one of its domestic affiliated entities has been awarded major contracts to upgrade and retrofit related automation systems for some large Asian gas field. These contracts are valued at approximately $5.85 million, and the services provided by the entity in these contracts are expected to be completed within the next calendar year. These maintenance services are intended to ensure the capacity supply of the gas field, which has been completed and is operational.

“Despite the tough competition, we are honored to have won these contracts”, said Mr. Shenping Yin, CEO of Recon, “This is another significant contract for us, following the automation service and maintenance contract we secured outside China in 2012. It is also an important milestone in our expansion into the international market. This project demonstrates Recon’s technical capabilities and strong customer relationships in the oilfield automation market.”

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 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.

• Inveniam invests $20 million in MANTRA to advance institutional infrastructure for tokenized private real-world assets from the UAE to global decentralized financial markets
• Inveniam’s data operations management solutions and AI Agent Suite will be integrated with MANTRA’s regulated Web3 infrastructure to scale private RWA solutions with, and for, asset owners, clients, and partners

ABU DHABI, UAE and DUBAI, UAE and NEW YORK, Aug. 5, 2025 /PRNewswire/ — Inveniam Capital Partners (“Inveniam”), a global leader in decentralized data infrastructure for private market assets, and MANTRA, a layer 1 blockchain focused on the tokenization of real-world assets (RWAs), today announce a strategic technology and commercial partnership.

The collaboration includes a $20 million investment in MANTRA to deliver private real-world assets (RWAs) packaged with real-time asset reporting and surveillance to DeFi and institutional capital allocators. It will enable institutional-grade private market assets with full data sovereignty, surveillance, and agentic solution sets to capitalize upon the rapidly expanding DeFi market with digitally-native smart financial instruments. 

The partnership will integrate Inveniam’s data operations management solutions and AI Agent Suite with MANTRA’s regulated Web3 infrastructure to scale private RWA solutions with, and for, asset owners, clients, and partners. It will significantly grow Total Value Locked (TVL) and transaction throughput on MANTRA Chain, aligning with Inveniam’s vision for the systematic trading of private market assets in an AI driven, agentic future.

The partnership underscores Inveniam’s conviction in the accelerating convergence of scalable AI, tokenization, and blockchain-powered financial infrastructure—at a time when real-world assets (RWAs) are expected to grow at a 75% CAGR, expanding from $275 billion today to $18.9 trillion by 2033.

“We have been in discussions with MANTRA for some time. As we watched third party bad actors prey upon excellent builders and founders, we leaned in. In our diligence, we have found MANTRA to be a fundamentally excellent chain with great management, regulatory clarity, institutional focus, and the right partners,” Patrick O’Meara, Chairman and CEO of Inveniam said. 

“We saw an exceptional opportunity to invest, partner, and support the right type of technologists, long-term builders, and crypto native operators.  This partnership provides MANTRA with the capital and throughput needed to focus upon and scale its ecosystem and further develop its position as a leading layer 1 blockchain for real-world assets. This foundational step enables trillions of dollars in private assets to operate in digital environments, thereby ushering in a new generation of products for global allocators, builders, and hyper-scalers.”

John Patrick Mullin, CEO and Founder of MANTRA added, “We are incredibly excited about our partnership with Inveniam, and believe it will be a key driver in moving MANTRA to a significantly greater position in the global RWA marketplace. Inveniam’s investment and collaboration will allow us to better serve asset owners and capital allocators not just in the UAE, but in the United States and globally with leading decentralized infrastructure. Together, we will accelerate MANTRA’s development of a trusted, composable and scalable tokenized market for real-world assets, bringing tangible value to asset owners, investors and developers.”

The Key Benefits of the UAE as a Strategic RWA Hub

Strategic Partnerships and Foundational Framework in the UAE

• Inveniam’s long-term partnership with the United Arab Emirates continues to grow. In 2024, G42 became a strategic investor in Inveniam. Inveniam has since established a corporate presence in Abu Dhabi with offices in Al Khatem Tower. Its wholly-owned subsidiary, Inveniam Mid East, Ltd (إنفينيم الشرق الأوسط), is in the Abu Dhabi Global Market (ADGM).
• MANTRA’s wholly-owned subsidiary, MANTRA Finance FZE, is licensed by Dubai’s Virtual Asset Regulatory Authority (VARA), which establishes a foundational framework for compliant, data-rich private market assets to be tokenized and integrated into the global DeFi ecosystem launching from the UAE. The VARA licensing includes digital asset exchange, broker-dealer, and investment services, and supports the end-to-end lifecycle of tokenized RWAs, from primary issuance to automated secondary market liquidity.

Integrated Market Infrastructure

• This joint effort will leverage ADGM’s institutional framework, G42’s data and AI capabilities, and Dubai’s crypto liquidity infrastructure to deliver a complete market stack for RWAs in the UAE.
• As the first multi-VM layer 1 blockchain purpose-built for RWAs, MANTRA enables cross-chain interoperability and seamless composability across networks. Its regulatory readiness and technical design position it as the leading network for institutional RWA activity.
• The Inveniam and MANTRA partnership will expand investment pathways to build the next generation of private market infrastructure, unlocking a $300 trillion opportunity.

Inveniam and MANTRA’s strategic partnership will set a new standard for compliant tokenization, combining MANTRA’s blockchain infrastructure with Inveniam’s data and AI capabilities. Together, they aim to unlock institutional access to RWAs and accelerate the growth of decentralized finance globally.

About Inveniam

Inveniam is a data operations management and orchestration solution for private market assets, bringing access, transparency, and trust to asset performance data. The company is building the foundation for scalable AI integration, decentralized data marketplaces, and the systematic trading of private market assets.

Website: www.inveniam.io

About MANTRA

MANTRA is a purpose-built Layer 1 blockchain designed for real-world assets, with native support for regulatory compliance. As a permissionless chain, MANTRA empowers developers and institutions to participate in the growing RWA tokenization space through advanced modular technology, compliance-ready features, and cross-chain interoperability.

MANTRA holds a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) to operate as a Virtual Asset Exchange and provide broker-dealer, management, and investment services.

Website: www.mantrachain.io

•  Successful validation of payloaded anti-colibactin toxin phage using IMPA™ technology 
•  Demonstrated ‘Dual-target Therapeutic Strategy‘ by bacterial eradication and toxin neutralization 
•  Filed the US patent application for the candidate substance and preclinical studies including PoC underway

BOSTON and SEOUL, South Korea, Aug. 5, 2025 /PRNewswire/ — Recently, a specific genotype of E. coli that may cause colorectal cancer has been detected in commonly eaten leafy vegetables such as lettuce, raising consumer concerns. Among these strains, pks+ E. coli is of particular concern. This bacterium produces a toxic substance in the intestine that causes DNA damage (ICLs, Interstrand Cross-Links), which leads to DSBs (Double Strand Breaks), and has been shown in numerous studies, including Nature (2023), to increase the risk of colorectal cancer over time.

Amid this situation, as an innovative bacteriophage technology development company, iNtRON Bio proposes a new possibility for microbiome-based anticancer drugs in treating colorectal cancer—considered a hard-to-treat disease—by applying our phage engineering technology called IMPA™.

iNtRON Bio has been developing PHAGERIA^Ⓡ, an immunotherapeutic targeting gut bacteria, and through the IMPA™ phage engineering technology developed in-house, iNtRON Bio has secured a new drug candidate payloaded with a substance that effectively eliminates colibactin ,a major causative agent of colorectal cancer and have filed a related US patent application.

The phage engineering technology IMPA™ (Intelligent Modular Phage Assembly) was formerly known as the “robot bacteriophage.” With the recent US patent application, it was named to clearly reflect the function as a technology for engineering modular phages (mock-up phages) that can carry therapeutic payloads.

This achievement is the result of combining transposon mutagenesis, CRISPR/Cas-based forward/reverse genetics, and AI-driven analysis capabilities to explore the possibility of delivering various functional payloads. In particular, it is highly significant that iNtRON Bio successfully loaded a payload targeting colibactin ,deeply involved in colorectal cancer, onto the surface of the phage and, for the first time globally, confirmed its effectiveness.

In other words, iNtRON Bio has demonstrated a dual-targeting therapeutic approach that not only eliminates pks+ E. coli, which is a main cause of colorectal cancer, but also neutralizes the toxin secreted by this bacterium. This includes verifying colibactin’s role in cancer development, confirming the suppressive effect of modular phage on colorectal cancer, and proving the phage’s colibactin-degrading ability—resulting in successful proof-of-concept studies and related patent acquisition.

Simply put, the core of this development is that a colibactin-degrading protein was applied as a payload on the phage’s protein shell, known as the capsid. Like a precision-guided missile with a warhead, the engineered phage specifically infects pks+ E. coli, kills the bacteria, and at the same time removes the colibactin toxin already secreted by the bacterium using the enzyme carried in the capsid—offering a dual therapeutic effect.

Recently, the field of bacteriophage engineering is gaining attention globally. IMPA™ technology is not only a unique platform technology differentiated from other companies, but also serves as strong evidence that it can function as an actual drug delivery platform beyond simple research use.

It is encouraging that iNtRON Bio’s research has overcome key limitations of conventional phage-based technologies, such as decreased payload activity and phage structural instability when therapeutic substances are loaded. By confirming that the payload retains its original function, iNtRON Bio has demonstrated that it has successfully overcome high technical hurdles.

The engineered phages are not merely for research purposes but were selected and validated through multiple tests with real-world and human applications in mind. iNtRON Bio has applied an advanced AI-driven optimization platform technology, refined it with great care, and plan to extend its application to other development fields for ongoing innovation.

This achievement is not only a remarkable advancement in phage engineering technology but will also become a driving force for discovering innovative microbiome drug candidates through integration with other phage-based platform technologies of iNtRON Bio. It will proceed smoothly with preclinical studies including proof-of-concept (PoC) testing for combination effects with existing colorectal cancer therapies. In addition, IMPA™ phage engineering technology will be applied more broadly to ADC drug development, anti-cancer agent, and vaccines, as iNtRON Bio continues to strengthen our global technological competitiveness in these fields.

Contact US
YOON, Kyung Won (Kevin) / CEO, Vice President / kwyoon@intron.co.kr
SHIN, Tae Kyu (TK) / BD Team Leader / tkshin@intron.co.kr
www.intodeworld.com 

it is iNtRON. 

HANGZHOU, China, Aug. 5, 2025 /PRNewswire/ — Venus Medtech (Hangzhou) Inc. (“Venus Medtech”, Stock Code: 02500.HK) recently announced a decisive legal victory for its wholly-owned subsidiary Cardiovalve Ltd. (“Cardiovalve”) against Edwards Lifesciences Corporation and Edwards Lifesciences LLC. (collectively “Edwards”). The United States Court of Appeals for the Federal Circuit (“CAFC”) has formally issued its mandate in Case 23-1515, affirming the Patent Trial and Appeal Board’s (“PTAB”) December 2022 ruling that upheld the validity of Cardiovalve’s patent. This follows Edwards’ failure to file a petition for rehearing within the statutory deadline by July 16, 2025.

This outcome conclusively defends the validity of Cardiovalve’s critical patent portfolio, strengthens Venus Medtech’s global IP protections, and significantly advances its competitive position in structural heart disease—particularly its integrated “Quad-Valve” strategic platform.

Case Background

The dispute centered on Edwards’ challenge to the validity of Cardiovalve’s U.S. Patent No. 10,702,385 (“‘385 Patent”) covering an innovative transcatheter heart valve clamping and support structure for minimally invasive mitral and tricuspid valve therapies.

On June 2, 2021, Edwards petitioned for inter partes review of claims 1-10 of that patent.

PTAB issued Final Written Decision allowing Cardiovalve’s motion to amend claims after Edwards failed to prove unpatentability by preponderant evidence on December 6, 2022.

On June 9, 2025, CAFC affirmed PTAB’s ruling, validating Cardiovalve’s patent claims.

About Cardiovalve

Venus Medtech completed the acquisition of Cardiovalve in January 2022, that marked a strategic milestone in building a comprehensive product portfolio and securing Cardiovalve’s foundational technologies.

Cardiovalve, the next-generation transcatheter valve replacement system, is designed for treating regurgitation in both mitral and tricuspid valves, and features transformative technologies:

• Dual frame self-expanding nitinol stent reduces paravalvular leakage
• Low-profile stent design minimizes LVOT obstruction risk
• Transfemoral-transseptal access provides a less invasive alternative to the transapical approach
• Large annular sizing capacity (up to 55mm) accommodates approximately 95% of patient anatomies

The streamlined three-step implantation (Position-Anchor-Release) demonstrates exceptional reproducibility.

Mr. Lim Hou-Sen, CEO of Venus Medtech stated:

“This landmark victory validates Cardiovalve’s original innovations and demonstrates the integrity of global IP systems. We remain committed to advancing structural heart therapies through clinically driven innovation.”

Mr. Amir Gross, CEO of Cardiovalve emphasized:

“Our ‘Innovation Never Stops’ philosophy conquered technical barriers in mitral/tricuspid interventions. This four-year legal affirmation accelerates our global clinical strategy to deliver superior solutions for 40+ million regurgitation patients worldwide.”