SINGAPORE, Jan. 31, 2025 /PRNewswire/ — SHEIN today announced that it conducted over two million product safety tests in 2024, reinforcing its ongoing commitment to ensuring high standards in product quality and consumer safety. The tests were conducted in collaboration with leading third-party testing agencies such as Intertek, SGS, Bureau Veritas (BV), and TÜV, as well as at a CNAS-accredited laboratory.

In 2025, SHEIN plans to invest more than US$15 million to further strengthen its product safety testing and compliance protocols.

A Continuous Multi-Faceted Product Safety System

SHEIN has built and implemented a multi-faceted product safety protocol to ensure product compliance with applicable laws and regulations, as well as to SHEIN’s own standards of product safety. The system, which spans before, during, and after the sale process, is focused on overseeing product safety and ensuring that products meet compliance requirements: 

1. Standards and Policies: SHEIN vendors are required to comply with the applicable product safety laws and regulations in the countries we operate in, as well as the controls and standards that SHEIN has put in place, such as SHEIN’s Restricted Substances List (RSL), and SHEIN’s codes of conduct for vendors.

2. Documentation and Certification Review: Vendors are required to submit documentation for products from categories such as electronics, children’s toys, children’s products, baby products, cosmetics, medical devices, light industry products, personal protective equipment (PPE), and textiles with specific regulatory requirements for SHEIN’s system checks and manual reviews. Simultaneously, SHEIN is dedicated to providing comprehensive education and training for vendors, in order to continually improve their understanding of product compliance requirements.

3. Monitoring and Testing: Product safety tests, including chemical tests, are carried out throughout the sales cycle, in collaboration with leading third-party testing agencies such as Intertek, SGS, Bureau Veritas (BV), and TÜV, as well as at a CNAS-accredited laboratory. In 2024, SHEIN performed more than two million tests, including chemical tests, with third-party these agencies, as well as a CNAS-accredited laboratory.

4. Dynamic Evaluations: SHEIN conducts dynamic evaluations of vendors based on multi-dimensional aspects such as the product testing pass rate and negative feedback rate. Once a vendor’s performance is assessed to be non-compliant or in violation of our requirements, SHEIN will take measures against the vendor such as removing the product listing, vendor point deductions, putting in place re-order restrictions, or even termination of the partnership, depending on the severity of the case. Upon learning of any claim against a product, SHEIN immediately removes the product as a precautionary measure while we conduct an investigation.

Over the last year, the company has terminated its engagement with more than 260 sellers on its marketplace who did not meet compliance requirements. 

“Ensuring that our customers can shop with peace of mind is paramount at SHEIN,” said Leonard Lin, President of EMEA and Global Head of Public Affairs for SHEIN. “From design to delivery, we all work to protect our customers at every step of the process. We have continued to expand our rigorous testing efforts, working with some of the world’s top global testing agencies, to ensure that our products meet the highest standards and we continue to invest in enhancing our approach.”

Advancing Corporate Responsibility Initiatives

As part of its broader commitment to corporate responsibility, SHEIN has also recently announced several key initiatives:

1. Appointment of Mustan Lalani as Head of Global Sustainability

SHEIN has appointed Mustan Lalani as its Head of Global Sustainability, further strengthening its commitment to driving responsible business practices across its supply chain. Mustan will lead SHEIN’s efforts to help address the challenges that face the entire industry through innovation and technology, as part of our evoluSHEIN roadmap, SHEIN’s comprehensive strategy for addressing social and environmental issues.

2. Breakthrough in Polyester Recycling with Donghua University

SHEIN earlier announced the development of an innovative polyester recycling process that accepts a wider range of feedstock materials, including both pre- and post-consumer textile waste and PET bottles. This technology also improves the cost efficiency of recycled polyester for SHEIN compared to the recycled polyester options currently used in its products. The technology, developed in partnership with Donghua University, chemically breaks down, refines and reconstitutes polyester at the polymer level, allowing it to be recycled repeatedly without compromising the material properties of the resulting polyester fibres. SHEIN is working with selected fibre manufacturers to scale up production, with the first facility set to begin large-scale operations in June 2025, targeting an annual production output of 3,000 metric tons of recycled polyester fibres.

3. Establishment of the SHEIN Foundation & €5M Commitment to Africa Collect Textiles (ACT)

SHEIN has also recently announced the launch of the SHEIN Foundation, alongside a commitment of €5 million (US$5.30 million) to the Africa Collect Textiles (ACT) Foundation, the charitable arm of ACT. The SHEIN Foundation is a non-profit organization that aims to foster more inclusive and sustainable communities in places where SHEIN operates and will be the philanthropic arm of the SHEIN Group. ACT is a social enterprise that has developed a used textiles collection and recycling pilot program in Kenya.

Through these initiatives, SHEIN continues to invest in responsible business practices, product innovation, and industry-leading sustainability efforts to make fashion accessible, safe, and environmentally conscious for its global community.

 “At SHEIN we are prioritising the decarbonization of our supply chain, but also working on the adoption and promotion of new technologies and processes that have a lower environmental impact and enhance circularity. Mustan brings a wealth of experience in these areas from his previous roles, and will significantly strengthen our bench as we continue our journey to become a more sustainable and responsible business. He will lead our efforts to help solve industry-wide challenges, through innovation and technology, as part of our evoluSHEIN roadmap, SHEIN’s comprehensive strategy for addressing social and environmental challenges,” said Leonard Lin, President of EMEA and Global Head of Public Affairs for SHEIN.

For more information, visit www.sheingroup.com 

SINGAPORE, Jan. 31, 2025 /PRNewswire/ — Grand Copthorne Waterfront Hotel Singapore is pleased to announce its partnership with the Royal Thai Embassy Singapore for the Phuket Flavourscape Buffet, a distinctive dining experience celebrating Thailand’s rich culinary heritage. The buffet, launching on 15 February 2025, will feature the vibrant flavours of Phuket.

Her Excellency Mrs. Ureerat Chareontoh, the Ambassador of the Royal Thai Embassy Singapore, expressed: “Enjoy the wonder of Thai cuisine from Phuket where flavours come together in perfect harmony.”

The Phuket Flavourscape Buffet is a collaboration between David Toh, Executive Chef of Grand Copthorne Waterfront, and Head Chef Witoon Kamonphun of Beast & Butterflies from M Social Hotel Phuket. Chef David, with over 35 years of experience, is known for his passion for delivering top-notch dishes, while Chef Witoon brings a creative twist to authentic Thai flavours. Together, they have created an indulgent experience, with a menu sure to excite the senses. 

“We are truly excited to introduce flavours from around the world at our one-stop all-day destination, Food Capital. Partnering with M Social Hotel Phuket allows us to deliver a truly authentic experience for our diners, blending Thailand’s bold flavours and vibrant energy with the warm hospitality Grand Copthorne Waterfront is known for.” shares Mr. Andrew Tan, General Manager of Grand Copthorne Waterfront.

“Our goal was to bring the essence of Thai cooking to life in a way that is both authentic and approachable for guests from around the world,” shares Mr. Pjey Mayandi, General Manager of M Social Hotel Phuket.

Food Capital transforms into a Thai haven, featuring live stations and a delectable spread of authentic dishes such as Tom Yum Goong, the iconic spicy prawn soup and Kao Niew Ma Moung, sticky rice with mango. The adventurous can choose from two intriguing high-protein options: the Silkworm Thai Basil Pork Pizza and the Crispy Cricket Onion Quiche, offering a unique taste of Thailand’s night markets. Enjoy a Thai-inspired drink by the hotel’s residential Thai mixologist, Taenny Mookeai, alongside beverage partners like Chang Beer and Tarsier Spirit, complementing the dining experience.

Price:

• Lunch (Monday to Saturday):
• Adults: $72++
• Children (aged 6-11): $36++
• Dinner (Sunday to Thursday):
• Adults: $102++
• Children (aged 6-11): $51++
• Dinner (Friday and Saturday):
• Adults: $112++
• Children (aged 6-11): $56++

For reservations, call +65 8168 1539/+65 6233 1338 or book here.

Winners developed innovative solution to address water scarcity

CAMBRIDGE, England, Jan. 31, 2025 /PRNewswire/ — The International Education group of Cambridge University Press & Assessment (Cambridge) is pleased to announce that the 2024 ‘Best in World’ winner of the prestigious Cambridge Science Competition is a team from Anglo Singapore International School in Thailand.

The team—comprising ZiKe Huang, Tan Hiranwat, Jintaporn Seemunta, and Kunathorn Jesdaviriya—developed an atmospheric moisture condensation system to address water scarcity, a critical global challenge. Their innovative project harnessed water from the atmosphere using a refrigeration pump, cooling module, and collection surface. Once the system reached the air’s dew point, water condensed and was collected and air-purified to reduce contamination.

The water generated had a neutral pH level of 7, low salt concentration, and a mineral content comparable to distilled water with no detectable bacterial contamination. This led the team to conclude that atmospheric moisture condensation has potential for generating drinking water.

Rod Smith, Group Managing Director for International Education at Cambridge, highlighted the significance of the students’ achievements: “These projects exemplify how young minds can harness science to solve pressing challenges like sustainability. Cambridge remains committed to inspiring learners to shape the future and create a better world.”

Team member, Kunathorn Jesdaviriya (Ken), said: “Through this project, I realised the immense scale of water scarcity worldwide; ensuring access to clean water is a global sustainability challenge set by the United Nations. While our project may not immediately solve the problem, I am hopeful that one day, someone from our team will contribute to a lasting solution.”

Mr. Sajjath Ahmed, Teacher Mentor at Anglo Singapore International School, said: “Seeing the growth of these students as young scientists has been incredibly rewarding. They have become more confident, collaborative, and passionate, creating something truly impactful.”

The competition, which saw more teams enter than ever before (308), is aimed at students, aged 14 to 16, working in small teams to conduct independent scientific investigations as an extracurricular activity, complementing their Cambridge IGCSE or Cambridge O Level studies. The aim of the competition is to foster a passion for science and equip students with the practical skills to address real-world issues.  

XIAMEN, China, Jan. 31, 2025 /PRNewswire/ — Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a consumer-oriented technology company, today announced the appointment of Marcum Asia CPAs LLP (“Marcum Asia”) as the Company’s new independent registered public accounting firm.

The Company previously announced the appointment of BDO China Shu Lun Pan Certified Public Accountants LLP (“BDO”) as its independent registered public accounting firm on September 6, 2024. After the announcement, BDO informed the Company’s management and audit committee that, due to constraints on its internal resources, BDO may not be able to complete its audit work according to the timetable proposed by the Company. After further discussions, the Company decided to revoke BDO’s appointment and BDO accepted the revocation. The revocation of BDO’s appointment was not as a result of any disagreement between the Company and BDO on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

After carefully considering additional candidates, the Company has appointed Marcum Asia CPAs LLP (“Marcum Asia”) to succeed Ernst & Young Hua Ming LLP (“EY”), which previously was the independent auditor providing audit services to the Company. The appointment of Marcum Asia was made after careful consideration and was approved by the Audit Committee of the Company.

During the Company’s two most recent fiscal years ended December 31, 2023, and during the subsequent interim period prior to January 31, 2025, neither the Company nor anyone acting on its behalf consulted with Marcum Asia on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company by Marcum Asia that Marcum Asia concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (b) any matter that was the subject of a disagreement, as that term is defined in Item 16F(a)(1)(iv) of Form 20-F (and the related instructions thereto) or a reportable event as set forth in Item 16F(a)(1)(v) of Form 20-F.

The Company is working closely with EY and Marcum Asia to ensure a seamless transition.

About Qudian Inc.

Qudian is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative logistics services to satisfy consumers’ demand for e-commerce transactions by leveraging its technology capabilities.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Qudian’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qudian’s goal and strategies; Qudian’s expansion plans; Qudian’s future business development, financial condition and results of operations; Qudian’s expectations regarding demand for, and market acceptance of, its products; Qudian’s expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com

GOTHENBURG, Sweden, Jan. 31, 2025 /PRNewswire/ —

Q4 2024

Net sales: SEK 24,725 million (24,438)
Organic growth: −3.1% (−1.9%), driven by lower market demand mainly in Europe and China, while Americas and India & Southeast Asia are showing positive sales development.
Adjusted operating profit: SEK 2,735 million (2,929). Continued strong price/mix contribution was offset by negative currency effects as well as lower volumes, which also resulted in decreased cost efficiency.
Adjusted operating margin: 11.1% (12.0%)
Net cash flow from operating activities: SEK 3,283 million (3,937)

Rickard Gustafson, President and CEO:

“In 2024, we showed resilience in challenging market conditions thanks to diligent strategic execution. In the fourth quarter, we maintained solid margins given low demand and currency headwind.

Solid margin in week markets 

I’m pleased that we successfully navigated the challenging market conditions that prevailed throughout 2024, initiated a separation process for our Automotive business and continued to strengthen our operational and innovation capabilities. This positions us well to capture profitable growth opportunities as demand recovers. For the full year 2024, we upheld a resilient adjusted operating margin of 12.3% in a market that shifted from organic growth in 2023 to organic decline of −5.4%. Cash flow from operations was solid at approximately SEK 11 billion.

The weak demand environment remained also in the fourth quarter, partly offset by a solid price/mix through effective pricing activities, diligent portfolio management, and strong aftermarket focus. The organic sales decline in the quarter was −3.1% with large variations between regions. Our Industrial business in Americas and India & Southeast Asia showed positive organic growth, partly due to favorable timing of deliveries before year-end. Demand in Europe and China remained weak, which also was the case for Automotive in general, except for our EV business in China that performed well.

Our adjusted operating margin in Q4 of 11.1% represents another proof point of our improved resilience given the negative volume development and a negative margin impact from currency of −0.9 percentage points.

We have continued to work hard on cost reduction activities and fully offset high wage inflation. The fourth quarter, however, was the first since the low demand environment started in mid-2023 where these activities were not able to fully offset the negative impact from low volumes. Due to the product mix, we also saw an increase in material cost. Our diligent cost reduction activities will continue, including looking at the set up for our Industrial and Automotive businesses to create a strong foundation for the future.

Our Automotive business had a challenging quarter with volatile demand, impacted by customers’ reduced factory output. It is therefore encouraging that its underlying business performance is on a positive trajectory entering new margin accretive businesses. Our new Hub Bearing Unit for EVs, for example, provides significant customer value through increased mileage per battery charge by being 10% lighter than conventional wheel bearings and reducing friction by 30%.

Cash flow from operations was robust in the quarter at SEK 3.3 billion, supported by margin resilience and working capital reduction.

Investing in creating a stronger SKF

Regionalization is a key element of our strategy. In 2024, we continued to invest in further optimizing our footprint and in creating competitive and resilient regional value chains. These efforts improved our regionalization rates during the year from 63% to 68% in Asia and from 66% to 69% in Americas. Increased regionalization brings several market- and operational benefits. In China for example, it has shortened lead times from order to delivery with 25% since 2019.

To position us to benefit from the electrification megatrend and the increasing demand for high-speed rotation, we are investing in our ceramic bearing capacity and capabilities. To strengthen our competitiveness and secure the full value chain, we are investing in increased access to raw material as well as in accelerating our manufacturing and R&D processes.

Separation update–Capital Markets Day on 11 November

Our work to create two fit for purpose businesses, Industrial and Automotive, is in an intensive phase. More information about the progress will be shared on our Capital Markets Day which will be held on 11 November 2025 in Stockholm.

Outlook

The world is rapidly changing, with markets affected by geopolitical uncertainty, and we expect continued volatility. For the first quarter of 2025, we expect organic sales to weaken somewhat, year-over-year.

In recognition of the Group’s solid financial position, the Board has decided to propose to the Annual General Meeting a dividend of SEK 7.75 per share.”

¹⁾ Price, mix and volume

¹⁾ Price, mix and volume

Outlook and Guidance

Outlook

• Q1 2025: We expect organic sales to weaken somewhat, year-over-year.
• SKF has decided to discontinue issuing full-year organic sales outlook.

Guidance Q1 2025

• Currency impact on the operating profit is expected to be around SEK 200 million positive compared with the first quarter 2024, based on exchange rates per 31 December 2024.

Guidance FY 2025

• Tax level excluding effects related to divested businesses: around 26%.
• Additions to property, plant and equipment: around SEK 4.5 billion excluding separation of the Automotive business.

A webcast will be held on 31 January 2025 at 08:00 (CET):
Sweden +46 (0)8 5051 0031
UK/International +44 (0)207 107 0613
https://investors.skf.com

Aktiebolaget SKF
(publ)

The financial information in this press release contains inside information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below on 31 January 2025 at 07.00 CET.

For further information, please contact:
PRESS: Carl Bjernstam, Head of Media Relations
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Sophie Arnius, Head of Investor Relations
tel: 46 31-337 8072; mobile: 46 705-908 072; e-mail: sophie.arnius@skf.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skf/r/skf-year-end-report-q4-2024–strong-execution-supporting-margin-resilience,c4098728

The following files are available for download: