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CGTN: How China helps advance girls’ and women’s education worldwide

CGTN published an article examining how China contributes to the global progress of girls’ and women’s education. The article highlights China’s efforts in improving education access at home and expanding cooperation abroad, showing how it supports equal opportunities for women and girls worldwide.

BEIJING, May 13, 2026 /PRNewswire/ — Since China and UNESCO jointly established the Prize for Girls’ and Women’s Education in 2015, a total of 20 projects from 19 countries have received the award, bringing better education opportunities to more than 6 million girls.

As the first UNESCO prize dedicated to girls’ and women’s education, the award reflects China’s long-term commitment to advancing education for women and girls globally. Funded by the Chinese government, the Prize is conferred annually to two laureates and consists of an award of $50,000 each to further their work in this field.

China’s commitment was highlighted again on Tuesday, when Peng Liyuan, wife of Chinese President Xi Jinping, met with Khaled El-Enany, director-general of the United Nations Educational, Scientific and Cultural Organization (UNESCO) in Beijing.

Peng, a UNESCO special envoy for the advancement of girls’ and women’s education, said she is willing to continue fulfilling her duties as special envoy, strengthen cooperation with UNESCO and promote the continuous progress of girls’ and women’s education globally.

Building progress at home

In 1989, under the leadership of the All-China Women’s Federation, the China Children and Teenagers’ Foundation launched the Spring Bud Project to improve education opportunities for girls from impoverished families.

Since serving as the special envoy for the project in 2014, Peng has continued to promote its development. In 2019, she announced the Dream of the Future Action of the Spring Bud Project, an upgraded program aimed at helping more girls complete their education and pursue their dreams.

By the end of 2023, the project had raised 3.2 billion yuan ($451 million), supported 4.22 million girls across all 31 provincial-level regions and 56 ethnic groups, provided skills training for 527,000 girls, and offered one-to-one companionship and mental health services to 190,000 girls.

Its impact was recognized globally when it won the UNESCO Prize for Girls’ and Women’s Education in 2023.

The Spring Bud Project is also part of China’s broader progress in ensuring equal access to education.

Since 2018, the net enrollment rate of school-age children has remained close to 100%, with almost no gender gap between boys and girls. In 2024, women accounted for 50.76% of students in higher education, while female postgraduate students made up 50.01%.

These figures show how education has become a strong foundation for women’s development in China.

Sharing opportunities with the world

China is also helping more women and girls around the world gain access to education and training.

Through South-South cooperation, scholarships and technical exchanges, China has trained more than 200,000 female professionals from over 180 countries and regions. Since 2018, it has launched more than 100 training programs focused on women and children in developing countries.

Fajer Rabia Pasha, executive director of the Pakistan Alliance for Girls’ Education, whose organization won the UNESCO Prize in 2023, said China has helped women and girls in developing countries gain access to education, training and leadership opportunities.

She said China has proved through action that its development benefits not only Chinese women, but also women around the world.

At the Global Leaders’ Meeting on Women held in Beijing last year, China announced it would donate another $10 million to UN Women over the next five years and invite 50,000 women to China for exchange and training programs.

El-Enany Tuesday said UNESCO is grateful for China’s valuable support and is ready to deepen cooperation with China to promote further development of girls’ and women’s education worldwide.

https://news.cgtn.com/news/2026-05-13/How-China-helps-advance-girls-and-women-s-education-worldwide-1N7kfm0cvg4/p.html

 

Smart Money Is Buying the AI Supply Chain: Bybit TradFi Helps Retail Investors Follow the Institutional Lead

DUBAI, UAE, May 13, 2026 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has continued the quiet expansion of Bybit TradFi in recent months. In the latest figures disclosed by Bybit TradFi, the platform now enables access to over 400 global assets with USDT, including forex, commodities, global indices, and U.S. stock CFDs, with the option to trade at zero fees.

New data from Bybit TradFi also revealed heightened interest among professional traders in semiconductor and AI-adjacent assets. The trend unfolds amidst major tech earnings season, and as market volatility reshapes investor portfolios. Through Bybit TradFi, professional and institutional traders are capitalizing on the broader opportunity by diversifying across the semiconductor and AI infrastructure ecosystem. 

Comprehensive AI & Semiconductor Stock CFD Coverage

With balanced listings across sectors, Bybit TradFi encompasses the entire supply chain behind the current wave of AI boom, including CFDs for ten of the most sought-after tickers:

  • Chip Design & Manufacturing: NVIDIA, Advanced Micro Devices, Intel, Taiwan Semiconductor Manufacturing Company 
  • Memory & Storage Solutions: Micron Technology, Western Digital, SanDisk, Seagate Technology
  • Infrastructure & Supply Chain: Broadcom, Celestica

Among Bybit TradFi’s variety of instruments, more than 300 stock CFDs are available to ensure investors are able to build diversified portfolios. In addition to equities, Bybit TradFi offers a broad range of CFDs covering +20 global indices, +6 forex categories, 8 precious metals, and 13 commodities.

Democratizing Access to Global Opportunities

While institutional capital flows propel market directions, Bybit TradFi unlocks trading freedom for all of its users. The mature platform delivers the tools and liquidity retail users need to capitalize on the macro dynamics, offering a cost-effective and dependable solution for trading global markets.

For traders familiar with Bybit’s ecosystem, traditional asset trading on Bybit TradFi requires no account switching or friction. The platform features flexible fee modes (Zero Spread or Tight Spread) for seamless transitions from crypto holdings, one unified account across all asset classes, and extended access to TradFi assets using crypto-native infrastructure. In addition:

  • USDT margin trading: Users can trade Bybit TradFi assets using existing crypto holdings without the hassle of fiat conversion.
  • Competitive pricing: Attractive rates and similarly tight spreads across stocks, commodities, and indices – trading fees per $1 million traded start at about $6 for gold pairs, about $16.5 for oil related pairs, about $3 per lot for global indices, and as little as around $0.02 per share for stock CFDs. 

Terms and conditions apply. Users may be subject to restrictions or eligibility requirements. To find out more about trading TradFi perpetual contracts, users may visit: Bybit TradFi Trading

Bybit TradFi is powered by Infra Capital (Mauritius FSC licensed). The service is now available to eligible users through the official Bybit app and website. Bybit TradFi is not available to residents of the European Economic Area, among other restrictions. For details of regional limitations, terms and conditions, and user eligibility, users may visit Bybit TradFi. Trading comes with risk.

#Bybit / #CryptoArk / #NewFinancialPlatform

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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Natural Field Showcases NFco-Loading® Healthy Aging Solution at Vitafoods Europe 2026

XI’AN, China, May 13, 2026 /PRNewswire/ — At Vitafoods Europe 2026, Natural Field drew significant industry attention with the presentation of its NFco-Loading® liposomal technology platform and a science-backed healthy aging solution designed for next-generation nutraceutical formulations.

As global demand for healthy aging products continues to accelerate, Natural Field emphasized a key industry challenge during the exhibition: many active ingredients face limitations in stability, absorption efficiency, and formulation compatibility when used in conventional delivery formats.

To address these challenges, the company introduced its proprietary NFco-Loading® technology — an advanced co-loading liposomal delivery platform engineered to encapsulate multiple active ingredients within a single liposomal system. The platform is designed to support enhanced bioavailability, improved ingredient stability, and synergistic formulation performance for complex wellness applications.

A major highlight at the exhibition was NF TriSolve®, Natural Field’s advanced healthy aging formulation developed using NFco-Loading® technology. The formulation strategically combines multiple active compounds through co-loading liposomal systems, with a focus on co-loaded Coenzyme Q10 liposomes and co-loaded NMN liposomes — two key components designed to support cellular energy metabolism and combat age-related functional decline. Complemented by ergothioneine and sialic acid, NF TriSolve® demonstrated remarkable effects in zebrafish studies, showing significant improvements in anti-aging markers, enhanced skin radiance, and superior hydration performance. This data underscores the capability of NFco-Loading® technology to deliver multiple actives simultaneously, enabling synergistic benefits for advanced wellness, beauty-from-within, and healthy aging applications.

Natural Field Presents NF-TriSolve® – Advanced, Scientifically Supported Skin & Anti-Aging Solutions
Natural Field Presents NF-TriSolve® – Advanced, Scientifically Supported Skin & Anti-Aging Solutions

Rather than focusing solely on individual ingredients, Natural Field’s strategy centers on building technology-driven delivery systems capable of improving the functional performance of nutraceutical formulations.

“Consumers are no longer only looking for ingredients — they are looking for efficient delivery, synergistic functionality, and science-backed solutions,” said the Natural Field team during Vitafoods Europe 2026. “We believe NFco-Loading® technology represents an important direction for the future of healthy aging innovation.”

About Natural Field
Natural Field is a technology-focused ingredient company specializing in liposomal delivery systems and functional nutraceutical ingredients. The company provides one-stop formulation and delivery solutions for global nutraceutical brands, with ongoing research focused on bioavailability enhancement, healthy aging innovation, and advanced lipid-based delivery technologies. For more data, please visit www.natural-field.com.

World’s First Lightweight High Resolution High Precision CO₂ and CH₄ Point Source Detector “MUSICO” Arrives at Tiangong Space Station via Tianzhou-10

HKUST Led Project Marks Hong Kong’s First Scientific Payload on the National Space Station


HONG KONG SAR – Media OutReach Newswire – 13 May 2026 – The world’s first lightweight, high‑resolution, high‑precision synergistic observatory for carbon dioxide (CO₂) and methane (CH₄) emission point sources – named “MUSICO”, Multi‑Spectral Imaging Carbon Observatory, led by The Hong Kong University of Science and Technology (HKUST) – was successfully launched aboard the Tianzhou‑10 cargo spacecraft on May 11 and has arrived at China’s Tiangong Space Station. This is not only Hong Kong’s first scientific payload deployed on the national space station, but also a historic breakthrough for the city in the development of high‑end aerospace instruments. The project fully demonstrates Hong Kong’s strong capability to build national‑level cutting-edge scientific payloads, to participate in long‑term space station missions, and to play a key role in addressing global climate change while serving the nation’s strategic “carbon peak and carbon neutrality” goals.

The project is led by an interdisciplinary research team from HKUST, comprising experts from the Department of Civil and Environmental Engineering, the Division of Emerging Interdisciplinary Areas, the Division of Environment and Sustainability, the Department of Computer Science and Engineering, and the Division of Public Policy. In late 2024, the project received formal approval from the Technology and Engineering Center for Space Utilization of the Chinese Academy of Sciences (CSU.CAS), the general research center for the Space Utilization System. It is jointly developed with the CAS Changchun Institute of Optics, Fine Mechanics and Physics, and funded by the Special Call (Aerospace Technology) of the Innovation and Technology Support Program under the Innovation and Technology Commission of the HKSAR Government.

MUSICO is a lightweight, high‑resolution, high‑precision greenhouse gas point‑source detection payload capable of accurately measuring CO₂ and CH₄ — two major greenhouse gases — from space. Smaller than a domestic washing machine, the instrument maintains extra-high spectral resolution and one hundred‑meter spatial resolution. By analyzing intensity changes of sunlight over specific spectral bands as it passes through the atmosphere and reflects off the Earth’s surface, MUSICO identifies gas‑specific absorption features to determine gas concentrations and pinpoint individual emission sources, enabling effective monitoring of key facilities such as power plants and landfills.

Prof. SUN Dong, Secretary for Innovation, Technology and Industry of the HKSAR Government, remarked, “This HKUST led project represents Hong Kong’s first scientific payload aboard the Tiangong Space Station, a major milestone for Hong Kong in the nation’s space missions. The national 15th Five Year Plan identifies accelerating green and low carbon transition, building a space powerhouse, and achieving carbon peak as key priorities. The successful deployment of a payload autonomously developed by a Hong Kong research team on Tiangong powerfully demonstrates that Hong Kong scientists possess top tier research and technology translation capabilities in frontier fields such as aerospace technology and green low carbon science, providing the nation with high quality, verifiable scientific data to accelerate the realization of the dual carbon goals.”

Prof. Nancy IP, President of HKUST, said, “We are deeply honored that our HKUST research team can participate in scientific missions on the national space station, and we sincerely thank the nation and the HKSAR Government for their long‑standing trust and support. This project not only highlights HKUST’s accumulated strengths in aerospace engineering, satellite remote sensing, and environmental engineering, but also proves that Hong Kong’s research capabilities can make substantial contributions on the nation’s highest‑level aerospace platforms. As the world’s first lightweight high‑precision greenhouse gas point‑source detection payload, MUSICO will continue to operate on the national space station, providing autonomous, controllable, high‑reliability CO₂ and CH₄ emission monitoring data that directly support the nation’s dual‑carbon goals and provide scientific backing for the ‘Beautiful China’ initiative and global climate governance.”

President Ip added, “In recent years, HKUST has been deepening its efforts in deep‑space exploration and low‑orbit satellite technology — following the successful launch of Hong Kong’s first higher‑education satellite in 2023, we are now actively participating in the nation’s Chang’e‑8 lunar exploration mission. Looking ahead, HKUST will continue to leverage its strengths in artificial intelligence, robotics, and materials science to accelerate the translation of space‑related technologies and nurture high‑end talent, contributing to the nation’s accelerated drive to build a space powerhouse and achieve green, low‑carbon, high‑quality development.”

Prof. SU Hui, Project Lead, Chair Professor of the Department of Civil and Environmental Engineering and Global STEM Professor at HKUST, said, “The development of MUSICO involved overcoming multiple critical technical challenges — namely, how to achieve high spectral resolution, fine spatial resolution, and synergistic multi‑gas observation under strict size and weight constraints. The team conducted extensive testing and optimization in optical design, precision manufacturing, and system integration to ensure the instrument can deliver reliable, accurate greenhouse gas data over long periods under high‑speed operation and extreme space environments. Successfully integrating these key technologies into a lightweight payload represents a landmark engineering and scientific achievement, demonstrating that the technology has reached internationally advanced standards.”

Prof. ZHANG Limin, CoProject Lead, National Engineer Awardee and Head of the Department of Civil and Environmental Engineering at HKUST, emphasized, “MUSICO’s observational coverage spans most land and ocean areas across low‑to‑mid‑latitude regions, providing consistent and comparable greenhouse gas monitoring data for different regions. The project’s results will be shared with government agencies and research institutions, supporting scientific research and practical applications in the Guangdong‑Hong Kong‑Macao Greater Bay Area and in other parts of China. They will also provide a scientific basis for cross‑regional climate research and emission reduction efforts along the Belt and Road, contributing to the global response to climate change. This is both a vivid example of HKUST’s research strength serving national strategy and a concrete practice of Hong Kong’s research capabilities contributing to global climate governance.”

The research project is co‑led by Prof. SU Hui, Chair Professor of the Department of Civil and Environmental Engineering and Global STEM Professor at HKUST, and Prof. ZHANG Limin, Chair Professor and Head of the same department. Prof. ZHAI Chengxing, Associate Professor of the Division of Emerging Interdisciplinary Areas serves as the mission system engineer. Other team members include: Senior Scientific Officer Dr. RONG Pingping, Prof. ZHANG Jize, and Prof. WANG Zhe from HKUST’s Department of Civil and Environmental Engineering; Prof. NING Zhi, Prof. SHI Xiaoming, and Prof. GU Dasa from the Division of Environment and Sustainability; Prof. MA Xiaojuan from the Department of Computer Science and Engineering; Prof. ZHU Pengyu from the Division of Public Policy; Prof. GAO Meng from Hong Kong Baptist University; and Prof. LI Jia from Lingnan University.

The project has also garnered strong industry support, including funding from HKUST-incubated startup Stellerus Technology Limited. Meanwhile, CLP Power Hong Kong Limited will collaborate with the project team to explore leveraging the data collected by MUSICO to complement its relevant assessments.

Hashtag: #HKUST

The issuer is solely responsible for the content of this announcement.

Masterise Group Launches One Central Saigon

Vietnam’s First Mixed-Use Landmark Destination


Set opposite Ben Thanh Market, One Central Saigon is a landmark mixed-use destination where luxury living, hospitality, retail and business converge at the centre of Ho Chi Minh City. The project also marks The Ritz-Carlton hotel brand’s debut in Vietnam, alongside The Ritz-Carlton Residences, Saigon, Grade A+ offices, curated retail, services and fine dining.

HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 13 May 2026 – Masterise Homes, a member of Masterise Group, has officially launched One Central Saigon, Vietnam’s first mixed-use landmark destination, marking the arrival of a new address where international standards of living, hospitality, retail, business and services come together in Ho Chi Minh City.

One Central Saigon brings together The Ritz-Carlton, Saigon, The Ritz-Carlton Residences, Saigon, Grade A+ offices, curated retail, dining and lifestyle experiences in central Ho Chi Minh City.
One Central Saigon brings together The Ritz-Carlton, Saigon, The Ritz-Carlton Residences, Saigon, Grade A+ offices, curated retail, dining and lifestyle experiences in central Ho Chi Minh City.


The launch event was attended by representatives of Ho Chi Minh City government authorities, senior leaders from Masterise Group, Masterise Homes and Marriott International, as well as leading experts in real estate, economics and tourism.

Over the past decade, the centre of gravity of the global economy has shifted decisively towards Asia, with Vietnam emerging as one of the region’s most compelling growth stories. Ho Chi Minh City, the country’s economic engine, is entering a new phase of development as a dynamic, deeply connected metropolis.

Around the world, certain developments have helped shape how cities are recognised internationally, from Hong Kong’s IFC and Singapore’s Marina Bay Sands to Kuala Lumpur’s Petronas Twin Towers and Dubai’s Burj Khalifa. These projects did more than create striking skylines. They helped shape how the world sees their cities and countries. One Central Saigon is positioned within this tradition of city-shaping developments, with a vision that combines international standards, Vietnamese identity and long-term urban value.

“We believe Vietnam has reached the moment where it is ready for a development of the calibre of One Central Saigon,” said Ms Nguyen Thi Minh Phuong, Managing Director, Southern Region, Masterise Group. “The project has been present in Ho Chi Minh City for some time and has passed through several phases of development. Today, it is being introduced with a clearer vision. With a sense of responsibility to contribute to the nation’s development journey in a new era, Masterise Group aspires to continue building an iconic landmark where the world’s highest experiential standards converge with the identity, energy and ambition of the city. This is also how we contribute to projecting the image of a modern, confident and culturally rich Vietnam onto the international stage.”

A rare address in the city’s historic core
For more than a century, Ben Thanh Market has been one of Ho Chi Minh City’s great urban constants: a place of trade, arrival and encounter, and one of the few landmarks instantly recognised across Vietnam and beyond.

Its clock tower, market halls and surrounding streets are woven into the city’s daily rhythm and public memory, giving the area a significance that extends far beyond location. Set directly opposite the market, with four rare frontages along Pham Ngu Lao, Calmette, Le Thi Hong Gam and Pho Duc Chinh streets in the former District 1, One Central Saigon holds one of the city’s most strategic locations and shares a unique connection with Ho Chi Minh City’s historic urban core.

One Central Saigon will rise as two towers above a retail and commercial podium on an 8,537 sqm site, with 19,990 sqm of commercial space across seven above-ground levels and six basement floors. The retail centre is envisioned as a destination for luxury retail, curated services and fine dining, with brands and experiences selected for both international appeal and the evolving needs of Vietnamese customers. Its basement levels will connect directly to Ben Thanh Metro Station via an underground link, integrating the project with the city’s public transit network.

Together with Grade A+ offices, The Ritz-Carlton, Saigon and The Ritz-Carlton Residences, Saigon, the development forms a seamless mixed-use ecosystem for luxury living, hospitality, retail, business, services and lifestyle experiences at the centre of Ho Chi Minh City.

Song Long Ngậm Ngọc: Vietnamese symbolism, global expertise
The architecture of One Central Saigon is inspired by Song Long Ngậm Ngọc, or Twin Dragons Playing with a Pearl, a Vietnamese cultural motif associated with strength, prosperity and wisdom. The two towers rise and converge around a central point, creating a contemporary architectural expression of Vietnamese identity within the Ben Thanh district.

Among the tallest twin towers in Vietnam and the region, One Central Saigon is a structurally complex undertaking that requires significant investment, precision, and attention at every stage of execution. The project brings together an international design and construction team, including Arquitectonica as design architect, HBA for interior design, B+H, a member of Surbana Jurong Group, as executive architect, and Turner for project management.

International operational standards add another defining layer of value to One Central Saigon. With more than a century of heritage in luxury hospitality, The Ritz-Carlton brings refinement, attention to detail, privacy and highly personalised service to the project’s ultra-luxury positioning.

The Ritz-Carlton Residences, Saigon opens a new chapter in ultra-luxury living, while The Ritz-Carlton, Saigon marks the hotel brand’s debut in Vietnam, reflecting Ho Chi Minh City’s growing appeal to international travellers, investors, entrepreneurs and high-net-worth individuals.

The Grade A+ office component is designed for global corporations and forward-thinking business leaders seeking a workplace within a 5-star international ecosystem.

Vietnam’s luxury momentum accelerates

The launch comes as Vietnam continues to attract global capital, international brands and a rising generation of high-net-worth consumers. Official data showed real GDP growth of 8.02% in 2025, up from 7.09%, while foreign direct investment reached a record US$27.62 billion.

Tourism is adding further momentum. Vietnam welcomed nearly 21.2 million international visitors in 2025, its strongest year for inbound tourism, while Ho Chi Minh City received nearly 8.6 million international visitors, up 40.3% year on year.

Branded residences are following the same trajectory. Savills reports that branded residences in Asia Pacific increased by 55% over the past five years, while C9 Hotelworks’ Asia Branded Residences Market Review 2025 points to Vietnam as one of the region’s most important future supply markets.

For Masterise Group, One Central Saigon extends an international branded real estate portfolio that includes Grand Marina, Saigon, featuring Marriott and JW Marriott-branded residences, and The Ritz-Carlton Residences, Hanoi at The Grand. It also gives Vietnam’s ultra-luxury real estate growth story tangible form beside one of Ho Chi Minh City’s most prized historical sites.

As the city enters a new phase of development, expanding in both scale and quality, thoughtfully planned and professionally operated integrated developments such as One Central Saigon are expected to enrich the city’s tourism, services and urban experience ecosystem. The project is positioned to create lasting value for the community and elevate the standing of Ho Chi Minh City and Vietnam on the international stage.
Hashtag: #MasteriseGroup

The issuer is solely responsible for the content of this announcement.

About Masterise Group

Masterise Group is an international real estate development group, pioneering a comprehensive ecosystem spanning residential and hospitality developments, as well as urban infrastructure and logistics. Founded in 2007 as Thao Dien Investment and officially rebranded as Masterise Group in 2019, Masterise Group sees real estate as more than buildings; it is the foundation for a nation’s future, providing infrastructure for connection, momentum for progress, elevated living and generational legacy. With a long-term vision, Masterise Group continuously pushes boundaries, creates sustainable value, elevates quality of life and contributes to strengthening Vietnam’s new era of growth and global ambition.

Masterise Homes is a member of Masterise Group and manages and develops all of the group’s residential real estate brands. As Vietnam’s pioneer in branded real estate development, Masterise Homes’ mission goes beyond delivering architectural landmarks with refined design and integrated amenities. Masterise Homes strives to craft comprehensive living spaces where residents experience a standard of living that goes beyond the basic function of a home.

More info: .
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LEAD Intelligent Releases 2025 Annual ESG Report

Intelligent Manufacturing for Green Growth

WUXI, China, May 13, 2026 /PRNewswire/ — On April 28, Lead Intelligent (hereinafter referred to as LEAD) officially released its 2025 Annual ESG Report. This is the first report compiled by LEAD aligning with both the Shenzhen Stock Exchange’s “Sustainability Report Guidance” and the Hong Kong Exchange’s “ESG Reporting Code” after its A+H dual listing. It also marks LEAD’s sixth consecutive year of proactively disclosing its sustainable practices.

Cover of LEAD's 2025 Environmental, Social and Governance (ESG) Report, featuring the company logo, the year 2025, and a design incorporating forest imagery and icons representing sustainability and technology.
Cover of LEAD’s 2025 Environmental, Social and Governance (ESG) Report, featuring the company logo, the year 2025, and a design incorporating forest imagery and icons representing sustainability and technology.

Over the past year, LEAD has shown an overall upgrade in ESG management levels, winning multiple authoritative ratings and honors both domestically and internationally. Its S&P Global ESG score increased to 48, earning it a spot in the Sustainability Yearbook 2025 (China Edition). It achieved an “A” rating in CDP’s Supplier Engagement Assessment for the first time, and an “AA” rating in the Wind ESG Assessment. The company also won a silver medal in EcoVadis Social Responsibility Assessment, ranking among the top 15% globally. Besides, LEAD has been awarded the highest “A” rating in information disclosure by Shenzhen Stock Exchange for the seventh consecutive year, and simultaneously received prestigious honors, such as Forbes China 50 Most Innovative Companies, Global New Energy ESG Top 100 Award, Wuxi City Tax Payer Top 100, and LinkedIn’s Global Talent Attraction Employer.

As the first company in China’s new energy intelligent equipment sector to publish a carbon neutrality target, LEAD is moving from system improvement to value realization, and transforming ESG from a management framework into a core capability driving long-term growth through more transparent and systematic sustainable practices.

Intelligence for Green

Focusing on “carbon neutrality at the core operational level by 2035,” LEAD has integrated green development into its manufacturing system, promoting coordinated optimization of energy structure and resource efficiency.

In 2025, the company’s grid-connected rooftop photovoltaics reached 4.62 MW, cumulatively reducing carbon emissions by 1,170 tons and making a 14.77% green electricity usage. Through process optimization and energy-saving renovation, the company has made significant advances in both energy consumption and emissions, with the year-on-year reductions of natural gas consumption per unit revenue, hazardous waste disposal volume, and pollutant emission volume all exceeding 30%. In terms of recycling, the company started with source design to promote continuous improvement in resource utilization efficiency — the average usage of packaging wood and vacuum bags per unit equipment decreased by 25% and 60% respectively compared to the previous year, marking its green manufacturing transition from “reduction” to “system optimization.”

At the same time, its Wuxi Plant 2 has passed the ISO 14068 carbon neutrality certification for two consecutive years, achieving carbon neutrality in operations. This signifies that the company’s zero-carbon practice has upgraded from phased results to stable operation.

People-Centered Philosophy

The company has adhered to people-centered principles, fully ensuring employee occupational health and career development. In 2025, the employee training reached 570,000 hours, with a 100% coverage. All of its Chinese production bases have obtained ISO 45001 occupational health and safety management system certification, and front-line safety training and full-staff emergency drills have been fully covered, consolidating the bottom line for production safety and development.

Moreover, LEAD has been expanding the boundaries of social responsibility. By establishing the Warm Light Public Welfare Fund with a total of 30 million yuan, the company has transformed its public welfare model from scattered assistance to systematic empowerment. In addition, the company cumulatively donated 6.08 million yuan in charity throughout the year, and contributed 769 hours of volunteer service, linking corporate and social values over a broader range.

Governance Foundation

During the reporting period, the company has optimized its governance system. On the board, independent directors account for 42.86% of the total, and female directors, 28.57%, showing a balanced and diverse governance structure. The company has disclosed 175 announcement documents throughout the year, and participated in and conducted more than 120 domestic and foreign roadshows and exchanges, improving information transparency and market communication efficiency.

In terms of risk and compliance management, the company has strengthened the “three lines of defense” for risk governance framework and internal control compliance management system. The signing rate of the “Employee Integrity Commitment Letter” and the “Supplier Integrity Notice” has reached 100%. The business ethics training has achieved full coverage.

Innovation-Driven Development

Taking technological innovation as the core engine, LEAD has continued to increase R&D investment, with 1,605 million yuan invested in R&D in 2025, or 11.11% of its revenue. 778 authorized patents were added throughout the year, with a total of 3,592 patents secured. The company has furthermore established comprehensive smart manufacturing solutions in fields of lithium-ion batteries, all-solid-state batteries, energy storage, photovoltaics, and hydrogen energy.

Multiple breakthroughs have been made in core technologies, with significant implementation results:

  • The dry electrode mixing and coating equipment for solid-state battery has been verified through actual production, saving over 35% energy and over 15% cost;
  • The AI-empowered quality inspection system shows a 90% efficiency increase and reduces the false alarm rate to one in a million;
  • The AI predictive maintenance system is over 25% more accurate than conventional methods in fault prediction;
  • The intelligent solution for large-scale energy storage manufacturing secures an OEE of over 75%, a first-time yield of over 93%, and a comprehensive yield of over 96%;

From single technological breakthroughs to systematic capability building, LEAD has been strengthening its global competitiveness in new energy intelligent manufacturing.

Amid the accelerating global energy transition, ESG is no longer a bonus question, but an underlying logic supporting corporate development. Looking forward, LEAD will continue to deepen its ESG system construction, leveraging intelligent manufacturing with global partners for a better global green and low-carbon transition.

CONTACT:
Wang Donny
donghui.wang01@leadintelligent.com
+86 15251632707

TENCENT ANNOUNCES 2026 FIRST QUARTER RESULTS

Significant Progress in Hy Capabilities and Productivity AI Agents 

Utilising AI to Grow Existing Core Businesses

HONG KONG, May 13, 2026 /PRNewswire/ — Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), “Tencent” or “the Company”), a world-leading Internet and technology company in China, today announced the unaudited consolidated results for the quarter ended 31 March 2026 (“1Q2026”).

Mr. Ma Huateng, Chairman and CEO of Tencent, said, “We started 2026 by making significant initial progress on our new AI products, as well as continuing to utilise AI to grow our existing core businesses. The Hy3 preview model, built by our revamped team of AI researchers on re-architected AI infrastructure, is a leader in its parameter size class, delivering practical utility and cost efficiency, and has been top ranked in OpenRouter token measurements since April 28. Our productivity AI agent solutions have attained early traction, and we believe that our WorkBuddy is currently the most widely used productivity AI agent service in China. Our core businesses continued to grow their engagement, revenue and profit, providing the cash flow to fund our AI investments, as well as use cases for future AI deployment.”

1Q2026 Financial Highlights

Revenues: +9% YoY, gross profit: +11% YoY, non-IFRS operating profit: +9% YoY

  • Total revenues were RMB196.5 billion, up 9% over the first quarter of 2025 (“YoY”).
  • Gross profit was RMB111.3 billion, up 11% YoY.
  • On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
    • Operating profit was RMB75.6 billion, up 9% YoY. Operating margin was largely stable at 38.5%.
    • Operating profit excluding new AI products[1] was RMB 84.4 billion, increased by 17% YoY. Operating margin excluding new AI products increased to 43.0% from 39.9% last year.
    • Net profit was RMB 69.8 billion, up 11% YoY.
    • Net profit attributable to equity holders of the Company was RMB67.9 billion, up 11% YoY.
    • Basic earnings per share were RMB7.517. Diluted earnings per share were RMB7.364.
  • On an IFRS basis:
    • Operating profit was RMB67.4 billion, up 17% YoY. Operating margin increased to 34.3% from 32.0% last year.
    • Net profit was RMB59.4 billion, up 19% YoY.
    • Net profit attributable to equity holders of the Company was RMB58.1 billion, up 21% YoY.
    • Basic earnings per share were RMB6.431. Diluted earnings per share were RMB6.302.
  • Capital expenditure was RMB31.9 billion, up 16% YoY.
  • Total cash was RMB533.7 billion, up 12%. Free cash flow was RMB56.7 billion, up 20% YoY. Net cash position totalled RMB146.9 billion, up 63%.
  • The fair value of our shareholdings[2] inlisted investee companies (excluding subsidiaries) totalled RMB547.1 billion as at 31 March 2026, compared with RMB672.7 billion as at 31 December 2025. The carrying book value of our shareholdings inunlisted investee companies (excluding subsidiaries) was RMB365.1 billion as at 31 March 2026, compared with RMB363.1 billion as at 31 December 2025.
  • During 1Q2026, the Company repurchased approximately 12.7 million shares on the Hong Kong Stock Exchange for an aggregate consideration of approximately HKD7.6 billion.

[1] Excludes revenues, costs and expenses for new AI products (Hy, Yuanbao, CodeBuddy, WorkBuddy, and QClaw)

[2] Including those held via special purpose vehicles, on an attributable basis

1Q2026 Management Discussion and Analysis

Revenues from VAS increased by 4% year-on-year to RMB96.1 billion for 1Q2026. Domestic Games revenues were RMB45.4 billion, up 6% YoY, with revenue growth lagging Domestic Games gross receipts growth, as the later timing of the Spring Festival period in 2026 versus 2025 shifted a portion of revenue recognition out of the current quarter. Domestic Games gross receipts grew at a teens percentage rate YoY, driven by existing evergreen games including Honour of Kings and Peacekeeper Elite, as well as more recent game releases including Delta Force, which has recently qualified for the definition of an evergreen game, and VALORANT Mobile. International Games revenues were RMB18.8 billion, up 13% YoY (14% on a constant-currency basis), primarily driven by higher revenues from Clash Royale, Wuthering Waves and VALORANT PC. Social Networks revenues decreased by 2% YoY to RMB31.9 billion, as the later timing of the Spring Festival period resulted in less revenue recognition for domestic app-based game item sales during 1Q2026 versus 1Q2025.

Revenues from Marketing Services were RMB38.2 billion for 1Q2026, up 20% YoY, improving from 17% YoY growth in 4Q2025. We upgraded our AI-driven ad recommendation model and expanded closed-loop marketing capabilities within the Weixin ecosystem, which improved ad performance and pricing. Advertising spending grew across most major industry categories during the quarter, with notable growth from Internet services, eCommerce and games categories.

Revenues from FinTech and Business Services increased by 9% YoY to RMB59.9 billion for 1Q2026. FinTech Services revenue growth was mainly due to higher revenues from commercial payment and wealth management services. Business Services revenues rose by 20% YoY, with growth led by increased cloud services revenues supported by higher demand across domestic and international markets, including demand for AI-related services, and a more favorable pricing environment, as well as higher eCommerce technology service fees arising from growth in Mini Shops GMV.

Operating Metrics

As at

31 March

2026

As at

31 March

2025

Year-

on-year

change

As at

31 December

2025

Quarter-
on-quarter

change

(in millions, unless specified)

Combined MAU of Weixin              

and WeChat

1,432

1,402

2 %

1,418

1 %

Mobile device MAU of QQ                                     

516

534

-3 %

508

2 %

Fee-based VAS subscriptions[3]

266

268

-0.7 %

267

-0.4 %

1Q2026 Business Review and Outlook

  • Several of our evergreen games[4] achieved life-time highs in quarterly gross receipts, including Honour of Kings, Peacekeeper Elite and Delta Force, while new game Roco Kingdom: World achieved substantial popularity.
  • Our automated campaign management solution AIM+ powered approximately 30% of our total marketing services spending from advertisers, gaining notable traction among mini game, mini drama and mini shop advertisers.
  • We scaled up the number of parameters and enhanced the algorithms for Video Accounts‘ content recommendation model, enabling delivery of more relevant content to users. Total time spent on Video Accounts grew over 20% year-on-year.
  • Mini Shops sustained a rapid year-on-year growth rate in GMV as we offered incentives for brand merchants and introduced coupon sharing features for frequent buyers.
  • Commercial payment volume grew at a faster year-on-year rate than 4Q2025, benefitting from ongoing increase in number of transactions and higher value per transaction in categories such as retail and dining services.
  • Tencent Cloud‘s productivity AI agent solutions achieved rapid growth and healthy retention rates. Among which, WorkBuddy was the most popular productivity AI agent service in China, measured by DAU.
  • In April, we launched the Hy3 preview large language model, building upon a revamped AI infrastructure. We believe the Hy3 preview model is currently best in class among similar-size models in terms of reasoning, agentic and coding capabilities, and has become the most used model on OpenRouter since April 28, measured by token usage.

[3] Average daily number of subscriptions during the quarter

[4] Evergreen games refer to domestic and international games surpassing average quarterly DAU of 5 million for mobile or 2 million for PC, and generating over RMB4 billion annual gross receipts

For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.html, or follow us via Weixin Official Account (Weixin ID: TencentGlobal)

About Tencent

Tencent uses technology to enrich the lives of Internet users.

Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted marketing services helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners’ business growth and assist their digital upgrade.

Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004.

Investor contact: IR@tencent.com
Media contact: GC@tencent.com

Non-IFRS Financial Measures

To supplement the consolidated results of the Group (“the Company and its subsidiaries”) prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

The Company’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group’s major associates based on available published financials of the relevant major associates, or estimates made by the Company’s management based on available information, certain expectations, assumptions and premises.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT 

RMB in millions, unless specified

Unaudited

1Q2026

1Q2025

4Q2025

Revenues

196,458

180,022

194,371

VAS

96,110

92,133

89,920

Marketing Services

38,171

31,853

41,116

FinTech and Business Services

59,885

54,907

60,818

Others

2,292

1,129

2,517

Cost of revenues

(85,193)

(79,529)

(86,082)

Gross profit

111,265

100,493

108,289

Gross margin

57 %

56 %

56 %

Selling and marketing expenses

(11,343)

(7,866)

(12,983)

General and administrative expenses

(33,800)

(33,664)

(36,283)

Other gains/(losses), net

1,253

(1,397)

1,315

Operating profit

67,375

57,566

60,338

Operating margin

34 %

32 %

31 %

Net gains/(losses) from investments and others

1,928

1,407

3,303

Interest income

4,025

3,748

4,784

Finance costs

(2,979)

(3,860)

(3,573)

Share of profit/(losses) of associates and joint
  ventures, net

3,620

4,581

6,832

Profit before income tax

73,969

63,442

71,684

Income tax expense

(14,577)

(13,717)

(12,595)

Profit for the period

59,392

49,725

59,089

Attributable to:

    Equity holders of the Company

58,093

47,821

58,260

    Non-controlling interests

1,299

1,904

829

Non-IFRS operating profit

75,627

69,320

69,518

Non-IFRS profit attributable to equity
   holders of the Company

67,905

61,329

64,694

Earnings per share for profit attributable to
  equity holders of the Company

(in RMB per share)

– basic

6.431

5.252

6.433

– diluted

6.302

5.129

6.276

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

RMB in millions, unless specified

Unaudited

1Q2026

1Q2025

Profit for the period

59,392

49,725

Other comprehensive income, net of tax:

Items that may be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

(222)

652

Transfer of share of other comprehensive income to profit or loss upon disposal
   and deemed disposal of associates and joint ventures

135

Net (losses)/gains from changes in fair value of financial assets at fair value
   through other comprehensive income

(60)

106

Transfer to profit or loss upon disposal of financial assets at fair value through
   other comprehensive income

(19)

1

Currency translation differences

(13,883)

2,294

Net movement in reserves for hedges

(5)

(213)

Items that will not be subsequently reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures

(330)

522

Net (losses)/gains from changes in fair value of financial assets at fair value
   through other comprehensive income

(66,118)

26,361

Currency translation differences

(2,887)

370

Net movement in reserves for hedges

(3)

6

(83,392)

30,099

Total comprehensive income for the period

(24,000)

79,824

Attributable to:

    Equity holders of the Company

(22,676)

75,858

    Non-controlling interests

(1,324)

3,966

 

 

OTHER FINANCIAL INFORMATION 

RMB in millions, unless specified

Unaudited

1Q2026

1Q2025

4Q2025

EBITDA (a)

84,167

73,817

77,126

Adjusted EBITDA (a)

89,617

81,559

83,048

Adjusted EBITDA margin (b)

46 %

45 %

43 %

Interest and related expenses

3,134

3,386

3,323

Net cash (c)

146,860

90,229

107,145

Capital expenditures (d)

31,936

27,476

19,632

Note: 

(a) EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses

(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues

(c) Net cash represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, including highly liquid investment products held for treasury purposes, minus borrowings and notes payable

(d) Capital expenditures primarily consist of investments in IT infrastructure (including computer equipment, components, and software), data centres, land use rights, office premises and intellectual properties (excluding media content)

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

RMB in millions, unless specified

Unaudited

Audited

As at

31 March, 2026

As at

31 December, 2025

ASSETS

Non-current assets

  Property, plant and equipment

165,666

149,905

  Land use rights

22,122

22,339

  Right-of-use assets

17,353

17,367

  Construction in progress

5,719

9,670

  Investment properties

1,131

950

  Intangible assets

199,008

205,999

  Investments in associates

330,532

342,409

  Investments in joint ventures

6,374

6,303

  Financial assets at fair value through profit or loss

208,887

207,157

  Financial assets at fair value through other

   comprehensive income

298,052

356,640

  Prepayments, deposits and other assets

45,424

24,540

  Other financial assets

1,084

1,327

  Deferred income tax assets

29,698

28,618

  Term deposits

73,404

70,302

1,404,454

1,443,526

Current assets

  Inventories

582

530

  Accounts receivable

58,116

49,930

  Prepayments, deposits and other assets

117,147

111,270

  Other financial assets

3,779

4,201

  Financial assets at fair value through profit or loss

27,627

35,929

  Financial assets at fair value through other

   comprehensive income

8,781

8,781

  Term deposits

205,537

236,801

  Restricted cash

7,597

6,977

  Cash and cash equivalents

217,770

141,041

646,936

595,460

Total assets

2,051,390

2,038,986

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

RMB in millions, unless specified

Unaudited

Audited

As at

31 March, 2026

As at

31 December, 2025

EQUITY

Equity attributable to equity holders of the Company

  Share capital

  Share premium

68,575

63,796

  Treasury shares

(1,060)

(3,450)

  Shares held for share award schemes

(8,605)

(7,124)

  Other reserves

7,640

90,494

  Retained earnings

1,061,102

1,010,436

1,127,652

1,154,152

Non-controlling interests

83,975

86,913

Total equity

1,211,627

1,241,065

LIABILITIES

Non-current liabilities

  Borrowings

207,881

208,369

  Notes payable

124,350

126,204

  Long-term payables

10,752

10,544

  Other financial liabilities

3,679

2,879

  Deferred income tax liabilities

23,591

21,684

  Lease liabilities

13,074

13,280

  Deferred revenue

2,564

2,210

385,891

385,170

Current liabilities

  Accounts payable

141,748

121,127

  Other payables and accruals

81,153

96,496

  Borrowings

51,114

42,618

  Notes payable

3,460

10,542

  Current income tax liabilities

19,961

18,558

  Other tax liabilities

6,130

3,723

  Other financial liabilities

3,355

3,992

  Lease liabilities

5,632

5,386

  Deferred revenue

141,319

110,309

453,872

412,751

Total liabilities

839,763

797,921

Total equity and liabilities

2,051,390

2,038,986

 

 

RECONCILIATIONS OF THE GROUP’S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS

As

reported

Adjustments

Non-IFRS

RMB in millions,

unless specified

Share-based

compensation (a)

Net (gains)/losses 
from investee
companies (b)

Amortisation of

intangible assets (c)

Impairment

provisions/
(reversals) (d)

SSV & CPP (e)

Income

tax effects (f)

Unaudited three months ended 31 March 2026

Operating profit

67,375

6,534

1,578

140

75,627

Share of profit/(loss) of associates and
  joint ventures, net

3,620

810

817

1,612

264

7,123

Profit for the period

59,392

7,344

(3,255)

3,190

2,467

765

(130)

69,773

Profit attributable to

 equity holders

58,093

7,193

(3,342)

2,862

2,397

765

(63)

67,905

Operating margin

34 %

38 %

Unaudited three months ended 31 March 2025

Operating profit

57,566

10,100

1,515

139

69,320

Share of profit/(loss) of associates and
  joint ventures, net

4,581

968

111

1,713

267

7,640

Profit for the period

49,725

11,068

(31)

3,228

(689)

160

(769)

62,692

Profit attributable to equity holders

47,821

10,833

1,081

2,854

(719)

160

(701)

61,329

Operating margin

32 %

39 %

Unaudited three months ended 31 December 2025

Operating profit

60,338

7,210

1,594

376

69,518

Share of profit/(loss) of associates and
  joint ventures, net

6,832

773

(26)

1,522

46

9,147

Profit for the period

59,089

7,983

(7,479)

3,116

3,617

1,338

(953)

66,711

Profit attributable to equity holders

58,260

7,902

(7,515)

2,793

2,812

1,338

(896)

64,694

Operating margin

31 %

36 %

Note:

(a) Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies’ share-based incentive plans which can be acquired by the Group, and other incentives

(b) Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies

(c) Amortisation of intangible assets resulting from acquisitions

(d) Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions

(e) Mainly including donations and expenses incurred for the Group’s Sustainable Social Value and Common Prosperity Programme (“SSV & CPP”) initiatives

(f) Income tax effects of non-IFRS adjustments

 

Bora Navigates A Transitional 1Q26 And Sets A Strong Foundation For Rest Of The Year

Transformational Acquisitions Expected to Contribute to Long Term Growth Starting 2Q26


HONG KONG SAR – Media OutReach Newswire – 13 May 2026 – Bora Pharmaceuticals (“Bora”; TWSE: 6472; OTCQX: BORAY) today announced its financial results and operational highlights for 1Q2026 and provides full year outlook.

1Q26 Business and Financial Highlights

  • The Company reported 1Q26 revenues of NT$4,001 million, down 17.68% sequentially, with basic EPS of NT$0.21. Gross margin stabilized quarter-over-quarter. The quarter reflected temporary slowdown across both businesses: pricing and demand variability in the generics market through January and February left Upsher-Smith’s 1Q26 revenue 18.63% below the trailing four-quarter run rate, while the scheduled annual maintenance of 6 weeks of our Maryland fill-finish facility limited fixed-cost absorption during the quarter, weighed on earnings quality.
  • March saw a rebound in both businesses as conditions improved for both the top and bottom lines with steady demand. During the quarter, the Company advanced Maple Grove site ramp-up significantly, with several multi-year CDMO agreements signed or progressing across pharma clients of various sizes. Additionally, the Company continues to win new CDMO business as 12-month rolling backlog arrived at US$315 million. With a healthy order book at North American sites entering the second quarter, we expect fixed-cost leverage to resume, driving profit improvement as utilization builds across the installed asset base. Meanwhile, Upsher-Smith has successfully defended market share and is deploying lifecycle management initiatives that reinforce our ability to set the cadence of sales in a dynamic competitive environment.
  • Non-operating loss primarily reflected a wider equity loss from affiliate Tanvex Biopharma, together with higher tax expense driven by annual 1Q recognition of tax from undistributed earnings of the previous year.
  • Disciplined OPEX control has driven expenses down 14.87% quarter-over-quarter and 14.41% year-over-year. This signals that resources have settled in as we begin to see advantages in scale; The Company expects ROA and ROIC to trend gradually upward, albeit with some quarter-to-quarter variability as operating leverage builds.
  • Board of Directors approved the acquisition of the CDMO business of MacroGenics Inc. (NASDAQ: MGNX), for total consideration of US$122.5 million, leading to a total 12-month rolling backlog upon closing to approximately US$375 million.
  • Sunway Biotech’s Board approved the 100% acquisition of Weider Global Nutrition (“WGN”), an iconic Phoenix-based American sports nutrition brand with a strategic Costco U.S. supplier relationship, commercial presence in 60+ countries, and established positions on Amazon and Walmart. The transaction completes Bora Group’s three-platform architecture, namely CDMO, pharma sales, and nutraceuticals operated under our “dual engine” strategy.
  • Share capital increased 0.04% during the quarter from employee stock option exercise.


Mr. Bobby Sheng, Chairman of Bora Group, stated, “The beginning of 2026 was eventful and challenging both in the world and at Bora. We have seen supply chain disruptions, inflation from wars, and continuous geopolitical tensions. Yet through it all, Bora Group’s disciplined approach to growth-oriented investment remained unwavering.

Our CDMO business CAPEX-to-revenue ratio reached an all-time high of over 10% in 2025, marking another year of upward progression and bringing the Company to a level comparable with established global CDMO peers. This marked a deliberate shift in where we direct investments from capacity-led expansion that defined our earlier growth chapters to a sharper focus on capability demands and modality, anchored in innovation and technology. Over the past 18 months, we have pursued an ambitious growth trajectory against a dynamic macroeconomic backdrop – recalibrating expectations, sharpening our strategy, and reaffirming long-term plans. The underlying demand environment supports our conviction: global pharma is growing at 5-8% per year, biologics CDMO outsourcing demand at 15%+ and small-molecule outsourcing demand at 8-10%. With our investment foundation now in place, we believe our CDMO business is positioned to compound organically at 13-23% annually.

In the first quarter, we executed a series of organizational adjustments, each aligned to a specific dimension of customer demand. We established the MSAT (Manufacturing, Science and Technology) function within the CDMO business, the R&D backbone of the platform, to deepen scientific and technical capability across our entire client base, an increasingly critical asset as small and mid-sized biotech and pharma clients rethink their supply chain. In parallel, we repurposed the Strategic Enterprise Account Management team into a networked model to serve clients for whom customer proximity is paramount. Together, these capability investments target specific customer pain points and position Bora to navigate the evolving political and economic landscape and capture a new chapter of commercial momentum.

To sum up, CDMO business in 1Q26 delivered US$27.2 million in total external wins on top of orders on hand, 60% or 7 molecules from pre-commercial programs. For context, full-year 2025 saw 16 pre-commercial molecule signings; 1Q26 alone has already secured nearly half that count in a single quarter. This run-rate acceleration is a leading indicator: as our capability investments take hold, forward visibility and growth potential are set to compound. Bora’s CDMO business has entered a new phase. Reinforcing this trajectory, the Group’s recently announced acquisition of MacroGenics’ Rockville, Maryland CDMO facility adds a substantial commercial-stage monoclonal antibody programs backlog and manufacturing expertise to the Group. Equipped with five 2,000-liter and two 500-liter single-use bioreactors and integrated QC and analytical labs and currently generating more than half of revenues from commercial manufacturing, the transaction marks a pivotal step in scaling Bora’s integrated biologics CDMO platform, known as Bora Biologics. DS and DP capabilities shall be integrated over the next 12–18 months to offer global biotech customers a single partner from development through commercial supply in the U.S..

On the pharma sales side, the Group faced competition across a handful of core generic products. Upsher-Smith is navigating the competitive landscape with a clear focus on the most margin-accretive opportunities while continuing to scout niche, brand-oriented assets. Near-term, DLS market share has been defended; over the medium term, sustained market share maximization of the infantile spasm franchise coupled with swift pipeline replenishment weighted toward differentiated assets is critical. In the first quarter, we saw unique patients for VIGAFYDE grew by more than 140% over same period last year and a continuous increase in new patients. Both healthy signs of steady execution pace building up to durable resilience in the pharma sales business.”

1Q26 Operational Achievements & 2026 Outlook


Global CDMO Operations

Revenues declined 24.62% year-over-year and 30.15% quarter-over-quarter including internal orders, mainly due to above-mentioned maintenance at fill and finish facility in Maryland, a routine cycle factored into our operating plan, and seasonality at Canada site. To scale biologics CDMO one-stop-shop platform in commercialized projects with SUB (Single Use Bioreactors) in the US; Board of Directors approved the acquisition of Rockville, Maryland based drug substance facility from MacroGenics for US$122.5 million.

Following closing, Bora Group intends to leverage the Rockville Site in cooperation with Tanvex Biopharma (TWSE: 6541), which operates the Group’s biologics CDMO franchise under the “Bora Biologics” brand. Together with Bora’s sterile drug product capabilities, this is expected to expand and strengthen the Group’s end-to-end biologics platform. The Rockville facility has operated as an outsource manufacturing partner since 2022 and is equipped with five 2,000-liter and two 500-liter single-use bioreactors and fully integrated QC and analytical laboratories and has been inspected by both the U.S. FDA and Japan’s PMDA.

During the quarter, 0.44 billion doses, or 108 molecules, were developed and manufactured. Excluding internal orders, the business accounted for 37.73% of consolidated revenues. Contribution from the top 20 global pharmaceutical companies stood at 32.10%.

As the Company continues to expand its CDMO capacity and capabilities, this year’s CAPEX plan is closely linked to the contracting cadence of a key customer anchored at Bora’s North American CDMO network. The Group expects to complete Maple Grove’s capital expenditure program in the first half of the year, sequencing the investment to grow in step with major pharmaceutical partners’ supply chain plans and optimize return on capital deployed.

Pharma Sales Operations

Discontinued operations impact in 2025 has materially abated this quarter, positioning Upsher-Smith to re-accelerate organic growth in 2026. Management has defined two strategic priorities for 2026, designed to enhance capital efficiency and sharpen commercial focus:

First, R&D capital allocation optimization. 505(b)(2) Pipeline programs have been transferred to Salus Therapeutics, an equity-method affiliate. Under this structure, Upsher-Smith retains the right to economic participation in commercial outcomes while shareholders’ exposure to early-stage development and regulatory risks, and associated cash burden is meaningfully reduced. The decision is consistent with the Group’s capital discipline observed across businesses.

Second, institutionalizing pipeline expansion capabilities. An integrated business development and medical affairs function is being established to systematically evaluate in-licensing, co-promotion, and bolt-on opportunities. This integrates Bora’s proven asset-selection and M&A strategy directly into Upsher-Smith’s commercial infrastructure, enabling franchise compounding through targeted external sourcing rather than capital-intensive internal development. These lifecycle initiatives focus but are not limited to pediatric epilepsy opportunities.

Collectively, Management expects Upsher-Smith to evolve fully into a capital efficient, commercially led, and therapeutically centered vehicle designed to deliver sustained shareholder value before exiting 2026.

Recent Investor Conference

Bora will host English online earnings call at 7:30 a.m. Taiwan time on May. 14th, 2026. The event will cover the Company’s 1Q26 financial and business results and 2026 outlook.

English Online Earnings Presentation Link: https://events.q4inc.com/attendee/372103448

Bora will participate in 2026 Yuanta Securities Investment Forum in June. For 1:1 meetings with management, please contact your Yuanta representative.

Bora 2026 Earnings Schedule

Q2 2026: Expected in the 2nd week of Aug 2026
Q3 2026: Expected in the 2nd week of Nov 2026
Q4 2026: Expected in the 2nd week of Mar 2027

Hashtag: #BoraPharmaceuticals

The issuer is solely responsible for the content of this announcement.

About Bora

Founded in 2007, Bora Pharmaceuticals (“Bora” or “the Company”, 6472.TW and BORAY.OTCQX) is a leading pharmaceutical services company with a vision and goal of “Contributing to Better Health All Over the World”. Operating under a “Dual Engine” model that integrates CDMO and commercial expertise, we empower pharmaceutical and biotech partners to optimize product development, accelerate launches, and scale supply to meet global patient needs. At the same time, we actively broaden R&D and sales infrastructure, focusing on niche and rare disease markets to improve patients’ quality of life.

By investing in talent, infrastructure, and biologics expansion, Bora continues to transform operations and achieve sustainable growth. Committed to making success “certain,” Bora sets new standards in the pharmaceutical and CDMO industries.

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Disclaimer:

This document and the accompanying information may contain forward-looking statements. All statements regarding the company’s future business operations, potential events, and prospects (including but not limited to forecasts, targets, estimates, and operational plans) are considered forward-looking statements unless they refer to factual occurrences. Forward-looking statements are subject to various factors and uncertainties that may cause significant differences from actual results, including but not limited to price fluctuations, actual demand, exchange rate variations, market share, competitive conditions, changes in the legal, financial, and regulatory framework, international economic and financial market conditions, political risks, cost estimates, and other risks and variables beyond the company’s control. These forward-looking statements are based on current predictions and assessments, and the company disclaims any responsibility for future updates.